Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021, 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, 2022
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	99,845	$	-	$	-	$	-	$	99,845
Equities		52,922		-		575		-		53,497
Funds:
Alternative investments		25,731		-		-		29,659		55,390
Debt		195,762		-		-		5		195,767
Equity		400,541		-		-		45		400,586
Private equity		-		-		274		48,318		48,592
Derivatives		-		1,451		-		-		1,451
Total	$	774,801	$	1,451	$	849	$	78,027	$	855,128
Liabilities:
Securities sold, not yet purchased	$	5,726	$	-	$	-	$	-	$	5,726
Derivatives		6,095		399,121		-		-		405,216
Total	$	11,821	$	399,121	$	-	$	-	$	410,942

	December 31, 2021
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	299,990	$	-	$	-	$	-	$	299,990
Equities		53,462		-		578		-		54,040
Funds:
Alternative investments		24,972		-		-		24,785		49,757
Debt		164,947		-		-		5		164,952
Equity		375,712		-		-		49		375,761
Private equity		-		-		293		46,296		46,589
Derivatives		-		922		-		-		922
Total	$	919,083	$	922	$	871	$	71,135	$	992,011
Liabilities:
Securities sold, not yet purchased	$	6,828	$	-	$	-	$	-	$	6,828
Derivatives		10,005		362,240		-		-		372,245
Total	$	16,833	$	362,240	$	-	$	-	$	379,073

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, 2022 and 2021:

	Three Months Ended March 31, 2022
	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	$	578	$	7	$	-	$	-		$	(10	)	$	575
Private equity funds		293		-		-		(13	)		(6	)		274
Total Level 3 assets	$	871	$	7	$	-	$	(13	)	$	(16	)	$	849

	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

(a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month periods ended March 31, 2022 and 2021 include net unrealized gains of $7 and $1, respectively.

Fair Value of Certain Investments Based on NAV

The following tables present, at March 31, 2022 and December 31, 2021, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

	March 31, 2022
								Investments Redeemable
	Fair Value		Unfunded Commitments			% of Fair Value Not Redeemable		Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	29,035	$	-		NA		(a)	30-60 days
Other		624		-		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		48,318		5,560	(e)	100%	(f)	NA	NA
Total	$	78,027	$	5,560

(a) monthly (65%) and quarterly (35%)

(b) daily (7%) and monthly (93%)

(c) daily (100%)

(d) monthly (34%) and annually (66%)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,596 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, 2021
										Investments Redeemable
	Fair Value		Unfunded Commitments			% of Fair Value Not Redeemable				Redemption Frequency	Redemption Notice Period
Alternative investment funds:
Hedge funds	$	24,162	$	-		NA				(a)	30-60 days
Other		623		-		NA				(b)	<30-30 days
Debt funds		5		-		NA				(c)	<30 days
Equity funds		49		-		NA				(d)	<30-60 days
Private equity funds:
Equity growth		46,296		5,597	(e)		100	%	(f)	NA	NA
Total	$	71,135	$	5,597

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

(b) daily (8%) and monthly (92%)

(c) daily (100%)

(d) monthly (36%) and annually (64%)

(e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,128 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.