XML 34 R22.htm IDEA: XBRL DOCUMENT v3.24.1.u1
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Share Repurchase Program—The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (“common stock”) as set forth in the table below:
DateRepurchase
Authorization		Expiration
February 2022$300,000 December 31, 2024
July 2022$500,000 December 31, 2024
The Company’s purchases under the share repurchase program over time are used to offset most or all of the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:
Three Months Ended March 31:Number of
Shares
Purchased		Average
Price Per
Share
20232,692,161$36.75 
2024564,692$38.97 
During the three month periods ended March 31, 2024 and 2023, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. The aggregate value of all such purchases during the three month periods ended March 31, 2024 and 2023 was approximately $11,200 and $11,100, respectively. Such shares of common stock are reported at cost, and are included in “common stock held by subsidiaries” on the accompanying condensed consolidated statements of financial condition.
As of March 31, 2024, a total of $178,090 of share repurchase authorization remaining available under Lazard, Inc.’s share repurchase program will expire on December 31, 2024.
During the three month period ended March 31, 2024, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
Preferred Stock—Lazard, Inc. has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both March 31, 2024 and December 31, 2023, no shares of Series A or Series B preferred stock were outstanding.
Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at March 31, 2024 and 2023 and activity during the three month periods then ended:
Three Months Ended March 31, 2024
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard, Inc.
AOCI
Balance, January 1, 2024$(123,991)$(165,958)$(289,949)$1 $(289,950)
Activity:
Other comprehensive income (loss) before reclassifications(16,262)815 (15,447)– (15,447)
Adjustments for items reclassified to earnings, net of tax– 1,402 1,402 – 1,402 
Net other comprehensive income (loss)(16,262)2,217 (14,045)– (14,045)
Balance, March 31, 2024$(140,253)$(163,741)$(303,994)$1 $(303,995)

Three Months Ended March 31, 2023
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard, Inc.
AOCI
Balance, January 1, 2023$(156,924)$(138,930)$(295,854)$– $(295,854)
Activity:
Other comprehensive income (loss) before reclassifications14,539 (2,801)11,738 1 11,737 
Adjustments for items reclassified to earnings, net of tax– 1,160 1,160 – 1,160 
Net other comprehensive income (loss)14,539 (1,641)12,898 1 12,897 
Balance, March 31, 2023$(142,385)$(140,571)$(282,956)$1 $(282,957)
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2024 and 2023:
Three Months Ended
March 31,
20242023
Employee benefit plans:
Amortization relating to employee benefit plans (a)$1,857 $1,536 
Less - related income taxes455 376 
Total reclassifications, net of tax$1,402 $1,160 
__________________________

(a)Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations.
Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 13), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 21).
The tables below summarize net income attributable to noncontrolling interests for the three month periods ended March 31, 2024 and 2023 and noncontrolling interests as of March 31, 2024 and December 31, 2023 in the Company’s condensed consolidated financial statements:
Net Income
Attributable to Noncontrolling
Interests
Three Months Ended
March 31,
20242023
Edgewater$1,852 $639 
LGAC– 136 
Other– 1 
Total noncontrolling interests (nonredeemable)1,852 776 
LFI Consolidated Funds2,617 4,365 
LGAC– 1,832 
Total noncontrolling interests (redeemable)2,617 6,197 
Total noncontrolling interests$4,469 $6,973 
Noncontrolling Interests as of
March 31,
2024		December 31,
2023
Edgewater$47,386 $46,571 
Profits interest participation rights8,418 11,843 
Other13 14 
Total$55,817 $58,428 
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the
carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 21).
Dividends Declared, April 24, 2024—On April 24, 2024, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on May 17, 2024, to stockholders of record on May 6, 2024.