XML 49 R38.htm IDEA: XBRL DOCUMENT v3.24.3

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

The following tables present, as of September 30, 2024 and December 31, 2023, 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, 2024
			Level 1						Level 2						Level 3						NAV						Total
Assets:
Cash and cash equivalents (a)			$	120,453					$	–					$	–					$	–					$	120,453
Deposits with banks and short-term    investments (a)			24,631						–						–						–						24,631
Investments:
Debt (a)			49,673						1,428						–						–						51,101
Equity			57,148						–						650						–						57,798
Funds:
Alternative investments			11,078						–						–						48,480						59,558
Debt			135,629						15,292						–						3						150,924
Equity			304,487						196						–						53						304,736
Private equity			–						–						276						46,081						46,357
Derivatives			–						2,359						–						–						2,359
Total			$	703,099					$	19,275					$	926					$	94,617					$	817,917
Liabilities:
Securities sold, not yet purchased			$	5,041					$	–					$	–					$	–					$	5,041
Contingent consideration liability			–						–						4,442						–						4,442
Derivatives			–						293,023						–						–						293,023
Total			$	5,041					$	293,023					$	4,442					$	–					$	302,506

__________________________________

(a)Level 1 represents U.S. Treasury securities.

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Total
Assets:
Investments:
Debt			$	4,285					$	–					$	–					$	–					$	4,285
Equity			54,224						–						493						–						54,717
Funds:
Alternative investments			15,676						–						–						46,004						61,680
Debt			180,907						10,413						–						5						191,325
Equity			343,094						–						–						45						343,139
Private equity			–						–						273						46,545						46,818
Derivatives			–						2,789						–						–						2,789
Total			$	598,186					$	13,202					$	766					$	92,599					$	704,753
Liabilities:
Securities sold, not yet purchased			$	4,809					$	–					$	–					$	–					$	4,809
Contingent consideration liability			–						–						6,583						–						6,583
Derivatives			–						368,673						–						–						368,673
Total			$	4,809					$	368,673					$	6,583					$	–					$	380,065

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, 2024 and 2023:

			Three Months Ended September 30, 2024
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Issuances						Sales/ Settlements						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equity			$	611					$	9					$	–					$	–					$	30					$	650
Private equity funds			264						–						–						–						12						276
Total Level 3 assets			$	875					$	9					$	–					$	–					$	42					$	926
Liabilities:
Contingent consideration    liability			$	4,389					$	53					$	–					$	–					$	–					$	4,442
Total Level 3 liabilities			$	4,389					$	53					$	–					$	–					$	–					$	4,442

			Nine Months Ended September 30, 2024
			Beginning Balance						Net Unrealized/ Realized Gains/Losses Included In Earnings (a)						Purchases/ Issuances						Sales/ Settlements						Foreign Currency Translation Adjustments						Ending Balance
Assets:
Investments:
Equity			$	493					$	46					$	109					$	–					$	2					$	650
Private equity funds			273						–						–						–						3						276
Total Level 3 assets			$	766					$	46					$	109					$	–					$	5					$	926
Liabilities:
Contingent consideration    liability (b)			$	6,583					$	159					$	–					$	(2,300)					$	–					$	4,442
Total Level 3 liabilities			$	6,583					$	159					$	–					$	(2,300)					$	–					$	4,442

			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:
Equity			$	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 (c)						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 (b)			$	–					$	194					$	7,754					$	(1,445)					$	–					$	6,503
Total Level 3 liabilities			$	–					$	194					$	7,754					$	(1,445)					$	–					$	6,503

__________________________________

(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2024 and 2023 include net unrealized gains (losses) of $9, $46, $(76) and $(62), respectively. Unrealized losses of $53, $159, $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, 2024 and 2023, respectively.

(b)For the nine month period ended September 30, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the nine month periods ended September 30, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

(c)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 that were previously valued based on the acquisition price.

Schedule of Fair Value of Certain Investments Based on NAV

The following tables present, at September 30, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2024

Investments Redeemable

NAV

Unfunded Commitments

% of NAV Not Redeemable

Redemption Frequency

Redemption Notice Period

Alternative investment funds:

Hedge funds

$

47,780

$

–

NA

(a)

30-60 days

Other

700

–

NA

(b)

<30-30 days

Debt funds

3

–

NA

(c)

<30 days

Equity funds

53

–

NA

(d)

<30-30 days

Private equity funds:

Equity growth

46,081

5,448

(e)

100%

(f)

NA

NA

Total

$

94,617

$

5,448

___________________________________

(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

(d)monthly (100%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,800 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, 2023

Investments Redeemable

NAV

Unfunded Commitments

% of NAV Not Redeemable

Redemption Frequency

Redemption Notice Period

Alternative investment funds:

Hedge funds

$

45,324

$

–

NA

(a)

30-60 days

Other

680

–

NA

(b)

<30-30 days

Debt funds

5

–

NA

(c)

<30 days

Equity funds

45

–

NA

(d)

<30-60 days

Private equity funds:

Equity growth

46,545

5,505

(e)

100%

(f)

NA

NA

Total

$

92,599

$

5,505

___________________________________

(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

(d)monthly (34%) and annually (66%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 54B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-8

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

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