XML 43 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV

The following tables present, as of March 31, 2017 and December 31, 2016, 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:

 

 

 

March 31, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

NAV

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

41,425

 

 

$

-

 

 

$

1,537

 

 

$

-

 

 

$

42,962

 

Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative investments

 

 

23,999

 

 

 

-

 

 

 

-

 

 

 

7,047

 

 

 

31,046

 

Debt

 

 

61,480

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

61,486

 

Equity

 

 

135,884

 

 

 

-

 

 

 

-

 

 

 

42

 

 

 

135,926

 

Private equity

 

 

-

 

 

 

28,196

 

 

 

-

 

 

 

81,753

 

 

 

109,949

 

Derivatives

 

 

-

 

 

 

4,057

 

 

 

-

 

 

 

-

 

 

 

4,057

 

Total

 

$

262,788

 

 

$

32,253

 

 

$

1,537

 

 

$

88,848

 

 

$

385,426

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold, not yet purchased

 

$

4,293

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

4,293

 

Contingent consideration liability

 

 

-

 

 

 

-

 

 

 

25,104

 

 

 

-

 

 

 

25,104

 

Derivatives

 

 

-

 

 

 

179,023

 

 

 

-

 

 

 

-

 

 

 

179,023

 

Total

 

$

4,293

 

 

$

179,023

 

 

$

25,104

 

 

$

-

 

 

$

208,420

 

 

 

 

December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

NAV

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

39,509

 

 

$

-

 

 

$

1,508

 

 

$

-

 

 

$

41,017

 

Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative investments

 

 

25,316

 

 

 

-

 

 

 

-

 

 

 

7,125

 

 

 

32,441

 

Debt

 

 

74,591

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

74,597

 

Equity

 

 

188,229

 

 

 

-

 

 

 

-

 

 

 

39

 

 

 

188,268

 

Private equity

 

 

-

 

 

 

-

 

 

 

-

 

 

 

122,421

 

 

 

122,421

 

Derivatives

 

 

-

 

 

 

1,993

 

 

 

-

 

 

 

-

 

 

 

1,993

 

Total

 

$

327,645

 

 

$

1,993

 

 

$

1,508

 

 

$

129,591

 

 

$

460,737

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold, not yet purchased

 

$

4,482

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

4,482

 

Contingent consideration liability

 

 

-

 

 

 

 

 

 

 

22,608

 

 

 

 

 

 

 

22,608

 

Derivatives

 

 

-

 

 

 

182,223

 

 

 

-

 

 

 

-

 

 

 

182,223

 

Total

 

$

4,482

 

 

$

182,223

 

 

$

22,608

 

 

$

-

 

 

$

209,313

 

 
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 three month periods ended March 31, 2017 and 2016:

 

 

 

Three Months Ended March 31, 2017

 

 

 

Beginning

Balance

 

 

Net Unrealized/

Realized

Gains/Losses Included In Earnings (a)

 

 

Purchases/

Acquisitions

 

 

Sales/

Dispositions

 

 

Foreign

Currency

Translation

Adjustments

 

 

Ending

Balance

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

1,508

 

 

$

2

 

 

$

-

 

 

$

(8

)

 

$

35

 

 

$

1,537

 

Total Level 3 Assets

 

$

1,508

 

 

$

2

 

 

$

-

 

 

$

(8

)

 

$

35

 

 

$

1,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

 

$

22,608

 

 

$

2,745

 

 

$

-

 

 

$

(249

)

 

$

-

 

 

$

25,104

 

Total Level 3 Liabilities

 

$

22,608

 

 

$

2,745

 

 

$

-

 

 

$

(249

)

 

$

-

 

 

$

25,104

 

 

 

 

 

Three Months Ended March 31, 2016

 

 

 

Beginning

Balance

 

 

Net Unrealized/

Realized

Gains/Losses Included In Earnings (a)

 

 

Purchases/

Acquisitions

 

 

Sales/

Dispositions

 

 

Foreign

Currency

Translation

Adjustments

 

 

Ending

Balance

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

1,276

 

 

$

3

 

 

$

-

 

 

$

-

 

 

$

22

 

 

$

1,301

 

Total Level 3 Assets

 

$

1,276

 

 

$

3

 

 

$

-

 

 

$

-

 

 

$

22

 

 

$

1,301

 

 

(a)

Earnings recorded in “other revenue” for investments in equities for the three month periods ended March 31, 2017 and 2016 include net unrealized gains of $0 and $3, respectively. Earnings recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month period ended March 31, 2017 includes unrealized losses of $2,745.

Fair Value of Certain Investments Based on NAV

The following tables present, at March 31, 2017 and December 31, 2016, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

 

 

 

March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Liquidation Period of

Investments Not Redeemable

 

 

Investments Redeemable

 

 

Fair Value

 

 

Unfunded

Commitments

 

 

 

% of

Fair Value

Not

Redeemable

 

 

%

Next

5 Years

 

 

%

5-10

Years

 

 

%

Thereafter

 

 

Redemption

Frequency

 

Redemption

Notice Period

Alternative investment funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

$

5,974

 

 

$

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(a)

 

<30-60 days

Funds of funds

 

 

505

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(b)

 

<30-90 days

Other

 

 

568

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(c)

 

<30-60 days

Debt funds

 

 

6

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(d)

 

30 days

Equity funds

 

 

42

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(e)

 

<30-90 days

Private equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity growth

 

 

81,753

 

 

 

9,183

 

(f)

 

 

100

%

 

 

14

%

 

 

40

%

 

 

46

%

 

NA

 

NA

Total

 

$

88,848

 

 

$

9,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

weekly (48%), monthly (2%) and quarterly (50%)

(b)

monthly (98%) and quarterly (2%)

(c)

daily (6%) and monthly (94%)

(d)

daily (100%)

(e)

daily (18%), monthly (51%) and quarterly (31%)

(f)

Unfunded commitments to private equity investments consolidated but not owned by Lazard of $6,904 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

 

 

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Liquidation Period of

Investments Not Redeemable

 

 

Investments Redeemable

 

 

Fair Value

 

 

Unfunded

Commitments

 

 

 

% of

Fair Value

Not

Redeemable

 

 

%

Next

5 Years

 

 

%

5-10

Years

 

 

%

Thereafter

 

 

Redemption

Frequency

 

Redemption

Notice Period

Alternative investment funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

$

6,190

 

 

$

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(a)

 

<30-60 days

Funds of funds

 

 

492

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(b)

 

<30-90 days

Other

 

 

443

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(c)

 

<30-60 days

Debt funds

 

 

6

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(d)

 

30 days

Equity funds

 

 

39

 

 

 

-

 

 

 

NA

 

 

NA

 

 

NA

 

 

NA

 

 

(e)

 

<30-90 days

Private equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity growth

 

 

90,824

 

 

 

9,183

 

(f)

 

 

100

%

 

 

12

%

 

 

33

%

 

 

55

%

 

NA

 

NA

Mezzanine debt

 

 

31,597

 

 

 

-

 

 

 

 

100

%

 

 

-

 

 

 

-

 

 

 

100

%

 

NA

 

NA

Total

 

$

129,591

 

 

$

9,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

weekly (73%), monthly (2%) and quarterly (25%)

(b)

monthly (98%) and quarterly (2%)

(c)

daily (7%) and monthly (93%)

(d)

daily (100%)

(e)

daily (19%), monthly (50%) and quarterly (31%)

(f)

Unfunded commitments to private equity investments consolidated but not owned by Lazard of $6,886 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.