Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 and December 31, 2017, 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:

	June 30, 2018
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	74,583	$	-	$	-	$	-	$	74,583
Equities		38,189		-		1,629		-		39,818
Funds:
Alternative investments		25,168		-		-		929		26,097
Debt		87,522		-		-		7		87,529
Equity		209,326		-		-		53		209,379
Private equity		-		-		-		67,258		67,258
Derivatives		-		6,399		-		-		6,399
Total	$	434,788	$	6,399	$	1,629	$	68,247	$	511,063
Liabilities:
Securities sold, not yet purchased	$	4,419	$	-	$	-	$	-	$	4,419
Contingent consideration liability		-		-		19,628		-		19,628
Derivatives		-		202,975		-		-		202,975
Total	$	4,419	$	202,975	$	19,628	$	-	$	227,022

	December 31, 2017
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	6	$	-	$	-	$	-	$	6
Equities		43,665		-		1,592		-		45,257
Funds:
Alternative investments		17,353		-		-		3,640		20,993
Debt		84,071		-		-		6		84,077
Equity		199,565		-		-		53		199,618
Private equity		-		-		-		76,679		76,679
Derivatives		-		3,732		-		-		3,732
Total	$	344,660	$	3,732	$	1,592	$	80,378	$	430,362
Liabilities:
Securities sold, not yet purchased	$	7,338	$	-	$	-	$	-	$	7,338
Contingent consideration liability		-		-		28,941		-		28,941
Derivatives		-		198,417		-		-		198,417
Total	$	7,338	$	198,417	$	28,941	$	-	$	234,696

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 and six month periods ended June 30, 2018 and 2017:

	Three Months Ended June 30, 2018
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,599	$	62		$	-	$	-	$	(32	)	$	1,629
Total Level 3 Assets	$	1,599	$	62		$	-	$	-	$	(32	)	$	1,629

Liabilities:
Contingent consideration liability	$	28,974	$	(9,346	)	$	-	$	-	$	-		$	19,628
Total Level 3 Liabilities	$	28,974	$	(9,346	)	$	-	$	-	$	-		$	19,628

	Six Months Ended June 30, 2018
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,592	$	61		$	1	$	-	$	(25	)	$	1,629
Total Level 3 Assets	$	1,592	$	61		$	1	$	-	$	(25	)	$	1,629

Liabilities:
Contingent consideration liability	$	28,941	$	(9,313	)	$	-	$	-	$	-		$	19,628
Total Level 3 Liabilities	$	28,941	$	(9,313	)	$	-	$	-	$	-		$	19,628

	Three Months Ended June 30, 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	$	1,537	$	(128	)	$	1,661	$	-	$	2	$	3,072
Total Level 3 Assets	$	1,537	$	(128	)	$	1,661	$	-	$	2	$	3,072

Liabilities:
Contingent consideration liability	$	25,104	$	435		$	-	$	-	$	-	$	25,539
Total Level 3 Liabilities	$	25,104	$	435		$	-	$	-	$	-	$	25,539

	Six Months Ended June 30, 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	$	(126	)	$	1,661	$	(8	)	$	37	$	3,072
Total Level 3 Assets	$	1,508	$	(126	)	$	1,661	$	(8	)	$	37	$	3,072

Liabilities:
Contingent consideration liability	$	22,608	$	3,180		$	-	$	(249	)	$	-	$	25,539
Total Level 3 Liabilities	$	22,608	$	3,180		$	-	$	(249	)	$	-	$	25,539

(a)

Earnings recorded in “other revenue” for investments in equities for the three month and six month periods ended June 30, 2018 and the three month and six month periods ended June 30, 2017 include net unrealized gains (losses) of $62, $61, $(128) and $(128), respectively. Earnings recorded in “amortization and other acquisition-related (benefits) costs” for the contingent consideration liability for the three month and six month periods ended June 30, 2018 and the three month and six month periods ended June 30, 2017 include unrealized (gains) losses of $(9,346), $(9,313), $435 and $3,180, respectively.

Fair Value of Certain Investments Based on NAV

The following tables present, at June 30, 2018 and December 31, 2017, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

June 30, 2018

Estimated Liquidation Period of

Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

5 Years

5-10

Years

Thereafter

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

332

(a)

60 days

Funds of funds

(b)

90 days

Other

572

(c)

<30-60 days

Debt funds

(d)

30 days

Equity funds

(e)

<30-90 days

Private equity funds:

Equity growth

67,258

8,650

(f)

100

Total

68,247

8,650

(a)	monthly (100%)

(b)	quarterly (100%)

(c)	daily (6%) and monthly (94%)

(d)	daily (100%)

(e)	daily (19%), monthly (49%) and quarterly (32%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $15,517 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

December 31, 2017

Estimated Liquidation Period of

Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

5 Years

5-10

Years

Thereafter

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

2,517

(a)

<30-60 days

Funds of funds

528

(b)

<30-90 days

Other

595

(c)

<30-60 days

Debt funds

(d)

30 days

Equity funds

(e)

<30-90 days

Private equity funds:

Equity growth

76,679

10,300

(f)

100

Total

80,378

10,300

(a)	weekly (3%), monthly (5%) and quarterly (92%)

(b)	monthly (97%) and quarterly (3%)

(c)	daily (6%) and monthly (94%)

(d)	daily (100%)

(e)	daily (18%), monthly (50%) and quarterly (32%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $5,902 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.