Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Subsidiaries of Lazard Ltd [Member] | |||||
Document Information [Line Items] | ' | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' |
Trading Symbol | 'LAZ | ' | ' | ' | ' |
Entity Registrant Name | 'LAZARD LTD | ' | ' | ' | ' |
Entity Central Index Key | '0001311370 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 129,056,081 | 9,401,151 | 1 |
Entity Public Float | ' | $3,886,191,338 | ' | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $841,482 | $850,190 |
Deposits with banks | 244,879 | 292,494 |
Cash deposited with clearing organizations and other segregated cash | 62,046 | 65,232 |
Receivables (net of allowance for doubtful accounts of $28,777 and $23,017 at December 31, 2013 and 2012, respectively): | ' | ' |
Fees | 452,535 | 400,529 |
Customers and other | 52,220 | 53,713 |
Related parties | 7,920 | 23,801 |
Total receivables, net | 512,675 | 478,043 |
Investments | 478,105 | 414,673 |
Property (net of accumulated amortization and depreciation of $253,930 and $225,861 at December 31, 2013 and 2012, respectively) | 248,796 | 225,033 |
Goodwill and other intangible assets (net of accumulated amortization of $45,379 and $35,281 at December 31, 2013 and 2012, respectively) | 363,877 | 392,822 |
Other assets | 259,277 | 268,406 |
Total Assets | 3,011,137 | 2,986,893 |
Liabilities: | ' | ' |
Deposits and other customer payables | 275,434 | 269,763 |
Accrued compensation and benefits | 523,063 | 467,578 |
Senior debt | 1,048,350 | 1,076,850 |
Capital lease obligations | 15,834 | 17,863 |
Related party payables | 5,031 | 3,648 |
Other liabilities | 513,427 | 499,651 |
Total Liabilities | 2,381,139 | 2,335,353 |
Commitments and contingencies | ' | ' |
Common stock: | ' | ' |
Additional paid-in-capital | 737,899 | 846,050 |
Retained earnings | 203,236 | 182,647 |
Accumulated other comprehensive loss, net of tax | -133,004 | -110,541 |
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total | 809,422 | 919,438 |
Total Lazard Ltd Stockholders' Equity | 560,209 | 569,656 |
Noncontrolling interests | 69,789 | 81,884 |
Total Stockholders' Equity | 629,998 | 651,540 |
Total Liabilities and Stockholders' Equity | 3,011,137 | 2,986,893 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ' | ' |
Preferred stock | ' | ' |
Series B Preferred Stock [Member] | ' | ' |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ' | ' |
Preferred stock | ' | ' |
Class A Common Stock [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | 1,291 | 1,282 |
Class A common stock held by subsidiaries, at cost | -249,213 | -349,782 |
Class B Common Stock [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | ' | ' |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivables | $28,777 | $23,017 |
Property, accumulated amortization and depreciation | 253,930 | 225,861 |
Intangible assets, accumulated amortization | $45,379 | $35,281 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | 7,921 | 7,921 |
Preferred stock, shares outstanding | 7,921 | 7,921 |
Series B Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 129,056,081 | 128,216,423 |
Common stock held by subsidiaries, shares | 8,317,065 | 12,802,938 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1 | 1 |
Common stock, shares issued | 1 | 1 |
Common stock, shares outstanding | 1 | 1 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUE | ' | ' | ' |
Investment banking and other advisory fees | $972,533 | $1,039,188 | $970,167 |
Money management fees | 994,707 | 858,834 | 859,996 |
Interest income | 4,705 | 6,008 | 14,609 |
Other | 92,788 | 89,983 | 74,866 |
Total revenue | 2,064,733 | 1,994,013 | 1,919,638 |
Interest expense | 79,381 | 81,565 | 90,126 |
Net revenue | 1,985,352 | 1,912,448 | 1,829,512 |
OPERATING EXPENSES | ' | ' | ' |
Compensation and benefits | 1,278,534 | 1,351,129 | 1,168,945 |
Occupancy and equipment | 122,926 | 113,163 | 100,698 |
Marketing and business development | 84,214 | 95,573 | 88,411 |
Technology and information services | 89,289 | 86,892 | 83,212 |
Professional services | 42,663 | 43,958 | 48,324 |
Fund administration and outsourced services | 59,298 | 51,390 | 52,793 |
Amortization of intangible assets related to acquisitions | 10,114 | 8,359 | 11,915 |
Other | 81,507 | 38,099 | 39,715 |
Total operating expenses | 1,768,545 | 1,788,563 | 1,594,013 |
OPERATING INCOME | 216,807 | 123,885 | 235,499 |
Provision for income taxes | 51,693 | 31,100 | 44,940 |
NET INCOME | 165,114 | 92,785 | 190,559 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 4,902 | 8,476 | 15,642 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $160,212 | $84,309 | $174,917 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ' | ' | ' |
Basic | 120,854,267 | 116,953,989 | 118,032,020 |
Diluted | 133,737,079 | 129,325,622 | 137,629,525 |
NET INCOME PER SHARE OF COMMON STOCK: | ' | ' | ' |
Basic | $1.33 | $0.72 | $1.48 |
Diluted | $1.21 | $0.65 | $1.36 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $1 | $1.16 | $0.61 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME | $165,114 | $92,785 | $190,559 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' |
Currency translation adjustments | -15,536 | 15,686 | -9,474 |
Amortization of interest rate hedge | 2,502 | 1,055 | 1,054 |
Employee benefit plans: | ' | ' | ' |
Actuarial loss (net of tax benefit of $6,388, $12,950 and $12,526 for the years ended December 31, 2013, 2012 and 2011, respectively) | -13,500 | -40,298 | -38,248 |
Adjustments for items reclassified to earnings (net of tax expense of $1,929, $1,145 and $1,031 for the years ended December 31, 2013, 2012 and 2011, respectively) | 4,605 | 4,399 | 2,206 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | -21,929 | -19,158 | -44,462 |
COMPREHENSIVE INCOME | 143,185 | 73,627 | 146,097 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 4,769 | 8,315 | 13,105 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $138,416 | $65,312 | $132,992 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Tax benefit on actuarial loss, employee benefit plans | $6,388 | $12,950 | $12,526 |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $1,929 | $1,145 | $1,031 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME | $165,114 | $92,785 | $190,559 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of property | 34,750 | 30,855 | 24,580 |
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge | 310,036 | 360,751 | 300,286 |
Amortization of intangible assets related to acquisitions | 10,114 | 8,359 | 11,915 |
Deferred tax provision (benefit) | 14,454 | -4,457 | 7,214 |
Loss (gain) on extinguishment of debt | 50,757 | ' | -18,171 |
(Increase) decrease in operating assets: | ' | ' | ' |
Deposits with banks | 58,570 | -806 | 63,639 |
Cash deposited with clearing organizations and other segregated cash | 4,811 | 11,613 | 16,408 |
Receivables-net | -30,126 | 31,157 | 61,153 |
Investments | -61,502 | -30,096 | 31,543 |
Other assets | -60,731 | -62,683 | -61,648 |
Increase (decrease) in operating liabilities: | ' | ' | ' |
Deposits and other payables | -4,779 | -26,576 | -63,141 |
Accrued compensation and benefits and other liabilities | 35,229 | 71,006 | -166,535 |
Net cash provided by operating activities | 526,697 | 481,908 | 397,802 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to property | -60,964 | -89,301 | -46,438 |
Disposals of property | 6,411 | 4,368 | 1,161 |
Net cash used in investing activities | -54,553 | -84,933 | -45,277 |
Proceeds from: | ' | ' | ' |
Contribution from noncontrolling interests | 832 | 1,741 | 17,505 |
Issuance of senior debt, net of expenses | 493,398 | ' | ' |
Excess tax benefits from share-based incentive compensation | 1,108 | ' | 1,386 |
Payments for: | ' | ' | ' |
Senior and subordinated debt | -578,464 | ' | -131,829 |
Capital lease obligations | -2,659 | -2,519 | -2,322 |
Distributions to noncontrolling interests | -14,367 | -27,767 | -33,734 |
Repurchase of common membership interests from members of LAZ-MD Holdings | ' | ' | -794 |
Purchase of Class A common stock | -132,477 | -354,464 | -204,835 |
Class A common stock dividends | -121,620 | -135,108 | -70,572 |
Settlement of vested share-based incentive compensation | -132,533 | -44,883 | -93,750 |
Other financing activities | -290 | -220 | -33,414 |
Net cash used in financing activities | -487,072 | -563,220 | -552,359 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 6,220 | 12,644 | -6,070 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -8,708 | -153,601 | -205,904 |
CASH AND CASH EQUIVALENTS-January 1 | 850,190 | 1,003,791 | 1,209,695 |
CASH AND CASH EQUIVALENTS-December 31 | 841,482 | 850,190 | 1,003,791 |
Supplemental investing non-cash transaction: | ' | ' | ' |
Class A common stock issued/issuable in connection with business acquisitions | ' | ' | 39,654 |
Cash paid during the year for: | ' | ' | ' |
Interest | 78,671 | 78,441 | 92,702 |
Income taxes, net of refunds | $22,623 | $23,267 | $35,038 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Class A Common Stock Held By Subsidiaries [Member] | Total Lazard Ltd Stockholders' Equity [Member] | Noncontrolling Interests [Member] | ||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Beginning Balance at Dec. 31, 2010 | $796,117 | ' | $1,197 | $758,841 | $166,468 | ($46,158) | ($227,950) | $652,398 | $143,719 | ||
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 22,021 | 119,697,937 | [1] | ' | ' | ' | 6,847,508 | ' | ' | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
NET INCOME | 190,559 | ' | ' | ' | 174,917 | ' | ' | 174,917 | 15,642 | ||
Other comprehensive loss - net of tax | -44,462 | ' | ' | ' | ' | -41,925 | ' | -41,925 | -2,537 | ||
Business acquisitions and related equity transactions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Class A common stock issuable (including related amortization) | 44,856 | ' | ' | 41,800 | ' | ' | ' | 41,800 | 3,056 | ||
Conversion of Series A preferred stock into Class A common stock | ' | ' | 24 | -24 | ' | ' | ' | ' | ' | ||
Conversion of Series A preferred stock into Class A common stock (in shares) | ' | -14,100 | 2,434,561 | [1] | ' | ' | ' | ' | ' | ' | |
Delivery of Class A common stock (including dividend-equivalents) | -3,401 | ' | ' | -126,812 | ' | ' | 123,411 | -3,401 | ' | ||
Delivery of Class A common stock (including dividend-equivalents) (in shares) | ' | ' | ' | ' | ' | ' | -3,515,362 | ' | ' | ||
Amortization of share-based incentive compensation | 275,142 | ' | ' | 260,816 | ' | ' | ' | 260,816 | 14,326 | ||
Dividend-equivalents | -79 | ' | ' | 12,092 | -12,167 | ' | ' | -75 | -4 | ||
Class A common stock dividends | -70,572 | ' | ' | ' | -70,572 | ' | ' | -70,572 | ' | ||
Purchase of Class A common stock | -204,835 | ' | ' | ' | ' | ' | -204,835 | -204,835 | ' | ||
Purchase of Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | 6,135,189 | ' | ' | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit and tax expense | -92,778 | ' | ' | -297,779 | ' | ' | 204,992 | -92,787 | 9 | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit and tax expense (in shares) | ' | ' | ' | ' | ' | ' | -5,975,318 | ' | ' | ||
Repurchase of common membership interests from LAZ-MD Holdings | -794 | ' | ' | -753 | ' | ' | ' | -753 | -41 | ||
Class A common stock issued in exchange for Lazard Group common membership interests | ' | ' | 9 | -9 | ' | ' | ' | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [1] | ' | ' | 876,814 | ' | ' | ' | ' | ' | ' | |
Adjustment related to the change in Lazard Ltd's ownership in Lazard Group | -1,580 | ' | ' | -1,580 | ' | ' | ' | -1,580 | ' | ||
Distributions to noncontrolling interests, net | -21,317 | ' | ' | ' | ' | ' | ' | ' | -21,317 | ||
Adjustments related to noncontrolling interests | ' | ' | ' | 12,421 | ' | -281 | ' | 12,140 | -12,140 | ||
Ending Balance at Dec. 31, 2011 | 866,856 | ' | 1,230 | 659,013 | 258,646 | -88,364 | -104,382 | 726,143 | 140,713 | ||
Ending Balance (in shares) at Dec. 31, 2011 | ' | 7,921 | 123,009,312 | [1] | ' | ' | ' | 3,492,017 | ' | ' | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
NET INCOME | 92,785 | ' | ' | ' | 84,309 | ' | ' | 84,309 | 8,476 | ||
Other comprehensive loss - net of tax | -19,158 | ' | ' | ' | ' | -18,997 | ' | -18,997 | -161 | ||
Business acquisitions and related equity transactions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Class A common stock issuable (including related amortization) | 4,079 | ' | ' | 4,030 | ' | ' | ' | 4,030 | 49 | ||
Delivery of Class A common stock (including dividend-equivalents) | ' | ' | ' | -1,633 | ' | ' | 1,633 | ' | ' | ||
Delivery of Class A common stock (including dividend-equivalents) (in shares) | ' | ' | ' | ' | ' | ' | -57,287 | ' | ' | ||
Amortization of share-based incentive compensation | 310,348 | ' | ' | 306,642 | ' | ' | ' | 306,642 | 3,706 | ||
Dividend-equivalents | -212 | ' | ' | 24,990 | -25,200 | ' | ' | -210 | -2 | ||
Class A common stock dividends | -135,108 | ' | ' | ' | -135,108 | ' | ' | -135,108 | ' | ||
Purchase of Class A common stock | -354,464 | ' | ' | ' | ' | ' | -354,464 | -354,464 | ' | ||
Purchase of Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | 12,817,196 | ' | ' | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit and tax expense | -45,855 | ' | ' | -153,274 | ' | ' | 107,431 | -45,843 | -12 | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit and tax expense (in shares) | ' | ' | ' | ' | ' | ' | -3,448,988 | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests | ' | ' | 52 | -52 | ' | ' | ' | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [1] | ' | ' | 5,207,112 | ' | ' | ' | ' | ' | ' | |
Distributions to noncontrolling interests, net | -26,026 | ' | ' | ' | ' | ' | ' | ' | -26,026 | ||
Adjustments related to noncontrolling interests | ' | ' | ' | 32,935 | ' | -3,180 | ' | 29,755 | -29,755 | ||
Modification of equity incentive compensation award | -26,922 | ' | ' | -26,601 | ' | ' | ' | -26,601 | -321 | ||
Deconsolidation of investment companies | -14,783 | ' | ' | ' | ' | ' | ' | ' | -14,783 | ||
Ending Balance at Dec. 31, 2012 | 651,540 | ' | 1,282 | 846,050 | 182,647 | -110,541 | -349,782 | 569,656 | 81,884 | ||
Ending Balance (in shares) at Dec. 31, 2012 | ' | 7,921 | 128,216,424 | [1] | ' | ' | ' | 12,802,938 | ' | ' | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
NET INCOME | 165,114 | ' | ' | ' | 160,212 | ' | ' | 160,212 | 4,902 | ||
Other comprehensive loss - net of tax | -21,929 | ' | ' | ' | ' | -21,796 | ' | -21,796 | -133 | ||
Business acquisitions and related equity transactions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Class A common stock issuable (including related amortization) | 790 | ' | ' | 786 | ' | ' | ' | 786 | 4 | ||
Delivery of Class A common stock (including dividend-equivalents) | ' | ' | ' | -6,893 | -179 | ' | 7,072 | ' | ' | ||
Delivery of Class A common stock (including dividend-equivalents) (in shares) | ' | ' | ' | ' | ' | ' | -228,275 | ' | ' | ||
Amortization of share-based incentive compensation | 235,898 | ' | ' | 234,608 | ' | ' | ' | 234,608 | 1,290 | ||
Dividend-equivalents | -290 | ' | ' | 16,927 | -17,215 | ' | ' | -288 | -2 | ||
Class A common stock dividends | -121,620 | ' | ' | ' | -121,620 | ' | ' | -121,620 | ' | ||
Purchase of Class A common stock | -132,477 | ' | ' | ' | ' | ' | -132,477 | -132,477 | ' | ||
Purchase of Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | 3,488,101 | ' | ' | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit and tax expense | -132,493 | ' | ' | -357,858 | -609 | ' | 225,974 | -132,493 | ' | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit and tax expense (in shares) | ' | ' | ' | ' | ' | ' | -7,745,699 | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests | ' | ' | 9 | -9 | ' | ' | ' | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [1] | ' | ' | 839,658 | ' | ' | ' | ' | ' | ' | |
Distributions to noncontrolling interests, net | -13,535 | ' | ' | ' | ' | ' | ' | ' | -13,535 | ||
Adjustments related to noncontrolling interests | -1,000 | ' | ' | 4,288 | ' | -667 | ' | 3,621 | -4,621 | ||
Ending Balance at Dec. 31, 2013 | $629,998 | ' | $1,291 | $737,899 | $203,236 | ($133,004) | ($249,213) | $560,209 | $69,789 | ||
Ending Balance (in shares) at Dec. 31, 2013 | ' | 7,921 | 129,056,082 | [1] | ' | ' | ' | 8,317,065 | ' | ' | |
[1] | Includes 123,009,311, 128,216,423 and 129,056,081 shares of the Company's Class A common stock issued at December 31, 2011, 2012 and 2013, respectively, and 1 share of the Company's Class B common stock issued at each such date. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax benefit or expenses related to delivery of Class A Common Stock in connection with share-based incentive compensation | $40 | $972 | $972 |
Class A Common Stock [Member] | ' | ' | ' |
Common stock, issued | 129,056,081 | 128,216,423 | 123,009,311 |
Class B Common Stock [Member] | ' | ' | ' |
Common stock, issued | 1 | 1 | 1 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Organization and Basis of Presentation | ' | |||
1 | ORGANIZATION AND BASIS OF PRESENTATION | |||
Organization | ||||
Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. | ||||
Lazard Ltd indirectly held approximately 99.5% and 98.8% of all outstanding Lazard Group common membership interests as of December 31, 2013 and 2012, respectively. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Operating Agreement dated as of May 10, 2005, as amended (the “Operating Agreement”). LAZ-MD Holdings LLC (“LAZ-MD Holdings”), an entity owned by Lazard Group’s current and former managing directors, held approximately 0.5% and 1.2% of the outstanding Lazard Group common membership interests as of December 31, 2013 and 2012, respectively. Additionally, LAZ-MD Holdings was the sole owner of the one issued and outstanding share of Lazard Ltd’s Class B common stock (the “Class B common stock”) which provided LAZ-MD Holdings with approximately 0.5% and 1.2% of the voting power but no economic rights in the Company as of December 31, 2013 and 2012, respectively. Subject to certain limitations, LAZ-MD Holdings’ interests in Lazard Group are exchangeable for Lazard Ltd Class A common stock, par value $0.01 per share (“Class A common stock”). | ||||
Our sole operating asset is our indirect ownership of common membership interests of Lazard Group and our managing member interest of Lazard Group, whose principal operating activities are included in two business segments: | ||||
• | Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (“M&A”) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters, and | |||
• | Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. | |||
In addition, we record selected other activities in our Corporate segment, including management of cash, investments and outstanding indebtedness, as well as certain commercial banking activities of Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). | ||||
LFB is a registered bank regulated by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”). It is engaged primarily in commercial and private banking services for clients and funds managed by Lazard Frères Gestion SAS (“LFG”) and other clients, investment banking activities, including participation in underwritten offerings of securities in France, and asset-liability management. | ||||
Basis of Presentation | ||||
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities (“VIEs”) where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity’s operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of earnings or losses of the entity. Intercompany transactions and balances have been eliminated. | ||||
The consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) along with its subsidiaries, LFB and LFG, and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies | ' | |||
2 | SIGNIFICANT ACCOUNTING POLICIES | |||
The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements. | ||||
Foreign Currency Translation—The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Net foreign currency remeasurement gains (losses) amounted to $(2,887), $(761) and $1,406, respectively, for the years ended December 31, 2013, 2012 and 2011, and are included in “revenue-other” on the respective consolidated statements of operations. | ||||
Use of Estimates—In preparing the consolidated financial statements, management makes estimates and assumptions regarding: | ||||
• | valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans; | |||
• | the adequacy of the allowance for doubtful accounts; | |||
• | the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions; | |||
• | the outcome of litigation; | |||
• | the carrying amount of goodwill and other intangible assets; | |||
• | the amortization period of intangible assets; | |||
• | the valuation of shares issued or issuable that contain transfer restrictions; | |||
• | the vesting of share-based and other deferred compensation plan awards, and | |||
• | other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. | |||
Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. | ||||
Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. | ||||
Deposits with Banks—Represents LFB’s short-term deposits, principally with the Banque de France. The level of these deposits may be driven by the level of LFB customer and bank-related interest-bearing time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. | ||||
Cash Deposited with Clearing Organizations and Other Segregated Cash—Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. | ||||
Allowance for Doubtful Accounts—We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced. | ||||
With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired. | ||||
See Note 4 of Notes to Consolidated Financial Statements for additional information regarding receivables. | ||||
Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard industry practices. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Investments in debt and marketable equity securities held at the Company’s non broker-dealer subsidiaries are considered “trading” securities and are accounted for at fair value, with any increase or decrease in fair value reflected in “revenue-other” in the consolidated statements of operations. | ||||
Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, as well as investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of those investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Dividend income is reflected in “revenue-other” on the consolidated statements of operations. Interest income includes accretion or amortization of any discount or premium arising at acquisition of the related debt security. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. | ||||
See Notes 5 and 6 of Notes to Consolidated Financial Statements for additional information regarding the Company’s investments. | ||||
Property-net—Property is stated at cost or, in the case of property under capital leases, the present value of the future minimum lease payments, less accumulated depreciation and amortization. Buildings represent owned property and amounts recorded pursuant to capital leases (see Notes 8 and 12 of Notes to Consolidated Financial Statements), with the related obligations recorded as capital lease obligations. Such buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,750, $30,855 and $24,580 for the years ended December 31, 2013, 2012 and 2011, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. | ||||
Goodwill and Other Intangible Assets—As goodwill has an indefinite life, it is required to be tested for impairment annually or more frequently if circumstances indicate impairment may have occurred. For years prior to 2011, the Company assessed whether any goodwill recorded by its applicable reporting units was impaired by comparing the fair value of each reporting unit with its respective carrying amount. In this process, Lazard used its best judgment and information available to it at the time to perform this review and utilized various valuation techniques in order to determine the applicable fair values. Commencing in 2011, as permitted under an amendment issued by the Financial Accounting Standards Board (the “FASB”), the Company elected to perform a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. | ||||
During the fourth quarter of 2013, the Company changed the date of its annual goodwill impairment testing from December 31 to November 1. This change is preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting. The Company will continue to perform interim impairment testing should circumstances or events require. This change does not result in a delay, acceleration, or avoidance of an impairment charge. This change will be applied prospectively because it is impracticable to apply it retrospectively due to the difficulty in making estimates and assumptions without using hindsight. The Company completed its annual goodwill review as of November 1, 2013 and determined that no impairment existed. | ||||
Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. | ||||
See Note 9 of Notes to Consolidated Financial Statements with respect to goodwill and other intangible assets. | ||||
Derivative Instruments—A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). | ||||
The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, equity and fixed income swaps and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments not designated as hedging instruments are included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the consolidated statements of operations. | ||||
In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests awards (“Lazard Fund Interests”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of Lazard Fund Interests and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. For information regarding Lazard Fund Interests and other similar deferred compensation arrangements, see Notes 5, 7 and 14 of Notes to Consolidated Financial Statements. | ||||
Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings and amounts due on short-term collateralized borrowing activities. Collateralized borrowing activities amounted to $13,854 at December 31, 2012 and were fully collateralized with pledged assets of equal or greater value (no such collateralized borrowing activities existed at December 31, 2013). | ||||
Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost, interest-bearing deposits or using the equity method of accounting), derivative instruments, deposits and other customer payables. | ||||
Revenue Recognition | ||||
Investment Banking and Other Advisory Fees—Fees for M&A and Other Advisory services and Restructuring advisory services are recorded when earned, which is generally the date the related transactions are consummated. Expenses that are directly related to such transactions and billable to clients are deferred to match revenue recognition. “Investment banking and other advisory fees” on the Company’s consolidated statements of operations are presented net of client reimbursements of expenses. The amount of expenses reimbursed by clients for the years ended December 31, 2013, 2012 and 2011 are $18,327, $24,762 and $18,942, respectively. | ||||
Money Management and Incentive Fees—Money management fees are derived from fees for investment management and advisory services provided to clients. Revenue is recorded on an accrual basis primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge funds) and private equity funds, and lower fees earned on fixed income and money market products. | ||||
The Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. | ||||
For hedge funds, incentive fees are calculated based on a specified percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds at the end of the relevant performance measurement period, when potential uncertainties regarding the ultimate realizable amounts have been determined. The incentive fee measurement period is generally an annual period (unless an account terminates during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. | ||||
For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, incentive fees earned on our private equity funds are not recognized until potential uncertainties regarding the ultimate realizable amounts have been determined, including any potential for clawback. | ||||
Receivables relating to money management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. | ||||
Soft Dollar Arrangements—The Company’s Asset Management business obtains research and other services through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other services obtained by the Asset Management business pursuant to such soft dollar arrangements. If the use of soft dollars is limited or prohibited in the future by regulation, we may have to bear the costs of such research and other services. | ||||
Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Equity-based incentive compensation is recognized in “compensation and benefits” expense. | ||||
Costs-Saving Initiatives and Staff Reductions—Charges associated with management-approved cost-saving plans or staff reductions can include severance costs, charges to vacate facilities and contract cancellation costs. Severance costs are generally accrued on the date that employees are notified of their benefits and other costs are generally accrued as the Company ceases to use facilities or cancels contracts. The Company records severance-related liabilities in “accrued compensation and benefits” and other types of liabilities in “other liabilities” in the consolidated statements of financial condition. | ||||
Income Taxes—Lazard Ltd, through certain of its subsidiaries, is subject to U.S. corporate federal income tax on its allocable share of the results of operations of Lazard Group, and certain non-U.S. subsidiaries of the Company are subject to income taxes in their local jurisdictions. In addition, the Company is subject to New York City Unincorporated Business Taxes (“UBT”) attributable to Lazard Group’s operations apportioned to New York City. | ||||
Substantially all of Lazard’s operations outside the U.S. are conducted in “pass-through” entities for U.S. income tax purposes and the Company provides for U.S. income taxes on a current basis for substantially all of those earnings. The repatriation of prior year earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes. | ||||
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and liabilities and are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. | ||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: | ||||
• | future reversals of existing taxable temporary differences; | |||
• | future taxable income exclusive of reversing temporary differences and carryforwards; | |||
• | taxable income in prior carryback years; and | |||
• | tax-planning strategies. | |||
The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence, including, but not limited to, the following: | ||||
• | nature, frequency, and magnitude of any recent losses and current operating results; | |||
• | duration of statutory carryforward periods; | |||
• | historical experience with tax attributes expiring unused; and | |||
• | near-term and medium-term financial outlook. | |||
The Company records tax positions taken or expected to be taken in a tax return based upon the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. | ||||
The Company recognizes interest and/or penalties related to unrecognized tax benefits in “income tax expense”. See Note 17 of Notes to Consolidated Financial Statements for additional information relating to income taxes. | ||||
The amount of cash paid during the year for income taxes shown on the consolidated statements of cash flows for the years ended December 31, 2012 and 2011 has been conformed to the current year presentation, which is net of refunds. |
Recent_Accounting_Developments
Recent Accounting Developments | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Developments | ' | |
3 | RECENT ACCOUNTING DEVELOPMENTS | |
Offsetting (Netting) Assets and Liabilities—In the first quarter of 2013, the Company adopted the new disclosure requirements issued by the FASB regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments, including derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either (i) offset or (ii) subject to an enforceable master netting arrangement. The new disclosures are designed to make financial statements prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”) and will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013, with retrospective application required. The adoption of the new disclosure requirements did not have a material impact on the Company’s consolidated financial statements. | ||
Reclassifications Out of Accumulated Other Comprehensive Income—In the first quarter of 2013, the Company adopted the FASB’s amended guidance regarding the presentation of amounts reclassified out of accumulated other comprehensive income. The amendment required that the amounts reclassified out of accumulated other comprehensive income be presented by component and disclosed where the respective line item was reported in the consolidated statement of operations. The amendment was to be applied prospectively, and is effective with interim and annual periods beginning after December 15, 2012, with early adoption permitted. The adoption of the amended guidance did not have a material impact on the Company’s consolidated financial statements. | ||
Presentation of Unrecognized Tax Benefits—In July 2013, the FASB issued guidance on the presentation of unrecognized tax benefits when net operating losses or tax credit carryforwards exist. The guidance requires that the unrecognized tax benefit, or a portion of such unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain situations, as defined in the guidance. The new presentation requirements are effective prospectively for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted. The Company elected to early adopt this guidance in the fourth quarter of 2013, the impact of which did not have a material impact on the Company’s consolidated financial statements. |
Receivables
Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Receivables | ' | ||||||||||||
4 | RECEIVABLES | ||||||||||||
The Company’s receivables represent receivables from fees, customers and other and related parties. | |||||||||||||
Receivables are stated net of an estimated allowance for doubtful accounts, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. Activity in the allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, January 1 | $ | 23,017 | $ | 19,450 | $ | 15,017 | |||||||
Bad debt expense | 4,395 | 6,579 | 7,952 | ||||||||||
Charge-offs, foreign currency translation and other adjustments | 1,365 | (3,012 | ) | (3,519 | ) | ||||||||
Balance, December 31 | $ | 28,777 | $ | 23,017 | $ | 19,450 | |||||||
At December 31, 2013 and 2012, the Company had receivables past due or deemed uncollectible of $39,341 and $25,604, respectively. | |||||||||||||
Of the Company’s fee receivables at December 31, 2013 and 2012, $69,464 and $76,481, respectively, represented interest-bearing financing receivables. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of past due or uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables. | |||||||||||||
The aggregate carrying amount of our non-interest bearing receivables of $443,211 and $401,562 at December 31, 2013 and 2012, respectively, approximates fair value. |
Investments
Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
5 | INVESTMENTS | ||||||||||||
The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Debt (including interest-bearing deposits of $516 and $578, respectively) | $ | 8,529 | $ | 5,948 | |||||||||
Equities | 59,394 | 44,992 | |||||||||||
Funds: | |||||||||||||
Alternative investments (a) | 37,030 | 57,890 | |||||||||||
Debt (a) | 58,769 | 32,077 | |||||||||||
Equity (a) | 190,702 | 154,310 | |||||||||||
Private equity | 114,193 | 112,444 | |||||||||||
400,694 | 356,721 | ||||||||||||
Equity method | 9,488 | 7,012 | |||||||||||
Total investments | 478,105 | 414,673 | |||||||||||
Less: | |||||||||||||
Interest-bearing deposits | 516 | 578 | |||||||||||
Equity method | 9,488 | 7,012 | |||||||||||
Investments, at fair value | $ | 468,101 | $ | 407,083 | |||||||||
Securities sold, not yet purchased, at fair value (included in “other liabilities”) | $ | 4,045 | $ | 2,755 | |||||||||
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $7,099, $31,515 and $130,481, respectively, at December 31, 2013 and $5,054, $18,615 and $76,907, respectively, at December 31, 2012, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests and other similar deferred compensation arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 7 and 14 of Notes to Consolidated Financial Statements). | ||||||||||||
Debt securities primarily consist of seed investments invested in debt securities held within separately managed accounts related to our Asset Management business and non-U.S. government debt securities. | |||||||||||||
Equities primarily consist of seed investments invested in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts related to our Asset Management business. | |||||||||||||
Interests in alternative investment funds primarily consist of interests in various Lazard-managed hedge funds and funds of funds. | |||||||||||||
Debt funds primarily consist of seed investments in funds related to our Asset Management business, which invest in debt securities, and amounts related to Lazard Fund Interests discussed above. | |||||||||||||
Equity funds primarily consist of seed investments in funds related to our Asset Management business, which are invested in equity securities, and amounts related to Lazard Fund Interests discussed above. | |||||||||||||
Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) a mezzanine fund, which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies, (ii) Corporate Partners II Limited (“CP II”), a fund targeting significant noncontrolling-stake investments in established private companies, (iii) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (iv) Lazard Australia Corporate Opportunities Fund (“COF2”), a Lazard-managed Australian fund targeting Australian mid-market investments. | |||||||||||||
Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”) which totaled $9,787 and $11,490 at December 31, 2013 and 2012, respectively (see Note 12 of Notes to Consolidated Financial Statements). | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company reported in revenue-other on its consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross unrealized investment gains | $ | 19,465 | $ | 23,024 | $ | 2,180 | |||||||
Gross unrealized investment losses | $ | 2,995 | $ | 697 | $ | 12,844 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
6 | FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: | |||||||||||||||||||||||||
Level 1. | Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. | ||||||||||||||||||||||||
Level 2. | Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, (ii) assets valued based on net asset value (“NAV”), or its equivalent redeemable at the measurement date or within the near term without redemption restrictions, or (iii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. | ||||||||||||||||||||||||
Level 3. | Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis, as well as assets valued based on NAV or its equivalent, but not redeemable within the near term as a result of redemption restrictions. | ||||||||||||||||||||||||
The Company’s investments in non-U.S. Government and other debt securities are classified as Level 1 when their respective fair values are based on unadjusted quoted prices in active markets and are classified as Level 2 when their fair values are primarily based on prices as provided by external pricing services. | |||||||||||||||||||||||||
The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity securities in private companies are generally classified as Level 3. | |||||||||||||||||||||||||
The fair value of investments in alternative investment funds is classified as either Level 2 or Level 3 depending on the time frame of any applicable redemption restriction, and is valued at NAV or its equivalent, which is primarily determined based on information provided by external fund administrators. | |||||||||||||||||||||||||
The fair value of investments in debt funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund, and classified as Level 2 when the fair values are primarily based on NAV or its equivalent and are redeemable within the near term. | |||||||||||||||||||||||||
The fair value of investments in equity funds is classified as Level 1, 2 or 3 as follows: publicly traded asset management funds are classified as Level 1 and are valued based on the reported closing price for the fund; investments in asset management funds redeemable in the near term are classified as Level 2 and are valued at NAV or its equivalent, which is primarily determined based on information provided by external fund administrators; and funds valued based on NAV or its equivalent that are not redeemable within the near term are classified as Level 3. | |||||||||||||||||||||||||
The fair value of investments in private equity funds is classified as Level 3, and is primarily based on NAV or its equivalent. Such investments are not redeemable within the near term. | |||||||||||||||||||||||||
The fair values of derivatives entered into by the Company are classified as Level 2 and are based on the values of the related underlying assets, indices or reference rates as follows - the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of equity and fixed income swaps is based on the change in fair values of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to Lazard Fund Interests and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7 of Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||
Where reported information regarding an investment is based on data received from external fund administrators or pricing services, the Company reviews such information and classifies the investment at the relevant level within the fair value hierarchy. | |||||||||||||||||||||||||
The following tables present the classification of investments and certain other assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 within the fair value hierarchy: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt (excluding interest-bearing deposits) | $ | 1,681 | $ | 6,332 | $ | – | $ | 8,013 | |||||||||||||||||
Equities | 58,054 | – | 1,340 | 59,394 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 37,030 | – | 37,030 | |||||||||||||||||||||
Debt | 58,765 | 4 | – | 58,769 | |||||||||||||||||||||
Equity | 190,660 | 42 | – | 190,702 | |||||||||||||||||||||
Private equity | – | – | 114,193 | 114,193 | |||||||||||||||||||||
Derivatives | – | 682 | – | 682 | |||||||||||||||||||||
Total | $ | 309,160 | $ | 44,090 | $ | 115,533 | $ | 468,783 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 4,045 | $ | – | $ | – | $ | 4,045 | |||||||||||||||||
Derivatives | – | 164,001 | – | 164,001 | |||||||||||||||||||||
Total | $ | 4,045 | $ | 164,001 | $ | – | $ | 168,046 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt (excluding interest-bearing deposits) | $ | 1,443 | $ | 3,927 | $ | – | $ | 5,370 | |||||||||||||||||
Equities | 44,802 | – | 190 | 44,992 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 54,433 | 3,457 | 57,890 | |||||||||||||||||||||
Debt | 32,073 | 4 | – | 32,077 | |||||||||||||||||||||
Equity | 145,231 | 9,069 | 10 | 154,310 | |||||||||||||||||||||
Private equity | – | – | 112,444 | 112,444 | |||||||||||||||||||||
Derivatives | – | 933 | – | 933 | |||||||||||||||||||||
Total | $ | 223,549 | $ | 68,366 | $ | 116,101 | $ | 408,016 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 2,696 | $ | 59 | $ | – | $ | 2,755 | |||||||||||||||||
Derivatives | – | 102,492 | – | 102,492 | |||||||||||||||||||||
Total | $ | 2,696 | $ | 102,551 | $ | – | $ | 105,247 | |||||||||||||||||
There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Disposition | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 190 | $ | 11 | $ | 1,095 | $ | – | $ | 44 | $ | 1,340 | |||||||||||||
Alternative investment funds | 3,457 | 117 | – | (3,574 | ) | – | – | ||||||||||||||||||
Equity funds | 10 | – | – | (10 | ) | – | – | ||||||||||||||||||
Private equity funds | 112,444 | 13,245 | 6,166 | (19,231 | ) | 1,569 | 114,193 | ||||||||||||||||||
Total Level 3 Assets | $ | 116,101 | $ | 13,373 | $ | 7,261 | $ | (22,815 | ) | $ | 1,613 | $ | 115,533 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 211 | $ | 5 | $ | – | $ | (30 | ) | $ | 4 | $ | 190 | ||||||||||||
Alternative investment funds | 10,171 | 130 | – | (6,844 | ) | – | 3,457 | ||||||||||||||||||
Equity funds | – | – | 10 | – | – | 10 | |||||||||||||||||||
Private equity funds | 122,718 | 15,983 | 8,589 | (35,796 | ) | 950 | 112,444 | ||||||||||||||||||
Total Level 3 Assets | $ | 133,100 | $ | 16,118 | $ | 8,599 | $ | (42,670 | ) | $ | 954 | $ | 116,101 | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 316 | $ | 72 | $ | 25 | $ | (195 | ) | $ | (7 | ) | $ | 211 | |||||||||||
Alternative investment funds | – | (169 | ) | 10,340 | – | – | 10,171 | ||||||||||||||||||
Private equity funds | 163,482 | (3,319 | ) | 33,117 | (69,218 | )(b) | (1,344 | ) | 122,718 | ||||||||||||||||
Total Level 3 Assets | $ | 163,798 | $ | (3,416 | ) | $ | 43,482 | $ | (69,413 | ) | $ | (1,351 | ) | $ | 133,100 | ||||||||||
(a) | Earnings for the years ended December 31, 2013, 2012 and 2011 include net unrealized gains (losses) of $6,032, $12,910 and $(3,268), respectively. | ||||||||||||||||||||||||
(b) | Sales/dispositions of private equity fund investments for the year ended December 31, 2011 include $49,500 in connection with a reduction of interests in a fund which ceased to be consolidated by the Company. | ||||||||||||||||||||||||
Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2013 and 2012 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted | Significant | Significant | |||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
for | |||||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 841,482 | $ | 841,482 | $841,482 | $– | $– | ||||||||||||||||||
Deposits with banks | 244,879 | 244,879 | 244,879 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 62,046 | 62,046 | 62,046 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 69,464 | 71,433 | – | – | 71,433 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 516 | 516 | 516 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 275,434 | $ | 275,434 | $275,434 | $ | – | $ | – | ||||||||||||||||
Senior debt | 1,048,350 | 1,117,247 | – | 1,117,247 | – | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted | Significant | Significant | |||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
for | |||||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 850,190 | $ | 850,190 | $ | 850,190 | $ | – | $ | – | |||||||||||||||
Deposits with banks | 292,494 | 292,494 | 292,494 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 65,232 | 65,232 | 65,232 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 76,481 | 78,493 | – | – | 78,493 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 578 | 578 | 578 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 269,763 | $ | 269,763 | $ | 269,763 | $ | – | $ | – | |||||||||||||||
Senior debt | 1,076,850 | 1,207,227 | – | 1,207,227 | – | ||||||||||||||||||||
Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. Money market funds are valued through the use of quoted market prices, or $1.00 per share, which generally is the NAV of the fund. | |||||||||||||||||||||||||
The carrying value of deposits with banks, and cash deposited with clearing organizations and other segregated cash, approximates fair value because of the relatively short period of time between their origination and expected maturity. | |||||||||||||||||||||||||
Fair values of interest-bearing financing receivables were generally determined by discounting both principal and interest cash flows expected to be collected, using a discount rate approximating current market interest rates for comparable financial instruments and based on unobservable inputs. | |||||||||||||||||||||||||
The carrying value of deposits and other customer payables and investments accounted for at amortized cost, such as interest-bearing deposits, approximate fair value due to their short-term nature. | |||||||||||||||||||||||||
The Company’s senior debt is carried at historical amounts. The fair value of the Company’s senior debt is based on market quotations. | |||||||||||||||||||||||||
Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at December 31, 2013 and 2012 include certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value. Information with respect thereto was as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
% of | Estimated Liquidation Period of | Investments Redeemable | |||||||||||||||||||||||
Fair Value | Investments Not Redeemable | ||||||||||||||||||||||||
Not | |||||||||||||||||||||||||
Fair value | Unfunded | Redeemable | % | % | % | Redemption | Redemption | ||||||||||||||||||
Commitments | Next | 10-May | Thereafter | Frequency | Notice Period | ||||||||||||||||||||
5 Years | Years | ||||||||||||||||||||||||
Alternative investment funds: | |||||||||||||||||||||||||
Hedge funds | $ | 31,837 | $ | – | NA | NA | NA | NA | (a) | <30-90 days | |||||||||||||||
Funds of funds | 475 | – | NA | NA | NA | NA | (b) | <30-90 days | |||||||||||||||||
Other | 4,718 | – | NA | NA | NA | NA | (c) | <30-60 days | |||||||||||||||||
Debt funds | 4 | – | NA | NA | NA | NA | (d) | 30 days | |||||||||||||||||
Equity funds | 42 | – | NA | NA | NA | NA | (e) | 30-90 days | |||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||
Equity growth | 70,054 | 27,135 | 100% | 17% | 60% | 23% | NA | NA | |||||||||||||||||
Mezzanine debt | 44,139 | – | 100% | –% | –% | 100% | NA | NA | |||||||||||||||||
Total | $ | 151,269 | $ | 27,135 | |||||||||||||||||||||
(a) | weekly (17%), monthly (65%) and quarterly (18%) | ||||||||||||||||||||||||
(b) | monthly (95%) and quarterly (5%) | ||||||||||||||||||||||||
(c) | daily (7%), weekly (1%) and monthly (92%) | ||||||||||||||||||||||||
(d) | daily (100%) | ||||||||||||||||||||||||
(e) | daily (13%), monthly (58%) and quarterly (29%) | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
% of | Estimated Liquidation Period of | Investments Redeemable | |||||||||||||||||||||||
Fair Value | Investments Not Redeemable | ||||||||||||||||||||||||
Not | |||||||||||||||||||||||||
Fair value | Unfunded | Redeemable | % | % | % | Redemption | Redemption | ||||||||||||||||||
Commitments | Next | 10-May | Thereafter | Frequency | Notice Period | ||||||||||||||||||||
5 Years | Years | ||||||||||||||||||||||||
Alternative investment funds: | |||||||||||||||||||||||||
Hedge funds | $ | 25,110 | $ | – | NA | NA | NA | NA | (a) | <30-90 days | |||||||||||||||
Funds of funds | 23,252 | – | NA | NA | NA | NA | (b) | <30-120 days | |||||||||||||||||
Other | 9,528 | – | NA | NA | NA | NA | (c) | <30-60 days | |||||||||||||||||
Debt funds | 4 | – | NA | NA | NA | NA | (d) | 30 days | |||||||||||||||||
Equity funds | 9,079 | – | 2% | –% | –% | 2% | (e) | 30-120 days | |||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||
Equity growth | 71,068 | 31,482 | 100% | 21% | 61% | 18% | NA | NA | |||||||||||||||||
Mezzanine debt | 41,376 | – | 100% | – | – | 100% | NA | NA | |||||||||||||||||
Total | $ | 179,417 | $ | 31,482 | |||||||||||||||||||||
Redemption frequency as follows: | |||||||||||||||||||||||||
(a) | weekly (20%), monthly (73%) and quarterly (7%) | ||||||||||||||||||||||||
(b) | monthly (2%) and quarterly (98%) | ||||||||||||||||||||||||
(c) | daily (60%), weekly (1%) and monthly (39%) | ||||||||||||||||||||||||
(d) | daily (100%) | ||||||||||||||||||||||||
(e) | daily (37%) and monthly (61%) | ||||||||||||||||||||||||
See Note 5 of Notes to Consolidated Financial Statements for discussion of significant investment strategies for investments with value based on NAV. | |||||||||||||||||||||||||
Investment Capital Funding Commitments—At December 31, 2013, the Company’s maximum unfunded commitments for capital contributions to investment funds arose from (i) commitments to CP II, which amounted to $1,940 for potential “follow-on investments” and/or for fund expenses through the earlier of February 25, 2017 or the liquidation of the fund, (ii) commitments to EGCP III, which amounted to $18,501, through the earlier of October 12, 2016 (i.e., the end of the investment period) for investments and/or expenses (with a portion of the undrawn amount of such commitments as of that date remaining committed until October 12, 2023 in respect of “follow-on investments” and/or fund expenses) or the liquidation of the fund and (iii) commitments to COF2, which amounted to $6,694, through the earlier of November 11, 2016 (i.e., the end of the investment period) for investments and/or fund expenses (with a portion of the undrawn amount of such commitments as of that date remaining committed until November 11, 2019 in respect of “follow-on investments” and/or fund expenses) or the liquidation of the fund. | |||||||||||||||||||||||||
The commitment regarding EGCP III described above reflects a March 1, 2012 reduction of $17,400 from the Company’s original commitment of $50,000 that an investor group, owned by current and former managing directors, including certain of our executive officers, assumed from the Company. In connection with their assumption of this assumed commitment, each investor received a right to collect a portion of the Company’s carried interest arising from EGCP III, to the extent any such carried interest is actually received by the Company, equal to 20% of the profit earned by such investor on his or her investment. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivatives | ' | ||||||||||||
7 | DERIVATIVES | ||||||||||||
The tables below present the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligation pertaining to Lazard Fund Interests and other similar deferred compensation arrangements (see Note 14 of Notes to Consolidated Financial Statements) on the accompanying consolidated statements of financial condition as of December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Derivative Assets: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 250 | $ | 893 | |||||||||
Equity and fixed income swaps and other (a) | 432 | 40 | |||||||||||
$ | 682 | $ | 933 | ||||||||||
Derivative Liabilities: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 1,579 | $ | 322 | |||||||||
Interest rate swaps | – | 235 | |||||||||||
Equity and fixed income swaps (a) | – | 4,342 | |||||||||||
Lazard Fund Interests and other similar deferred compensation arrangements | 162,422 | 97,593 | |||||||||||
$ | 164,001 | $ | 102,492 | ||||||||||
(a) | For equity and fixed income swaps, amounts represent the netting of gross derivative assets and liabilities of $2,019 and $1,587 as of December 31, 2013, respectively, and $0 and $4,342 as of December 31, 2012, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets”, with receivables for net cash collateral under such contracts of $11,384 and $15,304 as of December 31, 2013 and 2012, respectively. | ||||||||||||
Net gains (losses) with respect to derivative instruments (predominantly reflected in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to Lazard Fund Interests and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Forward foreign currency exchange rate contracts | $ | (3,162 | ) | $ | (1,844 | ) | $ | 2,422 | |||||
Lazard Fund Interests and other similar deferred compensation arrangements | (14,099 | ) | (7,557 | ) | 3,024 | ||||||||
Equity and fixed income swaps and other | (10,931 | ) | (18,327 | ) | 4,276 | ||||||||
$ | (28,192 | ) | $ | (27,728 | ) | $ | 9,722 | ||||||
Property
Property | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property | ' | ||||||||||||
8 | PROPERTY | ||||||||||||
At December 31, 2013 and 2012, property consists of the following: | |||||||||||||
Estimated | December 31, | ||||||||||||
Depreciable | |||||||||||||
Life in Years | 2013 | 2012 | |||||||||||
Buildings | 33 | $ | 173,772 | $ | 166,560 | ||||||||
Leasehold improvements | 20-Mar | 175,600 | 143,408 | ||||||||||
Furniture and equipment | 10-Mar | 149,598 | 122,125 | ||||||||||
Construction in progress | 3,756 | 18,801 | |||||||||||
Total | 502,726 | 450,894 | |||||||||||
Less - Accumulated depreciation and amortization | 253,930 | 225,861 | |||||||||||
Property | $ | 248,796 | $ | 225,033 | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
9 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
The components of goodwill and other intangible assets at December 31, 2013 and 2012 are presented below: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Goodwill | $ | 345,453 | $ | 364,328 | |||||||||||||||||||||
Other intangible assets (net of accumulated amortization) | 18,424 | 28,494 | |||||||||||||||||||||||
$ | 363,877 | $ | 392,822 | ||||||||||||||||||||||
At December 31, 2013 and 2012, goodwill of $280,912 and $299,787, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 of goodwill was attributable to the Company’s Asset Management segment. | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance, January 1 | $ | 364,328 | $ | 356,657 | $ | 313,229 | |||||||||||||||||||
Business acquisitions, including, in the 2011 period, additional contingent consideration earned relating to a prior year business acquisition | 1,748 | 4,272 | 42,566 | ||||||||||||||||||||||
Foreign currency translation adjustments | (20,623 | ) | 3,399 | 862 | |||||||||||||||||||||
Balance, December 31 | $ | 345,453 | $ | 364,328 | $ | 356,657 | |||||||||||||||||||
The Company evaluates goodwill for impairment annually or more frequently if circumstances indicate that impairment may have occurred. During the fourth quarter of 2013, the Company changed its annual impairment evaluation date from December 31 to November 1. Pursuant to the Company’s goodwill impairment review for the years ended December 31, 2013, 2012 and 2011, the Company determined that no impairment existed. | |||||||||||||||||||||||||
The gross cost and accumulated amortization of other intangible assets as of December 31, 2013 and 2012, by major intangible asset category, are as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Cost | Amortization | Carrying | Cost | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Success/performance fees | $ | 30,740 | $ | 17,173 | $ | 13,567 | $ | 30,740 | $ | 10,678 | $ | 20,062 | |||||||||||||
Management fees, customer relationships and non-compete agreements | 33,063 | 28,206 | 4,857 | 33,035 | 24,603 | 8,432 | |||||||||||||||||||
$ | 63,803 | $ | 45,379 | $ | 18,424 | $ | 63,775 | $ | 35,281 | $ | 28,494 | ||||||||||||||
Amortization expense of intangible assets for the years ended December 31, 2013, 2012 and 2011 was $10,114, $8,359 and $11,915, respectively. Estimated future amortization expense is as follows: | |||||||||||||||||||||||||
Year Ending December 31, | Amortization | ||||||||||||||||||||||||
Expense (a) | |||||||||||||||||||||||||
2014 | $ | 6,810 | |||||||||||||||||||||||
2015 | 6,433 | ||||||||||||||||||||||||
2016 | 5,181 | ||||||||||||||||||||||||
Total amortization expense | $ | 18,424 | |||||||||||||||||||||||
(a) | Approximately 43% of intangible asset amortization is attributable to a noncontrolling interest. |
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Other Assets and Other Liabilities | ' | ||||||||
10 | OTHER ASSETS AND OTHER LIABILITIES | ||||||||
The following table sets forth the Company’s other assets, by type, as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes | $ | 110,014 | $ | 137,394 | |||||
Prepaid compensation (see Note 14) | 60,433 | 47,445 | |||||||
Other advances and prepayments | 33,526 | 33,401 | |||||||
Deferred debt issuance costs | 9,188 | 4,902 | |||||||
Other | 46,116 | 45,264 | |||||||
Total | $ | 259,277 | $ | 268,406 | |||||
The following table sets forth the Company’s other liabilities, by type, as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued expenses | $ | 136,677 | $ | 147,194 | |||||
Current and deferred income taxes and other taxes | 119,940 | 121,854 | |||||||
Employee benefit-related liabilities | 104,013 | 83,629 | |||||||
Deferred lease incentives | 84,897 | 74,880 | |||||||
Unclaimed funds at LFB | 26,626 | 28,716 | |||||||
Abandoned leased space (principally in the U.K.) | 12,855 | 8,475 | |||||||
Securities sold, not yet purchased | 4,045 | 2,755 | |||||||
Other | 24,374 | 32,148 | |||||||
Total | $ | 513,427 | $ | 499,651 | |||||
Senior_and_Subordinated_Debt
Senior and Subordinated Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Senior and Subordinated Debt | ' | ||||||||||||||||||||
11 | SENIOR AND SUBORDINATED DEBT | ||||||||||||||||||||
Senior Debt—Senior debt is comprised of the following as of December 31, 2013 and 2012: | |||||||||||||||||||||
Initial | Maturity | Annual | Outstanding As Of | ||||||||||||||||||
Principal | Date | Interest | December 31, | ||||||||||||||||||
Amount | Rate | 2013 | 2012 | ||||||||||||||||||
Lazard Group 7.125% Senior Notes (a) | $ | 550,000 | 5/15/15 | 7.125 | % | $ | – | $ | 528,500 | ||||||||||||
Lazard Group 6.85% Senior Notes | 600,000 | 6/15/17 | 6.85 | % | 548,350 | 548,350 | |||||||||||||||
Lazard Group 4.25% Senior Notes (b) | 500,000 | 11/14/20 | 4.25 | % | 500,000 | – | |||||||||||||||
Lazard Group Credit Facility | 150,000 | 9/25/15 | 0.79 | % | – | – | |||||||||||||||
Total | $ | 1,048,350 | $ | 1,076,850 | |||||||||||||||||
(a) | On November 6, 2013, the Company launched a tender for all of the outstanding 7.125% senior notes maturing on May 15, 2015 (the “2015 Notes”) and simultaneously announced a redemption notice for any notes not tendered. As a result, the outstanding 2015 Notes of $528,500 were extinguished in the fourth quarter of 2013, which resulted in a pre-tax loss on extinguishment of $50,757, including the recognition of unamortized issuance costs. As a result of the extinguishment, the unamortized amount of the interest rate hedge related to the 2015 Notes was also recognized, which resulted in a loss of $1,563. Both the loss on extinguishment and the loss related to the interest rate hedge were recorded in “operating expenses—other” in the consolidated statement of operations. | ||||||||||||||||||||
(b) | On November 14, 2013, and in connection with the redemption of the 2015 Notes, Lazard Group issued $500,000 aggregate principal amount of 4.25% senior notes maturing on November 14, 2020 (the “2020 Notes”). Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year commencing on May 14, 2014. In connection with the issuance of the 2020 Notes, the Company entered into and settled an interest rate forward agreement and recognized a related loss of $ 1,767. The loss was recorded in “operating expenses—other” in the consolidated statements of operations. | ||||||||||||||||||||
On September 25, 2012, Lazard Group entered into a $150,000, three-year senior revolving credit facility with a group of lenders (the “Credit Facility”), which expires in September 2015. The Credit Facility replaced a similar revolving credit facility which was terminated as a condition to effectiveness of the Credit Facility. Interest rates under the Credit Facility vary and are based on either a Federal Funds rate or a Eurodollar rate, in each case plus an applicable margin. As of December 31, 2013, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 0.79%. At December 31, 2013 and 2012, no amounts were outstanding under the Credit Facility or the prior revolving credit facility, respectively. | |||||||||||||||||||||
The Credit Facility contains customary terms and conditions, including certain financial covenants. In addition, the Credit Facility, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of December 31, 2013, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured. | |||||||||||||||||||||
Debt maturities relating to senior borrowings outstanding at December 31, 2013 for each of the five years in the period ending December 31, 2018 and thereafter are set forth in the table below. | |||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||
2014-2016 | $ | – | |||||||||||||||||||
2017 | 548,350 | ||||||||||||||||||||
2018 | – | ||||||||||||||||||||
Thereafter | 500,000 | ||||||||||||||||||||
Total | $ | 1,048,350 | |||||||||||||||||||
The Company’s senior debt at December 31, 2013 and 2012 is carried at historical amounts. See Note 6 of Notes to Consolidated Financial Statements for information regarding the fair value and fair value hierarchy category of the Company’s senior debt. | |||||||||||||||||||||
As of December 31, 2013, the Company had approximately $258,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $48,000 (at December 31, 2013 exchange rates) and Edgewater of $55,000. In addition, LFB has access to the Eurosystem Covered Bond Purchase Program of the Banque de France. | |||||||||||||||||||||
Subordinated Debt—On July 22, 2011, the Company repurchased its then outstanding $150,000 subordinated promissory note, at a cost, excluding accrued interest, of $131,829. Such repurchase resulted in a pre-tax gain of $18,171, which was recognized by the Company in the third quarter of 2011 and included in “revenue-other” on the accompanying consolidated statement of operations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
12 | COMMITMENTS AND CONTINGENCIES | ||||||||
Leases—The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033. | |||||||||
Operating lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. For the years ended December 31, 2013, 2012 and 2011, aggregate rental expense relating to operating leases amounted to $86,504, $80,888 and $76,718, respectively, and is included in “occupancy and equipment” or “technology and information services” on the consolidated statements of operations, depending on the nature of the underlying asset. The Company subleases office space under agreements, which expire on various dates through 2033. Sublease income from such agreements was $11,404, $9,613 and $10,967 for the years ended December 31, 2013, 2012 and 2011, respectively, which includes sublease income of $4,136, $3,290 and $2,192, respectively, from an affiliate of LFCM Holdings, LLC (“LFCM Holdings”). | |||||||||
Capital lease obligations recorded under sale/leaseback transactions are payable through 2017 at a weighted average interest rate of approximately 6.2%. Such obligations are collateralized primarily by certain buildings with a net book value of approximately $19,876 and $21,932 at December 31, 2013 and 2012, respectively. The net book value of all assets recorded under capital leases aggregated $20,806 and $23,486 at December 31, 2013 and 2012, respectively. | |||||||||
At December 31, 2013, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows: | |||||||||
Year Ending December 31, | Minimum Rental Commitments | ||||||||
Capital | Operating | ||||||||
2014 | $ | 3,221 | $ | 81,467 | |||||
2015 | 2,895 | 77,427 | |||||||
2016 | 2,579 | 74,420 | |||||||
2017 | 9,478 | 69,530 | |||||||
2018 | – | 65,232 | |||||||
Thereafter | – | 650,050 | |||||||
Total minimum lease payments | 18,173 | 1,018,126 | |||||||
Less amount representing interest | 2,339 | ||||||||
Present value of capital lease commitments | $ | 15,834 | |||||||
Less sublease proceeds | 155,547 | ||||||||
Net lease payments | $ | 862,579 | |||||||
With respect to abandoned leased facilities in the U.K., at December 31, 2013 and 2012, the Company has recognized liabilities of $11,203 and $7,516, respectively, which are included in “other liabilities” on the consolidated statements of financial condition. Payments toward the liabilities continue through the remaining term of the leases. Such liabilities are based on the discounted future commitment, net of expected sublease income. | |||||||||
Guarantees—In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At December 31, 2013, LFB had $5,897 of such indemnifications and held $4,993 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the consolidated statement of financial condition. | |||||||||
Certain Business Transactions—On September 25, 2008, the Company, LAM and LAZ Sub I, LLC, a then newly-formed subsidiary of LFNY, completed the merger of LAZ Sub I, LLC with and into LAM (the “LAM Merger”). Prior to the LAM Merger, the common equity interests of LAM were held by LFNY, and certain other equity interests of LAM, representing contingent payments should certain specified fundamental transactions occur, were held by present and former employees of LAM. Following the LAM Merger, all equity interests of LAM are owned directly or indirectly by LFNY. | |||||||||
The aggregate non-contingent consideration relating to the equity interests of LAM held by present and former employees of LAM and its subsidiaries consisted of (i) cash payments made from the closing of the LAM Merger through January 2, 2009 of approximately $60,000, (ii) a cash payment made on October 31, 2011 of approximately $90,000, (iii) the delivery on October 31, 2011 of 2,210,520 shares of Class A common stock and (iv) the satisfaction of Lazard’s minimum statutory tax withholding requirements for certain employees in lieu of delivering 68,384 shares of Class A common stock on October 31, 2011. In addition, with respect to certain former employees of LAM and its subsidiaries, as of December 31, 2013 and 2012, additional cash payments of $961 and additional issuances of 24,537 shares of Class A common stock are subject to delayed payment/issuance until the eighth anniversary of the closing of the LAM Merger because the applicable employees were no longer employed by Lazard or its affiliates on October 31, 2011, subject to certain exceptions. | |||||||||
On July 15, 2009, the Company established a private equity business with Edgewater. Edgewater manages funds primarily focused on buy-out and growth equity investments in middle market companies. The acquisition was structured as a purchase by Lazard Group of interests in a holding company that in turn owns interests in the general partner and management company entities of the current Edgewater private equity funds (the “Edgewater Acquisition”). Following the Edgewater Acquisition, Edgewater’s leadership team retained a substantial economic interest in such entities. | |||||||||
The aggregate fair value of the consideration recognized by the Company at the acquisition date was $61,624. Such consideration consisted of (i) a one-time cash payment, (ii) 1,142,857 shares of Class A common stock (the “Initial Shares”) and (iii) up to 1,142,857 additional shares of Class A common stock (the “Earnout Shares”) that are subject to earnout criteria and payable over time. The Initial Shares are subject to forfeiture provisions that lapse only upon the achievement of certain performance thresholds and transfer restrictions during the four year period ending December 2014. The Earnout Shares will be issued only if certain performance thresholds are met. As of December 31, 2013 and 2012, 1,371,992 and 1,209,154 shares, respectively, have been earned because applicable performance thresholds have been satisfied. Such shares are no longer subject to any contingencies. As of December 31, 2013 and 2012, 1,029,006 and 686,004, respectively, of such shares have been settled. | |||||||||
Contingent Consideration Relating To Other Business Acquisitions—For a business acquired in 2013, the Company was obligated to issue a maximum of 107,617 shares of Class A common stock if certain performance thresholds were achieved. The Company is no longer obligated to issue such shares. | |||||||||
For a business acquired in 2012, at December 31, 2012, 170,988 shares of Class A common stock (including dividend equivalent shares) were issuable on a non-contingent basis. Such shares were delivered in the first quarter of 2013. The Company is obligated to issue a maximum of 202,650 additional shares of Class A common stock if certain performance thresholds are achieved. | |||||||||
For a business acquired in 2011, the Company was obligated to pay earnout consideration if certain performance thresholds were achieved. The maximum potential earnout consideration payable by the Company could not exceed $7,000. For the years ended December 31, 2013 and 2012, no cash payments relating to the earnout consideration were required. As the performance thresholds ultimately were not achieved, the Company is no longer obligated to pay the earnout consideration. | |||||||||
Other Commitments—In the normal course of business, LFB enters into commitments to extend credit, predominately at variable interest rates. These commitments have varying expiration dates, are fully collateralized and generally contain requirements for the counterparty to maintain a minimum collateral level. These commitments may not represent future cash requirements as they may expire without being drawn upon. At December 31, 2013, these commitments were not material. | |||||||||
See Notes 6 and 15 of Notes to Consolidated Financial Statements for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. | |||||||||
The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, LFB enters into underwriting commitments in which it participates as a joint underwriter. The settlement of such transactions are not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations. At December 31, 2013, LFB had no such underwriting commitments. | |||||||||
In the opinion of management, the fulfillment of the commitments described herein will not have a material adverse effect on the Company’s consolidated financial position or results of operations. | |||||||||
Legal—The Company is involved from time to time in judicial, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company experiences significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition. | |||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||
13 | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Issuance of Class A Common Shares—During the year ended December 31, 2011, the Company issued an aggregate of 2,434,561 shares of Class A common stock and delivered 3,515,362 shares from Class A common stock held by its subsidiaries in connection with the LAM Merger (as described in Note 12 of Notes to Consolidated Financial Statements) and certain prior year business acquisitions. | |||||||||||||||||||||||||
Lazard Group Distributions—As previously described, Lazard Group’s common membership interests are held by subsidiaries of Lazard Ltd and by LAZ-MD Holdings. Pursuant to provisions of the Operating Agreement, Lazard Group distributions in respect of its common membership interests are allocated to the holders of such interests on a pro rata basis. Such distributions represent amounts necessary to fund (i) any dividends Lazard Ltd may declare on its Class A common stock and (ii) tax distributions in respect of income taxes that Lazard Ltd’s subsidiaries and the members of LAZ-MD Holdings incur as a result of holding Lazard Group common membership interests. | |||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Tax distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 80 | $ | – | $ | 699 | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 2,896 | – | 16,800 | ||||||||||||||||||||||
$ | 2,976 | $ | – | $ | 17,499 | ||||||||||||||||||||
Other distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 920 | $ | 5,170 | $ | 4,383 | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 121,620 | 135,108 | 70,572 | ||||||||||||||||||||||
$ | 122,540 | $ | 140,278 | $ | 74,955 | ||||||||||||||||||||
Pursuant to Lazard Group’s Operating Agreement, Lazard Group allocates and distributes to its members a substantial portion of its distributable profits in installments, as soon as practicable after the end of each fiscal year. Such installment distributions usually begin in February. | |||||||||||||||||||||||||
Exchange of Lazard Group Common Membership Interests—During the years ended December 31, 2013, 2012 and 2011, Lazard Ltd issued 839,658, 5,207,112 and 876,814 shares of Class A common stock, respectively, in connection with the exchange of a like number of Lazard Group common membership interests (received from members of LAZ-MD Holdings in exchange for a like number of LAZ-MD Holdings exchangeable interests). | |||||||||||||||||||||||||
See “Noncontrolling Interests” below for additional information regarding Lazard Ltd’s and LAZ-MD Holdings’ ownership interests in Lazard Group. | |||||||||||||||||||||||||
Share Repurchase Program—During the years ended December 31, 2013, 2012 and 2011, the Board of Directors of Lazard Ltd authorized the repurchase of Class A common stock and Lazard Group common membership interests as set forth in the table below. | |||||||||||||||||||||||||
Date | Share | Expiration | |||||||||||||||||||||||
Repurchase | |||||||||||||||||||||||||
Authorization | |||||||||||||||||||||||||
February, 2011 | $ | 250,000 | December 31, 2012 | ||||||||||||||||||||||
October, 2011 | $ | 125,000 | 31-Dec-13 | ||||||||||||||||||||||
April, 2012 | $ | 125,000 | 31-Dec-13 | ||||||||||||||||||||||
October, 2012 | $ | 200,000 | 31-Dec-14 | ||||||||||||||||||||||
October, 2013 | $ | 100,000 | 31-Dec-15 | ||||||||||||||||||||||
The Company expects that the share repurchase program, with respect to the Class A common stock, will primarily be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2005 Equity Incentive Plan (the “2005 Plan”) and the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”). Pursuant to such authorizations, purchases have been made in the open market or through privately negotiated transactions. Purchases with respect to such program are set forth in the table below: | |||||||||||||||||||||||||
Number of | Average | ||||||||||||||||||||||||
Shares/Common | Price Per | ||||||||||||||||||||||||
Membership | Share/Common | ||||||||||||||||||||||||
Interests Purchased | Membership | ||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||
Years Ending December 31: | |||||||||||||||||||||||||
2011 | 6,135,189 | $ | 33.39 | ||||||||||||||||||||||
2012 | 12,817,196 | $ | 27.66 | ||||||||||||||||||||||
2013 | 3,488,101 | $ | 37.98 | ||||||||||||||||||||||
As a result of the delivery of shares of Class A common stock through December 31, 2013 relating to (i) the settlement of vested restricted stock units (“RSUs”) and deferred stock units (“DSUs”), (ii) the incentive plan share awards of shares of restricted Class A common stock, (iii) the delivery of shares of restricted Class A common stock in exchange for RSUs and (iv) the delivery of shares of Class A common stock in connection with business acquisitions and the LAM Merger, there were 8,317,065 and 12,802,938 shares of Class A common stock held by our subsidiaries at December 31, 2013 and 2012, respectively. Such shares of Class A common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition. | |||||||||||||||||||||||||
