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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 30, 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 as of September 30, 2024:
DateRepurchase
Authorization		Expiration
February 2022$300,000 December 31, 2024
July 2022$500,000 December 31, 2024
July 2024$200,000 December 31, 2026
The Company’s purchases under the share repurchase program over time are used to offset dilution from 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:
Nine Months Ended September 30:Number of
Shares
Purchased		Average
Price Per
Share
20232,782,662$36.67 
20241,123,413$39.10 
During the nine month periods ended September 30, 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. In addition, during the nine month periods ended September 30, 2024 and 2023, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during the nine month periods ended September 30, 2024 and 2023 was approximately $14,300 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 September 30, 2024, a total of $356,166 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, of which $156,166 will expire on December 31, 2024 and $200,000 will expire on December 31, 2026.
During the nine month period ended September 30, 2024, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at September 30, 2024 and 2023 and activity during the three month and nine month periods then ended:
Three Months Ended September 30, 2024
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard, Inc.
AOCI
Balance - July 1, 2024$(144,825)$(161,467)$(306,292)$1 $(306,293)
Activity:
Other comprehensive income (loss) before reclassifications41,627 (9,033)32,594 33 32,561 
Adjustments for items reclassified to earnings, net of tax– 1,888 1,888 – 1,888 
Net other comprehensive income (loss)41,627 (7,145)34,482 33 34,449 
Balance, September 30, 2024$(103,198)$(168,612)$(271,810)$34 $(271,844)
Nine Months Ended September 30, 2024
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard, Inc.
AOCI
Balance - January 1, 2024$(123,991)$(165,958)$(289,949)$1 $(289,950)
Activity:
Other comprehensive income (loss) before reclassifications20,793 (7,429)13,364 33 13,331 
Adjustments for items reclassified to earnings, net of tax– 4,775 4,775 – 4,775 
Net other comprehensive income (loss)20,793 (2,654)18,139 33 18,106 
Balance, September 30, 2024$(103,198)$(168,612)$(271,810)$34 $(271,844)
Three Months Ended September 30, 2023
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard, Inc.
AOCI
Balance - July 1, 2023$(139,907)$(141,980)$(281,887)$(1)$(281,886)
Activity:
Other comprehensive income (loss) before reclassifications(19,935)5,054 (14,881)1 (14,882)
Adjustments for items reclassified to earnings, net of tax2,129 1,580 3,709 – 3,709 
Net other comprehensive income (loss)(17,806)6,634 (11,172)1 (11,173)
Balance, September 30, 2023$(157,713)$(135,346)$(293,059)$– $(293,059)
Nine Months Ended September 30, 2023
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard, Inc.
AOCI
Balance - January 1, 2023$(156,924)$(138,930)$(295,854)$– $(295,854)
Activity:
Other comprehensive loss before reclassifications(2,946)(332)(3,278)– (3,278)
Adjustments for items reclassified to earnings, net of tax2,157 3,916 6,073 – 6,073 
Net other comprehensive income (loss)(789)3,584 2,795 – 2,795 
Balance, September 30, 2023$(157,713)$(135,346)$(293,059)$– $(293,059)
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Currency translation losses (a)$– $2,129 $– $2,157 
Employee benefit plans:
Amortization relating to employee benefit plans (b)2,433 1,954 6,230 5,051 
Less - related income taxes545 374 1,455 1,135 
1,888 1,580 4,775 3,916 
Total reclassifications, net of tax$1,888 $3,709 $4,775 $6,073 
__________________________

(a)Represents currency translation losses reclassified from AOCI associated with closing of certain of our offices. Such amounts are included in “revenue–other” on the condensed consolidated statements of operations.
(b)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) and (iii) LGAC interests (see Note 21).
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, October 30, 2024—On October 30, 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 November 15, 2024, to stockholders of record on November 8, 2024.