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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Share Repurchase Authorized by Board of Directors | The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (“common stock”) as set forth in the table below as of September 30, 2024:
Date | Repurchase Authorization |  | Expiration
February 2022 | $ | 300,000 |  |  | December 31, 2024
July 2022 | $ | 500,000 |  |  | December 31, 2024
July 2024 | $ | 200,000 |  |  | December 31, 2026
Schedule of Shares Repurchased Under the Share Repurchase Program | 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
2023 | 2,782,662 |  | $ | 36.67 |
2024 | 1,123,413 |  | $ | 39.10 |
Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax | The tables below reflect the balances of each component of AOCI at September 30, 2024 and 2023 and activity during the three month and nine month periods then ended:
| Three Months Ended September 30, 2024
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard, Inc. AOCI
Balance - July 1, 2024 | $ | (144,825) |  |  | $ | (161,467) |  |  | $ | (306,292) |  |  | $ | 1 |  |  | $ | (306,293) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 41,627 |  |  | (9,033) |  |  | 32,594 |  |  | 33 |  |  | 32,561 |
Adjustments for items reclassified to earnings, net of tax | – |  |  | 1,888 |  |  | 1,888 |  |  | – |  |  | 1,888 |
Net other comprehensive income (loss) | 41,627 |  |  | (7,145) |  |  | 34,482 |  |  | 33 |  |  | 34,449 |
Balance, September 30, 2024 | $ | (103,198) |  |  | $ | (168,612) |  |  | $ | (271,810) |  |  | $ | 34 |  |  | $ | (271,844) |
| Nine Months Ended September 30, 2024
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard, Inc. AOCI
Balance - January 1, 2024 | $ | (123,991) |  |  | $ | (165,958) |  |  | $ | (289,949) |  |  | $ | 1 |  |  | $ | (289,950) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 20,793 |  |  | (7,429) |  |  | 13,364 |  |  | 33 |  |  | 13,331 |
Adjustments for items reclassified to earnings, net of tax | – |  |  | 4,775 |  |  | 4,775 |  |  | – |  |  | 4,775 |
Net other comprehensive income (loss) | 20,793 |  |  | (2,654) |  |  | 18,139 |  |  | 33 |  |  | 18,106 |
Balance, September 30, 2024 | $ | (103,198) |  |  | $ | (168,612) |  |  | $ | (271,810) |  |  | $ | 34 |  |  | $ | (271,844) |
| Three Months Ended September 30, 2023
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard, Inc. 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, Inc. 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) |
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, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Currency translation losses (a) | $ | – |  |  | $ | 2,129 |  |  | $ | – |  |  | $ | 2,157 |
Employee benefit plans: |  |  |  |  |  |  |
Amortization relating to employee benefit plans (b) | 2,433 |  |  | 1,954 |  |  | 6,230 |  |  | 5,051 |
Less - related income taxes | 545 |  |  | 374 |  |  | 1,455 |  |  | 1,135 |
| 1,888 |  |  | 1,580 |  |  | 4,775 |  |  | 3,916 |
Total reclassifications, net of tax | $ | 1,888 |  |  | $ | 3,709 |  |  | $ | 4,775 |  |  | $ | 6,073 |
__________________________ (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 14). Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations.

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