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Stockholders' Equity and Redeemable Noncontrolling Interests | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stockholders' Equity and Redeemable Noncontrolling Interests | STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS Share Repurchase Program—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 December 31, 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
The Company’s purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:
Year Ended December 31: |  | Number of Shares Purchased |  | Average Price Per Share
2022 |  | 19,666,798 |  | $ | 35.17 |
2023 |  | 2,782,662 |  | $ | 36.67 |
2024 |  | 1,409,988 |  | $ | 42.20 |
There were 22,467,315 and 25,340,287 shares of our common stock held by our subsidiaries at December 31, 2024 and 2023, respectively. Such shares of common stock are reported, at cost, as “Common stock held by subsidiaries” on the accompanying consolidated statements of financial condition. During 2024, 2023 and 2022, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. In addition, during the years ended December 31, 2024, 2023 and 2022, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases in 2024, 2023 and 2022 was approximately $14,300, $11,100 and $16,500, respectively. Such shares of common stock are reported at cost, and are included in “common stock held by subsidiaries” on the accompanying consolidated statements of financial condition. As of December 31, 2024, a total of $200,000 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026. During the year ended December 31, 2024, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market. Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2024, 2023 and 2022 and activity during the years then ended:
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard AOCI
Balance, January 1, 2024 | $ | (123,991) |  |  | $ | (165,958) |  |  | $ | (289,949) |  |  | $ | 1 |  |  | $ | (289,950) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive loss before reclassifications | (36,923) |  |  | (6,509) |  |  | (43,432) |  |  | (61) |  |  | (43,371) |
Adjustments for items reclassified to earnings, net of tax | – |  |  | 6,579 |  |  | 6,579 |  |  | – |  |  | 6,579 |
Net other comprehensive income (loss) | (36,923) |  |  | 70 |  |  | (36,853) |  |  | (61) |  |  | (36,792) |
Balance, December 31, 2024 | $ | (160,914) |  |  | $ | (165,888) |  |  | $ | (326,802) |  |  | $ | (60) |  |  | $ | (326,742) |
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard AOCI
Balance, January 1, 2023 | $ | (156,924) |  |  | $ | (138,930) |  |  | $ | (295,854) |  |  | $ | – |  |  | $ | (295,854) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 31,107 |  |  | (32,261) |  |  | (1,154) |  |  | 1 |  |  | (1,155) |
Adjustments for items reclassified to earnings, net of tax | 1,826 |  |  | 5,233 |  |  | 7,059 |  |  | – |  |  | 7,059 |
Net other comprehensive income (loss) | 32,933 |  |  | (27,028) |  |  | 5,905 |  |  | 1 |  |  | 5,904 |
Balance, December 31, 2023 | $ | (123,991) |  |  | $ | (165,958) |  |  | $ | (289,949) |  |  | $ | 1 |  |  | $ | (289,950) |
| Currency Translation Adjustments |  | Employee Benefit Plans |  | Total AOCI |  | Amount Attributable to Noncontrolling Interests |  | Total Lazard AOCI
Balance, January 1, 2022 | $ | (92,178) |  |  | $ | (131,669) |  |  | $ | (223,847) |  |  | $ | – |  |  | $ | (223,847) |
Activity: |  |  |  |  |  |  |  |  |
Other comprehensive loss before reclassifications | (64,778) |  |  | (11,413) |  |  | (76,191) |  |  | – |  |  | (76,191) |
Adjustments for items reclassified to earnings, net of tax | 32 |  |  | 4,152 |  |  | 4,184 |  |  | – |  |  | 4,184 |
Net other comprehensive loss | (64,746) |  |  | (7,261) |  |  | (72,007) |  |  | – |  |  | (72,007) |
Balance, December 31, 2022 | $ | (156,924) |  |  | $ | (138,930) |  |  | $ | (295,854) |  |  | $ | – |  |  | $ | (295,854) |
The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Currency translation losses (a) | $ | – |  |  | $ | 1,826 |  |  | $ | 32 |
Employee benefit plans: |  |  |  |  |
Amortization relating to employee benefit plans (b) | 8,505 |  |  | 6,754 |  |  | 5,146 |
Less - related income taxes | 1,926 |  |  | 1,521 |  |  | 994 |
| 6,579 |  |  | 5,233 |  |  | 4,152 |
Total reclassifications, net of tax | $ | 6,579 |  |  | $ | 7,059 |  |  | $ | 4,184 |
________________________ (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 consolidated statements of operations. (b)Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 16) and (iii) LGAC interests (see Note 24). Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s consolidated statements of financial position at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 24). Dividends Declared, January 29, 2025—On January 29, 2025, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on February 21, 2025, to stockholders of record on February 10, 2025.

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