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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Aug. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill |
| Nine Months Ended August 31, 2025
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Balance, at beginning of period ................... | $1,533,013 | $294,925 | $1,827,938
Currency translation and other adjustments .............................................. | 4,866 | 11,389 | 16,255
Measurement period adjustments (1) ........ | — | 1,802 | 1,802
Write-off related to disposals ....................... | — | (5,563) | (5,563)
Balance, at end of period ............................. | $1,537,879 | $302,553 | $1,840,432
(1)Relates to a measurement period adjustment recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions for further discussion.
| Nine Months Ended August 31, 2024
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Balance, at beginning of period ................... | $1,532,172 | $315,684 | $1,847,856
Currency translation and other adjustments .............................................. | 3,335 | 1,535 | 4,870
Measurement period adjustments (1) ........ | — | (28,346) | (28,346)
Goodwill relating to acquisitions by Tessellis ..................................................... | — | 8,578 | 8,578
Balance, at end of period ............................. | $1,535,507 | $297,451 | $1,832,958
(1)Includes a $27.0 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further discussion. Carrying values of goodwill by reporting unit:
$ in millions | August 31, 2025 | November 30, 2024
Investment banking .............................................................. | $702.9 | $700.7
Equities and wealth management ...................................... | 256.2 | 255.4
Fixed income ......................................................................... | 578.7 | 576.9
Asset management .............................................................. | 143.0 | 143.0
Other investments ................................................................. | 159.6 | 151.9
Total ........................................................................................ | $1,840.4 | $1,827.9
Schedule of Finite-Lived Intangible Assets |
| August 31, 2025 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Assets Acquired | Accumulated Amortization | Net Carrying Amount
Customer relationships ....................... | $166,958 | $622 | $(114,341) | $53,239 | 5.1
Trademarks and trade names ............ | 161,280 | — | (54,358) | 106,922 | 20.9
Exchange and clearing organization membership interests and registrations .......................................... | 8,781 | — | — | 8,781 | N/A
Other ...................................................... | 87,469 | 99 | (44,202) | 43,366 | 3.6
Total ....................................................... | $424,488 | $721 | $(212,901) | $212,308 |
| November 30, 2024 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Assets Acquired (1) | Impairment Losses | Accumulated Amortization | Net Carrying Amount
Customer relationships | $136,049 | $26,450 | $— | $(104,539) | $57,960 | 5.6
Trademarks and trade names .............................. | 146,032 | 8,533 | — | (45,412) | 109,153 | 21.4
Exchange and clearing organization membership interests and registrations ............ | 8,715 | — | (10) | — | 8,705 | N/A
Other ................................ | 50,930 | 26,316 | — | (26,693) | 50,553 | 3.9
Total ................................ | $341,726 | $61,299 | $(10) | $(176,644) | $226,371 |
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
Schedule of Indefinite-Lived Intangible Assets |
| August 31, 2025 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Assets Acquired | Accumulated Amortization | Net Carrying Amount
Customer relationships ....................... | $166,958 | $622 | $(114,341) | $53,239 | 5.1
Trademarks and trade names ............ | 161,280 | — | (54,358) | 106,922 | 20.9
Exchange and clearing organization membership interests and registrations .......................................... | 8,781 | — | — | 8,781 | N/A
Other ...................................................... | 87,469 | 99 | (44,202) | 43,366 | 3.6
Total ....................................................... | $424,488 | $721 | $(212,901) | $212,308 |
| November 30, 2024 | Weighted Average Remaining Lives (Years)
$ in thousands | Gross Cost | Assets Acquired (1) | Impairment Losses | Accumulated Amortization | Net Carrying Amount
Customer relationships | $136,049 | $26,450 | $— | $(104,539) | $57,960 | 5.6
Trademarks and trade names .............................. | 146,032 | 8,533 | — | (45,412) | 109,153 | 21.4
Exchange and clearing organization membership interests and registrations ............ | 8,715 | — | (10) | — | 8,705 | N/A
Other ................................ | 50,930 | 26,316 | — | (26,693) | 50,553 | 3.9
Total ................................ | $341,726 | $61,299 | $(10) | $(176,644) | $226,371 |
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
Schedule of Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense for the next five fiscal years (in thousands):
Remainder of fiscal year 2025 ................................................................ | $12,953
Year ending November 30, 2026 ............................................................ | 33,652
Year ending November 30, 2027 ............................................................ | 29,988
Year ending November 30, 2028 ............................................................ | 28,672
Year ending November 30, 2029 ............................................................ | 16,280

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