XML 68 R45.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present, as of December 31, 2024 and 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:
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents (a) | $ | 5,982 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 5,982 |
Deposits with banks and short-term investments (a) | 24,666 |  |  | – |  |  | – |  |  | – |  |  | 24,666 |
Investments: |  |  |  |  |  |  |  |  |
Equity | 58,034 |  |  | – |  |  | 589 |  |  | – |  |  | 58,623 |
Funds: |  |  |  |  |  |  |  |  |
Alternative investments | 10,763 |  |  | – |  |  | – |  |  | 48,467 |  |  | 59,230 |
Debt | 129,004 |  |  | 18,166 |  |  | – |  |  | 3 |  |  | 147,173 |
Equity | 289,244 |  |  | 316 |  |  | – |  |  | 50 |  |  | 289,610 |
Private equity | – |  |  | – |  |  | 256 |  |  | 43,156 |  |  | 43,412 |
Derivatives | – |  |  | 3,787 |  |  | – |  |  | – |  |  | 3,787 |
Total | $ | 517,693 |  |  | $ | 22,269 |  |  | $ | 845 |  |  | $ | 91,676 |  |  | $ | 632,483 |
Liabilities: |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased | $ | 4,529 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 4,529 |
Contingent consideration liability | – |  |  | – |  |  | 4,495 |  |  | – |  |  | 4,495 |
Derivatives | – |  |  | 274,280 |  |  | – |  |  | – |  |  | 274,280 |
Total | $ | 4,529 |  |  | $ | 274,280 |  |  | $ | 4,495 |  |  | $ | – |  |  | $ | 283,304 |
__________________________________ (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 |
Summary 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 years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31, 2024
| Beginning Balance |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  | Purchases/ Acquisitions/ Issuances |  | Sales/ Settlements |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 493 |  |  | $ | 46 |  |  | $ | 109 |  |  | $ | – |  |  | $ | (59) |  |  | $ | 589 |
Private equity funds | 273 |  |  | – |  |  | – |  |  | – |  |  | (17) |  |  | 256 |
Total Level 3 assets | $ | 766 |  |  | $ | 46 |  |  | $ | 109 |  |  | $ | – |  |  | $ | (76) |  |  | $ | 845 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (b) | $ | 6,583 |  |  | $ | 212 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 4,495 |
Total Level 3 liabilities | $ | 6,583 |  |  | $ | 212 |  |  | $ | – |  |  | $ | (2,300) |  |  | $ | – |  |  | $ | 4,495 |
| Year Ended December 31, 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: |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 646 |  |  | $ | 54 |  |  | $ | – |  |  | $ | (281) |  |  | $ | 74 |  |  | $ | 493 |
Private equity funds | 18,772 |  |  | – |  |  | – |  |  | (18,508) |  |  | 9 |  |  | 273 |
Total Level 3 assets | $ | 19,418 |  |  | $ | 54 |  |  | $ | – |  |  | $ | (18,789) |  |  | $ | 83 |  |  | $ | 766 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (b) | $ | – |  |  | $ | 274 |  |  | $ | 7,754 |  |  | $ | (1,445) |  |  | $ | – |  |  | $ | 6,583 |
Total Level 3 liabilities | $ | – |  |  | $ | 274 |  |  | $ | 7,754 |  |  | $ | (1,445) |  |  | $ | – |  |  | $ | 6,583 |
| Year Ended December 31, 2022
| Beginning Balance |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  | Purchases/ Issuances |  | Sales/ Settlements |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equity | $ | 578 |  |  | $ | 99 |  |  | $ | – |  |  | $ | – |  |  | $ | (31) |  |  | $ | 646 |
Private equity funds | 293 |  |  | – |  |  | 18,000 |  |  | (13) |  |  | 492 |  |  | 18,772 |
Total Level 3 assets | $ | 871 |  |  | $ | 99 |  |  | $ | 18,000 |  |  | $ | (13) |  |  | $ | 461 |  |  | $ | 19,418 |
_____________________ (a)Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2024, 2023 and 2022 include net unrealized gains (losses) of $46, $(6) and $99, respectively. Unrealized losses of $212 and $274 were recorded in “operating expenses-other” for the contingent consideration liability for the years ended December 31, 2024 and 2023, respectively. (b)For the year ended December 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the years ended December 31, 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 during the year ended December 31, 2023 reflect investments valued at NAV that were previously valued based on the acquisition price.