As of December 31, 2013, a total of $121,589 of share repurchase capacity remained available under the Company’s share repurchase authorizations, of which $21,589 and $100,000 will expire on December 31, 2014 and 2015, respectively. | |||||||||||||||||||||||||
Preferred Stock—Lazard Ltd 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 are each non-participating securities convertible into Class A common stock, and have no voting or dividend rights. During the year ended December 31, 2011, 14,100 shares of Series A preferred stock was converted into shares of Class A common stock, resulting in the issuance of 2,434,561 shares of Class A common stock. As of both December 31, 2013 and 2012, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At December 31, 2013 and 2012, no shares of Series A preferred stock were convertible into shares of Class A common stock on a contingent or a non-contingent basis. | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax—The table below reflects the components of AOCI at December 31, 2013 and activity during the year then ended: | |||||||||||||||||||||||||
Currency | Interest | Employee | Total | Amount | Total | ||||||||||||||||||||
Translation | Rate | Benefit | AOCI | Attributable to | Lazard Ltd | ||||||||||||||||||||
Adjustments | Hedge | Plans | Noncontrolling | AOCI | |||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 19,405 | $ | (2,502 | ) | $ | (128,536 | ) | $ | (111,633 | ) | $ | (1,092 | ) | $ | (110,541 | ) | ||||||||
Activity January 1 to December 31, 2013: | |||||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | (15,536 | ) | – | (13,500 | ) | (29,036 | ) | 495 | (29,531 | ) | |||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 2,502 | 4,605 | 7,107 | 39 | 7,068 | |||||||||||||||||||
Net other comprehensive | (15,536 | ) | 2,502 | (8,895 | ) | (21,929 | ) | 534 | (22,463 | ) | |||||||||||||||
income (loss) | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 3,869 | $ | – | $ | (137,431 | ) | $ | (133,562 | ) | $ | (558 | ) | $ | (133,004 | ) | |||||||||
The table below reflects adjustments for items reclassified out of AOCI, by component, for the year ended December 31, 2013: | |||||||||||||||||||||||||
Amortization of interest rate hedge | $ | 2,502 | (a) | ||||||||||||||||||||||
Amortization relating to employee benefit plans | 6,534 | (b) | |||||||||||||||||||||||
Less – related income taxes | 1,929 | ||||||||||||||||||||||||
Net of tax | 4,605 | ||||||||||||||||||||||||
Total reclassifications, net of tax | $ | 7,107 | |||||||||||||||||||||||
(a) | Included in “interest expense” and “operating expenses—other” in the amounts of $939 and $1,563, respectively, on the consolidated statements of operations. | ||||||||||||||||||||||||
(b) | Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the consolidated statement of operations. | ||||||||||||||||||||||||
Noncontrolling Interests—Noncontrolling interests principally represent interests held in (i) Lazard Group by LAZ-MD Holdings and (ii) Edgewater’s management vehicles that the Company is deemed to control, but does not own. | |||||||||||||||||||||||||
The following tables summarize the ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings: | |||||||||||||||||||||||||
Lazard Ltd | LAZ-MD Holdings | Total | |||||||||||||||||||||||
Lazard Group | |||||||||||||||||||||||||
Common | |||||||||||||||||||||||||
Membership | |||||||||||||||||||||||||
As of December 31: | Common | % | Common | % | Interests | ||||||||||||||||||||
Membership | Ownership | Membership | Ownership | ||||||||||||||||||||||
Interests | Interests | ||||||||||||||||||||||||
2011 | 123,009,311 | 94.8 | % | 6,756,779 | 5.2 | % | 129,766,090 | ||||||||||||||||||
2012 | 128,216,423 | 98.8 | % | 1,549,667 | 1.2 | % | 129,766,090 | ||||||||||||||||||
2013 | 129,056,081 | 99.5 | % | 710,009 | 0.5 | % | 129,766,090 | ||||||||||||||||||
The change in Lazard Ltd’s ownership in Lazard Group in the years ended December 31, 2013, 2012 and 2011 did not materially impact Lazard Ltd’s stockholders’ equity. | |||||||||||||||||||||||||
The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 and noncontrolling interests as of December 31, 2013 and 2012 in the Company’s consolidated financial statements: | |||||||||||||||||||||||||
Net Income (Loss) | |||||||||||||||||||||||||
Attributable to Noncontrolling | |||||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Edgewater | $ | 3,913 | $ | 3,491 | $ | 4,130 | |||||||||||||||||||
LAZ-MD Holdings | 1,198 | 5,114 | 11,964 | ||||||||||||||||||||||
Other | (209 | ) | (129 | ) | (452 | ) | |||||||||||||||||||
Total | $ | 4,902 | $ | 8,476 | $ | 15,642 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
As Of December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Edgewater | $ | 66,641 | $ | 75,262 | |||||||||||||||||||||
LAZ-MD Holdings | 2,566 | 5,405 | |||||||||||||||||||||||
Other | 582 | 1,217 | |||||||||||||||||||||||
Total | $ | 69,789 | $ | 81,884 | |||||||||||||||||||||
Dividends Declared, December 2013 and January 29, 2014—On December 10, 2013, the Board of Directors of Lazard Ltd (i) declared a special dividend of $0.25 per share on its Class A common stock payable on December 27, 2013 to stockholders of record on December 20, 2013 and (ii) on January 29, 2014, the Board of Directors of Lazard Ltd declared a quarterly dividend of $0.30 per share on its Class A common stock, payable on February 21, 2014, to stockholders of record on February 10, 2014. |
Incentive_Plans
Incentive Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Incentive Plans | ' | ||||||||||||||||
14 | INCENTIVE PLANS | ||||||||||||||||
Share-Based Incentive Plan Awards | |||||||||||||||||
A description of Lazard Ltd’s 2005 Plan and 2008 Plan and activity with respect thereto during the years ended December 31, 2013, 2012 and 2011, is presented below. | |||||||||||||||||
Shares Available Under the 2005 Plan and 2008 Plan | |||||||||||||||||
The 2005 Plan authorizes the issuance of up to 25,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs and other equity-based awards. Each stock unit or similar award granted under the 2005 Plan represents a contingent right to receive one share of Class A common stock, at no cost to the recipient. The fair value of such awards is generally determined based on the closing market price of Class A common stock at the date of grant. | |||||||||||||||||
In addition to the shares available under the 2005 Plan, additional shares of Class A common stock are available under the 2008 Plan. The maximum number of shares available under the 2008 Plan is based on a formula that limits the aggregate number of shares that may, at any time, be subject to awards that are considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of Class A common stock (treating, for this purpose, the then-outstanding exchangeable interests of LAZ-MD Holdings on a “fully-exchanged” basis as described in the 2008 Plan). | |||||||||||||||||
The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, performance-based restricted stock units (“PRSUs”) and restricted stock awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Share-based incentive awards: | |||||||||||||||||
RSUs (a) | $ | 209,974 | $ | 298,809 | $ | 264,110 | |||||||||||
PRSUs | 12,934 | – | – | ||||||||||||||
Restricted Stock (b) | 11,374 | 10,003 | 9,767 | ||||||||||||||
DSUs | 1,616 | 1,536 | 1,265 | ||||||||||||||
Total | $ | 235,898 | $ | 310,348 | $ | 275,142 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives and staff reductions, as applicable, for the years ended December 31, 2013 and 2012, aggregating $9,099 and $26,158, respectively (see Note 16 of Notes to Consolidated Financial Statements). | ||||||||||||||||
(b) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $247 and $713, respectively. | ||||||||||||||||
The ultimate amount of compensation and benefits expense relating to share-based awards is dependent upon the actual number of shares of Class A common stock that vest. The Company periodically assesses the forfeiture rates used for such estimates. A change in estimated forfeiture rates results in a cumulative adjustment to previously recorded compensation and benefits expense and also would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described below. | |||||||||||||||||
For purposes of calculating diluted net income per share, RSU and restricted stock awards are included in the diluted weighted average shares of Class A common stock outstanding using the “treasury stock” method. PRSUs are included in the diluted weighted average shares of Class A common stock outstanding to the extent the performance conditions are met at the end of the reporting period, also using the “treasury stock” method. | |||||||||||||||||
The Company’s incentive plans are described below. | |||||||||||||||||
RSUs and DSUs | |||||||||||||||||
RSUs generally require future service as a condition for the delivery of the underlying shares of Class A common stock (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into Class A common stock on a one-for-one basis after the stipulated vesting periods. PRSUs, which are a form of RSUs that are also subject to service-based vesting conditions, have additional conditions, and are described below. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is amortized over the vesting periods or requisite service periods (generally one-third after two years, and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period. | |||||||||||||||||
RSUs generally include a dividend participation right that provides that during vesting periods each RSU is attributed additional RSUs (or fractions thereof) equivalent to any dividends paid on Class A common stock during such period. During the years ended December 31, 2013, 2012 and 2011, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures, (with corresponding credits to “additional paid-in-capital”) consisted of the following: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Number of RSUs issued | 442,242 | 920,791 | 389,846 | ||||||||||||||
Charges to retained earnings, net of estimated forfeitures | $ | 16,476 | $ | 24,990 | $ | 11,120 | |||||||||||
Non-executive members of the Board of Directors receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 39,315, 53,239 and 26,859 DSUs granted during the years ended December 31, 2013, 2012 and 2011, respectively. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into Class A common stock at the time of cessation of service to the Board and, for purposes of calculating diluted net income per share, are included in the diluted weighted average shares of Class A common stock outstanding using the “treasury stock” method. DSUs include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock, and resulted in nominal cash payments for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
The Company’s Directors’ Fee Deferral Unit Plan permits its Non-Executive Directors to elect to receive additional DSUs pursuant to the 2005 Plan in lieu of some or all of their cash fees. The number of DSUs that shall be granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of Class A common stock on the date on which the foregone cash fees would otherwise have been paid. During the years ended December 31, 2013, 2012 and 2011, 7,623, 10,597 and 8,184 DSUs, respectively, had been granted pursuant to such Plan. | |||||||||||||||||
DSU awards are expensed at their fair value on their date of grant, inclusive of amounts related to the Directors’ Fee Deferral Unit Plan. | |||||||||||||||||
The following is a summary of activity relating to RSUs and DSUs during the three-year period ended December 31, 2013: | |||||||||||||||||
RSUs | DSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance, January 1, 2011 | 22,108,635 | $ | 35.67 | 121,737 | $ | 34.46 | |||||||||||
Granted (including 389,846 RSUs relating to dividend participation) | 7,002,736 | $ | 43.21 | 35,043 | $ | 36.09 | |||||||||||
Forfeited | (305,155 | ) | $ | 37.83 | – | – | |||||||||||
Vested | (8,054,387 | ) | $ | 39.13 | (16,120 | ) | $ | 34.76 | |||||||||
Balance, December 31, 2011 | 20,751,829 | $ | 36.84 | 140,660 | $ | 34.83 | |||||||||||
Granted (including 920,791 RSUs relating to dividend participation) | 8,594,744 | $ | 27.68 | 63,836 | $ | 24.06 | |||||||||||
Forfeited | (581,411 | ) | $ | 35.59 | – | – | |||||||||||
Vested/Exchanged | (7,284,031 | ) | $ | 34.71 | – | – | |||||||||||
Balance, December 31, 2012 | 21,481,131 | $ | 33.92 | 204,496 | $ | 31.47 | |||||||||||
Granted (including 442,242 RSUs relating to dividend participation) | 5,174,810 | $ | 37.21 | 46,938 | $ | 34.42 | |||||||||||
Forfeited | -268,900 | $ | 34.47 | – | – | ||||||||||||
Vested | -9,768,849 | $ | 34.65 | – | – | ||||||||||||
Balance, December 31, 2013 | 16,618,192 | $ | 34.51 | 251,434 | $ | 32.02 | |||||||||||
During the years ended December 31, 2013, 2012 and 2011, 9,768,849, 7,284,031 and 8,054,387 RSUs vested or were exchanged, respectively (including, in 2012, 1,523,642 RSUs that were exchanged for shares of restricted Class A common stock and 958,213 RSUs that were modified through forward purchase agreements into a liability award of $28,612). As of the modification date in 2012, the Company recorded a liability in “accrued compensation and benefits” of $26,922 related to such liability award and an offsetting reduction to “additional paid-in-capital”. Such liability awards were settled on March 1, 2013 for $28,612. During the year ended December 31, 2013, compensation expense of $1,690 was recorded for such liability awards. In connection with the vested RSUs, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 3,651,050, 1,471,814 and 2,353,561 shares of Class A common stock in the years ended December 31, 2013, 2012 and 2011, respectively. Accordingly, 6,117,799, 3,330,362, and 5,700,826 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
As of December 31, 2013, unrecognized RSU compensation expense, adjusted for estimated forfeitures, was approximately $156,537, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.0 years subsequent to December 31, 2013. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the three-year period ended December 31, 2013: | |||||||||||||||||
Restricted | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2011 | 95,332 | $ | 37.63 | ||||||||||||||
Granted | 327,238 | $ | 43.7 | ||||||||||||||
Vested | (327,238 | ) | $ | 43.7 | |||||||||||||
Balance, December 31, 2011 | 95,332 | $ | 37.63 | ||||||||||||||
Granted/Exchanged (a) | 2,100,965 | $ | 34.34 | ||||||||||||||
Forfeited | (21,178 | ) | $ | 29.51 | |||||||||||||
Vested | (202,510 | ) | $ | 31.43 | |||||||||||||
Balance, December 31, 2012 | 1,972,609 | $ | 34.85 | ||||||||||||||
Granted | 368,736 | $ | 36.74 | ||||||||||||||
Forfeited | (37,782 | ) | $ | 33.37 | |||||||||||||
Vested | (1,728,509 | ) | $ | 36 | |||||||||||||
Balance, December 31, 2013 | 575,054 | $ | 32.72 | ||||||||||||||
(a) | Includes, during the year ended December 31, 2012, as described above, 1,523,642 shares of restricted Class A common stock issued in exchange for 1,523,642 previously granted RSUs at a grant date fair value of $35.95 per share. The vesting terms of such restricted Class A common stock issued were substantially the same as those of the original awards exchanged. There was no incremental compensation cost incurred as a result of the exchanges. | ||||||||||||||||
As mentioned above, during 2012, the Company exchanged 1,523,642 RSUs for shares of restricted Class A common stock. | |||||||||||||||||
In connection with shares of restricted Class A common stock that vested during the years ended December 31, 2013 and 2012, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 18,599 and 28,129 shares of Class A common stock during such respective years. Accordingly, 1,709,910 and 174,381 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
The awards include a cash dividend participation right equivalent to any dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At December 31, 2013, unrecognized restricted stock expense was approximately $7,361, with such expense to be recognized over a weighted average period of approximately 1.2 years subsequent to December 31, 2013. | |||||||||||||||||
PRSUs | |||||||||||||||||
During the year ended December 31, 2013, the Company granted 448,128 PRSUs. The PRSUs are subject to both performance-based and service-based vesting conditions. The number of shares of Class A common stock that a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance metrics that relate to the Company’s performance over the three-year period beginning on January 1, 2012 and ending on December 31, 2014. The target number of shares of Class A common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of Class A common stock that may be received in connection with each PRSU can range from zero to two times the target number (or, for the PRSUs granted in 2013, three times the target number in the event of a substantial increase in 2014 in our revenue (adjusted for certain items)). The PRSUs granted in 2013 will vest 33% in March 2015 and 67% in March 2016, provided the applicable service and performance conditions are satisfied. In addition, the performance metrics applicable to each PRSU will be evaluated on an annual basis at the end of each fiscal year during the performance period and, if the Company has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of shares of Class A common stock subject to each PRSU will no longer be at risk of forfeiture based on the achievement of performance criteria. PRSUs generally include dividend participation rights. In October 2013, the Company modified the outstanding PRSUs that may vest above the level of two times target to add incremental performance criteria. Pursuant to the modification, in addition to the previously applicable performance criteria, the Company would also have to achieve a particular level of fiscal year 2014 revenue (adjusted for certain items) in order for the PRSUs to vest between a level of two to three times the target level. | |||||||||||||||||
Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of Class A common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value of $36.11 per share. As of December 31, 2013, the total estimated unrecognized compensation expense for PRSUs granted in 2013 was approximately $19,430, and the Company expects to amortize such expense over a weighted-average period of approximately 1.4 years. | |||||||||||||||||
Lazard Fund Interests and Other Similar Deferred Compensation Arrangements | |||||||||||||||||
Commencing in February 2011, the Company granted Lazard Fund Interests to eligible employees. In connection with the Lazard Fund Interests and other similar deferred compensation arrangements, which generally require future service as a condition for vesting, the Company recorded a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods (which are generally similar to the comparable periods for RSUs), and is charged to “compensation and benefits” expense within the Company’s consolidated statement of operations. Lazard Fund Interests and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. | |||||||||||||||||
The following is a summary of activity relating to Lazard Fund Interests and other similar deferred compensation arrangements during the years ended December 31, 2013 and 2012: | |||||||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2013 | $ | 47,445 | $ | 97,593 | |||||||||||||
Granted | 72,217 | 72,217 | |||||||||||||||
Settled | – | (24,006 | ) | ||||||||||||||
Forfeited | (1,075 | ) | (1,544 | ) | |||||||||||||
Amortization | (58,023 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 14,099 | |||||||||||||||
Adjustment for estimated forfeitures | – | 4,643 | |||||||||||||||
Other | (131 | ) | (580 | ) | |||||||||||||
Balance, December 31, 2013 | $ | 60,433 | $ | 162,422 | |||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Balance, January 1, 2012 | $ | 17,783 | $ | 29,900 | |||||||||||||
Granted | 64,679 | 64,679 | |||||||||||||||
Settled | – | (10,646 | ) | ||||||||||||||
Forfeited | (1,603 | ) | (1,711 | ) | |||||||||||||
Amortization | (33,476 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 7,557 | |||||||||||||||
Adjustment for estimated forfeitures | – | 7,841 | |||||||||||||||
Other | 62 | -27 | |||||||||||||||
Balance, December 31, 2012 | $ | 47,445 | $ | 97,593 | |||||||||||||
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.5 years subsequent to December 31, 2013. | |||||||||||||||||
The following is a summary of the impact of Lazard Fund Interests and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amortization, net of forfeitures (a) | $ | 62,197 | $ | 41,209 | $ | 14,551 | |||||||||||
Change in the fair value of underlying investments | 14,099 | 7,557 | (3,024 | ) | |||||||||||||
Total | $ | 76,296 | $ | 48,766 | $ | 11,527 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $2,665 and $3,495, respectively. | ||||||||||||||||
Incentive Awards Granted In February 2014 | |||||||||||||||||
In February 2014, the Company granted approximately $275,000 of deferred incentive awards (excluding PRSUs) to eligible employees. These grants included: RSUs or shares of restricted Class A common stock; deferred incentive awards that allow eligible employees the choice of receiving a portion of their award in a combination of (i) Lazard Fund Interests and (ii) additional RSUs or shares of restricted Class A common stock; deferred cash awards; and a portion of fund managers’ year-end incentive compensation that is reinvested in certain asset management funds. In addition, the Company granted approximately $16,000 of PRSUs (valued at the target payout level). | |||||||||||||||||
The RSUs, restricted Class A common stock and Lazard Fund Interests granted each provide for one-third vesting on March 1, 2016 and the remaining two-thirds vesting on March 1, 2017. The PRSUs granted provide for cliff vesting in March 2017, provided that the applicable service and performance conditions are satisfied, and will convert into Class A common stock within a range equal to zero to two times the target number of shares of Class A common stock subject to the awards. Compensation expense with respect to such incentive awards will generally be recognized over the vesting period, with such compensation expense to be recognized over a weighted average period of approximately 2.7 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
15 | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”) and, in the U.S., a partially funded contributory post-retirement plan covering qualifying U.S. employees (the “medical plan” and together with the pension plans, the “post-retirement plans”). The Company also offers defined contribution plans. The post-retirement plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense on the consolidated statements of operations. | |||||||||||||||||||||||||
Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ Trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The Company did not make a contribution to the U.S. pension plans during the year ended December 31, 2013. The Company does not expect to make a contribution to the U.S. pension plans during the year ending December 31, 2014. | |||||||||||||||||||||||||
On April 30, 2012, the Company and the Trustees of the U.K. pension plans concluded the December 31, 2010 triennial valuations of the plans. In connection with such valuations and a previously negotiated agreement with the Trustees, the Company and the Trustees agreed upon pension funding terms (the “agreement”) (which superseded the terms of an agreement reached in June 2009 with respect to the previous triennial valuation as of December 31, 2007) whereby the Company: (i) made a contribution in December 2011 to the plans of 2.3 million British pounds ($3,687 at December 31, 2011 exchange rates) from a previously established escrow account, (ii) agreed to make contributions of 1 million British pounds during each year from 2012 through 2020 inclusive and (iii) amended the previous escrow arrangement into an account security arrangement covering 10.2 million British pounds, committing to make annual contributions of 1 million British pounds into such account security arrangement during each year from 2014 through 2020 inclusive. It was further agreed that, to the extent that the value of the plans’ assets falls short of the funding target for June 1, 2020 that has been agreed upon with the Trustees, the assets from the account security arrangement would be released into the plans at that date. Additionally, the Company agreed to fund the expenses of administering the plans, including certain regulator levies and the cost of other professional advisors to the plans. The terms of the agreement are subject to adjustment based on the results of subsequent triennial valuations. The aggregate amount in the account security arrangement was approximately $16,900 and $16,500 at December 31, 2013 and 2012 and has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying consolidated statements of financial condition. Income on the account security arrangement accretes to the Company and is recorded in interest income. | |||||||||||||||||||||||||
During the year ended December 31, 2013, the Company contributed 1.4 million British pounds to these U.K. pension plans and expects to contribute a similar amount during the year ending December 31, 2014. Additionally, during the year ended December 31, 2013, no contributions were made to other non-U.S. pension plans. The Company expects to contribute approximately $4,800 to these other non-U.S. pension plans during the year ending December 31, 2014. | |||||||||||||||||||||||||
The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans. | |||||||||||||||||||||||||
Pension | Medical Plan | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 656,025 | $ | 575,031 | $ | 5,668 | $ | 5,362 | |||||||||||||||||
Service cost | 940 | 670 | 53 | 60 | |||||||||||||||||||||
Interest cost | 27,219 | 27,636 | 182 | 211 | |||||||||||||||||||||
Actuarial (gain) loss | 32,329 | 57,057 | (647 | ) | 310 | ||||||||||||||||||||
Benefits paid | (23,258 | ) | (26,420 | ) | (176 | ) | (275 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | 16,595 | 22,051 | |||||||||||||||||||||||
Benefit obligation at end of year | 709,850 | 656,025 | 5,080 | 5,668 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 607,705 | 568,911 | |||||||||||||||||||||||
Actual return on plan assets | 41,353 | 33,882 | |||||||||||||||||||||||
Employer contributions | 2,274 | 8,221 | 176 | 275 | |||||||||||||||||||||
Benefits paid | (23,258 | ) | (26,420 | ) | (176 | ) | (275 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | 15,770 | 23,111 | |||||||||||||||||||||||
Fair value of plan assets at end of year | 643,844 | 607,705 | – | – | |||||||||||||||||||||
Funded (deficit) at end of year | $ | (66,006 | ) | $ | (48,320 | ) | $ | (5,080 | ) | $ | (5,668 | ) | |||||||||||||
Amounts recognized in the consolidated statements of financial condition at December 31, 2013 and 2012 consist of: | |||||||||||||||||||||||||
Prepaid pension asset (included in “other assets”) | $ | 148 | $ | 2,659 | |||||||||||||||||||||
Accrued benefit liability (included in “other liabilities”) | (66,154 | ) | (50,979 | ) | $ | (5,080 | ) | $ | (5,668 | ) | |||||||||||||||
Net amount recognized | $ | (66,006 | ) | $ | (48,320 | ) | $ | (5,080 | ) | $ | (5,668 | ) | |||||||||||||
Amounts recognized in AOCI (excluding tax benefits of $30,448 and $25,989 at December 31, 2013 and 2012, respectively) consist of: | |||||||||||||||||||||||||
Actuarial net loss (gain) | $ | 159,575 | $ | 143,133 | $ | (597 | ) | $ | 50 | ||||||||||||||||
Prior service cost | 8,901 | 11,342 | – | – | |||||||||||||||||||||
Net amount recognized | $ | 168,476 | $ | 154,475 | $ | (597 | ) | $ | 50 | ||||||||||||||||
The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2013 and 2012: | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Total | |||||||||||||||||||||||
As Of December 31, | As Of December 31, | As Of December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Fair value of plan assets | $ | 26,200 | $ | 25,231 | $ | 617,644 | $ | 582,474 | $ | 643,844 | $ | 607,705 | |||||||||||||
Accumulated benefit obligation | $ | 29,427 | $ | 35,276 | $ | 680,423 | $ | 620,749 | $ | 709,850 | $ | 656,025 | |||||||||||||
Projected benefit obligation | $ | 29,427 | $ | 35,276 | $ | 680,423 | $ | 620,749 | $ | 709,850 | $ | 656,025 | |||||||||||||
The following table summarizes the components of net periodic benefit cost (credit), the return on plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
For The Years Ended | For The Years Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit): | |||||||||||||||||||||||||
Service cost | $ | 940 | $ | 670 | $ | 651 | $ | 53 | $ | 60 | $ | 69 | |||||||||||||
Interest cost | 27,219 | 27,636 | 28,266 | 182 | 211 | 278 | |||||||||||||||||||
Expected return on plan assets | (27,078 | ) | (26,657 | ) | (30,490 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service cost | 2,843 | 2,751 | 2,979 | ||||||||||||||||||||||
Net actuarial loss | 3,691 | 1,658 | 258 | ||||||||||||||||||||||
Settlement loss (a) | – | 1,135 | |||||||||||||||||||||||
Net periodic benefit cost | $ | 7,615 | $ | 7,193 | $ | 1,664 | $ | 235 | $ | 271 | $ | 347 | |||||||||||||
Actual return on plan assets | $ | 41,353 | $ | 33,882 | $ | 29,870 | $ | ||||||||||||||||||
Employer contributions | $ | 2,274 | $ | 8,221 | $ | 8,689 | $ | 176 | $ | 275 | $ | 347 | |||||||||||||
Benefits paid | $ | 23,258 | $ | 26,420 | $ | 21,718 | $ | 176 | $ | 275 | $ | 347 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $4,459, $11,805 and $11,495 during the years ended December 31, 2013, 2012 and 2011, respectively): | |||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 17,251 | $ | 50,209 | $ | 51,703 | $ | (647 | ) | $ | 310 | $ | (438 | ) | |||||||||||
Reclassification of prior service (cost) credit to earnings | (2,843 | ) | (2,751 | ) | (2,979 | ) | |||||||||||||||||||
Reclassification of actuarial loss to earnings | (3,691 | ) | (2,793 | ) | (258 | ) | |||||||||||||||||||
Currency translation and other adjustments | 3,284 | 2,729 | (491 | ) | |||||||||||||||||||||
Total recognized in AOCI | $ | 14,001 | $ | 47,394 | $ | 47,975 | $ | (647 | ) | $ | 310 | $ | (438 | ) | |||||||||||
Net amount recognized in total periodic benefit cost and AOCI | $ | 21,616 | $ | 54,587 | $ | 49,639 | $ | (412 | ) | $ | 581 | $ | (91 | ) | |||||||||||
(a) | During the year ended December 31, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, combined with a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032. | ||||||||||||||||||||||||
The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2013 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2014 are as follows: | |||||||||||||||||||||||||
Pension | Medical | Total | |||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
Prior service cost | $ | 2,954 | $ | – | $ | 2,954 | |||||||||||||||||||
Net actuarial loss (gain) | $ | 4,451 | $ | (90 | ) | $ | 4,361 | ||||||||||||||||||
The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2013, 2012 and 2011 are set forth below: | |||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 4.30% | 4.6 | % | 4.8 | % | 4.30% | 3.40% | 4.10% | |||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 3.30% | 3.2 | % | 4.7 | % | 3.40% | 4.10% | 5.00% | |||||||||||||||||
Expected long-term rate of return on plan assets | 4.70% | 4.7 | % | 5.4 | % | – | – | – | |||||||||||||||||
Healthcare cost trend rates used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Initial | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||||
Ultimate | 5.00% | 6.00% | 6.00% | ||||||||||||||||||||||
Year ultimate trend rate achieved | 2019 | 2016 | 2015 | ||||||||||||||||||||||
Generally, the Company determined the discount rates for its defined benefit plans by utilizing indices for long-term, high-quality bonds and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities. | |||||||||||||||||||||||||
In selecting the expected long-term rate of return on plan assets, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan, giving consideration to expected returns on different asset classes held by the plans in light of prevailing economic conditions as well as historic returns. This basis is consistent for all years presented. | |||||||||||||||||||||||||
The assumed cost of healthcare has an effect on the amounts reported for the Company’s medical plan. A 1% change in the assumed healthcare cost trend rate would increase (decrease) our cost and obligation as follows: | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Cost | $ | 33 | $ | 44 | $ | (24 | ) | $ | (31 | ) | |||||||||||||||
Obligation | $ | 675 | $ | 880 | $ | (494 | ) | $ | (610 | ) | |||||||||||||||
Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s post-retirement plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: | |||||||||||||||||||||||||
Pension | Medical | ||||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
2014 | $ | 23,736 | $ | 397 | |||||||||||||||||||||
2015 | 25,095 | 398 | |||||||||||||||||||||||
2016 | 26,473 | 395 | |||||||||||||||||||||||
2017 | 26,721 | 392 | |||||||||||||||||||||||
2018 | 28,761 | 391 | |||||||||||||||||||||||
2019-2023 | 163,107 | 1,894 | |||||||||||||||||||||||
Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2013 and 2012, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 5,835 | $ | – | $ | – | $ | 5,835 | |||||||||||||||||
Debt | 43,764 | – | – | 43,764 | |||||||||||||||||||||
Equities | 27,762 | – | – | 27,762 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | 907 | 43,123 | 698 | 44,728 | |||||||||||||||||||||
Debt | 11,942 | 323,812 | 2,222 | 337,976 | |||||||||||||||||||||
Equity | 183,779 | – | – | 183,779 | |||||||||||||||||||||
Total | $ | 273,989 | $ | 366,935 | $ | 2,920 | $ | 643,844 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 10,714 | $ | – | $ | – | $ | 10,714 | |||||||||||||||||
Debt | 47,298 | – | – | 47,298 | |||||||||||||||||||||
Equities | 29,337 | – | – | 29,337 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 39,930 | 404 | 40,334 | |||||||||||||||||||||
Debt | 12,430 | 307,695 | 2,024 | 322,149 | |||||||||||||||||||||
Equity | 157,873 | – | – | 157,873 | |||||||||||||||||||||
Total | $ | 257,652 | $ | 347,625 | $ | 2,428 | $ | 607,705 | |||||||||||||||||
Activity in the fair value of the pension plans’ Level 3 debt and alternative investment funds for the years ended December 31, 2013 and 2012 consisted of net unrealized/realized gains of $434 and $443, respectively, favorable foreign currency translation adjustments of $58 and $77, respectively, and in 2012, purchases of $131. | |||||||||||||||||||||||||
Included in Level 1 equity funds are $81,633 and $106,873 as of December 31, 2013 and 2012, respectively, that are invested in funds managed by LAM. | |||||||||||||||||||||||||
Consistent with the plans’ investment strategies, at December 31, 2013 and 2012, the Company’s U.S. pension plan had 54% and 51%, respectively, of the plans’ assets invested in Level 1 equity funds and 46% and 49%, respectively, invested in Level 1 debt funds. The Company’s non-U.S. pension plans at December 31, 2013 and 2012 had 32% and 30%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 assets; 60% and 61%, respectively of the plans’ assets invested in debt and debt funds that are primarily Level 2 assets, and 8% and 9%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily Level 2 assets. | |||||||||||||||||||||||||
Investment Policies and Strategies—The primary investment goal is to ensure that the plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the trust to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan assets classified as Level 2 assets are primarily valued based on inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. The fair value of plan investments classified as Level 3 assets are primarily based on NAV determined based on information provided by external fund administrators. | |||||||||||||||||||||||||
Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $11,778, $13,070 and $10,944 for the years ended December 31, 2013, 2012 and 2011, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations. | |||||||||||||||||||||||||
Cost_Saving_Initiatives
Cost Saving Initiatives | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Cost Saving Initiatives | ' | ||||||||||||||||
16 | COST SAVING INITIATIVES | ||||||||||||||||
Cost Saving Initiatives—In October 2012, the Company announced cost saving initiatives (the “Cost Saving Initiatives”) relating to the Company’s operations. These initiatives include streamlining our corporate structure and consolidating support functions; realigning our investments into areas with potential for the greatest long-term return; the settlement of certain contractual obligations; reducing occupancy costs; and creating greater flexibility to retain and attract the best people and invest in new growth areas. | |||||||||||||||||
Expenses associated with the implementation of the Cost Saving Initiatives were completed during the year ended December 31, 2013. The Company incurred these expenses, by segment, as reflected in the tables below: | |||||||||||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 45,746 | $ | 236 | $ | 5,417 | $ | 51,399 | |||||||||
Other | 2,033 | (1 | ) | 11,272 | 13,304 | ||||||||||||
Total | $ | 47,779 | $ | 235 | $ | 16,689 | $ | 64,703 | |||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Cumulative October 2012 Through | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 121,879 | $ | 12,292 | $ | 17,215 | $ | 151,386 | |||||||||
Other | 3,432 | 732 | 11,729 | 15,893 | |||||||||||||
Total | $ | 125,311 | $ | 13,024 | $ | 28,944 | $ | 167,279 | |||||||||
Activity related to the obligations pursuant to the Cost Saving Initiatives during 2013 was as follows: | |||||||||||||||||
Accrued | Other | Total | |||||||||||||||
Compensation | Liabilities | ||||||||||||||||
and Benefits | |||||||||||||||||
Balance, January 1, 2013 | $ | 46,128 | $ | 1,714 | $ | 47,842 | |||||||||||
New charges | 51,399 | 13,304 | 64,703 | ||||||||||||||
Less: | |||||||||||||||||
Non-cash charges | (12,007 | ) | (3,387 | ) | (15,394 | ) | |||||||||||
Settlements | (73,660 | ) | (6,275 | ) | (79,935 | ) | |||||||||||
Balance, December 31, 2013 | $ | 11,860 | $ | 5,356 | $ | 17,216 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
17 | INCOME TAXES | ||||||||||||
As a result of its indirect investment in Lazard Group, Lazard Ltd, through certain of its subsidiaries, is subject to U.S. federal income taxes on its portion of Lazard Group’s operating income. Although a portion of Lazard Group’s income is subject to U.S. federal income taxes, Lazard Group primarily operates in the U.S. as a limited liability company that is treated as a partnership for U.S. federal income tax purposes. As a result, Lazard Group’s income from its U.S. operations is generally not subject to U.S. federal income taxes because such income is attributable to its partners. In addition, Lazard Group is subject to UBT which is attributable to Lazard Group’s operations apportioned to New York City. UBT is incremental to the U.S. federal statutory tax rate. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes. | |||||||||||||
