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Stockholders' Equity and Redeemable Noncontrolling Interests (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program—Since 2021 and through the three month period ended March 31, 2023, 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
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:
Three Months Ended March 31: |  | Number of Shares Purchased |  |  | Average Price Per Share |
2022 |  |  | 4,717,821 |  |  | $ | 37.26 |
2023 |  |  | 2,692,161 |  |  | $ | 36.75 |
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 March 31, 2023 and 2022 and activity during the three month periods then ended:
|  | Three Months Ended March 31, 2023 |
|  | Currency Translation Adjustments |  |  | Employee Benefit Plans |  |  | Total AOCI |  |  | Amount Attributable to Noncontrolling Interests |  |  | Total Lazard Ltd AOCI |
Balance, January 1, 2023 |  | $ | (156,924 | ) |  | $ | (138,930 | ) |  | $ | (295,854 | ) |  | $ | - |  |  | $ | (295,854 | )
Activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications |  |  | 14,539 |  |  |  | (2,801 | ) |  |  | 11,738 |  |  |  | 1 |  |  |  | 11,737 |
Adjustments for items reclassified to earnings, net of tax |  |  | - |  |  |  | 1,160 |  |  |  | 1,160 |  |  |  | - |  |  |  | 1,160 |
Net other comprehensive income (loss) |  |  | 14,539 |  |  |  | (1,641 | ) |  |  | 12,898 |  |  |  | 1 |  |  |  | 12,897 |
Balance, March 31, 2023 |  | $ | (142,385 | ) |  | $ | (140,571 | ) |  | $ | (282,956 | ) |  | $ | 1 |  |  | $ | (282,957 | )
|  | Three Months Ended March 31, 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 |  |  | (18,068 | ) |  |  | 3,439 |  |  |  | (14,629 | ) |  |  | (1 | ) |  |  | (14,628 | )
Adjustments for items reclassified to earnings, net of tax |  |  | - |  |  |  | 849 |  |  |  | 849 |  |  |  | - |  |  |  | 849 |
Net other comprehensive income (loss) |  |  | (18,068 | ) |  |  | 4,288 |  |  |  | (13,780 | ) |  |  | (1 | ) |  |  | (13,779 | )
Balance, March 31, 2022 |  | $ | (110,246 | ) |  | $ | (127,381 | ) |  | $ | (237,627 | ) |  | $ | (1 | ) |  | $ | (237,626 | )
Adjustments for Items Reclassified Out of AOCI | The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2023 and 2022:
|  | Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Employee benefit plans: |  |  |  |  |  |  |  |
Amortization relating to employee benefit plans (a) |  | $ | 1,536 |  |  | $ | 1,116 |
Less - related income taxes |  |  | 376 |  |  |  | 267 |
Total reclassifications, net of tax |  | $ | 1,160 |  |  | $ | 849 |
(a) | 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 | The tables below summarize net income (loss) attributable to noncontrolling interests for the three month periods ended March 31, 2023 and 2022 and noncontrolling interests as of March 31, 2023 and December 31, 2022 in the Company’s condensed consolidated financial statements:
|  | Net Income (Loss) Attributable to Noncontrolling Interests |
|  | Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Edgewater |  | $ | 639 |  |  | $ | 6,988 |
LFI Consolidated Funds |  |  | 4,365 |  |  |  | (2,751 | )
LGAC |  |  | 1,968 |  |  |  | 2,860 |
Other |  |  | 1 |  |  |  | 2 |
Total |  | $ | 6,973 |  |  | $ | 7,099 |
|  | Noncontrolling Interests as of |
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Edgewater |  | $ | 43,280 |  |  | $ | 44,681 |
Profits interest participation rights |  |  | 13,690 |  |  |  | 10,792 |
LFI Consolidated Funds |  |  | - |  |  |  | 74,164 |
LGAC |  |  | - |  |  |  | (10,714 | )
Other |  |  | 13 |  |  |  | 13 |
Total |  | $ | 56,983 |  |  | $ | 118,936 |

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