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Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | LAZARD LTD (parent company only) CONDENSED STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2023 AND 2022 (dollars in thousands, except per share data)
| December 31,
| 2023 |  | 2022
ASSETS |  |  |
Cash and cash equivalents | $ | 1,901 |  |  | $ | 709 |
Investments in subsidiaries, equity method | (1,402,500) |  |  | (1,293,966) |
Due from subsidiaries | 1,824,782 |  |  | 1,861,792 |
Other assets | – |  |  | 17 |
Total assets | $ | 424,183 |  |  | $ | 568,552 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities: |  |  |
Due to subsidiaries | $ | – |  |  | $ | 11,903 |
Other liabilities | 424 |  |  | 186 |
Total liabilities | 424 |  |  | 12,089 |
Commitments and contingencies |  |  |
STOCKHOLDERS’ EQUITY |  |  |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: |  |  |
Series A—no shares issued and outstanding | – |  | –
Series B—no shares issued and outstanding | – |  | –
Common stock: |  |  |
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2023 and 2022, including shares held by subsidiaries) | 1,128 |  |  | 1,128 |
Additional paid-in-capital | 247,204 |  |  | 167,890 |
Retained earnings | 1,402,636 |  |  | 1,676,713 |
Accumulated other comprehensive loss, net of tax | (289,950) |  |  | (295,854) |
| 1,361,018 |  |  | 1,549,877 |
Class A common stock held by subsidiaries, at cost (25,340,287 and 26,814,213 shares at December 31, 2023 and 2022, respectively) | (937,259) |  |  | (993,414) |
Total stockholders’ equity | 423,759 |  |  | 556,463 |
Total liabilities and stockholders’ equity | $ | 424,183 |  |  | $ | 568,552 |
LAZARD LTD (parent company only) CONDENSED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (dollars in thousands)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
REVENUE |  |  |  |  |
Equity in earnings (losses) of subsidiaries | $ | (181,720) |  |  | $ | 238,987 |  |  | $ | 410,550 |
Interest and other income | 112,418 |  |  | 120,733 |  |  | 119,412 |
Total revenue (loss) | (69,302) |  |  | 359,720 |  |  | 529,962 |
OPERATING EXPENSES |  |  |  |  |
Professional services | 5,974 |  |  | 2,083 |  |  | 1,792 |
Other | 203 |  |  | 120 |  |  | 106 |
Total operating expenses | 6,177 |  |  | 2,203 |  |  | 1,898 |
NET INCOME (LOSS) | $ | (75,479) |  |  | $ | 357,517 |  |  | $ | 528,064 |
LAZARD LTD (parent company only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (dollars in thousands)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
NET INCOME (LOSS) | $ | (75,479) |  |  | $ | 357,517 |  |  | $ | 528,064 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: |  |  |  |  |
Currency translation adjustments: |  |  |  |  |
Currency translation adjustments before reclassification | 31,106 |  |  | (64,778) |  |  | (48,099) |
Adjustment for items reclassified to earnings | 1,826 |  |  | 32 |  |  | 23,645 |
Employee benefit plans: |  |  |  |  |
Actuarial gain (loss) (net of tax expense (benefit) of $(7,606), $(5,978) and $13,263 for the years ended December 31, 2023, 2022 and 2021, respectively) | (24,510) |  |  | (11,413) |  |  | 33,315 |
Prior service cost (net of tax benefit of $2,567 for the year ended December 31, 2023) | (7,751) |  |  | – |  |  | – |
Adjustments for items reclassified to earnings (net of tax expense of $1,521, $994 and $1,609 for the years ended December 31, 2023, 2022 and 2021, respectively) | 5,233 |  |  | 4,152 |  |  | 5,660 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 5,904 |  |  | (72,007) |  |  | 14,521 |
COMPREHENSIVE INCOME (LOSS) | $ | (69,575) |  |  | $ | 285,510 |  |  | $ | 542,585 |
LAZARD LTD (parent company only) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (dollars in thousands)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net income (loss) | $ | (75,479) |  |  | $ | 357,517 |  |  | $ | 528,064 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |
Equity in (earnings) losses of subsidiaries | 181,720 |  |  | (238,987) |  |  | (410,550) |
Dividends received from subsidiaries | 25,000 |  |  | 79,500 |  |  | 69,500 |
Changes in due to/from subsidiaries | 42,772 |  |  | (16,663) |  |  | 9,655 |
Changes in other operating assets and liabilities | 254 |  |  | 14 |  |  | 30 |
Net cash provided by operating activities | 174,267 |  |  | 181,381 |  |  | 196,699 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Class A common stock dividends | (173,075) |  |  | (181,880) |  |  | (195,944) |
Net cash used in financing activities | (173,075) |  |  | (181,880) |  |  | (195,944) |
Net increase (decrease) in cash and cash equivalents | 1,192 |  |  | (499) |  |  | 755 |
Cash and cash equivalents, January 1 | 709 |  |  | 1,208 |  |  | 453 |
Cash and cash equivalents, December 31 | $ | 1,901 |  |  | $ | 709 |  |  | $ | 1,208 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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