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Goodwill and Intangible Assets

9 Months Ended

Aug. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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	Weighted Average Remaining Lives (Years)
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	Weighted Average Remaining Lives (Years)
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