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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Stockholders' Equity |
14. | STOCKHOLDERS’ EQUITY
Share Repurchase Program—During 2021 and through the year ended December 31, 2022, the Board of Directors of Lazard authorized the repurchase of common stock 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:
Year Ended December 31: |  | Number of Shares Purchased |  |  | Average Price Per Share |
2020 |  |  | 2,912,035 |  |  | $ | 32.70 |
2021 |  |  | 9,124,295 |  |  | $ | 44.51 |
2022 |  |  | 19,666,798 |  |  | $ | 35.17 |
There were 26,814,213 and 12,046,140 shares of common stock held by our subsidiaries at December 31, 2022 and 2021, respectively. Such shares of common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition. During 2022, 2021 and 2020, 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 years ended December 31, 2022, 2021 and 2020, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases in 2022, 2021 and 2020 was approximately $16,500, $19,800 and $10,000, respectively. Such shares of common stock are reported at cost. As of December 31, 2022, a total of $302,145 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which authorization will expire on December 31, 2024. During the year ended December 31, 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 December 31, 2022, 2021 and 2020, no shares of Series A or Series B preferred stock were outstanding. Accumulated Other Comprehensive Income (Loss), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2022, 2021 and 2020 and activity during the years then ended:
|  | 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 loss before reclassifications |  |  | (64,778 | ) |  |  | (11,413 | ) |  |  | (76,191 | ) |  |  | - |  |  |  | (76,191 | )
Adjustments for items reclassified to earnings, net of tax |  |  | 32 |  |  |  | 4,152 |  |  |  | 4,184 |  |  |  | - |  |  |  | 4,184 |
Net other comprehensive loss |  |  | (64,746 | ) |  |  | (7,261 | ) |  |  | (72,007 | ) |  |  | - |  |  |  | (72,007 | )
Balance, December 31, 2022 |  | $ | (156,924 | ) |  | $ | (138,930 | ) |  | $ | (295,854 | ) |  | $ | - |  |  | $ | (295,854 | )
|  | 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 |  |  | (48,099 | ) |  |  | 33,315 |  |  |  | (14,784 | ) |  |  | - |  |  |  | (14,784 | )
Adjustments for items reclassified to earnings, net of tax |  |  | 23,645 |  |  |  | 5,660 |  |  |  | 29,305 |  |  |  | - |  |  |  | 29,305 |
Net other comprehensive income (loss) |  |  | (24,454 | ) |  |  | 38,975 |  |  |  | 14,521 |  |  |  | - |  |  |  | 14,521 |
Balance, December 31, 2021 |  | $ | (92,178 | ) |  | $ | (131,669 | ) |  | $ | (223,847 | ) |  | $ | - |  |  | $ | (223,847 | )
|  | Currency Translation Adjustments |  |  | Employee Benefit Plans |  |  | Total AOCI |  |  | Amount Attributable to Noncontrolling Interests |  |  | Total Lazard Ltd AOCI |
Balance, January 1, 2020 |  | $ | (120,586 | ) |  | $ | (173,064 | ) |  | $ | (293,650 | ) |  | $ | (2 | ) |  | $ | (293,648 | )
Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications |  |  | 52,862 |  |  |  | (3,626 | ) |  |  | 49,236 |  |  |  | 2 |  |  |  | 49,234 |
Adjustments for items reclassified to earnings, net of tax |  |  | - |  |  |  | 6,046 |  |  |  | 6,046 |  |  |  | - |  |  |  | 6,046 |
Net other comprehensive income |  |  | 52,862 |  |  |  | 2,420 |  |  |  | 55,282 |  |  |  | 2 |  |  |  | 55,280 |
Balance, December 31, 2020 |  | $ | (67,724 | ) |  | $ | (170,644 | ) |  | $ | (238,368 | ) |  | $ | - |  |  | $ | (238,368 | )
The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2022, 2021 and 2020:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Currency translation losses (a) |  | $ | 32 |  |  | $ | 23,645 |  |  | $ | - |
Employee benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Amortization relating to employee benefit plans (b) |  |  | 5,146 |  |  |  | 7,269 |  |  |  | 7,522 |
Less - related income taxes |  |  | 994 |  |  |  | 1,609 |  |  |  | 1,476 |
|  |  | 4,152 |  |  |  | 5,660 |  |  |  | 6,046 |
Total reclassifications, net of tax |  | $ | 4,184 |  |  | $ | 29,305 |  |  | $ | 6,046 |
(a) | Represents currency translation losses reclassified to earnings out of AOCI associated with restructuring and closing of certain of our offices. Such amounts are included in “revenue–other” on the consolidated statements of operations.
(b) | Included in the computation of net periodic benefit cost (see Note 16). Such amounts are included in “operating expenses–other” on the 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 15), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 22). The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2022, 2021 and 2020 and noncontrolling interests as of December 31, 2022 and 2021 in the Company’s consolidated financial statements:
|  | Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Edgewater |  | $ | 31,314 |  |  | $ | 10,466 |  |  | $ | (2,349 | )
LFI Consolidated Funds |  |  | (11,415 | ) |  |  | 7,950 |  |  |  | 2,577 |
LGAC |  |  | 15,064 |  |  |  | (3,940 | ) |  |  | - |
Other |  |  | 3 |  |  |  | 5 |  |  |  | 3 |
Total |  | $ | 34,966 |  |  | $ | 14,481 |  |  | $ | 231 |
|  | Noncontrolling Interests as of December 31, |
|  | 2022 |  |  | 2021 |
Edgewater |  | $ | 44,681 |  |  | $ | 44,826 |
Profits interest participation rights |  |  | 10,792 |  |  |  | 4,049 |
LFI Consolidated Funds |  |  | 74,164 |  |  |  | 67,299 |
LGAC |  |  | (10,714 | ) |  |  | (13,445 | )
Other |  |  | 13 |  |  |  | 15 |
Total |  | $ | 118,936 |  |  | $ | 102,744 |
Dividends Declared, February 1, 2023—On February 1, 2023, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on February 24, 2023, to stockholders of record on February 13, 2023.

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