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Goodwill and Intangible Assets | 9 Months Ended
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Aug. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 13. Goodwill and Intangible Assets 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
Goodwill Impairment Testing The quantitative goodwill impairment test is performed at the level of the reporting unit. A reporting unit is an operating segment or one level below an operating segment. The fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then an impairment loss is recognized for the amount by which the carrying value of the reporting unit exceeds the reporting unit's fair value. Allocated tangible equity plus allocated goodwill and intangible assets are used for the carrying amount of each reporting unit. We test goodwill allocated to our Investment Banking, Equities, Fixed Income and Asset Management reporting units annually on August 1 and test goodwill allocated to other individual investments annually on November 30. Our annual goodwill impairment testing at August 1, 2025 did not indicate any goodwill impairment in any of our Investment Banking, Equities and Fixed Income reporting units, which are part of our Investment Banking and Capital Markets reportable segment and did not indicate any goodwill impairment in our Asset Management reporting unit. The results of our assessment indicated that each of these reporting units had a fair value in excess of their carrying amounts based on current projections. Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using methodologies that include a market valuation method that incorporated price-toearnings and price-to-book multiples of comparable public companies and/or projected cash flows. Under the market valuation approach, the key assumptions are the selected multiples and our internally developed projections of future profitability, growth and return on equity for each reporting unit. The weight assigned to the multiples requires judgment in qualitatively and quantitatively evaluating the size, profitability and the nature of the business activities of the reporting units as compared to the comparable publicly-traded companies. In addition, as the fair values determined under the market valuation approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process at August 1. 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. At August 1, 2025 we performed our annual impairment testing of intangible assets with an indefinite useful life consisting of exchange and clearing organization membership interests and registrations. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. With regard to our qualitative assessments of the remaining indefinite life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. Amortization Expense For finite life intangible assets, we recognized aggregate amortization expense of $8.6 million and $25.0 million for the three and nine months ended August 31, 2025, respectively, and $8.2 million and $22.3 million for the three and nine months ended August 31, 2024, respectively. These expenses are included in Depreciation and amortization. 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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