Substantially all of Lazard’s foreign operations are conducted in “pass-through” entities for U.S. income tax purposes and the Company provides for U.S. income taxes on a current basis for substantially all of those earnings. The repatriation of prior earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes. | |||||||||||||
The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (3,678 | ) | $ | 2,094 | $ | (501 | ) | |||||
Foreign | 41,084 | 27,650 | 35,885 | ||||||||||
State and local (primarily UBT) | (167 | ) | 5,813 | 2,342 | |||||||||
Total current | 37,239 | 35,557 | 37,726 | ||||||||||
Deferred: | |||||||||||||
Federal | 19,934 | (3,330 | ) | 16,167 | |||||||||
Foreign | (4,520 | ) | (1,127 | ) | (2,832 | ) | |||||||
State and local (primarily UBT) | (960 | ) | – | (6,121 | ) | ||||||||
Total deferred | 14,454 | (4,457 | ) | 7,214 | |||||||||
Total | $ | 51,693 | $ | 31,100 | $ | 44,940 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Income of noncontrolling interests | (0.8 | ) | (2.4 | ) | (2.0 | ) | |||||||
Share-based incentive compensation | – | 7.4 | – | ||||||||||
Foreign source income not subject to U.S. income tax | (12.7 | ) | (34.6 | ) | (13.8 | ) | |||||||
Foreign taxes | 14.1 | 13.5 | 8.3 | ||||||||||
State and local taxes (primarily UBT) | 2.6 | 3.4 | 0.9 | ||||||||||
Change in U.S. federal valuation allowance | (14.9 | ) | 1.4 | (8.3 | ) | ||||||||
Other, net | 0.5 | 1.4 | (1.0 | ) | |||||||||
Effective income tax rate | 23.8 | % | 25.1 | % | 19.1 | % | |||||||
See Note 21 of Notes to Consolidated Financial Statements regarding operating income (loss) by geographic region. | |||||||||||||
Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Basis adjustments (primarily as a result of the separation and recapitalization transactions that occurred during 2005 and from secondary offerings) | $ | 739,059 | $ | 820,229 | |||||||||
Compensation and benefits | 250,413 | 243,564 | |||||||||||
Net operating loss and tax credit carryforwards | 348,433 | 308,233 | |||||||||||
Depreciation and amortization | 8,169 | 3,404 | |||||||||||
Other | 58,273 | 30,626 | |||||||||||
Gross deferred tax assets | 1,404,347 | 1,406,056 | |||||||||||
Valuation allowance | (1,225,305 | ) | (1,238,765 | ) | |||||||||
Deferred tax assets (net of valuation allowance) | $ | 179,042 | $ | 167,291 | |||||||||
Deferred Tax Liabilities: | |||||||||||||
Depreciation and amortization | $ | 19,296 | $ | 33,715 | |||||||||
Compensation and benefits | 30,042 | 4,292 | |||||||||||
Goodwill | 15,434 | 15,843 | |||||||||||
Other | 70,394 | 50,648 | |||||||||||
Deferred tax liabilities | $ | 135,166 | $ | 104,498 | |||||||||
The basis adjustments recorded as of December 31, 2013 and 2012 are the result of: | |||||||||||||
• | purchases and redemptions of historical and working member interests consummated in connection with the separation and recapitalization of the Company, which resulted in deferred tax assets of $123,027 and $158,459 at December 31, 2013 and 2012, respectively, | ||||||||||||
• | tax basis step-ups resulting from the exchange of LAZ-MD exchangeable interests and from secondary offerings, and associated with the LAM Merger, which in the aggregate resulted in deferred tax assets of $603,552 and $638,993 at December 31, 2013 and 2012, respectively, | ||||||||||||
• | tax basis step-up for U.S. income tax purposes on certain U.K. assets, which resulted in deferred tax assets of $6,538 and $16,083 at December 31, 2013 and 2012, respectively, and | ||||||||||||
• | tax basis step-up for payments made under the tax receivable agreement of $5,942 and $6,694 at December 31, 2013 and 2012, respectively. | ||||||||||||
Although we have been profitable on a consolidated basis in the last three years, certain of our tax-paying entities have individually experienced minimal profits on a cumulative three-year basis and losses in 2012, primarily due to permanent differences between net income and taxable income at such entities. Considering the recent operating results of such entities, we have recorded valuation allowances on our deferred tax assets of $1,225,305 and $1,238,765 as of December 31, 2013 and December 31, 2012, respectively. The valuation allowance at December 31, 2013 reflects a net decrease of $13,460 from the balance of $1,238,765 at December 31, 2012. This net decrease in the valuation allowance for the year ended December 31, 2013 consists of additions of $13,375 and $22,010 for the amounts charged to income tax expense and stockholders’ equity, respectively, and a deduction of $48,845 which was credited to income tax expense. | |||||||||||||
As mentioned previously, certain of our tax-paying entities have individually experienced minimal profits on a cumulative basis over the past several years and losses in 2012. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets will be realized. If the cumulative positive information outweighs the negative, including among other matters the achievement by the relevant tax-paying entities of sustainable levels of profitability, the evaluation of the realizability of the deferred tax assets could change and a significant amount of the valuation allowance could be released in whole or in part. This could occur at some point or points over the next few years, including as early as the end of 2014. If any significant valuation allowance reduction were to occur, we would likely have a negative effective tax rate in the period in which such reduction occurs. | |||||||||||||
The Company had net operating loss and tax credit carryforwards for which related deferred tax assets were recorded at December 31, 2013 primarily relating to: | |||||||||||||
(i) | indefinite-lived carryforwards (subject to various limitations) of approximately $74,619, primarily in the U.K., France, Australia, Italy, Germany, Singapore and Italy; and | ||||||||||||
(ii) | certain carryforwards of approximately $266,243 in the U.S., which begin expiring in 2029. | ||||||||||||
As a result of certain realization requirements regarding share-based incentive plan awards, certain deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting that would otherwise have been recognized at December 31, 2013 and 2012 of $30,200 and $19,900 are not included in the table above. The impact of such excess tax deductions will be recorded in stockholders’ equity if and when such deferred tax assets are ultimately realized. | |||||||||||||
With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2009. While we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate. | |||||||||||||
A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, January 1 (excluding interest and penalties of $14,799, $8,454 and $7,099, respectively) | $ | 55,947 | $ | 62,200 | $ | 58,605 | |||||||
Increases in gross unrecognized tax benefits relating to tax positions taken during: | |||||||||||||
Prior years | 417 | 1,393 | 1,081 | ||||||||||
Current year | 17,596 | 19,690 | 16,928 | ||||||||||
Decreases in gross unrecognized tax benefits relating to: | |||||||||||||
Tax positions taken during prior years | (385 | ) | (5,397 | ) | (5,133 | ) | |||||||
Settlements with tax authorities | (5,587 | ) | (12,077 | ) | – | ||||||||
Lapse of the applicable statute of limitations | (5,083 | ) | (9,862 | ) | (9,281 | ) | |||||||
Balance, December 31 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively) | $ | 62,905 | $ | 55,947 | $ | 62,200 | |||||||
Additional information with respect to unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $12,200, $14,799 and $8,454, respectively) | $ | 36,272 | $ | 44,452 | $ | 44,545 | |||||||
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | $ | 38,833 | $ | 26,294 | $ | 26,109 | |||||||
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $7,326, $3,130 and $1,785, respectively) | $ | (2,599 | ) | $ | 6,345 | $ | 1,355 | ||||||
The Company anticipates that it is reasonably possible that approximately $8,600 of unrecognized tax benefits recorded at December 31, 2013 may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions. | |||||||||||||
Tax Receivable Agreement | |||||||||||||
The redemption of historical partner interests in connection with the Company’s separation and recapitalization that occurred in May 2005 and the subsequent exchanges through December 31, 2013 of LAZ-MD Holdings exchangeable interests for shares of Class A common stock have resulted, and future exchanges of LAZ-MD Holdings exchangeable interests for shares of Class A common stock may result, in increases in the tax basis of the tangible and/or intangible assets of Lazard Group. Included in our deferred tax assets as of December 31, 2013 are approximately $652,000 related to certain basis step-up assets and approximately $257,000 of net operating losses generated by the amortization of such step-up assets, all of which are subject to the tax receivable agreement dated as of May 10, 2005 with LFCM Holdings. The tax receivable agreement requires the Company to pay LFCM Holdings 85% of the cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of these increases in tax basis. The Company records provisions for payments under the tax receivable agreement to the extent they are probable and estimable. During the years ended December 31, 2013 and 2011, the Company recorded a provision pursuant to tax receivable agreement of $1,249 and $429, respectively, in “operating expenses—other” on the consolidated statements of operations (no provision was required for the year ended December 31, 2012). | |||||||||||||
Net_Income_Per_Share_of_Class_
Net Income Per Share of Class A Common Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income Per Share of Class A Common Stock | ' | ||||||||||||
18 | NET INCOME PER SHARE OF CLASS A COMMON STOCK | ||||||||||||
The Company’s basic and diluted net income per share calculations for the years ended December 31, 2013, 2012 and 2011 are computed as described below. | |||||||||||||
Basic Net Income Per Share | |||||||||||||
Numerator—utilizes net income attributable to Lazard Ltd for the respective years, plus applicable adjustments to such net income associated with the inclusion of shares of Class A common stock issuable on a non-contingent basis. | |||||||||||||
Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective years, plus applicable adjustments to such shares associated with shares of Class A common stock issuable on a non-contingent basis. | |||||||||||||
Diluted Net Income Per Share | |||||||||||||
Numerator—utilizes net income attributable to Lazard Ltd for the respective years as in the basic net income per share calculation described above, plus, to the extent applicable and dilutive, (i) interest expense on convertible debt, (ii) changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt and convertible preferred stock and, on an “as-if-exchanged” basis, amounts applicable to LAZ-MD Holdings exchangeable interests and (iii) income tax related to (i) and (ii) above. | |||||||||||||
Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective years as in the basic net income per share calculation described above, plus, to the extent dilutive, the incremental number of shares of Class A common stock to settle share-based incentive compensation, convertible debt, convertible preferred stock and LAZ-MD Holdings exchangeable interests, using the “treasury stock” method, the “if converted” method or the “as-if-exchanged” basis, as applicable. | |||||||||||||
The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the years ended December 31, 2013, 2012 and 2011 are presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income attributable to Lazard Ltd | $ | 160,212 | $84,309 | $174,917 | |||||||||
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | — | 7 | 284 | ||||||||||
Net income attributable to Lazard Ltd - basic | 160,212 | 84,316 | 175,201 | ||||||||||
Add - dilutive effect, as applicable, of: | |||||||||||||
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax | 1,065 | 371 | 12,512 | ||||||||||
Net income attributable to Lazard Ltd - diluted | $161,277 | $84,687 | $187,713 | ||||||||||
Weighted average number of shares of Class A common stock outstanding | 120,096,305 | 116,163,821 | 115,005,676 | ||||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 757,962 | 790,168 | 3,026,344 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 120,854,267 | 116,953,989 | 118,032,020 | ||||||||||
Add - dilutive effect, as applicable, of: | |||||||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests | 12,882,812 | 12,371,633 | 19,597,505 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,737,079 | 129,325,622 | 137,629,525 | ||||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||||
Basic | $1.33 | $0.72 | $1.48 | ||||||||||
Diluted | $1.21 | $0.65 | $1.36 | ||||||||||
Related_Parties
Related Parties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Parties | ' | ||||||||
19 | RELATED PARTIES | ||||||||
Amounts receivable from, and payable to, related parties are set forth below: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Receivables | |||||||||
LFCM Holdings | $ | 7,794 | $ | 20,529 | |||||
Other | 126 | 3,272 | |||||||
Total | $ | 7,920 | $ | 23,801 | |||||
Payables | |||||||||
LFCM Holdings | $ | 4,300 | $ | 2,943 | |||||
Other | 731 | 705 | |||||||
Total | $ | 5,031 | $ | 3,648 | |||||
LFCM Holdings | |||||||||
LFCM Holdings owns and operates the capital markets business and fund management activities, as well as other specified non-operating assets and liabilities, that were transferred to it by Lazard Group (referred to as the “separated businesses”) in May 2005 and is owned by former and current managing directors (which also include the Company’s executive officers) who were or are also members of LAZ-MD Holdings. In addition to the master separation agreement, dated as of May 10, 2005, by and among Lazard Ltd, Lazard Group, LAZ-MD Holdings and LFCM Holdings (the “master separation agreement”), which effected the separation and recapitalization that occurred in May 2005, LFCM Holdings entered into certain agreements that addressed various business matters associated with the separation, including agreements related to administrative and support services (the “administrative services agreement”), employee benefits, insurance matters and licensing. In addition, LFCM Holdings and Lazard Group entered into a business alliance agreement (the “business alliance agreement”). Certain of these agreements are discussed below. | |||||||||
Under the employee benefits agreement, dated as of May 10, 2005, by and among Lazard Ltd, Lazard Group, LAZ-MD Holdings and LFCM Holdings, LFCM Holdings generally assumed, as of the completion of the separation and recapitalization transactions, all outstanding and future liabilities in respect of the former and current employees of the separated businesses. The Company retained all accrued liabilities under, and assets of, the pension plans in the U.S. and the U.K. as well as the 401(k) plan accounts of the inactive employees of LFCM Holdings and its subsidiaries. | |||||||||
Pursuant to the administrative services agreement, dated as of May 10, 2005, by and among LAZ-MD Holdings, LFCM Holdings and Lazard Group, Lazard Group provides selected administrative and support services to LAZ-MD Holdings and LFCM Holdings, such as cash management and debt service administration, accounting and financing activities, tax, payroll, human resources administration, financial transaction support, information technology, public communications, data processing, procurement, real estate management and other general administrative functions. Lazard Group charges for these services based on Lazard Group’s cost allocation methodology. | |||||||||
The services provided pursuant to the administrative services agreement by Lazard Group to LFCM Holdings, and by LFCM Holdings to Lazard Group, are subject to automatic annual renewal, unless either party gives 180 days’ notice of termination. LFCM Holdings and Lazard Group have a right to terminate the services earlier if there is a change of control of either party or the business alliance provided in the business alliance agreement entered into on May 10, 2005, by and among LAZ-MD Holdings, LFCM Holdings and Lazard Group (described below) expires or is terminated. The party receiving a service may also terminate a service earlier upon 180 days’ notice as long as the receiving party pays the service provider an additional three months of service fee for the terminated service. | |||||||||
The business alliance agreement provides, among other matters, that Lazard Group will refer to LFCM Holdings selected opportunities for underwriting and distribution of securities. In addition, Lazard Group will provide assistance in the execution of any such referred business. In exchange for the referral obligation and assistance, Lazard Group will receive a referral fee from LFCM Holdings equal to approximately one-half of the revenue obtained by LFCM Holdings in respect of any underwriting or distribution opportunity. In addition, LFCM Holdings will refer opportunities in the Financial Advisory and Asset Management businesses to Lazard Group. In exchange for this referral, LFCM Holdings will be entitled to a customary finders’ fee from Lazard Group. The business alliance agreement further provides that, during the term of the business alliance, LFNY and Lazard Asset Management Securities LLC, an indirect wholly-owned subsidiary of LFNY, will introduce execution and settlement transactions to broker-dealer entities affiliated with LFCM Holdings. The business alliance agreement is subject to periodic automatic renewal, unless Lazard Group or LFCM Holdings elects to terminate the agreement in connection with any such renewal or elects to terminate on account of a change of control of the other party. As of December 31, 2013, the date by which either party was required to provide notice of non-renewal had been tolled, and neither party had given notice of non-renewal or termination. | |||||||||
For the years ended December 31, 2013, 2012 and 2011, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $1,456, $7,637 and $10,277, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $(1,646), $5,947 and $18,862, respectively. Amounts relating to the administrative services agreement are reported as reductions to operating expenses. Net referral fees for underwriting transactions under the business alliance agreement are reported in “revenue-other”. Net referral fees for private placement, M&A and restructuring transactions under the business alliance agreement are reported in advisory fee revenue. | |||||||||
Receivables from LFCM Holdings and its subsidiaries as of December 31, 2013 and 2012 include $3,112 and $14,299, respectively, related to administrative and support services and other receivables which include sublease income and reimbursement of expenses incurred on behalf of LFCM Holdings, and $4,682 and $6,230, respectively, related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at December 31, 2013 and 2012 include $3,051 and $2,943, respectively, primarily relating to referral fees for Financial Advisory transactions, and, at December 31, 2013, $1,249 related to obligations pursuant to the tax receivable agreement (see Note 17 of Notes to Consolidated Financial Statements). | |||||||||
Other | |||||||||
For the years ended December 31, 2013, 2012 and 2011, amounts recorded by Lazard Group relating to referral fees for restructuring and M&A transactions and fee sharing with MBA Lazard Holdings S.A. and its affiliates (“MBA”), an Argentina-based group in which the Company has a 50% ownership interest, amounted to $(2,221), $1,506 and $1,866, respectively, and are reported in advisory fee revenue. | |||||||||
Other receivables and payables at December 31, 2013 and 2012 primarily relate to referral fees for M&A and restructuring transactions with MBA and at December 31, 2012 a related party loan. | |||||||||
LAZ-MD Holdings | |||||||||
Lazard Group provides certain administrative and support services to LAZ-MD Holdings through the administrative services agreement as discussed above, with such services generally to be provided until December 31, 2014 unless terminated earlier because of a change in control of either party. Lazard Group charges LAZ-MD Holdings for these services based on Lazard Group’s cost allocation methodology and, for the years ended December 31, 2013, 2012 and 2011, such charges amounted to $1,000, $1,000 and $750, respectively. | |||||||||
Lazard Alternative Investments | |||||||||
The business alliance agreement, among other things, granted Lazard Group the option to acquire the North American and European fund management activities of Lazard Alternative Investments Holdings LLC (“LAI”), the subsidiary of LFCM Holdings that owns and operates LFCM Holdings’ alternative investment (including private equity) activities, for an aggregate purchase price of $8,000 and $2,000, respectively. On December 15, 2009, Lazard Group exercised its option to acquire the European fund management activities of LAI for a purchase price of $2,000. Through February 2009, the Company had prepaid $5,500 of the option exercise price related to the North American business of LAI. The remaining option to purchase the North American fund management activities is currently exercisable at any time prior to May 10, 2014, for a purchase price of $2,500. | |||||||||
During the fourth quarter of 2011, the Company determined that it was unlikely to exercise the North American option. Accordingly, during such period the Company wrote-off the $5,500 previously capitalized cost associated with the prepayment of the option which is included within “other” operating expenses on the consolidated statement of operations. |
Regulatory_Authorities
Regulatory Authorities | 12 Months Ended | |
Dec. 31, 2013 | ||
Banking And Thrift [Abstract] | ' | |
Regulatory Authorities | ' | |
20 | REGULATORY AUTHORITIES | |
LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $100, whichever is greater. At December 31, 2013, LFNY’s regulatory net capital was $110,317, which exceeded the minimum requirement by $106,944. | ||
Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At December 31, 2013, the aggregate regulatory net capital of the U.K. Subsidiaries was $77,786, which exceeded the minimum requirement by $63,349. | ||
CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the ACPR for its banking activities conducted through its subsidiary, LFB. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG (asset management), also are subject to regulation and supervision by the Autorité des Marchés Financiers. At December 31, 2013, the consolidated regulatory net capital of CFLF was $196,109, which exceeded the minimum requirement set for regulatory capital levels by $162,915. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. During the third quarter of 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-financial advisory European subsidiaries of the Company (referred to herein, on a combined basis, as the “combined European regulated group”) under such rules. Under this new supervision, the combined European regulated group is required to comply with periodic financial, regulatory net capital and other reporting obligations. Additionally, the combined European regulated group, together with our European financial advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure (which is similar to the information that the Company had already been providing informally). This new supervision under, and provision of information to, the ACPR became effective December 31, 2013. | ||
Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At December 31, 2013, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $113,118, which exceeded the minimum required capital by $78,848. | ||
At December 31, 2013, each of these subsidiaries individually was in compliance with its regulatory capital requirements. | ||
Any new or expanded rules and regulations that may be adopted in countries in which we operate (including regulations that have not yet been proposed) could affect us in other ways. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
Segment Information | ' | ||||||||||||||
21 | SEGMENT INFORMATION | ||||||||||||||
The Company’s reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in two business segments as described in Note 1 above - Financial Advisory and Asset Management. In addition, as described in Note 1 above, the Company records selected other activities in its Corporate segment. | |||||||||||||||
The Company’s segment information for the years ended December 31, 2013, 2012 and 2011 is prepared using the following methodology: | |||||||||||||||
• | Revenue and expenses directly associated with each segment are included in determining operating income. | ||||||||||||||
• | Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other factors. | ||||||||||||||
• | Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors. | ||||||||||||||
The Company allocates investment gains and losses, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported. | |||||||||||||||
Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, legal, facilities management and senior management activities. | |||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments. | |||||||||||||||
Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: | |||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2013(b) | 2012(b) | 2011 | |||||||||||||
Financial Advisory | Net Revenue | $ | 980,577 | $ | 1,049,090 | $ | 992,107 | ||||||||
Operating Expenses (a) | 959,668 | 1,057,620 | 929,688 | ||||||||||||
Operating Income (Loss) | $ | 20,909 | $ | (8,530 | ) | $ | 62,419 | ||||||||
Total Assets | $ | 714,708 | $ | 793,007 | $ | 767,699 | |||||||||
Asset Management | Net Revenue | $ | 1,039,130 | $ | 896,260 | $ | 897,401 | ||||||||
Operating Expenses (a) | 704,045 | 659,502 | 628,945 | ||||||||||||
Operating Income | $ | 335,085 | $ | 236,758 | $ | 268,456 | |||||||||
Total Assets | $ | 612,018 | $ | 566,677 | $ | 583,524 | |||||||||
Corporate | Net Revenue | $ | (34,355 | ) | $ | (32,902 | ) | $ | (59,996 | ) | |||||
Operating Expenses (a) | 104,832 | 71,441 | 35,380 | ||||||||||||
Operating Loss | $ | (139,187 | ) | $ | (104,343 | ) | $ | (95,376 | ) | ||||||
Total Assets | $ | 1,684,411 | $ | 1,627,209 | $ | 1,730,713 | |||||||||
Total | Net Revenue | $ | 1,985,352 | $ | 1,912,448 | $ | 1,829,512 | ||||||||
Operating Expenses (a) | 1,768,545 | 1,788,563 | 1,594,013 | ||||||||||||
Operating Income | $ | 216,807 | $ | 123,885 | $ | 235,499 | |||||||||
Total Assets | $ | 3,011,137 | $ | 2,986,893 | $ | 3,081,936 | |||||||||
(a) | Operating expenses include depreciation and amortization of property as set forth in table below. | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Financial Advisory | $ | 5,256 | $ | 5,710 | $ | 6,739 | |||||||||
Asset Management | 2,556 | 3,250 | 3,502 | ||||||||||||
Corporate | 26,938 | 21,895 | 14,339 | ||||||||||||
Total | $ | 34,750 | $ | 30,855 | $ | 24,580 | |||||||||
(b) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives announced by the Company in 2013 and 2012, and the impact on each of the Company’s business segments. | ||||||||||||||
Geographic Information | |||||||||||||||
Due to the highly integrated nature of international financial markets, the Company manages its business based on the profitability of the enterprise as a whole. Accordingly, management believes that profitability by geographic region is not necessarily meaningful. The Company’s revenue and identifiable assets are generally allocated based on the country or domicile of the legal entity providing the service. | |||||||||||||||
The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. | |||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net Revenue: | |||||||||||||||
United States | $ | 1,217,014 | $ | 1,172,566 | $ | 1,083,457 | |||||||||
United Kingdom | 205,695 | 180,784 | 190,307 | ||||||||||||
France | 281,740 | 265,523 | 234,441 | ||||||||||||
Other Western Europe | 123,975 | 132,754 | 174,284 | ||||||||||||
Rest of World | 156,928 | 160,821 | 147,023 | ||||||||||||
Total | $ | 1,985,352 | $ | 1,912,448 | $ | 1,829,512 | |||||||||
Operating Income (Loss): | |||||||||||||||
United States | $ | 234,247 | $ | 169,111 | $ | 209,236 | |||||||||
United Kingdom | (6,474 | ) | (37,329 | ) | (18,074 | ) | |||||||||
France | 14,845 | 8,332 | 8,262 | ||||||||||||
Other Western Europe | (8,260 | ) | (20,812 | ) | 27,276 | ||||||||||
Rest of World | (17,551 | ) | 4,583 | 8,799 | |||||||||||
Total | $ | 216,807 | $ | 123,885 | $ | 235,499 | |||||||||
Identifiable Assets: | |||||||||||||||
United States | $ | 1,529,695 | $ | 1,507,331 | $ | 1,630,547 | |||||||||
United Kingdom | 239,606 | 226,578 | 253,365 | ||||||||||||
France | 824,712 | 808,655 | 773,196 | ||||||||||||
Other Western Europe | 118,939 | 114,763 | 116,682 | ||||||||||||
Rest of World | 298,185 | 329,566 | 308,146 | ||||||||||||
Total | $ | 3,011,137 | $ | 2,986,893 | $ | 3,081,936 | |||||||||
Supplemental_Financial_Informa
Supplemental Financial Information - Quarterly Results | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Supplemental Financial Information - Quarterly Results | ' | ||||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||||||||
QUARTERLY RESULTS (UNAUDITED) | |||||||||||||||||||||
The following represents the Company’s unaudited quarterly results for the years ended December 31, 2013 and 2012. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. | |||||||||||||||||||||
2013 Fiscal Quarter | |||||||||||||||||||||
First(a) | Second(a) | Third | Fourth(b) | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 401,903 | $ | 490,405 | $ | 480,354 | $ | 612,690 | $ | 1,985,352 | |||||||||||
Operating expenses | 380,306 | 449,467 | 399,236 | 539,536 | 1,768,545 | ||||||||||||||||
Operating income | $ | 21,597 | $ | 40,938 | $ | 81,118 | $ | 73,154 | $ | 216,807 | |||||||||||
Net income | $ | 17,649 | $ | 31,921 | $ | 62,748 | $ | 52,796 | $ | 165,114 | |||||||||||
Less - net income (loss) attributable to noncontrolling interests | 2,289 | 568 | 2,466 | (421 | ) | 4,902 | |||||||||||||||
Net income attributable to Lazard Ltd | $ | 15,360 | $ | 31,353 | $ | 60,282 | $ | 53,217 | $ | 160,212 | |||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income per share of common stock: | |||||||||||||||||||||
Basic | $0.13 | $0.26 | $0.49 | $0.44 | $1.33 | ||||||||||||||||
Diluted | $0.12 | $0.24 | $0.45 | $0.40 | $1.21 | ||||||||||||||||
Dividends declared per share of common stock | — | $0.25 | $0.25 | $0.50 | $1.00 | ||||||||||||||||
(a) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives. | ||||||||||||||||||||
(b) | See Note 11 of Notes to Consolidated Financial Statements for information regarding the debt refinancing. | ||||||||||||||||||||
2012 Fiscal Quarter | |||||||||||||||||||||
First | Second | Third | Fourth(a) | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 486,039 | $ | 436,910 | $ | 428,806 | $ | 560,693 | $ | 1,912,448 | |||||||||||
Operating expenses | 448,216 | 392,377 | 382,080 | 565,890 | 1,788,563 | ||||||||||||||||
Operating income (loss) | $ | 37,823 | $ | 44,533 | $ | 46,726 | $ | (5,197 | ) | $ | 123,885 | ||||||||||
Net income (loss) | $ | 29,056 | $ | 34,162 | $ | 33,673 | $ | (4,106 | ) | $ | 92,785 | ||||||||||
Less - net income attributable to noncontrolling interests | 3,504 | 3,341 | 372 | 1,259 | 8,476 | ||||||||||||||||
Net income (loss) attributable to Lazard Ltd | $ | 25,552 | $ | 30,821 | $ | 33,301 | $ | (5,365 | ) | $ | 84,309 | ||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income (loss) per share of common stock: | |||||||||||||||||||||
Basic | $0.21 | $0.26 | $0.29 | $(0.05 | ) | $0.72 | |||||||||||||||
Diluted | $0.20 | $0.24 | $0.26 | $(0.05 | ) | $0.65 | |||||||||||||||
Dividends declared per share of common stock | $0.16 | $0.20 | $0.20 | $ 0.60 | $1.16 | ||||||||||||||||
(a) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives announced in the fourth quarter of 2012. |
Schedule_ICondensed_Financial_
Schedule I-Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule I-Condensed Financial Information of Registrant (Parent Company Only) | ' | ||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
DECEMBER 31, 2013 AND 2012 | |||||||||||||
(dollars in thousands, except per share data) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 688 | $ | 298 | |||||||||
Investments in subsidiaries, equity method | (1,818,211 | ) | (1,852,072 | ) | |||||||||
Due from subsidiaries | 2,379,308 | 2,421,780 | |||||||||||
Other assets | 4 | – | |||||||||||
Total assets | $ | 561,789 | $ | 570,006 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Liabilities: | |||||||||||||
Due to subsidiaries | $ | 1,488 | $ | 254 | |||||||||
Other liabilities | 92 | 96 | |||||||||||
Total liabilities | 1,580 | 350 | |||||||||||
Commitments and contingencies | |||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | |||||||||||||
Series A—7,921 shares issued and outstanding at December 31, 2013 and 2012 | – | – | |||||||||||
Series B—no shares issued and outstanding | – | – | |||||||||||
Common stock: | |||||||||||||
Class A, par value $.01 per share (500,000,000 shares authorized; 129,056,081 and 128,216,423 shares issued at December 31, 2013 and 2012, respectively, including shares held by subsidiaries as indicated below) | 1,291 | 1,282 | |||||||||||
Class B, par value $.01 per share (1 share authorized, issued and outstanding at December 31, 2013 and 2012) | – | – | |||||||||||
Additional paid-in-capital | 737,899 | 846,050 | |||||||||||
Retained earnings | 203,236 | 182,647 | |||||||||||
Accumulated other comprehensive loss, net of tax | (133,004 | ) | (110,541 | ) | |||||||||
809,422 | 919,438 | ||||||||||||
Class A common stock held by subsidiaries, at cost (8,317,065 and 12,802,938 shares at December 31, 2013 and 2012, respectively) | (249,213 | ) | (349,782 | ) | |||||||||
Total stockholders’ equity | 560,209 | 569,656 | |||||||||||
Total liabilities and stockholders’ equity | $ | 561,789 | $ | 570,006 | |||||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
REVENUE | |||||||||||||
Equity in earnings of subsidiaries | $ | 103,769 | $ | 20,598 | $ | 109,294 | |||||||
Interest and other income | 58,227 | 65,319 | 67,042 | ||||||||||
Total revenue | 161,996 | 85,917 | 176,336 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Professional services | 1,662 | 1,477 | 1,276 | ||||||||||
Other | 122 | 131 | 143 | ||||||||||
Total operating expenses | 1,784 | 1,608 | 1,419 | ||||||||||
NET INCOME | $ | 160,212 | $ | 84,309 | $ | 174,917 | |||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
NET INCOME | $ | 160,212 | $ | 84,309 | $ | 174,917 | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||
Currency translation adjustments | (15,438 | ) | 15,431 | (8,760 | ) | ||||||||
Amortization of interest rate hedge | 2,488 | 1,042 | 1,000 | ||||||||||
Employee benefit plans: | |||||||||||||
Actuarial loss (net of tax benefit of $6,353, $12,796 and $11,874 for the years ended December 31, 2013, 2012 and 2011, respectively) | (13,426 | ) | (39,817 | ) | (36,256 | ) | |||||||
Adjustments for items reclassified to earnings (net of tax expense of $1,918, $1,131 and $977 for the years ended December 31, 2013, 2012 and 2011, respectively) | 4,580 | 4,347 | 2,091 | ||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (21,796 | ) | (18,997 | ) | (41,925 | ) | |||||||
COMPREHENSIVE INCOME | $ | 138,416 | $ | 65,312 | $ | 132,992 | |||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 160,212 | $ | 84,309 | $ | 174,917 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Noncash items included in net income: | |||||||||||||
Equity in earnings of subsidiaries | (103,769 | ) | (20,598 | ) | (109,294 | ) | |||||||
Changes in due to/from subsidiaries | 65,574 | 71,566 | 4,945 | ||||||||||
Changes in other operating assets and liabilities | -7 | (89 | ) | 12 | |||||||||
Net cash provided by operating activities | 122,010 | 135,188 | 70,580 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Class A common stock dividends | (121,620 | ) | (135,108 | ) | (70,572 | ) | |||||||
Net cash used in financing activities | (121,620 | ) | (135,108 | ) | (70,572 | ) | |||||||
Net increase in cash and cash equivalents | 390 | 80 | 8 | ||||||||||
Cash and cash equivalents, January 1 | 298 | 218 | 210 | ||||||||||
Cash and cash equivalents, December 31 | $ | 688 | $ | 298 | $ | 218 | |||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||
Supplemental investing non-cash transaction: | |||||||||||||
Class A common stock issued/issuable in connection with business acquisitions | $ | – | $ | – | $ | 39,654 | |||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
NOTES TO CONDENSED FINANCIAL STATEMENTS | |||||||||||||
1 | BASIS OF PRESENTATION | ||||||||||||
The accompanying Lazard Ltd condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Lazard Ltd and its subsidiaries (the “Company”) and the notes thereto. | |||||||||||||
The Parent Company Financial Statements as of December 31, 2013 and 2012, and for each of the three years in the period ended December 31, 2013, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates. | |||||||||||||
The Parent Company Financial Statements include investments in subsidiaries, accounted for under the equity method. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Organization | ' | |||
Organization | ||||
Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. | ||||
Lazard Ltd indirectly held approximately 99.5% and 98.8% of all outstanding Lazard Group common membership interests as of December 31, 2013 and 2012, respectively. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Operating Agreement dated as of May 10, 2005, as amended (the “Operating Agreement”). LAZ-MD Holdings LLC (“LAZ-MD Holdings”), an entity owned by Lazard Group’s current and former managing directors, held approximately 0.5% and 1.2% of the outstanding Lazard Group common membership interests as of December 31, 2013 and 2012, respectively. Additionally, LAZ-MD Holdings was the sole owner of the one issued and outstanding share of Lazard Ltd’s Class B common stock (the “Class B common stock”) which provided LAZ-MD Holdings with approximately 0.5% and 1.2% of the voting power but no economic rights in the Company as of December 31, 2013 and 2012, respectively. Subject to certain limitations, LAZ-MD Holdings’ interests in Lazard Group are exchangeable for Lazard Ltd Class A common stock, par value $0.01 per share (“Class A common stock”). | ||||
Our sole operating asset is our indirect ownership of common membership interests of Lazard Group and our managing member interest of Lazard Group, whose principal operating activities are included in two business segments: | ||||
• | Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (“M&A”) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters, and | |||
• | Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. | |||
In addition, we record selected other activities in our Corporate segment, including management of cash, investments and outstanding indebtedness, as well as certain commercial banking activities of Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). | ||||
LFB is a registered bank regulated by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”). It is engaged primarily in commercial and private banking services for clients and funds managed by Lazard Frères Gestion SAS (“LFG”) and other clients, investment banking activities, including participation in underwritten offerings of securities in France, and asset-liability management. | ||||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities (“VIEs”) where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity’s operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of earnings or losses of the entity. Intercompany transactions and balances have been eliminated. | ||||
The consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) along with its subsidiaries, LFB and LFG, and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. | ||||
Foreign Currency Translation | ' | |||
Foreign Currency Translation—The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Net foreign currency remeasurement gains (losses) amounted to $(2,887), $(761) and $1,406, respectively, for the years ended December 31, 2013, 2012 and 2011, and are included in “revenue-other” on the respective consolidated statements of operations. | ||||
Use of Estimates | ' | |||
Use of Estimates—In preparing the consolidated financial statements, management makes estimates and assumptions regarding: | ||||
• | valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans; | |||
• | the adequacy of the allowance for doubtful accounts; | |||
• | the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions; | |||
• | the outcome of litigation; | |||
• | the carrying amount of goodwill and other intangible assets; | |||
• | the amortization period of intangible assets; | |||
• | the valuation of shares issued or issuable that contain transfer restrictions; | |||
• | the vesting of share-based and other deferred compensation plan awards, and | |||
• | other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. | |||
Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. | ||||
Deposits with Banks | ' | |||
Deposits with Banks—Represents LFB’s short-term deposits, principally with the Banque de France. The level of these deposits may be driven by the level of LFB customer and bank-related interest-bearing time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. | ||||
Cash Deposited with Clearing Organizations and Other Segregated Cash | ' | |||
Cash Deposited with Clearing Organizations and Other Segregated Cash—Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. | ||||
Allowance for Doubtful Accounts | ' | |||
Allowance for Doubtful Accounts—We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced. | ||||
With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired. | ||||
See Note 4 of Notes to Consolidated Financial Statements for additional information regarding receivables. | ||||
Investments | ' | |||
Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard industry practices. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Investments in debt and marketable equity securities held at the Company’s non broker-dealer subsidiaries are considered “trading†securities and are accounted for at fair value, with any increase or decrease in fair value reflected in “revenue-other†in the consolidated statements of operations. | ||||
Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, as well as investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of those investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Dividend income is reflected in “revenue-other” on the consolidated statements of operations. Interest income includes accretion or amortization of any discount or premium arising at acquisition of the related debt security. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. | ||||
See Notes 5 and 6 of Notes to Consolidated Financial Statements for additional information regarding the Company’s investments. | ||||
Property-net | ' | |||
Property-net—Property is stated at cost or, in the case of property under capital leases, the present value of the future minimum lease payments, less accumulated depreciation and amortization. Buildings represent owned property and amounts recorded pursuant to capital leases (see Notes 8 and 12 of Notes to Consolidated Financial Statements), with the related obligations recorded as capital lease obligations. Such buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,750, $30,855 and $24,580 for the years ended December 31, 2013, 2012 and 2011, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. | ||||
Goodwill and Other Intangible Assets | ' | |||
Goodwill and Other Intangible Assets—As goodwill has an indefinite life, it is required to be tested for impairment annually or more frequently if circumstances indicate impairment may have occurred. For years prior to 2011, the Company assessed whether any goodwill recorded by its applicable reporting units was impaired by comparing the fair value of each reporting unit with its respective carrying amount. In this process, Lazard used its best judgment and information available to it at the time to perform this review and utilized various valuation techniques in order to determine the applicable fair values. Commencing in 2011, as permitted under an amendment issued by the Financial Accounting Standards Board (the “FASB”), the Company elected to perform a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. | ||||
During the fourth quarter of 2013, the Company changed the date of its annual goodwill impairment testing from December 31 to November 1. This change is preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting. The Company will continue to perform interim impairment testing should circumstances or events require. This change does not result in a delay, acceleration, or avoidance of an impairment charge. This change will be applied prospectively because it is impracticable to apply it retrospectively due to the difficulty in making estimates and assumptions without using hindsight. The Company completed its annual goodwill review as of November 1, 2013 and determined that no impairment existed. | ||||
Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. | ||||
See Note 9 of Notes to Consolidated Financial Statements with respect to goodwill and other intangible assets. | ||||
Derivative Instruments | ' | |||
Derivative Instruments—A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). | ||||
The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, equity and fixed income swaps and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments not designated as hedging instruments are included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the consolidated statements of operations. | ||||
In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests awards (“Lazard Fund Interests”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, as adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of Lazard Fund Interests and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. For information regarding Lazard Fund Interests and other similar deferred compensation arrangements, see Notes 5, 7 and 14 of Notes to Consolidated Financial Statements. | ||||
Deposits and Other Customer Payables | ' | |||
Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings and amounts due on short-term collateralized borrowing activities. Collateralized borrowing activities amounted to $13,854 at December 31, 2012 and were fully collateralized with pledged assets of equal or greater value (no such collateralized borrowing activities existed at December 31, 2013). | ||||
Securities Sold, Not Yet Purchased | ' | |||
Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Fair Value of Financial Assets and Liabilities | ' | |||
Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost, interest-bearing deposits or using the equity method of accounting), derivative instruments, deposits and other customer payables. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
Investment Banking and Other Advisory Fees—Fees for M&A and Other Advisory services and Restructuring advisory services are recorded when earned, which is generally the date the related transactions are consummated. Expenses that are directly related to such transactions and billable to clients are deferred to match revenue recognition. “Investment banking and other advisory fees” on the Company’s consolidated statements of operations are presented net of client reimbursements of expenses. The amount of expenses reimbursed by clients for the years ended December 31, 2013, 2012 and 2011 are $18,327, $24,762 and $18,942, respectively. | ||||
Money Management and Incentive Fees—Money management fees are derived from fees for investment management and advisory services provided to clients. Revenue is recorded on an accrual basis primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge funds) and private equity funds, and lower fees earned on fixed income and money market products. | ||||
The Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. | ||||
For hedge funds, incentive fees are calculated based on a specified percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds at the end of the relevant performance measurement period, when potential uncertainties regarding the ultimate realizable amounts have been determined. The incentive fee measurement period is generally an annual period (unless an account terminates during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. | ||||
For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, incentive fees earned on our private equity funds are not recognized until potential uncertainties regarding the ultimate realizable amounts have been determined, including any potential for clawback. | ||||
Receivables relating to money management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. | ||||
Soft Dollar Arrangements | ' | |||
Soft Dollar Arrangements—The Company’s Asset Management business obtains research and other services through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other services obtained by the Asset Management business pursuant to such soft dollar arrangements. If the use of soft dollars is limited or prohibited in the future by regulation, we may have to bear the costs of such research and other services. | ||||
Equity-Based Incentive Compensation Awards | ' | |||
Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Equity-based incentive compensation is recognized in “compensation and benefits” expense. | ||||
Costs-Saving Initiatives and Staff Reductions | ' | |||
Costs-Saving Initiatives and Staff Reductions-Charges associated with management-approved cost-saving plans or staff reductions can include severance costs, charges to vacate facilities and contract cancellation costs. Severance costs are generally accrued on the date that employees are notified of their benefits and other costs are generally accrued as the Company ceases to use facilities or cancels contracts. The Company records severance-related liabilities in “accrued compensation and benefits†and other types of liabilities in “other liabilities†in the consolidated statements of financial condition. | ||||
Income Taxes | ' | |||
Income Taxes—Lazard Ltd, through certain of its subsidiaries, is subject to U.S. corporate federal income tax on its allocable share of the results of operations of Lazard Group, and certain non-U.S. subsidiaries of the Company are subject to income taxes in their local jurisdictions. In addition, the Company is subject to New York City Unincorporated Business Taxes (“UBT”) attributable to Lazard Group’s operations apportioned to New York City. | ||||
Substantially all of Lazard’s operations outside the U.S. are conducted in “pass-through” entities for U.S. income tax purposes and the Company provides for U.S. income taxes on a current basis for substantially all of those earnings. The repatriation of prior year earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes. | ||||
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and liabilities and are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. | ||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: | ||||
• | future reversals of existing taxable temporary differences; | |||
• | future taxable income exclusive of reversing temporary differences and carryforwards; | |||
• | taxable income in prior carryback years; and | |||
• | tax-planning strategies. | |||
The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence, including, but not limited to, the following: | ||||
• | nature, frequency, and magnitude of any recent losses and current operating results; | |||
• | duration of statutory carryforward periods; | |||
• | historical experience with tax attributes expiring unused; and | |||
• | near-term and medium-term financial outlook. | |||
The Company records tax positions taken or expected to be taken in a tax return based upon the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. | ||||
The Company recognizes interest and/or penalties related to unrecognized tax benefits in “income tax expense”. See Note 17 of Notes to Consolidated Financial Statements for additional information relating to income taxes. | ||||
The amount of cash paid during the year for income taxes shown on the consolidated statements of cash flows for the years ended December 31, 2012 and 2011 has been conformed to the current year presentation, which is net of refunds. | ||||
Recent Accounting Developments | ' | |||
Offsetting (Netting) Assets and Liabilities—In the first quarter of 2013, the Company adopted the new disclosure requirements issued by the FASB regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments, including derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either (i) offset or (ii) subject to an enforceable master netting arrangement. The new disclosures are designed to make financial statements prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”) and will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013, with retrospective application required. The adoption of the new disclosure requirements did not have a material impact on the Company’s consolidated financial statements. | ||||
Reclassifications Out of Accumulated Other Comprehensive Income—In the first quarter of 2013, the Company adopted the FASB’s amended guidance regarding the presentation of amounts reclassified out of accumulated other comprehensive income. The amendment required that the amounts reclassified out of accumulated other comprehensive income be presented by component and disclosed where the respective line item was reported in the consolidated statement of operations. The amendment was to be applied prospectively, and is effective with interim and annual periods beginning after December 15, 2012, with early adoption permitted. The adoption of the amended guidance did not have a material impact on the Company’s consolidated financial statements. | ||||
Presentation of Unrecognized Tax Benefits—In July 2013, the FASB issued guidance on the presentation of unrecognized tax benefits when net operating losses or tax credit carryforwards exist. The guidance requires that the unrecognized tax benefit, or a portion of such unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain situations, as defined in the guidance. The new presentation requirements are effective prospectively for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted. The Company elected to early adopt this guidance in the fourth quarter of 2013, the impact of which of did not have a material impact on the Company’s consolidated financial statements. |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of Activity in Allowance for Doubtful Accounts | ' | ||||||||||||
Activity in the allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, January 1 | $ | 23,017 | $ | 19,450 | $ | 15,017 | |||||||
Bad debt expense | 4,395 | 6,579 | 7,952 | ||||||||||
Charge-offs, foreign currency translation and other adjustments | 1,365 | (3,012 | ) | (3,519 | ) | ||||||||
Balance, December 31 | $ | 28,777 | $ | 23,017 | $ | 19,450 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||
Company's Investments and Securities Sold, Not Yet Purchased | ' | ||||||||||||
The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Debt (including interest-bearing deposits of $516 and $578, respectively) | $ | 8,529 | $ | 5,948 | |||||||||
Equities | 59,394 | 44,992 | |||||||||||
Funds: | |||||||||||||
Alternative investments (a) | 37,030 | 57,890 | |||||||||||
Debt (a) | 58,769 | 32,077 | |||||||||||
Equity (a) | 190,702 | 154,310 | |||||||||||
Private equity | 114,193 | 112,444 | |||||||||||
400,694 | 356,721 | ||||||||||||
Equity method | 9,488 | 7,012 | |||||||||||
Total investments | 478,105 | 414,673 | |||||||||||
Less: | |||||||||||||
Interest-bearing deposits | 516 | 578 | |||||||||||
Equity method | 9,488 | 7,012 | |||||||||||
Investments, at fair value | $ | 468,101 | $ | 407,083 | |||||||||
Securities sold, not yet purchased, at fair value (included in “other liabilities”) | $ | 4,045 | $ | 2,755 | |||||||||
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $7,099, $31,515 and $130,481, respectively, at December 31, 2013 and $5,054, $18,615 and $76,907, respectively, at December 31, 2012, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests and other similar deferred compensation arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 7 and 14 of Notes to Consolidated Financial Statements). | ||||||||||||
Schedule of Trading Securities Gross Unrealized Investment Gains and Losses | ' | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company reported in revenue-other on its consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross unrealized investment gains | $ | 19,465 | $ | 23,024 | $ | 2,180 | |||||||
Gross unrealized investment losses | $ | 2,995 | $ | 697 | $ | 12,844 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||
The following tables present the classification of investments and certain other assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 within the fair value hierarchy: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt (excluding interest-bearing deposits) | $ | 1,681 | $ | 6,332 | $ | – | $ | 8,013 | |||||||||||||||||
Equities | 58,054 | – | 1,340 | 59,394 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 37,030 | – | 37,030 | |||||||||||||||||||||
Debt | 58,765 | 4 | – | 58,769 | |||||||||||||||||||||
Equity | 190,660 | 42 | – | 190,702 | |||||||||||||||||||||
Private equity | – | – | 114,193 | 114,193 | |||||||||||||||||||||
Derivatives | – | 682 | – | 682 | |||||||||||||||||||||
Total | $ | 309,160 | $ | 44,090 | $ | 115,533 | $ | 468,783 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 4,045 | $ | – | $ | – | $ | 4,045 | |||||||||||||||||
Derivatives | – | 164,001 | – | 164,001 | |||||||||||||||||||||
Total | $ | 4,045 | $ | 164,001 | $ | – | $ | 168,046 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt (excluding interest-bearing deposits) | $ | 1,443 | $ | 3,927 | $ | – | $ | 5,370 | |||||||||||||||||
Equities | 44,802 | – | 190 | 44,992 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 54,433 | 3,457 | 57,890 | |||||||||||||||||||||
Debt | 32,073 | 4 | – | 32,077 | |||||||||||||||||||||
Equity | 145,231 | 9,069 | 10 | 154,310 | |||||||||||||||||||||
Private equity | – | – | 112,444 | 112,444 | |||||||||||||||||||||
Derivatives | – | 933 | – | 933 | |||||||||||||||||||||
Total | $ | 223,549 | $ | 68,366 | $ | 116,101 | $ | 408,016 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 2,696 | $ | 59 | $ | – | $ | 2,755 | |||||||||||||||||
Derivatives | – | 102,492 | – | 102,492 | |||||||||||||||||||||
Total | $ | 2,696 | $ | 102,551 | $ | – | $ | 105,247 | |||||||||||||||||
Summary of Changes in Fair Value of Company's Level 3 Assets | ' | ||||||||||||||||||||||||
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Disposition | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 190 | $ | 11 | $ | 1,095 | $ | – | $ | 44 | $ | 1,340 | |||||||||||||
Alternative investment funds | 3,457 | 117 | – | (3,574 | ) | – | – | ||||||||||||||||||
Equity funds | 10 | – | – | (10 | ) | – | – | ||||||||||||||||||
Private equity funds | 112,444 | 13,245 | 6,166 | (19,231 | ) | 1,569 | 114,193 | ||||||||||||||||||
Total Level 3 Assets | $ | 116,101 | $ | 13,373 | $ | 7,261 | $ | (22,815 | ) | $ | 1,613 | $ | 115,533 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 211 | $ | 5 | $ | – | $ | (30 | ) | $ | 4 | $ | 190 | ||||||||||||
Alternative investment funds | 10,171 | 130 | – | (6,844 | ) | – | 3,457 | ||||||||||||||||||
Equity funds | – | – | 10 | – | – | 10 | |||||||||||||||||||
Private equity funds | 122,718 | 15,983 | 8,589 | (35,796 | ) | 950 | 112,444 | ||||||||||||||||||
Total Level 3 Assets | $ | 133,100 | $ | 16,118 | $ | 8,599 | $ | (42,670 | ) | $ | 954 | $ | 116,101 | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 316 | $ | 72 | $ | 25 | $ | (195 | ) | $ | (7 | ) | $ | 211 | |||||||||||
Alternative investment funds | – | (169 | ) | 10,340 | – | – | 10,171 | ||||||||||||||||||
Private equity funds | 163,482 | (3,319 | ) | 33,117 | (69,218 | )(b) | (1,344 | ) | 122,718 | ||||||||||||||||
Total Level 3 Assets | $ | 163,798 | $ | (3,416 | ) | $ | 43,482 | $ | (69,413 | ) | $ | (1,351 | ) | $ | 133,100 | ||||||||||
(a) | Earnings for the years ended December 31, 2013, 2012 and 2011 include net unrealized gains (losses) of $6,032, $12,910 and $(3,268), respectively. | ||||||||||||||||||||||||
(b) | Sales/dispositions of private equity fund investments for the year ended December 31, 2011 include $49,500 in connection with a reduction of interests in a fund which ceased to be consolidated by the Company. | ||||||||||||||||||||||||
Financial Instruments Not Measured at Fair Value | ' | ||||||||||||||||||||||||
Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2013 and 2012 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted | Significant | Significant | |||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
for | |||||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 841,482 | $ | 841,482 | $841,482 | $– | $– | ||||||||||||||||||
Deposits with banks | 244,879 | 244,879 | 244,879 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 62,046 | 62,046 | 62,046 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 69,464 | 71,433 | – | – | 71,433 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 516 | 516 | 516 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 275,434 | $ | 275,434 | $275,434 | $ | – | $ | – | ||||||||||||||||
Senior debt | 1,048,350 | 1,117,247 | – | 1,117,247 | – | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted | Significant | Significant | |||||||||||||||||||||
Prices in | Observable | Unobservable | |||||||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||||||
Markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
for | |||||||||||||||||||||||||
Identical | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 850,190 | $ | 850,190 | $ | 850,190 | $ | – | $ | – | |||||||||||||||
Deposits with banks | 292,494 | 292,494 | 292,494 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 65,232 | 65,232 | 65,232 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 76,481 | 78,493 | – | – | 78,493 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 578 | 578 | 578 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 269,763 | $ | 269,763 | $ | 269,763 | $ | – | $ | – | |||||||||||||||
Senior debt | 1,076,850 | 1,207,227 | – | 1,207,227 | – | ||||||||||||||||||||
Fair Value of Certain Investments Based on NAV | ' | ||||||||||||||||||||||||
Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at December 31, 2013 and 2012 include certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value. Information with respect thereto was as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
% of | Estimated Liquidation Period of | Investments Redeemable | |||||||||||||||||||||||
Fair Value | Investments Not Redeemable | ||||||||||||||||||||||||
Not | |||||||||||||||||||||||||
Fair value | Unfunded | Redeemable | % | % | % | Redemption | Redemption | ||||||||||||||||||
Commitments | Next | 10-May | Thereafter | Frequency | Notice Period | ||||||||||||||||||||
5 Years | Years | ||||||||||||||||||||||||
Alternative investment funds: | |||||||||||||||||||||||||
Hedge funds | $ | 31,837 | $ | – | NA | NA | NA | NA | (a) | <30-90 days | |||||||||||||||
Funds of funds | 475 | – | NA | NA | NA | NA | (b) | <30-90 days | |||||||||||||||||
Other | 4,718 | – | NA | NA | NA | NA | (c) | <30-60 days | |||||||||||||||||
Debt funds | 4 | – | NA | NA | NA | NA | (d) | 30 days | |||||||||||||||||
Equity funds | 42 | – | NA | NA | NA | NA | (e) | 30-90 days | |||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||
Equity growth | 70,054 | 27,135 | 100% | 17% | 60% | 23% | NA | NA | |||||||||||||||||
Mezzanine debt | 44,139 | – | 100% | –% | –% | 100% | NA | NA | |||||||||||||||||
Total | $ | 151,269 | $ | 27,135 | |||||||||||||||||||||
(a) | weekly (17%), monthly (65%) and quarterly (18%) | ||||||||||||||||||||||||
(b) | monthly (95%) and quarterly (5%) | ||||||||||||||||||||||||
(c) | daily (7%), weekly (1%) and monthly (92%) | ||||||||||||||||||||||||
(d) | daily (100%) | ||||||||||||||||||||||||
(e) | daily (13%), monthly (58%) and quarterly (29%) | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
% of | Estimated Liquidation Period of | Investments Redeemable | |||||||||||||||||||||||
Fair Value | Investments Not Redeemable | ||||||||||||||||||||||||
Not | |||||||||||||||||||||||||
Fair value | Unfunded | Redeemable | % | % | % | Redemption | Redemption | ||||||||||||||||||
Commitments | Next | 10-May | Thereafter | Frequency | Notice Period | ||||||||||||||||||||
5 Years | Years | ||||||||||||||||||||||||
Alternative investment funds: | |||||||||||||||||||||||||
Hedge funds | $ | 25,110 | $ | – | NA | NA | NA | NA | (a) | <30-90 days | |||||||||||||||
Funds of funds | 23,252 | – | NA | NA | NA | NA | (b) | <30-120 days | |||||||||||||||||
Other | 9,528 | – | NA | NA | NA | NA | (c) | <30-60 days | |||||||||||||||||
Debt funds | 4 | – | NA | NA | NA | NA | (d) | 30 days | |||||||||||||||||
Equity funds | 9,079 | – | 2% | –% | –% | 2% | (e) | 30-120 days | |||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||
Equity growth | 71,068 | 31,482 | 100% | 21% | 61% | 18% | NA | NA | |||||||||||||||||
Mezzanine debt | 41,376 | – | 100% | – | – | 100% | NA | NA | |||||||||||||||||
Total | $ | 179,417 | $ | 31,482 | |||||||||||||||||||||
Redemption frequency as follows: | |||||||||||||||||||||||||
(a) | weekly (20%), monthly (73%) and quarterly (7%) | ||||||||||||||||||||||||
(b) | monthly (2%) and quarterly (98%) | ||||||||||||||||||||||||
(c) | daily (60%), weekly (1%) and monthly (39%) | ||||||||||||||||||||||||
(d) | daily (100%) | ||||||||||||||||||||||||
(e) | daily (37%) and monthly (61%) |
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition | ' | ||||||||||||
The tables below present the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligation pertaining to Lazard Fund Interests and other similar deferred compensation arrangements (see Note 14 of Notes to Consolidated Financial Statements) on the accompanying consolidated statements of financial condition as of December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Derivative Assets: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 250 | $ | 893 | |||||||||
Equity and fixed income swaps and other (a) | 432 | 40 | |||||||||||
$ | 682 | $ | 933 | ||||||||||
Derivative Liabilities: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 1,579 | $ | 322 | |||||||||
Interest rate swaps | – | 235 | |||||||||||
Equity and fixed income swaps (a) | – | 4,342 | |||||||||||
Lazard Fund Interests and other similar deferred compensation arrangements | 162,422 | 97,593 | |||||||||||
$ | 164,001 | $ | 102,492 | ||||||||||
(a) | For equity and fixed income swaps, amounts represent the netting of gross derivative assets and liabilities of $2,019 and $1,587 as of December 31, 2013, respectively, and $0 and $4,342 as of December 31, 2012, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets”, with receivables for net cash collateral under such contracts of $11,384 and $15,304 as of December 31, 2013 and 2012, respectively. | ||||||||||||
Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments | ' | ||||||||||||
Net gains (losses) with respect to derivative instruments (predominantly reflected in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to Lazard Fund Interests and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Forward foreign currency exchange rate contracts | $ | (3,162 | ) | $ | (1,844 | ) | $ | 2,422 | |||||
Lazard Fund Interests and other similar deferred compensation arrangements | (14,099 | ) | (7,557 | ) | 3,024 | ||||||||
Equity and fixed income swaps and other | (10,931 | ) | (18,327 | ) | 4,276 | ||||||||
$ | (28,192 | ) | $ | (27,728 | ) | $ | 9,722 | ||||||
Property_Tables
Property (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property | ' | ||||||||||||
At December 31, 2013 and 2012, property consists of the following: | |||||||||||||
Estimated | December 31, | ||||||||||||
Depreciable | |||||||||||||
Life in Years | 2013 | 2012 | |||||||||||
Buildings | 33 | $ | 173,772 | $ | 166,560 | ||||||||
Leasehold improvements | 20-Mar | 175,600 | 143,408 | ||||||||||
Furniture and equipment | 10-Mar | 149,598 | 122,125 | ||||||||||
Construction in progress | 3,756 | 18,801 | |||||||||||
Total | 502,726 | 450,894 | |||||||||||
Less - Accumulated depreciation and amortization | 253,930 | 225,861 | |||||||||||
Property | $ | 248,796 | $ | 225,033 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
The components of goodwill and other intangible assets at December 31, 2013 and 2012 are presented below: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Goodwill | $ | 345,453 | $ | 364,328 | |||||||||||||||||||||
Other intangible assets (net of accumulated amortization) | 18,424 | 28,494 | |||||||||||||||||||||||
$ | 363,877 | $ | 392,822 | ||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance, January 1 | $ | 364,328 | $ | 356,657 | $ | 313,229 | |||||||||||||||||||
Business acquisitions, including, in the 2011 period, additional contingent consideration earned relating to a prior year business acquisition | 1,748 | 4,272 | 42,566 | ||||||||||||||||||||||
Foreign currency translation adjustments | (20,623 | ) | 3,399 | 862 | |||||||||||||||||||||
Balance, December 31 | $ | 345,453 | $ | 364,328 | $ | 356,657 | |||||||||||||||||||
Gross Cost and Accumulated Amortization of Other Intangible Assets | ' | ||||||||||||||||||||||||
The gross cost and accumulated amortization of other intangible assets as of December 31, 2013 and 2012, by major intangible asset category, are as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Cost | Amortization | Carrying | Cost | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Success/performance fees | $ | 30,740 | $ | 17,173 | $ | 13,567 | $ | 30,740 | $ | 10,678 | $ | 20,062 | |||||||||||||
Management fees, customer relationships and non-compete agreements | 33,063 | 28,206 | 4,857 | 33,035 | 24,603 | 8,432 | |||||||||||||||||||
$ | 63,803 | $ | 45,379 | $ | 18,424 | $ | 63,775 | $ | 35,281 | $ | 28,494 | ||||||||||||||
Estimated Future Amortization Expense | ' | ||||||||||||||||||||||||
Amortization expense of intangible assets for the years ended December 31, 2013, 2012 and 2011 was $10,114, $8,359 and $11,915, respectively. Estimated future amortization expense is as follows: | |||||||||||||||||||||||||
Year Ending December 31, | Amortization | ||||||||||||||||||||||||
Expense (a) | |||||||||||||||||||||||||
2014 | $ | 6,810 | |||||||||||||||||||||||
2015 | 6,433 | ||||||||||||||||||||||||
2016 | 5,181 | ||||||||||||||||||||||||
Total amortization expense | $ | 18,424 | |||||||||||||||||||||||
(a) | Approximately 43% of intangible asset amortization is attributable to a noncontrolling interest. | ||||||||||||||||||||||||
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Other Assets | ' | ||||||||
The following table sets forth the Company’s other assets, by type, as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes | $ | 110,014 | $ | 137,394 | |||||
Prepaid compensation (see Note 14) | 60,433 | 47,445 | |||||||
Other advances and prepayments | 33,526 | 33,401 | |||||||
Deferred debt issuance costs | 9,188 | 4,902 | |||||||
Other | 46,116 | 45,264 | |||||||
Total | $ | 259,277 | $ | 268,406 | |||||
Schedule of Other Liabilities | ' | ||||||||
The following table sets forth the Company’s other liabilities, by type, as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued expenses | $ | 136,677 | $ | 147,194 | |||||
Current and deferred income taxes and other taxes | 119,940 | 121,854 | |||||||
Employee benefit-related liabilities | 104,013 | 83,629 | |||||||
Deferred lease incentives | 84,897 | 74,880 | |||||||
Unclaimed funds at LFB | 26,626 | 28,716 | |||||||
Abandoned leased space (principally in the U.K.) | 12,855 | 8,475 | |||||||
Securities sold, not yet purchased | 4,045 | 2,755 | |||||||
Other | 24,374 | 32,148 | |||||||
Total | $ | 513,427 | $ | 499,651 | |||||
Senior_and_Subordinated_Debt_T
Senior and Subordinated Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Senior Debt | ' | ||||||||||||||||||||
Senior Debt—Senior debt is comprised of the following as of December 31, 2013 and 2012: | |||||||||||||||||||||
Initial | Maturity | Annual | Outstanding As Of | ||||||||||||||||||
Principal | Date | Interest | December 31, | ||||||||||||||||||
Amount | Rate | 2013 | 2012 | ||||||||||||||||||
Lazard Group 7.125% Senior Notes (a) | $ | 550,000 | 5/15/15 | 7.125 | % | $ | – | $ | 528,500 | ||||||||||||
Lazard Group 6.85% Senior Notes | 600,000 | 6/15/17 | 6.85 | % | 548,350 | 548,350 | |||||||||||||||
Lazard Group 4.25% Senior Notes (b) | 500,000 | 11/14/20 | 4.25 | % | 500,000 | – | |||||||||||||||
Lazard Group Credit Facility | 150,000 | 9/25/15 | 0.79 | % | – | – | |||||||||||||||
Total | $ | 1,048,350 | $ | 1,076,850 | |||||||||||||||||
(a) | On November 6, 2013, the Company launched a tender for all of the outstanding 7.125% senior notes maturing on May 15, 2015 (the “2015 Notes”) and simultaneously announced a redemption notice for any notes not tendered. As a result, the outstanding 2015 Notes of $528,500 were extinguished in the fourth quarter of 2013, which resulted in a pre-tax loss on extinguishment of $50,757, including the recognition of unamortized issuance costs. As a result of the extinguishment, the unamortized amount of the interest rate hedge related to the 2015 Notes was also recognized, which resulted in a loss of $1,563. Both the loss on extinguishment and the loss related to the interest rate hedge were recorded in “operating expenses—other” in the consolidated statement of operations. | ||||||||||||||||||||
(b) | On November 14, 2013, and in connection with the redemption of the 2015 Notes, Lazard Group issued $500,000 aggregate principal amount of 4.25% senior notes maturing on November 14, 2020 (the “2020 Notes”). Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year commencing on May 14, 2014. In connection with the issuance of the 2020 Notes, the Company entered into and settled an interest rate forward agreement and recognized a related loss of $ 1,767. The loss was recorded in “operating expenses—other” in the consolidated statements of operations. | ||||||||||||||||||||
Debt Maturities Relating to Senior Borrowings Outstanding | ' | ||||||||||||||||||||
Debt maturities relating to senior borrowings outstanding at December 31, 2013 for each of the five years in the period ending December 31, 2018 and thereafter are set forth in the table below. | |||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||
2014-2016 | $ | – | |||||||||||||||||||
2017 | 548,350 | ||||||||||||||||||||
2018 | – | ||||||||||||||||||||
Thereafter | 500,000 | ||||||||||||||||||||
Total | $ | 1,048,350 | |||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases | ' | ||||||||
At December 31, 2013, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows: | |||||||||
Year Ending December 31, | Minimum Rental Commitments | ||||||||
Capital | Operating | ||||||||
2014 | $ | 3,221 | $ | 81,467 | |||||
2015 | 2,895 | 77,427 | |||||||
2016 | 2,579 | 74,420 | |||||||
2017 | 9,478 | 69,530 | |||||||
2018 | – | 65,232 | |||||||
Thereafter | – | 650,050 | |||||||
Total minimum lease payments | 18,173 | 1,018,126 | |||||||
Less amount representing interest | 2,339 | ||||||||
Present value of capital lease commitments | $ | 15,834 | |||||||
Less sublease proceeds | 155,547 | ||||||||
Net lease payments | $ | 862,579 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd | ' | ||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Tax distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 80 | $ | – | $ | 699 | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 2,896 | – | 16,800 | ||||||||||||||||||||||
$ | 2,976 | $ | – | $ | 17,499 | ||||||||||||||||||||
Other distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 920 | $ | 5,170 | $ | 4,383 | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 121,620 | 135,108 | 70,572 | ||||||||||||||||||||||
$ | 122,540 | $ | 140,278 | $ | 74,955 | ||||||||||||||||||||
Schedule of Share Repurchase Authorized by Board of Directors | ' | ||||||||||||||||||||||||
Share Repurchase Program—During the years ended December 31, 2013, 2012 and 2011, the Board of Directors of Lazard Ltd authorized the repurchase of Class A common stock and Lazard Group common membership interests as set forth in the table below. | |||||||||||||||||||||||||
Date | Share | Expiration | |||||||||||||||||||||||
Repurchase | |||||||||||||||||||||||||
Authorization | |||||||||||||||||||||||||
February, 2011 | $ | 250,000 | December 31, 2012 | ||||||||||||||||||||||
October, 2011 | $ | 125,000 | 31-Dec-13 | ||||||||||||||||||||||
April, 2012 | $ | 125,000 | 31-Dec-13 | ||||||||||||||||||||||
October, 2012 | $ | 200,000 | 31-Dec-14 | ||||||||||||||||||||||
October, 2013 | $ | 100,000 | 31-Dec-15 | ||||||||||||||||||||||
Schedule of Share Repurchase Program | ' | ||||||||||||||||||||||||
Number of | Average | ||||||||||||||||||||||||
Shares/Common | Price Per | ||||||||||||||||||||||||
Membership | Share/Common | ||||||||||||||||||||||||
Interests Purchased | Membership | ||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||
Years Ending December 31: | |||||||||||||||||||||||||
2011 | 6,135,189 | $ | 33.39 | ||||||||||||||||||||||
2012 | 12,817,196 | $ | 27.66 | ||||||||||||||||||||||
2013 | 3,488,101 | $ | 37.98 | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax—The table below reflects the components of AOCI at December 31, 2013 and activity during the year then ended: | |||||||||||||||||||||||||
Currency | Interest | Employee | Total | Amount | Total | ||||||||||||||||||||
Translation | Rate | Benefit | AOCI | Attributable to | Lazard Ltd | ||||||||||||||||||||
Adjustments | Hedge | Plans | Noncontrolling | AOCI | |||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 19,405 | $ | (2,502 | ) | $ | (128,536 | ) | $ | (111,633 | ) | $ | (1,092 | ) | $ | (110,541 | ) | ||||||||
Activity January 1 to December 31, 2013: | |||||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | (15,536 | ) | – | (13,500 | ) | (29,036 | ) | 495 | (29,531 | ) | |||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 2,502 | 4,605 | 7,107 | 39 | 7,068 | |||||||||||||||||||
Net other comprehensive | (15,536 | ) | 2,502 | (8,895 | ) | (21,929 | ) | 534 | (22,463 | ) | |||||||||||||||
income (loss) | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 3,869 | $ | – | $ | (137,431 | ) | $ | (133,562 | ) | $ | (558 | ) | $ | (133,004 | ) | |||||||||
Gains (Losses) Reclassified Out of AOCI | ' | ||||||||||||||||||||||||
