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Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | LAZARD, INC. (parent company only) CONDENSED STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2024 AND 2023 (dollars in thousands, except per share data)
| December 31,
| 2024 |  | 2023
ASSETS |  |  |
Cash and cash equivalents | $ | 1,049 |  |  | $ | 1,901 |
Investments in subsidiaries, equity method | 634,732 |  |  | (1,402,500) |
Due from subsidiaries | 225 |  |  | 1,824,782 |
Deferred tax assets | 1,192 |  |  | – |
Other assets | 1,052 |  |  | – |
Total Assets | $ | 638,250 |  |  | $ | 424,183 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities: |  |  |
Due to subsidiaries | $ | 1,831 |  |  | $ | – |
Other liabilities | 179 |  |  | 424 |
Total Liabilities | 2,010 |  |  | 424 |
Commitments and contingencies |  |  |
STOCKHOLDERS’ EQUITY |  |  |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and 2023 | – |  |  | – |
Common stock: |  |  |
Par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2024 and 2023, including shares held by subsidiaries) | 1,128 |  |  | 1,128 |
Additional paid-in-capital | 327,810 |  |  | 247,204 |
Retained earnings | 1,472,113 |  |  | 1,402,636 |
Accumulated other comprehensive loss, net of tax | (326,742) |  |  | (289,950) |
| 1,474,309 |  |  | 1,361,018 |
Common stock held by subsidiaries, at cost (22,467,315 and 25,340,287 shares at December 31, 2024 and 2023, respectively) | (838,069) |  |  | (937,259) |
Total Stockholders’ Equity | 636,240 |  |  | 423,759 |
Total Liabilities and Stockholders’ Equity | $ | 638,250 |  |  | $ | 424,183 |
LAZARD, INC. (parent company only) CONDENSED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (dollars in thousands)
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
REVENUE |  |  |  |  |
Equity in earnings (losses) of subsidiaries | $ | 244,705 |  |  | $ | (181,720) |  |  | $ | 238,987 |
Interest and other income | 35,334 |  |  | 112,418 |  |  | 120,733 |
Total revenue (loss) | 280,039 |  |  | (69,302) |  |  | 359,720 |
OPERATING EXPENSES |  |  |  |  |
Professional services | 2,289 |  |  | 5,974 |  |  | 2,083 |
Other | 81 |  |  | 203 |  |  | 120 |
Total operating expenses | 2,370 |  |  | 6,177 |  |  | 2,203 |
OPERATING INCOME ( LOSS) | 277,669 |  |  | (75,479) |  |  | 357,517 |
Benefit for income taxes | (2,243) |  |  | – |  |  | – |
NET INCOME (LOSS) | $ | 279,912 |  |  | $ | (75,479) |  |  | $ | 357,517 |
LAZARD, INC. (parent company only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (dollars in thousands)
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
NET INCOME (LOSS) | $ | 279,912 |  |  | $ | (75,479) |  |  | $ | 357,517 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: |  |  |  |  |
Currency translation adjustments: |  |  |  |  |
Currency translation adjustments before reclassification | (36,862) |  |  | 31,106 |  |  | (64,778) |
Adjustment for items reclassified to earnings | – |  |  | 1,826 |  |  | 32 |
Employee benefit plans: |  |  |  |  |
Actuarial gain (loss) (net of tax expense (benefit) of $1,069, $(7,606) and $(5,978) for the years ended December 31, 2024, 2023 and 2022, respectively) | 1,716 |  |  | (24,510) |  |  | (11,413) |
Prior service cost (net of tax benefit of $2,747 and $2,567 for the years ended December 31, 2024 and 2023, respectively) | (8,225) |  |  | (7,751) |  |  | – |
Adjustments for items reclassified to earnings (net of tax expense of $1,926, $1,521 and $994 for the years ended December 31, 2024, 2023 and 2022, respectively) | 6,579 |  |  | 5,233 |  |  | 4,152 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (36,792) |  |  | 5,904 |  |  | (72,007) |
COMPREHENSIVE INCOME (LOSS) | $ | 243,120 |  |  | $ | (69,575) |  |  | $ | 285,510 |
LAZARD, INC. (parent company only) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (dollars in thousands)
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net income (loss) | $ | 279,912 |  |  | $ | (75,479) |  |  | $ | 357,517 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |
Equity in (earnings) losses of subsidiaries | (244,705) |  |  | 181,720 |  |  | (238,987) |
Dividends received from subsidiaries | 179,030 |  |  | 25,000 |  |  | 79,500 |
Deferred tax benefit | (1,192) |  |  | – |  |  | – |
Changes in due to/from subsidiaries | (33,584) |  |  | 42,772 |  |  | (16,663) |
Changes in other operating assets and liabilities | (1,296) |  |  | 254 |  |  | 14 |
Net cash provided by operating activities | 178,165 |  |  | 174,267 |  |  | 181,381 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Common stock dividends | (179,017) |  |  | (173,075) |  |  | (181,880) |
Net cash used in financing activities | (179,017) |  |  | (173,075) |  |  | (181,880) |
Net increase (decrease) in cash and cash equivalents | (852) |  |  | 1,192 |  |  | (499) |
Cash and cash equivalents, January 1 | 1,901 |  |  | 709 |  |  | 1,208 |
Cash and cash equivalents, December 31 | $ | 1,049 |  |  | $ | 1,901 |  |  | $ | 709 |
1. BASIS OF PRESENTATION The accompanying Lazard, Inc. condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Lazard, Inc. and its subsidiaries (the “Company”) and the notes thereto. In connection with the Conversion, in 2024, Lazard, Inc. retired $1,859,972 of borrowings from subsidiaries at par for no cash consideration which increased its investment in subsidiaries by an equivalent amount. The Parent Company Financial Statements as of December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates. The Parent Company Financial Statements include investments in subsidiaries, accounted for under the equity method.

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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/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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