Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020, 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, 2021
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	99,994	$	-	$	-	$	-	$	99,994
Equities		46,543		-		1,641		-		48,184
Funds:
Alternative investments		17,119		-		-		22,252		39,371
Debt		140,048		-		-		5		140,053
Equity		415,008		-		-		48		415,056
Private equity		-		-		1,472		38,221		39,693
Derivatives		-		1,254		-		-		1,254
Total	$	718,712	$	1,254	$	3,113	$	60,526	$	783,605
Liabilities:
Securities sold, not yet purchased	$	3,221	$	-	$	-	$	-	$	3,221
Derivatives		-		383,924		11,500		-		395,424
Total	$	3,221	$	383,924	$	11,500	$	-	$	398,645

	December 31, 2020
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	99,987	$	-	$	-	$	-	$	99,987
Equities		35,694		-		1,671		-		37,365
Funds:
Alternative investments		17,411		-		-		16,853		34,264
Debt		123,549		-		-		5		123,554
Equity		325,749		-		-		46		325,795
Private equity		-		-		1,486		36,081		37,567
Derivatives		-		536		-		-		536
Total	$	602,390	$	536	$	3,157	$	52,985	$	659,068
Liabilities:
Securities sold, not yet purchased	$	1,176	$	-	$	-	$	-	$	1,176
Derivatives		-		314,485		-		-		314,485
Total	$	1,176	$	314,485	$	-	$	-	$	315,661

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, 2021 and 2020:

	Three Months Ended March 31, 2021
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Acquisitions/ Issuances		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,671	$	1	$	-	$	-	$	(31	)	$	1,641
Private equity funds		1,486		-		-		-		(14	)		1,472
Total Level 3 Assets	$	3,157	$	1	$	-	$	-	$	(45	)	$	3,113
Liabilities:
Derivatives	$	-	$	-	$	11,500	$	-	$	-		$	11,500
Total Level 3 Liabilities	$	-	$	-	$	11,500	$	-	$	-		$	11,500

	Three Months Ended March 31, 2020
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,600	$	(99	)	$	-	$	-	$	(76	)	$	1,425
Private equity funds		1,371		(24	)		-		-		-			1,347
Total Level 3 Assets	$	2,971	$	(123	)	$	-	$	-	$	(76	)	$	2,772

(a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month periods ended March 31, 2021 and 2020 include net unrealized gains (losses) of $1 and $(123), respectively.

Fair Value of Certain Investments Based on NAV

The following tables present, at March 31, 2021 and December 31, 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

	March 31, 2021
										Investments Redeemable
	Fair Value		Unfunded Commitments			% of Fair Value Not Redeemable				Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	21,635	$	-		NA				(a)	30-60 days
Other		617		-		NA				(b)	<30-30 days
Debt funds		5		-		NA				(c)	<30 days
Equity funds		48		-		NA				(d)	<30-60 days
Private equity funds:
Equity growth		38,221		5,865	(e)		100	%	(f)	NA	NA
Total	$	60,526	$	5,865

(a) monthly (79%) and quarterly (21%)

(b) daily (8%) and monthly (92%)

(c) daily (100%)

(d) monthly (39%) and annually (61%)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 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, 2020
										Investments Redeemable
	Fair Value		Unfunded Commitments			% of Fair Value Not Redeemable				Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	16,216	$	-		NA				(a)	30-60 days
Other		637		-		NA				(b)	<30-30 days
Debt funds		5		-		NA				(c)	<30 days
Equity funds		46		-		NA				(d)	<30-60 days
Private equity funds:
Equity growth		36,081		5,865	(e)		100	%	(f)	NA	NA
Total	$	52,985	$	5,865

(a) monthly (99%) and quarterly (1%)   

(b) daily (8%) and monthly (92%)

(c) daily (100%)

(d) monthly (39%) and annually (61%)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 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.