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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Stockholders' Equity |
11. | STOCKHOLDERS’ EQUITY
Share Repurchase Program—During 2021 and through the nine month period ended September 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
July 2022 |  | $ | 500,000 |  |  | December 31, 2024
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:
Nine Months Ended September 30: |  | Number of Shares Purchased |  |  | Average Price Per Share |
2021 |  |  | 6,469,429 |  |  | $ | 44.24 |
2022 |  |  | 17,249,880 |  |  | $ | 35.49 |
During the nine month periods ended September 30, 2022 and 2021, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. In addition, during the nine month periods ended September 30, 2022 and 2021, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during the nine month periods ended September 30, 2022 and 2021 was approximately $16,500 and $18,600, respectively. Such shares of common stock are reported at cost. As of September 30, 2022, a total of $381,676 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which authorization will expire on December 31, 2024. During the nine month period ended September 30, 2022, Lazard Ltd had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market. Preferred Stock—Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both September 30, 2022 and December 31, 2021, no shares of Series A or Series B preferred stock were outstanding. Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at September 30, 2022 and 2021 and activity during the three month and nine month periods then ended:
|  | Three Months Ended September 30, 2022 |
|  | Currency Translation Adjustments |  |  | Employee Benefit Plans |  |  | Total AOCI |  |  | Amount Attributable to Noncontrolling Interests |  |  | Total Lazard Ltd AOCI |
Balance, July 1, 2022 |  | $ | (171,741 | ) |  | $ | (118,289 | ) |  | $ | (290,030 | ) |  | $ | (1 | ) |  | $ | (290,029 | )
Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications |  |  | (54,439 | ) |  |  | 8,786 |  |  |  | (45,653 | ) |  |  | - |  |  |  | (45,653 | )
Adjustments for items reclassified to earnings, net of tax |  |  | 138 |  |  |  | 1,162 |  |  |  | 1,300 |  |  |  | - |  |  |  | 1,300 |
Net other comprehensive income (loss) |  |  | (54,301 | ) |  |  | 9,948 |  |  |  | (44,353 | ) |  |  | - |  |  |  | (44,353 | )
Balance, September 30, 2022 |  | $ | (226,042 | ) |  | $ | (108,341 | ) |  | $ | (334,383 | ) |  | $ | (1 | ) |  | $ | (334,382 | )
|  | Nine Months Ended September 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 |  |  | (134,129 | ) |  |  | 20,512 |  |  |  | (113,617 | ) |  |  | (1 | ) |  |  | (113,616 | )
Adjustments for items reclassified to earnings, net of tax |  |  | 265 |  |  |  | 2,816 |  |  |  | 3,081 |  |  |  | - |  |  |  | 3,081 |
Net other comprehensive income (loss) |  |  | (133,864 | ) |  |  | 23,328 |  |  |  | (110,536 | ) |  |  | (1 | ) |  |  | (110,535 | )
Balance, September 30, 2022 |  | $ | (226,042 | ) |  | $ | (108,341 | ) |  | $ | (334,383 | ) |  | $ | (1 | ) |  | $ | (334,382 | )
|  | Three Months Ended September 30, 2021 |
|  | Currency Translation Adjustments |  |  | Employee Benefit Plans |  |  | Total AOCI |  |  | Amount Attributable to Noncontrolling Interests |  |  | Total Lazard Ltd AOCI |
Balance, July 1, 2021 |  | $ | (58,386 | ) |  | $ | (168,262 | ) |  | $ | (226,648 | ) |  | $ | - |  |  | $ | (226,648 | )
Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications |  |  | (25,861 | ) |  |  | 4,442 |  |  |  | (21,419 | ) |  |  | (1 | ) |  |  | (21,418 | )
Adjustments for items reclassified to earnings, net of tax |  |  | 51 |  |  |  | 1,481 |  |  |  | 1,532 |  |  |  | - |  |  |  | 1,532 |
Net other comprehensive income (loss) |  |  | (25,810 | ) |  |  | 5,923 |  |  |  | (19,887 | ) |  |  | (1 | ) |  |  | (19,886 | )
Balance, September 30, 2021 |  | $ | (84,196 | ) |  | $ | (162,339 | ) |  | $ | (246,535 | ) |  | $ | (1 | ) |  | $ | (246,534 | )
|  | Nine Months Ended September 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 income (loss) before reclassifications |  |  | (40,102 | ) |  |  | 4,030 |  |  |  | (36,072 | ) |  |  | (1 | ) |  |  | (36,071 | )
Adjustments for items reclassified to earnings, net of tax |  |  | 23,630 |  |  |  | 4,275 |  |  |  | 27,905 |  |  |  | - |  |  |  | 27,905 |
Net other comprehensive income (loss) |  |  | (16,472 | ) |  |  | 8,305 |  |  |  | (8,167 | ) |  |  | (1 | ) |  |  | (8,166 | )
Balance, September 30, 2021 |  | $ | (84,196 | ) |  | $ | (162,339 | ) |  | $ | (246,535 | ) |  | $ | (1 | ) |  | $ | (246,534 | )
The table below reflects adjustments for items reclassified from AOCI, by component, for the three month and nine month periods ended September 30, 2022 and 2021:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Currency translation losses (a) |  | $ | 138 |  |  | $ | 51 |  |  | $ | 265 |  |  | $ | 23,630 |
Employee benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization relating to employee benefit plans (b) |  |  | 1,395 |  |  |  | 1,903 |  |  |  | 3,564 |  |  |  | 5,561 |
Less - related income taxes |  |  | 233 |  |  |  | 422 |  |  |  | 748 |  |  |  | 1,286 |
|  |  | 1,162 |  |  |  | 1,481 |  |  |  | 2,816 |  |  |  | 4,275 |
Total reclassifications, net of tax |  | $ | 1,300 |  |  | $ | 1,532 |  |  | $ | 3,081 |  |  | $ | 27,905 |
(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.
Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 12), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 19). The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2022 and 2021 and noncontrolling interests as of September 30, 2022 and December 31, 2021 in the Company’s condensed consolidated financial statements:
|  | Net Income (Loss) Attributable to Noncontrolling Interests |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Edgewater |  | $ | 18,209 |  |  | $ | 5,019 |  |  | $ | 28,715 |  |  | $ | 8,349 |
LFI Consolidated Funds |  |  | (5,237 | ) |  |  | 471 |  |  |  | (18,393 | ) |  |  | 5,159 |
LGAC |  |  | 4,023 |  |  |  | 2,813 |  |  |  | 9,941 |  |  |  | 55 |
Other |  |  | - |  |  |  | 1 |  |  |  | 2 |  |  |  | 5 |
Total |  | $ | 16,995 |  |  | $ | 8,304 |  |  | $ | 20,265 |  |  | $ | 13,568 |
|  | Noncontrolling Interests as of |
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Edgewater |  | $ | 46,814 |  |  | $ | 44,826 |
Profits interest participation rights |  |  | 11,854 |  |  |  | 4,049 |
LFI Consolidated Funds |  |  | 69,016 |  |  |  | 67,299 |
LGAC |  |  | (11,008 | ) |  |  | (13,445 | )
Other |  |  | 12 |  |  |  | 15 |
Total |  | $ | 116,688 |  |  | $ | 102,744 |
Dividends Declared, October 26, 2022—On October 26, 2022, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on November 18, 2022, to stockholders of record on November 7, 2022.

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