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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Share Repurchase Program—Since 2021 and through the six month period ended June 30, 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:
DateRepurchase
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 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
Shares
Purchased		Average
Price Per
Share
202210,598,882$35.40 
20232,697,627$36.73 
During the six month periods ended June 30, 2023 and 2022, 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 six month periods ended June 30, 2023 and 2022, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during
the six month periods ended June 30, 2023 and 2022 was approximately $11,100 and $13,400, respectively. Such shares of common stock are reported at cost.
As of June 30, 2023, a total of $203,049 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which authorization will expire on December 31, 2024.
During the six month period ended June 30, 2023, 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 $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both June 30, 2023 and December 31, 2022, no shares of Series A or Series B preferred stock were outstanding.
Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at June 30, 2023 and 2022 and activity during the three month and six month periods then ended:
Three Months Ended June 30, 2023
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard Ltd
AOCI
Balance, April 1, 2023$(142,385)$(140,571)$(282,956)$1 $(282,957)
Activity:
Other comprehensive income (loss) before reclassifications2,478 (2,585)(107)(2)(105)
Adjustments for items reclassified to earnings, net of tax- 1,176 1,176 - 1,176 
Net other comprehensive income (loss)2,478 (1,409)1,069 (2)1,071 
Balance, June 30, 2023$(139,907)$(141,980)$(281,887)$(1)$(281,886)
Six Months Ended June 30, 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)$(295,854)$- $(295,854)
Activity:
Other comprehensive income (loss) before reclassifications17,017 (5,386)11,631 (1)11,632 
Adjustments for items reclassified to earnings, net of tax- 2,336 2,336 - 2,336 
Net other comprehensive income (loss)17,017 (3,050)13,967 (1)13,968 
Balance, June 30, 2023$(139,907)$(141,980)$(281,887)$(1)$(281,886)
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)$(237,626)
Activity:
Other comprehensive income (loss) before reclassifications(61,700)8,287 (53,413)- (53,413)
Adjustments for items reclassified to earnings, net of tax205 805 1,010 - 1,010 
Net other comprehensive income (loss)(61,495)9,092 (52,403)- (52,403)
Balance, June 30, 2022$(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)$(223,847)$- $(223,847)
Activity:
Other comprehensive income (loss) before reclassifications(79,690)11,726 (67,964)(1)(67,963)
Adjustments for items reclassified to earnings, net of tax127 1,654 1,781 - 1,781 
Net other comprehensive income (loss)(79,563)13,380 (66,183)(1)(66,182)
Balance, June 30, 2022$(171,741)$(118,289)$(290,030)$(1)$(290,029)
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and six month periods ended June 30, 2023 and 2022:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Currency translation losses (a)$- $205 $- $127 
Employee benefit plans:
Amortization relating to employee benefit plans (b)1,561 1,053 3,097 2,169 
Less - related income taxes385 248 761 515 
1,176 805 2,336 1,654 
Total reclassifications, net of tax$1,176 $1,010 $2,336 $1,781 
__________________________

(a)Represents currency translation losses reclassified 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 20).
The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and six month periods ended June 30, 2023 and 2022 and noncontrolling interests as of June 30, 2023 and December 31, 2022 in the Company’s condensed consolidated financial statements:
Net Income (Loss)
Attributable to Noncontrolling
Interests
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Edgewater$1,033 $3,518 $1,672 $10,506 
LFI Consolidated Funds2,604 (10,405)6,969 (13,156)
LGAC- 3,058 1,968 5,918 
Other- - 1 2 
Total$3,637 $(3,829)$10,610 $3,270 
Noncontrolling Interests as of
June 30,
2023		December 31,
2022
Edgewater$42,424 $44,681 
Profits interest participation rights13,472 10,792 
LFI Consolidated Funds- 74,164 
LGAC- (10,714)
Other11 13 
Total$55,907 $118,936 
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent LGAC interests as of December 31, 2022 (see Note 1) and consolidated VIE interests held by employees as of June 30, 2023 (see Note 20). Consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period.
Dividends Declared, July 26, 2023—On July 26, 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 August 18, 2023, to stockholders of record on August 7, 2023.