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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present, as of June 30, 2023 and December 31, 2022, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

			June 30, 2023
			Level 1						Level 2						Level 3						NAV						Total
Assets:
Investments:
Debt			$	5,022					$	-					$	-					$	-					$	5,022
Equities			43,961						-						642						-						44,603
Funds:
Alternative investments			15,767						-						-						44,050						59,817
Debt			183,348						-						-						4						183,352
Equity			354,180						-						-						43						354,223
Private equity			-						-						268						42,914						43,182
Derivatives			-						715						-						-						715
Total			$	602,278					$	715					$	910					$	87,011					$	690,914
Liabilities:
Securities sold, not yet purchased			$	1,550					$	-					$	-					$	-					$	1,550
Contingent consideration liability			-						-						6,422						-						6,422
Derivatives			-						378,300						-						-						378,300
Total			$	1,550					$	378,300					$	6,422					$	-					$	386,272

			December 31, 2022
			Level 1						Level 2						Level 3						NAV						Total
Assets:
Investments:
Equities			$	43,243					$	-					$	646					$	-					$	43,889
Funds:
Alternative investments			27,073						-						-						29,874						56,947
Debt			178,552						-						-						4						178,556
Equity			350,242						-						-						40						350,282
Private equity			-						-						18,772						35,050						53,822
Derivatives			-						14,554						-						-						14,554
Total			$	599,110					$	14,554					$	19,418					$	64,968					$	698,050
Liabilities:
Securities sold, not yet purchased			$	4,651					$	-					$	-					$	-					$	4,651
Derivatives			115						327,045						-						-						327,160
Total			$	4,766					$	327,045					$	-					$	-					$	331,811

Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and six month periods ended June 30, 2023 and 2022:

			Three Months Ended June 30, 2023
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Issuances						Sales/ Settlements/ Transfers (b)						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equities			$	634					$	13					$	-					$	-					$	(5)					$	642
Private equity funds			19,139						-						-						(18,508)						(363)						268
Total Level 3 assets			$	19,773					$	13					$	-					$	(18,508)					$	(368)					$	910
Liabilities:
Contingent consideration liability			$	6,342					$	80					$	-					$	-					$	-					$	6,422
Total Level 3 liabilities			$	6,342					$	80					$	-					$	-					$	-					$	6,422

			Six Months Ended June 30, 2023
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/Acquisitions/ Issuances						Sales/ Settlements/ Transfers (b)						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equities			$	646					$	14					$	-					$	-					$	(18)					$	642
Private equity funds			18,772						-						-						(18,508)						4						268
Total Level 3 assets			$	19,418					$	14					$	-					$	(18,508)					$	(14)					$	910
Liabilities:
Contingent consideration liability (c)			$	-					$	113					$	7,754					$	(1,445)					$	-					$	6,422
Total Level 3 liabilities			$	-					$	113					$	7,754					$	(1,445)					$	-					$	6,422

			Three Months Ended June 30, 2022
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Issuances						Sales/ Settlements						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equities			$	575					$	-					$	-					$	-					$	(33)					$	542
Private equity funds			274						-						-						-						(18)						256
Total Level 3 assets			$	849					$	-					$	-					$	-					$	(51)					$	798

			Six Months Ended June 30, 2022
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Issuances						Sales/ Settlements						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equities			$	578					$	7					$	-					$	-					$	(43)					$	542
Private equity funds			293						-						-						(13)						(24)						256
Total Level 3 assets			$	871					$	7					$	-					$	(13)					$	(67)					$	798

__________________________________

(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and six month periods ended June 30, 2023 and 2022 include net unrealized gains of $13, $14, $0 and $7, respectively. Unrealized losses of $80 and $113 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and six month periods ended June 30, 2023.

(b)Transfers out of Level 3 private equity funds in the three month period ended June 30, 2023 reflect investments valued at NAV as of June 30, 2023.

(c)For the six month period ended June 30, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction), and settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

Schedule of Fair Value of Certain Investments Based on NAV

The following tables present, at June 30, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

June 30, 2023

Investments Redeemable

NAV

Unfunded Commitments

% of NAV Not Redeemable

Redemption Frequency

Redemption Notice Period

Alternative investment funds:

Hedge funds

$

43,391

$

-

NA

(a)

30-60 days

Other

659

-

NA

(b)

<30-30 days

Debt funds

4

-

NA

(c)

<30 days

Equity funds

43

-

NA

(d)

<30-60 days

Private equity funds:

Equity growth

42,914

5,579

(e)

100%

(f)

NA

NA

Total

$

87,011

$

5,579

___________________________________

(a)monthly (73%) and quarterly (27%)

(b)daily (5%) and monthly (95%)

(c)daily (100%)

(d)monthly (34%) and annually (66%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,652 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.

December 31, 2022

Investments Redeemable

NAV

Unfunded Commitments

% of NAV Not Redeemable

Redemption Frequency

Redemption Notice Period

Alternative investment funds:

Hedge funds

$

29,259

$

-

NA

(a)

30-60 days

Other

615

-

NA

(b)

<30-30 days

Debt funds

4

-

NA

(c)

<30 days

Equity funds

40

-

NA

(d)

<30-60 days

Private equity funds:

Equity growth

35,050

5,455

(e)

100%

(f)

NA

NA

Total

$

64,968

$

5,455

___________________________________

(a)monthly (68%) and quarterly (32%)

(b)daily (5%) and monthly (95%)

(c)daily (100%)

(d)monthly (35%) and annually (65%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,003 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.

X

- Definition

Tabular disclosure of fair value assets and liabilities measured on recurring basis unobservable input reconciliation.

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No definition available.

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- Definition

Tabular disclosure of investments in certain entities that calculate net asset value per share or equivalent measured at fair value on a recurring or nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-SubTopic 10
-Topic 820
-Publisher FASB
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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