The table below reflects adjustments for items reclassified out of AOCI, by component, for the year ended December 31, 2013: | |||||||||||||||||||||||||
Amortization of interest rate hedge | $ | 2,502 | (a) | ||||||||||||||||||||||
Amortization relating to employee benefit plans | 6,534 | (b) | |||||||||||||||||||||||
Less – related income taxes | 1,929 | ||||||||||||||||||||||||
Net of tax | 4,605 | ||||||||||||||||||||||||
Total reclassifications, net of tax | $ | 7,107 | |||||||||||||||||||||||
(a) | Included in “interest expense” and “operating expenses—other” in the amounts of $939 and $1,563, respectively, on the consolidated statements of operations. | ||||||||||||||||||||||||
(b) | Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the consolidated statement of operations. | ||||||||||||||||||||||||
Changes in Ownership Interests | ' | ||||||||||||||||||||||||
The following tables summarize the ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings: | |||||||||||||||||||||||||
Lazard Ltd | LAZ-MD Holdings | Total | |||||||||||||||||||||||
Lazard Group | |||||||||||||||||||||||||
Common | |||||||||||||||||||||||||
Membership | |||||||||||||||||||||||||
As of December 31: | Common | % | Common | % | Interests | ||||||||||||||||||||
Membership | Ownership | Membership | Ownership | ||||||||||||||||||||||
Interests | Interests | ||||||||||||||||||||||||
2011 | 123,009,311 | 94.8 | % | 6,756,779 | 5.2 | % | 129,766,090 | ||||||||||||||||||
2012 | 128,216,423 | 98.8 | % | 1,549,667 | 1.2 | % | 129,766,090 | ||||||||||||||||||
2013 | 129,056,081 | 99.5 | % | 710,009 | 0.5 | % | 129,766,090 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | ' | ||||||||||||||||||||||||
The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 and noncontrolling interests as of December 31, 2013 and 2012 in the Company’s consolidated financial statements: | |||||||||||||||||||||||||
Net Income (Loss) | |||||||||||||||||||||||||
Attributable to Noncontrolling | |||||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Edgewater | $ | 3,913 | $ | 3,491 | $ | 4,130 | |||||||||||||||||||
LAZ-MD Holdings | 1,198 | 5,114 | 11,964 | ||||||||||||||||||||||
Other | (209 | ) | (129 | ) | (452 | ) | |||||||||||||||||||
Total | $ | 4,902 | $ | 8,476 | $ | 15,642 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
As Of December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Edgewater | $ | 66,641 | $ | 75,262 | |||||||||||||||||||||
LAZ-MD Holdings | 2,566 | 5,405 | |||||||||||||||||||||||
Other | 582 | 1,217 | |||||||||||||||||||||||
Total | $ | 69,789 | $ | 81,884 | |||||||||||||||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense | ' | ||||||||||||||||
The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, performance-based restricted stock units (“PRSUs”) and restricted stock awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Share-based incentive awards: | |||||||||||||||||
RSUs (a) | $ | 209,974 | $ | 298,809 | $ | 264,110 | |||||||||||
PRSUs | 12,934 | – | – | ||||||||||||||
Restricted Stock (b) | 11,374 | 10,003 | 9,767 | ||||||||||||||
DSUs | 1,616 | 1,536 | 1,265 | ||||||||||||||
Total | $ | 235,898 | $ | 310,348 | $ | 275,142 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives and staff reductions, as applicable, for the years ended December 31, 2013 and 2012, aggregating $9,099 and $26,158, respectively (see Note 16 of Notes to Consolidated Financial Statements). | ||||||||||||||||
(b) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $247 and $713, respectively. | ||||||||||||||||
Schedule of Issuance of RSUs and Charges to Retained Earnings | ' | ||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures, (with corresponding credits to “additional paid-in-capital”) consisted of the following: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Number of RSUs issued | 442,242 | 920,791 | 389,846 | ||||||||||||||
Charges to retained earnings, net of estimated forfeitures | $ | 16,476 | $ | 24,990 | $ | 11,120 | |||||||||||
Schedule of Activity Relating to RSUs and DSUs | ' | ||||||||||||||||
The following is a summary of activity relating to RSUs and DSUs during the three-year period ended December 31, 2013: | |||||||||||||||||
RSUs | DSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance, January 1, 2011 | 22,108,635 | $ | 35.67 | 121,737 | $ | 34.46 | |||||||||||
Granted (including 389,846 RSUs relating to dividend participation) | 7,002,736 | $ | 43.21 | 35,043 | $ | 36.09 | |||||||||||
Forfeited | (305,155 | ) | $ | 37.83 | – | – | |||||||||||
Vested | (8,054,387 | ) | $ | 39.13 | (16,120 | ) | $ | 34.76 | |||||||||
Balance, December 31, 2011 | 20,751,829 | $ | 36.84 | 140,660 | $ | 34.83 | |||||||||||
Granted (including 920,791 RSUs relating to dividend participation) | 8,594,744 | $ | 27.68 | 63,836 | $ | 24.06 | |||||||||||
Forfeited | (581,411 | ) | $ | 35.59 | – | – | |||||||||||
Vested/Exchanged | (7,284,031 | ) | $ | 34.71 | – | – | |||||||||||
Balance, December 31, 2012 | 21,481,131 | $ | 33.92 | 204,496 | $ | 31.47 | |||||||||||
Granted (including 442,242 RSUs relating to dividend participation) | 5,174,810 | $ | 37.21 | 46,938 | $ | 34.42 | |||||||||||
Forfeited | -268,900 | $ | 34.47 | – | – | ||||||||||||
Vested | -9,768,849 | $ | 34.65 | – | – | ||||||||||||
Balance, December 31, 2013 | 16,618,192 | $ | 34.51 | 251,434 | $ | 32.02 | |||||||||||
Summary of Activity Related to Shares of Restricted Class A Common Stock | ' | ||||||||||||||||
The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the three-year period ended December 31, 2013: | |||||||||||||||||
Restricted | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2011 | 95,332 | $ | 37.63 | ||||||||||||||
Granted | 327,238 | $ | 43.7 | ||||||||||||||
Vested | (327,238 | ) | $ | 43.7 | |||||||||||||
Balance, December 31, 2011 | 95,332 | $ | 37.63 | ||||||||||||||
Granted/Exchanged (a) | 2,100,965 | $ | 34.34 | ||||||||||||||
Forfeited | (21,178 | ) | $ | 29.51 | |||||||||||||
Vested | (202,510 | ) | $ | 31.43 | |||||||||||||
Balance, December 31, 2012 | 1,972,609 | $ | 34.85 | ||||||||||||||
Granted | 368,736 | $ | 36.74 | ||||||||||||||
Forfeited | (37,782 | ) | $ | 33.37 | |||||||||||||
Vested | (1,728,509 | ) | $ | 36 | |||||||||||||
Balance, December 31, 2013 | 575,054 | $ | 32.72 | ||||||||||||||
(a) | Includes, during the year ended December 31, 2012, as described above, 1,523,642 shares of restricted Class A common stock issued in exchange for 1,523,642 previously granted RSUs at a grant date fair value of $35.95 per share. The vesting terms of such restricted Class A common stock issued were substantially the same as those of the original awards exchanged. There was no incremental compensation cost incurred as a result of the exchanges. | ||||||||||||||||
Summary of Fund Interests and Other Similar Deferred Compensation Arrangements | ' | ||||||||||||||||
The following is a summary of activity relating to Lazard Fund Interests and other similar deferred compensation arrangements during the years ended December 31, 2013 and 2012: | |||||||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2013 | $ | 47,445 | $ | 97,593 | |||||||||||||
Granted | 72,217 | 72,217 | |||||||||||||||
Settled | – | (24,006 | ) | ||||||||||||||
Forfeited | (1,075 | ) | (1,544 | ) | |||||||||||||
Amortization | (58,023 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 14,099 | |||||||||||||||
Adjustment for estimated forfeitures | – | 4,643 | |||||||||||||||
Other | (131 | ) | (580 | ) | |||||||||||||
Balance, December 31, 2013 | $ | 60,433 | $ | 162,422 | |||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Balance, January 1, 2012 | $ | 17,783 | $ | 29,900 | |||||||||||||
Granted | 64,679 | 64,679 | |||||||||||||||
Settled | – | (10,646 | ) | ||||||||||||||
Forfeited | (1,603 | ) | (1,711 | ) | |||||||||||||
Amortization | (33,476 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 7,557 | |||||||||||||||
Adjustment for estimated forfeitures | – | 7,841 | |||||||||||||||
Other | 62 | -27 | |||||||||||||||
Balance, December 31, 2012 | $ | 47,445 | $ | 97,593 | |||||||||||||
Summary of Impact of Fund Interests and Other Similar Deferred Compensation Arrangements | ' | ||||||||||||||||
The following is a summary of the impact of Lazard Fund Interests and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amortization, net of forfeitures (a) | $ | 62,197 | $ | 41,209 | $ | 14,551 | |||||||||||
Change in the fair value of underlying investments | 14,099 | 7,557 | (3,024 | ) | |||||||||||||
Total | $ | 76,296 | $ | 48,766 | $ | 11,527 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $2,665 and $3,495, respectively. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition | ' | ||||||||||||||||||||||||
The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans. | |||||||||||||||||||||||||
Pension | Medical Plan | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 656,025 | $ | 575,031 | $ | 5,668 | $ | 5,362 | |||||||||||||||||
Service cost | 940 | 670 | 53 | 60 | |||||||||||||||||||||
Interest cost | 27,219 | 27,636 | 182 | 211 | |||||||||||||||||||||
Actuarial (gain) loss | 32,329 | 57,057 | (647 | ) | 310 | ||||||||||||||||||||
Benefits paid | (23,258 | ) | (26,420 | ) | (176 | ) | (275 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | 16,595 | 22,051 | |||||||||||||||||||||||
Benefit obligation at end of year | 709,850 | 656,025 | 5,080 | 5,668 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 607,705 | 568,911 | |||||||||||||||||||||||
Actual return on plan assets | 41,353 | 33,882 | |||||||||||||||||||||||
Employer contributions | 2,274 | 8,221 | 176 | 275 | |||||||||||||||||||||
Benefits paid | (23,258 | ) | (26,420 | ) | (176 | ) | (275 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | 15,770 | 23,111 | |||||||||||||||||||||||
Fair value of plan assets at end of year | 643,844 | 607,705 | – | – | |||||||||||||||||||||
Funded (deficit) at end of year | $ | (66,006 | ) | $ | (48,320 | ) | $ | (5,080 | ) | $ | (5,668 | ) | |||||||||||||
Amounts recognized in the consolidated statements of financial condition at December 31, 2013 and 2012 consist of: | |||||||||||||||||||||||||
Prepaid pension asset (included in “other assets”) | $ | 148 | $ | 2,659 | |||||||||||||||||||||
Accrued benefit liability (included in “other liabilities”) | (66,154 | ) | (50,979 | ) | $ | (5,080 | ) | $ | (5,668 | ) | |||||||||||||||
Net amount recognized | $ | (66,006 | ) | $ | (48,320 | ) | $ | (5,080 | ) | $ | (5,668 | ) | |||||||||||||
Amounts recognized in AOCI (excluding tax benefits of $30,448 and $25,989 at December 31, 2013 and 2012, respectively) consist of: | |||||||||||||||||||||||||
Actuarial net loss (gain) | $ | 159,575 | $ | 143,133 | $ | (597 | ) | $ | 50 | ||||||||||||||||
Prior service cost | 8,901 | 11,342 | – | – | |||||||||||||||||||||
Net amount recognized | $ | 168,476 | $ | 154,475 | $ | (597 | ) | $ | 50 | ||||||||||||||||
Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation | ' | ||||||||||||||||||||||||
The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2013 and 2012: | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Total | |||||||||||||||||||||||
As Of December 31, | As Of December 31, | As Of December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Fair value of plan assets | $ | 26,200 | $ | 25,231 | $ | 617,644 | $ | 582,474 | $ | 643,844 | $ | 607,705 | |||||||||||||
Accumulated benefit obligation | $ | 29,427 | $ | 35,276 | $ | 680,423 | $ | 620,749 | $ | 709,850 | $ | 656,025 | |||||||||||||
Projected benefit obligation | $ | 29,427 | $ | 35,276 | $ | 680,423 | $ | 620,749 | $ | 709,850 | $ | 656,025 | |||||||||||||
Components of Net Benefit Cost | ' | ||||||||||||||||||||||||
The following table summarizes the components of net periodic benefit cost (credit), the return on plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
For The Years Ended | For The Years Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit): | |||||||||||||||||||||||||
Service cost | $ | 940 | $ | 670 | $ | 651 | $ | 53 | $ | 60 | $ | 69 | |||||||||||||
Interest cost | 27,219 | 27,636 | 28,266 | 182 | 211 | 278 | |||||||||||||||||||
Expected return on plan assets | (27,078 | ) | (26,657 | ) | (30,490 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service cost | 2,843 | 2,751 | 2,979 | ||||||||||||||||||||||
Net actuarial loss | 3,691 | 1,658 | 258 | ||||||||||||||||||||||
Settlement loss (a) | – | 1,135 | |||||||||||||||||||||||
Net periodic benefit cost | $ | 7,615 | $ | 7,193 | $ | 1,664 | $ | 235 | $ | 271 | $ | 347 | |||||||||||||
Actual return on plan assets | $ | 41,353 | $ | 33,882 | $ | 29,870 | $ | ||||||||||||||||||
Employer contributions | $ | 2,274 | $ | 8,221 | $ | 8,689 | $ | 176 | $ | 275 | $ | 347 | |||||||||||||
Benefits paid | $ | 23,258 | $ | 26,420 | $ | 21,718 | $ | 176 | $ | 275 | $ | 347 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $4,459, $11,805 and $11,495 during the years ended December 31, 2013, 2012 and 2011, respectively): | |||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 17,251 | $ | 50,209 | $ | 51,703 | $ | (647 | ) | $ | 310 | $ | (438 | ) | |||||||||||
Reclassification of prior service (cost) credit to earnings | (2,843 | ) | (2,751 | ) | (2,979 | ) | |||||||||||||||||||
Reclassification of actuarial loss to earnings | (3,691 | ) | (2,793 | ) | (258 | ) | |||||||||||||||||||
Currency translation and other adjustments | 3,284 | 2,729 | (491 | ) | |||||||||||||||||||||
Total recognized in AOCI | $ | 14,001 | $ | 47,394 | $ | 47,975 | $ | (647 | ) | $ | 310 | $ | (438 | ) | |||||||||||
Net amount recognized in total periodic benefit cost and AOCI | $ | 21,616 | $ | 54,587 | $ | 49,639 | $ | (412 | ) | $ | 581 | $ | (91 | ) | |||||||||||
(a) | During the year ended December 31, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, combined with a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032. | ||||||||||||||||||||||||
Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized | ' | ||||||||||||||||||||||||
The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2013 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2014 are as follows: | |||||||||||||||||||||||||
Pension | Medical | Total | |||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
Prior service cost | $ | 2,954 | $ | – | $ | 2,954 | |||||||||||||||||||
Net actuarial loss (gain) | $ | 4,451 | $ | (90 | ) | $ | 4,361 | ||||||||||||||||||
Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost | ' | ||||||||||||||||||||||||
The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2013, 2012 and 2011 are set forth below: | |||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 4.30% | 4.6 | % | 4.8 | % | 4.30% | 3.40% | 4.10% | |||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 3.30% | 3.2 | % | 4.7 | % | 3.40% | 4.10% | 5.00% | |||||||||||||||||
Expected long-term rate of return on plan assets | 4.70% | 4.7 | % | 5.4 | % | – | – | – | |||||||||||||||||
Healthcare cost trend rates used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Initial | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||||
Ultimate | 5.00% | 6.00% | 6.00% | ||||||||||||||||||||||
Year ultimate trend rate achieved | 2019 | 2016 | 2015 | ||||||||||||||||||||||
Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans | ' | ||||||||||||||||||||||||
The assumed cost of healthcare has an effect on the amounts reported for the Company’s medical plan. A 1% change in the assumed healthcare cost trend rate would increase (decrease) our cost and obligation as follows: | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Cost | $ | 33 | $ | 44 | $ | (24 | ) | $ | (31 | ) | |||||||||||||||
Obligation | $ | 675 | $ | 880 | $ | (494 | ) | $ | (610 | ) | |||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||
Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s post-retirement plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: | |||||||||||||||||||||||||
Pension | Medical | ||||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
2014 | $ | 23,736 | $ | 397 | |||||||||||||||||||||
2015 | 25,095 | 398 | |||||||||||||||||||||||
2016 | 26,473 | 395 | |||||||||||||||||||||||
2017 | 26,721 | 392 | |||||||||||||||||||||||
2018 | 28,761 | 391 | |||||||||||||||||||||||
2019-2023 | 163,107 | 1,894 | |||||||||||||||||||||||
Schedule of Categorization of Plans' Assets | ' | ||||||||||||||||||||||||
Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2013 and 2012, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 5,835 | $ | – | $ | – | $ | 5,835 | |||||||||||||||||
Debt | 43,764 | – | – | 43,764 | |||||||||||||||||||||
Equities | 27,762 | – | – | 27,762 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | 907 | 43,123 | 698 | 44,728 | |||||||||||||||||||||
Debt | 11,942 | 323,812 | 2,222 | 337,976 | |||||||||||||||||||||
Equity | 183,779 | – | – | 183,779 | |||||||||||||||||||||
Total | $ | 273,989 | $ | 366,935 | $ | 2,920 | $ | 643,844 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 10,714 | $ | – | $ | – | $ | 10,714 | |||||||||||||||||
Debt | 47,298 | – | – | 47,298 | |||||||||||||||||||||
Equities | 29,337 | – | – | 29,337 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 39,930 | 404 | 40,334 | |||||||||||||||||||||
Debt | 12,430 | 307,695 | 2,024 | 322,149 | |||||||||||||||||||||
Equity | 157,873 | – | – | 157,873 | |||||||||||||||||||||
Total | $ | 257,652 | $ | 347,625 | $ | 2,428 | $ | 607,705 | |||||||||||||||||
Cost_Saving_Initiatives_Tables
Cost Saving Initiatives (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Savings Initiatives | ' | ||||||||||||||||
Expenses associated with the implementation of the Cost Saving Initiatives were completed during the year ended December 31, 2013. The Company incurred these expenses, by segment, as reflected in the tables below: | |||||||||||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 45,746 | $ | 236 | $ | 5,417 | $ | 51,399 | |||||||||
Other | 2,033 | (1 | ) | 11,272 | 13,304 | ||||||||||||
Total | $ | 47,779 | $ | 235 | $ | 16,689 | $ | 64,703 | |||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Cumulative October 2012 Through | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 121,879 | $ | 12,292 | $ | 17,215 | $ | 151,386 | |||||||||
Other | 3,432 | 732 | 11,729 | 15,893 | |||||||||||||
Total | $ | 125,311 | $ | 13,024 | $ | 28,944 | $ | 167,279 | |||||||||
Activity Related to Obligations Pursuant to Cost Saving Initiatives | ' | ||||||||||||||||
Activity related to the obligations pursuant to the Cost Saving Initiatives during 2013 was as follows: | |||||||||||||||||
Accrued | Other | Total | |||||||||||||||
Compensation | Liabilities | ||||||||||||||||
and Benefits | |||||||||||||||||
Balance, January 1, 2013 | $ | 46,128 | $ | 1,714 | $ | 47,842 | |||||||||||
New charges | 51,399 | 13,304 | 64,703 | ||||||||||||||
Less: | |||||||||||||||||
Non-cash charges | (12,007 | ) | (3,387 | ) | (15,394 | ) | |||||||||||
Settlements | (73,660 | ) | (6,275 | ) | (79,935 | ) | |||||||||||
Balance, December 31, 2013 | $ | 11,860 | $ | 5,356 | $ | 17,216 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Provision for Income Taxes | ' | ||||||||||||
The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (3,678 | ) | $ | 2,094 | $ | (501 | ) | |||||
Foreign | 41,084 | 27,650 | 35,885 | ||||||||||
State and local (primarily UBT) | (167 | ) | 5,813 | 2,342 | |||||||||
Total current | 37,239 | 35,557 | 37,726 | ||||||||||
Deferred: | |||||||||||||
Federal | 19,934 | (3,330 | ) | 16,167 | |||||||||
Foreign | (4,520 | ) | (1,127 | ) | (2,832 | ) | |||||||
State and local (primarily UBT) | (960 | ) | – | (6,121 | ) | ||||||||
Total deferred | 14,454 | (4,457 | ) | 7,214 | |||||||||
Total | $ | 51,693 | $ | 31,100 | $ | 44,940 | |||||||
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Income of noncontrolling interests | (0.8 | ) | (2.4 | ) | (2.0 | ) | |||||||
Share-based incentive compensation | – | 7.4 | – | ||||||||||
Foreign source income not subject to U.S. income tax | (12.7 | ) | (34.6 | ) | (13.8 | ) | |||||||
Foreign taxes | 14.1 | 13.5 | 8.3 | ||||||||||
State and local taxes (primarily UBT) | 2.6 | 3.4 | 0.9 | ||||||||||
Change in U.S. federal valuation allowance | (14.9 | ) | 1.4 | (8.3 | ) | ||||||||
Other, net | 0.5 | 1.4 | (1.0 | ) | |||||||||
Effective income tax rate | 23.8 | % | 25.1 | % | 19.1 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Basis adjustments (primarily as a result of the separation and recapitalization transactions that occurred during 2005 and from secondary offerings) | $ | 739,059 | $ | 820,229 | |||||||||
Compensation and benefits | 250,413 | 243,564 | |||||||||||
Net operating loss and tax credit carryforwards | 348,433 | 308,233 | |||||||||||
Depreciation and amortization | 8,169 | 3,404 | |||||||||||
Other | 58,273 | 30,626 | |||||||||||
Gross deferred tax assets | 1,404,347 | 1,406,056 | |||||||||||
Valuation allowance | (1,225,305 | ) | (1,238,765 | ) | |||||||||
Deferred tax assets (net of valuation allowance) | $ | 179,042 | $ | 167,291 | |||||||||
Deferred Tax Liabilities: | |||||||||||||
Depreciation and amortization | $ | 19,296 | $ | 33,715 | |||||||||
Compensation and benefits | 30,042 | 4,292 | |||||||||||
Goodwill | 15,434 | 15,843 | |||||||||||
Other | 70,394 | 50,648 | |||||||||||
Deferred tax liabilities | $ | 135,166 | $ | 104,498 | |||||||||
The basis adjustments recorded as of December 31, 2013 and 2012 are the result of: | |||||||||||||
• | purchases and redemptions of historical and working member interests consummated in connection with the separation and recapitalization of the Company, which resulted in deferred tax assets of $123,027 and $158,459 at December 31, 2013 and 2012, respectively, | ||||||||||||
• | tax basis step-ups resulting from the exchange of LAZ-MD exchangeable interests and from secondary offerings, and associated with the LAM Merger, which in the aggregate resulted in deferred tax assets of $603,552 and $638,993 at December 31, 2013 and 2012, respectively, | ||||||||||||
• | tax basis step-up for U.S. income tax purposes on certain U.K. assets, which resulted in deferred tax assets of $6,538 and $16,083 at December 31, 2013 and 2012, respectively, and | ||||||||||||
• | tax basis step-up for payments made under the tax receivable agreement of $5,942 and $6,694 at December 31, 2013 and 2012, respectively. | ||||||||||||
Schedule of Gross Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, January 1 (excluding interest and penalties of $14,799, $8,454 and $7,099, respectively) | $ | 55,947 | $ | 62,200 | $ | 58,605 | |||||||
Increases in gross unrecognized tax benefits relating to tax positions taken during: | |||||||||||||
Prior years | 417 | 1,393 | 1,081 | ||||||||||
Current year | 17,596 | 19,690 | 16,928 | ||||||||||
Decreases in gross unrecognized tax benefits relating to: | |||||||||||||
Tax positions taken during prior years | (385 | ) | (5,397 | ) | (5,133 | ) | |||||||
Settlements with tax authorities | (5,587 | ) | (12,077 | ) | – | ||||||||
Lapse of the applicable statute of limitations | (5,083 | ) | (9,862 | ) | (9,281 | ) | |||||||
Balance, December 31 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively) | $ | 62,905 | $ | 55,947 | $ | 62,200 | |||||||
Schedule of Additional Information Relating to Unrecognized Tax Benefits | ' | ||||||||||||
Additional information with respect to unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $12,200, $14,799 and $8,454, respectively) | $ | 36,272 | $ | 44,452 | $ | 44,545 | |||||||
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | $ | 38,833 | $ | 26,294 | $ | 26,109 | |||||||
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $7,326, $3,130 and $1,785, respectively) | $ | (2,599 | ) | $ | 6,345 | $ | 1,355 |
Net_Income_Per_Share_of_Class_1
Net Income Per Share of Class A Common Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding | ' | ||||||||||||
The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the years ended December 31, 2013, 2012 and 2011 are presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income attributable to Lazard Ltd | $ | 160,212 | $84,309 | $174,917 | |||||||||
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | — | 7 | 284 | ||||||||||
Net income attributable to Lazard Ltd - basic | 160,212 | 84,316 | 175,201 | ||||||||||
Add - dilutive effect, as applicable, of: | |||||||||||||
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax | 1,065 | 371 | 12,512 | ||||||||||
Net income attributable to Lazard Ltd - diluted | $161,277 | $84,687 | $187,713 | ||||||||||
Weighted average number of shares of Class A common stock outstanding | 120,096,305 | 116,163,821 | 115,005,676 | ||||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 757,962 | 790,168 | 3,026,344 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 120,854,267 | 116,953,989 | 118,032,020 | ||||||||||
Add - dilutive effect, as applicable, of: | |||||||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests | 12,882,812 | 12,371,633 | 19,597,505 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,737,079 | 129,325,622 | 137,629,525 | ||||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||||
Basic | $1.33 | $0.72 | $1.48 | ||||||||||
Diluted | $1.21 | $0.65 | $1.36 | ||||||||||
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Amounts Receivable from and Payable to Related Parties | ' | ||||||||
Amounts receivable from, and payable to, related parties are set forth below: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Receivables | |||||||||
LFCM Holdings | $ | 7,794 | $ | 20,529 | |||||
Other | 126 | 3,272 | |||||||
Total | $ | 7,920 | $ | 23,801 | |||||
Payables | |||||||||
LFCM Holdings | $ | 4,300 | $ | 2,943 | |||||
Other | 731 | 705 | |||||||
Total | $ | 5,031 | $ | 3,648 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets | ' | ||||||||||||||
the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: | |||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2013(b) | 2012(b) | 2011 | |||||||||||||
Financial Advisory | Net Revenue | $ | 980,577 | $ | 1,049,090 | $ | 992,107 | ||||||||
Operating Expenses (a) | 959,668 | 1,057,620 | 929,688 | ||||||||||||
Operating Income (Loss) | $ | 20,909 | $ | (8,530 | ) | $ | 62,419 | ||||||||
Total Assets | $ | 714,708 | $ | 793,007 | $ | 767,699 | |||||||||
Asset Management | Net Revenue | $ | 1,039,130 | $ | 896,260 | $ | 897,401 | ||||||||
Operating Expenses (a) | 704,045 | 659,502 | 628,945 | ||||||||||||
Operating Income | $ | 335,085 | $ | 236,758 | $ | 268,456 | |||||||||
Total Assets | $ | 612,018 | $ | 566,677 | $ | 583,524 | |||||||||
Corporate | Net Revenue | $ | (34,355 | ) | $ | (32,902 | ) | $ | (59,996 | ) | |||||
Operating Expenses (a) | 104,832 | 71,441 | 35,380 | ||||||||||||
Operating Loss | $ | (139,187 | ) | $ | (104,343 | ) | $ | (95,376 | ) | ||||||
Total Assets | $ | 1,684,411 | $ | 1,627,209 | $ | 1,730,713 | |||||||||
Total | Net Revenue | $ | 1,985,352 | $ | 1,912,448 | $ | 1,829,512 | ||||||||
Operating Expenses (a) | 1,768,545 | 1,788,563 | 1,594,013 | ||||||||||||
Operating Income | $ | 216,807 | $ | 123,885 | $ | 235,499 | |||||||||
Total Assets | $ | 3,011,137 | $ | 2,986,893 | $ | 3,081,936 | |||||||||
(a) | Operating expenses include depreciation and amortization of property as set forth in table below. | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Financial Advisory | $ | 5,256 | $ | 5,710 | $ | 6,739 | |||||||||
Asset Management | 2,556 | 3,250 | 3,502 | ||||||||||||
Corporate | 26,938 | 21,895 | 14,339 | ||||||||||||
Total | $ | 34,750 | $ | 30,855 | $ | 24,580 | |||||||||
(b) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives announced by the Company in 2013 and 2012, and the impact on each of the Company’s business segments. | ||||||||||||||
Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas | ' | ||||||||||||||
The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. | |||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Net Revenue: | |||||||||||||||
United States | $ | 1,217,014 | $ | 1,172,566 | $ | 1,083,457 | |||||||||
United Kingdom | 205,695 | 180,784 | 190,307 | ||||||||||||
France | 281,740 | 265,523 | 234,441 | ||||||||||||
Other Western Europe | 123,975 | 132,754 | 174,284 | ||||||||||||
Rest of World | 156,928 | 160,821 | 147,023 | ||||||||||||
Total | $ | 1,985,352 | $ | 1,912,448 | $ | 1,829,512 | |||||||||
Operating Income (Loss): | |||||||||||||||
United States | $ | 234,247 | $ | 169,111 | $ | 209,236 | |||||||||
United Kingdom | (6,474 | ) | (37,329 | ) | (18,074 | ) | |||||||||
France | 14,845 | 8,332 | 8,262 | ||||||||||||
Other Western Europe | (8,260 | ) | (20,812 | ) | 27,276 | ||||||||||
Rest of World | (17,551 | ) | 4,583 | 8,799 | |||||||||||
Total | $ | 216,807 | $ | 123,885 | $ | 235,499 | |||||||||
Identifiable Assets: | |||||||||||||||
United States | $ | 1,529,695 | $ | 1,507,331 | $ | 1,630,547 | |||||||||
United Kingdom | 239,606 | 226,578 | 253,365 | ||||||||||||
France | 824,712 | 808,655 | 773,196 | ||||||||||||
Other Western Europe | 118,939 | 114,763 | 116,682 | ||||||||||||
Rest of World | 298,185 | 329,566 | 308,146 | ||||||||||||
Total | $ | 3,011,137 | $ | 2,986,893 | $ | 3,081,936 | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information - Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
The following represents the Company’s unaudited quarterly results for the years ended December 31, 2013 and 2012. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. | |||||||||||||||||||||
2013 Fiscal Quarter | |||||||||||||||||||||
First(a) | Second(a) | Third | Fourth(b) | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 401,903 | $ | 490,405 | $ | 480,354 | $ | 612,690 | $ | 1,985,352 | |||||||||||
Operating expenses | 380,306 | 449,467 | 399,236 | 539,536 | 1,768,545 | ||||||||||||||||
Operating income | $ | 21,597 | $ | 40,938 | $ | 81,118 | $ | 73,154 | $ | 216,807 | |||||||||||
Net income | $ | 17,649 | $ | 31,921 | $ | 62,748 | $ | 52,796 | $ | 165,114 | |||||||||||
Less - net income (loss) attributable to noncontrolling interests | 2,289 | 568 | 2,466 | (421 | ) | 4,902 | |||||||||||||||
Net income attributable to Lazard Ltd | $ | 15,360 | $ | 31,353 | $ | 60,282 | $ | 53,217 | $ | 160,212 | |||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income per share of common stock: | |||||||||||||||||||||
Basic | $0.13 | $0.26 | $0.49 | $0.44 | $1.33 | ||||||||||||||||
Diluted | $0.12 | $0.24 | $0.45 | $0.40 | $1.21 | ||||||||||||||||
Dividends declared per share of common stock | — | $0.25 | $0.25 | $0.50 | $1.00 | ||||||||||||||||
(a) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives. | ||||||||||||||||||||
(b) | See Note 11 of Notes to Consolidated Financial Statements for information regarding the debt refinancing. | ||||||||||||||||||||
2012 Fiscal Quarter | |||||||||||||||||||||
First | Second | Third | Fourth(a) | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 486,039 | $ | 436,910 | $ | 428,806 | $ | 560,693 | $ | 1,912,448 | |||||||||||
Operating expenses | 448,216 | 392,377 | 382,080 | 565,890 | 1,788,563 | ||||||||||||||||
Operating income (loss) | $ | 37,823 | $ | 44,533 | $ | 46,726 | $ | (5,197 | ) | $ | 123,885 | ||||||||||
Net income (loss) | $ | 29,056 | $ | 34,162 | $ | 33,673 | $ | (4,106 | ) | $ | 92,785 | ||||||||||
Less - net income attributable to noncontrolling interests | 3,504 | 3,341 | 372 | 1,259 | 8,476 | ||||||||||||||||
Net income (loss) attributable to Lazard Ltd | $ | 25,552 | $ | 30,821 | $ | 33,301 | $ | (5,365 | ) | $ | 84,309 | ||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income (loss) per share of common stock: | |||||||||||||||||||||
Basic | $0.21 | $0.26 | $0.29 | $(0.05 | ) | $0.72 | |||||||||||||||
Diluted | $0.20 | $0.24 | $0.26 | $(0.05 | ) | $0.65 | |||||||||||||||
Dividends declared per share of common stock | $0.16 | $0.20 | $0.20 | $ 0.60 | $1.16 | ||||||||||||||||
(a) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives announced in the fourth quarter of 2012. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Class B Common Stock [Member] | Class B Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Lazard Ltd [Member] | Lazard Ltd [Member] | LAZ-MD Holdings LLC [Member] | LAZ-MD Holdings LLC [Member] | LAZ-MD Holdings LLC [Member] | LAZ-MD Holdings LLC [Member] | LAZ-MD Holdings LLC [Member] | |
Class B Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common membership interests held | ' | ' | ' | ' | ' | 99.50% | 98.80% | 0.50% | 1.20% | ' | ' | ' |
Governing Operating Agreement, date | 10-May-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common membership voting power held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.20% |
Common stock, par value | ' | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Common stock, shares issued | ' | 1 | 1 | 129,056,081 | 128,216,423 | ' | ' | ' | ' | 1 | ' | ' |
Number of business segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Foreign currency remeasurement gains (losses), net | ($2,887) | ($761) | $1,406 |
Cash and cash equivalents maturity period | '90 days or less | ' | ' |
Depreciation and amortization expense | 34,750 | 30,855 | 24,580 |
Annual date of goodwill impairment | 1-Nov-13 | 31-Dec-12 | ' |
Collateralized borrowing activities | 0 | 13,854 | ' |
Reimbursements of expenses | $18,327 | $24,762 | $18,942 |
Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. | 50.00% | ' | ' |
Financial Advisory [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Fees receivable outstanding past due | '60 days | ' | ' |
Contractual payment term description relating to our interest-bearing financing receivables | 'Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years. | ' | ' |
Days fee receivables are considered past due in excess | '180 days | ' | ' |
Asset Management [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Fees receivable outstanding past due | '12 months | ' | ' |
Receivables_Schedule_of_Activi
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Allowance for doubtful accounts receivables, Beginning balance | $23,017 | $19,450 | $15,017 |
Bad debt expense | 4,395 | 6,579 | 7,952 |
Charge-offs, foreign currency translation and other adjustments | 1,365 | -3,012 | -3,519 |
Allowance for doubtful accounts receivables, Ending balance | $28,777 | $23,017 | $19,450 |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Receivables, Net [Line Items] | ' | ' | ' | ' |
Interest-bearing financing fee receivables | $69,464 | $76,481 | ' | ' |
Allowance for doubtful accounts receivables | 28,777 | 23,017 | 19,450 | 15,017 |
Aggregate carrying amount of non-interest bearing receivables | 443,211 | 401,562 | ' | ' |
Financing Receivables [Member] | ' | ' | ' | ' |
Receivables, Net [Line Items] | ' | ' | ' | ' |
Allowance for doubtful accounts receivables | 0 | 0 | ' | ' |
Trade Receivables [Member] | ' | ' | ' | ' |
Receivables, Net [Line Items] | ' | ' | ' | ' |
Receivables past due or deemed uncollectible | $39,341 | $25,604 | ' | ' |
Investments_Companys_Investmen
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Debt (including interest-bearing deposits of $516 and $578, respectively) | $8,529 | $5,948 |
Equities | 59,394 | 44,992 |
Funds | 400,694 | 356,721 |
Equity method | 9,488 | 7,012 |
Total investments | 478,105 | 414,673 |
Interest-bearing deposits | 516 | 578 |
Investments, at fair value | 468,101 | 407,083 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 4,045 | 2,755 |
Debt Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | 58,769 | 32,077 |
Alternative Investments Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | 37,030 | 57,890 |
Equity Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | 190,702 | 154,310 |
Private Equity Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | $114,193 | $112,444 |
Investments_Companys_Investmen1
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Investments [Abstract] | ' | ' |
Interest-bearing deposits | $516 | $578 |
Lazard fund interests in equities funds | 130,481 | 76,907 |
Lazard fund interests in alternative investments funds | 7,099 | 5,054 |
Lazard fund interests in debt funds | $31,515 | $18,615 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Investments [Abstract] | ' | ' |
Economic interests that are owned by management team and other investors in the Edgewater Funds | $9,787 | $11,490 |
Investments_Schedule_of_Tradin
Investments - Schedule of Trading Securities Gross Unrealized Investment Gains and Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Gross unrealized investment gains | $19,465 | $23,024 | $2,180 |
Gross unrealized investment losses | $2,995 | $697 | $12,844 |
Fair_Value_Measurements_Classi
Fair Value Measurements - Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $468,101 | $407,083 |
Equities | 59,394 | 44,992 |
Derivatives | 682 | 933 |
Securities sold, not yet purchased | 4,045 | 2,755 |
Derivatives | 164,001 | 102,492 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | 59,394 | 44,992 |
Derivatives | 682 | 933 |
Total Assets | 468,783 | 408,016 |
Securities sold, not yet purchased | 4,045 | 2,755 |
Derivatives | 164,001 | 102,492 |
Total Liabilities | 168,046 | 105,247 |
Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 8,013 | 5,370 |
Alternative Investments Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 37,030 | 57,890 |
Debt Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 58,769 | 32,077 |
Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 190,702 | 154,310 |
Private Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 114,193 | 112,444 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | 58,054 | 44,802 |
Derivatives | ' | ' |
Total Assets | 309,160 | 223,549 |
Securities sold, not yet purchased | 4,045 | 2,696 |
Derivatives | ' | ' |
Total Liabilities | 4,045 | 2,696 |
Level 1 [Member] | Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 1,681 | 1,443 |
Level 1 [Member] | Alternative Investments Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | ' |
Level 1 [Member] | Debt Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 58,765 | 32,073 |
Level 1 [Member] | Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 190,660 | 145,231 |
Level 1 [Member] | Private Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | ' |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | ' | ' |
Derivatives | 682 | 933 |
Total Assets | 44,090 | 68,366 |
Securities sold, not yet purchased | ' | 59 |
Derivatives | 164,001 | 102,492 |
Total Liabilities | 164,001 | 102,551 |
Level 2 [Member] | Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 6,332 | 3,927 |
Level 2 [Member] | Alternative Investments Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 37,030 | 54,433 |
Level 2 [Member] | Debt Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 4 | 4 |
Level 2 [Member] | Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 42 | 9,069 |
Level 2 [Member] | Private Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | ' |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | 1,340 | 190 |
Derivatives | ' | ' |
Total Assets | 115,533 | 116,101 |
Securities sold, not yet purchased | ' | ' |
Derivatives | ' | ' |
Total Liabilities | ' | ' |
Level 3 [Member] | Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | ' |
Level 3 [Member] | Alternative Investments Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | 3,457 |
Level 3 [Member] | Debt Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | ' |
Level 3 [Member] | Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | ' | 10 |
Level 3 [Member] | Private Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $114,193 | $112,444 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Beginning Balance | $116,101 | $133,100 | $163,798 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 13,373 | 16,118 | -3,416 |
