Note 12. Goodwill and Intangible Assets

Goodwill


	Nine Months Ended August 31, 2026
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Balance, at beginning of period	$	1,535,961	$	301,609	$	1,837,570
Currency translation and other adjustments	1,430		2,113		3,543

Impairment (1)	—		(58,240)		(58,240)
Reclassification to held for sale (1)	—		(56,850)		(56,850)
Balance, at end of period	$	1,537,391	$	188,632	$	1,726,023

(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, we recorded a $58.2 million goodwill impairment charge. The remaining goodwill balance was reclassified as held for sale at August 31, 2026. See Note 4, Assets and Liabilities Held for Sale.


	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 and Discontinued Operations in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025 for further discussion.

Carrying values of goodwill by reporting unit:


$ in millions	August 31, 2026		November 30, 2025
Investment banking	$	702.7	$	702.0
Equities and wealth management	256.1		255.9
Fixed income	578.5		578.0
Asset management	143.0		143.0
Other investments	45.7		158.7
Total	$	1,726.0	$	1,837.6

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, 2026 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-to-earnings 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, 2026		Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost				Accumulated Amortization			Net Carrying Amount
Customer relationships (1)	$	127,686	$	(107,275)		$	20,411	4.5
Trademarks and trade names (1)	129,066		(49,839)			79,227		21.5
Exchange and clearing organization membership interests and registrations	8,712		—			8,712		N/A
Other (1)	15,156		(14,525)			631		2.0
Total	$	280,620	$	(171,639)		$	108,981


	November 30, 2025						Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost		Assets Acquired		Accumulated Amortization					Net Carrying Amount
Customer relationships	$	166,328	$	622	$	(116,810)		$	50,140	4.6
Trademarks and trade names	160,674		—		(55,948)			104,726		20.6
Exchange and clearing organization membership interests and registrations	8,717		—		—			8,717		N/A
Other	86,815		99		(47,920)			38,994		2.8
Total	$	422,534	$	721	$	(220,678)		$	202,577

(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, intangible assets of $82.7 million related to Tessellis were reclassified as held for sale. See Note 4, Assets and Liabilities Held for Sale.

At August 1, 2026, 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.