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Schedule I - Condensed Financial Information of Registrant (Parent Company Only)
 12 Months Ended
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,
20232022
ASSETS
Cash and cash equivalents$1,901 $709 
Investments in subsidiaries, equity method(1,402,500)(1,293,966)
Due from subsidiaries1,824,782 1,861,792 
Other assets– 17 
Total assets$424,183 $568,552 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Due to subsidiaries$– $11,903 
Other liabilities424 186 
Total liabilities424 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-capital247,204 167,890 
Retained earnings1,402,636 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’ equity423,759 556,463 
Total liabilities and stockholders’ equity$424,183 $568,552 
LAZARD LTD
(parent company only)
CONDENSED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
(dollars in thousands)
Year Ended December 31,
202320222021
REVENUE
Equity in earnings (losses) of subsidiaries$(181,720)$238,987 $410,550 
Interest and other income112,418 120,733 119,412 
Total revenue (loss)(69,302)359,720 529,962 
OPERATING EXPENSES   
Professional services5,974 2,083 1,792 
Other203 120 106 
Total operating expenses6,177 2,203 1,898 
NET INCOME (LOSS)$(75,479)$357,517 $528,064 
LAZARD LTD
(parent company only)
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
(dollars in thousands)
Year Ended December 31,
202320222021
NET INCOME (LOSS)$(75,479)$357,517 $528,064 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
   
Currency translation adjustments:   
Currency translation adjustments before reclassification31,106 (64,778)(48,099)
Adjustment for items reclassified to earnings1,826 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 $542,585 
LAZARD LTD
(parent company only)
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
(dollars in thousands)
Year Ended December 31,
202320222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(75,479)$357,517 $528,064 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of subsidiaries181,720 (238,987)(410,550)
Dividends received from subsidiaries25,000 79,500 69,500 
Changes in due to/from subsidiaries42,772 (16,663)9,655 
Changes in other operating assets and liabilities254 14 30 
Net cash provided by operating activities174,267 181,381 196,699 
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 equivalents1,192 (499)755 
Cash and cash equivalents, January 1709 1,208 453 
Cash and cash equivalents, December 31$1,901 $709 $1,208