XML 49 R39.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Share Repurchase Authorized by Board of Directors

Share Repurchase Program—During 2021 and through the six month period ended June 30, 2022, the Board of Directors of Lazard authorized the repurchase of Lazard Ltd Class A common stock (“common stock”), the only class of common stock of Lazard outstanding, as set forth in the table below:

Date

Repurchase

Authorization

Expiration

April 2021

300,000

December 31, 2022

February 2022

300,000

December 31, 2024

Schedule of Shares Repurchased Under the Share Repurchase Program

The Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Six Months Ended June 30:

Number of

Purchased

Average

Price Per

2021

5,329,541

43.86

2022

10,598,882

35.40

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at June 30, 2022 and 2021 and activity during the three month and six month periods then ended:

	Three Months Ended June 30, 2022
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, April 1, 2022	$	(110,246	)	$	(127,381	)	$	(237,627	)	$	(1	)	$	(237,626	)
Activity:
Other comprehensive income (loss) before reclassifications		(61,700	)		8,287			(53,413	)		-			(53,413	)
Adjustments for items reclassified to earnings, net of tax		205			805			1,010			-			1,010
Net other comprehensive income (loss)		(61,495	)		9,092			(52,403	)		-			(52,403	)
Balance, June 30, 2022	$	(171,741	)	$	(118,289	)	$	(290,030	)	$	(1	)	$	(290,029	)

	Six Months Ended June 30, 2022
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2022	$	(92,178	)	$	(131,669	)	$	(223,847	)	$	-		$	(223,847	)
Activity:
Other comprehensive income (loss) before reclassifications		(79,690	)		11,726			(67,964	)		(1	)		(67,963	)
Adjustments for items reclassified to earnings, net of tax		127			1,654			1,781			-			1,781
Net other comprehensive income (loss)		(79,563	)		13,380			(66,183	)		(1	)		(66,182	)
Balance, June 30, 2022	$	(171,741	)	$	(118,289	)	$	(290,030	)	$	(1	)	$	(290,029	)

	Three Months Ended June 30, 2021
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, April 1, 2021	$	(87,467	)	$	(168,243	)	$	(255,710	)	$	1		$	(255,711	)
Activity:
Other comprehensive income (loss) before reclassifications		5,502			(1,477	)		4,025			(1	)		4,026
Adjustments for items reclassified to earnings, net of tax		23,579			1,458			25,037			-			25,037
Net other comprehensive income (loss)		29,081			(19	)		29,062			(1	)		29,063
Balance, June 30, 2021	$	(58,386	)	$	(168,262	)	$	(226,648	)	$	-		$	(226,648	)

	Six Months Ended June 30, 2021
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2021	$	(67,724	)	$	(170,644	)	$	(238,368	)	$	-	$	(238,368	)
Activity:
Other comprehensive loss before reclassifications		(14,241	)		(412	)		(14,653	)		-		(14,653	)
Adjustments for items reclassified to earnings, net of tax		23,579			2,794			26,373			-		26,373
Net other comprehensive income		9,338			2,382			11,720			-		11,720
Balance, June 30, 2021	$	(58,386	)	$	(168,262	)	$	(226,648	)	$	-	$	(226,648	)

Adjustments for Items Reclassified From AOCI

The table below reflects adjustments for items reclassified from AOCI, by component, for the three month and six month periods ended June 30, 2022 and 2021:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Currency translation losses (a)	$	205	$	23,579	$	127	$	23,579
Employee benefit plans:
Amortization relating to employee benefit plans (b)		1,053		1,941		2,169		3,658
Less - related income taxes		248		483		515		864
		805		1,458		1,654		2,794
Total reclassifications, net of tax	$	1,010	$	25,037	$	1,781	$	26,373

(a)	Represents currency translation losses reclassified to earnings from AOCI associated with restructuring and closing of certain of our offices. Such amounts are included in “revenue—other” on the condensed consolidated statements of operations.

(b)	Included in the computation of net periodic benefit cost (see Note 13). Such amounts are included in “operating expenses—other” on the condensed consolidated statements of operations.

Net Income (Loss) Attributable to Noncontrolling Interests and Noncontrolling Interests at the End of the Period

The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and six month periods ended June 30, 2022 and 2021 and noncontrolling interests as of June 30, 2022 and December 31, 2021 in the Company’s condensed consolidated financial statements:

	Net Income (Loss) Attributable to Noncontrolling Interests
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Edgewater	$	3,518		$	1,874		$	10,506		$	3,330
LFI Consolidated Funds		(10,405	)		2,420			(13,156	)		4,688
LGAC		3,058			(2,558	)		5,918			(2,758	)
Other		-			2			2			4
Total	$	(3,829	)	$	1,738		$	3,270		$	5,264

	Noncontrolling Interests as of
	June 30,			December 31,
	2022			2021
Edgewater	$	46,015		$	44,826
Profits interest participation rights		9,293			4,049
LFI Consolidated Funds		67,551			67,299
LGAC		(11,576	)		(13,445	)
Other		12			15
Total	$	111,295		$	102,744