Financial Instruments Not Measured at Fair Value | The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2024 and 2023 that are not measured at fair value in the Company’s consolidated statement of financial condition.
| December 31, 2024
| Carrying Value |  | Fair Value |  | Fair Value Measurements Using:
|  |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,302,236 |  |  | $ | 1,302,236 |  |  | $ | 1,302,236 |  |  | $ | – |  |  | $ | – |
Deposits with banks and short-term investments | 244,018 |  |  | 244,018 |  |  | 244,018 |  |  | – |  |  | – |
Restricted cash | 32,466 |  |  | 32,466 |  |  | 32,466 |  |  | – |  |  | – |
Financing receivables | 130,682 |  |  | 131,272 |  |  | – |  |  | – |  |  | 131,272 |
Customer loans | 82,985 |  |  | 82,985 |  |  | – |  |  | – |  |  | 82,985 |
Other fees and customers and other receivables | 539,956 |  |  | 539,956 |  |  | – |  |  | 539,956 |  |  | – |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Deposits and other customer payables | $ | 308,213 |  |  | $ | 308,213 |  |  | $ | – |  |  | $ | 308,213 |  |  | $ | – |
Senior debt | 1,687,052 |  |  | 1,681,893 |  |  | – |  |  | 1,681,893 |  |  | – |
| December 31, 2023
| Carrying Value |  | Fair Value |  | Fair Value Measurements Using:
|  |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 971,316 |  |  | $ | 971,316 |  |  | $ | 971,316 |  |  | $ | – |  |  | $ | – |
Deposits with banks and short-term investments | 219,576 |  |  | 219,576 |  |  | 219,576 |  |  | – |  |  | – |
Restricted cash | 34,091 |  |  | 34,091 |  |  | 34,091 |  |  | – |  |  | – |
Financing receivables | 113,929 |  |  | 113,694 |  |  | – |  |  | – |  |  | 113,694 |
Customer loans | 86,412 |  |  | 86,412 |  |  | – |  |  | – |  |  | 86,412 |
Other fees and customers and other receivables | 561,978 |  |  | 561,978 |  |  | 561,978 |  |  | – |  |  | – |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Deposits and other customer payables | $ | 443,262 |  |  | $ | 443,262 |  |  | $ | 443,262 |  |  | $ | – |  |  | $ | – |
Senior debt | 1,690,200 |  |  | 1,651,726 |  |  | – |  |  | 1,651,726 |  |  | – |
Fair Value of Certain Investments Based on NAV | The following tables present, at December 31, 2024 and 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
| December 31, 2024
|  |  |  |  |  |  | Investments Redeemable
| NAV |  | Unfunded Commitments |  | % of NAV Not Redeemable |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |
Hedge funds | $ | 47,788 |  |  | $ | – |  |  | NA |  | (a) |  | 30-60 days
Other | 679 |  |  | – |  |  | NA |  | (b) |  | <30-90 days
Debt funds | 3 |  |  | – |  |  | NA |  | (c) |  | <30 days
Equity funds | 50 |  |  | – |  |  | NA |  | (d) |  | <30-30 days
Private equity funds: |  |  |  |  |  |  |  |  |
Equity growth | 43,156 |  |  | 6,068 |  | (e) | 100 | % | (f) | NA |  | NA
Total | $ | 91,676 |  |  | $ | 6,068 |  |  |  |  |  |  |
_____________________ (a)monthly (100%) (b)daily (5%) and monthly (95%) (c)daily (100%) (d)monthly (100%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $20,205 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-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E + Details
Name: | us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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