Purchases/Acquisitions | 7,261 | 8,599 | 43,482 |
Sales/Dispositions | -22,815 | -42,670 | -69,413 |
Foreign Currency Translation Adjustments | 1,613 | 954 | -1,351 |
Ending Balance | 115,533 | 116,101 | 133,100 |
Equities [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Beginning Balance | 190 | 211 | 316 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 11 | 5 | 72 |
Purchases/Acquisitions | 1,095 | ' | 25 |
Sales/Dispositions | ' | -30 | -195 |
Foreign Currency Translation Adjustments | 44 | 4 | -7 |
Ending Balance | 1,340 | 190 | 211 |
Alternative Investment Funds [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Beginning Balance | 3,457 | 10,171 | ' |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 117 | 130 | -169 |
Purchases/Acquisitions | ' | ' | 10,340 |
Sales/Dispositions | -3,574 | -6,844 | ' |
Foreign Currency Translation Adjustments | ' | ' | ' |
Ending Balance | ' | 3,457 | 10,171 |
Equity Funds [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Beginning Balance | 10 | ' | ' |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | ' | ' | ' |
Purchases/Acquisitions | ' | 10 | ' |
Sales/Dispositions | -10 | ' | ' |
Foreign Currency Translation Adjustments | ' | ' | ' |
Ending Balance | ' | 10 | ' |
Private Equity Funds [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Beginning Balance | 112,444 | 122,718 | 163,482 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 13,245 | 15,983 | -3,319 |
Purchases/Acquisitions | 6,166 | 8,589 | 33,117 |
Sales/Dispositions | -19,231 | -35,796 | -69,218 |
Foreign Currency Translation Adjustments | 1,569 | 950 | -1,344 |
Ending Balance | $114,193 | $112,444 | $122,718 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Net unrealized gains (losses) | $6,032 | $12,910 | ($3,268) |
Sales/disposition of private equity fund investments | ' | ' | $49,500 |
Fair_Value_Instruments_Financi
Fair Value Instruments - Financial Instruments Not Measured at Fair value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $841,482 | $850,190 | $1,003,791 | $1,209,695 |
Deposits with banks | 244,879 | 292,494 | ' | ' |
Cash deposited with clearing organizations and other segregated cash | 62,046 | 65,232 | ' | ' |
Interest-bearing deposits (included within investments) | 516 | 578 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Deposits and other customer payables | 275,434 | 269,763 | ' | ' |
Senior debt | 1,048,350 | 1,076,850 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 841,482 | 850,190 | ' | ' |
Deposits with banks | 244,879 | 292,494 | ' | ' |
Cash deposited with clearing organizations and other segregated cash | 62,046 | 65,232 | ' | ' |
Interest-bearing financing receivables | 69,464 | 76,481 | ' | ' |
Interest-bearing deposits (included within investments) | 516 | 578 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Deposits and other customer payables | 275,434 | 269,763 | ' | ' |
Senior debt | 1,048,350 | 1,076,850 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 841,482 | 850,190 | ' | ' |
Deposits with banks | 244,879 | 292,494 | ' | ' |
Cash deposited with clearing organizations and other segregated cash | 62,046 | 65,232 | ' | ' |
Interest-bearing financing receivables | 71,433 | 78,493 | ' | ' |
Interest-bearing deposits (included within investments) | 516 | 578 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Deposits and other customer payables | 275,434 | 269,763 | ' | ' |
Senior debt | 1,117,247 | 1,207,227 | ' | ' |
Fair Value [Member] | Level 1 [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 841,482 | 850,190 | ' | ' |
Deposits with banks | 244,879 | 292,494 | ' | ' |
Cash deposited with clearing organizations and other segregated cash | 62,046 | 65,232 | ' | ' |
Interest-bearing deposits (included within investments) | 516 | 578 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Deposits and other customer payables | 275,434 | 269,763 | ' | ' |
Fair Value [Member] | Level 2 [Member] | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Senior debt | 1,117,247 | 1,207,227 | ' | ' |
Fair Value [Member] | Level 3 [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Interest-bearing financing receivables | $71,433 | $78,493 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
CP II [Member] | EGCP III [Member] | COF2 [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
Money market funds are valued through the use of quoted market prices | ' | $1 | ' | ' | ' | ' |
Unfunded Commitments | ' | $27,135 | $31,482 | $1,940 | $18,501 | $6,694 |
End of the investment period | ' | ' | ' | 25-Feb-17 | 12-Oct-16 | 11-Nov-16 |
Remaining commitments date | ' | ' | ' | ' | 12-Oct-23 | 11-Nov-19 |
Original commitment | 50,000 | ' | ' | ' | ' | ' |
Reduction in original commitment | $17,400 | ' | ' | ' | ' | ' |
Carried Interest received | 20.00% | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 151,269 | 179,417 |
Unfunded Commitments | 27,135 | 31,482 |
Alternative Investment Funds [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 31,837 | 25,110 |
Alternative Investment Funds [Member] | Funds of Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 475 | 23,252 |
Alternative Investment Funds [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 4,718 | 9,528 |
Alternative Investment Funds [Member] | Daily [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'daily (7)% | 'daily (60)% |
Alternative Investment Funds [Member] | Weekly [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'weekly (17)% | 'weekly (20)% |
Alternative Investment Funds [Member] | Weekly [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'weekly (1)% | 'weekly (1)% |
Alternative Investment Funds [Member] | Monthly [Member] | Funds of Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'monthly (95)% | 'monthly (2)% |
Alternative Investment Funds [Member] | Monthly [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'monthly (65)% | 'monthly (73)% |
Alternative Investment Funds [Member] | Monthly [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'monthly (92)% | 'monthly (39)% |
Alternative Investment Funds [Member] | Quarterly [Member] | Funds of Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'quarterly (5)% | 'quarterly (98)% |
Alternative Investment Funds [Member] | Quarterly [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'quarterly (18)% | 'quarterly (7)% |
Alternative Investment Funds [Member] | Minimum [Member] | Funds of Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '30 days | '30 days |
Alternative Investment Funds [Member] | Minimum [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '30 days | '30 days |
Alternative Investment Funds [Member] | Minimum [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '30 days | '30 days |
Alternative Investment Funds [Member] | Maximum [Member] | Funds of Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '90 days | '120 days |
Alternative Investment Funds [Member] | Maximum [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '90days | '90 days |
Alternative Investment Funds [Member] | Maximum [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '60 days | '60 days |
Debt Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 4 | 4 |
Investments Redeemable, Redemption Notice Period | '30 days | '30 days |
Debt Funds [Member] | Daily [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'daily (100)% | 'daily (100)% |
Equity Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 42 | 9,079 |
% of Fair Value Not Redeemable | ' | 2.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | ' | 2.00% |
Equity Funds [Member] | Daily [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'daily (13%) | 'daily (37)% |
Equity Funds [Member] | Monthly [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'monthly (58%) | 'monthly (61)% |
Equity Funds [Member] | Quarterly [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'quarterly (29%) | ' |
Equity Funds [Member] | Minimum [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '30 days | '30 days |
Equity Funds [Member] | Maximum [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Notice Period | '90 days | '120 days |
Private Equity Funds [Member] | Equity Growth [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 70,054 | 71,068 |
Unfunded Commitments | 27,135 | 31,482 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years | 17.00% | 21.00% |
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years | 60.00% | 61.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 23.00% | 18.00% |
Private Equity Funds [Member] | Mezzanine Debt [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 44,139 | 41,376 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 100.00% | 100.00% |
Derivatives_Fair_Value_of_Deri
Derivatives - Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $682 | $933 |
Derivative Liabilities | 164,001 | 102,492 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 250 | 893 |
Derivative Liabilities | 1,579 | 322 |
Equity and Fixed Income Swaps and Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 432 | 40 |
Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | 235 |
Equity and Fixed Income Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | 4,342 |
Lazard Fund Interests and Other Similar Deferred Compensation Arrangements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $162,422 | $97,593 |
Derivatives_Fair_Value_of_Deri1
Derivatives - Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' |
Gross assets for equity and fixed income swaps | $2,019 | $0 |
Gross liabilities for equity and fixed income swaps | 1,587 | 4,342 |
Cash collateral pledged for equity and fixed income swaps | $11,384 | $15,304 |
Derivatives_Net_Gains_Losses_w
Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | ($28,192) | ($27,728) | $9,722 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | -3,162 | -1,844 | 2,422 |
Lazard Fund Interests and Other Similar Deferred Compensation Arrangements [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | -14,099 | -7,557 | 3,024 |
Equity and Fixed Income Swaps and Other [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | ($10,931) | ($18,327) | $4,276 |
Property_Property_Detail
Property - Property (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Buildings [Member] | Buildings [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Leasehold Improvements [Member] | Furniture and Equipment [Member] | Buildings [Member] | Leasehold Improvements [Member] | Furniture and Equipment [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $502,726 | $450,894 | $173,772 | $166,560 | $175,600 | $143,408 | $149,598 | $122,125 | $3,756 | $18,801 | ' | ' | ' | ' | ' |
Less - accumulated depreciation and amortization | 253,930 | 225,861 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property | $248,796 | $225,033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '33 years | '20 years | '10 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill | $345,453 | $364,328 | $356,657 | $313,229 |
Other intangible assets (net of accumulated amortization) | 18,424 | 28,494 | ' | ' |
Goodwill and other intangible assets, Total | $363,877 | $392,822 | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill | $345,453 | $364,328 | $356,657 | $313,229 |
Goodwill impairment charges | 0 | 0 | 0 | ' |
Amortization expense of intangible assets | 10,114 | 8,359 | 11,915 | ' |
Financial Advisory Segment [Member] | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill | 280,912 | 299,787 | ' | ' |
Asset Management Segment [Member] | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill | $64,541 | $64,541 | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Beginning Balance | $364,328 | $356,657 | $313,229 |
Business acquisitions, including, in the 2011 period, additional contingent consideration earned relating to a prior year business acquisition | 1,748 | 4,272 | 42,566 |
Foreign currency translation adjustments | -20,623 | 3,399 | 862 |
Ending Balance | $345,453 | $364,328 | $356,657 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Other intangible assets, Gross Cost | $63,803 | $63,775 |
Other intangible assets, Accumulated Amortization | 45,379 | 35,281 |
Other intangible assets, Net Carrying Amount | 18,424 | 28,494 |
Success\Performance Fees [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Other intangible assets, Gross Cost | 30,740 | 30,740 |
Other intangible assets, Accumulated Amortization | 17,173 | 10,678 |
Other intangible assets, Net Carrying Amount | 13,567 | 20,062 |
Management Fees, Customer Relationships and Non-Compete Agreements [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Other intangible assets, Gross Cost | 33,063 | 33,035 |
Other intangible assets, Accumulated Amortization | 28,206 | 24,603 |
Other intangible assets, Net Carrying Amount | $4,857 | $8,432 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $6,810 |
2015 | 6,433 |
2016 | 5,181 |
Total amortization expense | $18,424 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Intangible asset amortization attributable to noncontrolling interest, percentage | 43.00% |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities - Schedule of Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' |
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes | $110,014 | $137,394 | ' |
Prepaid compensation (see Note 14) | 60,433 | 47,445 | 17,783 |
Other advances and prepayments | 33,526 | 33,401 | ' |
Deferred debt issuance costs | 9,188 | 4,902 | ' |
Other | 46,116 | 45,264 | ' |
Total | $259,277 | $268,406 | ' |
Other_Assets_and_Liabilities_S
Other Assets and Liabilities - Schedule of Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued expenses | $136,677 | $147,194 |
Current and deferred income taxes and other taxes | 119,940 | 121,854 |
Employee benefit-related liabilities | 104,013 | 83,629 |
Deferred lease incentives | 84,897 | 74,880 |
Unclaimed funds at LFB | 26,626 | 28,716 |
Abandoned leased space (principally in the U.K.) | 12,855 | 8,475 |
Securities sold, not yet purchased | 4,045 | 2,755 |
Other | 24,374 | 32,148 |
Total | $513,427 | $499,651 |
Senior_and_Subordinated_Debt_S
Senior and Subordinated Debt - Senior Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 25, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Lazard Group 7.125% Senior Notes [Member] | Lazard Group 6.85% Senior Notes [Member] | Lazard Group 6.85% Senior Notes [Member] | Lazard Group 4.25% Senior Notes [Member] | Lazard Group 4.25% Senior Notes [Member] | Lazard Group Credit Facility [Member] | Lazard Group Credit Facility [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Debt, Outstanding | $1,048,350 | $1,076,850 | ' | $528,500 | $548,350 | $548,350 | ' | $500,000 | ' | ' |
Revolving Credit Facility, Initial Principal Amount | ' | ' | 150,000 | ' | ' | ' | ' | ' | 150,000 | ' |
Senior Debt, Maturity Date | ' | ' | ' | 15-May-15 | 15-Jun-17 | ' | 14-Nov-20 | 14-Nov-20 | ' | ' |
Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | 25-Sep-15 | ' |
Revolving Credit Facility, Annual Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.79% | ' |
Senior Debt, Initial Principal Amount | ' | ' | ' | $550,000 | $600,000 | ' | $500,000 | $500,000 | ' | ' |
Senior Debt, Annual Interest Rate | ' | ' | ' | 7.13% | 6.85% | ' | 4.25% | 4.25% | ' | ' |
Senior_and_Subordinated_Debt_S1
Senior and Subordinated Debt - Senior Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 14, 2013 | Dec. 31, 2013 | Nov. 06, 2013 | Nov. 14, 2013 | Nov. 06, 2013 |
Lazard Group 4.25% Senior Notes [Member] | Lazard Group 4.25% Senior Notes [Member] | 7.125% Senior Notes [Member] | Interest Rate Forward Agreement [Member] | Interest Rate Hedge [Member] | ||||
Lazard Group 4.25% Senior Notes [Member] | 7.125% Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Senior debt | ' | ' | ' | ' | ' | $528,500 | ' | ' |
Pre-tax gain/loss on the extinguishment of debt | 50,757 | ' | -18,171 | ' | ' | 50,757 | ' | ' |
Unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | 1,767 | 1,563 |
Senior Debt, Initial Principal Amount | ' | ' | ' | $500,000 | $500,000 | ' | ' | ' |
Senior Debt, Maturity Date | ' | ' | ' | 14-Nov-20 | 14-Nov-20 | ' | ' | ' |
Interest rate, payment terms | ' | ' | ' | 'Interest on the 2020 Notes is payabale semi-annually on may 14 and November 14 of each year commencing on May 14 , 2014. | ' | ' | ' | ' |
Senior notes interest rate | ' | ' | ' | 4.25% | 4.25% | ' | ' | ' |
Senior_and_Subordinated_Debt_A
Senior and Subordinated Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 25, 2012 | Dec. 31, 2013 | Jul. 22, 2011 |
Unused lines of Credit [Member] | LFB [Member] | Edgewater [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Subordinated Debt [Member] | |||||
Unused lines of Credit [Member] | Unused lines of Credit [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior revolving credit facility over next 3 years | ' | ' | ' | $150,000 | ' | ' | ' | ' | ' | ' |
Expiration date of credit facility | ' | ' | ' | ' | ' | ' | ' | 25-Sep-15 | ' | ' |
Duration of senior revolving credit facility, in years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Revolving credit facility annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.79% | ' |
Outstanding credit facility | ' | 0 | 0 | ' | 258,000 | 48,000 | 55,000 | ' | ' | ' |
Promissory note representing subordinated debt, repurchased | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated promissory note, at cost | 131,829 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain resulted from repurchasing of subordinated note | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,171 |
Senior_and_Subordinated_Debt_D
Senior and Subordinated Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Detail) (Senior Borrowings Outstanding [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Senior Borrowings Outstanding [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
2014-2016 | ' |
2017 | 548,350 |
2018 | ' |
Thereafter | 500,000 |
Total | $1,048,350 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2011 | Jul. 15, 2009 | Jan. 02, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 15, 2009 | Jul. 15, 2009 |
Buildings [Member] | Buildings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Initial Shares [Member] | Earnout Shares [Member] | |||||||
Maximum [Member] | |||||||||||||||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Office space under agreement, expires through | ' | ' | ' | '2033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense relating to operating leases | ' | ' | ' | $86,504 | $80,888 | $76,718 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease income | ' | ' | ' | 11,404 | 9,613 | 10,967 | ' | ' | 4,136 | 3,290 | 2,192 | ' | ' | ' | ' | ' | ' |
Capital lease obligation payable through | ' | ' | ' | '2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of capital | ' | ' | ' | 6.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligations collateralized by certain assets with a net book value | ' | ' | ' | ' | ' | ' | 19,876 | 21,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book value of assets under capital lease | ' | ' | ' | 20,806 | 23,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities of abandoned leased facilities in the U.K. | ' | ' | ' | 11,203 | 7,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees indemnifications | ' | ' | ' | 5,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral/counter-guarantees | ' | ' | ' | 4,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for equity interests in LAM | 90,000 | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of Class A common stock | 2,210,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withheld shares for tax obligations in lieu of delivery of shares | 68,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cash payment subject to delayed payment/issuance until eighth anniversary | ' | ' | ' | 961 | 961 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional issuance of Class A common shares subject to delayed payment/issuance until eighth anniversary | ' | ' | ' | 24,537 | 24,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of consideration recognized by the company at acquisition date | ' | 61,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares issued and subject to earnout criteria and payable over time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,142,857 | 1,142,857 |
Earnout shares earned | ' | ' | ' | 1,371,992 | 1,209,154 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnout shares became settled | ' | ' | ' | 1,029,006 | 686,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable on contingent basis | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 107,617 | ' | 202,650 | ' | ' |
Common stock issuable on non-contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,988 | ' | ' | ' |
Common stock issued on non-contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,988 | ' | ' | ' | ' | ' |
Maximum obligation to pay earn-out consideration if certain performance thresholds are achieved | ' | ' | ' | $7,000 | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' |
Minimum Rental Commitments Capital - 2014 | $3,221 |
Minimum Rental Commitments Capital - 2015 | 2,895 |
Minimum Rental Commitments Capital - 2016 | 2,579 |
Minimum Rental Commitments Capital - 2017 | 9,478 |
Minimum Rental Commitments Capital - 2018 | ' |
Minimum Rental Commitments Capital - Thereafter | ' |
Total minimum lease payments - Capital | 18,173 |
Less amount representing interest | 2,339 |
Present value of capital lease commitments | 15,834 |
Minimum Rental Commitments Operating - 2014 | 81,467 |
Minimum Rental Commitments Operating - 2015 | 77,427 |
Minimum Rental Commitments Operating - 2016 | 74,420 |
Minimum Rental Commitments Operating - 2017 | 69,530 |
Minimum Rental Commitments Operating - 2018 | 65,232 |
Minimum Rental Commitments Operating - Thereafter | 650,050 |
Total minimum lease payments - Operating | 1,018,126 |
Less sublease proceeds | 155,547 |
Net lease payments | $862,579 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Jan. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Lazard Ltd [Member] | Lazard Ltd [Member] | Lazard Ltd [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | December 2014 [Member] | December 2015 [Member] | |||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition number of common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,434,561 | ' | ' | ' | ' | ' |
Conversion of stock, shares delivered from Class A common stock held by subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,515,362 | ' | ' | ' | ' | ' |
Shares in exchange of a like number of common membership interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 839,658 | 5,207,112 | 876,814 | ' | ' | ' | ' | ' | ' | ' |
Common stock of parent held by subsidiary | 8,317,065 | 8,317,065 | ' | ' | ' | 12,802,938 | ' | ' | ' | 8,317,065 | 12,802,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase remaining capacity | $121,589 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,589 | $100,000 |
Authorized shares of preferred stock | 15,000,000 | 15,000,000 | ' | ' | ' | 15,000,000 | ' | ' | ' | 15,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of preferred stock | $0.01 | $0.01 | ' | ' | ' | $0.01 | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,100 | ' | ' | ' | ' | ' |
Conversion of Series A preferred stock into Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,434,561 | ' | ' | ' | ' | ' |
Outstanding shares of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,921 | 7,921 | ' | ' |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | ' | $0.50 | $0.25 | $0.25 | ' | $0.60 | $0.20 | $0.20 | $0.16 | $1 | $1.16 | $0.61 | ' | ' | ' | $0.25 | ' | $0.30 | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Dec-13 | ' | 21-Feb-14 | ' | ' | ' | ' |
Dividend date of record | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20-Dec-13 | ' | 10-Feb-14 | ' | ' | ' | ' |
Dividend declare date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Dec-13 | ' | 29-Jan-14 | ' | ' | ' | ' |
Stockholders_Equity_Lazard_Gro
Stockholders' Equity - Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Group Distributions [Line Items] | ' | ' | ' |
Company tax distributions | $2,976 | ' | $17,499 |
Company other distributions | 122,540 | 140,278 | 74,955 |
LAZ-MD Holdings [Member] | ' | ' | ' |
Schedule Of Group Distributions [Line Items] | ' | ' | ' |
Company tax distributions | 80 | ' | 699 |
Company other distributions | 920 | 5,170 | 4,383 |
Subsidiaries of Lazard Ltd [Member] | ' | ' | ' |
Schedule Of Group Distributions [Line Items] | ' | ' | ' |
Company tax distributions | 2,896 | ' | 16,800 |
Company other distributions | $121,620 | $135,108 | $70,572 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) (Share Repurchase Program [Member], USD $) | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2012 | Oct. 31, 2011 | Feb. 28, 2011 |
Share Repurchase Program [Member] | ' | ' | ' | ' | ' |
Equity [Abstract] | ' | ' | ' | ' | ' |
Share Repurchase Authorization | $100,000 | $200,000 | $125,000 | $125,000 | $250,000 |
Expiration | 'December 31, 2015 | 'December 31, 2014 | 'December 31, 2013 | 'December 31, 2013 | 'December 31, 2012 |
Recovered_Sheet1
Stockholders' Equity - Schedule Of Share Repurchases Program (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Repurchase Program [Abstract] | ' | ' | ' |
Number of Shares/Common Membership Interests Purchased | 3,488,101 | 12,817,196 | 6,135,189 |
Average Price Per Share/Common Membership Interest | $37.98 | $27.66 | $33.39 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | ($110,541) |
Other comprehensive gain (loss) before reclassifications | -29,531 |
Adjustments for items reclassified to earnings, net of tax | 7,068 |
Net other comprehensive income (loss) | -22,463 |
Ending balance | -133,004 |
Currency Translation Adjustments [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | 19,405 |
Other comprehensive gain (loss) before reclassifications | -15,536 |
Adjustments for items reclassified to earnings, net of tax | ' |
Net other comprehensive income (loss) | -15,536 |
Ending balance | 3,869 |
Interest Rate Hedge [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | -2,502 |
Other comprehensive gain (loss) before reclassifications | ' |
Adjustments for items reclassified to earnings, net of tax | 2,502 |
Net other comprehensive income (loss) | 2,502 |
Ending balance | ' |
Employee Benefit Plans [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | -128,536 |
Other comprehensive gain (loss) before reclassifications | -13,500 |
Adjustments for items reclassified to earnings, net of tax | 4,605 |
Net other comprehensive income (loss) | -8,895 |
Ending balance | -137,431 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | -111,633 |
Other comprehensive gain (loss) before reclassifications | -29,036 |
Adjustments for items reclassified to earnings, net of tax | 7,107 |
Net other comprehensive income (loss) | -21,929 |
Ending balance | -133,562 |
Noncontrolling Interests [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | -1,092 |
Other comprehensive gain (loss) before reclassifications | 495 |
Adjustments for items reclassified to earnings, net of tax | 39 |
Net other comprehensive income (loss) | 534 |
Ending balance | ($558) |
Stockholders_Equity_Gains_Loss
Stockholders' Equity - Gains (Losses) Reclassified Out of AOCI (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Less - related income taxes | $51,693 | $31,100 | $44,940 |
Net of tax | 7,068 | ' | ' |
Total reclassifications, net of tax | 7,107 | ' | ' |
Interest Rate Hedge [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amortization of interest rate hedge | 2,502 | ' | ' |
Net of tax | 2,502 | ' | ' |
Employee Benefit Plans [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amortization relating to employee benefit plans | 6,534 | ' | ' |
Less - related income taxes | 1,929 | ' | ' |
Net of tax | $4,605 | ' | ' |
Stockholders_Equity_Gains_Loss1
Stockholders' Equity - Gains (Losses) Reclassified Out of AOCI (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Interest Expense [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amortization of interest rate hedge | $939 |
Operating Expenses Other [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amortization of interest rate hedge | $1,563 |
Stockholders_Equity_Changes_in
Stockholders' Equity - Changes in Ownership Interests (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lazard Ltd [Member] | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' |
Ending balance (in shares) | 129,056,081 | 128,216,423 | 123,009,311 |
Percentage of Ownership, Ending Balance | 99.50% | 98.80% | 94.80% |
LAZ-MD Holdings [Member] | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' |
Ending balance (in shares) | 710,009 | 1,549,667 | 6,756,779 |
Percentage of Ownership, Ending Balance | 0.50% | 1.20% | 5.20% |
Total Lazard Group Common Membership Interests [Member] | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' |
Ending balance (in shares) | 129,766,090 | 129,766,090 | 129,766,090 |
Stockholders_Equity_Net_Income
Stockholders' Equity - Net Income Attributable to Noncontrolling Interests (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | ($421) | $2,466 | $568 | $2,289 | $1,259 | $372 | $3,341 | $3,504 | $4,902 | $8,476 | $15,642 |
Noncontrolling interests | 69,789 | ' | ' | ' | 81,884 | ' | ' | ' | 69,789 | 81,884 | ' |
Edgewater [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 3,913 | 3,491 | 4,130 |
Noncontrolling interests | 66,641 | ' | ' | ' | 75,262 | ' | ' | ' | 66,641 | 75,262 | ' |
LAZ-MD Holdings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,198 | 5,114 | 11,964 |
Noncontrolling interests | 2,566 | ' | ' | ' | 5,405 | ' | ' | ' | 2,566 | 5,405 | ' |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | -209 | -129 | -452 |
Noncontrolling interests | $582 | ' | ' | ' | $1,217 | ' | ' | ' | $582 | $1,217 | ' |
Incentive_Plans_Additional_Inf
Incentive Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
RSUs [Member] | RSUs [Member] | RSUs [Member] | Liability Awards [Member] | Liability Awards [Member] | Liability Awards [Member] | Lazard Fund Interests [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Non-Executive [Member] | One-Third Vesting [Member] | Two-Thirds Vesting [Member] | PRSUs [Member] | PRSUs [Member] | PRSUs [Member] | PRSUs [Member] | PRSUs [Member] | DSUs [Member] | DSUs [Member] | DSUs [Member] | RSUs [Member] | RSUs [Member] | RSUs [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | ||
RSUs [Member] | RSUs [Member] | RSUs [Member] | RSUs [Member] | PRSUs [Member] | Subsequent Event [Member] | Subsequent Event [Member] | March 2015 [Member] | March 2016 [Member] | Subsequent Event [Member] | Executive Officers [Member] | RSUs [Member] | RSUs [Member] | RSUs [Member] | 2005 Plan [Member] | Awarded under 2008 Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||
RSUs [Member] | RSUs [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized pertaining to share based compensation arrangements, 2005 Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' |
Percentage of outstanding Class A common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' |
Percentage of annual compensation received by directors in the form of DSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual compensation paid in DSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,315 | 53,239 | 26,859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units granted under the directors deferred unit plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,623 | 10,597 | 8,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units, vested | ' | 7,284,031 | 9,768,849 | 8,054,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs exchanged for shares of restricted Class A common stock | ' | 1,523,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,523,642 | ' | ' | ' | ' | ' | ' | ' |
RSUs modified through a forward purchase agreement | ' | ' | ' | ' | ' | 958,213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability award | ' | ' | ' | ' | ' | ' | $28,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability awards, compensation expense | ' | ' | ' | ' | 1,690 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount recorded in accrued compensation expense related to liability award after amortization | ' | ' | ' | ' | ' | 26,922 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withholding taxes in lieu of share delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,651,050 | 1,471,814 | 2,353,561 | ' | ' | 18,599 | 28,129 |
Delivery of common stock associated with stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,117,799 | 3,330,362 | 5,700,826 | ' | ' | 1,709,910 | 174,381 |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,430 | ' | ' | ' | ' | ' | ' | ' | 156,537 | ' | ' | 7,361 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, years | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | '2 years 8 months 12 days | ' | ' | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 448,128 | 46,938 | 63,836 | 35,043 | 5,174,810 | 8,594,744 | 7,002,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period associated with PRSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of target number of shares subject to each PRSU no longer subject to forfeiture due to threshold level of performance being achieved | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36.11 | $34.42 | $24.06 | $36.09 | $37.21 | $27.68 | $43.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred incentive awards excluding PRSUs | ' | ' | ' | ' | ' | ' | ' | ' | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive awards - RSUs, vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-16 | 1-Mar-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive awards - PSRUs granted for cliff, vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive_Plans_Summary_of_Imp
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based incentive awards: | ' | ' | ' |
Share-based incentive awards | $235,898 | $310,348 | $275,142 |
RSUs [Member] | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' |
Share-based incentive awards | 209,974 | 298,809 | 264,110 |
PRSUs [Member] | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' |
Share-based incentive awards | 12,934 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' |
Share-based incentive awards | 11,374 | 10,003 | 9,767 |
DSUs [Member] | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' |
Share-based incentive awards | $1,616 | $1,536 | $1,265 |
Incentive_Plans_Summary_of_Imp1
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
RSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Staff reductions and Cost Saving Initiatives | $9,099 | $26,158 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Staff reductions and Cost Saving Initiatives | $247 | $713 |
Incentive_Plans_Schedule_of_Is
Incentive Plans - Schedule of Issuance of RSUs and Charges to Retained Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of RSUs issued | 442,242 | 920,791 | 389,846 |
Charges to retained earnings, net of estimated forfeitures | $16,476 | $24,990 | $11,120 |
Incentive_Plans_Schedule_of_Ac
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
RSUs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Units, Beginning Balance | 21,481,131 | 20,751,829 | 22,108,635 |
Units, Granted | 5,174,810 | 8,594,744 | 7,002,736 |
Units, Forfeited | -268,900 | -581,411 | -305,155 |
Units, Vested | -9,768,849 | -7,284,031 | -8,054,387 |
Units, Ending Balance | 16,618,192 | 21,481,131 | 20,751,829 |
Weighted Average Grant Date Fair Value, Beginning Balance | $33.92 | $36.84 | $35.67 |
Weighted Average Grant Date Fair Value, Granted | $37.21 | $27.68 | $43.21 |
Weighted Average Grant Date Fair Value, Forfeited | $34.47 | $35.59 | $37.83 |
Weighted Average Grant Date Fair Value, Vested | $34.65 | $34.71 | $39.13 |
Weighted Average Grant Date Fair Value, Ending Balance | $34.51 | $33.92 | $36.84 |
DSUs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Units, Beginning Balance | 204,496 | 140,660 | 121,737 |
Units, Granted | 46,938 | 63,836 | 35,043 |
Units, Forfeited | ' | ' | ' |
Units, Vested | ' | ' | -16,120 |
Units, Ending Balance | 251,434 | 204,496 | 140,660 |
Weighted Average Grant Date Fair Value, Beginning Balance | $31.47 | $34.83 | $34.46 |
Weighted Average Grant Date Fair Value, Granted | $34.42 | $24.06 | $36.09 |
Weighted Average Grant Date Fair Value, Forfeited | ' | ' | ' |
Weighted Average Grant Date Fair Value, Vested | ' | ' | $34.76 |
Weighted Average Grant Date Fair Value, Ending Balance | $32.02 | $31.47 | $34.83 |
Incentive_Plans_Schedule_of_Ac1
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) (RSUs [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
RSUs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend participation rights | 442,242 | 920,791 | 389,846 |
Incentive_Plans_Summary_of_Act
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) (RSA [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
RSA [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Units, Beginning Balance | 1,972,609 | 95,332 | 95,332 |
Units, Granted/Exchanged | 368,736 | 2,100,965 | 327,238 |
Units, Forfeited | -37,782 | -21,178 | ' |
Units, Vested | -1,728,509 | -202,510 | -327,238 |
Units, Ending Balance | 575,054 | 1,972,609 | 95,332 |
Weighted Average Grant Date Fair Value, Beginning Balance | $34.85 | $37.63 | $37.63 |
Weighted Average Grant Date Fair Value, Granted/Exchanged | $36.74 | $34.34 | $43.70 |
Weighted Average Grant Date Fair Value, Forfeited | $33.37 | $29.51 | ' |
Weighted Average Grant Date Fair Value, Vested | $36 | $31.43 | $43.70 |
Weighted Average Grant Date Fair Value, Ending Balance | $32.72 | $34.85 | $37.63 |
Incentive_Plans_Summary_of_Act1
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Class A Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
RSUs exchanged for shares of restricted Class A common stock | 1,523,642 |
Restricted stock units exchanged for shares of restricted Class A common stock, grant date fair value | $35.95 |
RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
RSUs exchanged for shares of restricted Class A common stock | 1,523,642 |
Incentive_Plans_Summary_of_Fun
Incentive Plans - Summary of Fund Interests and Other Similar Deferred Compensation Arrangements (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Compensation Arrangements [Abstract] | ' | ' |
Prepaid Compensation Asset, Beginning Balance | $47,445 | $17,783 |
Prepaid Compensation Asset, Granted | 72,217 | 64,679 |
Prepaid Compensation Asset, Settled | ' | ' |
Prepaid Compensation Asset, Forfeited | -1,075 | -1,603 |
Prepaid Compensation Asset, Amortization | -58,023 | -33,476 |
Prepaid Compensation Asset, Increase in fair value of underlying investments | ' | ' |
Prepaid Compensation Asset, Adjustment for estimated forfeitures | ' | ' |
Prepaid Compensation Asset, Other | -131 | 62 |
Prepaid Compensation Asset, Ending Balance | 60,433 | 47,445 |
Compensation Liability, Beginning Balance | 97,593 | 29,900 |
Compensation Liability, Granted | 72,217 | 64,679 |
Compensation Liability, Settled | -24,006 | -10,646 |
Compensation Liability, Forfeited | -1,544 | -1,711 |
Compensation Liability, Amortization | ' | ' |
Compensation Liability, Increase in fair value of underlying investments | 14,099 | 7,557 |
Compensation Liability, Adjustment for estimated forfeitures | 4,643 | 7,841 |
Compensation Liability, Other | -580 | -27 |
Compensation Liability, Ending Balance | $162,422 | $97,593 |
Incentive_Plans_Summary_of_Imp2
Incentive Plans - Summary of Impact of Fund Interests and Other Similar Deferred Compensation Arrangements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation [Abstract] | ' | ' | ' |
Amortization, net of forfeitures | $62,197 | $41,209 | $14,551 |
Change in the fair value of underlying investments | 14,099 | 7,557 | -3,024 |
Total | $76,296 | $48,766 | $11,527 |
Incentive_Plans_Summary_of_Imp3
Incentive Plans - Summary of Impact of Fund Interests and Other Similar Deferred Compensation Arrangements (Parenthetical) (Detail) (Lazard Fund Interests and other similar deferred compensation arrangements [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Lazard Fund Interests and other similar deferred compensation arrangements [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Staff reductions and Cost Savings Initiatives | $2,665 | $3,495 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Other Non-U.S. Pension Plans [Member] | 2014 [Member] | Level 3 [Member] | Level 3 [Member] | Level 1 [Member] | Level 1 [Member] | U.K. Pension Plans [Member] | U.K. Pension Plans [Member] | U.K. Pension Plans [Member] | U.K. Pension Plans [Member] | Payments From 2014 Through 2020 [Member] | Payments From 2012 Through 2020 [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | |
USD ($) | Other Non-U.S. Pension Plans [Member] | USD ($) | USD ($) | Asset Management [Member] | Asset Management [Member] | GBP (£) | USD ($) | GBP (£) | 2014 [Member] | GBP (£) | GBP (£) | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | USD ($) | 2014 [Member] | Level 1 [Member] | Level 1 [Member] | ||||
USD ($) | Equity Funds [Member] | Equity Funds [Member] | GBP (£) | Equity Funds [Member] | Equity Funds [Member] | Debt Funds [Member] | Debt Funds [Member] | Alternative Investment Funds [Member] | Alternative Investment Funds [Member] | USD ($) | Funds [Member] | Funds [Member] | |||||||||||||
USD ($) | USD ($) | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company contribution to pension plans | ' | ' | ' | $0 | ' | ' | ' | ' | ' | £ 1,400,000 | $3,687,000 | £ 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Expected contribution related to the pension plans | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Additional contribution to plan assets or escrow account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended amount from previous escrow arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount in account security arrangement | 16,900,000 | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in the assumed healthcare cost trend rate | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in plan assets due to purchases | ' | ' | ' | ' | ' | ' | 131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of plan assets due to net unrealized/realized gains and losses | ' | ' | ' | ' | ' | 434,000 | 443,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains partially offset by favorable (unfavorable) foreign currency translation adjustments | ' | ' | ' | ' | ' | 58,000 | 77,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity funds managed by LAM | ' | ' | ' | ' | ' | ' | ' | 81,633,000 | 106,873,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of plans' assets in equity funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.00% | 51.00% |
Percentage of plans' assets in debt funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.00% | 49.00% |
Percentage of plan assets invested in equities, debt, funds and cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | 30.00% | 60.00% | 61.00% | 8.00% | 9.00% | ' | ' | ' | ' |
Contributions to employer sponsored defined contribution plans | $11,778,000 | $13,070,000 | $10,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation at end of year | $709,850 | $656,025 |
Fair value of plan assets at end of year | 643,844 | 607,705 |
Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funded (deficit) at end of year | -66,006 | -48,320 |
Prepaid pension asset (included in "other assets") | 148 | 2,659 |
Accrued benefit liability (included in "other liabilities") | -66,154 | -50,979 |
Net amount recognized | -66,006 | -48,320 |
Actuarial net loss (gain) | 159,575 | 143,133 |
Prior service cost | 8,901 | 11,342 |
Net amount recognized | 168,476 | 154,475 |
Pension Plans [Member] | Change in benefit obligation [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation at beginning of year | 656,025 | 575,031 |
Service cost | 940 | 670 |
Interest cost | 27,219 | 27,636 |
Actuarial (gain) loss | 32,329 | 57,057 |
Benefits paid | -23,258 | -26,420 |
Foreign currency translation and other adjustments | 16,595 | 22,051 |
Benefit obligation at end of year | 709,850 | 656,025 |
Pension Plans [Member] | Change in plan assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 607,705 | 568,911 |
Actual return on plan assets | 41,353 | 33,882 |
Employer contributions | 2,274 | 8,221 |
Benefits paid | 23,258 | 26,420 |
Foreign currency translation and other adjustments | 15,770 | 23,111 |
Fair value of plan assets at end of year | 643,844 | 607,705 |
Medical Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funded (deficit) at end of year | -5,080 | -5,668 |
Accrued benefit liability (included in "other liabilities") | -5,080 | -5,668 |
Net amount recognized | -5,080 | -5,668 |
Actuarial net loss (gain) | -597 | 50 |
Net amount recognized | -597 | 50 |
Medical Plan [Member] | Change in benefit obligation [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation at beginning of year | 5,668 | 5,362 |
Service cost | 53 | 60 |
Interest cost | 182 | 211 |
Actuarial (gain) loss | -647 | 310 |
Benefits paid | -176 | -275 |
Benefit obligation at end of year | 5,080 | 5,668 |
Medical Plan [Member] | Change in plan assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | 176 | 275 |
Benefits paid | $176 | $275 |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Assets For Plan Benefits [Abstract] | ' | ' |
Excluding tax benefits on amounts recognized | $30,448 | $25,989 |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $643,844 | $607,705 |
Accumulated benefit obligation | 709,850 | 656,025 |
Projected benefit obligation | 709,850 | 656,025 |
U.S. Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 26,200 | 25,231 |
Accumulated benefit obligation | 29,427 | 35,276 |
Projected benefit obligation | 29,427 | 35,276 |
Non-U.S. Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 617,644 | 582,474 |
Accumulated benefit obligation | 680,423 | 620,749 |
Projected benefit obligation | $680,423 | $620,749 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Components of Net Periodic Benefit Cost (Credit): | ' | ' | ' |
Service cost | $940 | $670 | $651 |
Interest cost | 27,219 | 27,636 | 28,266 |
Expected return on plan assets | -27,078 | -26,657 | -30,490 |
Amortization of: | ' | ' | ' |
Prior service cost | 2,843 | 2,751 | 2,979 |
Net actuarial loss | 3,691 | 1,658 | 258 |
Settlement loss | ' | 1,135 | ' |
Net periodic benefit cost | 7,615 | 7,193 | 1,664 |
Actual return on plan assets | 41,353 | 33,882 | 29,870 |
Employer contributions | 2,274 | 8,221 | 8,689 |
Benefits paid | 23,258 | 26,420 | 21,718 |
Net actuarial (gain) loss | 17,251 | 50,209 | 51,703 |
Reclassification of prior service (cost) credit to earnings | -2,843 | -2,751 | -2,979 |
Reclassification of actuarial loss to earnings | -3,691 | -2,793 | -258 |
Currency translation and other adjustments | 3,284 | 2,729 | -491 |
Total recognized in AOCI | 14,001 | 47,394 | 47,975 |
Net amount recognized in total periodic benefit cost and AOCI | 21,616 | 54,587 | 49,639 |
Medical Plan [Member] | ' | ' | ' |
Components of Net Periodic Benefit Cost (Credit): | ' | ' | ' |
Service cost | 53 | 60 | 69 |
Interest cost | 182 | 211 | 278 |
Amortization of: | ' | ' | ' |
Net periodic benefit cost | 235 | 271 | 347 |
Employer contributions | 176 | 275 | 347 |
Benefits paid | 176 | 275 | 347 |
Net actuarial (gain) loss | -647 | 310 | -438 |
Total recognized in AOCI | -647 | 310 | -438 |
Net amount recognized in total periodic benefit cost and AOCI | ($412) | $581 | ($91) |
Employee_Benefit_Plans_Compone1
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Tax benefit in plan assets and benefits obligations recognition | $4,459 | $11,805 | $11,495 |
Recognition of actuarial losses | 2,167 | ' | ' |
Settlement loss | 1,135 | ' | ' |
Settlement charges | $1,032 | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | $2,954 |
Net actuarial loss (gain) | 4,361 |
Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | 2,954 |
Net actuarial loss (gain) | 4,451 |
Medical Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | ' |
Net actuarial loss (gain) | ($90) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Healthcare cost trend rates used to determine net periodic benefit cost, Ultimate | 1.00% | ' | ' |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations, Discount rate | 4.30% | 4.60% | 4.80% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 3.30% | 3.20% | 4.70% |
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets | 4.70% | 4.70% | 5.40% |
Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations, Discount rate | 4.30% | 3.40% | 4.10% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 3.40% | 4.10% | 5.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Initial | 8.00% | 8.00% | 8.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Ultimate | 5.00% | 6.00% | 6.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Year ultimate trend rate achieved | '2019 | '2016 | '2015 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans - Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Increase Decrease In Pension And Postretirement Obligations [Abstract] | ' | ' |
1% Increase, Cost | $33 | $44 |
1% Decrease, Cost | -24 | -31 |
1% Increase, Obligation | 675 | 880 |
1% Decrease, Obligation | ($494) | ($610) |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
2014 | $23,736 |
2015 | 25,095 |
2016 | 26,473 |
2017 | 26,721 |
2018 | 28,761 |
2019-2023 | 163,107 |
Medical Plan [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
2014 | 397 |
2015 | 398 |
2016 | 395 |
2017 | 392 |
2018 | 391 |
2019-2023 | $1,894 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | $643,844 | $607,705 |
Alternative Investment Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 44,728 | 40,334 |
Debt Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 337,976 | 322,149 |
Equity Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 183,779 | 157,873 |
Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 5,835 | 10,714 |
Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 27,762 | 29,337 |
Debt [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 43,764 | 47,298 |
Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 273,989 | 257,652 |
Level 1 [Member] | Alternative Investment Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 907 | ' |
Level 1 [Member] | Debt Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 11,942 | 12,430 |
Level 1 [Member] | Equity Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 183,779 | 157,873 |
Level 1 [Member] | Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 5,835 | 10,714 |
Level 1 [Member] | Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 27,762 | 29,337 |
Level 1 [Member] | Debt [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 43,764 | 47,298 |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 366,935 | 347,625 |
Level 2 [Member] | Alternative Investment Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 43,123 | 39,930 |
Level 2 [Member] | Debt Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 323,812 | 307,695 |
Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 2,920 | 2,428 |
Level 3 [Member] | Alternative Investment Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | 698 | 404 |
Level 3 [Member] | Debt Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets measured at fair value | $2,222 | $2,024 |
Cost_Saving_Initiatives_Schedu
Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Savings Initiatives (Detail) (USD $) | 12 Months Ended | 15 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Compensation and Benefits [Member] | Other [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | ||
Compensation and Benefits [Member] | Other [Member] | Financial Advisory [Member] | Financial Advisory [Member] | Financial Advisory [Member] | Asset Management [Member] | Asset Management [Member] | Asset Management [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | Cumulative [Member] | |||||
Compensation and Benefits [Member] | Other [Member] | Compensation and Benefits [Member] | Other [Member] | Compensation and Benefits [Member] | Other [Member] | Financial Advisory [Member] | Financial Advisory [Member] | Financial Advisory [Member] | Asset Management [Member] | Asset Management [Member] | Asset Management [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | ||||||||||
Compensation and Benefits [Member] | Other [Member] | Compensation and Benefits [Member] | Other [Member] | Compensation and Benefits [Member] | Other [Member] | |||||||||||||||||||
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost Saving Initiatives | $64,703 | $51,399 | $13,304 | $167,279 | $151,386 | $15,893 | $47,779 | $45,746 | $2,033 | $235 | $236 | ($1) | $16,689 | $5,417 | $11,272 | $125,311 | $121,879 | $3,432 | $13,024 | $12,292 | $732 | $28,944 | $17,215 | $11,729 |
Cost_Saving_Initiatives_Activi
Cost Saving Initiatives - Activity Related to Obligations Pursuant to Cost Saving Initiatives (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | $47,842 |
New charges | 64,703 |
Non-cash charges | -15,394 |
Settlements | -79,935 |
Ending Balance | 17,216 |
Accrued Compensation and Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | 46,128 |
New charges | 51,399 |
Non-cash charges | -12,007 |
Settlements | -73,660 |
Ending Balance | 11,860 |
Other Liabilities [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | 1,714 |
New charges | 13,304 |
Non-cash charges | -3,387 |
Settlements | -6,275 |
Ending Balance | $5,356 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal, current | ($3,678) | $2,094 | ($501) |
Foreign, current | 41,084 | 27,650 | 35,885 |
State and local (primarily UBT), current | -167 | 5,813 | 2,342 |
Total current | 37,239 | 35,557 | 37,726 |
Federal, deferred | 19,934 | -3,330 | 16,167 |
Foreign, deferred | -4,520 | -1,127 | -2,832 |
State and local (primarily UBT), deferred | -960 | ' | -6,121 |
Total deferred | 14,454 | -4,457 | 7,214 |
Total | $51,693 | $31,100 | $44,940 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income of noncontrolling interests | -0.80% | -2.40% | -2.00% |
Share-based incentive compensation | ' | 7.40% | ' |
Foreign source (income) loss not subject to U.S. income tax | -12.70% | -34.60% | -13.80% |
Foreign taxes | 14.10% | 13.50% | 8.30% |
State and local taxes (primarily UBT) | 2.60% | 3.40% | 0.90% |
Change in U.S. federal valuation allowance | -14.90% | 1.40% | -8.30% |
Other, net | 0.50% | 1.40% | -1.00% |
Effective income tax rate | 23.80% | 25.10% | 19.10% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ' | ' |
Basis adjustments (primarily as a result of the separation and recapitalization transactions that occurred during 2005 and from secondary offerings) | $739,059 | $820,229 |
Compensation and benefits | 250,413 | 243,564 |
Net operating loss and tax credit carryforwards | 348,433 | 308,233 |
Depreciation and amortization | 8,169 | 3,404 |
Other | 58,273 | 30,626 |
Gross deferred tax assets | 1,404,347 | 1,406,056 |
Valuation allowance | -1,225,305 | -1,238,765 |
Deferred tax assets (net of valuation allowance) | 179,042 | 167,291 |
Deferred Tax Liabilities: | ' | ' |
Depreciation and amortization | 19,296 | 33,715 |
Compensation and benefits | 30,042 | 4,292 |
Goodwill | 15,434 | 15,843 |
Other | 70,394 | 50,648 |
Deferred tax liabilities | $135,166 | $104,498 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' |
Deferred tax asset pertaining to basis step-up for payments made under the tax receivable agreement | $5,942 | $6,694 | ' |
Valuation allowance amount | 1,225,305 | 1,238,765 | ' |
Net decrease in valuation allowance | 13,460 | ' | ' |
Valuation allowance charged to income tax expense | 13,375 | ' | ' |
Valuation allowance charged to stockholders' equity | 22,010 | ' | ' |
Valuation allowance credited to income tax expense | 48,845 | ' | ' |
Indefinite-lived net operating loss and tax credit carryforwards | 74,619 | ' | ' |
Net operating loss and tax credit carryforwards | 266,243 | ' | ' |
Operating loss and tax credit carryforwards begin to expire | '2029 | ' | ' |
Deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting | 30,200 | 19,900 | ' |
Amount of deferred tax assets for unrecognized tax benefits recorded | 8,600 | ' | ' |
Basis step-up assets | 652,000 | ' | ' |
Net operating losses due to amortization of step-up assets | 257,000 | ' | ' |
Provision (benefit) pursuant to tax receivable agreement | 1,249 | 0 | 429 |
LFCM Holdings [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Percentage of cash savings required to pay under the tax receivable agreement | 85.00% | ' | ' |
Tax Basis Step-Up on Certain U.K. Assets [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Deferred tax asset basis adjustments on certain U.K. assets | 6,538 | 16,083 | ' |
Separation and Recapitalization [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Basis adjustments relating to deferred tax assets for purchases and redemptions of historical and working members interests | 123,027 | 158,459 | ' |
Exchangeable Interests and Secondary Offerings [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Deferred tax asset basis adjustments as a resulting from exchange of exchangeable interests and secondary offerings | $603,552 | $638,993 | ' |
Income_Taxes_Schedule_of_Gross
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance, January 1 (excluding interest and penalties of $14,799, $8,454 and $7,099, respectively) | $55,947 | $62,200 | $58,605 |
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years | 417 | 1,393 | 1,081 |
Increases in gross unrecognized tax benefits relating to tax positions taken during current years | 17,596 | 19,690 | 16,928 |
Tax positions taken during prior years | -385 | -5,397 | -5,133 |
Settlements with tax authorities | -5,587 | -12,077 | ' |
Lapse of the applicable statute of limitations | -5,083 | -9,862 | -9,281 |
Balance, December 31 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively) | $62,905 | $55,947 | $62,200 |
Income_Taxes_Schedule_of_Gross1
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Beginning balance, interest and penalties | $12,200 | $14,799 | $8,454 | $7,099 |
Ending balance, interest and penalties | $12,200 | $14,799 | $8,454 | $7,099 |
Income_Taxes_Schedule_of_Addit
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $12,200, $14,799 and $8,454, respectively) | $36,272 | $44,452 | $44,545 |
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | 38,833 | 26,294 | 26,109 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $7,326, $3,130 and $1,785, respectively) | ($2,599) | $6,345 | $1,355 |
Income_Taxes_Schedule_of_Addit1
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | ' | ' | ' |
Interest and penalties | $12,200 | $14,799 | $8,454 |
Reversal of interest and penalties | $7,326 | $3,130 | $1,785 |
Net_Income_Per_Share_of_Class_2
Net Income Per Share of Class A Common Stock - Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Lazard Ltd | $53,217 | $60,282 | $31,353 | $15,360 | ($5,365) | $33,301 | $30,821 | $25,552 | $160,212 | $84,309 | $174,917 |
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 284 |
Net income attributable to Lazard Ltd - basic | ' | ' | ' | ' | ' | ' | ' | ' | 160,212 | 84,316 | 175,201 |
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,065 | 371 | 12,512 |
Net income attributable to Lazard Ltd - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $161,277 | $84,687 | $187,713 |
Weighted average number of shares of Class A common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 120,096,305 | 116,163,821 | 115,005,676 |
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | 757,962 | 790,168 | 3,026,344 |
Weighted average number of shares of Class A common stock outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 120,854,267 | 116,953,989 | 118,032,020 |
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests | ' | ' | ' | ' | ' | ' | ' | ' | 12,882,812 | 12,371,633 | 19,597,505 |
Weighted average number of shares of Class A common stock outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 133,737,079 | 129,325,622 | 137,629,525 |
Net income attributable to Lazard Ltd per share of Class A common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.44 | $0.49 | $0.26 | $0.13 | ($0.05) | $0.29 | $0.26 | $0.21 | $1.33 | $0.72 | $1.48 |
Diluted | $0.40 | $0.45 | $0.24 | $0.12 | ($0.05) | $0.26 | $0.24 | $0.20 | $1.21 | $0.65 | $1.36 |
Related_Parties_Amounts_Receiv
Related Parties - Amounts Receivable from and Payable to Related Parties (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Amounts receivables from related parties | $7,920 | $23,801 |
Amounts payables to related parties | 5,031 | 3,648 |
LFCM Holdings [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Amounts receivables from related parties | 7,794 | 20,529 |
Amounts payables to related parties | 4,300 | 2,943 |
Other [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Amounts receivables from related parties | 126 | 3,272 |
Amounts payables to related parties | $731 | $705 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2009 | 31-May-05 | Dec. 15, 2009 | 31-May-05 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Administrative Services Agreement [Member] | Employee Benefits Agreement [Member] | Master Separation Agreement [Member] | Business Alliance Agreement [Member] | LAI Holdings [Member] | MBA Lazard Holdings S.A. [Member] | MBA Lazard Holdings S.A. [Member] | MBA Lazard Holdings S.A. [Member] | North American Fund Management Activities [Member] | North American Fund Management Activities [Member] | European Fund Management Activities [Member] | European Fund Management Activities [Member] | LAZ-MD Holdings [Member] | LAZ-MD Holdings [Member] | LAZ-MD Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | LFCM Holdings [Member] | ||
Administrative Services Agreement [Member] | Administrative Services Agreement [Member] | Administrative Services Agreement [Member] | Administrative and Support Services and Others [Member] | Administrative and Support Services and Others [Member] | Referral Fees for Underwriting and Private Placement Transactions [Member] | Referral Fees for Underwriting and Private Placement Transactions [Member] | Referral Fees [Member] | Referral Fees [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction agreement date | ' | 10-May-05 | 10-May-05 | 10-May-05 | 10-May-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days notice of termination | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts recorded relating to the administrative services agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | $750 | $1,456 | $7,637 | $10,277 | ' | ' | ' | ' | ' | ' |
Amounts recorded relating to net referral fees for underwriting, private placement, and restructuring transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,646 | 5,947 | 18,862 | ' | ' | ' | ' | ' | ' |
Receivables from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,112 | 14,299 | 4,682 | 6,230 | ' | ' |
Payables to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,051 | 2,943 |
Payable pursuant to the tax receivable agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,249 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Referral fees for restructuring transactions | ' | ' | ' | ' | ' | ' | -2,221 | 1,506 | 1,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Administrative services agreement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition - option cost to acquire entity, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, exercised price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid option excise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable price for North American activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date the remaining option to purchase North American fund management is exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of acquired option capitalized cost | ' | ' | ' | ' | ' | $5,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory_Authorities_Additio
Regulatory Authorities - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
LFNY [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Specified fixed percentage, minimum required capital | 6.67% |
Minimum net capital requirement as defined under securities exchange act | $100 |
Regulatory net capital | 110,317 |
Regulatory capital in excess of minimum requirement | 106,944 |
U.K. Subsidiaries [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Regulatory net capital | 77,786 |
Regulatory capital in excess of minimum requirement | 63,349 |
CFLF [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Regulatory net capital | 196,109 |
Regulatory capital in excess of minimum requirement | 162,915 |
Other U.S. and Non-U.S. Subsidiaries [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Regulatory net capital | 113,118 |
Regulatory capital in excess of minimum requirement | $78,848 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (Revenue [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Individual clients did not constitute more than a specific percentage of net revenue | 10.00% | 10.00% | 10.00% |
Segment_Information_Segments_C
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenue (Expense) | $612,690 | $480,354 | $490,405 | $401,903 | $560,693 | $428,806 | $436,910 | $486,039 | $1,985,352 | $1,912,448 | $1,829,512 |
Operating Expenses | 539,536 | 399,236 | 449,467 | 380,306 | 565,890 | 382,080 | 392,377 | 448,216 | 1,768,545 | 1,788,563 | 1,594,013 |
Operating Income (Loss) | 73,154 | 81,118 | 40,938 | 21,597 | -5,197 | 46,726 | 44,533 | 37,823 | 216,807 | 123,885 | 235,499 |
Total Assets | 3,011,137 | ' | ' | ' | 2,986,893 | ' | ' | ' | 3,011,137 | 2,986,893 | 3,081,936 |
Financial Advisory [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenue (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 980,577 | 1,049,090 | 992,107 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 959,668 | 1,057,620 | 929,688 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 20,909 | -8,530 | 62,419 |
Total Assets | 714,708 | ' | ' | ' | 793,007 | ' | ' | ' | 714,708 | 793,007 | 767,699 |
Asset Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenue (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,039,130 | 896,260 | 897,401 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 704,045 | 659,502 | 628,945 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 335,085 | 236,758 | 268,456 |
Total Assets | 612,018 | ' | ' | ' | 566,677 | ' | ' | ' | 612,018 | 566,677 | 583,524 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenue (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -34,355 | -32,902 | -59,996 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 104,832 | 71,441 | 35,380 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -139,187 | -104,343 | -95,376 |
Total Assets | $1,684,411 | ' | ' | ' | $1,627,209 | ' | ' | ' | $1,684,411 | $1,627,209 | $1,730,713 |
Segment_Information_Segments_C1
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization of property | $34,750 | $30,855 | $24,580 |
Financial Advisory [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization of property | 5,256 | 5,710 | 6,739 |
Asset Management [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization of property | 2,556 | 3,250 | 3,502 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization of property | $26,938 | $21,895 | $14,339 |
Segment_Information_Schedule_o
Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $612,690 | $480,354 | $490,405 | $401,903 | $560,693 | $428,806 | $436,910 | $486,039 | $1,985,352 | $1,912,448 | $1,829,512 |
Operating Income (Loss) | 73,154 | 81,118 | 40,938 | 21,597 | -5,197 | 46,726 | 44,533 | 37,823 | 216,807 | 123,885 | 235,499 |
Identifiable Assets | 3,011,137 | ' | ' | ' | 2,986,893 | ' | ' | ' | 3,011,137 | 2,986,893 | 3,081,936 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,217,014 | 1,172,566 | 1,083,457 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 234,247 | 169,111 | 209,236 |
Identifiable Assets | 1,529,695 | ' | ' | ' | 1,507,331 | ' | ' | ' | 1,529,695 | 1,507,331 | 1,630,547 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 205,695 | 180,784 | 190,307 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -6,474 | -37,329 | -18,074 |
Identifiable Assets | 239,606 | ' | ' | ' | 226,578 | ' | ' | ' | 239,606 | 226,578 | 253,365 |
France [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 281,740 | 265,523 | 234,441 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 14,845 | 8,332 | 8,262 |
Identifiable Assets | 824,712 | ' | ' | ' | 808,655 | ' | ' | ' | 824,712 | 808,655 | 773,196 |
Other Western Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 123,975 | 132,754 | 174,284 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -8,260 | -20,812 | 27,276 |
Identifiable Assets | 118,939 | ' | ' | ' | 114,763 | ' | ' | ' | 118,939 | 114,763 | 116,682 |
Rest of World [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 156,928 | 160,821 | 147,023 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -17,551 | 4,583 | 8,799 |
Identifiable Assets | $298,185 | ' | ' | ' | $329,566 | ' | ' | ' | $298,185 | $329,566 | $308,146 |
Supplemental_Financial_Informa2
Supplemental Financial Information - Quarterly Results - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $612,690 | $480,354 | $490,405 | $401,903 | $560,693 | $428,806 | $436,910 | $486,039 | $1,985,352 | $1,912,448 | $1,829,512 |
Operating Expenses | 539,536 | 399,236 | 449,467 | 380,306 | 565,890 | 382,080 | 392,377 | 448,216 | 1,768,545 | 1,788,563 | 1,594,013 |
Operating Income (Loss) | 73,154 | 81,118 | 40,938 | 21,597 | -5,197 | 46,726 | 44,533 | 37,823 | 216,807 | 123,885 | 235,499 |
Net income (loss) | 52,796 | 62,748 | 31,921 | 17,649 | -4,106 | 33,673 | 34,162 | 29,056 | 165,114 | 92,785 | 190,559 |
Less - net income (loss) attributable to noncontrolling interests | -421 | 2,466 | 568 | 2,289 | 1,259 | 372 | 3,341 | 3,504 | 4,902 | 8,476 | 15,642 |
Net income (loss) attributable to Lazard Ltd | $53,217 | $60,282 | $31,353 | $15,360 | ($5,365) | $33,301 | $30,821 | $25,552 | $160,212 | $84,309 | $174,917 |
Net income (loss) per share of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.44 | $0.49 | $0.26 | $0.13 | ($0.05) | $0.29 | $0.26 | $0.21 | $1.33 | $0.72 | $1.48 |
Diluted | $0.40 | $0.45 | $0.24 | $0.12 | ($0.05) | $0.26 | $0.24 | $0.20 | $1.21 | $0.65 | $1.36 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $0.50 | $0.25 | $0.25 | ' | $0.60 | $0.20 | $0.20 | $0.16 | $1 | $1.16 | $0.61 |
Schedule_I_Condensed_Statement
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $841,482 | $850,190 | $1,003,791 | $1,209,695 |
Investments in subsidiaries, equity method | 9,488 | 7,012 | ' | ' |
Other assets | 259,277 | 268,406 | ' | ' |
Total Assets | 3,011,137 | 2,986,893 | 3,081,936 | ' |
Liabilities: | ' | ' | ' | ' |
Other liabilities | 513,427 | 499,651 | ' | ' |
Total Liabilities | 2,381,139 | 2,335,353 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Common stock: | ' | ' | ' | ' |
Additional paid-in-capital | 737,899 | 846,050 | ' | ' |
Retained earnings | 203,236 | 182,647 | ' | ' |
Accumulated other comprehensive loss, net of tax | -133,004 | -110,541 | ' | ' |
Total Stockholders' Equity | 560,209 | 569,656 | ' | ' |
Total Liabilities and Stockholders' Equity | 3,011,137 | 2,986,893 | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' |
Common stock: | ' | ' | ' | ' |
Common stock | 1,291 | 1,282 | ' | ' |
Class A common stock held by subsidiaries, at cost | -249,213 | -349,782 | ' | ' |
Class B Common Stock [Member] | ' | ' | ' | ' |
Common stock: | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 688 | 298 | 218 | 210 |
Investments in subsidiaries, equity method | -1,818,211 | -1,852,072 | ' | ' |
Due from subsidiaries | 2,379,308 | 2,421,780 | ' | ' |
Other assets | 4 | ' | ' | ' |
Total Assets | 561,789 | 570,006 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Due to subsidiaries | 1,488 | 254 | ' | ' |
Other liabilities | 92 | 96 | ' | ' |
Total Liabilities | 1,580 | 350 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Common stock: | ' | ' | ' | ' |
Additional paid-in-capital | 737,899 | 846,050 | ' | ' |
Retained earnings | 203,236 | 182,647 | ' | ' |
Accumulated other comprehensive loss, net of tax | -133,004 | -110,541 | ' | ' |
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling Interests, total | 809,422 | 919,438 | ' | ' |
Class A common stock held by subsidiaries, at cost | -249,213 | -349,782 | ' | ' |
Total Stockholders' Equity | 560,209 | 569,656 | ' | ' |
Total Liabilities and Stockholders' Equity | 561,789 | 570,006 | ' | ' |
Parent Company [Member] | Series A Preferred Stock [Member] | ' | ' | ' | ' |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Parent Company [Member] | Series B Preferred Stock [Member] | ' | ' | ' | ' |
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Parent Company [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Common stock: | ' | ' | ' | ' |
Common stock | 1,291 | 1,282 | ' | ' |
Parent Company [Member] | Class B Common Stock [Member] | ' | ' | ' | ' |
Common stock: | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' |
Schedule_I_Condensed_Statement1
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | 7,921 | 7,921 |
Preferred stock, shares outstanding | 7,921 | 7,921 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 129,056,081 | 128,216,423 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1 | 1 |
Common stock, shares issued | 1 | 1 |
Common stock, shares outstanding | 1 | 1 |
Parent Company [Member] | Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 7,921 | 7,921 |
Preferred stock, shares outstanding | 7,921 | 7,921 |
Parent Company [Member] | Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 129,056,081 | 128,216,423 |
Common stock held by subsidiaries, shares | 8,317,065 | 12,802,938 |
Parent Company [Member] | Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1 | 1 |
Common stock, shares issued | 1 | 1 |
Common stock, shares outstanding | 1 | 1 |
Schedule_I_Condensed_Statement2
Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | $2,064,733 | $1,994,013 | $1,919,638 |
OPERATING EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional services | ' | ' | ' | ' | ' | ' | ' | ' | 42,663 | 43,958 | 48,324 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 81,507 | 38,099 | 39,715 |
Total operating expenses | 539,536 | 399,236 | 449,467 | 380,306 | 565,890 | 382,080 | 392,377 | 448,216 | 1,768,545 | 1,788,563 | 1,594,013 |
NET INCOME | 52,796 | 62,748 | 31,921 | 17,649 | -4,106 | 33,673 | 34,162 | 29,056 | 165,114 | 92,785 | 190,559 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 103,769 | 20,598 | 109,294 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 58,227 | 65,319 | 67,042 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 161,996 | 85,917 | 176,336 |
OPERATING EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional services | ' | ' | ' | ' | ' | ' | ' | ' | 1,662 | 1,477 | 1,276 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 131 | 143 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,784 | 1,608 | 1,419 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | $160,212 | $84,309 | $174,917 |
Schedule_I_Condensed_Statement3
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET INCOME | $52,796 | $62,748 | $31,921 | $17,649 | ($4,106) | $33,673 | $34,162 | $29,056 | $165,114 | $92,785 | $190,559 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -15,536 | 15,686 | -9,474 |
Amortization of interest rate hedge | ' | ' | ' | ' | ' | ' | ' | ' | 2,502 | 1,055 | 1,054 |
Employee benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss, net of tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -13,500 | -40,298 | -38,248 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -21,929 | -19,158 | -44,462 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | ' | ' | ' | ' | ' | ' | ' | ' | 138,416 | 65,312 | 132,992 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 160,212 | 84,309 | 174,917 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -15,438 | 15,431 | -8,760 |
Amortization of interest rate hedge | ' | ' | ' | ' | ' | ' | ' | ' | 2,488 | 1,042 | 1,000 |
Employee benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss, net of tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -13,426 | -39,817 | -36,256 |
Adjustments for items reclassified to earnings, net of tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,580 | 4,347 | 2,091 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -21,796 | -18,997 | -41,925 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | ' | ' | ' | ' | ' | ' | ' | ' | $138,416 | $65,312 | $132,992 |
Schedule_I_Condensed_Statement4
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax benefit on actuarial loss, employee benefit plans | $6,388 | $12,950 | $12,526 |
Parent Company [Member] | ' | ' | ' |
Tax benefit on actuarial loss, employee benefit plans | 6,353 | 12,796 | 11,874 |
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans | $1,918 | $1,131 | $977 |
Schedule_I_Condensed_Statement5
Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME | $165,114 | $92,785 | $190,559 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Net cash provided by operating activities | 526,697 | 481,908 | 397,802 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Class A common stock dividends | -121,620 | -135,108 | -70,572 |
Net cash used in financing activities | -487,072 | -563,220 | -552,359 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -8,708 | -153,601 | -205,904 |
CASH AND CASH EQUIVALENTS-January 1 | 850,190 | 1,003,791 | 1,209,695 |
CASH AND CASH EQUIVALENTS-December 31 | 841,482 | 850,190 | 1,003,791 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Class A common stock issued/issuable in connection with business acquisitions | ' | ' | 39,654 |
Parent Company [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME | 160,212 | 84,309 | 174,917 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in earnings of subsidiaries | -103,769 | -20,598 | -109,294 |
Changes in due to/from subsidiaries | 65,574 | 71,566 | 4,945 |
Changes in other operating assets and liabilities | -7 | -89 | 12 |
Net cash provided by operating activities | 122,010 | 135,188 | 70,580 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Class A common stock dividends | -121,620 | -135,108 | -70,572 |
Net cash used in financing activities | -121,620 | -135,108 | -70,572 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 390 | 80 | 8 |
CASH AND CASH EQUIVALENTS-January 1 | 298 | 218 | 210 |
CASH AND CASH EQUIVALENTS-December 31 | 688 | 298 | 218 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Class A common stock issued/issuable in connection with business acquisitions | ' | ' | $39,654 |