XML 55 R42.htm IDEA: XBRL DOCUMENT
v3.23.3

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Equity [Abstract] |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program—Since 2021 and through the nine month period ended September 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:
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 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
2022 | 17,249,880 |  | $ | 35.49 |
2023 | 2,782,662 |  | $ | 36.67 |
Schedule of 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 September 30, 2023 and 2022 and activity during the three month and nine month periods then ended:
| Three Months Ended September 30, 2023
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard Ltd AOCI
Balance, July 1, 2023 | $ | (139,907) |  |  | $ | (141,980) |  |  | $ | (281,887) |  |  | $ | (1) |  |  | $ | (281,886) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (19,935) |  |  | 5,054 |  |  | (14,881) |  |  | 1 |  |  | (14,882) |
Adjustments for items reclassified to earnings, net of tax | 2,129 |  |  | 1,580 |  |  | 3,709 |  |  | - |  |  | 3,709 |
Net other comprehensive income (loss) | (17,806) |  |  | 6,634 |  |  | (11,172) |  |  | 1 |  |  | (11,173) |
Balance, September 30, 2023 | $ | (157,713) |  |  | $ | (135,346) |  |  | $ | (293,059) |  |  | $ | - |  |  | $ | (293,059) |
| Nine Months Ended September 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 loss before reclassifications | (2,946) |  |  | (332) |  |  | (3,278) |  |  | - |  |  | (3,278) |
Adjustments for items reclassified to earnings, net of tax | 2,157 |  |  | 3,916 |  |  | 6,073 |  |  | - |  |  | 6,073 |
Net other comprehensive income (loss) | (789) |  |  | 3,584 |  |  | 2,795 |  |  | - |  |  | 2,795 |
Balance, September 30, 2023 | $ | (157,713) |  |  | $ | (135,346) |  |  | $ | (293,059) |  |  | $ | - |  |  | $ | (293,059) |
| 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) |
Schedule of Adjustments for Items Reclassified From AOCI | The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2023 and 2022:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Currency translation losses (a) | $ | 2,129 |  |  | $ | 138 |  |  | $ | 2,157 |  |  | $ | 265 |  |  |  |  |
Employee benefit plans: |  |  |  |  |  |  |  |  |  |  |
Amortization relating to employee benefit plans (b) | 1,954 |  |  | 1,395 |  |  | 5,051 |  |  | 3,564 |  |  |  |  |
Less - related income taxes | 374 |  |  | 233 |  |  | 1,135 |  |  | 748 |  |  |  |  |
| 1,580 |  |  | 1,162 |  |  | 3,916 |  |  | 2,816 |  |  |  |  |
Total reclassifications, net of tax | $ | 3,709 |  |  | $ | 1,300 |  |  | $ | 6,073 |  |  | $ | 3,081 |  |  |  |  |
__________________________ (a)Represents currency translation losses reclassified from AOCI associated with 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.
Schedule of Net Income (Loss) Attributable to Noncontrolling Interests | The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2023 and 2022 and noncontrolling interests as of September 30, 2023 and December 31, 2022 in the Company’s condensed consolidated financial statements:
| Net Income (Loss) Attributable to Noncontrolling Interests |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Edgewater | $ | 2,885 |  |  | $ | 18,209 |  |  | $ | 4,557 |  |  | $ | 28,715 |  |  |  |  |
LFI Consolidated Funds | (3,251) |  |  | (5,237) |  |  | 3,718 |  |  | (18,393) |  |  |  |  |
LGAC | - |  |  | 4,023 |  |  | 1,968 |  |  | 9,941 |  |  |  |  |
Other | 1 |  |  | - |  |  | 2 |  |  | 2 |  |  |  |  |
Total | $ | (365) |  |  | $ | 16,995 |  |  | $ | 10,245 |  |  | $ | 20,265 |  |  |  |  |
| Noncontrolling Interests as of
| September 30, 2023 |  | December 31, 2022
Edgewater | $ | 45,371 |  |  | $ | 44,681 |
Profits interest participation rights | 12,859 |  |  | 10,792 |
LFI Consolidated Funds | - |  |  | 74,164 |
LGAC | - |  |  | (10,714) |
Other | 13 |  |  | 13 |
Total | $ | 58,243 |  |  | $ | 118,936 |

X
- Definition Tabular disclosure of noncontrolling interests during and as of end of reporting periods. + References No definition available. + Details
Name: | laz_ScheduleOfNoncontrollingInterestsDuringAndAsOfEndOfReportingPeriodsTableTableTextBlock
Namespace Prefix: | laz_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the share repurchases authorized by board of directors. + References No definition available. + Details
Name: | laz_ScheduleOfShareRepurchasesAuthorizedByBoardOfDirectorsTableTableTextBlock
Namespace Prefix: | laz_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of shares repurchased during the period under the share repurchased program. + References No definition available. + Details
Name: | laz_ScheduleOfSharesRepurchasedUnderShareRepurchaseProgramTableTableTextBlock
Namespace Prefix: | laz_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration