XML 50 R37.htm IDEA: XBRL DOCUMENT v3.23.3

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The following tables present, as of September 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:

			September 30, 2023
			Level 1						Level 2						Level 3						NAV						Total
Assets:
Investments:
Debt			$	3,524					$	957					$	-					$	-					$	4,481
Equities			40,119						-						540						-						40,659
Funds:
Alternative investments			15,534						-						-						44,676						60,210
Debt			173,546						10,240						-						4						183,790
Equity			324,197						-						-						42						324,239
Private equity			-						-						261						44,240						44,501
Derivatives			-						3,678						-						-						3,678
Total			$	556,920					$	14,875					$	801					$	88,962					$	661,558
Liabilities:
Securities sold, not yet purchased			$	1,724					$	-					$	-					$	-					$	1,724
Contingent consideration liability			-						-						6,503						-						6,503
Derivatives			-						342,483						-						-						342,483
Total			$	1,724					$	342,483					$	6,503					$	-					$	350,710

			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

Schedule 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 nine month periods ended September 30, 2023 and 2022:

			Three Months Ended September 30, 2023
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Issuances						Sales/ Settlements						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equities			$	642					$	(95)					$	-					$	-					$	(7)					$	540
Private equity funds			268						-						-						-						(7)						261
Total Level 3 assets			$	910					$	(95)					$	-					$	-					$	(14)					$	801
Liabilities:
Contingent consideration liability			$	6,422					$	81					$	-					$	-					$	-					$	6,503
Total Level 3 liabilities			$	6,422					$	81					$	-					$	-					$	-					$	6,503

			Nine Months Ended September 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					$	(81)					$	-					$	-					$	(25)					$	540
Private equity funds			18,772						-						-						(18,508)						(3)						261
Total Level 3 assets			$	19,418					$	(81)					$	-					$	(18,508)					$	(28)					$	801
Liabilities:
Contingent consideration liability (c)			$	-					$	194					$	7,754					$	(1,445)					$	-					$	6,503
Total Level 3 liabilities			$	-					$	194					$	7,754					$	(1,445)					$	-					$	6,503

			Three Months Ended September 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			$	542					$	28					$	-					$	-					$	(41)					$	529
Private equity funds			256						-						-						-						(16)						240
Total Level 3 assets			$	798					$	28					$	-					$	-					$	(57)					$	769

			Nine Months Ended September 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					$	35					$	-					$	-					$	(84)					$	529
Private equity funds			293						-						-						(13)						(40)						240
Total Level 3 assets			$	871					$	35					$	-					$	(13)					$	(124)					$	769

__________________________________

(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2023 and 2022 include net unrealized gains (losses) of $(76), $(62), $28 and $35, respectively. Unrealized losses of $81 and $194 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and nine month periods ended September 30, 2023.

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

(c)For the nine month period ended September 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 September 30, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2023

Investments Redeemable

NAV

Unfunded Commitments

% of NAV Not Redeemable

Redemption Frequency

Redemption Notice Period

Alternative investment funds:

Hedge funds

$

44,022

$

-

NA

(a)

30-60 days

Other

654

-

NA

(b)

<30-30 days

Debt funds

4

-

NA

(c)

<30 days

Equity funds

42

-

NA

(d)

<30-60 days

Private equity funds:

Equity growth

44,240

5,547

(e)

100%

(f)

NA

NA

Total

$

88,962

$

5,547

___________________________________

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

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

(c)daily (100%)

(d)monthly (33%) and annually (67%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,206 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.

+ References

No definition available.

+ Details

Name:	laz_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix:	laz_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6A

+ Details

Name:	us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration