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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
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:
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:
Nine Months Ended September 30:Number of
Shares
Purchased		Average
Price Per
Share
202217,249,880$35.49 
20232,782,662$36.67 
During the nine month periods ended September 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 nine month periods ended September 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 nine month periods ended September 30, 2023 and 2022 was approximately $11,100 and $16,500, respectively. Such shares of common stock are reported at cost.
As of September 30, 2023, a total of $200,095 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which authorization will expire on December 31, 2024.
During the nine month period ended September 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 $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both September 30, 2023 and December 31, 2022, no shares of Series A or Series B preferred stock were outstanding.
Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at September 30, 2023 and 2022 and activity during the three month and nine month periods then ended:
Three Months Ended September 30, 2023
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard Ltd
AOCI
Balance, July 1, 2023$(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 tax2,129 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)$- $(295,854)
Activity:
Other comprehensive loss before reclassifications(2,946)(332)(3,278)- (3,278)
Adjustments for items reclassified to earnings, net of tax2,157 3,916 6,073 - 6,073 
Net other comprehensive income (loss)(789)3,584 2,795 - 2,795 
Balance, September 30, 2023$(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 tax138 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)$- $(223,847)
Activity:
Other comprehensive income (loss) before reclassifications(134,129)20,512 (113,617)(1)(113,616)
Adjustments for items reclassified to earnings, net of tax265 2,816 3,081 - 3,081 
Net other comprehensive income (loss)(133,864)23,328 (110,536)(1)(110,535)
Balance, September 30, 2022$(226,042)$(108,341)$(334,383)$(1)$(334,382)
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,
2023202220232022
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 taxes374 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.
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 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,
2023202220232022
Edgewater$2,885 $18,209 $4,557 $28,715 
LFI Consolidated Funds(3,251)(5,237)3,718 (18,393)
LGAC- 4,023 1,968 9,941 
Other1 - 2 2 
Total$(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 rights12,859 10,792 
LFI Consolidated Funds- 74,164 
LGAC- (10,714)
Other13 13 
Total$58,243 $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 September 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, October 25, 2023—On October 25, 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 November 17, 2023, to stockholders of record on November 6, 2023.