Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 20, 2014 | Oct. 20, 2014 | |
Class A Common Stock [Member] | Class A Common Stock [Member] | ||
Subsidiaries of Lazard Ltd [Member] | |||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'LAZ | ' | ' |
Entity Registrant Name | 'LAZARD LTD | ' | ' |
Entity Central Index Key | '0001311370 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 129,766,091 | 7,602,792 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $820,584 | $841,482 |
Deposits with banks and short-term investments | 240,728 | 244,879 |
Cash deposited with clearing organizations and other segregated cash | 44,710 | 62,046 |
Receivables (net of allowance for doubtful accounts of $29,859 and $28,777 at September 30, 2014 and December 31, 2013, respectively): | ' | ' |
Fees | 429,477 | 452,535 |
Customers and other | 77,908 | 52,220 |
Related parties | 530 | 7,920 |
Total receivables, net | 507,915 | 512,675 |
Investments | 549,922 | 478,105 |
Property (net of accumulated amortization and depreciation of $257,512 and $253,930 at September 30, 2014 and December 31, 2013, respectively) | 227,359 | 248,796 |
Goodwill and other intangible assets (net of accumulated amortization of $51,325 and $45,379 at September 30, 2014 and December 31, 2013, respectively) | 356,254 | 363,877 |
Other assets | 295,418 | 259,277 |
Total Assets | 3,042,890 | 3,011,137 |
Liabilities: | ' | ' |
Deposits and other customer payables | 278,334 | 275,434 |
Accrued compensation and benefits | 517,640 | 523,063 |
Senior debt | 1,048,350 | 1,048,350 |
Capital lease obligations | 12,889 | 15,834 |
Related party payables | 11,952 | 5,031 |
Other liabilities | 536,065 | 513,427 |
Total Liabilities | 2,405,230 | 2,381,139 |
Commitments and contingencies | ' | ' |
Common stock: | ' | ' |
Additional paid-in-capital | 657,279 | 737,899 |
Retained earnings | 333,294 | 203,236 |
Accumulated other comprehensive loss, net of tax | -152,184 | -133,004 |
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total | 839,687 | 809,422 |
Total Lazard Ltd Stockholders' Equity | 572,570 | 560,209 |
Noncontrolling interests | 65,090 | 69,789 |
Total Stockholders' Equity | 637,660 | 629,998 |
Total Liabilities and Stockholders' Equity | 3,042,890 | 3,011,137 |
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 | 1,298 | 1,291 |
Class A common stock held by subsidiaries, at cost (7,602,792 and 8,317,065 shares at September 30, 2014 and December 31, 2013, respectively) | -267,117 | -249,213 |
Class B Common Stock [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | ' | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | |
Preferred stock, shares issued | 7,921 | 7,921 | 0 | 0 | ' | ' | ' |
Preferred stock, shares outstanding | 7,921 | 7,921 | 0 | 0 | ' | ' | ' |
Common stock, par value | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | ' | ' | ' | ' | 500,000,000 | 500,000,000 | 1 |
Common stock, shares issued | ' | ' | ' | ' | 129,766,091 | 129,056,081 | 1 |
Common stock, shares outstanding | ' | ' | ' | ' | 129,766,091 | 129,056,081 | 1 |
Common stock held by subsidiaries, shares | ' | ' | ' | ' | 7,602,792 | 8,317,065 | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUE | ' | ' | ' | ' |
Investment banking and other advisory fees | $290,604 | $232,006 | $843,186 | $660,351 |
Asset management fees | 276,940 | 241,478 | 805,848 | 707,536 |
Interest income | 1,243 | 1,347 | 3,815 | 3,823 |
Other | 12,936 | 25,692 | 60,832 | 61,587 |
Total revenue | 581,723 | 500,523 | 1,713,681 | 1,433,297 |
Interest expense | 15,512 | 20,169 | 47,174 | 60,635 |
Net revenue | 566,211 | 480,354 | 1,666,507 | 1,372,662 |
OPERATING EXPENSES | ' | ' | ' | ' |
Compensation and benefits | 338,612 | 301,809 | 1,006,101 | 910,679 |
Occupancy and equipment | 29,400 | 27,393 | 86,079 | 96,435 |
Marketing and business development | 19,127 | 17,077 | 59,254 | 60,646 |
Technology and information services | 23,025 | 22,217 | 68,466 | 65,331 |
Professional services | 11,184 | 12,904 | 32,895 | 32,223 |
Fund administration and outsourced services | 17,034 | 14,475 | 48,490 | 43,328 |
Amortization of intangible assets related to acquisitions | 4,020 | 877 | 5,946 | 2,758 |
Provision (benefit) pursuant to tax receivable agreement | -176 | ' | 9,064 | ' |
Other | 10,273 | 2,484 | 30,340 | 17,609 |
Total operating expenses | 452,499 | 399,236 | 1,346,635 | 1,229,009 |
OPERATING INCOME | 113,712 | 81,118 | 319,872 | 143,653 |
Provision for income taxes | 23,792 | 18,370 | 58,614 | 31,335 |
NET INCOME | 89,920 | 62,748 | 261,258 | 112,318 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,061 | 2,466 | 6,365 | 5,323 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $88,859 | $60,282 | $254,893 | $106,995 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ' | ' | ' | ' |
Basic | 122,206,914 | 122,199,954 | 122,366,632 | 120,556,047 |
Diluted | 133,566,684 | 134,242,144 | 133,722,776 | 133,174,000 |
NET INCOME PER SHARE OF COMMON STOCK: | ' | ' | ' | ' |
Basic | $0.73 | $0.49 | $2.08 | $0.89 |
Diluted | $0.67 | $0.45 | $1.91 | $0.81 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $0.30 | $0.25 | $0.90 | $0.50 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME | $89,920 | $62,748 | $261,258 | $112,318 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' |
Currency translation adjustments | -29,100 | 12,157 | -18,640 | -18,610 |
Amortization of interest rate hedge | ' | 264 | ' | 791 |
Employee benefit plans: | ' | ' | ' | ' |
Actuarial gain (loss) (net of tax (expense) benefit of $(1,731) and $(25) for the three months ended September 30, 2014 and 2013, respectively, and $1,919 and $1,686 for the nine months ended September 30, 2014 and 2013, respectively) | 3,251 | 50 | -3,695 | -2,669 |
Adjustment for items reclassified to earnings (net of tax expense of $528 and $404 for the three months ended September 30, 2014 and 2013, respectively, and $1,391 and $1,206 for the nine months ended September 30, 2014 and 2013, respectively) | 1,145 | 1,223 | 3,714 | 3,653 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -24,704 | 13,694 | -18,621 | -16,835 |
COMPREHENSIVE INCOME | 65,216 | 76,442 | 242,637 | 95,483 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,061 | 2,523 | 6,365 | 5,201 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $64,155 | $73,919 | $236,272 | $90,282 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax benefit (expense) on actuarial loss, employee benefit plans | ($1,731) | ($25) | $1,919 | $1,686 |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $528 | $404 | $1,391 | $1,206 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME | $261,258 | $112,318 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization of property | 26,332 | 25,465 |
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge | 227,896 | 239,357 |
Amortization of intangible assets related to acquisitions | 5,946 | 2,758 |
(Increase) decrease in operating assets: | ' | ' |
Deposits with banks and short-term investments | -18,626 | 25,558 |
Cash deposited with clearing organizations and other segregated cash | 15,630 | 6,291 |
Receivables-net | -12,982 | -55,516 |
Investments | -78,820 | -54,520 |
Other assets | -103,778 | -81,898 |
Increase (decrease) in operating liabilities: | ' | ' |
Deposits and other payables | 34,730 | 14,158 |
Accrued compensation and benefits and other liabilities | 57,836 | -66,104 |
Net cash provided by operating activities | 415,422 | 167,867 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property | -14,161 | -54,344 |
Disposals of property | 1,023 | 5,843 |
Net cash used in investing activities | -13,138 | -48,501 |
Proceeds from: | ' | ' |
Contributions from noncontrolling interests | 1,102 | 805 |
Excess tax benefits from share-based incentive compensation | 1,508 | 2,211 |
Payments for: | ' | ' |
Capital lease obligations | -1,738 | -2,092 |
Distributions to noncontrolling interests | -9,182 | -10,228 |
Purchase of Class A common stock | -192,657 | -77,934 |
Class A common stock dividends | -109,592 | -60,931 |
Settlement of vested share-based incentive compensation | -83,783 | -125,546 |
Other financing activities | -1,754 | -165 |
Net cash used in financing activities | -396,096 | -273,880 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -27,086 | -7,309 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -20,898 | -161,823 |
CASH AND CASH EQUIVALENTS-January 1 | 841,482 | 850,190 |
CASH AND CASH EQUIVALENTS-September 30 | $820,584 | $688,367 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Class A Common Stock Held By Subsidiaries [Member] | Total Lazard Ltd Stockholder's Equity [Member] | Noncontrolling Interests [Member] | ||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Beginning Balance at Dec. 31, 2012 | $651,540 | ' | $1,282 | $846,050 | $182,647 | ($110,541) | ($349,782) | $569,656 | $81,884 | ||
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 7,921 | 128,216,424 | [1] | ' | ' | ' | 12,802,938 | ' | ' | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
NET INCOME | 112,318 | ' | ' | ' | 106,995 | ' | ' | 106,995 | 5,323 | ||
Other comprehensive income (loss) - net of tax | -16,835 | ' | ' | ' | ' | -16,713 | ' | -16,713 | -122 | ||
Business acquisitions and related equity transactions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Class A common stock issuable (including related amortization) | 834 | ' | ' | 829 | ' | ' | ' | 829 | 5 | ||
Delivery of Class A common stock (including dividend-equivalents) | ' | ' | ' | -4,994 | -179 | ' | 5,173 | ' | ' | ||
Delivery of Class A common stock (including dividend-equivalents) (in shares) | ' | ' | ' | ' | ' | ' | -170,988 | ' | ' | ||
Amortization of share-based incentive compensation | 183,341 | ' | ' | 182,338 | ' | ' | ' | 182,338 | 1,003 | ||
Dividend-equivalents | -165 | ' | ' | 8,440 | -8,604 | ' | ' | -164 | -1 | ||
Class A common stock dividends | -60,931 | ' | ' | ' | -60,931 | ' | ' | -60,931 | ' | ||
Purchase of Class A common stock | -77,934 | ' | ' | ' | ' | ' | -77,934 | -77,934 | ' | ||
Purchase of Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | 2,201,657 | ' | ' | ||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit | -124,684 | ' | ' | -342,898 | -609 | ' | 218,819 | -124,688 | 4 | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (in shares) | ' | ' | ' | ' | ' | ' | -7,519,848 | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests | ' | ' | 8 | -8 | ' | ' | ' | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [1] | ' | ' | 839,658 | ' | ' | ' | ' | ' | ' | |
Distributions to noncontrolling interests, net | -9,423 | ' | ' | ' | ' | ' | ' | ' | -9,423 | ||
Adjustments related to noncontrolling interests | -1,000 | ' | ' | 3,984 | ' | -598 | ' | 3,386 | -4,386 | ||
Ending Balance at Sep. 30, 2013 | 657,061 | ' | 1,290 | 693,741 | 219,319 | -127,852 | -203,724 | 582,774 | 74,287 | ||
Ending Balance (in shares) at Sep. 30, 2013 | ' | 7,921 | 129,056,082 | [1] | ' | ' | ' | 7,313,759 | ' | ' | |
Beginning Balance at Dec. 31, 2013 | 629,998 | ' | 1,291 | 737,899 | 203,236 | -133,004 | -249,213 | 560,209 | 69,789 | ||
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 7,921 | 129,056,082 | [2] | ' | ' | ' | 8,317,065 | ' | ' | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
NET INCOME | 261,258 | ' | ' | ' | 254,893 | ' | ' | 254,893 | 6,365 | ||
Other comprehensive income (loss) - net of tax | -18,621 | ' | ' | ' | ' | -18,621 | ' | -18,621 | ' | ||
Business acquisitions and related equity transactions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Class A common stock issuable (including related amortization) | 387 | ' | ' | 387 | ' | ' | ' | 387 | ' | ||
Amortization of share-based incentive compensation | 159,095 | ' | ' | 159,095 | ' | ' | ' | 159,095 | ' | ||
Dividend-equivalents | -1,754 | ' | ' | 13,489 | -15,243 | ' | ' | -1,754 | ' | ||
Class A common stock dividends | -109,592 | ' | ' | ' | -109,592 | ' | ' | -109,592 | ' | ||
Purchase of Class A common stock | -192,657 | ' | ' | ' | ' | ' | -192,657 | -192,657 | ' | ||
Purchase of Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | 4,114,206 | ' | ' | ||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit | -82,374 | ' | ' | -257,127 | ' | ' | 174,753 | -82,374 | ' | ||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (in shares) | ' | ' | ' | ' | ' | ' | -4,828,479 | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests | ' | ' | 7 | -7 | ' | ' | ' | ' | ' | ||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [2] | ' | ' | 710,009 | ' | ' | ' | ' | ' | ' | |
Distributions to noncontrolling interests, net | -8,080 | ' | ' | ' | ' | ' | ' | ' | -8,080 | ||
Adjustments related to noncontrolling interests | ' | ' | ' | 3,543 | ' | -559 | ' | 2,984 | -2,984 | ||
Ending Balance at Sep. 30, 2014 | $637,660 | ' | $1,298 | $657,279 | $333,294 | ($152,184) | ($267,117) | $572,570 | $65,090 | ||
Ending Balance (in shares) at Sep. 30, 2014 | ' | 7,921 | 129,766,091 | [2] | ' | ' | ' | 7,602,792 | ' | ' | |
[1] | Includes 128,216,423 and 129,056,081 shares of the Company's Class A common stock issued at January 1, 2013 and September 30, 2013, respectively, and 1 share of the Company's Class B common stock issued at each such date. | ||||||||||
[2] | Includes 129,056,081 and 129,766,091 shares of the Company's Class A common stock issued at January 1, 2014 and September 30, 2014, respectively, and 1 share of the Company's Class B common stock issued at January 1, 2014. |
Condensed_Consolidated_Stateme7
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Tax benefit related to delivery of Class A Common Stock in connection with share-based incentive compensation | $1,409 | $862 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Organization and Significant Accounting Policies | ' | |||
1 | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | |||
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 100% and approximately 99.5% of all outstanding Lazard Group common membership interests as of September 30, 2014 and December 31, 2013, 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 formerly owned by Lazard Group’s current and former managing directors, held approximately 0.5% of the outstanding Lazard Group common membership interests as of December 31, 2013. 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 0.6% of the voting power, but no economic rights, in the Company as of December 31, 2013. In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company’s Class A common stock, par value $0.01 per share (“Class A common stock”), and the sole issued and outstanding share of the Company’s Class B common stock was automatically converted into one share of the Company’s Class A common stock pursuant to the provisions of the Company’s bye-laws, resulting in only one outstanding class of common stock (the “Final Exchange of LAZ-MD Interests”). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd. | ||||
Our sole operating asset is our indirect ownership of the 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. | ||||
Significant Accounting Policies | ||||
Basis of Presentation—The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “Form 10-K”). The accompanying December 31, 2013 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. | ||||
Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. | ||||
The consolidated results of operations for the three month and nine month periods ended September 30, 2014 are not necessarily indicative of the results to be expected for any future interim or annual period. | ||||
The condensed 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. | ||||
The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates (i) a voting interest entity (“VOE”) where the Company either holds a majority of the voting interest in such entity or is the general partner in such entity and the third-party investors do not have the right to replace the general partner and (ii) a variable interest entity (“VIE”) where the Company absorbs a majority of the expected losses, expected residual returns, or both, of such entity. When the Company does not have a controlling interest in an entity, but exerts significant influence over such 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. | ||||
Deposits with Banks and Short-Term Investments—Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities, such as French government securities, with original maturities of 90 days or less when purchased. The level of these deposits and investments 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. The carrying value of deposits with banks and short-term investments approximates fair value due to their short-term maturities. Under the fair value hierarchy, such amounts would be categorized within Level 1 if carried at fair value. | ||||
For a detailed discussion about the Company’s significant accounting policies, see Note 2 of Notes to Consolidated Financial Statements in our Form 10-K. |
Recent_Accounting_Developments
Recent Accounting Developments | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
Recent Accounting Developments | ' | |
2 | RECENT ACCOUNTING DEVELOPMENTS | |
Presentation of Unrecognized Tax Benefits—In July 2013, the Financial Accounting Standards Board (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 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. | ||
Revenue from Contracts with Customers—In May 2014, the FASB issued comprehensive new revenue recognition guidance. The guidance requires a company to recognize revenue when it transfers promised services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those services and requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance. |
Receivables
Receivables | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Receivables | ' | ||||||||||||||||
3 | 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 three month and nine month periods ended September 30, 2014 and 2013 was as follows: | |||||||||||||||||
Three Month Period | Nine Month Period | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning Balance | $ | 29,943 | $ | 24,593 | $ | 28,777 | $ | 23,017 | |||||||||
Bad debt expense, net of recoveries | 2,064 | (198 | ) | 9,567 | 1,644 | ||||||||||||
Charge-offs, foreign currency translation and other adjustments | (2,148 | ) | 1,765 | (8,485 | ) | 1,499 | |||||||||||
Ending Balance | $ | 29,859 | $ | 26,160 | $ | 29,859 | $ | 26,160 | |||||||||
At September 30, 2014 and December 31, 2013, the Company had receivables past due or deemed uncollectible of $35,086 and $39,341, respectively. | |||||||||||||||||
Of the Company’s fee receivables at September 30, 2014 and December 31, 2013, $81,531 and $69,464, 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 $426,384 and $443,211 at September 30, 2014 and December 31, 2013, respectively, approximates fair value. |
Investments
Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
4 | INVESTMENTS | ||||||||||||||||
The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest-bearing deposits | $ | 24,785 | $ | 516 | |||||||||||||
Debt | 7,185 | 8,013 | |||||||||||||||
Equities | 63,275 | 59,394 | |||||||||||||||
Funds: | |||||||||||||||||
Alternative investments (a) | 36,184 | 37,030 | |||||||||||||||
Debt (a) | 81,099 | 58,769 | |||||||||||||||
Equity (a) | 211,772 | 190,702 | |||||||||||||||
Private equity | 117,104 | 114,193 | |||||||||||||||
446,159 | 400,694 | ||||||||||||||||
Equity method | 8,518 | 9,488 | |||||||||||||||
Total investments | 549,922 | 478,105 | |||||||||||||||
Less: | |||||||||||||||||
Interest-bearing deposits | 24,785 | 516 | |||||||||||||||
Equity method | 8,518 | 9,488 | |||||||||||||||
Investments, at fair value | $ | 516,619 | $ | 468,101 | |||||||||||||
Securities sold, not yet purchased, at fair value (included in “other liabilities”) | $ | 8,630 | $ | 4,045 | |||||||||||||
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,566, $43,779 and $166,541, respectively, at September 30, 2014 and $7,099, $31,515 and $130,481, respectively, at December 31, 2013, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 12 of Notes to Condensed Consolidated Financial Statements). | ||||||||||||||||
Interest-bearing deposits mature within one year and are carried at cost that approximates fair value due to their short-term maturities. | |||||||||||||||||
Debt securities primarily consist of seed investments invested in debt securities held within separately managed accounts related to our Asset Management business. | |||||||||||||||||
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. | |||||||||||||||||
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 that invest in debt securities, and amounts related to LFI discussed above. | |||||||||||||||||
Equity funds primarily consist of seed investments in funds related to our Asset Management business that invest in equity securities, and amounts related to LFI 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 $6,732 and $9,787 at September 30, 2014 and December 31, 2013, respectively (see Note 10 of Notes to Condensed Consolidated Financial Statements). | |||||||||||||||||
During the three month and nine month periods ended September 30, 2014 and 2013, the Company reported in “revenue-other” on its condensed consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows: | |||||||||||||||||
Three Month Period | Nine Month Period | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gross unrealized investment gains | $ | – | $ | 10,925 | $ | 5,526 | $ | 12,044 | |||||||||
Gross unrealized investment losses | $ | 13,897 | $ | – | $ | 5,601 | $ | 3,907 |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
5 | 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 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 Level 2 and is valued at NAV or its equivalent, which is primarily determined based on information provided by external fund administrators. Such investments are redeemable within the near term. | |||||||||||||||||||||||||
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 or 2 as follows: publicly traded asset management funds are classified as Level 1 and are valued based on the reported closing price for the fund; and 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. | |||||||||||||||||||||||||
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 total return 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 LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 6 of Notes to Condensed 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 September 30, 2014 and December 31, 2013 within the fair value hierarchy: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt | $ | 1,141 | $ | 6,044 | $ | – | $ | 7,185 | |||||||||||||||||
Equities | 61,941 | – | 1,334 | 63,275 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 36,184 | – | 36,184 | |||||||||||||||||||||
Debt | 81,095 | 4 | – | 81,099 | |||||||||||||||||||||
Equity | 211,729 | 43 | – | 211,772 | |||||||||||||||||||||
Private equity | – | – | 117,104 | 117,104 | |||||||||||||||||||||
Derivatives | – | 8,625 | – | 8,625 | |||||||||||||||||||||
Total | $ | 355,906 | $ | 50,900 | $ | 118,438 | $ | 525,244 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 8,630 | $ | – | $ | – | $ | 8,630 | |||||||||||||||||
Derivatives | – | 209,941 | – | 209,941 | |||||||||||||||||||||
Total | $ | 8,630 | $ | 209,941 | $ | – | $ | 218,571 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt | $ | 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 | |||||||||||||||||
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 1,370 | $ | – | $ | – | $ | – | $ | (36 | ) | $ | 1,334 | ||||||||||||
Private equity funds | 116,895 | 2,500 | 7,498 | (5,769 | ) | (4,020 | ) | 117,104 | |||||||||||||||||
Total Level 3 Assets | $ | 118,265 | $ | 2,500 | $ | 7,498 | $ | (5,769 | ) | $ | (4,056 | ) | $ | 118,438 | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 1,340 | $ | 14 | $ | – | $ | – | $ | (20 | ) | $ | 1,334 | ||||||||||||
Private equity funds | 114,193 | 9,336 | 8,709 | (10,854 | ) | (4,280 | ) | 117,104 | |||||||||||||||||
Total Level 3 Assets | $ | 115,533 | $ | 9,350 | $ | 8,709 | $ | (10,854 | ) | $ | (4,300 | ) | $ | 118,438 | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 637 | $ | 2 | $ | 650 | $ | – | $ | 34 | $ | 1,323 | |||||||||||||
Alternative investment funds | 11 | (11 | ) | – | – | – | – | ||||||||||||||||||
Private equity funds | 112,833 | 5,174 | 2,907 | (6,848 | ) | 1,502 | 115,568 | ||||||||||||||||||
Total Level 3 Assets | $ | 113,481 | $ | 5,165 | $ | 3,557 | $ | (6,848 | ) | $ | 1,536 | $ | 116,891 | ||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 190 | $ | 8 | $ | 1,095 | $ | – | $ | 30 | $ | 1,323 | |||||||||||||
Alternative investment funds | 3,457 | 117 | – | (3,574 | ) | – | – | ||||||||||||||||||
Equity funds | 10 | – | – | (10 | ) | – | – | ||||||||||||||||||
Private equity funds | 112,444 | 8,912 | 6,166 | (12,716 | ) | 762 | 115,568 | ||||||||||||||||||
Total Level 3 Assets | $ | 116,101 | $ | 9,037 | $ | 7,261 | $ | (16,300 | ) | $ | 792 | $ | 116,891 | ||||||||||||
(a) | Earnings for the three month and nine month periods ended September 30, 2014 and the three month and nine month periods ended September 30, 2013 include net unrealized gains of $810, $6,346, $2,680 and $6,007, respectively. | ||||||||||||||||||||||||
There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the three month and nine month periods ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at September 30, 2014 and December 31, 2013 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: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
% 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 | $ | 32,344 | $ | – | NA | NA | NA | NA | (a) | <30-60 days | |||||||||||||||
Funds of funds | 480 | – | NA | NA | NA | NA | (b) | <30-90 days | |||||||||||||||||
Other | 3,360 | – | NA | NA | NA | NA | (c) | <30-60 days | |||||||||||||||||
Debt funds | 4 | – | NA | NA | NA | NA | (d) | 30 days | |||||||||||||||||
Equity funds | 43 | – | NA | NA | NA | NA | (e) | 30-90 days | |||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||
Equity growth | 76,164 | 19,137 | (f) | 100% | 11% | 61% | 28% | NA | NA | ||||||||||||||||
Mezzanine debt | 40,940 | – | 100% | –% | –% | 100% | NA | NA | |||||||||||||||||
Total | $ | 153,335 | $ | 19,137 | |||||||||||||||||||||
(a) | weekly (17%), monthly (64%) and quarterly (19%) | ||||||||||||||||||||||||
(b) | monthly (98%) and quarterly (2%) | ||||||||||||||||||||||||
(c) | daily (11%), weekly (5%) and monthly (84%) | ||||||||||||||||||||||||
(d) | daily (100%) | ||||||||||||||||||||||||
(e) | daily (14%), monthly (58%) and quarterly (28%) | ||||||||||||||||||||||||
(f) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $7,518 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. | ||||||||||||||||||||||||
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 | (f) | 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%) | ||||||||||||||||||||||||
(f) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,613 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. | ||||||||||||||||||||||||
See Note 4 of Notes to Condensed Consolidated Financial Statements for discussion of significant investment strategies for investments with value based on NAV. | |||||||||||||||||||||||||
Investment Capital Funding Commitments—At September 30, 2014, the Company’s maximum unfunded commitments for capital contributions to investment funds arose from (i) commitments to CP II, which amounted to $1,644 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 $12,688, 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 $4,805, 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. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives | ' | ||||||||||||||||
6 | DERIVATIVES | ||||||||||||||||
The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices 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, on the consolidated statements of operations. | |||||||||||||||||
In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to LFI 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 LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. | |||||||||||||||||
The tables below present the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair values of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (see Note 12 of Notes to Condensed Consolidated Financial Statements) on the accompanying condensed consolidated statements of financial condition as of September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivative Assets: | |||||||||||||||||
Forward foreign currency exchange rate contracts | $ | 4,464 | $ | 250 | |||||||||||||
Total return swaps and other (a) | 4,161 | 432 | |||||||||||||||
$ | 8,625 | $ | 682 | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||
Forward foreign currency exchange rate contracts | $ | 20 | $ | 1,579 | |||||||||||||
LFI and other similar deferred compensation arrangements | 209,921 | 162,422 | |||||||||||||||
$ | 209,941 | $ | 164,001 | ||||||||||||||
(a) | For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $4,220 and $59 as of September 30, 2014, respectively, and $2,019 and $1,587 as of December 31, 2013, 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 $10,434 and $11,384 as of September 30, 2014 and December 31, 2013, 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 LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Forward foreign currency exchange rate contracts | $ | 15,355 | $ | (5,310 | ) | $ | 14,380 | $ | (1,705 | ) | |||||||
LFI and other similar deferred compensation arrangements | 5,528 | (7,519 | ) | (6,004 | ) | (7,767 | ) | ||||||||||
Total return swaps and other | 2,835 | (6,520 | ) | (5,436 | ) | (6,872 | ) | ||||||||||
Total | $ | 23,718 | $ | (19,349 | ) | $ | 2,940 | $ | (16,344 | ) | |||||||
Property
Property | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property | ' | ||||||||||||
7 | PROPERTY | ||||||||||||
At September 30, 2014 and December 31, 2013, property consists of the following: | |||||||||||||
Estimated | September 30, | December 31, | |||||||||||
Depreciable | 2014 | 2013 | |||||||||||
Life in Years | |||||||||||||
Buildings | 33 | $ | 158,551 | $ | 173,772 | ||||||||
Leasehold improvements | 20-Mar | 169,814 | 175,600 | ||||||||||
Furniture and equipment | 10-Mar | 151,270 | 149,598 | ||||||||||
Construction in progress | 5,236 | 3,756 | |||||||||||
Total | 484,871 | 502,726 | |||||||||||
Less - Accumulated depreciation and amortization | 257,512 | 253,930 | |||||||||||
Property | $ | 227,359 | $ | 248,796 | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
8 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
The components of goodwill and other intangible assets at September 30, 2014 and December 31, 2013 are presented below: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Goodwill | $ | 343,776 | $ | 345,453 | |||||||||||||||||||||
Other intangible assets (net of accumulated amortization) | 12,478 | 18,424 | |||||||||||||||||||||||
$ | 356,254 | $ | 363,877 | ||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, goodwill of $279,235 and $280,912, 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 nine month periods ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, January 1 | $ | 345,453 | $ | 364,328 | |||||||||||||||||||||
Business acquisitions | 3,232 | 1,601 | |||||||||||||||||||||||
Foreign currency translation adjustments | (4,909 | ) | (15,310 | ) | |||||||||||||||||||||
Balance, September 30 | $ | 343,776 | $ | 350,619 | |||||||||||||||||||||
The gross cost and accumulated amortization of other intangible assets as of September 30, 2014 and December 31, 2013, by major intangible asset category, are as follows: | |||||||||||||||||||||||||
September 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Cost | Amortization | Carrying | Cost | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Performance fees | $ | 30,740 | $ | 21,116 | $ | 9,624 | $ | 30,740 | $ | 17,173 | $ | 13,567 | |||||||||||||
Management fees, customer relationships and non-compete agreements | 33,063 | 30,209 | 2,854 | 33,063 | 28,206 | 4,857 | |||||||||||||||||||
$ | 63,803 | $ | 51,325 | $ | 12,478 | $ | 63,803 | $ | 45,379 | $ | 18,424 | ||||||||||||||
Amortization expense of intangible assets for the three month and nine month periods ended September 30, 2014 was $4,020 and $5,946, respectively, and for the three month and nine month periods ended September 30, 2013 was $877 and $2,758, respectively. Estimated future amortization expense is as follows: | |||||||||||||||||||||||||
Year Ending December 31, | Amortization | ||||||||||||||||||||||||
Expense (a) | |||||||||||||||||||||||||
2014 (October 1 through December 31) | $ | 864 | |||||||||||||||||||||||
2015 | 6,433 | ||||||||||||||||||||||||
2016 | 5,181 | ||||||||||||||||||||||||
Total amortization expense | $ | 12,478 | |||||||||||||||||||||||
(a) | Approximately 46% of intangible asset amortization is attributable to a noncontrolling interest. |
Senior_Debt
Senior Debt | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Senior Debt | ' | ||||||||||||||||||||
9 | SENIOR DEBT | ||||||||||||||||||||
Senior debt is comprised of the following as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Initial | Maturity | Annual | Outstanding As of | ||||||||||||||||||
Principal | Date | Interest | September 30, | December 31, | |||||||||||||||||
Amount | Rate | 2014 | 2013 | ||||||||||||||||||
Lazard Group 6.85% Senior Notes | 600,000 | 6/15/17 | 6.85 | % | $ | 548,350 | $ | 548,350 | |||||||||||||
Lazard Group 4.25% Senior Notes | 500,000 | 11/14/20 | 4.25 | % | 500,000 | 500,000 | |||||||||||||||
Lazard Group Credit Facility | 150,000 | 9/25/15 | 0.78 | % | – | – | |||||||||||||||
Total | $ | 1,048,350 | $ | 1,048,350 | |||||||||||||||||
In November 2013, and in connection with Lazard Group’s redemption of $528,500 aggregate principal amount of its then outstanding 7.125% senior notes maturing on May 15, 2015 (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. | |||||||||||||||||||||
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 September 30, 2014, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 0.78%. At September 30, 2014 and December 31, 2013, no amounts were outstanding under the Credit Facility. | |||||||||||||||||||||
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 September 30, 2014, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured. | |||||||||||||||||||||
As of September 30, 2014, the Company had approximately $262,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $44,000 (at September 30, 2014 exchange rates) and Edgewater of $64,000. In the second quarter of 2014, $20,000 of Edgewater’s available lines of credit was drawn down by the general partner of EGCP III to provide a loan to EGCP III to finance a certain fund investment. The loan to EGCP III was repaid in the third quarter of 2014 from a capital call made by EGCP III to its investors. In addition, LFB has access to the Eurosystem Covered Bond Purchase Program of the Banque de France. | |||||||||||||||||||||
The Company’s senior debt at September 30, 2014 and December 31, 2013 is carried at historical amounts. At those dates, the fair value of such senior debt was approximately $1,141,000 and $1,117,000, respectively, and exceeded the aggregate carrying value by approximately $93,000 and $69,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
10 | COMMITMENTS AND CONTINGENCIES | ||||
Leases—The Company has various leases and other contractual commitments arising in the ordinary course of business. At September 30, 2014, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows: | |||||
Year Ending December 31, | |||||
2014 (October 1 through December 31) | $ | 21,159 | |||
2015 | 77,287 | ||||
2016 | 75,672 | ||||
2017 | 70,321 | ||||
2018 | 64,894 | ||||
Thereafter | 646,775 | ||||
Total minimum lease payments | 956,108 | ||||
Sublease proceeds (a) | 82,162 | ||||
Net lease payments | $ | 873,946 | |||
(a) | Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LFCM Holdings LLC (“LFCM Holdings”). See Note 17 of Notes to Condensed Consolidated Financial Statements. | ||||
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 September 30, 2014, LFB had $4,851 of such indemnifications and held $4,357 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 condensed consolidated statement of financial condition. | |||||
Certain Business Transactions—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 September 30, 2014 and December 31, 2013, 913,722 shares are issuable on a contingent basis, and 1,371,992 shares have been earned because applicable performance thresholds have been satisfied. As of September 30, 2014 and December 31, 2013, 1,041,436 and 1,029,006, respectively, of the earned shares have been settled. | |||||
Contingent Consideration Relating To Other Business Acquisitions—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 by December 31, 2014. | |||||
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 September 30, 2014, these commitments were not material. | |||||
See Notes 5 and 13 of Notes to Condensed 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, each of LFB and LFNY (See Note 17 of Notes to Condensed Consolidated Financial Statements) may enter into underwriting commitments in which it will participate as an underwriter. At September 30, 2014, LFB and LFNY 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 | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||
11 | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Lazard Group Distributions—As previously described, Lazard Group’s common membership interests are held by subsidiaries of Lazard Ltd and, until May 2014, also were held 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 incur and, until May 2014, that the members of LAZ-MD Holdings incurred, as a result of holding Lazard Group common membership interests. | |||||||||||||||||||||||||
During the nine month periods ended September 30, 2014 and 2013, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd (none of which related to tax distributions): | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
LAZ-MD Holdings | $ | 213 | $ | 565 | |||||||||||||||||||||
Subsidiaries of Lazard Ltd | 109,592 | 60,931 | |||||||||||||||||||||||
$ | 109,805 | $ | 61,496 | ||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Exchanges of Lazard Group Common Membership Interests—During the nine month periods ended September 30, 2014 and 2013, Lazard Ltd issued 710,009 and 839,658 shares of Class A common stock, respectively, in connection with the exchanges 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 Note 1 of Notes to Condensed Consolidated Financial Statements for a discussion of the Final Exchange of LAZ-MD 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 nine month period ended September 30, 2014 and for 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 | ||||||||||||||||||||||
April, 2014 | $ | 200,000 | 31-Dec-15 | ||||||||||||||||||||||
The Company expects that the share repurchase program 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 the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. 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 | |||||||||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||||
2013 | 2,201,657 | $ | 35.4 | ||||||||||||||||||||||
2014 | 4,114,206 | $ | 46.83 | ||||||||||||||||||||||
The shares purchased in the nine months ended September 30, 2014 included 1,000,000 shares purchased from Natixis S.A. on June 26, 2014 for $50,340 in connection with the sale by Natixis S.A. of its entire investment in the Company’s Class A common stock. The purchase transaction closed on July 1, 2014. As of September 30, 2014, a total of $128,932 of share repurchase authorization remained available under the Company’s share repurchase program, which will expire on December 31, 2015. | |||||||||||||||||||||||||
During the nine month period ended September 30, 2014, the Company had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, pursuant to which it effected stock repurchases in the open market. | |||||||||||||||||||||||||
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. As of both September 30, 2014 and December 31, 2013, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At September 30, 2014 and December 31, 2013, 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 (“AOCI”)—The tables below reflect changes in the balances of each component of AOCI during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Currency | Employee | Total | Amount | Total | |||||||||||||||||||||
Translation | Benefit | AOCI | Attributable to | Lazard Ltd | |||||||||||||||||||||
Adjustments | Plans | Noncontrolling | AOCI | ||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 3,869 | $ | (137,431 | ) | $ | (133,562 | ) | $ | (558 | ) | $ | (133,004 | ) | |||||||||||
Activity January 1 to September 30, 2014: | |||||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | (18,640 | ) | (3,695 | ) | (22,335 | ) | 559 | (22,894 | ) | ||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 3,714 | 3,714 | – | 3,714 | ||||||||||||||||||||
Net other comprehensive income (loss) | (18,640 | ) | 19 | (18,621 | ) | 559 | (19,180 | ) | |||||||||||||||||
Balance, September 30, 2014 | $ | (14,771 | ) | $ | (137,412 | ) | $ | (152,183 | ) | $ | 1 | $ | (152,184 | ) | |||||||||||
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 September 30, 2013: | |||||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | (18,610 | ) | – | (2,669 | ) | (21,279 | ) | 451 | -21,730 | ||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 791 | 3,653 | 4,444 | 25 | 4,419 | |||||||||||||||||||
Net other comprehensive income (loss) | (18,610 | ) | 791 | 984 | (16,835 | ) | 476 | (17,311 | ) | ||||||||||||||||
Balance, September 30, 2013 | $ | 795 | $ | (1,711 | ) | $ | (127,552 | ) | $ | (128,468 | ) | $ | (616 | ) | $ | (127,852 | ) | ||||||||
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amortization of interest rate hedge (a) | $ | – | $ | 264 | $ | – | $ | 791 | |||||||||||||||||
Amortization relating to employee benefit plans (b) | 1,673 | 1,627 | 5,105 | 4,859 | |||||||||||||||||||||
Less – related income taxes | 528 | 404 | 1,391 | 1,206 | |||||||||||||||||||||
Net of tax | 1,145 | 1,223 | 3,714 | 3,653 | |||||||||||||||||||||
Total reclassifications, net of tax | $ | 1,145 | $ | 1,487 | $ | 3,714 | $ | 4,444 | |||||||||||||||||
(a) | Included in “interest expense” on the condensed consolidated statements of operations. | ||||||||||||||||||||||||
(b) | Included in the computation of net periodic benefit cost (see Note 13 of Notes to Condensed Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the condensed consolidated statement of operations. | ||||||||||||||||||||||||
Noncontrolling Interests—Noncontrolling interests principally represent interests held in (i) Lazard Group by LAZ-MD Holdings until May 2014 and (ii) Edgewater’s management vehicles that the Company is deemed to control, but does not own. Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd. | |||||||||||||||||||||||||
The following table summarizes 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 September 30: | Common | % | Common | % | Interests | ||||||||||||||||||||
Membership | Ownership | Membership | Ownership | ||||||||||||||||||||||
Interests | Interests | ||||||||||||||||||||||||
2013 | 129,056,081 | 99.5 | % | 710,009 | 0.5 | % | 129,766,090 | ||||||||||||||||||
2014 | 129,766,090 | 100 | % | – | – | 129,766,090 | |||||||||||||||||||
The change in Lazard Ltd’s ownership in Lazard Group in the nine month periods ended September 30, 2014 and 2013 did not materially impact Lazard Ltd’s stockholders’ equity. | |||||||||||||||||||||||||
The tables below summarize net income attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2014 and 2013 and noncontrolling interests as of September 30, 2014 and December 31, 2013 in the Company’s condensed consolidated financial statements: | |||||||||||||||||||||||||
Net Income (Loss) Attributable To | |||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Edgewater | $ | 1,060 | $ | 2,018 | $ | 5,732 | $ | 4,671 | |||||||||||||||||
LAZ-MD Holdings | – | 365 | 631 | 862 | |||||||||||||||||||||
Other | 1 | 83 | 2 | (210 | ) | ||||||||||||||||||||
Total | $ | 1,061 | $ | 2,466 | $ | 6,365 | $ | 5,323 | |||||||||||||||||
Noncontrolling Interests As Of | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Edgewater | $ | 64,360 | $ | 66,641 | |||||||||||||||||||||
LAZ-MD Holdings | – | 2,566 | |||||||||||||||||||||||
Other | 730 | 582 | |||||||||||||||||||||||
Total | $ | 65,090 | $ | 69,789 | |||||||||||||||||||||
Dividend Declared, October 2014—On October 22, 2014, Lazard Ltd announced a quarterly dividend of $0.30 per share on its Class A common stock, payable on November 14, 2014, to stockholders of record on November 3, 2014. |
Incentive_Plans
Incentive Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Incentive Plans | ' | ||||||||||||||||
12 | 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 three month and nine month periods ended September 30, 2014 and 2013, 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, restricted stock units (“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 deferred stock units (“DSUs”)) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based incentive awards: | |||||||||||||||||
RSUs (a) | $ | 39,091 | $ | 46,095 | $ | 132,307 | $ | 163,184 | |||||||||
PRSUs | 4,957 | 6,467 | 11,657 | 8,900 | |||||||||||||
Restricted Stock (b) | 2,637 | 2,627 | 13,493 | 9,712 | |||||||||||||
DSUs | 102 | 71 | 1,638 | 1,545 | |||||||||||||
Total | $ | 46,787 | $ | 55,260 | $ | 159,095 | $ | 183,341 | |||||||||
(a) | Includes charges relating to the cost saving initiatives of $9,099 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements). | ||||||||||||||||
(b) | Includes charges relating to the cost saving initiatives of $247 for the nine month period ended September 30, 2013. | ||||||||||||||||
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, RSUs 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 shares of Class A common stock on a one-for-one basis after the stipulated vesting periods. PRSUs, which are RSUs that are also subject to service-based vesting conditions, have additional performance 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 nine month periods ended September 30, 2014 and 2013, 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: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of RSUs issued | 288,272 | 257,418 | |||||||||||||||
Charges to retained earnings, net of estimated forfeitures | $ | 13,489 | $ | 8,440 | |||||||||||||
Non-executive members of the Board of Directors (“Non-Executive 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 26,360 and 39,315 DSUs granted during the nine month periods ended September 30, 2014 and 2013, 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 shares of Class A common stock at the time of cessation of service to the Board of Directors 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 nine month periods ended September 30, 2014 and 2013. | |||||||||||||||||
The Company’s Directors’ Fee Deferral Unit Plan permits the 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 immediately preceding the date of the grant. During the nine month periods ended September 30, 2014 and 2013, 6,381 and 5,880 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 nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
RSUs | DSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance, January 1, 2014 | 16,630,009 | $ | 34.51 | 251,434 | $ | 32.02 | |||||||||||
Granted (including 288,272 RSUs relating to dividend participation) | 3,733,113 | $ | 42.75 | 32,741 | $ | 50.04 | |||||||||||
Forfeited | (210,458 | ) | $ | 33.45 | – | – | |||||||||||
Vested | (6,529,801 | ) | $ | 37.86 | – | – | |||||||||||
Balance, September 30, 2014 | 13,622,863 | $ | 35.18 | 284,175 | $ | 34.1 | |||||||||||
Balance, January 1, 2013 | 21,481,131 | $ | 33.92 | 204,496 | $ | 31.47 | |||||||||||
Granted (including 257,418 RSUs relating to dividend participation) | 4,868,963 | $ | 36.92 | 45,195 | $ | 34.18 | |||||||||||
Forfeited | (239,117 | ) | $ | 34.63 | – | – | |||||||||||
Vested | (9,363,792 | ) | $ | 34.78 | – | – | |||||||||||
Balance, September 30, 2013 | 16,747,185 | $ | 34.3 | 249,691 | $ | 31.96 | |||||||||||
In connection with RSUs that vested during the nine month periods ended September 30, 2014 and 2013, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 1,876,398 and 3,471,813 shares of Class A common stock in the respective nine month periods. Accordingly, 4,653,403 and 5,891,979 shares of Class A common stock held by the Company were delivered during the nine month periods ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
During the fourth quarter of 2012, 958,213 RSUs were modified through forward purchase agreements into liability awards. Such liability awards were settled on March 1, 2013 for $28,612. During the nine month period ended September 30, 2013, compensation expense of $1,690 was recorded for such liability awards. | |||||||||||||||||
As of September 30, 2014, estimated unrecognized RSU compensation expense was approximately $168,382, with such expense expected to be recognized over a weighted average period of approximately 1.1 years subsequent to September 30, 2014. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Restricted | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2014 | 575,054 | $ | 32.72 | ||||||||||||||
Granted | 449,911 | $ | 45.52 | ||||||||||||||
Forfeited | (12,097 | ) | $ | 41.19 | |||||||||||||
Vested | (205,075 | ) | $ | 35.23 | |||||||||||||
Balance, September 30, 2014 | 807,793 | $ | 39.08 | ||||||||||||||
Balance, January 1, 2013 | 1,972,609 | $ | 34.85 | ||||||||||||||
Granted | 368,736 | $ | 36.74 | ||||||||||||||
Forfeited | (35,794 | ) | $ | 33.35 | |||||||||||||
Vested | (1,728,509 | ) | $ | 36 | |||||||||||||
Balance, September 30, 2013 | 577,042 | $ | 32.72 | ||||||||||||||
In connection with shares of restricted Class A common stock that vested during the nine month periods ended September 30, 2014 and 2013, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 29,999 and 18,631 shares of Class A common stock during the respective nine month periods. Accordingly, 175,076 and 1,709,878 shares of Class A common stock held by the Company were delivered during the nine month periods ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
The restricted stock awards include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At September 30, 2014, estimated unrecognized restricted stock expense was approximately $13,460, with such expense to be recognized over a weighted average period of approximately 1.4 years subsequent to September 30, 2014. | |||||||||||||||||
PRSUs | |||||||||||||||||
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 a three-year period. 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 PRSUs granted in 2013, three times the target number in the event of a substantial increase in fiscal year 2014 revenue (adjusted for certain items)). The PRSUs granted in 2014 will vest on a single date three years following the date of the grant and the PRSUs granted in 2013 will vest 33% in March 2015 and 67% in March 2016, in each case 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 include dividend participation rights that provide that during vesting periods the target number of PRSUs receive dividend equivalents at the same rate that dividends are paid on Class A common stock during such period. These dividend equivalents are credited as RSUs that are not subject to the performance-based vesting criteria but are otherwise subject to the same restrictions as the underlying PRSUs to which they relate. | |||||||||||||||||
The following is a summary of activity relating to PRSUs during the nine month periods ended September 30, 2014 and 2013 at the target level: | |||||||||||||||||
PRSUs | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2014 | 448,128 | $ | 36.11 | ||||||||||||||
Granted | 360,783 | $ | 44.46 | ||||||||||||||
Balance, September 30, 2014 | 808,911 | $ | 39.83 | ||||||||||||||
Balance, January 1, 2013 | – | – | |||||||||||||||
Granted | 448,128 | $ | 36.11 | ||||||||||||||
Balance, September 30, 2013 | 448,128 | $ | 36.11 | ||||||||||||||
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. As of September 30, 2014, the total estimated unrecognized compensation expense was approximately $23,850, and the Company expects to amortize such expense over a weighted-average period of approximately 1.6 years subsequent to September 30, 2014. | |||||||||||||||||
LFI and Other Similar Deferred Compensation Arrangements | |||||||||||||||||
Commencing in February 2011, the Company granted LFI to eligible employees. In connection with the LFI 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. LFI 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 LFI and other similar deferred compensation arrangements during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2014 | $ | 60,433 | $ | 162,422 | |||||||||||||
Granted | 92,728 | 92,728 | |||||||||||||||
Settled | – | (54,293 | ) | ||||||||||||||
Forfeited | (1,320 | ) | (1,908 | ) | |||||||||||||
Amortization | (57,287 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 6,004 | |||||||||||||||
Adjustment for estimated forfeitures | – | 6,527 | |||||||||||||||
Other | -551 | (1,559 | ) | ||||||||||||||
Balance, September 30, 2014 | $ | 94,003 | $ | 209,921 | |||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2013 | $ | 47,445 | $ | 97,593 | |||||||||||||
Granted | 72,217 | 72,217 | |||||||||||||||
Settled | – | (22,903 | ) | ||||||||||||||
Forfeited | (765 | ) | (985 | ) | |||||||||||||
Amortization | (44,195 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 7,767 | |||||||||||||||
Adjustment for estimated forfeitures | – | 3,175 | |||||||||||||||
Other | (217 | ) | (558 | ) | |||||||||||||
Balance, September 30, 2013 | $ | 74,485 | $ | 156,306 | |||||||||||||
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.7 years subsequent to September 30, 2014. | |||||||||||||||||
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization, net of forfeitures (a) | $ | 21,310 | $ | 15,049 | $ | 63,226 | $ | 47,150 | |||||||||
Change in the fair value of underlying investments | (5,528 | ) | 7,519 | 6,004 | 7,767 | ||||||||||||
Total | $ | 15,782 | $ | 22,568 | $ | 69,230 | $ | 54,917 | |||||||||
(a) | Includes charges relating to the cost saving initiatives of $2,665 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements). |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
13 | 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 to its employees. 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 condensed 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 (the “Trustees”). Management also evaluates from time to time whether to make voluntary contributions to the plans. | |||||||||||||||||
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”) pursuant to which the Company agreed to make plan contributions of 1 million British pounds during each year from 2012 through 2020 inclusive and to make annual contributions of 1 million British pounds into an 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 first of which is currently underway. The aggregate amount in the account security arrangement was approximately $18,200 and $16,900 at September 30, 2014 and December 31, 2013, respectively, and has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying condensed consolidated statements of financial condition. Income on the account security arrangement accretes to the Company and is recorded in interest income. | |||||||||||||||||
The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s post-retirement plans for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of Net Benefit Cost (Credit): | |||||||||||||||||
Service cost | $ | 267 | $ | 315 | $ | 7 | $ | 12 | |||||||||
Interest cost | 7,636 | 6,744 | 49 | 46 | |||||||||||||
Expected return on plan assets | (8,253 | ) | (6,701 | ) | – | – | |||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | 708 | 708 | – | – | |||||||||||||
Net actuarial loss (gain) | 1,096 | 919 | (131 | ) | – | ||||||||||||
Net benefit cost (credit) | $ | 1,454 | $ | 1,985 | $ | (75 | ) | $ | 58 | ||||||||
Pension Plans | Medical Plan | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of Net Benefit Cost (Credit): | |||||||||||||||||
Service cost | $ | 718 | $ | 938 | $ | 24 | $ | 39 | |||||||||
Interest cost | 22,807 | 20,193 | 146 | 137 | |||||||||||||
Expected return on plan assets | (24,560 | ) | (20,090 | ) | – | – | |||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | 2,176 | 2,114 | – | – | |||||||||||||
Net actuarial loss (gain) | 3,325 | 2,745 | (396 | ) | – | ||||||||||||
Net benefit cost (credit) | $ | 4,466 | $ | 5,900 | $ | (226 | ) | $ | 176 | ||||||||
Cost_Saving_Initiatives
Cost Saving Initiatives | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Cost Saving Initiatives | ' | ||||||||||||||||
14 | 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 second quarter of 2013. The Company incurred these expenses, by segment, as reflected in the tables below: | |||||||||||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Nine Month Period Ended September 30, 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 | |||||||||||||||||
September 30, 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 the nine month period ended September 30, 2014 was as follows: | |||||||||||||||||
Accrued | Other | Total | |||||||||||||||
Compensation | Liabilities | ||||||||||||||||
and Benefits | |||||||||||||||||
Balance, January 1, 2014 | $ | 11,860 | $ | 5,356 | $ | 17,216 | |||||||||||
Less: | |||||||||||||||||
Settlements | (9,815 | ) | (150 | ) | (9,965 | ) | |||||||||||
Balance, September 30, 2014 | $ | 2,045 | $ | 5,206 | $ | 7,251 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
15 | 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 a 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 New York City Unincorporated Business Tax (“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. | ||
The Company recorded income tax provisions of $23,792 and $58,614 for the three month and nine month periods ended September 30, 2014, respectively, and $18,370 and $31,335 for the three month and nine month periods ended September 30, 2013, respectively, representing effective tax rates of 20.9%, 18.3%, 22.6% and 21.8%, respectively. The difference between the U.S. federal statutory rate of 35.0% and the effective tax rates reflected above principally relates to (i) Lazard Group primarily operating as a limited liability company in the U.S., (ii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iii) foreign source income (loss) not subject to U.S. income taxes (including interest on intercompany financings), (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes, (v) Lazard Group’s income from U.S. operations attributable to noncontrolling interests, and (vi) U.S. state and local taxes (primarily UBT), which are incremental to the U.S. federal statutory tax rate. | ||
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. | ||
Tax Receivable Agreement | ||
The redemption of partnership interests that were held by former and current managing directors of the Company (including the Company’s executive officers) in connection with the Company’s separation and recapitalization that occurred in May 2005, and the subsequent exchanges of LAZ-MD Holdings exchangeable interests for shares of Class A common stock, have resulted in increases in the tax basis of the tangible and/or intangible assets of Lazard Group. The tax receivable agreement dated as of May 10, 2005 with LFCM Holdings 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. For the three month and nine month periods ended September 30, 2014, the Company recorded a “provision (benefit) pursuant to tax receivable agreement” on the condensed consolidated statements of operations of $(176) and $9,064, respectively (no provision was required for the three month and nine month periods ended September 30, 2013), with the liability related thereto included within “related party payables” on the condensed consolidated statement of financial condition (see Note 17 of Notes to Condensed Consolidated Financial Statements). |
Net_Income_Per_Share_of_Class_
Net Income Per Share of Class A Common Stock | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share of Class A Common Stock | ' | ||||||||||||||||
16 | NET INCOME PER SHARE OF CLASS A COMMON STOCK | ||||||||||||||||
The Company’s basic and diluted net income per share calculations for the three month and nine month periods ended September 30, 2014 and 2013 are computed as described below. | |||||||||||||||||
Basic Net Income Per Share | |||||||||||||||||
Numerator—utilizes net income attributable to Lazard Ltd for the respective periods, 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 periods, 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 periods as in the basic net income per share calculation described above, plus, to the extent applicable and dilutive, (i) changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation and, on an “as-if-exchanged” basis, amounts applicable to LAZ-MD Holdings exchangeable interests and (ii) income tax related to (i) above. | |||||||||||||||||
Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective periods 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 required to settle share-based incentive compensation and LAZ-MD Holdings exchangeable interests, using the “treasury stock” 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 three month and nine month periods ended September 30, 2014 and 2013 are presented below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income attributable to Lazard Ltd | $88,859 | $60,282 | $254,893 | $106,995 | |||||||||||||
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | – | – | – | – | |||||||||||||
Net income attributable to Lazard Ltd - basic | 88,859 | 60,282 | 254,893 | 106,995 | |||||||||||||
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 and exchangeable interests, net of tax | (3 | ) | 316 | 604 | 787 | ||||||||||||
Net income attributable to Lazard Ltd - diluted | $88,856 | $60,598 | $255,497 | $107,782 | |||||||||||||
Weighted average number of shares of Class A common stock outstanding | 121,800,294 | 121,441,956 | 121,954,428 | 119,797,545 | |||||||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 406,620 | 757,998 | 412,204 | 758,502 | |||||||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 122,206,914 | 122,199,954 | 122,366,632 | 120,556,047 | |||||||||||||
Add - dilutive effect, as applicable, of: | |||||||||||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests | 11,359,770 | 12,042,190 | 11,356,144 | 12,617,953 | |||||||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,566,684 | 134,242,144 | 133,722,776 | 133,174,000 | |||||||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||||||||
Basic | $0.73 | $0.49 | $2.08 | $0.89 | |||||||||||||
Diluted | $0.67 | $0.45 | $1.91 | $0.81 | |||||||||||||
Related_Parties
Related Parties | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Parties | ' | ||||||||
17 | RELATED PARTIES | ||||||||
Amounts receivable from, and payable to, related parties are set forth below: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Receivables | |||||||||
LFCM Holdings | $ | 139 | $ | 7,794 | |||||
Other | 391 | 126 | |||||||
Total | $ | 530 | $ | 7,920 | |||||
Payables | |||||||||
LFCM Holdings | $ | 11,754 | $ | 4,300 | |||||
Other | 198 | 731 | |||||||
Total | $ | 11,952 | $ | 5,031 | |||||
LFCM Holdings | |||||||||
LFCM Holdings owned and operated 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 of the Company (including the Company’s executive officers). 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”). In addition, LFCM Holdings and Lazard Group entered into a business alliance agreement (the “business alliance agreement”) and a license agreement (the “license agreement”). Certain of these agreements are described in more detail in the Company’s Form 10-K. | |||||||||
In the third quarter of 2014, the Company entered into arrangements with LFCM Holdings and certain of its subsidiaries (“LFCM”) pursuant to which, among other things, the Company has acquired certain assets from LFCM relating to its convertible securities business, the business alliance provided for in the business alliance agreement has been terminated, and LFCM has relinquished certain license rights previously granted under the license agreement. In addition, LFCM surrendered certain leasehold interests, including leasehold improvements, to the Company, and was relieved of obligations to pay related sublease rent. See Note 10 of Notes to Condensed Consolidated Financial Statements. The Company does not believe that any of these arrangements will have a material effect on its consolidated financial position or results of operations. | |||||||||
The acquired assets will facilitate the execution of exchange offers and other transactions related to financial advice provided by the Company’s convertible securities practice group. In addition, the Company may act as an underwriter in public offerings and other distributions of securities from time to time, primarily relating to its Financial Advisory business. | |||||||||
For the three month and nine month periods ended September 30, 2014, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $220 and $812, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $54 and $795, respectively. For the three month and nine month periods ended September 30, 2013, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $534 and $1,466, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $1,633 and $1,163, 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 September 30, 2014 and December 31, 2013 include $139 and $3,112, 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, at December 31, 2013, $4,682 related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at September 30, 2014 and December 31, 2013 include $1,427 and $3,051, respectively, relating to referral fees for Financial Advisory and other transactions, and, at September 30, 2014 and December 31, 2013, $10,327 and $1,249, respectively, related to obligations pursuant to the tax receivable agreement (see Note 15 of Notes to Condensed Consolidated Financial Statements). | |||||||||
Other | |||||||||
Other payables at December 31, 2013 primarily relate to referral fees for M&A and restructuring transactions with MBA Lazard Holdings S.A. and its affiliates, an Argentina-based group in which the Company has a 50% ownership interest. | |||||||||
LAZ-MD Holdings | |||||||||
Lazard Group provides certain administrative and support services to LAZ-MD Holdings through the administrative services agreement. Lazard Group charges LAZ-MD Holdings for these services based on Lazard Group’s cost allocation methodology and, for the three month and nine month periods ended September 30, 2014, such charges amounted to $250 and $750, respectively. For the three month and nine month periods ending September 30, 2013, such charges amounted to $250 and $750, respectively. |
Regulatory_Authorities
Regulatory Authorities | 9 Months Ended | |
Sep. 30, 2014 | ||
Banking and Thrift [Abstract] | ' | |
Regulatory Authorities | ' | |
18 | 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 September 30, 2014, LFNY’s regulatory net capital was $180,909, which exceeded the minimum requirement by $178,043. | ||
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 September 30, 2014, the aggregate regulatory net capital of the U.K. Subsidiaries was $91,003, which exceeded the minimum requirement by $72,842. | ||
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 September 30, 2014, the consolidated regulatory net capital of CFLF was $139,613, which exceeded the minimum requirement set for regulatory capital levels by $102,948. 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 September 30, 2014, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $100,054, which exceeded the minimum required capital by $72,757. | ||
At September 30, 2014, 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 | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Information | ' | ||||||||||||||||||
19 | 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 three month and nine month periods ended September 30, 2014 and 2013 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, human resources, legal, facilities management and senior management activities. | |||||||||||||||||||
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: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013(a) | 2014 | 2013(a) | ||||||||||||||||
Financial Advisory | Net Revenue | $ | 291,089 | $ | 233,842 | $ | 847,354 | $ | 665,611 | ||||||||||
Operating Expenses | 255,230 | 218,015 | 754,449 | 674,689 | |||||||||||||||
Operating Income (Loss) | $ | 35,859 | $ | 15,827 | $ | 92,905 | $ | (9,078 | ) | ||||||||||
Asset Management | Net Revenue | $ | 291,967 | $ | 252,094 | $ | 848,695 | $ | 741,618 | ||||||||||
Operating Expenses | 191,501 | 168,895 | 552,499 | 511,526 | |||||||||||||||
Operating Income | $ | 100,466 | $ | 83,199 | $ | 296,196 | $ | 230,092 | |||||||||||
Corporate | Net Revenue (Expense) | $ | (16,845 | ) | $ | (5,582 | ) | $ | (29,542 | ) | $ | (34,567 | ) | ||||||
Operating Expenses | 5,768 | 12,326 | 39,687 | 42,794 | |||||||||||||||
Operating Loss | $ | (22,613 | ) | $ | (17,908 | ) | $ | (69,229 | ) | $ | (77,361 | ) | |||||||
Total | Net Revenue | $ | 566,211 | $ | 480,354 | $ | 1,666,507 | $ | 1,372,662 | ||||||||||
Operating Expenses | 452,499 | 399,236 | 1,346,635 | 1,229,009 | |||||||||||||||
Operating Income | $ | 113,712 | $ | 81,118 | $ | 319,872 | $ | 143,653 | |||||||||||
(a) | See Note 14 of Notes to Condensed Consolidated Financial Statements for information regarding the Cost Saving Initiatives, and the impact on each of the Company’s business segments during the nine month period ended September 30, 2013. | ||||||||||||||||||
As Of | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Total Assets | |||||||||||||||||||
Financial Advisory | $ | 706,251 | $ | 714,708 | |||||||||||||||
Asset Management | 585,693 | 612,018 | |||||||||||||||||
Corporate | 1,750,946 | 1,684,411 | |||||||||||||||||
Total | $ | 3,042,890 | $ | 3,011,137 | |||||||||||||||
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Changes and Error Corrections [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 100% and approximately 99.5% of all outstanding Lazard Group common membership interests as of September 30, 2014 and December 31, 2013, 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 formerly owned by Lazard Group’s current and former managing directors, held approximately 0.5% of the outstanding Lazard Group common membership interests as of December 31, 2013. 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 0.6% of the voting power, but no economic rights, in the Company as of December 31, 2013. In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company’s Class A common stock, par value $0.01 per share (“Class A common stock”), and the sole issued and outstanding share of the Company’s Class B common stock was automatically converted into one share of the Company’s Class A common stock pursuant to the provisions of the Company’s bye-laws, resulting in only one outstanding class of common stock (the “Final Exchange of LAZ-MD Interests”). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd. | ||||
Our sole operating asset is our indirect ownership of the 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 accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “Form 10-K”). The accompanying December 31, 2013 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. | ||||
Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. | ||||
The consolidated results of operations for the three month and nine month periods ended September 30, 2014 are not necessarily indicative of the results to be expected for any future interim or annual period. | ||||
The condensed 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. | ||||
The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates (i) a voting interest entity (“VOE”) where the Company either holds a majority of the voting interest in such entity or is the general partner in such entity and the third-party investors do not have the right to replace the general partner and (ii) a variable interest entity (“VIE”) where the Company absorbs a majority of the expected losses, expected residual returns, or both, of such entity. When the Company does not have a controlling interest in an entity, but exerts significant influence over such 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. | ||||
Deposits with Banks and Short-Term Investments | ' | |||
Deposits with Banks and Short-Term Investments—Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities, such as French government securities, with original maturities of 90 days or less when purchased. The level of these deposits and investments 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. The carrying value of deposits with banks and short-term investments approximates fair value due to their short-term maturities. Under the fair value hierarchy, such amounts would be categorized within Level 1 if carried at fair value. | ||||
Recent Accounting Developments | ' | |||
Presentation of Unrecognized Tax Benefits—In July 2013, the Financial Accounting Standards Board (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 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. | ||||
Revenue from Contracts with Customers—In May 2014, the FASB issued comprehensive new revenue recognition guidance. The guidance requires a company to recognize revenue when it transfers promised services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those services and requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance. | ||||
Derivative Instruments | ' | |||
The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices 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, on the consolidated statements of operations. | ||||
In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to LFI 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 LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. |
Receivables_Tables
Receivables (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Schedule of Activity in Allowance for Doubtful Accounts | ' | ||||||||||||||||
Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2014 and 2013 was as follows: | |||||||||||||||||
Three Month Period | Nine Month Period | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning Balance | $ | 29,943 | $ | 24,593 | $ | 28,777 | $ | 23,017 | |||||||||
Bad debt expense, net of recoveries | 2,064 | (198 | ) | 9,567 | 1,644 | ||||||||||||
Charge-offs, foreign currency translation and other adjustments | (2,148 | ) | 1,765 | (8,485 | ) | 1,499 | |||||||||||
Ending Balance | $ | 29,859 | $ | 26,160 | $ | 29,859 | $ | 26,160 | |||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest-bearing deposits | $ | 24,785 | $ | 516 | |||||||||||||
Debt | 7,185 | 8,013 | |||||||||||||||
Equities | 63,275 | 59,394 | |||||||||||||||
Funds: | |||||||||||||||||
Alternative investments (a) | 36,184 | 37,030 | |||||||||||||||
Debt (a) | 81,099 | 58,769 | |||||||||||||||
Equity (a) | 211,772 | 190,702 | |||||||||||||||
Private equity | 117,104 | 114,193 | |||||||||||||||
446,159 | 400,694 | ||||||||||||||||
Equity method | 8,518 | 9,488 | |||||||||||||||
Total investments | 549,922 | 478,105 | |||||||||||||||
Less: | |||||||||||||||||
Interest-bearing deposits | 24,785 | 516 | |||||||||||||||
Equity method | 8,518 | 9,488 | |||||||||||||||
Investments, at fair value | $ | 516,619 | $ | 468,101 | |||||||||||||
Securities sold, not yet purchased, at fair value (included in “other liabilities”) | $ | 8,630 | $ | 4,045 | |||||||||||||
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,566, $43,779 and $166,541, respectively, at September 30, 2014 and $7,099, $31,515 and $130,481, respectively, at December 31, 2013, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 12 of Notes to Condensed Consolidated Financial Statements). | ||||||||||||||||
Schedule of Trading Securities Gross Unrealized Investment Gains and Losses | ' | ||||||||||||||||
During the three month and nine month periods ended September 30, 2014 and 2013, the Company reported in “revenue-other” on its condensed consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows: | |||||||||||||||||
Three Month Period | Nine Month Period | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gross unrealized investment gains | $ | – | $ | 10,925 | $ | 5,526 | $ | 12,044 | |||||||||
Gross unrealized investment losses | $ | 13,897 | $ | – | $ | 5,601 | $ | 3,907 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013 within the fair value hierarchy: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt | $ | 1,141 | $ | 6,044 | $ | – | $ | 7,185 | |||||||||||||||||
Equities | 61,941 | – | 1,334 | 63,275 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 36,184 | – | 36,184 | |||||||||||||||||||||
Debt | 81,095 | 4 | – | 81,099 | |||||||||||||||||||||
Equity | 211,729 | 43 | – | 211,772 | |||||||||||||||||||||
Private equity | – | – | 117,104 | 117,104 | |||||||||||||||||||||
Derivatives | – | 8,625 | – | 8,625 | |||||||||||||||||||||
Total | $ | 355,906 | $ | 50,900 | $ | 118,438 | $ | 525,244 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 8,630 | $ | – | $ | – | $ | 8,630 | |||||||||||||||||
Derivatives | – | 209,941 | – | 209,941 | |||||||||||||||||||||
Total | $ | 8,630 | $ | 209,941 | $ | – | $ | 218,571 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt | $ | 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 | |||||||||||||||||
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 three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 1,370 | $ | – | $ | – | $ | – | $ | (36 | ) | $ | 1,334 | ||||||||||||
Private equity funds | 116,895 | 2,500 | 7,498 | (5,769 | ) | (4,020 | ) | 117,104 | |||||||||||||||||
Total Level 3 Assets | $ | 118,265 | $ | 2,500 | $ | 7,498 | $ | (5,769 | ) | $ | (4,056 | ) | $ | 118,438 | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 1,340 | $ | 14 | $ | – | $ | – | $ | (20 | ) | $ | 1,334 | ||||||||||||
Private equity funds | 114,193 | 9,336 | 8,709 | (10,854 | ) | (4,280 | ) | 117,104 | |||||||||||||||||
Total Level 3 Assets | $ | 115,533 | $ | 9,350 | $ | 8,709 | $ | (10,854 | ) | $ | (4,300 | ) | $ | 118,438 | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 637 | $ | 2 | $ | 650 | $ | – | $ | 34 | $ | 1,323 | |||||||||||||
Alternative investment funds | 11 | (11 | ) | – | – | – | – | ||||||||||||||||||
Private equity funds | 112,833 | 5,174 | 2,907 | (6,848 | ) | 1,502 | 115,568 | ||||||||||||||||||
Total Level 3 Assets | $ | 113,481 | $ | 5,165 | $ | 3,557 | $ | (6,848 | ) | $ | 1,536 | $ | 116,891 | ||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 190 | $ | 8 | $ | 1,095 | $ | – | $ | 30 | $ | 1,323 | |||||||||||||
Alternative investment funds | 3,457 | 117 | – | (3,574 | ) | – | – | ||||||||||||||||||
Equity funds | 10 | – | – | (10 | ) | – | – | ||||||||||||||||||
Private equity funds | 112,444 | 8,912 | 6,166 | (12,716 | ) | 762 | 115,568 | ||||||||||||||||||
Total Level 3 Assets | $ | 116,101 | $ | 9,037 | $ | 7,261 | $ | (16,300 | ) | $ | 792 | $ | 116,891 | ||||||||||||
(a) | Earnings for the three month and nine month periods ended September 30, 2014 and the three month and nine month periods ended September 30, 2013 include net unrealized gains of $810, $6,346, $2,680 and $6,007, respectively. | ||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013 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: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
% 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 | $ | 32,344 | $ | – | NA | NA | NA | NA | (a) | <30-60 days | |||||||||||||||
Funds of funds | 480 | – | NA | NA | NA | NA | (b) | <30-90 days | |||||||||||||||||
Other | 3,360 | – | NA | NA | NA | NA | (c) | <30-60 days | |||||||||||||||||
Debt funds | 4 | – | NA | NA | NA | NA | (d) | 30 days | |||||||||||||||||
Equity funds | 43 | – | NA | NA | NA | NA | (e) | 30-90 days | |||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||
Equity growth | 76,164 | 19,137 | (f) | 100% | 11% | 61% | 28% | NA | NA | ||||||||||||||||
Mezzanine debt | 40,940 | – | 100% | –% | –% | 100% | NA | NA | |||||||||||||||||
Total | $ | 153,335 | $ | 19,137 | |||||||||||||||||||||
(a) | weekly (17%), monthly (64%) and quarterly (19%) | ||||||||||||||||||||||||
(b) | monthly (98%) and quarterly (2%) | ||||||||||||||||||||||||
(c) | daily (11%), weekly (5%) and monthly (84%) | ||||||||||||||||||||||||
(d) | daily (100%) | ||||||||||||||||||||||||
(e) | daily (14%), monthly (58%) and quarterly (28%) | ||||||||||||||||||||||||
(f) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $7,518 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. | ||||||||||||||||||||||||
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 | (f) | 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%) | ||||||||||||||||||||||||
(f) | Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,613 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Fair Values of Derivatives Reported on Condensed 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 values of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (see Note 12 of Notes to Condensed Consolidated Financial Statements) on the accompanying condensed consolidated statements of financial condition as of September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivative Assets: | |||||||||||||||||
Forward foreign currency exchange rate contracts | $ | 4,464 | $ | 250 | |||||||||||||
Total return swaps and other (a) | 4,161 | 432 | |||||||||||||||
$ | 8,625 | $ | 682 | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||
Forward foreign currency exchange rate contracts | $ | 20 | $ | 1,579 | |||||||||||||
LFI and other similar deferred compensation arrangements | 209,921 | 162,422 | |||||||||||||||
$ | 209,941 | $ | 164,001 | ||||||||||||||
(a) | For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $4,220 and $59 as of September 30, 2014, respectively, and $2,019 and $1,587 as of December 31, 2013, 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 $10,434 and $11,384 as of September 30, 2014 and December 31, 2013, 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 LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Forward foreign currency exchange rate contracts | $ | 15,355 | $ | (5,310 | ) | $ | 14,380 | $ | (1,705 | ) | |||||||
LFI and other similar deferred compensation arrangements | 5,528 | (7,519 | ) | (6,004 | ) | (7,767 | ) | ||||||||||
Total return swaps and other | 2,835 | (6,520 | ) | (5,436 | ) | (6,872 | ) | ||||||||||
Total | $ | 23,718 | $ | (19,349 | ) | $ | 2,940 | $ | (16,344 | ) | |||||||
Property_Tables
Property (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property | ' | ||||||||||||
At September 30, 2014 and December 31, 2013, property consists of the following: | |||||||||||||
Estimated | September 30, | December 31, | |||||||||||
Depreciable | 2014 | 2013 | |||||||||||
Life in Years | |||||||||||||
Buildings | 33 | $ | 158,551 | $ | 173,772 | ||||||||
Leasehold improvements | 20-Mar | 169,814 | 175,600 | ||||||||||
Furniture and equipment | 10-Mar | 151,270 | 149,598 | ||||||||||
Construction in progress | 5,236 | 3,756 | |||||||||||
Total | 484,871 | 502,726 | |||||||||||
Less - Accumulated depreciation and amortization | 257,512 | 253,930 | |||||||||||
Property | $ | 227,359 | $ | 248,796 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
The components of goodwill and other intangible assets at September 30, 2014 and December 31, 2013 are presented below: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Goodwill | $ | 343,776 | $ | 345,453 | |||||||||||||||||||||
Other intangible assets (net of accumulated amortization) | 12,478 | 18,424 | |||||||||||||||||||||||
$ | 356,254 | $ | 363,877 | ||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, January 1 | $ | 345,453 | $ | 364,328 | |||||||||||||||||||||
Business acquisitions | 3,232 | 1,601 | |||||||||||||||||||||||
Foreign currency translation adjustments | (4,909 | ) | (15,310 | ) | |||||||||||||||||||||
Balance, September 30 | $ | 343,776 | $ | 350,619 | |||||||||||||||||||||
Gross Cost and Accumulated Amortization of Other Intangible Assets | ' | ||||||||||||||||||||||||
The gross cost and accumulated amortization of other intangible assets as of September 30, 2014 and December 31, 2013, by major intangible asset category, are as follows: | |||||||||||||||||||||||||
September 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Cost | Amortization | Carrying | Cost | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Performance fees | $ | 30,740 | $ | 21,116 | $ | 9,624 | $ | 30,740 | $ | 17,173 | $ | 13,567 | |||||||||||||
Management fees, customer relationships and non-compete agreements | 33,063 | 30,209 | 2,854 | 33,063 | 28,206 | 4,857 | |||||||||||||||||||
$ | 63,803 | $ | 51,325 | $ | 12,478 | $ | 63,803 | $ | 45,379 | $ | 18,424 | ||||||||||||||
Estimated Future Amortization Expense | ' | ||||||||||||||||||||||||
Amortization expense of intangible assets for the three month and nine month periods ended September 30, 2014 was $4,020 and $5,946, respectively, and for the three month and nine month periods ended September 30, 2013 was $877 and $2,758, respectively. Estimated future amortization expense is as follows: | |||||||||||||||||||||||||
Year Ending December 31, | Amortization | ||||||||||||||||||||||||
Expense (a) | |||||||||||||||||||||||||
2014 (October 1 through December 31) | $ | 864 | |||||||||||||||||||||||
2015 | 6,433 | ||||||||||||||||||||||||
2016 | 5,181 | ||||||||||||||||||||||||
Total amortization expense | $ | 12,478 | |||||||||||||||||||||||
(a) | Approximately 46% of intangible asset amortization is attributable to a noncontrolling interest. |
Senior_Debt_Tables
Senior Debt (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Senior Debt | ' | ||||||||||||||||||||
Senior debt is comprised of the following as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Initial | Maturity | Annual | Outstanding As of | ||||||||||||||||||
Principal | Date | Interest | September 30, | December 31, | |||||||||||||||||
Amount | Rate | 2014 | 2013 | ||||||||||||||||||
Lazard Group 6.85% Senior Notes | 600,000 | 6/15/17 | 6.85 | % | $ | 548,350 | $ | 548,350 | |||||||||||||
Lazard Group 4.25% Senior Notes | 500,000 | 11/14/20 | 4.25 | % | 500,000 | 500,000 | |||||||||||||||
Lazard Group Credit Facility | 150,000 | 9/25/15 | 0.78 | % | – | – | |||||||||||||||
Total | $ | 1,048,350 | $ | 1,048,350 | |||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payment for Operating Leases | ' | ||||
At September 30, 2014, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows: | |||||
Year Ending December 31, | |||||
2014 (October 1 through December 31) | $ | 21,159 | |||
2015 | 77,287 | ||||
2016 | 75,672 | ||||
2017 | 70,321 | ||||
2018 | 64,894 | ||||
Thereafter | 646,775 | ||||
Total minimum lease payments | 956,108 | ||||
Sublease proceeds (a) | 82,162 | ||||
Net lease payments | $ | 873,946 | |||
(a) | Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LFCM Holdings LLC (“LFCM Holdings”). See Note 17 of Notes to Condensed Consolidated Financial Statements. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd | ' | ||||||||||||||||||||||||
During the nine month periods ended September 30, 2014 and 2013, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd (none of which related to tax distributions): | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
LAZ-MD Holdings | $ | 213 | $ | 565 | |||||||||||||||||||||
Subsidiaries of Lazard Ltd | 109,592 | 60,931 | |||||||||||||||||||||||
$ | 109,805 | $ | 61,496 | ||||||||||||||||||||||
Schedule of Share Repurchase Authorized by Board of Directors | ' | ||||||||||||||||||||||||
Share Repurchase Program—During the nine month period ended September 30, 2014 and for 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 | ||||||||||||||||||||||
April, 2014 | $ | 200,000 | 31-Dec-15 | ||||||||||||||||||||||
Schedule of Share Repurchase Program | ' | ||||||||||||||||||||||||
The Company expects that the share repurchase program 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 the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. 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 | |||||||||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||||
2013 | 2,201,657 | $ | 35.4 | ||||||||||||||||||||||
2014 | 4,114,206 | $ | 46.83 | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)—The tables below reflect changes in the balances of each component of AOCI during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Currency | Employee | Total | Amount | Total | |||||||||||||||||||||
Translation | Benefit | AOCI | Attributable to | Lazard Ltd | |||||||||||||||||||||
Adjustments | Plans | Noncontrolling | AOCI | ||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 3,869 | $ | (137,431 | ) | $ | (133,562 | ) | $ | (558 | ) | $ | (133,004 | ) | |||||||||||
Activity January 1 to September 30, 2014: | |||||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | (18,640 | ) | (3,695 | ) | (22,335 | ) | 559 | (22,894 | ) | ||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 3,714 | 3,714 | – | 3,714 | ||||||||||||||||||||
Net other comprehensive income (loss) | (18,640 | ) | 19 | (18,621 | ) | 559 | (19,180 | ) | |||||||||||||||||
Balance, September 30, 2014 | $ | (14,771 | ) | $ | (137,412 | ) | $ | (152,183 | ) | $ | 1 | $ | (152,184 | ) | |||||||||||
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 September 30, 2013: | |||||||||||||||||||||||||
Other comprehensive gain (loss) before reclassifications | (18,610 | ) | – | (2,669 | ) | (21,279 | ) | 451 | -21,730 | ||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 791 | 3,653 | 4,444 | 25 | 4,419 | |||||||||||||||||||
Net other comprehensive income (loss) | (18,610 | ) | 791 | 984 | (16,835 | ) | 476 | (17,311 | ) | ||||||||||||||||
Balance, September 30, 2013 | $ | 795 | $ | (1,711 | ) | $ | (127,552 | ) | $ | (128,468 | ) | $ | (616 | ) | $ | (127,852 | ) | ||||||||
Adjustments for Items Reclassified Out of AOCI | ' | ||||||||||||||||||||||||
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amortization of interest rate hedge (a) | $ | – | $ | 264 | $ | – | $ | 791 | |||||||||||||||||
Amortization relating to employee benefit plans (b) | 1,673 | 1,627 | 5,105 | 4,859 | |||||||||||||||||||||
Less – related income taxes | 528 | 404 | 1,391 | 1,206 | |||||||||||||||||||||
Net of tax | 1,145 | 1,223 | 3,714 | 3,653 | |||||||||||||||||||||
Total reclassifications, net of tax | $ | 1,145 | $ | 1,487 | $ | 3,714 | $ | 4,444 | |||||||||||||||||
(a) | Included in “interest expense” on the condensed consolidated statements of operations. | ||||||||||||||||||||||||
(b) | Included in the computation of net periodic benefit cost (see Note 13 of Notes to Condensed Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the condensed consolidated statement of operations. | ||||||||||||||||||||||||
Changes in Ownership Interests | ' | ||||||||||||||||||||||||
The following table summarizes 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 September 30: | Common | % | Common | % | Interests | ||||||||||||||||||||
Membership | Ownership | Membership | Ownership | ||||||||||||||||||||||
Interests | Interests | ||||||||||||||||||||||||
2013 | 129,056,081 | 99.5 | % | 710,009 | 0.5 | % | 129,766,090 | ||||||||||||||||||
2014 | 129,766,090 | 100 | % | – | – | 129,766,090 | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | ' | ||||||||||||||||||||||||
The tables below summarize net income attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2014 and 2013 and noncontrolling interests as of September 30, 2014 and December 31, 2013 in the Company’s condensed consolidated financial statements: | |||||||||||||||||||||||||
Net Income (Loss) Attributable To | |||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Edgewater | $ | 1,060 | $ | 2,018 | $ | 5,732 | $ | 4,671 | |||||||||||||||||
LAZ-MD Holdings | – | 365 | 631 | 862 | |||||||||||||||||||||
Other | 1 | 83 | 2 | (210 | ) | ||||||||||||||||||||
Total | $ | 1,061 | $ | 2,466 | $ | 6,365 | $ | 5,323 | |||||||||||||||||
Noncontrolling Interests As Of | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Edgewater | $ | 64,360 | $ | 66,641 | |||||||||||||||||||||
LAZ-MD Holdings | – | 2,566 | |||||||||||||||||||||||
Other | 730 | 582 | |||||||||||||||||||||||
Total | $ | 65,090 | $ | 69,789 | |||||||||||||||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 deferred stock units (“DSUs”)) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based incentive awards: | |||||||||||||||||
RSUs (a) | $ | 39,091 | $ | 46,095 | $ | 132,307 | $ | 163,184 | |||||||||
PRSUs | 4,957 | 6,467 | 11,657 | 8,900 | |||||||||||||
Restricted Stock (b) | 2,637 | 2,627 | 13,493 | 9,712 | |||||||||||||
DSUs | 102 | 71 | 1,638 | 1,545 | |||||||||||||
Total | $ | 46,787 | $ | 55,260 | $ | 159,095 | $ | 183,341 | |||||||||
(a) | Includes charges relating to the cost saving initiatives of $9,099 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements). | ||||||||||||||||
(b) | Includes charges relating to the cost saving initiatives of $247 for the nine month period ended September 30, 2013. | ||||||||||||||||
Schedule of Issuance of RSUs and Charges to Retained Earnings | ' | ||||||||||||||||
During the nine month periods ended September 30, 2014 and 2013, 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: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of RSUs issued | 288,272 | 257,418 | |||||||||||||||
Charges to retained earnings, net of estimated forfeitures | $ | 13,489 | $ | 8,440 | |||||||||||||
Summary of FI and Other Similar Deferred Compensation Arrangements | ' | ||||||||||||||||
The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2014 | $ | 60,433 | $ | 162,422 | |||||||||||||
Granted | 92,728 | 92,728 | |||||||||||||||
Settled | – | (54,293 | ) | ||||||||||||||
Forfeited | (1,320 | ) | (1,908 | ) | |||||||||||||
Amortization | (57,287 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 6,004 | |||||||||||||||
Adjustment for estimated forfeitures | – | 6,527 | |||||||||||||||
Other | -551 | (1,559 | ) | ||||||||||||||
Balance, September 30, 2014 | $ | 94,003 | $ | 209,921 | |||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2013 | $ | 47,445 | $ | 97,593 | |||||||||||||
Granted | 72,217 | 72,217 | |||||||||||||||
Settled | – | (22,903 | ) | ||||||||||||||
Forfeited | (765 | ) | (985 | ) | |||||||||||||
Amortization | (44,195 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 7,767 | |||||||||||||||
Adjustment for estimated forfeitures | – | 3,175 | |||||||||||||||
Other | (217 | ) | (558 | ) | |||||||||||||
Balance, September 30, 2013 | $ | 74,485 | $ | 156,306 | |||||||||||||
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.7 years subsequent to September 30, 2014. | |||||||||||||||||
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization, net of forfeitures (a) | $ | 21,310 | $ | 15,049 | $ | 63,226 | $ | 47,150 | |||||||||
Change in the fair value of underlying investments | (5,528 | ) | 7,519 | 6,004 | 7,767 | ||||||||||||
Total | $ | 15,782 | $ | 22,568 | $ | 69,230 | $ | 54,917 | |||||||||
(a) | Includes charges relating to the cost saving initiatives of $2,665 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements). | ||||||||||||||||
Restricted Stock Units And Deferred Stock Units [Member] | ' | ||||||||||||||||
Schedule of Activity Relating to Share-based Awards | ' | ||||||||||||||||
The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
RSUs | DSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance, January 1, 2014 | 16,630,009 | $ | 34.51 | 251,434 | $ | 32.02 | |||||||||||
Granted (including 288,272 RSUs relating to dividend participation) | 3,733,113 | $ | 42.75 | 32,741 | $ | 50.04 | |||||||||||
Forfeited | (210,458 | ) | $ | 33.45 | – | – | |||||||||||
Vested | (6,529,801 | ) | $ | 37.86 | – | – | |||||||||||
Balance, September 30, 2014 | 13,622,863 | $ | 35.18 | 284,175 | $ | 34.1 | |||||||||||
Balance, January 1, 2013 | 21,481,131 | $ | 33.92 | 204,496 | $ | 31.47 | |||||||||||
Granted (including 257,418 RSUs relating to dividend participation) | 4,868,963 | $ | 36.92 | 45,195 | $ | 34.18 | |||||||||||
Forfeited | (239,117 | ) | $ | 34.63 | – | – | |||||||||||
Vested | (9,363,792 | ) | $ | 34.78 | – | – | |||||||||||
Balance, September 30, 2013 | 16,747,185 | $ | 34.3 | 249,691 | $ | 31.96 | |||||||||||
Restricted Stock Awards Class A [Member] | ' | ||||||||||||||||
Schedule of Activity Relating to Share-based Awards | ' | ||||||||||||||||
The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Restricted | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2014 | 575,054 | $ | 32.72 | ||||||||||||||
Granted | 449,911 | $ | 45.52 | ||||||||||||||
Forfeited | (12,097 | ) | $ | 41.19 | |||||||||||||
Vested | (205,075 | ) | $ | 35.23 | |||||||||||||
Balance, September 30, 2014 | 807,793 | $ | 39.08 | ||||||||||||||
Balance, January 1, 2013 | 1,972,609 | $ | 34.85 | ||||||||||||||
Granted | 368,736 | $ | 36.74 | ||||||||||||||
Forfeited | (35,794 | ) | $ | 33.35 | |||||||||||||
Vested | (1,728,509 | ) | $ | 36 | |||||||||||||
Balance, September 30, 2013 | 577,042 | $ | 32.72 | ||||||||||||||
Performance-Based Restricted Stock Units [Member] | ' | ||||||||||||||||
Schedule of Activity Relating to Share-based Awards | ' | ||||||||||||||||
The following is a summary of activity relating to PRSUs during the nine month periods ended September 30, 2014 and 2013 at the target level: | |||||||||||||||||
PRSUs | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2014 | 448,128 | $ | 36.11 | ||||||||||||||
Granted | 360,783 | $ | 44.46 | ||||||||||||||
Balance, September 30, 2014 | 808,911 | $ | 39.83 | ||||||||||||||
Balance, January 1, 2013 | – | – | |||||||||||||||
Granted | 448,128 | $ | 36.11 | ||||||||||||||
Balance, September 30, 2013 | 448,128 | $ | 36.11 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | ' | ||||||||||||||||
The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s post-retirement plans for the three month and nine month periods ended September 30, 2014 and 2013: | |||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of Net Benefit Cost (Credit): | |||||||||||||||||
Service cost | $ | 267 | $ | 315 | $ | 7 | $ | 12 | |||||||||
Interest cost | 7,636 | 6,744 | 49 | 46 | |||||||||||||
Expected return on plan assets | (8,253 | ) | (6,701 | ) | – | – | |||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | 708 | 708 | – | – | |||||||||||||
Net actuarial loss (gain) | 1,096 | 919 | (131 | ) | – | ||||||||||||
Net benefit cost (credit) | $ | 1,454 | $ | 1,985 | $ | (75 | ) | $ | 58 | ||||||||
Pension Plans | Medical Plan | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of Net Benefit Cost (Credit): | |||||||||||||||||
Service cost | $ | 718 | $ | 938 | $ | 24 | $ | 39 | |||||||||
Interest cost | 22,807 | 20,193 | 146 | 137 | |||||||||||||
Expected return on plan assets | (24,560 | ) | (20,090 | ) | – | – | |||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | 2,176 | 2,114 | – | – | |||||||||||||
Net actuarial loss (gain) | 3,325 | 2,745 | (396 | ) | – | ||||||||||||
Net benefit cost (credit) | $ | 4,466 | $ | 5,900 | $ | (226 | ) | $ | 176 | ||||||||
Cost_Saving_Initiatives_Tables
Cost Saving Initiatives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives | ' | ||||||||||||||||
Expenses associated with the implementation of the Cost Saving Initiatives were completed during the second quarter of 2013. The Company incurred these expenses, by segment, as reflected in the tables below: | |||||||||||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Nine Month Period Ended September 30, 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 | |||||||||||||||||
September 30, 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 the nine month period ended September 30, 2014 was as follows: | |||||||||||||||||
Accrued | Other | Total | |||||||||||||||
Compensation | Liabilities | ||||||||||||||||
and Benefits | |||||||||||||||||
Balance, January 1, 2014 | $ | 11,860 | $ | 5,356 | $ | 17,216 | |||||||||||
Less: | |||||||||||||||||
Settlements | (9,815 | ) | (150 | ) | (9,965 | ) | |||||||||||
Balance, September 30, 2014 | $ | 2,045 | $ | 5,206 | $ | 7,251 | |||||||||||
Net_Income_Per_Share_of_Class_1
Net Income Per Share of Class A Common Stock (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 three month and nine month periods ended September 30, 2014 and 2013 are presented below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income attributable to Lazard Ltd | $88,859 | $60,282 | $254,893 | $106,995 | |||||||||||||
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | – | – | – | – | |||||||||||||
Net income attributable to Lazard Ltd - basic | 88,859 | 60,282 | 254,893 | 106,995 | |||||||||||||
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 and exchangeable interests, net of tax | (3 | ) | 316 | 604 | 787 | ||||||||||||
Net income attributable to Lazard Ltd - diluted | $88,856 | $60,598 | $255,497 | $107,782 | |||||||||||||
Weighted average number of shares of Class A common stock outstanding | 121,800,294 | 121,441,956 | 121,954,428 | 119,797,545 | |||||||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 406,620 | 757,998 | 412,204 | 758,502 | |||||||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 122,206,914 | 122,199,954 | 122,366,632 | 120,556,047 | |||||||||||||
Add - dilutive effect, as applicable, of: | |||||||||||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests | 11,359,770 | 12,042,190 | 11,356,144 | 12,617,953 | |||||||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,566,684 | 134,242,144 | 133,722,776 | 133,174,000 | |||||||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||||||||
Basic | $0.73 | $0.49 | $2.08 | $0.89 | |||||||||||||
Diluted | $0.67 | $0.45 | $1.91 | $0.81 | |||||||||||||
Related_Parties_Tables
Related Parties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Amounts Receivable from and Payable to Related Parties | ' | ||||||||
Amounts receivable from, and payable to, related parties are set forth below: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Receivables | |||||||||
LFCM Holdings | $ | 139 | $ | 7,794 | |||||
Other | 391 | 126 | |||||||
Total | $ | 530 | $ | 7,920 | |||||
Payables | |||||||||
LFCM Holdings | $ | 11,754 | $ | 4,300 | |||||
Other | 198 | 731 | |||||||
Total | $ | 11,952 | $ | 5,031 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) | ' | ||||||||||||||||||
the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013(a) | 2014 | 2013(a) | ||||||||||||||||
Financial Advisory | Net Revenue | $ | 291,089 | $ | 233,842 | $ | 847,354 | $ | 665,611 | ||||||||||
Operating Expenses | 255,230 | 218,015 | 754,449 | 674,689 | |||||||||||||||
Operating Income (Loss) | $ | 35,859 | $ | 15,827 | $ | 92,905 | $ | (9,078 | ) | ||||||||||
Asset Management | Net Revenue | $ | 291,967 | $ | 252,094 | $ | 848,695 | $ | 741,618 | ||||||||||
Operating Expenses | 191,501 | 168,895 | 552,499 | 511,526 | |||||||||||||||
Operating Income | $ | 100,466 | $ | 83,199 | $ | 296,196 | $ | 230,092 | |||||||||||
Corporate | Net Revenue (Expense) | $ | (16,845 | ) | $ | (5,582 | ) | $ | (29,542 | ) | $ | (34,567 | ) | ||||||
Operating Expenses | 5,768 | 12,326 | 39,687 | 42,794 | |||||||||||||||
Operating Loss | $ | (22,613 | ) | $ | (17,908 | ) | $ | (69,229 | ) | $ | (77,361 | ) | |||||||
Total | Net Revenue | $ | 566,211 | $ | 480,354 | $ | 1,666,507 | $ | 1,372,662 | ||||||||||
Operating Expenses | 452,499 | 399,236 | 1,346,635 | 1,229,009 | |||||||||||||||
Operating Income | $ | 113,712 | $ | 81,118 | $ | 319,872 | $ | 143,653 | |||||||||||
(a) | See Note 14 of Notes to Condensed Consolidated Financial Statements for information regarding the Cost Saving Initiatives, and the impact on each of the Company’s business segments during the nine month period ended September 30, 2013. | ||||||||||||||||||
Schedule of Segment Total Assets | ' | ||||||||||||||||||
As Of | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Total Assets | |||||||||||||||||||
Financial Advisory | $ | 706,251 | $ | 714,708 | |||||||||||||||
Asset Management | 585,693 | 612,018 | |||||||||||||||||
Corporate | 1,750,946 | 1,684,411 | |||||||||||||||||
Total | $ | 3,042,890 | $ | 3,011,137 | |||||||||||||||
Organization_and_Basis_of_Pres
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
31-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | 31-May-14 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Segment | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B 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] | Lazard Ltd [Member] | Lazard Ltd [Member] | LAZ-MD Holdings LLC [Member] | LAZ-MD Holdings LLC [Member] | ||
Class B Common Stock [Member] | ||||||||||||||
Organization And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common membership interests held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 99.50% | 0.50% | ' |
Governing operating agreement, date | ' | 10-May-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common membership voting power held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% |
Common stock, par value | ' | ' | $0.01 | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | 1 | ' | ' | 129,766,091 | ' | 129,056,081 | ' | ' | ' | ' | ' | 1 |
Common stock, shares issued | ' | ' | 1 | 1 | 1 | 129,766,091 | ' | 129,056,081 | 129,056,081 | 128,216,423 | ' | ' | ' | 1 |
Common stock, Class B shares conversion to Class A shares | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock conversion | 'In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Companybs Class A common stock, and the sole issued and outstanding share of the Companybs Class B common stock was automatically converted into one share of the Companybs Class A common stock pursuant to the provisions of the Companybs bye-laws, resulting in only one outstanding class of common stock (the bFinal Exchange of LAZ-MD Interestsb). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business segments | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term investments maturity days | ' | 'Original maturities of 90 days or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables_Schedule_of_Activi
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Receivables [Abstract] | ' | ' | ' | ' |
Allowance for doubtful accounts receivables, Beginning balance | $29,943 | $24,593 | $28,777 | $23,017 |
Bad debt expense, net of recoveries | 2,064 | -198 | 9,567 | 1,644 |
Charge-offs, foreign currency translation and other adjustments | -2,148 | 1,765 | -8,485 | 1,499 |
Allowance for doubtful accounts receivables, Ending balance | $29,859 | $26,160 | $29,859 | $26,160 |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Interest-bearing financing fee receivables | $81,531,000 | ' | $69,464,000 | ' | ' | ' |
Allowance for doubtful accounts receivables | 29,859,000 | 29,943,000 | 28,777,000 | 26,160,000 | 24,593,000 | 23,017,000 |
Aggregate carrying amount of non-interest bearing receivables | 426,384,000 | ' | 443,211,000 | ' | ' | ' |
Financing Receivables [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts receivables | 0 | ' | 0 | ' | ' | ' |
Trade Receivables [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Receivables past due or deemed uncollectible | $35,086,000 | ' | $39,341,000 | ' | ' | ' |
Investments_Companys_Investmen
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Interest-bearing deposits | $24,785 | $516 |
Debt | 7,185 | 8,013 |
Equities | 63,275 | 59,394 |
Funds | 446,159 | 400,694 |
Equity method | 8,518 | 9,488 |
Total investments | 549,922 | 478,105 |
Investments, at fair value | 516,619 | 468,101 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 8,630 | 4,045 |
Alternative Investments Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | 36,184 | 37,030 |
Debt Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | 81,099 | 58,769 |
Equity Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | 211,772 | 190,702 |
Private Equity Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Funds | $117,104 | $114,193 |
Investments_Companys_Investmen1
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Abstract] | ' | ' |
Lazard fund interests in equities funds | $166,541 | $130,481 |
Lazard fund interests in alternative investments funds | 8,566 | 7,099 |
Lazard fund interests in debt funds | $43,779 | $31,515 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Investments [Abstract] | ' | ' |
Interest-bearing deposits maturity period | '1 year | ' |
Economic interests that are owned by management team and other investors in the Edgewater Funds | $6,732 | $9,787 |
Investments_Schedule_of_Tradin
Investments - Schedule of Trading Securities Gross Unrealized Investment Gains and Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract] | ' | ' | ' | ' |
Gross unrealized investment gains | ' | $10,925 | $5,526 | $12,044 |
Gross unrealized investment losses | $13,897 | ' | $5,601 | $3,907 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | $516,619 | $468,101 |
Equities | 63,275 | 59,394 |
Derivatives | 8,625 | 682 |
Securities sold, not yet purchased | 8,630 | 4,045 |
Derivatives | 209,941 | 164,001 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | 63,275 | 59,394 |
Derivatives | 8,625 | 682 |
Total Assets | 525,244 | 468,783 |
Securities sold, not yet purchased | 8,630 | 4,045 |
Derivatives | 209,941 | 164,001 |
Total Liabilities | 218,571 | 168,046 |
Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 7,185 | 8,013 |
Alternative Investments Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 36,184 | 37,030 |
Debt Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 81,099 | 58,769 |
Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 211,772 | 190,702 |
Private Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 117,104 | 114,193 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | 61,941 | 58,054 |
Total Assets | 355,906 | 309,160 |
Securities sold, not yet purchased | 8,630 | 4,045 |
Total Liabilities | 8,630 | 4,045 |
Level 1 [Member] | Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 1,141 | 1,681 |
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 | 81,095 | 58,765 |
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 | 211,729 | 190,660 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 8,625 | 682 |
Total Assets | 50,900 | 44,090 |
Derivatives | 209,941 | 164,001 |
Total Liabilities | 209,941 | 164,001 |
Level 2 [Member] | Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments | 6,044 | 6,332 |
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 | 36,184 | 37,030 |
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 | 43 | 42 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | 1,334 | 1,340 |
Total Assets | 118,438 | 115,533 |
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 | $117,104 | $114,193 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | $118,265 | $113,481 | $115,533 | $116,101 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 2,500 | 5,165 | 9,350 | 9,037 |
Purchases/Acquisitions | 7,498 | 3,557 | 8,709 | 7,261 |
Sales/Dispositions | -5,769 | -6,848 | -10,854 | -16,300 |
Foreign Currency Translation Adjustments | -4,056 | 1,536 | -4,300 | 792 |
Ending Balance | 118,438 | 116,891 | 118,438 | 116,891 |
Equities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | 1,370 | 637 | 1,340 | 190 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | ' | 2 | 14 | 8 |
Purchases/Acquisitions | ' | 650 | ' | 1,095 |
Foreign Currency Translation Adjustments | -36 | 34 | -20 | 30 |
Ending Balance | 1,334 | 1,323 | 1,334 | 1,323 |
Alternative Investment Funds [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | 11 | ' | 3,457 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | ' | -11 | ' | 117 |
Sales/Dispositions | ' | ' | ' | -3,574 |
Equity Funds [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 10 |
Sales/Dispositions | ' | ' | ' | -10 |
Private Equity Funds [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | 116,895 | 112,833 | 114,193 | 112,444 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 2,500 | 5,174 | 9,336 | 8,912 |
Purchases/Acquisitions | 7,498 | 2,907 | 8,709 | 6,166 |
Sales/Dispositions | -5,769 | -6,848 | -10,854 | -12,716 |
Foreign Currency Translation Adjustments | -4,020 | 1,502 | -4,280 | 762 |
Ending Balance | $117,104 | $115,568 | $117,104 | $115,568 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Net unrealized gains | $810 | $2,680 | $6,346 | $6,007 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' |
Transfers between Level 1 , 2 and 3 in fair value measurement hierarchy | $0 | $0 | $0 | $0 | ' |
Unfunded Commitments | 19,137 | ' | 19,137 | ' | 27,135 |
EGCP III [Member] | ' | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' |
Unfunded Commitments | 12,688 | ' | 12,688 | ' | ' |
End of the investment period | ' | ' | 12-Oct-16 | ' | ' |
Remaining commitments date | ' | ' | 12-Oct-23 | ' | ' |
COF2 [Member] | ' | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' |
Unfunded Commitments | 4,805 | ' | 4,805 | ' | ' |
End of the investment period | ' | ' | 11-Nov-16 | ' | ' |
Remaining commitments date | ' | ' | 11-Nov-19 | ' | ' |
CP II [Member] | ' | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' |
Unfunded Commitments | $1,644 | ' | $1,644 | ' | ' |
End of the investment period | ' | ' | 25-Feb-17 | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 153,335 | 151,269 |
Unfunded Commitments | 19,137 | 27,135 |
Alternative Investment Funds [Member] | Hedge Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 32,344 | 31,837 |
Alternative Investment Funds [Member] | Funds of Funds [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 480 | 475 |
Alternative Investment Funds [Member] | Other [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 3,360 | 4,718 |
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(5%) | 'weekly (1%) |
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 (17%) |
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(98%) | 'monthly (95%) |
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(84%) | 'monthly (92%) |
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(64%) | 'monthly (65%) |
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(2%) | 'quarterly (5%) |
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(19%) | 'quarterly (18%) |
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(11%) | 'daily (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] | 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] | 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] | 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 | '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 |
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 | '60 days | '90 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 | 43 | 42 |
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 (58%) |
Equity Funds [Member] | Quarterly [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'quarterly(28%) | 'quarterly (29%) |
Equity Funds [Member] | Daily [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Investments Redeemable, Redemption Frequency | 'daily(14%) | 'daily (13%) |
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 | '90 days |
Private Equity Funds [Member] | Equity Growth [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 76,164 | 70,054 |
Unfunded Commitments | 19,137 | 27,135 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years | 11.00% | 17.00% |
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years | 61.00% | 60.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 28.00% | 23.00% |
Private Equity Funds [Member] | Mezzanine Debt [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Fair Value | 40,940 | 44,139 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 100.00% | 100.00% |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Unfunded commitments to private equity investments | $7,518 | $10,613 |
Derivatives_Fair_Values_of_Der
Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $8,625 | $682 |
Derivative Liabilities | 209,941 | 164,001 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 4,464 | 250 |
Derivative Liabilities | 20 | 1,579 |
Total Return Swaps and Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 4,161 | 432 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $209,921 | $162,422 |
Derivatives_Fair_Values_of_Der1
Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gross derivative liability | $209,921 | $162,422 | $156,306 | $97,593 |
Cash collateral pledged for total return swaps | 10,434 | 11,384 | ' | ' |
Total Return Swaps [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Gross derivative assets | 4,220 | 2,019 | ' | ' |
Gross derivative liability | $59 | $1,587 | ' | ' |
Derivatives_Net_Gains_Losses_w
Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | $23,718 | ($19,349) | $2,940 | ($16,344) |
Forward Foreign Currency Exchange Rate Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | 15,355 | -5,310 | 14,380 | -1,705 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | 5,528 | -7,519 | -6,004 | -7,767 |
Total Return Swaps and Other [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivatives not designated as hedging instruments | $2,835 | ($6,520) | ($5,436) | ($6,872) |
Property_Property_Detail
Property - Property (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
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 | $484,871 | $502,726 | $158,551 | $173,772 | $169,814 | $175,600 | $151,270 | $149,598 | $5,236 | $3,756 | ' | ' | ' | ' | ' |
Less - Accumulated depreciation and amortization | 257,512 | 253,930 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property | $227,359 | $248,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill | $343,776 | $345,453 | $350,619 | $364,328 |
Other intangible assets (net of accumulated amortization) | 12,478 | 18,424 | ' | ' |
Goodwill and other intangible assets, Total | $356,254 | $363,877 | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | $343,776 | $350,619 | $343,776 | $350,619 | $345,453 | $364,328 |
Amortization expense of intangible assets | 4,020 | 877 | 5,946 | 2,758 | ' | ' |
Financial Advisory Segment [Member] | ' | ' | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 279,235 | ' | 279,235 | ' | 280,912 | ' |
Asset Management Segment [Member] | ' | ' | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | $64,541 | ' | $64,541 | ' | $64,541 | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Beginning Balance | $345,453 | $364,328 |
Business acquisitions | 3,232 | 1,601 |
Foreign currency translation adjustments | -4,909 | -15,310 |
Ending Balance | $343,776 | $350,619 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, Gross Cost | $63,803 | $63,803 |
Other intangible assets, Accumulated Amortization | 51,325 | 45,379 |
Other intangible assets, Net Carrying Amount | 12,478 | 18,424 |
Performance Fees [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, Gross Cost | 30,740 | 30,740 |
Other intangible assets, Accumulated Amortization | 21,116 | 17,173 |
Other intangible assets, Net Carrying Amount | 9,624 | 13,567 |
Management Fees, Customer Relationships and Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, Gross Cost | 33,063 | 33,063 |
Other intangible assets, Accumulated Amortization | 30,209 | 28,206 |
Other intangible assets, Net Carrying Amount | $2,854 | $4,857 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 (October 1 through December 31) | $864 |
2015 | 6,433 |
2016 | 5,181 |
Total amortization expense | $12,478 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Intangible asset amortization attributable to noncontrolling interest, percentage | 46.00% |
Senior_Debt_Senior_Debt_Detail
Senior Debt - Senior Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 25, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | 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 4.25% Senior Notes [Member] | Lazard Group Credit Facility [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Debt, Outstanding | $1,048,350 | $1,048,350 | ' | $548,350 | $548,350 | $500,000 | $500,000 | ' | ' |
Revolving Credit Facility, Initial Principal Amount | ' | ' | 150,000 | ' | ' | ' | ' | ' | 150,000 |
Senior Debt, Maturity Date | ' | ' | ' | 15-Jun-17 | ' | 14-Nov-20 | ' | ' | ' |
Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | 25-Sep-15 |
Revolving Credit Facility, Annual Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.78% |
Senior Debt, Initial Principal Amount | ' | ' | ' | $600,000 | ' | $500,000 | ' | $500,000 | ' |
Senior Debt, Annual Interest Rate | ' | ' | ' | 6.85% | ' | 4.25% | ' | 4.25% | ' |
Senior_Debt_Additional_Informa
Senior Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 25, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 25, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2014 | Nov. 30, 2013 |
LFB [Member] | Edgewater [Member] | Edgewater [Member] | Senior Debt [Member] | Senior Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 7.125% Senior Notes [Member] | 7.125% Senior Notes [Member] | 7.125% Senior Notes [Member] | Lazard Group 4.25% Senior Notes [Member] | Lazard Group 4.25% Senior Notes [Member] | |||||
2015 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of senior debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $528,500 | ' | ' |
Senior notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | 4.25% | 4.25% |
Senior Debt, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-May-15 | ' | ' | 14-Nov-20 | ' |
Senior Debt, Initial Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 |
Interest rate, payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year. | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.78% | ' | ' | ' | ' | ' | ' |
Outstanding credit facility | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused lines of credit | ' | 262,000 | ' | ' | 44,000 | 64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available line of credit drawn down | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of senior debt | ' | ' | ' | ' | ' | ' | ' | 1,141,000 | 1,117,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of senior debt in excess of the aggregate carrying amount | ' | ' | ' | ' | ' | ' | ' | $93,000 | $69,000 | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Minimum rental commitments operating - 2014 | $21,159 |
Minimum rental commitments operating - 2015 | 77,287 |
Minimum rental commitments operating - 2016 | 75,672 |
Minimum rental commitments operating - 2017 | 70,321 |
Minimum rental commitments operating - 2018 | 64,894 |
Minimum rental commitments operating - Thereafter | 646,775 |
Total minimum lease payments - Operating | 956,108 |
Sublease proceeds | 82,162 |
Net lease payments | $873,946 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Decreased sublease income | $79,600 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | |||||
Jul. 15, 2009 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 15, 2009 | Jul. 15, 2009 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
LFB [Member] | LFNY [Member] | Initial Shares [Member] | Earnout Shares [Member] | Initial Shares and Earnout Shares [Member] | Initial Shares and Earnout Shares [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | ||||
Maximum [Member] | ||||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees indemnifications | ' | $4,851,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral/counter-guarantees | ' | 4,357,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of consideration recognized by the company at acquisition date | 61,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares issued and subject to earnout criteria and payable over time | ' | ' | ' | ' | ' | 1,142,857 | 1,142,857 | ' | ' | ' | ' | ' |
Initial and Earnout shares issuable on contingent basis | ' | ' | ' | ' | ' | ' | ' | 913,722 | 913,722 | ' | ' | ' |
Initial and Earnout shares earned | ' | ' | ' | ' | ' | ' | ' | 1,371,992 | 1,371,992 | ' | ' | ' |
Initial and Earnout shares became settled | ' | 1,041,436 | 1,029,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable on non-contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,988 | ' |
Common stock issued on non-contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,988 | ' | ' |
Common stock issuable on contingent basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,650 |
Underwriting commitments | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 26, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 22, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Natixis S.A. [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | LAZ-MD Holdings [Member] | LAZ-MD Holdings [Member] | Subsidiaries of Lazard Ltd [Member] | Subsidiaries of Lazard Ltd [Member] | Lazard Ltd [Member] | Lazard Ltd [Member] | ||||||
Subsequent Event [Member] | |||||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company tax distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | ' |
Shares in exchanges of a like number of common membership interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 710,009 | 839,658 |
Shares repurchased, shares | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased, value | ' | ' | 192,657,000 | 77,934,000 | ' | 50,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase remaining authorization | $128,932,000 | ' | $128,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program expiration date | ' | ' | 31-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized shares of preferred stock | 15,000,000 | ' | 15,000,000 | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of preferred stock | $0.01 | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares of preferred stock | ' | ' | ' | ' | ' | ' | 7,921 | 7,921 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Series A preferred stock into Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Dividend declared per share of common stock | $0.30 | $0.25 | $0.90 | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Nov-14 | ' | ' | ' | ' | ' | ' |
Dividend date of record | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Nov-14 | ' | ' | ' | ' | ' | ' |
Dividend declare date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22-Oct-14 | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Lazard_Gro
Stockholders' Equity - Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule Of Group Distributions [Line Items] | ' | ' |
Dividends distributed by Lazard Group | $109,592 | $60,931 |
Lazard Ltd [Member] | ' | ' |
Schedule Of Group Distributions [Line Items] | ' | ' |
Total distributed by Lazard Group | 109,805 | 61,496 |
LAZ-MD Holdings [Member] | ' | ' |
Schedule Of Group Distributions [Line Items] | ' | ' |
Total distributed by Lazard Group | 213 | 565 |
Subsidiaries of Lazard Ltd [Member] | ' | ' |
Schedule Of Group Distributions [Line Items] | ' | ' |
Dividends distributed by Lazard Group | $109,592 | $60,931 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Expiration | 31-Dec-15 |
February 2011 [Member] | ' |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Share Repurchase Authorization | 250,000 |
Expiration | 31-Dec-12 |
October 2011 [Member] | ' |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Share Repurchase Authorization | 125,000 |
Expiration | 31-Dec-13 |
April 2012 [Member] | ' |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Share Repurchase Authorization | 125,000 |
Expiration | 31-Dec-13 |
October 2012 [Member] | ' |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Share Repurchase Authorization | 200,000 |
Expiration | 31-Dec-14 |
October 2013 [Member] | ' |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Share Repurchase Authorization | 100,000 |
Expiration | 31-Dec-15 |
April 2014 [Member] | ' |
Schedule Of Share Repurchase Programs [Line Items] | ' |
Share Repurchase Authorization | 200,000 |
Expiration | 31-Dec-15 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity - Schedule of Share Repurchase Program (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Share Repurchase Program [Abstract] | ' | ' |
Number of Shares/Common Membership Interests Purchased | 4,114,206 | 2,201,657 |
Average Price Per Share/Common Membership Interest | $46.83 | $35.40 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | ($133,004) | ($110,541) |
Other comprehensive gain (loss) before reclassifications | -22,894 | -21,730 |
Adjustments for items reclassified to earnings, net of tax | 3,714 | 4,419 |
Net other comprehensive income (loss) | -19,180 | -17,311 |
Ending balance | -152,184 | -127,852 |
Currency Translation Adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 3,869 | 19,405 |
Other comprehensive gain (loss) before reclassifications | -18,640 | -18,610 |
Adjustments for items reclassified to earnings, net of tax | ' | ' |
Net other comprehensive income (loss) | -18,640 | -18,610 |
Ending balance | -14,771 | 795 |
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 | ' | 791 |
Net other comprehensive income (loss) | ' | 791 |
Ending balance | ' | -1,711 |
Employee Benefit Plans [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | -137,431 | -128,536 |
Other comprehensive gain (loss) before reclassifications | -3,695 | -2,669 |
Adjustments for items reclassified to earnings, net of tax | 3,714 | 3,653 |
Net other comprehensive income (loss) | 19 | 984 |
Ending balance | -137,412 | -127,552 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | -133,562 | -111,633 |
Other comprehensive gain (loss) before reclassifications | -22,335 | -21,279 |
Adjustments for items reclassified to earnings, net of tax | 3,714 | 4,444 |
Net other comprehensive income (loss) | -18,621 | -16,835 |
Ending balance | -152,183 | -128,468 |
Noncontrolling Interests [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | -558 | -1,092 |
Other comprehensive gain (loss) before reclassifications | 559 | 451 |
Adjustments for items reclassified to earnings, net of tax | ' | 25 |
Net other comprehensive income (loss) | 559 | 476 |
Ending balance | $1 | ($616) |
Stockholders_Equity_Adjustment
Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Amortization of interest rate hedge | ' | $264 | ' | $791 |
Amortization relating to employee benefit plans | 1,673 | 1,627 | 5,105 | 4,859 |
Less - related income taxes | 528 | 404 | 1,391 | 1,206 |
Net of tax | 1,145 | 1,223 | 3,714 | 3,653 |
Total reclassifications, net of tax | $1,145 | $1,487 | $3,714 | $4,444 |
Stockholders_Equity_Changes_in
Stockholders' Equity - Changes in Ownership Interests (Detail) | Sep. 30, 2014 | Sep. 30, 2013 |
Lazard Ltd [Member] | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' |
Ending balance (in shares) | 129,766,090 | 129,056,081 |
Percentage of Ownership, Ending Balance | 100.00% | 99.50% |
LAZ-MD Holdings [Member] | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' |
Ending balance (in shares) | ' | 710,009 |
Percentage of Ownership, Ending Balance | ' | 0.50% |
Total Lazard Group Common Membership Interests [Member] | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' |
Ending balance (in shares) | 129,766,090 | 129,766,090 |
Stockholders_Equity_Net_Income
Stockholders' Equity - Net Income Attributable to Noncontrolling Interests (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | $1,061 | $2,466 | $6,365 | $5,323 | ' |
Noncontrolling interests | 65,090 | ' | 65,090 | ' | 69,789 |
Edgewater [Member] | ' | ' | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | 1,060 | 2,018 | 5,732 | 4,671 | ' |
Noncontrolling interests | 64,360 | ' | 64,360 | ' | 66,641 |
LAZ-MD Holdings [Member] | ' | ' | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | ' | 365 | 631 | 862 | ' |
Noncontrolling interests | ' | ' | ' | ' | 2,566 |
Other [Member] | ' | ' | ' | ' | ' |
Change In Ownership Interest [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Noncontrolling Interests | 1 | 83 | 2 | -210 | ' |
Noncontrolling interests | $730 | ' | $730 | ' | $582 |
Incentive_Plans_Additional_Inf
Incentive Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Non-Executive [Member] | Lazard Fund Interests [Member] | RSUs [Member] | DSUs [Member] | DSUs [Member] | Restricted Stock [Member] | PRSUs [Member] | PRSUs [Member] | PRSUs [Member] | Liability Awards [Member] | Liability Awards [Member] | Liability Awards [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] | ||
March 2015 [Member] | March 2016 [Member] | RSUs [Member] | RSUs [Member] | RSUs [Member] | RSUs [Member] | RSUs [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2005 Plan [Member] | Awarded Under 2008 Plan [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% |
Common stock conversion basis | 'In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Companybs Class A common stock, and the sole issued and outstanding share of the Companybs Class B common stock was automatically converted into one share of the Companybs Class A common stock pursuant to the provisions of the Companybs bye-laws, resulting in only one outstanding class of common stock (the bFinal Exchange of LAZ-MD Interestsb). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd. | ' | ' | 'One-for-one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value, amortized periods | ' | ' | ' | 'Generally one-third after two years, and the remaining two-thirds after the third year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of annual compensation received by directors in the form of DSUs | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual compensation paid in DSUs | ' | ' | ' | ' | 26,360 | 39,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units granted under the directors deferred unit plan | ' | ' | ' | ' | 6,381 | 5,880 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withholding taxes in lieu of share delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,876,398 | 3,471,813 | 29,999 | 18,631 | ' | ' |
Delivery of common stock associated with stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,653,403 | 5,891,979 | 175,076 | 1,709,878 | ' | ' |
RSUs' modified through a forward purchase agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 958,213 | ' | ' | ' | ' | ' | ' | ' | ' |
Liability awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28,612 | ' | ' | ' | ' | ' | ' |
Liability awards, compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,690 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | $168,382 | ' | ' | $13,460 | $23,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, years | ' | ' | '1 year 8 months 12 days | '1 year 1 month 6 days | ' | ' | '1 year 4 months 24 days | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Descriptions of vesting period associated with PRSUs | ' | ' | ' | ' | ' | ' | ' | 'The PRSUs granted in 2014 will vest on a single date three years following the date of the grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of PRSUs granted in 2014 | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PSRU's target share distribution for Class A common stock, description | ' | ' | ' | ' | ' | ' | ' | '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 PRSUs granted in 2013, three times the target number in the event of a substantial increase in fiscal year 2014 revenue (adjusted for certain items)). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive_Plans_Summary_of_Imp
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based incentive awards: | ' | ' | ' | ' |
Share-based incentive awards | $46,787 | $55,260 | $159,095 | $183,341 |
RSUs [Member] | ' | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' | ' |
Share-based incentive awards | 39,091 | 46,095 | 132,307 | 163,184 |
PRSUs [Member] | ' | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' | ' |
Share-based incentive awards | 4,957 | 6,467 | 11,657 | 8,900 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' | ' |
Share-based incentive awards | 2,637 | 2,627 | 13,493 | 9,712 |
DSUs [Member] | ' | ' | ' | ' |
Share-based incentive awards: | ' | ' | ' | ' |
Share-based incentive awards | $102 | $71 | $1,638 | $1,545 |
Incentive_Plans_Summary_of_Imp1
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Cost saving initiatives | $9,099 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Cost saving initiatives | $247 |
Incentive_Plans_Schedule_of_Is
Incentive Plans - Schedule of Issuance of RSUs and Charges to Retained Earnings (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Number of RSUs issued | 288,272 | 257,418 |
Charges to retained earnings, net of estimated forfeitures | $13,489 | $8,440 |
Incentive_Plans_Schedule_of_Ac
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
RSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Units, Beginning Balance | 16,630,009 | 21,481,131 |
Units, Granted | 3,733,113 | 4,868,963 |
Units, Forfeited | -210,458 | -239,117 |
Units, Vested | -6,529,801 | -9,363,792 |
Units, Ending Balance | 13,622,863 | 16,747,185 |
Weighted Average Grant Date Fair Value, Beginning Balance | $34.51 | $33.92 |
Weighted Average Grant Date Fair Value, Granted | $42.75 | $36.92 |
Weighted Average Grant Date Fair Value, Forfeited | $33.45 | $34.63 |
Weighted Average Grant Date Fair Value, Vested | $37.86 | $34.78 |
Weighted Average Grant Date Fair Value, Ending Balance | $35.18 | $34.30 |
DSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Units, Beginning Balance | 251,434 | 204,496 |
Units, Granted | 32,741 | 45,195 |
Units, Forfeited | ' | ' |
Units, Vested | ' | ' |
Units, Ending Balance | 284,175 | 249,691 |
Weighted Average Grant Date Fair Value, Beginning Balance | $32.02 | $31.47 |
Weighted Average Grant Date Fair Value, Granted | $50.04 | $34.18 |
Weighted Average Grant Date Fair Value, Forfeited | ' | ' |
Weighted Average Grant Date Fair Value, Vested | ' | ' |
Weighted Average Grant Date Fair Value, Ending Balance | $34.10 | $31.96 |
Incentive_Plans_Schedule_of_Ac1
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Dividend participation rights | 288,272 | 257,418 |
Incentive_Plans_Summary_of_Act
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Units, Beginning Balance | 575,054 | 1,972,609 |
Units, Granted | 449,911 | 368,736 |
Units, Forfeited | -12,097 | -35,794 |
Units, Vested | -205,075 | -1,728,509 |
Units, Ending Balance | 807,793 | 577,042 |
Weighted Average Grant Date Fair Value, Beginning Balance | $32.72 | $34.85 |
Weighted Average Grant Date Fair Value, Granted | $45.52 | $36.74 |
Weighted Average Grant Date Fair Value, Forfeited | $41.19 | $33.35 |
Weighted Average Grant Date Fair Value, Vested | $35.23 | $36 |
Weighted Average Grant Date Fair Value, Ending Balance | $39.08 | $32.72 |
Incentive_Plans_Summary_of_Act1
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) (PRSUs [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
PRSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Units, Beginning Balance | 448,128 | ' |
Units, Granted | 360,783 | 448,128 |
Units, Ending Balance | 808,911 | 448,128 |
Weighted Average Grant Date Fair Value, Beginning Balance | $36.11 | ' |
Weighted Average Grant Date Fair Value, Granted | $44.46 | $36.11 |
Weighted Average Grant Date Fair Value, Ending Balance | $39.83 | $36.11 |
Incentive_Plans_Summary_of_FI_
Incentive Plans - Summary of FI and Other Similar Deferred Compensation Arrangements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred Compensation Arrangements [Abstract] | ' | ' | ' | ' |
Prepaid Compensation Asset, Beginning Balance | ' | ' | $60,433 | $47,445 |
Prepaid Compensation Asset, Granted | ' | ' | 92,728 | 72,217 |
Prepaid Compensation Asset, Settled | ' | ' | ' | ' |
Prepaid Compensation Asset, Forfeited | ' | ' | -1,320 | -765 |
Prepaid Compensation Asset, Amortization | ' | ' | -57,287 | -44,195 |
Prepaid Compensation Asset, Increase in fair value of underlying investments | ' | ' | ' | ' |
Prepaid Compensation Asset, Adjustment for estimated forfeitures | ' | ' | ' | ' |
Prepaid Compensation Asset, Other | ' | ' | -551 | -217 |
Prepaid Compensation Asset, Ending Balance | 94,003 | 74,485 | 94,003 | 74,485 |
Compensation Liability, Beginning Balance | ' | ' | 162,422 | 97,593 |
Compensation Liability, Granted | ' | ' | 92,728 | 72,217 |
Compensation Liability, Settled | ' | ' | -54,293 | -22,903 |
Compensation Liability, Forfeited | ' | ' | -1,908 | -985 |
Compensation Liability, Amortization | ' | ' | ' | ' |
Compensation Liability, Increase in fair value of underlying investments | -5,528 | 7,519 | 6,004 | 7,767 |
Compensation Liability, Adjustment for estimated forfeitures | ' | ' | 6,527 | 3,175 |
Compensation Liability, Other | ' | ' | -1,559 | -558 |
Compensation Liability, Ending Balance | $209,921 | $156,306 | $209,921 | $156,306 |
Incentive_Plans_Summary_of_Imp2
Incentive Plans - Summary of Impact of FI and Other Similar Deferred Compensation Arrangements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Amortization, net of forfeitures | $21,310 | $15,049 | $63,226 | $47,150 |
Change in the fair value of underlying investments | -5,528 | 7,519 | 6,004 | 7,767 |
Total | $15,782 | $22,568 | $69,230 | $54,917 |
Incentive_Plans_Summary_of_Imp3
Incentive Plans - Summary of Impact of FI and Other Similar Deferred Compensation Arrangements (Parenthetical) (Detail) (LFI and Other Similar Deferred Compensation Arrangements [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Cost savings initiatives | $2,665 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | USD ($) | 2014 Through 2020 [Member] | 2012 Through 2020 [Member] | |
GBP (£) | United Kingdom [Member] | |||
Pension Plans [Member] | ||||
GBP (£) | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Additional contribution to plan assets | ' | ' | ' | £ 1,000,000 |
Additional contribution to escrow account | ' | ' | 1,000,000 | ' |
Aggregate amount in account security arrangement | $18,200,000 | $16,900,000 | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plans [Member] | ' | ' | ' | ' |
Components of Net Benefit Cost (Credit): | ' | ' | ' | ' |
Service cost | $267 | $315 | $718 | $938 |
Interest cost | 7,636 | 6,744 | 22,807 | 20,193 |
Expected return on plan assets | -8,253 | -6,701 | -24,560 | -20,090 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | 708 | 708 | 2,176 | 2,114 |
Net actuarial loss (gain) | 1,096 | 919 | 3,325 | 2,745 |
Net benefit cost (credit) | 1,454 | 1,985 | 4,466 | 5,900 |
Medical Plan [Member] | ' | ' | ' | ' |
Components of Net Benefit Cost (Credit): | ' | ' | ' | ' |
Service cost | 7 | 12 | 24 | 39 |
Interest cost | 49 | 46 | 146 | 137 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Prior service cost | ' | ' | ' | ' |
Net actuarial loss (gain) | -131 | ' | -396 | ' |
Net benefit cost (credit) | ($75) | $58 | ($226) | $176 |
Cost_Saving_Initiatives_Schedu
Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | $64,703 |
Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 51,399 |
Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 13,304 |
Cumulative [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 167,279 |
Cumulative [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 151,386 |
Cumulative [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 15,893 |
Operating Segments [Member] | Financial Advisory Segment [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 47,779 |
Operating Segments [Member] | Financial Advisory Segment [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 45,746 |
Operating Segments [Member] | Financial Advisory Segment [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 2,033 |
Operating Segments [Member] | Asset Management [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 235 |
Operating Segments [Member] | Asset Management [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 236 |
Operating Segments [Member] | Asset Management [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | -1 |
Operating Segments [Member] | Corporate [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 16,689 |
Operating Segments [Member] | Corporate [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 5,417 |
Operating Segments [Member] | Corporate [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 11,272 |
Operating Segments [Member] | Cumulative [Member] | Financial Advisory Segment [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 125,311 |
Operating Segments [Member] | Cumulative [Member] | Financial Advisory Segment [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 121,879 |
Operating Segments [Member] | Cumulative [Member] | Financial Advisory Segment [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 3,432 |
Operating Segments [Member] | Cumulative [Member] | Asset Management [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 13,024 |
Operating Segments [Member] | Cumulative [Member] | Asset Management [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 12,292 |
Operating Segments [Member] | Cumulative [Member] | Asset Management [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 732 |
Operating Segments [Member] | Cumulative [Member] | Corporate [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 28,944 |
Operating Segments [Member] | Cumulative [Member] | Corporate [Member] | Compensation and Benefits [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | 17,215 |
Operating Segments [Member] | Cumulative [Member] | Corporate [Member] | Other [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiatives | $11,729 |
Cost_Saving_Initiatives_Schedu1
Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Parenthetical) (Detail) (Cumulative [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Cumulative [Member] | ' |
Restructuring and Related Cost [Abstract] | ' |
Cost Saving Initiative date | 1-Oct-12 |
Cost_Saving_Initiatives_Activi
Cost Saving Initiatives - Activity Related to Obligations Pursuant to Cost Saving Initiatives (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | $17,216 |
Settlements | -9,965 |
Ending Balance | 7,251 |
Accrued Compensation and Benefits [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | 11,860 |
Settlements | -9,815 |
Ending Balance | 2,045 |
Other Liabilities [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | 5,356 |
Settlements | -150 |
Ending Balance | $5,206 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax [Line Items] | ' | ' | ' | ' |
Provisions for income tax | $23,792 | $18,370 | $58,614 | $31,335 |
Effective income tax rates | 20.90% | 22.60% | 18.30% | 21.80% |
U.S. federal statutory income tax rate | ' | ' | 35.00% | ' |
Provision (benefit) pursuant to tax receivable agreement | ($176) | ' | $9,064 | ' |
LFCM Holdings [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Percentage of cash savings required to pay under the tax receivable agreement | ' | ' | 85.00% | ' |
Tax receivable agreement date | ' | ' | 10-May-05 | ' |
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 | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to Lazard Ltd | $88,859 | $60,282 | $254,893 | $106,995 |
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | ' | ' | ' | ' |
Net income attributable to Lazard Ltd - basic | 88,859 | 60,282 | 254,893 | 106,995 |
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 and exchangeable interests, net of tax | -3 | 316 | 604 | 787 |
Net income attributable to Lazard Ltd - diluted | $88,856 | $60,598 | $255,497 | $107,782 |
Weighted average number of shares of Class A common stock outstanding | 121,800,294 | 121,441,956 | 121,954,428 | 119,797,545 |
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 406,620 | 757,998 | 412,204 | 758,502 |
Weighted average number of shares of Class A common stock outstanding - basic | 122,206,914 | 122,199,954 | 122,366,632 | 120,556,047 |
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests | 11,359,770 | 12,042,190 | 11,356,144 | 12,617,953 |
Weighted average number of shares of Class A common stock outstanding - diluted | 133,566,684 | 134,242,144 | 133,722,776 | 133,174,000 |
Net income attributable to Lazard Ltd per share of Class A common stock: | ' | ' | ' | ' |
Basic | $0.73 | $0.49 | $2.08 | $0.89 |
Diluted | $0.67 | $0.45 | $1.91 | $0.81 |
Related_Parties_Amounts_Receiv
Related Parties - Amounts Receivable from and Payable to Related Parties (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Amounts receivables from related parties | $530 | $7,920 |
Amounts payables to related parties | 11,952 | 5,031 |
LFCM Holdings [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Amounts receivables from related parties | 139 | 7,794 |
Amounts payables to related parties | 11,754 | 4,300 |
Other [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Amounts receivables from related parties | 391 | 126 |
Amounts payables to related parties | $198 | $731 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Master Separation Agreement [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Agreement date | ' | ' | 10-May-05 | ' | ' |
LFCM Holdings [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Amounts recorded relating to the administrative services agreement | $220 | $534 | $812 | $1,466 | ' |
Net referral fees for underwriting, private placement, M&A and restructuring transactions | 54 | 1,633 | 795 | 1,163 | ' |
Obligations pursuant to the tax receivable agreement | 10,327 | ' | 10,327 | ' | 1,249 |
LFCM Holdings [Member] | Administrative and Support Services and Other Receivables [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Receivables from related party | 139 | ' | 139 | ' | 3,112 |
LFCM Holdings [Member] | Referral Fees for Underwriting and Private Placement Transactions [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Receivables from related party | ' | ' | ' | ' | 4,682 |
LFCM Holdings [Member] | Referral Fees [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Payables to related party | 1,427 | ' | 1,427 | ' | 3,051 |
MBA Lazard Holdings S.A. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | 50.00% |
LAZ-MD Holdings [Member] | Administrative Services Agreement [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Amounts recorded relating to the administrative services agreement | $250 | $250 | $750 | $750 | ' |
Regulatory_Authorities_Additio
Regulatory Authorities - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
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 capital | 180,909 |
Regulatory capital in excess of minimum requirement | 178,043 |
U.K. Subsidiaries [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Regulatory capital | 91,003 |
Regulatory capital in excess of minimum requirement | 72,842 |
CFLF [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Regulatory capital | 139,613 |
Regulatory capital in excess of minimum requirement | 102,948 |
Other U.S. and Non-U.S. Subsidiaries [Member] | ' |
Regulatory Requirements [Line Items] | ' |
Regulatory capital | 100,054 |
Regulatory capital in excess of minimum requirement | $72,757 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of business segments | 2 |
Segment_Information_Segments_C
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue (Expense) | $566,211 | $480,354 | $1,666,507 | $1,372,662 |
Operating Expenses | 452,499 | 399,236 | 1,346,635 | 1,229,009 |
Operating Income (Loss) | 113,712 | 81,118 | 319,872 | 143,653 |
Financial Advisory Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue (Expense) | 291,089 | 233,842 | 847,354 | 665,611 |
Operating Expenses | 255,230 | 218,015 | 754,449 | 674,689 |
Operating Income (Loss) | 35,859 | 15,827 | 92,905 | -9,078 |
Asset Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue (Expense) | 291,967 | 252,094 | 848,695 | 741,618 |
Operating Expenses | 191,501 | 168,895 | 552,499 | 511,526 |
Operating Income (Loss) | 100,466 | 83,199 | 296,196 | 230,092 |
Corporate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue (Expense) | -16,845 | -5,582 | -29,542 | -34,567 |
Operating Expenses | 5,768 | 12,326 | 39,687 | 42,794 |
Operating Income (Loss) | ($22,613) | ($17,908) | ($69,229) | ($77,361) |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Total Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $3,042,890 | $3,011,137 |
Financial Advisory Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 706,251 | 714,708 |
Asset Management [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 585,693 | 612,018 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $1,750,946 | $1,684,411 |