XML 44 R34.htm IDEA: XBRL DOCUMENT
v3.22.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV | The following tables present, as of June 30, 2022 and December 31, 2021, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:
|  | June 30, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 99,988 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 99,988 |
Equities |  |  | 45,162 |  |  |  | - |  |  |  | 542 |  |  |  | - |  |  |  | 45,704 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | 26,064 |  |  |  | - |  |  |  | - |  |  |  | 27,939 |  |  |  | 54,003 |
Debt |  |  | 181,317 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 181,322 |
Equity |  |  | 352,502 |  |  |  | - |  |  |  | - |  |  |  | 42 |  |  |  | 352,544 |
Private equity |  |  | - |  |  |  | - |  |  |  | 256 |  |  |  | 37,407 |  |  |  | 37,663 |
Derivatives |  |  | - |  |  |  | 19,098 |  |  |  | - |  |  |  | - |  |  |  | 19,098 |
Total |  | $ | 705,033 |  |  | $ | 19,098 |  |  | $ | 798 |  |  | $ | 65,393 |  |  | $ | 790,322 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased |  | $ | 4,948 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,948 |
Derivatives |  |  | 2,875 |  |  |  | 346,336 |  |  |  | - |  |  |  | - |  |  |  | 349,211 |
Total |  | $ | 7,823 |  |  | $ | 346,336 |  |  | $ | - |  |  | $ | - |  |  | $ | 354,159 |
|  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 299,990 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 299,990 |
Equities |  |  | 53,462 |  |  |  | - |  |  |  | 578 |  |  |  | - |  |  |  | 54,040 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | 24,972 |  |  |  | - |  |  |  | - |  |  |  | 24,785 |  |  |  | 49,757 |
Debt |  |  | 164,947 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 164,952 |
Equity |  |  | 375,712 |  |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | 375,761 |
Private equity |  |  | - |  |  |  | - |  |  |  | 293 |  |  |  | 46,296 |  |  |  | 46,589 |
Derivatives |  |  | - |  |  |  | 922 |  |  |  | - |  |  |  | - |  |  |  | 922 |
Total |  | $ | 919,083 |  |  | $ | 922 |  |  | $ | 871 |  |  | $ | 71,135 |  |  | $ | 992,011 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased |  | $ | 6,828 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6,828 |
Derivatives |  |  | 10,005 |  |  |  | 362,240 |  |  |  | - |  |  |  | - |  |  |  | 372,245 |
Total |  | $ | 16,833 |  |  | $ | 362,240 |  |  | $ | - |  |  | $ | - |  |  | $ | 379,073 |
Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities | The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and six month periods ended June 30, 2022 and 2021:
|  | Three Months Ended June 30, 2022 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Dispositions/ Settlements |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 575 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (33 | ) |  | $ | 542 |
Private equity funds |  |  | 274 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18 | ) |  |  | 256 |
Total Level 3 assets |  | $ | 849 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (51 | ) |  | $ | 798 |
|  | Six Months Ended June 30, 2022 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Dispositions/ Settlements |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 578 |  |  | $ | 7 |  |  | $ | - |  |  | $ | - |  |  | $ | (43 | ) |  | $ | 542 |
Private equity funds |  |  | 293 |  |  |  | - |  |  |  | - |  |  |  | (13 | ) |  |  | (24 | ) |  |  | 256 |
Total Level 3 assets |  | $ | 871 |  |  | $ | 7 |  |  | $ | - |  |  | $ | (13 | ) |  | $ | (67 | ) |  | $ | 798 |
|  | Three Months Ended June 30, 2021 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Dispositions/ Settlements/ Transfers (b) |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 1,641 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 5 |  |  | $ | 1,646 |
Private equity funds |  |  | 1,472 |  |  |  | 1,152 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 2,628 |
Total Level 3 assets |  | $ | 3,113 |  |  | $ | 1,152 |  |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 4,274 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 11,500 |  |  | $ | - |  |  | $ | - |  |  | $ | (11,500 | ) |  | $ | - |  |  | $ | - |
Total Level 3 liabilities |  | $ | 11,500 |  |  | $ | - |  |  | $ | - |  |  | $ | (11,500 | ) |  | $ | - |  |  | $ | - |
|  | Six Months Ended June 30, 2021 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions |  |  | Sales/ Dispositions/ Settlements/ Transfers (b) |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 1,671 |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | (26 | ) |  | $ | 1,646 |
Private equity funds |  |  | 1,486 |  |  |  | 1,152 |  |  |  | - |  |  |  | - |  |  |  | (10 | ) |  |  | 2,628 |
Total Level 3 assets |  | $ | 3,157 |  |  | $ | 1,153 |  |  | $ | - |  |  | $ | - |  |  | $ | (36 | ) |  | $ | 4,274 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | - |  |  | $ | - |  |  | $ | 11,500 |  |  | $ | (11,500 | ) |  | $ | - |  |  | $ | - |
Total Level 3 liabilities |  | $ | - |  |  | $ | - |  |  | $ | 11,500 |  |  | $ | (11,500 | ) |  | $ | - |  |  | $ | - |
(a) | Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and six month periods ended June 30, 2022 and 2021 include net unrealized gains of $0, $7, $1,152 and $1,153 respectively.
(b) | Transfers out of Level 3 derivatives during the three month period ended June 30, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives.
Fair Value of Certain Investments Based on NAV | The following tables present, at June 30, 2022 and December 31, 2021, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
|  | June 30, 2022
|  |  |  |  |  |  |  |  |  |  |  |  |  | Investments Redeemable
|  | Fair Value |  |  | Unfunded Commitments |  |  |  | % of Fair Value Not Redeemable |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 27,331 |  |  | $ | - |  |  |  | NA |  |  | (a) |  | 30-60 days
Other |  |  | 608 |  |  |  | - |  |  |  | NA |  |  | (b) |  | <30-30 days
Debt funds |  |  | 5 |  |  |  | - |  |  |  | NA |  |  | (c) |  | <30 days
Equity funds |  |  | 42 |  |  |  | - |  |  |  | NA |  |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity growth |  |  | 37,407 |  |  |  | 5,560 |  | (e) |  | 100% | (f) |  | NA |  | NA
Total |  | $ | 65,393 |  |  | $ | 5,560 |  |  |  |  |  |  |  |  |
(a) | monthly (66%) and quarterly (34%)
(b) | daily (7%) and monthly (93%)
(c) | daily (100%)
(d) | monthly (33%) and annually (67%)
(e) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,596 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f) | Distributions from each fund will be received as the underlying investments of the funds are liquidated.
|  | December 31, 2021
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Investments Redeemable
|  | Fair Value |  |  | Unfunded Commitments |  |  |  | % of Fair Value Not Redeemable |  |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 24,162 |  |  | $ | - |  |  |  | NA |  |  |  | (a) |  | 30-60 days
Other |  |  | 623 |  |  |  | - |  |  |  | NA |  |  |  | (b) |  | <30-30 days
Debt funds |  |  | 5 |  |  |  | - |  |  |  | NA |  |  |  | (c) |  | <30 days
Equity funds |  |  | 49 |  |  |  | - |  |  |  | NA |  |  |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity growth |  |  | 46,296 |  |  |  | 5,597 |  | (e) |  |  | 100 | % | (f) |  | NA |  | NA
Total |  | $ | 71,135 |  |  | $ | 5,597 |  |  |  |  |  |  |  |  |  |  |
(a) | monthly (79%) and quarterly (21%)
(b) | daily (8%) and monthly (92%)
(c) | daily (100%)
(d) | monthly (36%) and annually (64%)
(e) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,128 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f) | Distributions from each fund will be received as the underlying investments of the funds are liquidated.

X
- Definition Tabular disclosure of fair value assets and liabilities measured on recurring basis unobservable input reconciliation. + References No definition available. + Details
Name: | laz_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | laz_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investments in certain entities that calculate net asset value per share or equivalent measured at fair value on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 6A -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL6742756-110258 + Details
Name: | us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration