Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Jan. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LAZ | ||
Entity Registrant Name | LAZARD LTD | ||
Entity Central Index Key | 1311370 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $6,234,307,330 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 129,766,091 | ||
Class A Common Stock [Member] | Subsidiaries of Lazard Ltd [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,842,035 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $1,066,580 | $841,482 |
Deposits with banks and short-term investments | 207,760 | 244,879 |
Cash deposited with clearing organizations and other segregated cash | 43,290 | 62,046 |
Receivables (net of allowance for doubtful accounts of $23,540 and $28,777 at December 31, 2014 and 2013, respectively): | ||
Fees | 483,681 | 452,535 |
Customers and other | 72,648 | 52,220 |
Related parties | 1,267 | 7,920 |
Total receivables, net | 557,596 | 512,675 |
Investments | 620,352 | 478,105 |
Property (net of accumulated amortization and depreciation of $256,286 and $253,930 at December 31, 2014 and 2013, respectively) | 222,569 | 248,796 |
Goodwill and other intangible assets (net of accumulated amortization of $51,754 and $45,379 at December 31, 2014 and 2013, respectively) | 347,438 | 363,877 |
Other assets | 266,651 | 259,277 |
Total Assets | 3,332,236 | 3,011,137 |
Liabilities: | ||
Deposits and other customer payables | 314,284 | 275,434 |
Accrued compensation and benefits | 606,290 | 523,063 |
Senior debt | 1,048,350 | 1,048,350 |
Capital lease obligations | 12,015 | 15,834 |
Related party payables | 21,894 | 5,031 |
Other liabilities | 559,346 | 513,427 |
Total Liabilities | 2,562,179 | 2,381,139 |
Commitments and contingencies | ||
Common stock: | ||
Additional paid-in-capital | 702,800 | 737,899 |
Retained earnings | 464,655 | 203,236 |
Accumulated other comprehensive loss, net of tax | -200,766 | -133,004 |
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total | 967,987 | 809,422 |
Total Lazard Ltd Stockholders' Equity | 706,744 | 560,209 |
Noncontrolling interests | 63,313 | 69,789 |
Total Stockholders' Equity | 770,057 | 629,998 |
Total Liabilities and Stockholders' Equity | 3,332,236 | 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 (7,450,745 and 8,317,065 shares at December 31, 2014 and 2013, respectively) | -261,243 | -249,213 |
Class B Common Stock [Member] | ||
Common stock: | ||
Common stock |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-14 |
Allowance for doubtful accounts receivables | $23,540,000 | $28,777,000 | $23,017,000 | $19,450,000 | |
Property, accumulated amortization and depreciation | 256,286,000 | 253,930,000 | |||
Goodwill and other intangible assets, accumulated amortization | $51,754,000 | $45,379,000 | |||
Preferred stock, par value | $0.01 | $0.01 | |||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | |||
Common stock held by subsidiaries, shares | 7,450,745 | 8,317,065 | |||
Series A Preferred Stock [Member] | |||||
Preferred stock, shares issued | 7,921 | 7,921 | |||
Preferred stock, shares outstanding | 7,921 | 7,921 | |||
Series B Preferred Stock [Member] | |||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Class A Common Stock [Member] | |||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, shares issued | 129,766,091 | 129,056,081 | 128,216,423 | ||
Common stock, shares outstanding | 129,766,091 | 129,056,081 | |||
Common stock held by subsidiaries, shares | 7,450,745 | 8,317,065 | |||
Class B Common Stock [Member] | |||||
Common stock, par value | $0.01 | ||||
Common stock, shares authorized | 1 | ||||
Common stock, shares issued | 1 | 1 | |||
Common stock, shares outstanding | 1 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUE | |||
Investment banking and other advisory fees | $1,201,424 | $972,533 | $1,039,188 |
Asset management fees | 1,080,842 | 994,707 | 858,834 |
Interest income | 5,360 | 4,705 | 6,008 |
Other | 75,391 | 92,788 | 89,983 |
Total revenue | 2,363,017 | 2,064,733 | 1,994,013 |
Interest expense | 62,570 | 79,381 | 81,565 |
Net revenue | 2,300,447 | 1,985,352 | 1,912,448 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,313,606 | 1,278,534 | 1,351,129 |
Occupancy and equipment | 111,550 | 122,926 | 113,163 |
Marketing and business development | 88,029 | 84,214 | 95,573 |
Technology and information services | 91,120 | 89,289 | 86,892 |
Professional services | 46,543 | 42,663 | 43,958 |
Fund administration and outsourced services | 65,457 | 59,298 | 51,390 |
Amortization of intangible assets related to acquisitions | 6,387 | 10,114 | 8,359 |
Provision pursuant to tax receivable agreement | 18,307 | 1,249 | 0 |
Other | 39,983 | 80,258 | 38,099 |
Total operating expenses | 1,780,982 | 1,768,545 | 1,788,563 |
OPERATING INCOME | 519,465 | 216,807 | 123,885 |
Provision for income taxes | 85,402 | 51,693 | 31,100 |
NET INCOME | 434,063 | 165,114 | 92,785 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 6,786 | 4,902 | 8,476 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $427,277 | $160,212 | $84,309 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||
Basic | 122,351,836 | 120,854,267 | 116,953,989 |
Diluted | 133,813,123 | 133,737,079 | 129,325,622 |
NET INCOME PER SHARE OF COMMON STOCK: | |||
Basic | $3.49 | $1.33 | $0.72 |
Diluted | $3.20 | $1.21 | $0.65 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $1.20 | $1 | $1.16 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $434,063 | $165,114 | $92,785 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Currency translation adjustments | -49,971 | -15,536 | 15,686 |
Amortization of interest rate hedge | 2,502 | 1,055 | |
Employee benefit plans: | |||
Actuarial loss (net of tax benefit of $9,045, $6,388 and $12,950 for the years ended December 31, 2014, 2013 and 2012, respectively) | -21,983 | -13,500 | -40,298 |
Adjustment for items reclassified to earnings (net of tax expense of $1,923, $1,929 and $1,145 for the years ended December 31, 2014, 2013 and 2012, respectively) | 4,749 | 4,605 | 4,399 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | -67,205 | -21,929 | -19,158 |
COMPREHENSIVE INCOME | 366,858 | 143,185 | 73,627 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 6,785 | 4,769 | 8,315 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $360,073 | $138,416 | $65,312 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Tax benefit on actuarial loss, employee benefit plans | $9,045 | $6,388 | $12,950 |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $1,923 | $1,929 | $1,145 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $434,063 | $165,114 | $92,785 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of property | 34,464 | 34,750 | 30,855 |
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge | 295,830 | 310,036 | 360,751 |
Amortization of intangible assets related to acquisitions | 6,387 | 10,114 | 8,359 |
Deferred tax provision (benefit) | 15,628 | 14,454 | -4,457 |
Loss on extinguishment of debt | 50,757 | ||
(Increase) decrease in operating assets: | |||
Deposits with banks and short-term investments | 8,544 | 58,570 | -806 |
Cash deposited with clearing organizations and other segregated cash | 15,656 | 4,811 | 11,613 |
Receivables-net | -76,200 | -30,126 | 31,157 |
Investments | -159,107 | -61,502 | -30,096 |
Other assets | -111,588 | -60,731 | -62,683 |
Increase (decrease) in operating liabilities: | |||
Deposits and other payables | 93,108 | -4,779 | -26,576 |
Accrued compensation and benefits and other liabilities | 179,232 | 35,229 | 71,006 |
Net cash provided by operating activities | 736,017 | 526,697 | 481,908 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | -22,184 | -60,964 | -89,301 |
Disposals of property | 2,085 | 6,411 | 4,368 |
Net cash used in investing activities | -20,099 | -54,553 | -84,933 |
Proceeds from: | |||
Contributions from noncontrolling interests | 1,532 | 832 | 1,741 |
Issuance of senior debt, net of expenses | 493,398 | ||
Excess tax benefits from share-based incentive compensation | 5,149 | 1,108 | |
Payments for: | |||
Senior debt | -578,464 | ||
Capital lease obligations | -2,171 | -2,659 | -2,519 |
Distributions to noncontrolling interests | -13,458 | -14,367 | -27,767 |
Purchase of Class A common stock | -192,657 | -132,477 | -354,464 |
Class A common stock dividends | -146,241 | -121,620 | -135,108 |
Settlement of vested share-based incentive compensation | -85,442 | -132,533 | -44,883 |
Other financing activities | -2,081 | -290 | -220 |
Net cash used in financing activities | -435,369 | -487,072 | -563,220 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -55,451 | 6,220 | 12,644 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 225,098 | -8,708 | -153,601 |
CASH AND CASH EQUIVALENTS-January 1 | 841,482 | 850,190 | 1,003,791 |
CASH AND CASH EQUIVALENTS-December 31 | 1,066,580 | 841,482 | 850,190 |
Cash paid during the year for: | |||
Interest | 60,414 | 78,671 | 78,441 |
Income taxes, net of refunds | $49,235 | $22,623 | $23,267 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Class A Common Stock Held By Subsidiaries [Member] | Total Lazard Ltd Stockholders' Equity [Member] | Noncontrolling Interests [Member] | ||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Beginning Balance at Dec. 31, 2011 | $866,856 | $1,230 | $659,013 | $258,646 | ($88,364) | ($104,382) | $726,143 | $140,713 | |||
Beginning Balance (in shares) at Dec. 31, 2011 | 7,921 | 123,009,312 | [1] | 3,492,017 | |||||||
Comprehensive income (loss): | |||||||||||
NET INCOME | 92,785 | 84,309 | 84,309 | 8,476 | |||||||
Other comprehensive loss - net of tax | -19,158 | -18,997 | -18,997 | -161 | |||||||
Business acquisitions and related equity transactions: | |||||||||||
Class A common stock issuable (including related amortization) | 4,079 | 4,030 | 4,030 | 49 | |||||||
Delivery of Class A common stock | 1,633 | ||||||||||
Delivery of Class A common stock (in shares) | -1,633 | -57,287 | |||||||||
Amortization of share-based incentive compensation | 310,348 | 306,642 | 306,642 | 3,706 | |||||||
Dividend-equivalents | -212 | 24,990 | -25,200 | -210 | -2 | ||||||
Class A common stock dividends | -135,108 | -135,108 | -135,108 | ||||||||
Purchase of Class A common stock | -354,464 | -354,464 | -354,464 | ||||||||
Purchase of Class A common stock (in shares) | 12,817,196 | ||||||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit | -45,855 | -153,274 | 107,431 | -45,843 | -12 | ||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit (in shares) | -3,448,988 | ||||||||||
Modification of equity incentive compensation award | -26,922 | -26,601 | -26,601 | -321 | |||||||
Class A common stock issued in exchange for Lazard Group common membership interests | 52 | -52 | |||||||||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [1] | 5,207,112 | |||||||||
Distributions to noncontrolling interests, net | -26,026 | -26,026 | |||||||||
Deconsolidation of investment companies | -14,783 | -14,783 | |||||||||
Adjustments related to noncontrolling interests | 32,935 | -3,180 | 29,755 | -29,755 | |||||||
Ending Balance at Dec. 31, 2012 | 651,540 | 1,282 | 846,050 | 182,647 | -110,541 | -349,782 | 569,656 | 81,884 | |||
Ending Balance (in shares) at Dec. 31, 2012 | 7,921 | 128,216,424 | [1] | 12,802,938 | |||||||
Comprehensive income (loss): | |||||||||||
NET INCOME | 165,114 | 160,212 | 160,212 | 4,902 | |||||||
Other comprehensive loss - net of tax | -21,929 | -21,796 | -21,796 | -133 | |||||||
Business acquisitions and related equity transactions: | |||||||||||
Class A common stock issuable (including related amortization) | 790 | 786 | 786 | 4 | |||||||
Delivery of Class A common stock | -6,893 | -179 | 7,072 | ||||||||
Delivery of Class A common stock (in shares) | -228,275 | ||||||||||
Amortization of share-based incentive compensation | 235,898 | 234,608 | 234,608 | 1,290 | |||||||
Dividend-equivalents | -290 | 16,927 | -17,215 | -288 | -2 | ||||||
Class A common stock dividends | -121,620 | -121,620 | -121,620 | ||||||||
Purchase of Class A common stock | -132,477 | -132,477 | -132,477 | ||||||||
Purchase of Class A common stock (in shares) | 3,488,101 | ||||||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit | -132,493 | -357,858 | -609 | 225,974 | -132,493 | ||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit (in shares) | -7,745,699 | ||||||||||
Class A common stock issued in exchange for Lazard Group common membership interests | 9 | -9 | |||||||||
Class A common stock issued in exchange for Lazard Group common membership interests (in shares) | [1] | 839,658 | |||||||||
Distributions to noncontrolling interests, net | -13,535 | -13,535 | |||||||||
Adjustments related to noncontrolling interests | -1,000 | 4,288 | -667 | 3,621 | -4,621 | ||||||
Ending Balance at Dec. 31, 2013 | 629,998 | 1,291 | 737,899 | 203,236 | -133,004 | -249,213 | 560,209 | 69,789 | |||
Ending Balance (in shares) at Dec. 31, 2013 | 7,921 | 129,056,082 | [1] | 8,317,065 | |||||||
Comprehensive income (loss): | |||||||||||
NET INCOME | 434,063 | 427,277 | 427,277 | 6,786 | |||||||
Other comprehensive loss - net of tax | -67,205 | -67,204 | -67,204 | -1 | |||||||
Business acquisitions and related equity transactions: | |||||||||||
Class A common stock issuable (including related amortization) | 570 | 570 | 570 | ||||||||
Delivery of Class A common stock | -2,488 | 2,488 | |||||||||
Delivery of Class A common stock (in shares) | -57,274 | ||||||||||
Amortization of share-based incentive compensation | 206,195 | 206,195 | 206,195 | ||||||||
Dividend-equivalents | -2,081 | 17,536 | -19,617 | -2,081 | |||||||
Class A common stock dividends | -146,241 | -146,241 | -146,241 | ||||||||
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 | -80,659 | -258,798 | 178,139 | -80,659 | |||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit (in shares) | -4,923,252 | ||||||||||
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) | [1] | 710,009 | |||||||||
Distributions to noncontrolling interests, net | -11,926 | -11,926 | |||||||||
Adjustments related to noncontrolling interests | 1,893 | -558 | 1,335 | -1,335 | |||||||
Ending Balance at Dec. 31, 2014 | $770,057 | $1,298 | $702,800 | $464,655 | ($200,766) | ($261,243) | $706,744 | $63,313 | |||
Ending Balance (in shares) at Dec. 31, 2014 | 7,921 | 129,766,091 | [1] | 7,450,745 | |||||||
[1] | Includes 128,216,423, 129,056,081 and 129,766,091 shares of the Company's Class A common stock issued at December 31, 2012, 2013 and 2014, respectively, and 1 share of the Company's Class B common stock issued at December 31, 2012 and 2013. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax benefit related to delivery of Class A Common Stock in connection with share-based incentive compensation | $4,783 | $40 | $972 |
Class A Common Stock [Member] | |||
Common stock, issued | 129,766,091 | 129,056,081 | 128,216,423 |
Class B Common Stock [Member] | |||
Common stock, issued | 1 | 1 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Organization and Basis of Presentation | 1 | ORGANIZATION AND BASIS OF PRESENTATION | ||
Organization | ||||
Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. | ||||
Lazard Ltd indirectly held 100% and approximately 99.5% of all outstanding Lazard Group common membership interests as of December 31, 2014 and 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. As of December 31, 2013, LAZ-MD Holdings was also 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 | ||||
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate 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. | ||||
The consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) along with its subsidiaries, LFB and LFG, and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Significant Accounting Policies | 2 | SIGNIFICANT ACCOUNTING POLICIES | ||
The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements. | ||||
Foreign Currency Translation—The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 7 of Notes to Consolidated Financial Statements) amounted to $131, $(2,887) and $(761), respectively, for the years ended December 31, 2014, 2013 and 2012, and are included in “revenue-other” on the respective consolidated statements of operations. | ||||
Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: | ||||
• | valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans; | |||
• | the adequacy of the allowance for doubtful accounts; | |||
• | the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions; | |||
• | the outcome of litigation; | |||
• | the carrying amount of goodwill and other intangible assets; | |||
• | the amortization period of intangible assets; | |||
• | the valuation of shares issued or issuable that contain transfer restrictions; | |||
• | the vesting of share-based and other deferred compensation plan awards; and | |||
• | other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. | |||
Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. | ||||
Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. | ||||
Deposits with Banks 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. | ||||
Cash Deposited with Clearing Organizations and Other Segregated Cash—Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. | ||||
Allowance for Doubtful Accounts—We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced. | ||||
With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired. | ||||
See Note 4 of Notes to Consolidated Financial Statements for additional information regarding receivables. | ||||
Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Investments in debt and marketable equity securities held at the Company’s non broker-dealer subsidiaries are considered “trading” securities and are accounted for at fair value, with any increase or decrease in fair value reflected in “revenue-other” in the consolidated statements of operations. | ||||
Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, as well as investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of those investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Dividend income is reflected in “revenue-other” on the consolidated statements of operations. Interest income includes accretion or amortization of any discount or premium arising at acquisition of the related debt security. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. | ||||
See Notes 5 and 6 of Notes to Consolidated Financial Statements for additional information regarding the Company’s investments. | ||||
Property-net—Property is stated at cost or, in the case of property under capital leases, the present value of the future minimum lease payments, less accumulated depreciation and amortization. Buildings represent owned property and amounts recorded pursuant to capital leases (see Notes 8 and 12 of Notes to Consolidated Financial Statements), with the related obligations recorded as capital lease obligations. Such buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,464, $34,750 and $30,855 for the years ended December 31, 2014, 2013 and 2012, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. | ||||
Goodwill and Other Intangible Assets—As goodwill has an indefinite life, it is required to be tested for impairment annually or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. | ||||
During the fourth quarter of 2013, the Company changed the date of its annual goodwill impairment testing from December 31 to November 1. This change was preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting. The Company will continue to perform interim impairment testing should circumstances or events require. This change did not result in a delay, acceleration, or avoidance of an impairment charge. This change was applied prospectively because it was impracticable to apply it retrospectively due to the difficulty in making estimates and assumptions without using hindsight. The Company completed its annual goodwill review as of November 1, 2014 and determined that no impairment existed. | ||||
Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. | ||||
See Note 9 of Notes to Consolidated Financial Statements with respect to goodwill and other intangible assets. | ||||
Derivative Instruments—A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). | ||||
The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, 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, in the consolidated statements of operations. | ||||
In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“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. For information regarding LFI and other similar deferred compensation arrangements, see Notes 5, 7 and 14 of Notes to Consolidated Financial Statements. | ||||
Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings. | ||||
Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost, interest-bearing deposits or using the equity method of accounting), derivative instruments, deposits and other customer payables. | ||||
Revenue Recognition | ||||
Investment Banking and Other Advisory Fees—Fees for M&A and Other Advisory services and Restructuring advisory services are recorded when earned, which is generally the date the related transactions are consummated. Expenses that are directly related to such transactions and billable to clients are deferred to match revenue recognition. “Investment banking and other advisory fees” on the Company’s consolidated statements of operations are presented net of client reimbursements of expenses. The amount of expenses reimbursed by clients for the years ended December 31, 2014, 2013 and 2012 are $20,407, $18,327 and $24,762, respectively. | ||||
Asset Management Fees—Asset management fees are derived from fees for investment management and advisory services provided to clients. Revenue is recorded on an accrual basis primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge funds) and private equity funds, and lower fees earned on fixed income and money market products. | ||||
In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. | ||||
For hedge funds, incentive fees are calculated based on a specified percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds at the end of the relevant performance measurement period, when potential uncertainties regarding the ultimate realizable amounts have been determined. The incentive fee measurement period is generally an annual period (unless an account terminates during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. | ||||
For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, incentive fees earned on our private equity funds are not recognized until potential uncertainties regarding the ultimate realizable amounts have been determined, including any potential for clawback. | ||||
Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. | ||||
Soft Dollar Arrangements—The Company’s Asset Management business obtains research and other services through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2014, the Company obtained research and other services through soft dollar arrangements valued at approximately $23,000. If the use of soft dollars is limited or prohibited in the future by regulation, we may have to bear the costs of such research and other services. | ||||
Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting. Equity-based incentive compensation is recognized in “compensation and benefits” expense. | ||||
Cost Saving Initiatives and Staff Reductions—Charges associated with management-approved cost saving plans or staff reductions can include severance costs, charges to vacate facilities and contract cancellation costs. Severance costs are generally accrued on the date that employees are notified of their benefits and other costs are generally accrued as the Company ceases to use facilities or cancels contracts. The Company records severance-related liabilities in “accrued compensation and benefits” and other types of liabilities in “other liabilities” in the consolidated statements of financial condition. | ||||
Income Taxes—Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City (see Note 17 of Notes to Consolidated Financial Statements for additional information). | ||||
Substantially all of Lazard’s operations outside the U.S. are conducted in “pass-through” entities for U.S. income tax purposes. The Company provides for U.S. income taxes on a current basis for those earnings. The repatriation of prior year earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes. | ||||
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and liabilities and are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. | ||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: | ||||
• | future reversals of existing taxable temporary differences; | |||
• | future taxable income exclusive of reversing temporary differences and carryforwards; | |||
• | taxable income in prior carryback years; and | |||
• | tax-planning strategies. | |||
The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence, including, but not limited to, the following: | ||||
• | nature, frequency, magnitude and duration of any recent losses and current operating results; | |||
• | duration of statutory carryforward periods; | |||
• | historical experience with tax attributes expiring unused; and | |||
• | near-term and medium-term financial outlook. | |||
The Company records tax positions taken or expected to be taken in a tax return based upon the Company’s estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. | ||||
The Company recognizes interest and/or penalties related to unrecognized tax benefits in “income tax expense”. See Note 17 of Notes to Consolidated Financial Statements for additional information relating to income taxes. |
Recent_Accounting_Developments
Recent Accounting Developments | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Developments | 3 | 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 | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Receivables | 4 | RECEIVABLES | |||||||||||
The Company’s receivables represent receivables from fees, customers and other and related parties. | |||||||||||||
Receivables are stated net of an estimated allowance for doubtful accounts, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. Activity in the allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning Balance | $ | 28,777 | $ | 23,017 | $ | 19,450 | |||||||
Bad debt expense, net of recoveries | 12,246 | 4,395 | 6,579 | ||||||||||
Charge-offs, foreign currency translation and other adjustments | (17,483 | ) | 1,365 | (3,012 | ) | ||||||||
Ending Balance | $ | 23,540 | $ | 28,777 | $ | 23,017 | |||||||
Bad debt expense, net of recoveries is included in “investment banking and other advisory fees” on the consolidated statements of operations. | |||||||||||||
At December 31, 2014 and 2013, the Company had receivables past due or deemed uncollectible of $24,578 and $39,341, respectively. | |||||||||||||
Of the Company’s fee receivables at December 31, 2014 and 2013, $86,221 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 $471,375 and $443,211 at December 31, 2014 and 2013, respectively, approximates fair value. |
Investments
Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investments Schedule [Abstract] | |||||||||||||
Investments | 5 | INVESTMENTS | |||||||||||
The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2014 and 2013: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Interest-bearing deposits | $ | 84,575 | $ | 516 | |||||||||
Debt | 10,426 | 8,013 | |||||||||||
Equities | 57,302 | 59,394 | |||||||||||
Funds: | |||||||||||||
Alternative investments (a) | 34,705 | 37,030 | |||||||||||
Debt (a) | 82,889 | 58,769 | |||||||||||
Equity (a) | 228,209 | 190,702 | |||||||||||
Private equity | 114,470 | 114,193 | |||||||||||
460,273 | 400,694 | ||||||||||||
Equity method | 7,776 | 9,488 | |||||||||||
Total investments | 620,352 | 478,105 | |||||||||||
Less: | |||||||||||||
Interest-bearing deposits | 84,575 | 516 | |||||||||||
Equity method | 7,776 | 9,488 | |||||||||||
Investments, at fair value | $ | 528,001 | $ | 468,101 | |||||||||
Securities sold, not yet purchased, at fair value (included in “other liabilities”) | $ | 9,290 | $ | 4,045 | |||||||||
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,321, $42,070 and $162,798, respectively, at December 31, 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 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 7 and 14 of Notes to Consolidated Financial Statements). | ||||||||||||
Interest-bearing deposits have original maturities of greater than three months but equal to or less than 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, amounts related to LFI discussed above and an investment in a debt fund held by the Company’s broker-dealer subsidiary. | |||||||||||||
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 $6,421 and $9,787 at December 31, 2014 and 2013, respectively (see Note 12 of Notes to Consolidated Financial Statements). | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “trading” securities still held as of the reporting date as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net unrealized investment gains (losses) | $ | -8,568 | $ | 16,470 | $ | 22,327 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements | 6 | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||
Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: | |||||||||||||||||||||||||
Level 1. | Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. | ||||||||||||||||||||||||
Level 2. | Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, (ii) assets valued based on net asset value (“NAV”) or its equivalent redeemable at the measurement date or within the near term without redemption restrictions, or (iii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. | ||||||||||||||||||||||||
Level 3. | Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis, as well as assets valued based on NAV or its equivalent, but not redeemable within the near term as a result of redemption restrictions. | ||||||||||||||||||||||||
The Company’s investments in 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 7 of Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||
Where reported information regarding an investment is based on data received from external fund administrators or pricing services, the Company reviews such information and classifies the investment at the relevant level within the fair value hierarchy. | |||||||||||||||||||||||||
The following tables present the classification of investments and certain other assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013 within the fair value hierarchy: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt | $ | 5,540 | $ | 4,886 | $ | – | $ | 10,426 | |||||||||||||||||
Equities | 55,987 | – | 1,315 | 57,302 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 34,705 | – | 34,705 | |||||||||||||||||||||
Debt | 82,885 | 4 | – | 82,889 | |||||||||||||||||||||
Equity | 228,166 | 43 | – | 228,209 | |||||||||||||||||||||
Private equity | – | – | 114,470 | 114,470 | |||||||||||||||||||||
Derivatives | – | 2,355 | – | 2,355 | |||||||||||||||||||||
Total | $ | 372,578 | $ | 41,993 | $ | 115,785 | $ | 530,356 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 9,290 | $ | – | $ | – | $ | 9,290 | |||||||||||||||||
Derivatives | – | 208,093 | – | 208,093 | |||||||||||||||||||||
Total | $ | 9,290 | $ | 208,093 | $ | – | $ | 217,383 | |||||||||||||||||
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 | |||||||||||||||||
There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
Year Ended December 31, 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 | $ | 19 | $ | – | $ | (1 | ) | $ | (43 | ) | $ | 1,315 | |||||||||||
Private equity funds | 114,193 | 8,412 | 9,283 | (11,289 | ) | (6,129 | ) | 114,470 | |||||||||||||||||
Total Level 3 Assets | $ | 115,533 | $ | 8,431 | $ | 9,283 | $ | (11,290 | ) | $ | (6,172 | ) | $ | 115,785 | |||||||||||
Year Ended December 31, 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 | $ | 11 | $ | 1,095 | $ | – | $ | 44 | $ | 1,340 | |||||||||||||
Alternative investment funds | 3,457 | 117 | – | (3,574 | ) | – | – | ||||||||||||||||||
Equity funds | 10 | – | – | (10 | ) | – | – | ||||||||||||||||||
Private equity funds | 112,444 | 13,245 | 6,166 | (19,231 | ) | 1,569 | 114,193 | ||||||||||||||||||
Total Level 3 Assets | $ | 116,101 | $ | 13,373 | $ | 7,261 | $ | (22,815 | ) | $ | 1,613 | $ | 115,533 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 211 | $ | 5 | $ | – | $ | (30 | ) | $ | 4 | $ | 190 | ||||||||||||
Alternative investment funds | 10,171 | 130 | – | (6,844 | ) | – | 3,457 | ||||||||||||||||||
Equity funds | – | – | 10 | – | – | 10 | |||||||||||||||||||
Private equity funds | 122,718 | 15,983 | 8,589 | (35,796 | ) | 950 | 112,444 | ||||||||||||||||||
Total Level 3 Assets | $ | 133,100 | $ | 16,118 | $ | 8,599 | $ | (42,670 | ) | $ | 954 | $ | 116,101 | ||||||||||||
(a) | Earnings for the years ended December 31, 2014, 2013 and 2012 include net unrealized gains of $5,354, $6,032 and $12,910, respectively. | ||||||||||||||||||||||||
Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2014 and 2013 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments. | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,066,580 | $ | 1,066,580 | $ | 1,066,580 | $ | – | $ | – | |||||||||||||||
Deposits with banks and short-term investments | 207,760 | 207,760 | 207,760 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 43,290 | 43,290 | 43,290 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 86,221 | 88,499 | – | – | 88,499 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 84,575 | 84,575 | 84,575 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 314,284 | $ | 314,284 | $ | 314,284 | $ | – | $ | – | |||||||||||||||
Senior debt | 1,048,350 | 1,134,834 | – | 1,134,834 | – | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 841,482 | $ | 841,482 | $841,482 | $– | $ | – | |||||||||||||||||
Deposits with banks and short-term investments | 244,879 | 244,879 | 244,879 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 62,046 | 62,046 | 62,046 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 69,464 | 71,433 | – | – | 71,433 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 516 | 516 | 516 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 275,434 | $ | 275,434 | $275,434 | $ | – | $ | – | ||||||||||||||||
Senior debt | 1,048,350 | 1,117,247 | – | 1,117,247 | – | ||||||||||||||||||||
Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. | |||||||||||||||||||||||||
The carrying value of deposits with banks and short-term investments, and cash deposited with clearing organizations and other segregated cash, approximates fair value because of the relatively short period of time between their origination and expected maturity. | |||||||||||||||||||||||||
Fair values of interest-bearing financing receivables were generally determined by discounting both principal and interest cash flows expected to be collected, using a discount rate approximating current market interest rates for comparable financial instruments and based on unobservable inputs. | |||||||||||||||||||||||||
The carrying value of deposits and other customer payables and investments accounted for at amortized cost, such as interest-bearing deposits, approximate fair value due to their short-term nature. | |||||||||||||||||||||||||
The Company’s senior debt is carried at historical amounts. The fair value of the Company’s senior debt is based on market quotations. | |||||||||||||||||||||||||
Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at December 31, 2014 and 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: | |||||||||||||||||||||||||
31-Dec-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 | $ | 31,042 | $ | – | NA | NA | NA | NA | (a) | <30-60 days | |||||||||||||||
Funds of funds | 475 | – | NA | NA | NA | NA | (b) | <30-90 days | |||||||||||||||||
Other | 3,188 | – | 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 | 75,578 | 18,676 | (f) | 100% | 10% | 63% | 27% | NA | NA | ||||||||||||||||
Mezzanine debt | 38,892 | – | 100% | – | – | 100% | NA | NA | |||||||||||||||||
Total | $ | 149,222 | $ | 18,676 | |||||||||||||||||||||
(a) | weekly (15%), monthly (66%) and quarterly (19%) | ||||||||||||||||||||||||
(b) | monthly (98%) and quarterly (2%) | ||||||||||||||||||||||||
(c) | daily (11%), weekly (3%) and monthly (86%) | ||||||||||||||||||||||||
(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 $6,888 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 5 of Notes to Consolidated Financial Statements for discussion of significant investment strategies for investments with value based on NAV. | |||||||||||||||||||||||||
Investment Capital Funding Commitments—At December 31, 2014, the Company’s maximum unfunded commitments for capital contributions to investment funds arose from (i) commitments to CP II, which amounted to $1,499 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 $4,489, 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 | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivatives | 7 | DERIVATIVES | |||||||||||
The tables below present the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair values of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (see Note 14 of Notes to Consolidated Financial Statements) on the accompanying consolidated statements of financial condition as of December 31, 2014 and 2013: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Derivative Assets: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 2,355 | $ | 250 | |||||||||
Total return swaps and other (a) | – | 432 | |||||||||||
$ | 2,355 | $ | 682 | ||||||||||
Derivative Liabilities: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 124 | $ | 1,579 | |||||||||
Total return swaps and other (a) | 663 | – | |||||||||||
LFI and other similar deferred compensation arrangements | 207,306 | 162,422 | |||||||||||
$ | 208,093 | $ | 164,001 | ||||||||||
(a) | For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $1,123 and $1,786 as of December 31, 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 $12,364 and $11,384 as of December 31, 2014 and 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 consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Forward foreign currency exchange rate contracts | $ | 22,959 | $ | (3,162 | ) | $ | (1,844 | ) | |||||
LFI and other similar deferred compensation arrangements | (7,326 | ) | (14,099 | ) | (7,557 | ) | |||||||
Total return swaps and other | (5,211 | ) | (10,931 | ) | (18,327 | ) | |||||||
Total | $ | 10,422 | $ | (28,192 | ) | $ | (27,728 | ) | |||||
Property
Property | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property | 8 | PROPERTY | |||||||||||
At December 31, 2014 and 2013, property consists of the following: | |||||||||||||
Estimated | December 31, | ||||||||||||
Depreciable | |||||||||||||
Life in Years | 2014 | 2013 | |||||||||||
Buildings | 33 | $ | 152,982 | $ | 173,772 | ||||||||
Leasehold improvements | 20-Mar | 167,837 | 175,600 | ||||||||||
Furniture and equipment | 10-Mar | 150,458 | 149,598 | ||||||||||
Construction in progress | 7,578 | 3,756 | |||||||||||
Total | 478,855 | 502,726 | |||||||||||
Less - Accumulated depreciation and amortization | 256,286 | 253,930 | |||||||||||
Property | $ | 222,569 | $ | 248,796 | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 9 | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
The components of goodwill and other intangible assets at December 31, 2014 and 2013 are presented below: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Goodwill | $ | 335,402 | $ | 345,453 | |||||||||||||||||||||
Other intangible assets (net of accumulated amortization) | 12,036 | 18,424 | |||||||||||||||||||||||
$ | 347,438 | $ | 363,877 | ||||||||||||||||||||||
At December 31, 2014 and 2013, goodwill of $270,861 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 years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance, January 1 | $ | 345,453 | $ | 364,328 | $ | 356,657 | |||||||||||||||||||
Business acquisitions | 3,232 | 1,748 | 4,272 | ||||||||||||||||||||||
Foreign currency translation adjustments | (13,283 | ) | (20,623 | ) | 3,399 | ||||||||||||||||||||
Balance, December 31 | $ | 335,402 | $ | 345,453 | $ | 364,328 | |||||||||||||||||||
All changes in the carrying amount of goodwill for the years ended December 31, 2014, 2013 and 2012 are attributable to the Company’s Financial Advisory segment. | |||||||||||||||||||||||||
The Company evaluates goodwill for impairment annually or more frequently if circumstances indicate that impairment may have occurred. During the fourth quarter of 2013, the Company changed its annual impairment evaluation date from December 31 to November 1. Pursuant to the Company’s goodwill impairment review for the years ended December 31, 2014, 2013 and 2012, the Company determined that no impairment existed. | |||||||||||||||||||||||||
The gross cost and accumulated amortization of other intangible assets as of December 31, 2014 and 2013, by major intangible asset category, are as follows: | |||||||||||||||||||||||||
31-Dec-14 | 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 | 33,050 | 30,638 | 2,412 | 33,063 | 28,206 | 4,857 | |||||||||||||||||||
$ | 63,790 | $ | 51,754 | $ | 12,036 | $ | 63,803 | $ | 45,379 | $ | 18,424 | ||||||||||||||
Amortization expense of intangible assets for the years ended December 31, 2014, 2013 and 2012 was $6,387, $10,114 and $8,359, respectively. Estimated future amortization expense is as follows: | |||||||||||||||||||||||||
Year Ending December 31, | Amortization | ||||||||||||||||||||||||
Expense (a) | |||||||||||||||||||||||||
2015 | $ | 6,558 | |||||||||||||||||||||||
2016 | 5,478 | ||||||||||||||||||||||||
Total amortization expense | $ | 12,036 | |||||||||||||||||||||||
(a) | Approximately 46% of intangible asset amortization is attributable to a noncontrolling interest. |
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Other Assets and Other Liabilities | 10 | OTHER ASSETS AND OTHER LIABILITIES | |||||||
The following table sets forth the Company’s other assets, by type, as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes | $ | 93,160 | $ | 110,014 | |||||
Prepaid compensation (see Note 14) | 73,278 | 60,433 | |||||||
Other advances and prepayments | 30,761 | 33,526 | |||||||
Deferred debt issuance costs | 7,162 | 9,188 | |||||||
Other | 62,290 | 46,116 | |||||||
Total | $ | 266,651 | $ | 259,277 | |||||
The following table sets forth the Company’s other liabilities, by type, as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Accrued expenses | $ | 132,728 | $ | 136,677 | |||||
Current and deferred income taxes and other taxes | 131,280 | 119,940 | |||||||
Employee benefit-related liabilities | 110,838 | 104,013 | |||||||
Deferred lease incentives | 83,209 | 84,897 | |||||||
Unclaimed funds at LFB | 31,592 | 26,626 | |||||||
Abandoned leased space (principally in the U.K.) | 10,073 | 12,855 | |||||||
Deferred revenue | 25,942 | 5,988 | |||||||
Securities sold, not yet purchased | 9,290 | 4,045 | |||||||
Other | 24,394 | 18,386 | |||||||
Total | $ | 559,346 | $ | 513,427 | |||||
Senior_Debt
Senior Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Senior Debt | 11 | SENIOR DEBT | |||||||||||||||||||
Senior debt is comprised of the following as of December 31, 2014 and 2013: | |||||||||||||||||||||
Initial | Maturity | Annual | Outstanding As Of | ||||||||||||||||||
Principal | Date | Interest | 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 (a) | 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 | |||||||||||||||||
(a) | In November 2013, the Company launched a tender offer for all of Lazard Group’s outstanding 7.125% senior notes maturing on May 15, 2015 (the “2015 Notes”) and simultaneously announced a notice of intent to redeem any 2015 Notes not tendered. As a result, the outstanding 2015 Notes of $528,500 were extinguished in the fourth quarter of 2013, which resulted in a pre-tax loss on extinguishment of $50,757, including the recognition of unamortized issuance costs. As a result of the extinguishment, the unamortized amount of the interest rate hedge related to the 2015 Notes was also recognized, which resulted in a loss of $1,563. Both the loss on extinguishment and the loss related to the interest rate hedge were recorded in “operating expenses—other” in the consolidated statement of operations. | ||||||||||||||||||||
In connection with the redemption of the 2015 Notes, Lazard Group issued $500,000 aggregate principal amount of 4.25% senior notes maturing on November 14, 2020 (the “2020 Notes”). Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year. In connection with the issuance of the 2020 Notes, the Company entered into and settled an interest rate forward agreement and recognized a related loss of $ 1,767. The loss was recorded in “operating expenses—other” in the consolidated statements of operations. | |||||||||||||||||||||
On September 25, 2012, Lazard Group entered into a $150,000, three-year senior revolving credit facility with a group of lenders (the “Credit Facility”), which expires in September 2015. The Credit Facility replaced a similar revolving credit facility which was terminated as a condition to effectiveness of the Credit Facility. Interest rates under the Credit Facility vary and are based on either a Federal Funds rate or a Eurodollar rate, in each case plus an applicable margin. As of December 31, 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 December 31, 2014 and 2013, no amounts were outstanding under the Credit Facility or the prior revolving credit facility, respectively. | |||||||||||||||||||||
The Credit Facility contains customary terms and conditions, including certain financial covenants. In addition, the Credit Facility, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of December 31, 2014, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured. | |||||||||||||||||||||
Debt maturities relating to senior borrowings outstanding at December 31, 2014 for each of the five years in the period ending December 31, 2019 and thereafter are set forth in the table below. | |||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||
2015-2016 | $ | – | |||||||||||||||||||
2017 | 548,350 | ||||||||||||||||||||
2018-2019 | – | ||||||||||||||||||||
Thereafter | 500,000 | ||||||||||||||||||||
Total | $ | 1,048,350 | |||||||||||||||||||
The Company’s senior debt at December 31, 2014 and 2013 is carried at historical amounts. See Note 6 of Notes to Consolidated Financial Statements for information regarding the fair value and fair value hierarchy category of the Company’s senior debt. | |||||||||||||||||||||
During February 2015, Lazard Group completed an offering of $400,000 aggregate principal amount of 3.75% senior notes due 2025 (the “2025 Notes”). Lazard Group also issued a notice to redeem $450,000 of Lazard Group’s 6.85% senior notes due June 15, 2017 (the “Existing 2017 Notes”). Lazard Group intends to use the net proceeds of the 2025 Notes, together with cash on hand, to redeem or otherwise retire $450,000 of the Existing 2017 Notes. Lazard Group estimates that it will incur a loss on debt extinguishment in connection with the redemption of such Existing 2017 Notes of approximately $61,000, net of tax. | |||||||||||||||||||||
As of December 31, 2014, the Company had approximately $244,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $36,000 (at December 31, 2014 exchange rates) and Edgewater of $55,000. 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | 12 | COMMITMENTS AND CONTINGENCIES | |||||||
Leases—The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033. | |||||||||
Operating lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. For the years ended December 31, 2014, 2013 and 2012, aggregate rental expense relating to operating leases amounted to $80,773, $86,504 and $80,888, respectively, and is included in “occupancy and equipment” or “technology and information services” on the consolidated statements of operations, depending on the nature of the underlying asset. The Company subleases office space under agreements, which expire on various dates through 2022. Sublease income from such agreements was $11,751, $11,404 and $9,613 for the years ended December 31, 2014, 2013 and 2012, respectively, which includes sublease income of $3,097, $4,136 and $3,290, respectively, from an affiliate of LFCM Holdings LLC, which is now known as LMDC Holdings LLC (“LMDC Holdings”). | |||||||||
Capital lease obligations recorded under sale/leaseback transactions are payable through 2019 at a weighted average interest rate of approximately 6.1%. Such obligations are collateralized primarily by certain buildings with a net book value of approximately $16,863 and $19,876 at December 31, 2014 and 2013, respectively. The net book value of all assets recorded under capital leases aggregated $17,326 and $20,806 at December 31, 2014 and 2013, respectively. | |||||||||
At December 31, 2014, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows: | |||||||||
Year Ending December 31, | Minimum Rental Commitments | ||||||||
Capital | Operating | ||||||||
2015 | $ | 2,594 | $ | 77,216 | |||||
2016 | 2,288 | 75,604 | |||||||
2017 | 8,375 | 70,406 | |||||||
2018 | 31 | 64,922 | |||||||
2019 | 26 | 61,199 | |||||||
Thereafter | – | 591,342 | |||||||
Total minimum lease payments | 13,314 | 940,689 | |||||||
Less amount representing interest | 1,299 | ||||||||
Present value of capital lease commitments | $ | 12,015 | |||||||
Less sublease proceeds(a) | 76,610 | ||||||||
Net lease payments | $ | 864,079 | |||||||
(a) | Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LMDC Holdings. See Note 19 of Notes to Consolidated Financial Statements. | ||||||||
With respect to abandoned leased facilities in the U.K., at December 31, 2014 and 2013, the Company has recognized liabilities of $8,516 and $11,203, respectively, which are included in “other liabilities” on the consolidated statements of financial condition. Payments toward the liabilities continue through the remaining term of the leases. Such liabilities are based on the discounted future commitment, net of expected sublease income. | |||||||||
Guarantees—In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At December 31, 2014, LFB had $4,528 of such indemnifications and held $4,052 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the consolidated statement of financial condition. | |||||||||
Certain Business Transactions—On 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 Earnout Shares will be issued only if certain performance thresholds are met. As of December 31, 2014 and 2013, 913,722 shares are issuable on a contingent basis, and 1,371,992 have been earned because applicable performance thresholds have been satisfied. As of December 31, 2014 and 2013, 1,371,992 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 December 31, 2014, these commitments were not material. | |||||||||
See Notes 6 and 15 of Notes to Consolidated Financial Statements for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. | |||||||||
The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, each of LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At December 31, 2014, and during 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 | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity | 13 | 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 years ended December 31, 2014, 2013 and 2012, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Tax distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 1,649 | $ | 80 | $ | – | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 174,266 | 2,896 | – | ||||||||||||||||||||||
$ | 175,915 | $ | 2,976 | $ | – | ||||||||||||||||||||
Other distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 213 | $ | 920 | $ | 5,170 | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 146,241 | 121,620 | 135,108 | ||||||||||||||||||||||
$ | 146,454 | $ | 122,540 | $ | 140,278 | ||||||||||||||||||||
Pursuant to Lazard Group’s Operating Agreement, Lazard Group allocates and distributes to its members a substantial portion of its distributable profits in installments, as soon as practicable after the end of each fiscal year. Such installment distributions usually begin in February. | |||||||||||||||||||||||||
Exchange of Lazard Group Common Membership Interests—During the years ended December 31, 2014, 2013 and 2012, Lazard Ltd issued 710,009, 839,658 and 5,207,112 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 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 years ended December 31, 2014, 2013, and 2012, 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 | Repurchase | Expiration | |||||||||||||||||||||||
Authorization | |||||||||||||||||||||||||
April, 2012 | $ | 125,000 | December 31, 2013 | ||||||||||||||||||||||
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 | Price Per | ||||||||||||||||||||||||
Purchased | Share | ||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||
2012 | 12,817,196 | $ | 27.66 | ||||||||||||||||||||||
2013 | 3,488,101 | $ | 37.98 | ||||||||||||||||||||||
2014 | 4,114,206 | $ | 46.83 | ||||||||||||||||||||||
As a result of the delivery of shares of Class A common stock through December 31, 2014 relating to (i) the settlement of vested restricted stock units (“RSUs”), (ii) the incentive plan awards of shares of restricted Class A common stock, (iii) the delivery of shares of restricted Class A common stock in exchange for RSUs and (iv) the delivery of shares of Class A common stock in connection with business acquisitions, there were 7,450,745 and 8,317,065 shares of Class A common stock held by our subsidiaries at December 31, 2014 and 2013, respectively. Such shares of Class A common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition. | |||||||||||||||||||||||||
The shares purchased in the year ended December 31, 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 December 31, 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. | |||||||||||||||||||||||||
In addition, on February 4, 2015, the Board of Directors of Lazard Ltd authorized the repurchase of up to $150,000 additional shares of Class A common stock, which authorization will expire on December 31, 2016. | |||||||||||||||||||||||||
During the year ended December 31, 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 December 31, 2014 and 2013, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At December 31, 2014 and 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—The tables below reflect the balances of each component of AOCI at December 31, 2014 and 2013 and activity during the years then ended: | |||||||||||||||||||||||||
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 December 31, 2014: | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (49,971 | ) | (21,983 | ) | (71,954 | ) | 557 | (72,511 | ) | ||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 4,749 | 4,749 | – | 4,749 | ||||||||||||||||||||
Net other comprehensive income (loss) | (49,971 | ) | (17,234 | ) | (67,205 | ) | 557 | (67,762 | ) | ||||||||||||||||
Balance, December 31, 2014 | $ | (46,102 | ) | $ | (154,665 | ) | $ | (200,767 | ) | $ | (1 | ) | $ | (200,766 | ) | ||||||||||
Currency | Interest | Employee | Total | Amount | Total | ||||||||||||||||||||
Translation | Rate | Benefit | AOCI | Attributable to | Lazard Ltd | ||||||||||||||||||||
Adjustments | Hedge | Plans | Noncontrolling | AOCI | |||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 19,405 | $ | (2,502 | ) | $ | (128,536 | ) | $ | (111,633 | ) | $ | (1,092 | ) | $ | (110,541 | ) | ||||||||
Activity January 1 to December 31, 2013: | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (15,536 | ) | – | (13,500 | ) | (29,036 | ) | 495 | (29,531 | ) | |||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 2,502 | 4,605 | 7,107 | 39 | 7,068 | |||||||||||||||||||
Net other comprehensive | (15,536 | ) | 2,502 | (8,895 | ) | (21,929 | ) | 534 | (22,463 | ) | |||||||||||||||
income (loss) | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 3,869 | $ | – | $ | (137,431 | ) | $ | (133,562 | ) | $ | (558 | ) | $ | (133,004 | ) | |||||||||
The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortization of interest rate hedge (a) | $ | – | $ | 2,502 | |||||||||||||||||||||
Amortization relating to employee benefit plans (b) | 6,672 | 6,534 | |||||||||||||||||||||||
Less – related income taxes | 1,923 | 1,929 | |||||||||||||||||||||||
Net of tax | 4,749 | 4,605 | |||||||||||||||||||||||
Total reclassifications, net of tax | $ | 4,749 | $ | 7,107 | |||||||||||||||||||||
(a) | Included in “interest expense” on the consolidated statements of operations. | ||||||||||||||||||||||||
(b) | Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the consolidated statement of operations. | ||||||||||||||||||||||||
Noncontrolling Interests—Noncontrolling interests principally represent interests held in (i) Lazard Group by LAZ-MD Holdings 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 December 31: | Common | % | Common | % | Interests | ||||||||||||||||||||
Membership | Ownership | Membership | Ownership | ||||||||||||||||||||||
Interests | Interests | ||||||||||||||||||||||||
2012 | 128,216,423 | 98.8 | % | 1,549,667 | 1.2 | % | 129,766,090 | ||||||||||||||||||
2013 | 129,056,081 | 99.5 | % | 710,009 | 0.5 | % | 129,766,090 | ||||||||||||||||||
2014 | 129,766,090 | 100 | % | – | – | % | 129,766,090 | ||||||||||||||||||
The change in Lazard Ltd’s ownership in Lazard Group in the years ended December 31, 2014, 2013 and 2012 did not materially impact Lazard Ltd’s stockholders’ equity. | |||||||||||||||||||||||||
The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2014, 2013 and 2012 and noncontrolling interests as of December 31, 2014 and 2013 in the Company’s consolidated financial statements: | |||||||||||||||||||||||||
Net Income (Loss) | |||||||||||||||||||||||||
Attributable to Noncontrolling Interests | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Edgewater | $ | 6,153 | $ | 3,913 | $ | 3,491 | |||||||||||||||||||
LAZ-MD Holdings | 631 | 1,198 | 5,114 | ||||||||||||||||||||||
Other | 2 | (209 | ) | (129 | ) | ||||||||||||||||||||
Total | $ | 6,786 | $ | 4,902 | $ | 8,476 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
As Of December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Edgewater | $ | 62,584 | $ | 66,641 | |||||||||||||||||||||
LAZ-MD Holdings | – | 2,566 | |||||||||||||||||||||||
Other | 729 | 582 | |||||||||||||||||||||||
Total | $ | 63,313 | $ | 69,789 | |||||||||||||||||||||
Dividends Declared, February 4, 2015— On February 4, 2015, the Board of Directors of Lazard Ltd declared a special dividend of $1.00 per share as well as a quarterly dividend of $0.30 per share on its Class A common stock, payable on February 19, 2015, to stockholders of record on February 13, 2015. |
Incentive_Plans
Incentive Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Incentive Plans | 14 | INCENTIVE PLANS | |||||||||||||||
Share-Based Incentive Plan Awards | |||||||||||||||||
A description of Lazard Ltd’s 2005 Plan and 2008 Plan and activity with respect thereto during the years ended December 31, 2014, 2013 and 2012, is presented below. | |||||||||||||||||
Shares Available Under the 2005 Plan and 2008 Plan | |||||||||||||||||
The 2005 Plan authorizes the issuance of up to 25,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs and other equity-based awards. Each stock unit or similar award granted under the 2005 Plan represents a contingent right to receive one share of Class A common stock, at no cost to the recipient. The fair value of such awards is generally determined based on the closing market price of Class A common stock at the date of grant. | |||||||||||||||||
In addition to the shares available under the 2005 Plan, additional shares of Class A common stock are available under the 2008 Plan. The maximum number of shares available under the 2008 Plan is based on a formula that limits the aggregate number of shares that may, at any time, be subject to awards that are considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of Class A common stock. | |||||||||||||||||
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 consolidated statements of operations: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Share-based incentive awards: | |||||||||||||||||
RSUs (a) | $ | 169,916 | $ | 209,974 | $ | 298,809 | |||||||||||
PRSUs | 18,428 | 12,934 | – | ||||||||||||||
Restricted Stock (b) | 16,110 | 11,374 | 10,003 | ||||||||||||||
DSUs | 1,741 | 1,616 | 1,536 | ||||||||||||||
Total | $ | 206,195 | $ | 235,898 | $ | 310,348 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives and staff reductions, as applicable, for the years ended December 31, 2013 and 2012, aggregating $9,099 and $26,158, respectively (see Note 16 of Notes to Consolidated Financial Statements). | ||||||||||||||||
(b) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $247 and $713, respectively. | ||||||||||||||||
The ultimate amount of compensation and benefits expense relating to share-based awards is dependent upon the actual number of shares of Class A common stock that vest. The Company periodically assesses the forfeiture rates used for such estimates. A change in estimated forfeiture rates results in a cumulative adjustment to previously recorded compensation and benefits expense and also would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described below. | |||||||||||||||||
For purposes of calculating diluted net income per share, 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 years ended December 31, 2014, 2013 and 2012, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Number of RSUs issued | 375,954 | 454,059 | 920,791 | ||||||||||||||
Charges to retained earnings, net of estimated forfeitures | $ | 17,536 | $ | 16,927 | $ | 24,990 | |||||||||||
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, 39,315 and 53,239 DSUs granted during the years ended December 31, 2014, 2013 and 2012, 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, which resulted in nominal cash payments for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012, 8,433, 7,623 and 10,597 DSUs, respectively, had been granted pursuant to such Plan. | |||||||||||||||||
DSU awards are expensed at their fair value on their date of grant, inclusive of amounts related to the Directors’ Fee Deferral Unit Plan. | |||||||||||||||||
The following is a summary of activity relating to RSUs and DSUs during the three-year period ended December 31, 2014: | |||||||||||||||||
RSUs | DSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance, January 1, 2012 | 20,751,829 | $ | 36.84 | 140,660 | $ | 34.83 | |||||||||||
Granted (including 920,791 RSUs relating to dividend participation) | 8,594,744 | $ | 27.68 | 63,836 | $ | 24.06 | |||||||||||
Forfeited | (581,411 | ) | $ | 35.59 | – | – | |||||||||||
Vested/Exchanged | (7,284,031 | ) | $ | 34.71 | – | – | |||||||||||
Balance, December 31, 2012 | 21,481,131 | $ | 33.92 | 204,496 | $ | 31.47 | |||||||||||
Granted (including 454,059 RSUs relating to dividend participation) | 5,186,627 | $ | 37.21 | 46,938 | $ | 34.42 | |||||||||||
Forfeited | -268,900 | $ | 34.47 | – | – | ||||||||||||
Vested | -9,768,849 | $ | 34.65 | – | – | ||||||||||||
Balance, December 31, 2013 | 16,630,009 | $ | 34.51 | 251,434 | $ | 32.02 | |||||||||||
Granted (including 375,954 RSUs relating to dividend participation) | 3,825,737 | $ | 42.59 | 34,793 | $ | 50.04 | |||||||||||
Forfeited | (344,345 | ) | $ | 34.52 | – | – | |||||||||||
Vested | (6,582,285 | ) | $ | 37.8 | – | – | |||||||||||
Balance, December 31, 2014 | 13,529,116 | $ | 35.19 | 286,227 | $ | 34.21 | |||||||||||
During the years ended December 31, 2014, 2013 and 2012, 6,582,285, 9,768,849 and 7,284,031 RSUs vested or were exchanged, respectively (including, in 2012, 1,523,642 RSUs that were exchanged for shares of restricted Class A common stock and 958,213 RSUs that were modified through forward purchase agreements into a liability award of $28,612). As of the modification date in 2012, the Company recorded a liability in “accrued compensation and benefits” of $26,922 related to such liability award and an offsetting reduction to “additional paid-in-capital”. Such liability awards were settled on March 1, 2013 for $28,612. During the year ended December 31, 2013, compensation expense of $1,690 was recorded for such liability awards. In connection with the vested RSUs, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 1,896,930, 3,651,050 and 1,471,814 shares of Class A common stock in the years ended December 31, 2014, 2013 and 2012, respectively. Accordingly, 4,685,355, 6,117,799 and 3,330,362, shares of Class A common stock held by the Company were delivered during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
As of December 31, 2014, estimated unrecognized RSU compensation expense was approximately $129,777, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 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 three-year period ended December 31, 2014: | |||||||||||||||||
Restricted | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2012 | 95,332 | $ | 37.63 | ||||||||||||||
Granted/Exchanged (a) | 2,100,965 | $ | 34.34 | ||||||||||||||
Forfeited | (21,178 | ) | $ | 29.51 | |||||||||||||
Vested | (202,510 | ) | $ | 31.43 | |||||||||||||
Balance, December 31, 2012 | 1,972,609 | $ | 34.85 | ||||||||||||||
Granted | 368,736 | $ | 36.74 | ||||||||||||||
Forfeited | (37,782 | ) | $ | 33.37 | |||||||||||||
Vested | (1,728,509 | ) | $ | 36 | |||||||||||||
Balance, December 31, 2013 | 575,054 | $ | 32.72 | ||||||||||||||
Granted | 449,911 | $ | 45.52 | ||||||||||||||
Forfeited | (13,336 | ) | $ | 41.65 | |||||||||||||
Vested | (281,802 | ) | $ | 37.42 | |||||||||||||
Balance, December 31, 2014 | 729,827 | $ | 38.63 | ||||||||||||||
(a) | Includes, during the year ended December 31, 2012, as described above, 1,523,642 shares of restricted Class A common stock issued in exchange for 1,523,642 previously granted RSUs at a grant date fair value of $35.95 per share. The vesting terms of such restricted Class A common stock issued were substantially the same as those of the original awards exchanged. There was no incremental compensation cost incurred as a result of the exchanges. | ||||||||||||||||
As mentioned above, during 2012, the Company exchanged 1,523,642 RSUs for shares of restricted Class A common stock. | |||||||||||||||||
In connection with shares of restricted Class A common stock that vested during the years ended December 31, 2014, 2013 and 2012, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 43,905, 18,599 and 28,129 shares of Class A common stock during such respective years. Accordingly, 237,897, 1,709,910 and 174,381 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The restricted stock awards include a cash dividend participation right equivalent to any ordinary dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At December 31, 2014, estimated unrecognized restricted stock expense was approximately $11,025, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to December 31, 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 generally can range from zero to two times the target number (with the exception of the PRSUs granted in 2013, for which (i) the performance period ended on December 31, 2014 and (ii) the number of shares of Class A common stock that may be received is equal to approximately 2.2 times the target number). 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 (or, following the relevant performance period, the actual number of shares of Class A common stock that are no longer subject to performance conditions) 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 two-year period ended December 31, 2014: | |||||||||||||||||
PRSUs | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2013 | – | – | |||||||||||||||
Granted | 448,128 | $ | 36.11 | ||||||||||||||
Balance, December 31, 2013 | 448,128 | $ | 36.11 | ||||||||||||||
Granted | 360,783 | $ | 44.46 | ||||||||||||||
Performance units earned (a) | 538,237 | $ | 34.72 | ||||||||||||||
Balance, December 31, 2014 | 1,347,148 | $ | 37.79 | ||||||||||||||
(a) | Performance units earned during the period relate to PRSUs granted in 2013. | ||||||||||||||||
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 December 31, 2014, the total estimated unrecognized compensation expense was approximately $19,547, and the Company expects to amortize such expense over a weighted-average period of approximately 0.8 years subsequent to December 31, 2014. | |||||||||||||||||
LFI and Other Similar Deferred Compensation Arrangements | |||||||||||||||||
Commencing in February 2011, the Company granted LFI to eligible employees. In connection with 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 years ended December 31, 2014 and 2013: | |||||||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2014 | $ | 60,433 | $ | 162,422 | |||||||||||||
Granted | 92,728 | 92,728 | |||||||||||||||
Settled | – | (55,880 | ) | ||||||||||||||
Forfeited | (2,634 | ) | (5,531 | ) | |||||||||||||
Amortization | (76,508 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 7,326 | |||||||||||||||
Adjustment for estimated forfeitures | – | 8,748 | |||||||||||||||
Other | (741 | ) | (2,507 | ) | |||||||||||||
Balance, December 31, 2014 | $ | 73,278 | $ | 207,306 | |||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2013 | $ | 47,445 | $ | 97,593 | |||||||||||||
Granted | 72,217 | 72,217 | |||||||||||||||
Settled | – | (24,006 | ) | ||||||||||||||
Forfeited | (1,075 | ) | (1,544 | ) | |||||||||||||
Amortization | (58,023 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 14,099 | |||||||||||||||
Adjustment for estimated forfeitures | – | 4,643 | |||||||||||||||
Other | (131 | ) | (580 | ) | |||||||||||||
Balance, December 31, 2013 | $ | 60,433 | $ | 162,422 | |||||||||||||
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 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 consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Amortization, net of forfeitures (a) | $ | 82,359 | $ | 62,197 | $ | 41,209 | |||||||||||
Change in the fair value of underlying investments | 7,326 | 14,099 | 7,557 | ||||||||||||||
Total | $ | 89,685 | $ | 76,296 | $ | 48,766 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $2,665 and $3,495, respectively (See Note 16 of Notes to Consolidated Financial Statements). | ||||||||||||||||
Incentive Awards Granted In February 2015 | |||||||||||||||||
In February 2015, the Company granted approximately $306,000 of deferred incentive compensation awards (excluding PRSUs) to eligible employees. These grants included: RSUs or shares of restricted Class A common stock; deferred incentive compensation awards that allow eligible employees the choice of receiving a portion of their award in a combination of (i) LFI and (ii) additional RSUs or shares of restricted Class A common stock; deferred cash awards; and a portion of fund managers’ year-end incentive compensation that is reinvested in certain asset management funds. In addition, the Company granted approximately $19,000 of PRSUs (valued at the target payout level). | |||||||||||||||||
The RSUs, restricted Class A common stock and LFI granted each provide for one-third vesting on or around March 1, 2017 and the remaining two-thirds vesting on or around March 1, 2018. The PRSUs granted provide for vesting on or around March 1, 2018, provided that the applicable service and performance conditions are satisfied, and will convert into Class A common stock within a range equal to zero to two times the target number of shares of Class A common stock subject to the awards. Compensation expense with respect to such incentive awards will generally be recognized over the vesting period, with such compensation expense to be recognized over a weighted average period of approximately 2.7 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | 15 | EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||
The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”) and, in the U.S., a partially funded contributory post-retirement plan covering qualifying U.S. employees (the “medical plan” and together with the pension plans, the “post-retirement plans”). Assumptions for the valuation of benefit plan obligations include the life expectancy of the plans’ participants. During 2014, the Society of Actuaries (“SOA”) published new mortality tables to reflect current actuarial expectations of life expectancy in the U.S. On December 31, 2014, the Company incorporated the new mortality tables, which show longer life expectancy, into its valuation assumptions for the U.S. benefit 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 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 underway. The aggregate amount in the account security arrangement was approximately $17,500 and $16,900 at December 31, 2014 and 2013, respectively, and has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying consolidated statements of financial condition. Income on the account security arrangement accretes to the Company and is recorded in interest income. | |||||||||||||||||||||||||
The Company does not expect to make a contribution to the U.S. pension plans during the year ending December 31, 2015. The Company expects to contribute approximately $1,600 to the U.K. pension plans and approximately $4,200 to the other non-U.S. pension plans during the year ending December 31, 2015. | |||||||||||||||||||||||||
The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans. | |||||||||||||||||||||||||
Pension | Medical Plan | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 709,850 | $ | 656,025 | $ | 5,080 | $ | 5,668 | |||||||||||||||||
Service cost | 971 | 940 | 33 | 53 | |||||||||||||||||||||
Interest cost | 30,041 | 27,219 | 194 | 182 | |||||||||||||||||||||
Actuarial (gain) loss | 97,495 | 32,329 | 428 | (647 | ) | ||||||||||||||||||||
Benefits paid | (29,663 | ) | (23,258 | ) | (221 | ) | (176 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | (44,525 | ) | 16,595 | ||||||||||||||||||||||
Benefit obligation at end of year | 764,169 | 709,850 | 5,514 | 5,080 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 643,844 | 607,705 | |||||||||||||||||||||||
Actual return on plan assets | 91,829 | 41,353 | |||||||||||||||||||||||
Employer contributions | 7,648 | 2,274 | 221 | 176 | |||||||||||||||||||||
Benefits paid | (28,877 | ) | (23,258 | ) | (221 | ) | (176 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | (41,868 | ) | 15,770 | ||||||||||||||||||||||
Fair value of plan assets at end of year | 672,576 | 643,844 | – | – | |||||||||||||||||||||
Funded (deficit) at end of year | $ | (91,593 | ) | $ | (66,006 | ) | $ | (5,514 | ) | $ | (5,080 | ) | |||||||||||||
Amounts recognized in the consolidated statements of financial condition at December 31, 2014 and 2013 consist of: | |||||||||||||||||||||||||
Prepaid pension asset (included in “other assets”) | $ | – | $ | 148 | |||||||||||||||||||||
Accrued benefit liability (included in “other liabilities”) | (91,593 | ) | (66,154 | ) | $ | (5,514 | ) | $ | (5,080 | ) | |||||||||||||||
Net amount recognized | $ | (91,593 | ) | $ | (66,006 | ) | $ | (5,514 | ) | $ | (5,080 | ) | |||||||||||||
Amounts recognized in AOCI (excluding tax benefits of $37,567 and $30,448 at December 31, 2014 and 2013, respectively) consist of: | |||||||||||||||||||||||||
Actuarial net loss (gain) | $ | 186,637 | $ | 159,575 | $ | 360 | $ | (597 | ) | ||||||||||||||||
Prior service cost | 5,235 | 8,901 | – | – | |||||||||||||||||||||
Net amount recognized | $ | 191,872 | $ | 168,476 | $ | 360 | $ | (597 | ) | ||||||||||||||||
The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2014 and 2013: | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Total | |||||||||||||||||||||||
As Of December 31, | As Of December 31, | As Of December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fair value of plan assets | $ | 26,766 | $ | 26,200 | $ | 645,810 | $ | 617,644 | $ | 672,576 | $ | 643,844 | |||||||||||||
Accumulated benefit obligation | $ | 37,035 | $ | 29,427 | $ | 727,134 | $ | 680,423 | $ | 764,169 | $ | 709,850 | |||||||||||||
Projected benefit obligation | $ | 37,035 | $ | 29,427 | $ | 727,134 | $ | 680,423 | $ | 764,169 | $ | 709,850 | |||||||||||||
The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
For The Year Ended | For The Year Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit): | |||||||||||||||||||||||||
Service cost | $ | 971 | $ | 940 | $ | 670 | $ | 33 | $ | 53 | $ | 60 | |||||||||||||
Interest cost | 30,041 | 27,219 | 27,636 | 194 | 182 | 211 | |||||||||||||||||||
Expected return on plan assets | (32,607 | ) | (27,078 | ) | (26,657 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service cost | 2,841 | 2,843 | 2,751 | ||||||||||||||||||||||
Net actuarial loss (gain) | 4,360 | 3,691 | 1,658 | (529 | ) | ||||||||||||||||||||
Settlement loss (a) | – | – | 1,135 | ||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 5,606 | $ | 7,615 | $ | 7,193 | $ | (302 | ) | $ | 235 | $ | 271 | ||||||||||||
Actual return on plan assets | $ | 91,829 | $ | 41,353 | $ | 33,882 | |||||||||||||||||||
Employer contributions | $ | 7,648 | $ | 2,274 | $ | 8,221 | $ | 221 | $ | 176 | $ | 275 | |||||||||||||
Benefits paid | $ | 28,877 | $ | 23,258 | $ | 26,420 | $ | 221 | $ | 176 | $ | 275 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $7,119, $4,459 and $11,805 during the years ended December 31, 2014, 2013 and 2012, respectively): | |||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 41,082 | $ | 17,251 | $ | 50,209 | $ | 428 | $ | (647 | ) | $ | 310 | ||||||||||||
Reclassification of prior service (cost) credit to earnings | (2,841 | ) | (2,843 | ) | (2,751 | ) | |||||||||||||||||||
Reclassification of actuarial gain (loss) to earnings | (4,360 | ) | (3,691 | ) | (2,793 | ) | 529 | ||||||||||||||||||
Currency translation and other adjustments | (10,485 | ) | 3,284 | 2,729 | |||||||||||||||||||||
Total recognized in AOCI | $ | 23,396 | $ | 14,001 | $ | 47,394 | $ | 957 | $ | (647 | ) | $ | 310 | ||||||||||||
Net amount recognized in total periodic benefit cost and AOCI | $ | 29,002 | $ | 21,616 | $ | 54,587 | $ | 655 | $ | (412 | ) | $ | 581 | ||||||||||||
(a) | During the year ended December 31, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, combined with a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032. | ||||||||||||||||||||||||
The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2014 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2015 are as follows: | |||||||||||||||||||||||||
Pension | Medical | Total | |||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
Prior service cost | $ | 2,600 | $ | – | $ | 2,600 | |||||||||||||||||||
Net actuarial loss (gain) | $ | 4,821 | $ | – | $ | 4,821 | |||||||||||||||||||
The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2014, 2013 and 2012 are set forth below: | |||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 3.40% | 4.30% | 4.6 | % | 3.70% | 4.30% | 3.40% | ||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 2.00% | 3.30% | 3.2 | % | 4.30% | 3.40% | 4.10% | ||||||||||||||||||
Expected long-term rate of return on plan assets | 5.10% | 4.70% | 4.7 | % | – | – | – | ||||||||||||||||||
Healthcare cost trend rates used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Initial | 7.50% | 8.00% | 8.00% | ||||||||||||||||||||||
Ultimate | 5.00% | 5.00% | 6.00% | ||||||||||||||||||||||
Year ultimate trend rate achieved | 2019 | 2019 | 2016 | ||||||||||||||||||||||
Generally, the Company determined the discount rates for its defined benefit plans by utilizing indices for long-term, high-quality bonds and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities. | |||||||||||||||||||||||||
In selecting the expected long-term rate of return on plan assets, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan, giving consideration to expected returns on different asset classes held by the plans in light of prevailing economic conditions as well as historical returns. This basis is consistent for all years presented. | |||||||||||||||||||||||||
The assumed cost of healthcare has an effect on the amounts reported for the Company’s medical plan. A 1% change in the assumed healthcare cost trend rate would increase (decrease) our cost and obligation as follows: | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Cost | $ | 29 | $ | 33 | $ | (22 | ) | $ | (24 | ) | |||||||||||||||
Obligation | $ | 779 | $ | 675 | $ | (580 | ) | $ | (494 | ) | |||||||||||||||
Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s post-retirement plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: | |||||||||||||||||||||||||
Pension | Medical | ||||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
2015 | $ | 24,059 | $ | 358 | |||||||||||||||||||||
2016 | 25,103 | 364 | |||||||||||||||||||||||
2017 | 25,619 | 366 | |||||||||||||||||||||||
2018 | 27,551 | 368 | |||||||||||||||||||||||
2019 | 29,077 | 371 | |||||||||||||||||||||||
2020-2024 | 160,294 | 1,847 | |||||||||||||||||||||||
Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2014 and 2013, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements: | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 13,226 | $ | – | $ | – | $ | 13,226 | |||||||||||||||||
Debt | 52,439 | – | – | 52,439 | |||||||||||||||||||||
Equities | 31,253 | – | – | 31,253 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | 457 | 304 | 578 | 1,339 | |||||||||||||||||||||
Debt | 13,570 | 357,522 | 1,793 | 372,885 | |||||||||||||||||||||
Equity | 194,898 | 6,536 | – | 201,434 | |||||||||||||||||||||
Total | $ | 305,843 | $ | 364,362 | $ | 2,371 | $ | 672,576 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 5,835 | $ | – | $ | – | $ | 5,835 | |||||||||||||||||
Debt | 43,764 | – | – | 43,764 | |||||||||||||||||||||
Equities | 27,762 | – | – | 27,762 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | 907 | 43,123 | 698 | 44,728 | |||||||||||||||||||||
Debt | 11,942 | 323,812 | 2,222 | 337,976 | |||||||||||||||||||||
Equity | 183,779 | – | – | 183,779 | |||||||||||||||||||||
Total | $ | 273,989 | $ | 366,935 | $ | 2,920 | $ | 643,844 | |||||||||||||||||
Activity in the fair value of the pension plans’ Level 3 debt and alternative investment funds for the years ended December 31, 2014 and 2013 consisted of net unrealized/realized gains (losses) of $(379) and $434, respectively and favorable (unfavorable) foreign currency translation adjustments of $(170) and $58, respectively. | |||||||||||||||||||||||||
Included in Level 1 and 2 equity funds are $70,490 and $81,633 as of December 31, 2014 and 2013, respectively, that are invested in funds managed by LAM. | |||||||||||||||||||||||||
Consistent with the plans’ investment strategies, at December 31, 2014 and 2013, the Company’s U.S. pension plan had 49% and 54%, respectively, of the plans’ assets invested in Level 1 and Level 2 equity funds and 51% and 46%, respectively, invested in Level 1 debt funds. The Company’s non-U.S. pension plans at December 31, 2014 and 2013 had 34% and 32%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 assets; 64% and 60%, respectively of the plans’ assets invested in debt and debt funds that are primarily Level 2 assets, and 2% and 8%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily Level 1 and Level 2 assets. | |||||||||||||||||||||||||
Investment Policies and Strategies—The primary investment goal is to ensure that the plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the trust to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan assets classified as Level 2 assets are primarily valued based on inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. The fair value of plan investments classified as Level 3 assets are primarily based on NAV determined based on information provided by external fund administrators. | |||||||||||||||||||||||||
Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $11,904, $11,778 and $13,070 for the years ended December 31, 2014, 2013 and 2012, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations. |
Cost_Saving_Initiatives
Cost Saving Initiatives | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Cost Saving Initiatives | 16 | COST SAVING INITIATIVES | |||||||||||||||
In October 2012, the Company announced cost saving initiatives (the “Cost Saving Initiatives”) relating to the Company’s operations. These initiatives included streamlining our corporate structure and consolidating support functions; realigning our investments into areas with potential for the greatest long-term return; the settlement of certain contractual obligations; reducing occupancy costs; and creating greater flexibility to retain and attract the best people and invest in new growth areas. | |||||||||||||||||
Expenses associated with the implementation of the Cost Saving Initiatives were completed during the year ended December 31, 2013. The Company incurred these expenses, by segment, as reflected in the tables below: | |||||||||||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 45,746 | $ | 236 | $ | 5,417 | $ | 51,399 | |||||||||
Other | 2,033 | (1 | ) | 11,272 | 13,304 | ||||||||||||
Total | $ | 47,779 | $ | 235 | $ | 16,689 | $ | 64,703 | |||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Cumulative October 2012 Through | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 121,879 | $ | 12,292 | $ | 17,215 | $ | 151,386 | |||||||||
Other | 3,432 | 732 | 11,729 | 15,893 | |||||||||||||
Total | $ | 125,311 | $ | 13,024 | $ | 28,944 | $ | 167,279 | |||||||||
Activity related to the obligations pursuant to the Cost Saving Initiatives during 2014 was as follows: | |||||||||||||||||
Accrued | Other | Total | |||||||||||||||
Compensation | Liabilities | ||||||||||||||||
and Benefits | |||||||||||||||||
Balance, January 1, 2014 | $ | 11,860 | $ | 5,356 | $ | 17,216 | |||||||||||
Less: | |||||||||||||||||
Settlements | (11,651 | ) | (1,050 | ) | (12,701 | ) | |||||||||||
Balance, December 31, 2014 | $ | 209 | $ | 4,306 | $ | 4,515 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 17 | INCOME TAXES | |||||||||||
Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to UBT attributable to its operations apportioned to New York City. | |||||||||||||
Substantially all of Lazard’s foreign operations are conducted in “pass-through” entities for U.S. income tax purposes. The Company provides for U.S. income taxes on a current basis for those earnings. The repatriation of prior earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes. | |||||||||||||
The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2014, 2013 and 2012, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,112 | $ | (3,678 | ) | $ | 2,094 | ||||||
Foreign | 61,143 | 41,084 | 27,650 | ||||||||||
State and local (primarily UBT) | 5,519 | (167 | ) | 5,813 | |||||||||
Total current | 69,774 | 37,239 | 35,557 | ||||||||||
Deferred: | |||||||||||||
Federal | 2,766 | 19,934 | (3,330 | ) | |||||||||
Foreign | 9,239 | (4,520 | ) | (1,127 | ) | ||||||||
State and local (primarily UBT) | 3,623 | (960 | ) | – | |||||||||
Total deferred | 15,628 | 14,454 | (4,457 | ) | |||||||||
Total | $ | 85,402 | $ | 51,693 | $ | 31,100 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Income of noncontrolling interests | (0.5 | ) | (0.8 | ) | (2.4 | ) | |||||||
Share-based incentive compensation | – | – | 7.4 | ||||||||||
Foreign source income not subject to U.S. income tax | (12.4 | ) | (12.7 | ) | (34.6 | ) | |||||||
Foreign taxes | 8.2 | 14.1 | 13.5 | ||||||||||
State and local taxes (primarily UBT) | 1.8 | 2.6 | 3.4 | ||||||||||
Change in U.S. federal valuation allowance | (18.7 | ) | (14.9 | ) | 1.4 | ||||||||
Other, net | 3 | 0.5 | 1.4 | ||||||||||
Effective income tax rate | 16.4 | % | 23.8 | % | 25.1 | % | |||||||
See Note 21 of Notes to Consolidated Financial Statements regarding operating income (loss) by geographic region. | |||||||||||||
Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | $ | 598,607 | $ | 739,059 | |||||||||
Compensation and benefits | 258,976 | 250,413 | |||||||||||
Net operating loss and tax credit carryforwards | 283,198 | 348,433 | |||||||||||
Depreciation and amortization | 950 | 8,169 | |||||||||||
Other | 36,470 | 58,273 | |||||||||||
Gross deferred tax assets | 1,178,201 | 1,404,347 | |||||||||||
Valuation allowance | (1,044,152 | ) | (1,225,305 | ) | |||||||||
Deferred tax assets (net of valuation allowance) | $ | 134,049 | $ | 179,042 | |||||||||
Deferred Tax Liabilities: | |||||||||||||
Depreciation and amortization | $ | 21,908 | $ | 19,296 | |||||||||
Compensation and benefits | 28,035 | 30,042 | |||||||||||
Goodwill | 15,289 | 15,434 | |||||||||||
Other | 39,705 | 70,394 | |||||||||||
Deferred tax liabilities | $ | 104,937 | $ | 135,166 | |||||||||
The basis adjustments recorded as of December 31, 2014 and 2013 are the result of: | |||||||||||||
• | purchases and redemptions of historical and working member interests consummated in connection with the separation and recapitalization of the Company, which resulted in deferred tax assets of $95,784 and $123,027 at December 31, 2014 and 2013, respectively; | ||||||||||||
• | tax basis step-ups resulting primarily from the exchange of LAZ-MD exchangeable interests and from the acquisition of equity interest of LAM partners, which in the aggregate resulted in deferred tax assets of $496,821 and $603,552 at December 31, 2014 and 2013, respectively; | ||||||||||||
• | tax basis step-up for U.S. income tax purposes on certain U.K. assets, which resulted in deferred tax assets of $1,473 and $6,538 at December 31, 2014 and 2013, respectively; and | ||||||||||||
• | tax basis step-up for payments made under the tax receivable agreement of $4,529 and $5,942 at December 31, 2014 and 2013, respectively. | ||||||||||||
The historical profitability of each tax paying entity is an important factor in determining whether to record a valuation allowance and when to release any such allowance. Several of our tax-paying entities at which we have recorded significant valuation allowances were profitable on a cumulative basis for the three years ended December 31, 2014, but substantially all of the profitability of these entities during that period was achieved during 2014 (and these entities experienced losses in 2012). | |||||||||||||
In assessing our valuation allowance, we have considered all available information, including the historical volatility of operating results of the relevant tax-paying entities, and the fact that the recent results of operations of the entities reflect only one year of significant profitability in the three year period ended December 31, 2014. Based upon this analysis, we do not believe that our principal tax paying entities have attained a sustained level of profitability yet, and, therefore, we continue to maintain a valuation allowance on substantially all of our deferred tax assets as of December 31, 2014. | |||||||||||||
The valuation allowance at December 31, 2014 of $1,044,152 reflects a net decrease of $181,153 from the balance of $1,225,305 at December 31, 2013. This net decrease in the valuation allowance for the year ended December 31, 2014 consists of additions of $43,001 and $28,257 for the amounts charged to income tax expense and stockholders’ equity, respectively, and a deduction of $246,052 and $6,359 which was credited to income tax expense and stockholders’ equity, respectively. Of the net amount credited to income tax expense of $203,051 above, approximately $106,000 is due primarily to the remeasurement of certain deferred tax assets with a corresponding valuation allowance. | |||||||||||||
The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $283,198 were recorded at December 31, 2014 primarily relating to: | |||||||||||||
(i) | indefinite-lived carryforwards (subject to various limitations) of approximately $43,000, primarily in the U.K., Australia, Germany, Singapore and Italy; and | ||||||||||||
(ii) | certain carryforwards of approximately $230,000 in the U.S., which begin expiring in 2029. | ||||||||||||
As a result of certain realization requirements regarding share-based incentive plan awards, certain deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting that would otherwise have been recognized at December 31, 2014 and 2013 of $46,633 and $30,200 are not included in the table above. The impact of such excess tax deductions will be recorded in stockholders’ equity if and when such deferred tax assets are ultimately realized. | |||||||||||||
With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2010. While we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate. | |||||||||||||
A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, January 1 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively) | $ | 62,905 | $ | 55,947 | $ | 62,200 | |||||||
Increases in gross unrecognized tax benefits relating to tax positions taken during: | |||||||||||||
Prior years | 2,837 | 417 | 1,393 | ||||||||||
Current year | 18,698 | 17,596 | 19,690 | ||||||||||
Decreases in gross unrecognized tax benefits relating to: | |||||||||||||
Tax positions taken during prior years | (3,191 | ) | (385 | ) | (5,397 | ) | |||||||
Settlements with tax authorities | – | (5,587 | ) | (12,077 | ) | ||||||||
Lapse of the applicable statute of limitations | (13,025 | ) | (5,083 | ) | (9,862 | ) | |||||||
Balance, December 31 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively) | $ | 68,224 | $ | 62,905 | $ | 55,947 | |||||||
Additional information with respect to unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,004, $12,200 and $14,799, respectively) | $ | 40,353 | $ | 36,272 | $ | 44,452 | |||||||
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | $ | 40,875 | $ | 38,833 | $ | 26,294 | |||||||
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,177, $7,326 and $3,130, respectively) | $ | 804 | $ | (2,599 | ) | $ | 6,345 | ||||||
The Company anticipates that it is reasonably possible that approximately $9,000 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2014 may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions. | |||||||||||||
Tax Receivable Agreement | |||||||||||||
The redemption of 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 or intangible assets of Lazard Group. Included in our deferred tax assets as of December 31, 2014 are approximately $544,000 related to certain basis step-up assets and approximately $255,000 of net operating losses generated by the amortization of such step-up assets, all of which are subject to the tax receivable agreement dated as of May 10, 2005 with LMDC Holdings. The tax receivable agreement requires the Company to pay LMDC Holdings 85% of the cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of these increases in tax basis. The Company records provisions for payments under the tax receivable agreement to the extent they are probable and estimable. During the years ended December 31, 2014 and 2013, the Company recorded a “provision pursuant to tax receivable agreement” on the consolidated statements of operations of $18,307 and $1,249, respectively (no provision was required for the year ended December 31, 2012), with the liability related thereto included within “related party payables” on the consolidated statement of financial condition (see Note 19 of Notes to Consolidated Financial Statements). The amount of $1,249 for the year ended December 31, 2013, was reclassified from “operating expenses-other” to conform to the manner of presentation in the current period. |
Net_Income_Per_Share_of_Class_
Net Income Per Share of Class A Common Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income Per Share of Class A Common Stock | 18 | NET INCOME PER SHARE OF CLASS A COMMON STOCK | |||||||||||
The Company’s basic and diluted net income per share calculations for the years ended December 31, 2014, 2013 and 2012 are computed as described below. | |||||||||||||
Basic Net Income Per Share | |||||||||||||
Numerator—utilizes net income attributable to Lazard Ltd for the respective years, plus applicable adjustments to such net income associated with the inclusion of shares of Class A common stock issuable on a non-contingent basis. | |||||||||||||
Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective years, plus applicable adjustments to such shares associated with shares of Class A common stock issuable on a non-contingent basis. | |||||||||||||
Diluted Net Income Per Share | |||||||||||||
Numerator—utilizes net income attributable to Lazard Ltd for the respective years as in the basic net income per share calculation described above, plus, to the extent applicable and dilutive, (i) 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 years as in the basic net income per share calculation described above, plus, to the extent dilutive, the incremental number of shares of Class A common stock 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 years ended December 31, 2014, 2013 and 2012 are presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income attributable to Lazard Ltd | $ | 427,277 | $ | 160,212 | $84,309 | ||||||||
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | — | — | 7 | ||||||||||
Net income attributable to Lazard Ltd - basic | 427,277 | 160,212 | 84,316 | ||||||||||
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 | 581 | 1,065 | 371 | ||||||||||
Net income attributable to Lazard Ltd - diluted | $ | 427,858 | $161,277 | $84,687 | |||||||||
Weighted average number of shares of Class A common stock outstanding | 121,942,939 | 120,096,305 | 116,163,821 | ||||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 408,897 | 757,962 | 790,168 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 122,351,836 | 120,854,267 | 116,953,989 | ||||||||||
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 | 11,461,287 | 12,882,812 | 12,371,633 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,813,123 | 133,737,079 | 129,325,622 | ||||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||||
Basic | $3.49 | $1.33 | $0.72 | ||||||||||
Diluted | $3.20 | $1.21 | $0.65 | ||||||||||
Related_Parties
Related Parties | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Parties | 19 | RELATED PARTIES | |||||||
Amounts receivable from, and payable to, related parties are set forth below: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Receivables | |||||||||
LMDC Holdings | $ | 1,107 | $ | 7,794 | |||||
Other | 160 | 126 | |||||||
Total | $ | 1,267 | $ | 7,920 | |||||
Payables | |||||||||
LMDC Holdings | $ | 20,654 | $ | 4,300 | |||||
Other | 1,240 | 731 | |||||||
Total | $ | 21,894 | $ | 5,031 | |||||
LMDC Holdings | |||||||||
LMDC 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 continues to be owned in large part 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 LMDC Holdings (the “master separation agreement”), which effected the separation and recapitalization that occurred in May 2005, LMDC 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, LMDC Holdings and Lazard Group entered into a business alliance agreement (the “business alliance agreement”) and a license agreement (the “license agreement”). | |||||||||
In the third quarter of 2014, the Company entered into arrangements with LMDC Holdings and certain of its subsidiaries pursuant to which, among other things, the Company acquired certain assets from LMDC Holdings relating to its convertible securities business, the business alliance provided for in the business alliance agreement terminated, and LMDC Holdings relinquished certain license rights previously granted under the license agreement. In addition, LMDC Holdings surrendered certain leasehold interests, including leasehold improvements, to the Company, and was relieved of obligations to pay related sublease rent. See Note 12 of Notes to 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. | |||||||||
For the years ended December 31, 2014, 2013 and 2012, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $879, $1,456 and $7,637, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $795, $(1,646) and $5,947, 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 LMDC Holdings and its subsidiaries as of December 31, 2014 and 2013 include $1,107 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 LMDC Holdings, and at December 31, 2013, $4,682 related to referral fees for underwriting and private placement transactions. Payables to LMDC Holdings and its subsidiaries at December 31, 2014 and 2013 include $1,077 and $3,051, respectively, primarily relating to referral fees for Financial Advisory and other transactions, and, at December 31, 2014 and 2013, $19,577 and $1,249, respectively, related to obligations pursuant to the tax receivable agreement (see Note 17 of Notes to Consolidated Financial Statements). | |||||||||
Other | |||||||||
For the years ended December 31, 2014, 2013 and 2012, amounts recorded by Lazard Group relating to referral fees for restructuring and M&A transactions and fee sharing with MBA Lazard Holdings S.A. and its affiliates (“MBA”), an Argentina-based group in which the Company has a 50% ownership interest, amounted to $(5,557), $(2,221) and $1,506, respectively, and are reported in advisory fee revenue. | |||||||||
Other receivables and payables at December 31, 2014 and 2013 primarily relate to referral fees for M&A and restructuring transactions with MBA. | |||||||||
LAZ-MD Holdings | |||||||||
Lazard Group provided certain administrative and support services to LAZ-MD Holdings through the administrative services agreement. Lazard Group charged LAZ-MD Holdings for these services based on Lazard Group’s cost allocation methodology and, for the years ended December 31, 2014, 2013 and 2012, such charges amounted to $856, $1,000 and $1,000, respectively. | |||||||||
Regulatory_Authorities
Regulatory Authorities | 12 Months Ended | |
Dec. 31, 2014 | ||
Banking and Thrift [Abstract] | ||
Regulatory Authorities | 20 | REGULATORY AUTHORITIES |
LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $100, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At December 31, 2014, LFNY’s regulatory net capital was $128,382, which exceeded the minimum requirement by $123,999. LFNY’s aggregate indebtedness to net capital ratio was 0.51:1 as of December 31, 2014. | ||
Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At December 31, 2014, the aggregate regulatory net capital of the U.K. Subsidiaries was $86,273, which exceeded the minimum requirement by $68,683. | ||
CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the ACPR for its banking activities conducted through its subsidiary, LFB. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG (asset management), also are subject to regulation and supervision by the Autorité des Marchés Financiers. At December 31, 2014, the consolidated regulatory net capital of CFLF was $134,708, which exceeded the minimum requirement set for regulatory capital levels by $87,130. 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 minimum requirements for regulatory net capital and satisfy periodic financial and other reporting obligations. At December 31, 2014, the regulatory net capital of the combined European regulated group was $180,047, which exceeded the minimum requirement set for regulatory capital levels by $104,309. Additionally, the combined European regulated group, together with our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure (which is similar to the information that the Company had already been providing informally). This new supervision under, and provision of information to, the ACPR became effective December 31, 2013. | ||
Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At December 31, 2014, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $111,224, which exceeded the minimum required capital by $84,699. | ||
At December 31, 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 | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment Information | 21 | SEGMENT INFORMATION | |||||||||||||
The Company’s reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in two business segments as described in Note 1 above: Financial Advisory and Asset Management. In addition, as described in Note 1 above, the Company records selected other activities in its Corporate segment. | |||||||||||||||
The Company’s segment information for the years ended December 31, 2014, 2013 and 2012 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. | |||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments. | |||||||||||||||
Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: | |||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2014 | 2013(b) | 2012(b) | |||||||||||||
Financial Advisory | Net Revenue | $ | 1,206,734 | $ | 980,577 | $ | 1,049,090 | ||||||||
Operating Expenses (a) | 977,681 | 959,668 | 1,057,620 | ||||||||||||
Operating Income (Loss) | $ | 229,053 | $ | 20,909 | $ | (8,530 | ) | ||||||||
Total Assets | $ | 785,557 | $ | 714,708 | $ | 793,007 | |||||||||
Asset Management | Net Revenue | $ | 1,134,595 | $ | 1,039,130 | $ | 896,260 | ||||||||
Operating Expenses (a) | 749,345 | 704,045 | 659,502 | ||||||||||||
Operating Income | $ | 385,250 | $ | 335,085 | $ | 236,758 | |||||||||
Total Assets | $ | 588,403 | $ | 612,018 | $ | 566,677 | |||||||||
Corporate | Net Revenue | $ | (40,882 | ) | $ | (34,355 | ) | $ | (32,902 | ) | |||||
Operating Expenses (a) | 53,956 | 104,832 | 71,441 | ||||||||||||
Operating Loss | $ | (94,838 | ) | $ | (139,187 | ) | $ | (104,343 | ) | ||||||
Total Assets | $ | 1,958,276 | $ | 1,684,411 | $ | 1,627,209 | |||||||||
Total | Net Revenue | $ | 2,300,447 | $ | 1,985,352 | $ | 1,912,448 | ||||||||
Operating Expenses (a) | 1,780,982 | 1,768,545 | 1,788,563 | ||||||||||||
Operating Income | $ | 519,465 | $ | 216,807 | $ | 123,885 | |||||||||
Total Assets | $ | 3,332,236 | $ | 3,011,137 | $ | 2,986,893 | |||||||||
(a) | Operating expenses include depreciation and amortization of property as set forth in table below. | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Financial Advisory | $ | 4,826 | $ | 5,256 | $ | 5,710 | |||||||||
Asset Management | 2,610 | 2,556 | 3,250 | ||||||||||||
Corporate | 27,028 | 26,938 | 21,895 | ||||||||||||
Total | $ | 34,464 | $ | 34,750 | $ | 30,855 | |||||||||
(b) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives and the impact on each of the Company’s business segments. | ||||||||||||||
Geographic Information | |||||||||||||||
Due to the highly integrated nature of international financial markets, the Company manages its business based on the profitability of the enterprise as a whole. Accordingly, management believes that profitability by geographic region is not necessarily meaningful. The Company’s revenue and identifiable assets are generally allocated based on the country or domicile of the legal entity providing the service. | |||||||||||||||
The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. | |||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Net Revenue: | |||||||||||||||
United States | $ | 1,308,220 | $ | 1,217,014 | $ | 1,172,566 | |||||||||
United Kingdom | 277,610 | 205,695 | 180,784 | ||||||||||||
France | 376,432 | 281,740 | 265,523 | ||||||||||||
Other Western Europe | 150,810 | 123,975 | 132,754 | ||||||||||||
Rest of World | 187,375 | 156,928 | 160,821 | ||||||||||||
Total | $ | 2,300,447 | $ | 1,985,352 | $ | 1,912,448 | |||||||||
Operating Income (Loss): | |||||||||||||||
United States | $ | 320,082 | $ | 234,247 | $ | 169,111 | |||||||||
United Kingdom | 61,744 | (6,474 | ) | (37,329 | ) | ||||||||||
France | 87,308 | 14,845 | 8,332 | ||||||||||||
Other Western Europe | 12,634 | (8,260 | ) | (20,812 | ) | ||||||||||
Rest of World | 37,697 | (17,551 | ) | 4,583 | |||||||||||
Total | $ | 519,465 | $ | 216,807 | $ | 123,885 | |||||||||
Identifiable Assets: | |||||||||||||||
United States | $ | 1,840,882 | $ | 1,529,695 | $ | 1,507,331 | |||||||||
United Kingdom | 266,584 | 239,606 | 226,578 | ||||||||||||
France | 809,241 | 824,712 | 808,655 | ||||||||||||
Other Western Europe | 135,889 | 118,939 | 114,763 | ||||||||||||
Rest of World | 279,640 | 298,185 | 329,566 | ||||||||||||
Total | $ | 3,332,236 | $ | 3,011,137 | $ | 2,986,893 | |||||||||
Supplemental_Financial_Informa
Supplemental Financial Information - Quarterly Results | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Supplemental Financial Information - Quarterly Results | SUPPLEMENTAL FINANCIAL INFORMATION | ||||||||||||||||||||
QUARTERLY RESULTS (UNAUDITED) | |||||||||||||||||||||
The following represents the Company’s unaudited quarterly results for the years ended December 31, 2014 and 2013. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. | |||||||||||||||||||||
2014 Fiscal Quarter | |||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 533,400 | $ | 566,896 | $ | 566,211 | $ | 633,940 | $ | 2,300,447 | |||||||||||
Operating expenses | 426,220 | 467,916 | 452,499 | 434,347 | 1,780,982 | ||||||||||||||||
Operating income | $ | 107,180 | $ | 98,980 | $ | 113,712 | $ | 199,593 | $ | 519,465 | |||||||||||
Net income | $ | 85,429 | $ | 85,909 | $ | 89,920 | $ | 172,805 | $ | 434,063 | |||||||||||
Less - net income attributable to noncontrolling interests | 4,587 | 717 | 1,061 | 421 | 6,786 | ||||||||||||||||
Net income attributable to Lazard Ltd | $ | 80,842 | $ | 85,192 | $ | 88,859 | $ | 172,384 | $ | 427,277 | |||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income per share of common stock: | |||||||||||||||||||||
Basic | $0.66 | $0.69 | $0.73 | $1.41 | $3.49 | ||||||||||||||||
Diluted | $0.61 | $0.64 | $0.67 | $1.29 | $3.20 | ||||||||||||||||
Dividends declared per share of common stock | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 | ||||||||||||||||
2013 Fiscal Quarter | |||||||||||||||||||||
First(a) | Second(a) | Third | Fourth(b) | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 401,903 | $ | 490,405 | $ | 480,354 | $ | 612,690 | $ | 1,985,352 | |||||||||||
Operating expenses | 380,306 | 449,467 | 399,236 | 539,536 | 1,768,545 | ||||||||||||||||
Operating income | $ | 21,597 | $ | 40,938 | $ | 81,118 | $ | 73,154 | $ | 216,807 | |||||||||||
Net income | $ | 17,649 | $ | 31,921 | $ | 62,748 | $ | 52,796 | $ | 165,114 | |||||||||||
Less - net income (loss) attributable to noncontrolling interests | 2,289 | 568 | 2,466 | (421 | ) | 4,902 | |||||||||||||||
Net income attributable to Lazard Ltd | $ | 15,360 | $ | 31,353 | $ | 60,282 | $ | 53,217 | $ | 160,212 | |||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income per share of common stock: | |||||||||||||||||||||
Basic | $0.13 | $0.26 | $0.49 | $0.44 | $1.33 | ||||||||||||||||
Diluted | $0.12 | $0.24 | $0.45 | $0.40 | $1.21 | ||||||||||||||||
Dividends declared per share of common stock | — | $0.25 | $0.25 | $0.50 | $1.00 | ||||||||||||||||
(a) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives. | ||||||||||||||||||||
(b) | See Note 11 of Notes to Consolidated Financial Statements for information regarding the debt refinancing. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | LAZARD LTD | ||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
DECEMBER 31, 2014 AND 2013 | |||||||||||||
(dollars in thousands, except per share data) | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash and cash equivalents | $ | 7,482 | $ | 688 | |||||||||
Investments in subsidiaries, equity method | (1,604,077 | ) | (1,818,211 | ) | |||||||||
Due from subsidiaries | 2,303,440 | 2,379,308 | |||||||||||
Other assets | – | 4 | |||||||||||
Total assets | $ | 706,845 | $ | 561,789 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Liabilities: | |||||||||||||
Due to subsidiaries | $ | 20 | $ | 1,488 | |||||||||
Other liabilities | 81 | 92 | |||||||||||
Total liabilities | 101 | 1,580 | |||||||||||
Commitments and contingencies | |||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | |||||||||||||
Series A—7,921 shares issued and outstanding at December 31, 2014 and 2013 | – | – | |||||||||||
Series B—no shares issued and outstanding | – | – | |||||||||||
Common stock: | |||||||||||||
Class A, par value $.01 per share (500,000,000 shares authorized; 129,766,091 and 129,056,081 shares issued at December 31, 2014 and 2013, respectively, including shares held by subsidiaries as indicated below) | 1,298 | 1,291 | |||||||||||
Class B, par value $.01 per share (1 share authorized, issued and outstanding at December 31, 2013) | – | – | |||||||||||
Additional paid-in-capital | 702,800 | 737,899 | |||||||||||
Retained earnings | 464,655 | 203,236 | |||||||||||
Accumulated other comprehensive loss, net of tax | (200,766 | ) | (133,004 | ) | |||||||||
967,987 | 809,422 | ||||||||||||
Class A common stock held by subsidiaries, at cost (7,450,745 and 8,317,065 shares at December 31, 2014 and 2013, respectively) | (261,243 | ) | (249,213 | ) | |||||||||
Total stockholders’ equity | 706,744 | 560,209 | |||||||||||
Total liabilities and stockholders’ equity | $ | 706,845 | $ | 561,789 | |||||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
REVENUE | |||||||||||||
Equity in earnings of subsidiaries | $ | 373,713 | $ | 103,769 | $ | 20,598 | |||||||
Interest and other income | 55,303 | 58,227 | 65,319 | ||||||||||
Total revenue | 429,016 | 161,996 | 85,917 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Professional services | 1,594 | 1,662 | 1,477 | ||||||||||
Other | 145 | 122 | 131 | ||||||||||
Total operating expenses | 1,739 | 1,784 | 1,608 | ||||||||||
NET INCOME | $ | 427,277 | $ | 160,212 | $ | 84,309 | |||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
NET INCOME | $ | 427,277 | $ | 160,212 | $ | 84,309 | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||
Currency translation adjustments | (49,970 | ) | (15,438 | ) | 15,431 | ||||||||
Amortization of interest rate hedge | – | 2,488 | 1,042 | ||||||||||
Employee benefit plans: | |||||||||||||
Actuarial loss (net of tax benefit of $9,045, $6,353 and $12,796 for the years ended December 31, 2014, 2013 and 2012, respectively) | (21,983 | ) | (13,426 | ) | (39,817 | ) | |||||||
Adjustments for items reclassified to earnings (net of tax expense of $1,923, $1,918 and $1,131 for the years ended December 31, 2014, 2013 and 2012, respectively) | 4,749 | 4,580 | 4,347 | ||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (67,204 | ) | (21,796 | ) | (18,997 | ) | |||||||
COMPREHENSIVE INCOME | $ | 360,073 | $ | 138,416 | $ | 65,312 | |||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 427,277 | $ | 160,212 | $ | 84,309 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in earnings of subsidiaries | (373,713 | ) | (103,769 | ) | (20,598 | ) | |||||||
Changes in due to/from subsidiaries | 99,477 | 65,574 | 71,566 | ||||||||||
Changes in other operating assets and liabilities | -6 | -7 | (89 | ) | |||||||||
Net cash provided by operating activities | 153,035 | 122,010 | 135,188 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Class A common stock dividends | (146,241 | ) | (121,620 | ) | (135,108 | ) | |||||||
Net cash used in financing activities | (146,241 | ) | (121,620 | ) | (135,108 | ) | |||||||
Net increase in cash and cash equivalents | 6,794 | 390 | 80 | ||||||||||
Cash and cash equivalents, January 1 | 688 | 298 | 218 | ||||||||||
Cash and cash equivalents, December 31 | $ | 7,482 | $ | 688 | $ | 298 | |||||||
See notes to condensed financial statements. | |||||||||||||
LAZARD LTD | |||||||||||||
(parent company only) | |||||||||||||
NOTES TO CONDENSED FINANCIAL STATEMENTS | |||||||||||||
1 | BASIS OF PRESENTATION | ||||||||||||
The accompanying Lazard Ltd condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Lazard Ltd and its subsidiaries (the “Company”) and the notes thereto. | |||||||||||||
The Parent Company Financial Statements as of December 31, 2014 and 2013, and for each of the three years in the period ended December 31, 2014, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates. | |||||||||||||
The Parent Company Financial Statements include investments in subsidiaries, accounted for under the equity method. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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 December 31, 2014 and 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. As of December 31, 2013, LAZ-MD Holdings was also 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 consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate 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. | ||||
The consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) along with its subsidiaries, LFB and LFG, and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. | ||||
Foreign Currency Translation | Foreign Currency Translation—The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 7 of Notes to Consolidated Financial Statements) amounted to $131, $(2,887) and $(761), respectively, for the years ended December 31, 2014, 2013 and 2012, and are included in “revenue-other” on the respective consolidated statements of operations. | |||
Use of Estimates | Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: | |||
• | valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans; | |||
• | the adequacy of the allowance for doubtful accounts; | |||
• | the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions; | |||
• | the outcome of litigation; | |||
• | the carrying amount of goodwill and other intangible assets; | |||
• | the amortization period of intangible assets; | |||
• | the valuation of shares issued or issuable that contain transfer restrictions; | |||
• | the vesting of share-based and other deferred compensation plan awards; and | |||
• | other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. | |||
Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. | |||
Deposits with Banks 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. | |||
Cash Deposited with Clearing Organizations and Other Segregated Cash | Cash Deposited with Clearing Organizations and Other Segregated Cash—Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. | |||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts—We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced. | |||
With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired. | ||||
See Note 4 of Notes to Consolidated Financial Statements for additional information regarding receivables. | ||||
Investments | Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. | |||
Investments in debt and marketable equity securities held at the Company’s non broker-dealer subsidiaries are considered “trading” securities and are accounted for at fair value, with any increase or decrease in fair value reflected in “revenue-other” in the consolidated statements of operations. | ||||
Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, as well as investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of those investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. | ||||
Dividend income is reflected in “revenue-other” on the consolidated statements of operations. Interest income includes accretion or amortization of any discount or premium arising at acquisition of the related debt security. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. | ||||
See Notes 5 and 6 of Notes to Consolidated Financial Statements for additional information regarding the Company’s investments. | ||||
Property-net | Property-net—Property is stated at cost or, in the case of property under capital leases, the present value of the future minimum lease payments, less accumulated depreciation and amortization. Buildings represent owned property and amounts recorded pursuant to capital leases (see Notes 8 and 12 of Notes to Consolidated Financial Statements), with the related obligations recorded as capital lease obligations. Such buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,464, $34,750 and $30,855 for the years ended December 31, 2014, 2013 and 2012, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. | |||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets—As goodwill has an indefinite life, it is required to be tested for impairment annually or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. | |||
During the fourth quarter of 2013, the Company changed the date of its annual goodwill impairment testing from December 31 to November 1. This change was preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting. The Company will continue to perform interim impairment testing should circumstances or events require. This change did not result in a delay, acceleration, or avoidance of an impairment charge. This change was applied prospectively because it was impracticable to apply it retrospectively due to the difficulty in making estimates and assumptions without using hindsight. The Company completed its annual goodwill review as of November 1, 2014 and determined that no impairment existed. | ||||
Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. | ||||
See Note 9 of Notes to Consolidated Financial Statements with respect to goodwill and other intangible assets. | ||||
Derivative Instruments | Derivative Instruments—A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). | |||
The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, 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, in the consolidated statements of operations. | ||||
In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“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. For information regarding LFI and other similar deferred compensation arrangements, see Notes 5, 7 and 14 of Notes to Consolidated Financial Statements. | ||||
Deposits and Other Customer Payables | Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings. | |||
Securities Sold, Not Yet Purchased | Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. | |||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost, interest-bearing deposits or using the equity method of accounting), derivative instruments, deposits and other customer payables. | |||
Revenue Recognition | Revenue Recognition | |||
Investment Banking and Other Advisory Fees—Fees for M&A and Other Advisory services and Restructuring advisory services are recorded when earned, which is generally the date the related transactions are consummated. Expenses that are directly related to such transactions and billable to clients are deferred to match revenue recognition. “Investment banking and other advisory fees” on the Company’s consolidated statements of operations are presented net of client reimbursements of expenses. The amount of expenses reimbursed by clients for the years ended December 31, 2014, 2013 and 2012 are $20,407, $18,327 and $24,762, respectively. | ||||
Asset Management Fees—Asset management fees are derived from fees for investment management and advisory services provided to clients. Revenue is recorded on an accrual basis primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge funds) and private equity funds, and lower fees earned on fixed income and money market products. | ||||
In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. | ||||
For hedge funds, incentive fees are calculated based on a specified percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds at the end of the relevant performance measurement period, when potential uncertainties regarding the ultimate realizable amounts have been determined. The incentive fee measurement period is generally an annual period (unless an account terminates during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. | ||||
For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, incentive fees earned on our private equity funds are not recognized until potential uncertainties regarding the ultimate realizable amounts have been determined, including any potential for clawback. | ||||
Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. | ||||
Soft Dollar Arrangements | Soft Dollar Arrangements—The Company’s Asset Management business obtains research and other services through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2014, the Company obtained research and other services through soft dollar arrangements valued at approximately $23,000. If the use of soft dollars is limited or prohibited in the future by regulation, we may have to bear the costs of such research and other services. | |||
Equity-Based Incentive Compensation Awards | Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting. Equity-based incentive compensation is recognized in “compensation and benefits” expense. | |||
Cost Saving Initiatives and Staff Reductions | Cost Saving Initiatives and Staff Reductions—Charges associated with management-approved cost saving plans or staff reductions can include severance costs, charges to vacate facilities and contract cancellation costs. Severance costs are generally accrued on the date that employees are notified of their benefits and other costs are generally accrued as the Company ceases to use facilities or cancels contracts. The Company records severance-related liabilities in “accrued compensation and benefits” and other types of liabilities in “other liabilities” in the consolidated statements of financial condition. | |||
Income Taxes | Income Taxes—Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City (see Note 17 of Notes to Consolidated Financial Statements for additional information). | |||
Substantially all of Lazard’s operations outside the U.S. are conducted in “pass-through” entities for U.S. income tax purposes. The Company provides for U.S. income taxes on a current basis for those earnings. The repatriation of prior year earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes. | ||||
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and liabilities and are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. | ||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: | ||||
• | future reversals of existing taxable temporary differences; | |||
• | future taxable income exclusive of reversing temporary differences and carryforwards; | |||
• | taxable income in prior carryback years; and | |||
• | tax-planning strategies. | |||
The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence, including, but not limited to, the following: | ||||
• | nature, frequency, magnitude and duration of any recent losses and current operating results; | |||
• | duration of statutory carryforward periods; | |||
• | historical experience with tax attributes expiring unused; and | |||
• | near-term and medium-term financial outlook. | |||
The Company records tax positions taken or expected to be taken in a tax return based upon the Company’s estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. | ||||
The Company recognizes interest and/or penalties related to unrecognized tax benefits in “income tax expense”. See Note 17 of Notes to Consolidated Financial Statements for additional information relating to income taxes. | ||||
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. | ||||
Fair Value Measurement Policy | 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 7 of Notes to Consolidated Financial Statements. | ||||
Where reported information regarding an investment is based on data received from external fund administrators or pricing services, the Company reviews such information and classifies the investment at the relevant level within the fair value hierarchy. | ||||
Computation of Basic and Diluted Net Income per Share | Basic Net Income Per Share | |||
Numerator—utilizes net income attributable to Lazard Ltd for the respective years, plus applicable adjustments to such net income associated with the inclusion of shares of Class A common stock issuable on a non-contingent basis. | ||||
Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective years, plus applicable adjustments to such shares associated with shares of Class A common stock issuable on a non-contingent basis. | ||||
Diluted Net Income Per Share | ||||
Numerator—utilizes net income attributable to Lazard Ltd for the respective years as in the basic net income per share calculation described above, plus, to the extent applicable and dilutive, (i) 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 years as in the basic net income per share calculation described above, plus, to the extent dilutive, the incremental number of shares of Class A common stock 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. | ||||
Employer Contributions to Pension Plans | 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. | |||
Stock Compensation Plan [Member] | ||||
Computation of Basic and Diluted Net Income per Share | 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. |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Schedule of Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning Balance | $ | 28,777 | $ | 23,017 | $ | 19,450 | |||||||
Bad debt expense, net of recoveries | 12,246 | 4,395 | 6,579 | ||||||||||
Charge-offs, foreign currency translation and other adjustments | (17,483 | ) | 1,365 | (3,012 | ) | ||||||||
Ending Balance | $ | 23,540 | $ | 28,777 | $ | 23,017 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 December 31, 2014 and 2013: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Interest-bearing deposits | $ | 84,575 | $ | 516 | |||||||||
Debt | 10,426 | 8,013 | |||||||||||
Equities | 57,302 | 59,394 | |||||||||||
Funds: | |||||||||||||
Alternative investments (a) | 34,705 | 37,030 | |||||||||||
Debt (a) | 82,889 | 58,769 | |||||||||||
Equity (a) | 228,209 | 190,702 | |||||||||||
Private equity | 114,470 | 114,193 | |||||||||||
460,273 | 400,694 | ||||||||||||
Equity method | 7,776 | 9,488 | |||||||||||
Total investments | 620,352 | 478,105 | |||||||||||
Less: | |||||||||||||
Interest-bearing deposits | 84,575 | 516 | |||||||||||
Equity method | 7,776 | 9,488 | |||||||||||
Investments, at fair value | $ | 528,001 | $ | 468,101 | |||||||||
Securities sold, not yet purchased, at fair value (included in “other liabilities”) | $ | 9,290 | $ | 4,045 | |||||||||
(a) | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,321, $42,070 and $162,798, respectively, at December 31, 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 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 7 and 14 of Notes to Consolidated Financial Statements). | ||||||||||||
Schedule of Trading Securities Net Unrealized Investment Gains and Losses | During the years ended December 31, 2014, 2013 and 2012, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “trading” securities still held as of the reporting date as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net unrealized investment gains (losses) | $ | -8,568 | $ | 16,470 | $ | 22,327 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 within the fair value hierarchy: | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Debt | $ | 5,540 | $ | 4,886 | $ | – | $ | 10,426 | |||||||||||||||||
Equities | 55,987 | – | 1,315 | 57,302 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | – | 34,705 | – | 34,705 | |||||||||||||||||||||
Debt | 82,885 | 4 | – | 82,889 | |||||||||||||||||||||
Equity | 228,166 | 43 | – | 228,209 | |||||||||||||||||||||
Private equity | – | – | 114,470 | 114,470 | |||||||||||||||||||||
Derivatives | – | 2,355 | – | 2,355 | |||||||||||||||||||||
Total | $ | 372,578 | $ | 41,993 | $ | 115,785 | $ | 530,356 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 9,290 | $ | – | $ | – | $ | 9,290 | |||||||||||||||||
Derivatives | – | 208,093 | – | 208,093 | |||||||||||||||||||||
Total | $ | 9,290 | $ | 208,093 | $ | – | $ | 217,383 | |||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Year Ended December 31, 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 | $ | 19 | $ | – | $ | (1 | ) | $ | (43 | ) | $ | 1,315 | |||||||||||
Private equity funds | 114,193 | 8,412 | 9,283 | (11,289 | ) | (6,129 | ) | 114,470 | |||||||||||||||||
Total Level 3 Assets | $ | 115,533 | $ | 8,431 | $ | 9,283 | $ | (11,290 | ) | $ | (6,172 | ) | $ | 115,785 | |||||||||||
Year Ended December 31, 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 | $ | 11 | $ | 1,095 | $ | – | $ | 44 | $ | 1,340 | |||||||||||||
Alternative investment funds | 3,457 | 117 | – | (3,574 | ) | – | – | ||||||||||||||||||
Equity funds | 10 | – | – | (10 | ) | – | – | ||||||||||||||||||
Private equity funds | 112,444 | 13,245 | 6,166 | (19,231 | ) | 1,569 | 114,193 | ||||||||||||||||||
Total Level 3 Assets | $ | 116,101 | $ | 13,373 | $ | 7,261 | $ | (22,815 | ) | $ | 1,613 | $ | 115,533 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Beginning | Net Unrealized/ | Purchases/ | Sales/ | Foreign | Ending | ||||||||||||||||||||
Balance | Realized | Acquisitions | Dispositions | Currency | Balance | ||||||||||||||||||||
Gains (Losses) | Translation | ||||||||||||||||||||||||
Included | Adjustments | ||||||||||||||||||||||||
In Revenue- | |||||||||||||||||||||||||
Other (a) | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Equities | $ | 211 | $ | 5 | $ | – | $ | (30 | ) | $ | 4 | $ | 190 | ||||||||||||
Alternative investment funds | 10,171 | 130 | – | (6,844 | ) | – | 3,457 | ||||||||||||||||||
Equity funds | – | – | 10 | – | – | 10 | |||||||||||||||||||
Private equity funds | 122,718 | 15,983 | 8,589 | (35,796 | ) | 950 | 112,444 | ||||||||||||||||||
Total Level 3 Assets | $ | 133,100 | $ | 16,118 | $ | 8,599 | $ | (42,670 | ) | $ | 954 | $ | 116,101 | ||||||||||||
(a) | Earnings for the years ended December 31, 2014, 2013 and 2012 include net unrealized gains of $5,354, $6,032 and $12,910, respectively. | ||||||||||||||||||||||||
Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2014 and 2013 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments. | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,066,580 | $ | 1,066,580 | $ | 1,066,580 | $ | – | $ | – | |||||||||||||||
Deposits with banks and short-term investments | 207,760 | 207,760 | 207,760 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 43,290 | 43,290 | 43,290 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 86,221 | 88,499 | – | – | 88,499 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 84,575 | 84,575 | 84,575 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 314,284 | $ | 314,284 | $ | 314,284 | $ | – | $ | – | |||||||||||||||
Senior debt | 1,048,350 | 1,134,834 | – | 1,134,834 | – | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Carrying Value | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 841,482 | $ | 841,482 | $841,482 | $– | $ | – | |||||||||||||||||
Deposits with banks and short-term investments | 244,879 | 244,879 | 244,879 | – | – | ||||||||||||||||||||
Cash deposited with clearing organizations and other segregated cash | 62,046 | 62,046 | 62,046 | – | – | ||||||||||||||||||||
Interest-bearing financing receivables | 69,464 | 71,433 | – | – | 71,433 | ||||||||||||||||||||
Interest-bearing deposits (included within investments) | 516 | 516 | 516 | – | – | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits and other customer payables | $ | 275,434 | $ | 275,434 | $275,434 | $ | – | $ | – | ||||||||||||||||
Senior debt | 1,048,350 | 1,117,247 | – | 1,117,247 | – | ||||||||||||||||||||
Fair Value of Certain Investments Based on NAV | Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at December 31, 2014 and 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: | ||||||||||||||||||||||||
31-Dec-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 | $ | 31,042 | $ | – | NA | NA | NA | NA | (a) | <30-60 days | |||||||||||||||
Funds of funds | 475 | – | NA | NA | NA | NA | (b) | <30-90 days | |||||||||||||||||
Other | 3,188 | – | 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 | 75,578 | 18,676 | (f) | 100% | 10% | 63% | 27% | NA | NA | ||||||||||||||||
Mezzanine debt | 38,892 | – | 100% | – | – | 100% | NA | NA | |||||||||||||||||
Total | $ | 149,222 | $ | 18,676 | |||||||||||||||||||||
(a) | weekly (15%), monthly (66%) and quarterly (19%) | ||||||||||||||||||||||||
(b) | monthly (98%) and quarterly (2%) | ||||||||||||||||||||||||
(c) | daily (11%), weekly (3%) and monthly (86%) | ||||||||||||||||||||||||
(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 $6,888 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) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition | The tables below present the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair values of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (see Note 14 of Notes to Consolidated Financial Statements) on the accompanying consolidated statements of financial condition as of December 31, 2014 and 2013: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Derivative Assets: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 2,355 | $ | 250 | |||||||||
Total return swaps and other (a) | – | 432 | |||||||||||
$ | 2,355 | $ | 682 | ||||||||||
Derivative Liabilities: | |||||||||||||
Forward foreign currency exchange rate contracts | $ | 124 | $ | 1,579 | |||||||||
Total return swaps and other (a) | 663 | – | |||||||||||
LFI and other similar deferred compensation arrangements | 207,306 | 162,422 | |||||||||||
$ | 208,093 | $ | 164,001 | ||||||||||
(a) | For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $1,123 and $1,786 as of December 31, 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 $12,364 and $11,384 as of December 31, 2014 and 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 consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Forward foreign currency exchange rate contracts | $ | 22,959 | $ | (3,162 | ) | $ | (1,844 | ) | |||||
LFI and other similar deferred compensation arrangements | (7,326 | ) | (14,099 | ) | (7,557 | ) | |||||||
Total return swaps and other | (5,211 | ) | (10,931 | ) | (18,327 | ) | |||||||
Total | $ | 10,422 | $ | (28,192 | ) | $ | (27,728 | ) | |||||
Property_Tables
Property (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property | At December 31, 2014 and 2013, property consists of the following: | ||||||||||||
Estimated | December 31, | ||||||||||||
Depreciable | |||||||||||||
Life in Years | 2014 | 2013 | |||||||||||
Buildings | 33 | $ | 152,982 | $ | 173,772 | ||||||||
Leasehold improvements | 20-Mar | 167,837 | 175,600 | ||||||||||
Furniture and equipment | 10-Mar | 150,458 | 149,598 | ||||||||||
Construction in progress | 7,578 | 3,756 | |||||||||||
Total | 478,855 | 502,726 | |||||||||||
Less - Accumulated depreciation and amortization | 256,286 | 253,930 | |||||||||||
Property | $ | 222,569 | $ | 248,796 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at December 31, 2014 and 2013 are presented below: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Goodwill | $ | 335,402 | $ | 345,453 | |||||||||||||||||||||
Other intangible assets (net of accumulated amortization) | 12,036 | 18,424 | |||||||||||||||||||||||
$ | 347,438 | $ | 363,877 | ||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance, January 1 | $ | 345,453 | $ | 364,328 | $ | 356,657 | |||||||||||||||||||
Business acquisitions | 3,232 | 1,748 | 4,272 | ||||||||||||||||||||||
Foreign currency translation adjustments | (13,283 | ) | (20,623 | ) | 3,399 | ||||||||||||||||||||
Balance, December 31 | $ | 335,402 | $ | 345,453 | $ | 364,328 | |||||||||||||||||||
Gross Cost and Accumulated Amortization of Other Intangible Assets | The gross cost and accumulated amortization of other intangible assets as of December 31, 2014 and 2013, by major intangible asset category, are as follows: | ||||||||||||||||||||||||
31-Dec-14 | 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 | 33,050 | 30,638 | 2,412 | 33,063 | 28,206 | 4,857 | |||||||||||||||||||
$ | 63,790 | $ | 51,754 | $ | 12,036 | $ | 63,803 | $ | 45,379 | $ | 18,424 | ||||||||||||||
Estimated Future Amortization Expense | Amortization expense of intangible assets for the years ended December 31, 2014, 2013 and 2012 was $6,387, $10,114 and $8,359, respectively. Estimated future amortization expense is as follows: | ||||||||||||||||||||||||
Year Ending December 31, | Amortization | ||||||||||||||||||||||||
Expense (a) | |||||||||||||||||||||||||
2015 | $ | 6,558 | |||||||||||||||||||||||
2016 | 5,478 | ||||||||||||||||||||||||
Total amortization expense | $ | 12,036 | |||||||||||||||||||||||
(a) | Approximately 46% of intangible asset amortization is attributable to a noncontrolling interest. |
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Other Assets | The following table sets forth the Company’s other assets, by type, as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes | $ | 93,160 | $ | 110,014 | |||||
Prepaid compensation (see Note 14) | 73,278 | 60,433 | |||||||
Other advances and prepayments | 30,761 | 33,526 | |||||||
Deferred debt issuance costs | 7,162 | 9,188 | |||||||
Other | 62,290 | 46,116 | |||||||
Total | $ | 266,651 | $ | 259,277 | |||||
Schedule of Other Liabilities | The following table sets forth the Company’s other liabilities, by type, as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Accrued expenses | $ | 132,728 | $ | 136,677 | |||||
Current and deferred income taxes and other taxes | 131,280 | 119,940 | |||||||
Employee benefit-related liabilities | 110,838 | 104,013 | |||||||
Deferred lease incentives | 83,209 | 84,897 | |||||||
Unclaimed funds at LFB | 31,592 | 26,626 | |||||||
Abandoned leased space (principally in the U.K.) | 10,073 | 12,855 | |||||||
Deferred revenue | 25,942 | 5,988 | |||||||
Securities sold, not yet purchased | 9,290 | 4,045 | |||||||
Other | 24,394 | 18,386 | |||||||
Total | $ | 559,346 | $ | 513,427 | |||||
Senior_Debt_Tables
Senior Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Senior Debt | Senior debt is comprised of the following as of December 31, 2014 and 2013: | ||||||||||||||||||||
Initial | Maturity | Annual | Outstanding As Of | ||||||||||||||||||
Principal | Date | Interest | 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 (a) | 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 | |||||||||||||||||
(a) | In November 2013, the Company launched a tender offer for all of Lazard Group’s outstanding 7.125% senior notes maturing on May 15, 2015 (the “2015 Notes”) and simultaneously announced a notice of intent to redeem any 2015 Notes not tendered. As a result, the outstanding 2015 Notes of $528,500 were extinguished in the fourth quarter of 2013, which resulted in a pre-tax loss on extinguishment of $50,757, including the recognition of unamortized issuance costs. As a result of the extinguishment, the unamortized amount of the interest rate hedge related to the 2015 Notes was also recognized, which resulted in a loss of $1,563. Both the loss on extinguishment and the loss related to the interest rate hedge were recorded in “operating expenses—other” in the consolidated statement of operations. | ||||||||||||||||||||
In connection with the redemption of the 2015 Notes, Lazard Group issued $500,000 aggregate principal amount of 4.25% senior notes maturing on November 14, 2020 (the “2020 Notes”). Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year. In connection with the issuance of the 2020 Notes, the Company entered into and settled an interest rate forward agreement and recognized a related loss of $ 1,767. The loss was recorded in “operating expenses—other” in the consolidated statements of operations. | |||||||||||||||||||||
Debt Maturities Relating to Senior Borrowings Outstanding | Debt maturities relating to senior borrowings outstanding at December 31, 2014 for each of the five years in the period ending December 31, 2019 and thereafter are set forth in the table below. | ||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||
2015-2016 | $ | – | |||||||||||||||||||
2017 | 548,350 | ||||||||||||||||||||
2018-2019 | – | ||||||||||||||||||||
Thereafter | 500,000 | ||||||||||||||||||||
Total | $ | 1,048,350 | |||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases | At December 31, 2014, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows: | ||||||||
Year Ending December 31, | Minimum Rental Commitments | ||||||||
Capital | Operating | ||||||||
2015 | $ | 2,594 | $ | 77,216 | |||||
2016 | 2,288 | 75,604 | |||||||
2017 | 8,375 | 70,406 | |||||||
2018 | 31 | 64,922 | |||||||
2019 | 26 | 61,199 | |||||||
Thereafter | – | 591,342 | |||||||
Total minimum lease payments | 13,314 | 940,689 | |||||||
Less amount representing interest | 1,299 | ||||||||
Present value of capital lease commitments | $ | 12,015 | |||||||
Less sublease proceeds(a) | 76,610 | ||||||||
Net lease payments | $ | 864,079 | |||||||
(a) | Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LMDC Holdings. See Note 19 of Notes to Consolidated Financial Statements. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd | During the years ended December 31, 2014, 2013 and 2012, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Tax distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 1,649 | $ | 80 | $ | – | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 174,266 | 2,896 | – | ||||||||||||||||||||||
$ | 175,915 | $ | 2,976 | $ | – | ||||||||||||||||||||
Other distributions: | |||||||||||||||||||||||||
LAZ-MD Holdings | $ | 213 | $ | 920 | $ | 5,170 | |||||||||||||||||||
Subsidiaries of Lazard Ltd | 146,241 | 121,620 | 135,108 | ||||||||||||||||||||||
$ | 146,454 | $ | 122,540 | $ | 140,278 | ||||||||||||||||||||
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program—During the years ended December 31, 2014, 2013, and 2012, 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 | Repurchase | Expiration | |||||||||||||||||||||||
Authorization | |||||||||||||||||||||||||
April, 2012 | $ | 125,000 | December 31, 2013 | ||||||||||||||||||||||
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 | Price Per | ||||||||||||||||||||||||
Purchased | Share | ||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||
2012 | 12,817,196 | $ | 27.66 | ||||||||||||||||||||||
2013 | 3,488,101 | $ | 37.98 | ||||||||||||||||||||||
2014 | 4,114,206 | $ | 46.83 | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2014 and 2013 and activity during the years then ended: | ||||||||||||||||||||||||
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 December 31, 2014: | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (49,971 | ) | (21,983 | ) | (71,954 | ) | 557 | (72,511 | ) | ||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 4,749 | 4,749 | – | 4,749 | ||||||||||||||||||||
Net other comprehensive income (loss) | (49,971 | ) | (17,234 | ) | (67,205 | ) | 557 | (67,762 | ) | ||||||||||||||||
Balance, December 31, 2014 | $ | (46,102 | ) | $ | (154,665 | ) | $ | (200,767 | ) | $ | (1 | ) | $ | (200,766 | ) | ||||||||||
Currency | Interest | Employee | Total | Amount | Total | ||||||||||||||||||||
Translation | Rate | Benefit | AOCI | Attributable to | Lazard Ltd | ||||||||||||||||||||
Adjustments | Hedge | Plans | Noncontrolling | AOCI | |||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 19,405 | $ | (2,502 | ) | $ | (128,536 | ) | $ | (111,633 | ) | $ | (1,092 | ) | $ | (110,541 | ) | ||||||||
Activity January 1 to December 31, 2013: | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (15,536 | ) | – | (13,500 | ) | (29,036 | ) | 495 | (29,531 | ) | |||||||||||||||
Adjustments for items reclassified to earnings, net of tax | – | 2,502 | 4,605 | 7,107 | 39 | 7,068 | |||||||||||||||||||
Net other comprehensive | (15,536 | ) | 2,502 | (8,895 | ) | (21,929 | ) | 534 | (22,463 | ) | |||||||||||||||
income (loss) | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 3,869 | $ | – | $ | (137,431 | ) | $ | (133,562 | ) | $ | (558 | ) | $ | (133,004 | ) | |||||||||
Adjustments for Items Reclassified Out of AOCI | The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Amortization of interest rate hedge (a) | $ | – | $ | 2,502 | |||||||||||||||||||||
Amortization relating to employee benefit plans (b) | 6,672 | 6,534 | |||||||||||||||||||||||
Less – related income taxes | 1,923 | 1,929 | |||||||||||||||||||||||
Net of tax | 4,749 | 4,605 | |||||||||||||||||||||||
Total reclassifications, net of tax | $ | 4,749 | $ | 7,107 | |||||||||||||||||||||
(a) | Included in “interest expense” on the consolidated statements of operations. | ||||||||||||||||||||||||
(b) | Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the consolidated statement of operations. | ||||||||||||||||||||||||
Changes in Ownership Interests | The following 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 December 31: | Common | % | Common | % | Interests | ||||||||||||||||||||
Membership | Ownership | Membership | Ownership | ||||||||||||||||||||||
Interests | Interests | ||||||||||||||||||||||||
2012 | 128,216,423 | 98.8 | % | 1,549,667 | 1.2 | % | 129,766,090 | ||||||||||||||||||
2013 | 129,056,081 | 99.5 | % | 710,009 | 0.5 | % | 129,766,090 | ||||||||||||||||||
2014 | 129,766,090 | 100 | % | – | – | % | 129,766,090 | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2014, 2013 and 2012 and noncontrolling interests as of December 31, 2014 and 2013 in the Company’s consolidated financial statements: | ||||||||||||||||||||||||
Net Income (Loss) | |||||||||||||||||||||||||
Attributable to Noncontrolling Interests | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Edgewater | $ | 6,153 | $ | 3,913 | $ | 3,491 | |||||||||||||||||||
LAZ-MD Holdings | 631 | 1,198 | 5,114 | ||||||||||||||||||||||
Other | 2 | (209 | ) | (129 | ) | ||||||||||||||||||||
Total | $ | 6,786 | $ | 4,902 | $ | 8,476 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
As Of December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Edgewater | $ | 62,584 | $ | 66,641 | |||||||||||||||||||||
LAZ-MD Holdings | – | 2,566 | |||||||||||||||||||||||
Other | 729 | 582 | |||||||||||||||||||||||
Total | $ | 63,313 | $ | 69,789 | |||||||||||||||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 consolidated statements of operations: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Share-based incentive awards: | |||||||||||||||||
RSUs (a) | $ | 169,916 | $ | 209,974 | $ | 298,809 | |||||||||||
PRSUs | 18,428 | 12,934 | – | ||||||||||||||
Restricted Stock (b) | 16,110 | 11,374 | 10,003 | ||||||||||||||
DSUs | 1,741 | 1,616 | 1,536 | ||||||||||||||
Total | $ | 206,195 | $ | 235,898 | $ | 310,348 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives and staff reductions, as applicable, for the years ended December 31, 2013 and 2012, aggregating $9,099 and $26,158, respectively (see Note 16 of Notes to Consolidated Financial Statements). | ||||||||||||||||
(b) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $247 and $713, respectively. | ||||||||||||||||
Schedule of Issuance of RSUs and Charges to Retained Earnings | During the years ended December 31, 2014, 2013 and 2012, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Number of RSUs issued | 375,954 | 454,059 | 920,791 | ||||||||||||||
Charges to retained earnings, net of estimated forfeitures | $ | 17,536 | $ | 16,927 | $ | 24,990 | |||||||||||
Summary of LFI and Other Similar Deferred Compensation Arrangements | The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the years ended December 31, 2014 and 2013: | ||||||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2014 | $ | 60,433 | $ | 162,422 | |||||||||||||
Granted | 92,728 | 92,728 | |||||||||||||||
Settled | – | (55,880 | ) | ||||||||||||||
Forfeited | (2,634 | ) | (5,531 | ) | |||||||||||||
Amortization | (76,508 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 7,326 | |||||||||||||||
Adjustment for estimated forfeitures | – | 8,748 | |||||||||||||||
Other | (741 | ) | (2,507 | ) | |||||||||||||
Balance, December 31, 2014 | $ | 73,278 | $ | 207,306 | |||||||||||||
Prepaid | Compensation | ||||||||||||||||
Compensation | Liability | ||||||||||||||||
Asset | |||||||||||||||||
Balance, January 1, 2013 | $ | 47,445 | $ | 97,593 | |||||||||||||
Granted | 72,217 | 72,217 | |||||||||||||||
Settled | – | (24,006 | ) | ||||||||||||||
Forfeited | (1,075 | ) | (1,544 | ) | |||||||||||||
Amortization | (58,023 | ) | – | ||||||||||||||
Change in fair value related to: | |||||||||||||||||
Increase in fair value of underlying investments | – | 14,099 | |||||||||||||||
Adjustment for estimated forfeitures | – | 4,643 | |||||||||||||||
Other | (131 | ) | (580 | ) | |||||||||||||
Balance, December 31, 2013 | $ | 60,433 | $ | 162,422 | |||||||||||||
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 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 consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Amortization, net of forfeitures (a) | $ | 82,359 | $ | 62,197 | $ | 41,209 | |||||||||||
Change in the fair value of underlying investments | 7,326 | 14,099 | 7,557 | ||||||||||||||
Total | $ | 89,685 | $ | 76,296 | $ | 48,766 | |||||||||||
(a) | Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $2,665 and $3,495, respectively (See Note 16 of Notes to 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 three-year period ended December 31, 2014: | ||||||||||||||||
RSUs | DSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance, January 1, 2012 | 20,751,829 | $ | 36.84 | 140,660 | $ | 34.83 | |||||||||||
Granted (including 920,791 RSUs relating to dividend participation) | 8,594,744 | $ | 27.68 | 63,836 | $ | 24.06 | |||||||||||
Forfeited | (581,411 | ) | $ | 35.59 | – | – | |||||||||||
Vested/Exchanged | (7,284,031 | ) | $ | 34.71 | – | – | |||||||||||
Balance, December 31, 2012 | 21,481,131 | $ | 33.92 | 204,496 | $ | 31.47 | |||||||||||
Granted (including 454,059 RSUs relating to dividend participation) | 5,186,627 | $ | 37.21 | 46,938 | $ | 34.42 | |||||||||||
Forfeited | -268,900 | $ | 34.47 | – | – | ||||||||||||
Vested | -9,768,849 | $ | 34.65 | – | – | ||||||||||||
Balance, December 31, 2013 | 16,630,009 | $ | 34.51 | 251,434 | $ | 32.02 | |||||||||||
Granted (including 375,954 RSUs relating to dividend participation) | 3,825,737 | $ | 42.59 | 34,793 | $ | 50.04 | |||||||||||
Forfeited | (344,345 | ) | $ | 34.52 | – | – | |||||||||||
Vested | (6,582,285 | ) | $ | 37.8 | – | – | |||||||||||
Balance, December 31, 2014 | 13,529,116 | $ | 35.19 | 286,227 | $ | 34.21 | |||||||||||
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 three-year period ended December 31, 2014: | ||||||||||||||||
Restricted | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2012 | 95,332 | $ | 37.63 | ||||||||||||||
Granted/Exchanged (a) | 2,100,965 | $ | 34.34 | ||||||||||||||
Forfeited | (21,178 | ) | $ | 29.51 | |||||||||||||
Vested | (202,510 | ) | $ | 31.43 | |||||||||||||
Balance, December 31, 2012 | 1,972,609 | $ | 34.85 | ||||||||||||||
Granted | 368,736 | $ | 36.74 | ||||||||||||||
Forfeited | (37,782 | ) | $ | 33.37 | |||||||||||||
Vested | (1,728,509 | ) | $ | 36 | |||||||||||||
Balance, December 31, 2013 | 575,054 | $ | 32.72 | ||||||||||||||
Granted | 449,911 | $ | 45.52 | ||||||||||||||
Forfeited | (13,336 | ) | $ | 41.65 | |||||||||||||
Vested | (281,802 | ) | $ | 37.42 | |||||||||||||
Balance, December 31, 2014 | 729,827 | $ | 38.63 | ||||||||||||||
(a) | Includes, during the year ended December 31, 2012, as described above, 1,523,642 shares of restricted Class A common stock issued in exchange for 1,523,642 previously granted RSUs at a grant date fair value of $35.95 per share. The vesting terms of such restricted Class A common stock issued were substantially the same as those of the original awards exchanged. There was no incremental compensation cost incurred as a result of the exchanges. | ||||||||||||||||
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 two-year period ended December 31, 2014: | ||||||||||||||||
PRSUs | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance, January 1, 2013 | – | – | |||||||||||||||
Granted | 448,128 | $ | 36.11 | ||||||||||||||
Balance, December 31, 2013 | 448,128 | $ | 36.11 | ||||||||||||||
Granted | 360,783 | $ | 44.46 | ||||||||||||||
Performance units earned (a) | 538,237 | $ | 34.72 | ||||||||||||||
Balance, December 31, 2014 | 1,347,148 | $ | 37.79 | ||||||||||||||
(a) | Performance units earned during the period relate to PRSUs granted in 2013. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition | The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans. | ||||||||||||||||||||||||
Pension | Medical Plan | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 709,850 | $ | 656,025 | $ | 5,080 | $ | 5,668 | |||||||||||||||||
Service cost | 971 | 940 | 33 | 53 | |||||||||||||||||||||
Interest cost | 30,041 | 27,219 | 194 | 182 | |||||||||||||||||||||
Actuarial (gain) loss | 97,495 | 32,329 | 428 | (647 | ) | ||||||||||||||||||||
Benefits paid | (29,663 | ) | (23,258 | ) | (221 | ) | (176 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | (44,525 | ) | 16,595 | ||||||||||||||||||||||
Benefit obligation at end of year | 764,169 | 709,850 | 5,514 | 5,080 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 643,844 | 607,705 | |||||||||||||||||||||||
Actual return on plan assets | 91,829 | 41,353 | |||||||||||||||||||||||
Employer contributions | 7,648 | 2,274 | 221 | 176 | |||||||||||||||||||||
Benefits paid | (28,877 | ) | (23,258 | ) | (221 | ) | (176 | ) | |||||||||||||||||
Foreign currency translation and other adjustments | (41,868 | ) | 15,770 | ||||||||||||||||||||||
Fair value of plan assets at end of year | 672,576 | 643,844 | – | – | |||||||||||||||||||||
Funded (deficit) at end of year | $ | (91,593 | ) | $ | (66,006 | ) | $ | (5,514 | ) | $ | (5,080 | ) | |||||||||||||
Amounts recognized in the consolidated statements of financial condition at December 31, 2014 and 2013 consist of: | |||||||||||||||||||||||||
Prepaid pension asset (included in “other assets”) | $ | – | $ | 148 | |||||||||||||||||||||
Accrued benefit liability (included in “other liabilities”) | (91,593 | ) | (66,154 | ) | $ | (5,514 | ) | $ | (5,080 | ) | |||||||||||||||
Net amount recognized | $ | (91,593 | ) | $ | (66,006 | ) | $ | (5,514 | ) | $ | (5,080 | ) | |||||||||||||
Amounts recognized in AOCI (excluding tax benefits of $37,567 and $30,448 at December 31, 2014 and 2013, respectively) consist of: | |||||||||||||||||||||||||
Actuarial net loss (gain) | $ | 186,637 | $ | 159,575 | $ | 360 | $ | (597 | ) | ||||||||||||||||
Prior service cost | 5,235 | 8,901 | – | – | |||||||||||||||||||||
Net amount recognized | $ | 191,872 | $ | 168,476 | $ | 360 | $ | (597 | ) | ||||||||||||||||
Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation | The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2014 and 2013: | ||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Total | |||||||||||||||||||||||
As Of December 31, | As Of December 31, | As Of December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fair value of plan assets | $ | 26,766 | $ | 26,200 | $ | 645,810 | $ | 617,644 | $ | 672,576 | $ | 643,844 | |||||||||||||
Accumulated benefit obligation | $ | 37,035 | $ | 29,427 | $ | 727,134 | $ | 680,423 | $ | 764,169 | $ | 709,850 | |||||||||||||
Projected benefit obligation | $ | 37,035 | $ | 29,427 | $ | 727,134 | $ | 680,423 | $ | 764,169 | $ | 709,850 | |||||||||||||
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
For The Year Ended | For The Year Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit): | |||||||||||||||||||||||||
Service cost | $ | 971 | $ | 940 | $ | 670 | $ | 33 | $ | 53 | $ | 60 | |||||||||||||
Interest cost | 30,041 | 27,219 | 27,636 | 194 | 182 | 211 | |||||||||||||||||||
Expected return on plan assets | (32,607 | ) | (27,078 | ) | (26,657 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service cost | 2,841 | 2,843 | 2,751 | ||||||||||||||||||||||
Net actuarial loss (gain) | 4,360 | 3,691 | 1,658 | (529 | ) | ||||||||||||||||||||
Settlement loss (a) | – | – | 1,135 | ||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 5,606 | $ | 7,615 | $ | 7,193 | $ | (302 | ) | $ | 235 | $ | 271 | ||||||||||||
Actual return on plan assets | $ | 91,829 | $ | 41,353 | $ | 33,882 | |||||||||||||||||||
Employer contributions | $ | 7,648 | $ | 2,274 | $ | 8,221 | $ | 221 | $ | 176 | $ | 275 | |||||||||||||
Benefits paid | $ | 28,877 | $ | 23,258 | $ | 26,420 | $ | 221 | $ | 176 | $ | 275 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $7,119, $4,459 and $11,805 during the years ended December 31, 2014, 2013 and 2012, respectively): | |||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 41,082 | $ | 17,251 | $ | 50,209 | $ | 428 | $ | (647 | ) | $ | 310 | ||||||||||||
Reclassification of prior service (cost) credit to earnings | (2,841 | ) | (2,843 | ) | (2,751 | ) | |||||||||||||||||||
Reclassification of actuarial gain (loss) to earnings | (4,360 | ) | (3,691 | ) | (2,793 | ) | 529 | ||||||||||||||||||
Currency translation and other adjustments | (10,485 | ) | 3,284 | 2,729 | |||||||||||||||||||||
Total recognized in AOCI | $ | 23,396 | $ | 14,001 | $ | 47,394 | $ | 957 | $ | (647 | ) | $ | 310 | ||||||||||||
Net amount recognized in total periodic benefit cost and AOCI | $ | 29,002 | $ | 21,616 | $ | 54,587 | $ | 655 | $ | (412 | ) | $ | 581 | ||||||||||||
(a) | During the year ended December 31, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, combined with a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032. | ||||||||||||||||||||||||
Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized | The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2014 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2015 are as follows: | ||||||||||||||||||||||||
Pension | Medical | Total | |||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
Prior service cost | $ | 2,600 | $ | – | $ | 2,600 | |||||||||||||||||||
Net actuarial loss (gain) | $ | 4,821 | $ | – | $ | 4,821 | |||||||||||||||||||
Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost | The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2014, 2013 and 2012 are set forth below: | ||||||||||||||||||||||||
Pension Plans | Medical Plan | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 3.40% | 4.30% | 4.6 | % | 3.70% | 4.30% | 3.40% | ||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 2.00% | 3.30% | 3.2 | % | 4.30% | 3.40% | 4.10% | ||||||||||||||||||
Expected long-term rate of return on plan assets | 5.10% | 4.70% | 4.7 | % | – | – | – | ||||||||||||||||||
Healthcare cost trend rates used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Initial | 7.50% | 8.00% | 8.00% | ||||||||||||||||||||||
Ultimate | 5.00% | 5.00% | 6.00% | ||||||||||||||||||||||
Year ultimate trend rate achieved | 2019 | 2019 | 2016 | ||||||||||||||||||||||
Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans | The assumed cost of healthcare has an effect on the amounts reported for the Company’s medical plan. A 1% change in the assumed healthcare cost trend rate would increase (decrease) our cost and obligation as follows: | ||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Cost | $ | 29 | $ | 33 | $ | (22 | ) | $ | (24 | ) | |||||||||||||||
Obligation | $ | 779 | $ | 675 | $ | (580 | ) | $ | (494 | ) | |||||||||||||||
Schedule of Expected Benefit Payments | Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s post-retirement plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: | ||||||||||||||||||||||||
Pension | Medical | ||||||||||||||||||||||||
Plans | Plan | ||||||||||||||||||||||||
2015 | $ | 24,059 | $ | 358 | |||||||||||||||||||||
2016 | 25,103 | 364 | |||||||||||||||||||||||
2017 | 25,619 | 366 | |||||||||||||||||||||||
2018 | 27,551 | 368 | |||||||||||||||||||||||
2019 | 29,077 | 371 | |||||||||||||||||||||||
2020-2024 | 160,294 | 1,847 | |||||||||||||||||||||||
Schedule of Categorization of Plans' Assets | Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2014 and 2013, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements: | ||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 13,226 | $ | – | $ | – | $ | 13,226 | |||||||||||||||||
Debt | 52,439 | – | – | 52,439 | |||||||||||||||||||||
Equities | 31,253 | – | – | 31,253 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | 457 | 304 | 578 | 1,339 | |||||||||||||||||||||
Debt | 13,570 | 357,522 | 1,793 | 372,885 | |||||||||||||||||||||
Equity | 194,898 | 6,536 | – | 201,434 | |||||||||||||||||||||
Total | $ | 305,843 | $ | 364,362 | $ | 2,371 | $ | 672,576 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash | $ | 5,835 | $ | – | $ | – | $ | 5,835 | |||||||||||||||||
Debt | 43,764 | – | – | 43,764 | |||||||||||||||||||||
Equities | 27,762 | – | – | 27,762 | |||||||||||||||||||||
Funds: | |||||||||||||||||||||||||
Alternative investments | 907 | 43,123 | 698 | 44,728 | |||||||||||||||||||||
Debt | 11,942 | 323,812 | 2,222 | 337,976 | |||||||||||||||||||||
Equity | 183,779 | – | – | 183,779 | |||||||||||||||||||||
Total | $ | 273,989 | $ | 366,935 | $ | 2,920 | $ | 643,844 | |||||||||||||||||
Cost_Saving_Initiatives_Tables
Cost Saving Initiatives (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 year ended December 31, 2013. The Company incurred these expenses, by segment, as reflected in the tables below: | ||||||||||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 45,746 | $ | 236 | $ | 5,417 | $ | 51,399 | |||||||||
Other | 2,033 | (1 | ) | 11,272 | 13,304 | ||||||||||||
Total | $ | 47,779 | $ | 235 | $ | 16,689 | $ | 64,703 | |||||||||
Financial | Asset | Corporate | Total | ||||||||||||||
Advisory | Management | ||||||||||||||||
Cumulative October 2012 Through | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Compensation and benefits | $ | 121,879 | $ | 12,292 | $ | 17,215 | $ | 151,386 | |||||||||
Other | 3,432 | 732 | 11,729 | 15,893 | |||||||||||||
Total | $ | 125,311 | $ | 13,024 | $ | 28,944 | $ | 167,279 | |||||||||
Activity Related to Obligations Pursuant to Cost Saving Initiatives | Activity related to the obligations pursuant to the Cost Saving Initiatives during 2014 was as follows: | ||||||||||||||||
Accrued | Other | Total | |||||||||||||||
Compensation | Liabilities | ||||||||||||||||
and Benefits | |||||||||||||||||
Balance, January 1, 2014 | $ | 11,860 | $ | 5,356 | $ | 17,216 | |||||||||||
Less: | |||||||||||||||||
Settlements | (11,651 | ) | (1,050 | ) | (12,701 | ) | |||||||||||
Balance, December 31, 2014 | $ | 209 | $ | 4,306 | $ | 4,515 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Provision (Benefit) for Income Taxes | The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2014, 2013 and 2012, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,112 | $ | (3,678 | ) | $ | 2,094 | ||||||
Foreign | 61,143 | 41,084 | 27,650 | ||||||||||
State and local (primarily UBT) | 5,519 | (167 | ) | 5,813 | |||||||||
Total current | 69,774 | 37,239 | 35,557 | ||||||||||
Deferred: | |||||||||||||
Federal | 2,766 | 19,934 | (3,330 | ) | |||||||||
Foreign | 9,239 | (4,520 | ) | (1,127 | ) | ||||||||
State and local (primarily UBT) | 3,623 | (960 | ) | – | |||||||||
Total deferred | 15,628 | 14,454 | (4,457 | ) | |||||||||
Total | $ | 85,402 | $ | 51,693 | $ | 31,100 | |||||||
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Income of noncontrolling interests | (0.5 | ) | (0.8 | ) | (2.4 | ) | |||||||
Share-based incentive compensation | – | – | 7.4 | ||||||||||
Foreign source income not subject to U.S. income tax | (12.4 | ) | (12.7 | ) | (34.6 | ) | |||||||
Foreign taxes | 8.2 | 14.1 | 13.5 | ||||||||||
State and local taxes (primarily UBT) | 1.8 | 2.6 | 3.4 | ||||||||||
Change in U.S. federal valuation allowance | (18.7 | ) | (14.9 | ) | 1.4 | ||||||||
Other, net | 3 | 0.5 | 1.4 | ||||||||||
Effective income tax rate | 16.4 | % | 23.8 | % | 25.1 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | $ | 598,607 | $ | 739,059 | |||||||||
Compensation and benefits | 258,976 | 250,413 | |||||||||||
Net operating loss and tax credit carryforwards | 283,198 | 348,433 | |||||||||||
Depreciation and amortization | 950 | 8,169 | |||||||||||
Other | 36,470 | 58,273 | |||||||||||
Gross deferred tax assets | 1,178,201 | 1,404,347 | |||||||||||
Valuation allowance | (1,044,152 | ) | (1,225,305 | ) | |||||||||
Deferred tax assets (net of valuation allowance) | $ | 134,049 | $ | 179,042 | |||||||||
Deferred Tax Liabilities: | |||||||||||||
Depreciation and amortization | $ | 21,908 | $ | 19,296 | |||||||||
Compensation and benefits | 28,035 | 30,042 | |||||||||||
Goodwill | 15,289 | 15,434 | |||||||||||
Other | 39,705 | 70,394 | |||||||||||
Deferred tax liabilities | $ | 104,937 | $ | 135,166 | |||||||||
Schedule of Gross Unrecognized Tax Benefits | A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, January 1 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively) | $ | 62,905 | $ | 55,947 | $ | 62,200 | |||||||
Increases in gross unrecognized tax benefits relating to tax positions taken during: | |||||||||||||
Prior years | 2,837 | 417 | 1,393 | ||||||||||
Current year | 18,698 | 17,596 | 19,690 | ||||||||||
Decreases in gross unrecognized tax benefits relating to: | |||||||||||||
Tax positions taken during prior years | (3,191 | ) | (385 | ) | (5,397 | ) | |||||||
Settlements with tax authorities | – | (5,587 | ) | (12,077 | ) | ||||||||
Lapse of the applicable statute of limitations | (13,025 | ) | (5,083 | ) | (9,862 | ) | |||||||
Balance, December 31 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively) | $ | 68,224 | $ | 62,905 | $ | 55,947 | |||||||
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,004, $12,200 and $14,799, respectively) | $ | 40,353 | $ | 36,272 | $ | 44,452 | |||||||
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | $ | 40,875 | $ | 38,833 | $ | 26,294 | |||||||
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,177, $7,326 and $3,130, respectively) | $ | 804 | $ | (2,599 | ) | $ | 6,345 |
Net_Income_Per_Share_of_Class_1
Net Income Per Share of Class A Common Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 years ended December 31, 2014, 2013 and 2012 are presented below: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income attributable to Lazard Ltd | $ | 427,277 | $ | 160,212 | $84,309 | ||||||||
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | — | — | 7 | ||||||||||
Net income attributable to Lazard Ltd - basic | 427,277 | 160,212 | 84,316 | ||||||||||
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 | 581 | 1,065 | 371 | ||||||||||
Net income attributable to Lazard Ltd - diluted | $ | 427,858 | $161,277 | $84,687 | |||||||||
Weighted average number of shares of Class A common stock outstanding | 121,942,939 | 120,096,305 | 116,163,821 | ||||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 408,897 | 757,962 | 790,168 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 122,351,836 | 120,854,267 | 116,953,989 | ||||||||||
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 | 11,461,287 | 12,882,812 | 12,371,633 | ||||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,813,123 | 133,737,079 | 129,325,622 | ||||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||||
Basic | $3.49 | $1.33 | $0.72 | ||||||||||
Diluted | $3.20 | $1.21 | $0.65 | ||||||||||
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Receivables | |||||||||
LMDC Holdings | $ | 1,107 | $ | 7,794 | |||||
Other | 160 | 126 | |||||||
Total | $ | 1,267 | $ | 7,920 | |||||
Payables | |||||||||
LMDC Holdings | $ | 20,654 | $ | 4,300 | |||||
Other | 1,240 | 731 | |||||||
Total | $ | 21,894 | $ | 5,031 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets | the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: | ||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2014 | 2013(b) | 2012(b) | |||||||||||||
Financial Advisory | Net Revenue | $ | 1,206,734 | $ | 980,577 | $ | 1,049,090 | ||||||||
Operating Expenses (a) | 977,681 | 959,668 | 1,057,620 | ||||||||||||
Operating Income (Loss) | $ | 229,053 | $ | 20,909 | $ | (8,530 | ) | ||||||||
Total Assets | $ | 785,557 | $ | 714,708 | $ | 793,007 | |||||||||
Asset Management | Net Revenue | $ | 1,134,595 | $ | 1,039,130 | $ | 896,260 | ||||||||
Operating Expenses (a) | 749,345 | 704,045 | 659,502 | ||||||||||||
Operating Income | $ | 385,250 | $ | 335,085 | $ | 236,758 | |||||||||
Total Assets | $ | 588,403 | $ | 612,018 | $ | 566,677 | |||||||||
Corporate | Net Revenue | $ | (40,882 | ) | $ | (34,355 | ) | $ | (32,902 | ) | |||||
Operating Expenses (a) | 53,956 | 104,832 | 71,441 | ||||||||||||
Operating Loss | $ | (94,838 | ) | $ | (139,187 | ) | $ | (104,343 | ) | ||||||
Total Assets | $ | 1,958,276 | $ | 1,684,411 | $ | 1,627,209 | |||||||||
Total | Net Revenue | $ | 2,300,447 | $ | 1,985,352 | $ | 1,912,448 | ||||||||
Operating Expenses (a) | 1,780,982 | 1,768,545 | 1,788,563 | ||||||||||||
Operating Income | $ | 519,465 | $ | 216,807 | $ | 123,885 | |||||||||
Total Assets | $ | 3,332,236 | $ | 3,011,137 | $ | 2,986,893 | |||||||||
(a) | Operating expenses include depreciation and amortization of property as set forth in table below. | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Financial Advisory | $ | 4,826 | $ | 5,256 | $ | 5,710 | |||||||||
Asset Management | 2,610 | 2,556 | 3,250 | ||||||||||||
Corporate | 27,028 | 26,938 | 21,895 | ||||||||||||
Total | $ | 34,464 | $ | 34,750 | $ | 30,855 | |||||||||
(b) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives and the impact on each of the Company’s business segments. | ||||||||||||||
Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas | The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. | ||||||||||||||
As Of Or For The Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Net Revenue: | |||||||||||||||
United States | $ | 1,308,220 | $ | 1,217,014 | $ | 1,172,566 | |||||||||
United Kingdom | 277,610 | 205,695 | 180,784 | ||||||||||||
France | 376,432 | 281,740 | 265,523 | ||||||||||||
Other Western Europe | 150,810 | 123,975 | 132,754 | ||||||||||||
Rest of World | 187,375 | 156,928 | 160,821 | ||||||||||||
Total | $ | 2,300,447 | $ | 1,985,352 | $ | 1,912,448 | |||||||||
Operating Income (Loss): | |||||||||||||||
United States | $ | 320,082 | $ | 234,247 | $ | 169,111 | |||||||||
United Kingdom | 61,744 | (6,474 | ) | (37,329 | ) | ||||||||||
France | 87,308 | 14,845 | 8,332 | ||||||||||||
Other Western Europe | 12,634 | (8,260 | ) | (20,812 | ) | ||||||||||
Rest of World | 37,697 | (17,551 | ) | 4,583 | |||||||||||
Total | $ | 519,465 | $ | 216,807 | $ | 123,885 | |||||||||
Identifiable Assets: | |||||||||||||||
United States | $ | 1,840,882 | $ | 1,529,695 | $ | 1,507,331 | |||||||||
United Kingdom | 266,584 | 239,606 | 226,578 | ||||||||||||
France | 809,241 | 824,712 | 808,655 | ||||||||||||
Other Western Europe | 135,889 | 118,939 | 114,763 | ||||||||||||
Rest of World | 279,640 | 298,185 | 329,566 | ||||||||||||
Total | $ | 3,332,236 | $ | 3,011,137 | $ | 2,986,893 | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information - Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information | The following represents the Company’s unaudited quarterly results for the years ended December 31, 2014 and 2013. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. | ||||||||||||||||||||
2014 Fiscal Quarter | |||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 533,400 | $ | 566,896 | $ | 566,211 | $ | 633,940 | $ | 2,300,447 | |||||||||||
Operating expenses | 426,220 | 467,916 | 452,499 | 434,347 | 1,780,982 | ||||||||||||||||
Operating income | $ | 107,180 | $ | 98,980 | $ | 113,712 | $ | 199,593 | $ | 519,465 | |||||||||||
Net income | $ | 85,429 | $ | 85,909 | $ | 89,920 | $ | 172,805 | $ | 434,063 | |||||||||||
Less - net income attributable to noncontrolling interests | 4,587 | 717 | 1,061 | 421 | 6,786 | ||||||||||||||||
Net income attributable to Lazard Ltd | $ | 80,842 | $ | 85,192 | $ | 88,859 | $ | 172,384 | $ | 427,277 | |||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income per share of common stock: | |||||||||||||||||||||
Basic | $0.66 | $0.69 | $0.73 | $1.41 | $3.49 | ||||||||||||||||
Diluted | $0.61 | $0.64 | $0.67 | $1.29 | $3.20 | ||||||||||||||||
Dividends declared per share of common stock | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 | ||||||||||||||||
2013 Fiscal Quarter | |||||||||||||||||||||
First(a) | Second(a) | Third | Fourth(b) | Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
Net revenue | $ | 401,903 | $ | 490,405 | $ | 480,354 | $ | 612,690 | $ | 1,985,352 | |||||||||||
Operating expenses | 380,306 | 449,467 | 399,236 | 539,536 | 1,768,545 | ||||||||||||||||
Operating income | $ | 21,597 | $ | 40,938 | $ | 81,118 | $ | 73,154 | $ | 216,807 | |||||||||||
Net income | $ | 17,649 | $ | 31,921 | $ | 62,748 | $ | 52,796 | $ | 165,114 | |||||||||||
Less - net income (loss) attributable to noncontrolling interests | 2,289 | 568 | 2,466 | (421 | ) | 4,902 | |||||||||||||||
Net income attributable to Lazard Ltd | $ | 15,360 | $ | 31,353 | $ | 60,282 | $ | 53,217 | $ | 160,212 | |||||||||||
Attributable to Lazard Ltd Class A common stockholders: | |||||||||||||||||||||
Net income per share of common stock: | |||||||||||||||||||||
Basic | $0.13 | $0.26 | $0.49 | $0.44 | $1.33 | ||||||||||||||||
Diluted | $0.12 | $0.24 | $0.45 | $0.40 | $1.21 | ||||||||||||||||
Dividends declared per share of common stock | — | $0.25 | $0.25 | $0.50 | $1.00 | ||||||||||||||||
(a) | See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives. | ||||||||||||||||||||
(b) | See Note 11 of Notes to Consolidated Financial Statements for information regarding the debt refinancing. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Governing operating agreement, date | 10-May-05 | |||
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 | |||
Class B Common Stock [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Common stock, par value | 0.01 | |||
Common stock, shares outstanding | 1 | |||
Common stock, shares issued | 1 | 1 | ||
Class A Common Stock [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Common stock, par value | 0.01 | 0.01 | 0.01 | |
Common stock, shares outstanding | 129,766,091 | 129,056,081 | ||
Common stock, shares issued | 129,766,091 | 129,056,081 | 128,216,423 | |
Lazard Ltd [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Percentage of common membership interests held | 100.00% | 99.50% | 98.80% | |
LAZ-MD Holdings LLC [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Percentage of common membership interests held | 0.50% | |||
LAZ-MD Holdings LLC [Member] | Class B Common Stock [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Common membership voting power held | 0.60% | |||
Common stock, shares outstanding | 1 | |||
Common stock, shares issued | 1 |
Significant_Accounting_Policie1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Line Items] | |||
Foreign currency remeasurement gains (losses), net of hedge transactions | $131 | ($2,887) | ($761) |
Cash and cash equivalents maturity period | 90 days or less | ||
Short-term investments maturity days | Original maturities of 90 days or less | ||
Depreciation and amortization expense | 34,464 | 34,750 | 30,855 |
Change in goodwill impairment testing description | This change was preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting. | ||
Annual date of goodwill impairment | 1-Nov-14 | 1-Nov-13 | |
Reimbursements of expenses | 20,407 | 18,327 | 24,762 |
Soft dollar arrangement expenses | 23,000 | ||
Operating Segments [Member] | Financial Advisory [Member] | |||
Significant Accounting Policies [Line Items] | |||
Fees receivable outstanding past due | 60 days | ||
Contractual payment term description relating to our interest-bearing financing receivables | Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years. | ||
Days fee receivables are considered past due in excess | 180 days | ||
Depreciation and amortization expense | $4,826 | $5,256 | $5,710 |
Operating Segments [Member] | Asset Management [Member] | |||
Significant Accounting Policies [Line Items] | |||
Days fee receivables are considered past due in excess | 12 months |
Receivables_Schedule_of_Activi
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Allowance for doubtful accounts receivables, Beginning balance | $28,777 | $23,017 | $19,450 |
Bad debt expense, net of recoveries | 12,246 | 4,395 | 6,579 |
Charge-offs, foreign currency translation and other adjustments | -17,483 | 1,365 | -3,012 |
Allowance for doubtful accounts receivables, Ending balance | $23,540 | $28,777 | $23,017 |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest-bearing financing fee receivables | $86,221,000 | $69,464,000 | ||
Allowance for doubtful accounts receivables | 23,540,000 | 28,777,000 | 23,017,000 | 19,450,000 |
Aggregate carrying amount of non-interest bearing receivables | 471,375,000 | 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 | $24,578,000 | $39,341,000 |
Investments_Companys_Investmen
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Interest-bearing deposits | $84,575 | $516 |
Debt | 10,426 | 8,013 |
Equities | 57,302 | 59,394 |
Funds | 460,273 | 400,694 |
Equity method | 7,776 | 9,488 |
Total investments | 620,352 | 478,105 |
Investments, at fair value | 528,001 | 468,101 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 9,290 | 4,045 |
Alternative Investments Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Funds | 34,705 | 37,030 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Funds | 82,889 | 58,769 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Funds | 228,209 | 190,702 |
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Funds | $114,470 | $114,193 |
Investments_Companys_Investmen1
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Abstract] | ||
Lazard fund interests in alternative investments funds | $8,321 | $7,099 |
Lazard fund interests in debt funds | 42,070 | 31,515 |
Lazard fund interests in equities funds | $162,798 | $130,481 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Investments [Line Items] | ||
Economic interests that are owned by management team and other investors in the Edgewater Funds | 6,421 | $9,787 |
Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Interest-bearing deposits maturity period | 3 months | |
Maximum [Member] | ||
Schedule of Investments [Line Items] | ||
Interest-bearing deposits maturity period | 1 year |
Investments_Schedule_of_Tradin
Investments - Schedule of Trading Securities Net Unrealized Investment Gains and Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract] | |||
Net unrealized investment gains (losses) | ($8,568) | $16,470 | $22,327 |
Fair_Value_Measurements_Classi
Fair Value Measurements - Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $528,001 | $468,101 |
Equities | 57,302 | 59,394 |
Derivatives | 2,355 | 682 |
Securities sold, not yet purchased | 9,290 | 4,045 |
Derivatives | 208,093 | 164,001 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 57,302 | 59,394 |
Derivatives | 2,355 | 682 |
Total Assets | 530,356 | 468,783 |
Securities sold, not yet purchased | 9,290 | 4,045 |
Derivatives | 208,093 | 164,001 |
Total Liabilities | 217,383 | 168,046 |
Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 10,426 | 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 | 34,705 | 37,030 |
Debt Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 82,889 | 58,769 |
Equity Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 228,209 | 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 | 114,470 | 114,193 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 55,987 | 58,054 |
Total Assets | 372,578 | 309,160 |
Securities sold, not yet purchased | 9,290 | 4,045 |
Total Liabilities | 9,290 | 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 | 5,540 | 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 | 82,885 | 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 | 228,166 | 190,660 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 2,355 | 682 |
Total Assets | 41,993 | 44,090 |
Derivatives | 208,093 | 164,001 |
Total Liabilities | 208,093 | 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 | 4,886 | 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 | 34,705 | 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 | 1,315 | 1,340 |
Total Assets | 115,785 | 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 | $114,470 | $114,193 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Transfers between Level 1, 2 and 3 in fair value measurement hierarchy | $0 | $0 |
Unfunded Commitments | 18,676,000 | 27,135,000 |
EGCP III [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unfunded Commitments | 12,688,000 | |
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 | 4,489,000 | |
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 | $1,499,000 | |
End of the investment period | 25-Feb-17 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $115,533 | $116,101 | $133,100 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 8,431 | 13,373 | 16,118 |
Purchases/Acquisitions | 9,283 | 7,261 | 8,599 |
Sales/Dispositions | -11,290 | -22,815 | -42,670 |
Foreign Currency Translation Adjustments | -6,172 | 1,613 | 954 |
Ending Balance | 115,785 | 115,533 | 116,101 |
Equities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 1,340 | 190 | 211 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 19 | 11 | 5 |
Purchases/Acquisitions | 1,095 | ||
Sales/Dispositions | -1 | -30 | |
Foreign Currency Translation Adjustments | -43 | 44 | 4 |
Ending Balance | 1,315 | 1,340 | 190 |
Alternative Investment Funds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 3,457 | 10,171 | |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 117 | 130 | |
Sales/Dispositions | -3,574 | -6,844 | |
Ending Balance | 3,457 | ||
Equity Funds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 10 | ||
Purchases/Acquisitions | 10 | ||
Sales/Dispositions | -10 | ||
Ending Balance | 10 | ||
Private Equity Funds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 114,193 | 112,444 | 122,718 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 8,412 | 13,245 | 15,983 |
Purchases/Acquisitions | 9,283 | 6,166 | 8,589 |
Sales/Dispositions | -11,289 | -19,231 | -35,796 |
Foreign Currency Translation Adjustments | -6,129 | 1,569 | 950 |
Ending Balance | $114,470 | $114,193 | $112,444 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | |||
Net unrealized gains | $5,354 | $6,032 | $12,910 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Assets: | ||||
Cash and cash equivalents | $1,066,580 | $841,482 | $850,190 | $1,003,791 |
Deposits with banks and short-term investments | 207,760 | 244,879 | ||
Cash deposited with clearing organizations and other segregated cash | 43,290 | 62,046 | ||
Interest-bearing financing receivables | 86,221 | 69,464 | ||
Interest-bearing deposits (included within investments) | 84,575 | 516 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 314,284 | 275,434 | ||
Senior debt | 1,048,350 | 1,048,350 | ||
Carrying Value [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 1,066,580 | 841,482 | ||
Deposits with banks and short-term investments | 207,760 | 244,879 | ||
Cash deposited with clearing organizations and other segregated cash | 43,290 | 62,046 | ||
Interest-bearing financing receivables | 86,221 | 69,464 | ||
Interest-bearing deposits (included within investments) | 84,575 | 516 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 314,284 | 275,434 | ||
Senior debt | 1,048,350 | 1,048,350 | ||
Fair Value [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 1,066,580 | 841,482 | ||
Deposits with banks and short-term investments | 207,760 | 244,879 | ||
Cash deposited with clearing organizations and other segregated cash | 43,290 | 62,046 | ||
Interest-bearing financing receivables | 88,499 | 71,433 | ||
Interest-bearing deposits (included within investments) | 84,575 | 516 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 314,284 | 275,434 | ||
Senior debt | 1,134,834 | 1,117,247 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 1,066,580 | 841,482 | ||
Deposits with banks and short-term investments | 207,760 | 244,879 | ||
Cash deposited with clearing organizations and other segregated cash | 43,290 | 62,046 | ||
Interest-bearing deposits (included within investments) | 84,575 | 516 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 314,284 | 275,434 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Liabilities: | ||||
Senior debt | 1,134,834 | 1,117,247 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets: | ||||
Interest-bearing financing receivables | $88,499 | $71,433 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 149,222 | 151,269 |
Unfunded Commitments | 18,676 | 27,135 |
Alternative Investment Funds [Member] | Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 31,042 | 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 | 475 | 475 |
Alternative Investment Funds [Member] | Other [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 3,188 | 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 (3%) | 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 (15%) | 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 (86%) | 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 (66%) | 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 | 75,578 | 70,054 |
Unfunded Commitments | 18,676 | 27,135 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years | 10.00% | 17.00% |
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years | 63.00% | 60.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 27.00% | 23.00% |
Private Equity Funds [Member] | Mezzanine Debt [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 38,892 | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Unfunded commitments to private equity investments | $6,888 | $10,613 |
Derivatives_Fair_Values_of_Der
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $2,355 | $682 |
Derivative Liabilities | 208,093 | 164,001 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 2,355 | 250 |
Derivative Liabilities | 124 | 1,579 |
Total Return Swaps and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 432 | |
Derivative Liabilities | 663 | |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $207,306 | $162,422 |
Derivatives_Fair_Values_of_Der1
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Gross derivative liability | $207,306 | $162,422 | $97,593 |
Cash collateral pledged for total return swaps | 12,364 | 11,384 | |
Total Return Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross derivative assets | 1,123 | 2,019 | |
Gross derivative liability | $1,786 | $1,587 |
Derivatives_Net_Gains_Losses_w
Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $10,422 | ($28,192) | ($27,728) |
Forward Foreign Currency Exchange Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | 22,959 | -3,162 | -1,844 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | -7,326 | -14,099 | -7,557 |
Total Return Swaps and Other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | ($5,211) | ($10,931) | ($18,327) |
Property_Property_Detail
Property - Property (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 478,855 | $502,726 |
Less - Accumulated depreciation and amortization | 256,286 | 253,930 |
Property | 222,569 | 248,796 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 152,982 | 173,772 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 167,837 | 175,600 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 150,458 | 149,598 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,578 | $3,756 |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 33 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $335,402 | $345,453 | $364,328 | $356,657 |
Other intangible assets (net of accumulated amortization) | 12,036 | 18,424 | ||
Goodwill and other intangible assets, Total | $347,438 | $363,877 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $335,402 | $345,453 | $364,328 | $356,657 |
Amortization expense of intangible assets | 6,387 | 10,114 | 8,359 | |
Operating Segments [Member] | Financial Advisory Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 270,861 | 280,912 | ||
Operating Segments [Member] | Asset Management Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $64,541 | $64,541 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ||||
Beginning Balance | $356,657 | |||
Ending Balance | 335,402 | 345,453 | 364,328 | 356,657 |
Financial Advisory [Member] | ||||
Goodwill [Line Items] | ||||
Business acquisitions | 3,232 | 1,748 | 4,272 | |
Foreign currency translation adjustments | ($13,283) | ($20,623) | $3,399 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | $63,790 | $63,803 |
Other intangible assets, Accumulated Amortization | 51,754 | 45,379 |
Other intangible assets, Net Carrying Amount | 12,036 | 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 | 33,050 | 33,063 |
Other intangible assets, Accumulated Amortization | 30,638 | 28,206 |
Other intangible assets, Net Carrying Amount | $2,412 | $4,857 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $6,558 |
2016 | 5,478 |
Total amortization expense | $12,036 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible asset amortization attributable to noncontrolling interest, percentage | 46.00% |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities - Schedule of Other Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes | $93,160 | $110,014 | |
Prepaid compensation (see Note 14) | 73,278 | 60,433 | 47,445 |
Other advances and prepayments | 30,761 | 33,526 | |
Deferred debt issuance costs | 7,162 | 9,188 | |
Other | 62,290 | 46,116 | |
Total | $266,651 | $259,277 |
Other_Assets_and_Other_Liabili3
Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $132,728 | $136,677 |
Current and deferred income taxes and other taxes | 131,280 | 119,940 |
Employee benefit-related liabilities | 110,838 | 104,013 |
Deferred lease incentives | 83,209 | 84,897 |
Unclaimed funds at LFB | 31,592 | 26,626 |
Abandoned leased space (principally in the U.K.) | 10,073 | 12,855 |
Deferred revenue | 25,942 | 5,988 |
Securities sold, not yet purchased | 9,290 | 4,045 |
Other | 24,394 | 18,386 |
Total | $559,346 | $513,427 |
Senior_Debt_Senior_Debt_Detail
Senior Debt - Senior Debt (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2013 | Sep. 25, 2012 |
Debt Instrument [Line Items] | ||||
Senior Debt, Outstanding | $1,048,350 | $1,048,350 | ||
Revolving Credit Facility, Initial Principal Amount | 150,000 | |||
Lazard Group 6.85% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Outstanding | 548,350 | 548,350 | ||
Senior Debt, Maturity Date | 15-Jun-17 | |||
Senior Debt, Initial Principal Amount | 600,000 | |||
Senior Debt, Annual Interest Rate | 6.85% | |||
Lazard Group 4.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Outstanding | 500,000 | 500,000 | ||
Senior Debt, Maturity Date | 14-Nov-20 | |||
Senior Debt, Initial Principal Amount | 500,000 | 500,000 | ||
Senior Debt, Annual Interest Rate | 4.25% | 4.25% | ||
Lazard Group Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Outstanding | ||||
Revolving Credit Facility, Initial Principal Amount | $150,000 | |||
Credit Facility, Expiration Date | 25-Sep-15 | |||
Revolving Credit Facility, Annual Interest Rate | 0.78% | |||
Lazard Group 7.125% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Maturity Date | 15-May-15 | |||
Senior Debt, Annual Interest Rate | 7.13% |
Senior_Debt_Senior_Debt_Parent
Senior Debt - Senior Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||||
Pre-tax loss on the extinguishment of debt | $50,757 | |||
Lazard Group 4.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Original Maturity Date | 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 notes interest rate | 4.25% | 4.25% | ||
Lazard Group 7.125% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption of senior debt | 528,500 | |||
Original Maturity Date | 15-May-15 | |||
Pre-tax loss on the extinguishment of debt | 50,757 | |||
Senior notes interest rate | 7.13% | |||
Interest Rate Hedge [Member] | Lazard Group 7.125% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | 1,563 | |||
Interest Rate Forward Agreement [Member] | Lazard Group 4.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | 1,767 |
Senior_Debt_Additional_Informa
Senior Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Feb. 28, 2015 | Dec. 31, 2013 | Sep. 25, 2012 | Sep. 30, 2014 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||||||
Senior revolving credit facility over next 3 years | $150,000 | |||||
Outstanding credit facility | 0 | 0 | ||||
Unused Lines of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding credit facility | 244,000 | |||||
LFB [Member] | Unused Lines of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding credit facility | 36,000 | |||||
Edgewater [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available line of credit drawn down | 20,000 | |||||
Available line of credit payback | 20,000 | |||||
Edgewater [Member] | Unused Lines of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding credit facility | 55,000 | |||||
Lazard Group Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior revolving credit facility over next 3 years | 150,000 | |||||
Expiration date of credit facility | 25-Sep-15 | |||||
Duration of senior revolving credit facility, in years | 3 years | |||||
Revolving credit facility annual interest rate | 0.78% | |||||
Lazard Group 3.75% Senior Notes [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior debt aggregate principal amount | 400,000 | |||||
Senior notes interest rate | 3.75% | |||||
Senior notes due | 2025 | |||||
Lazard Group 6.85% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior debt aggregate principal amount | 600,000 | |||||
Senior notes interest rate | 6.85% | |||||
Senior Debt, Maturity Date | 15-Jun-17 | |||||
Lazard Group 6.85% Senior Notes [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes interest rate | 6.85% | |||||
Redemption of senior debt | 450,000 | |||||
Senior Debt, Maturity Date | 15-Jun-17 | |||||
Loss on extinguishment of debt, net of tax | $61,000 |
Senior_Debt_Debt_Maturities_Re
Senior Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Detail) (Senior Borrowings Outstanding [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Senior Borrowings Outstanding [Member] | |
Debt Instrument, Redemption [Line Items] | |
2015-2016 | |
2017 | 548,350 |
2018-2019 | |
Thereafter | 500,000 |
Total | $1,048,350 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||
Jul. 15, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Other Commitments [Line Items] | |||||
Office space and equipment under non-cancelable lease agreements, expiration through year | 2033 | ||||
Rental expense relating to operating leases | $80,773,000 | $86,504,000 | $80,888,000 | ||
Office space under sublease agreements, expiration through year | 2022 | ||||
Sublease income | 11,751,000 | 11,404,000 | 9,613,000 | ||
Capital lease obligation payable through | 2019 | ||||
Weighted average interest rate of capital | 6.10% | ||||
Book value of assets under capital lease | 17,326,000 | 20,806,000 | |||
Liabilities of abandoned leased facilities in the U.K. | 8,516,000 | 11,203,000 | |||
Guarantees indemnifications | 4,528,000 | ||||
Collateral/counter-guarantees | 4,052,000 | ||||
Aggregate fair value of consideration recognized by the company at acquisition date | 61,624,000 | ||||
Initial and Earnout shares became settled | 1,371,992 | 1,029,006 | |||
Buildings [Member] | |||||
Other Commitments [Line Items] | |||||
Obligations collateralized by certain assets with a net book value | 16,863,000 | 19,876,000 | |||
LMDC Holdings [Member] | |||||
Other Commitments [Line Items] | |||||
Sublease income | 3,097,000 | 4,136,000 | 3,290,000 | ||
Initial Shares [Member] | |||||
Other Commitments [Line Items] | |||||
Additional shares issued and subject to earnout criteria and payable over time | 1,142,857 | ||||
Earnout Shares [Member] | |||||
Other Commitments [Line Items] | |||||
Additional shares issued and subject to earnout criteria and payable over time | 1,142,857 | ||||
Initial Shares and Earnout Shares [Member] | |||||
Other Commitments [Line Items] | |||||
Initial and Earnout shares issuable on contingent basis | 913,722 | 913,722 | |||
Initial and Earnout shares earned | 1,371,992 | 1,371,992 | |||
Class A Common Stock [Member] | |||||
Other Commitments [Line Items] | |||||
Common stock issuable on non-contingent basis | 170,988 | ||||
Common stock issued on non-contingent basis | 170,988 | ||||
Class A Common Stock [Member] | Maximum [Member] | |||||
Other Commitments [Line Items] | |||||
Common stock issuable on contingent basis | 202,650 | ||||
LFB [Member] | |||||
Other Commitments [Line Items] | |||||
Underwriting commitments | 0 | ||||
LFNY [Member] | |||||
Other Commitments [Line Items] | |||||
Underwriting commitments | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Rental Commitments Capital - 2015 | $2,594 |
Minimum Rental Commitments Capital - 2016 | 2,288 |
Minimum Rental Commitments Capital - 2017 | 8,375 |
Minimum Rental Commitments Capital - 2018 | 31 |
Minimum Rental Commitments Capital - 2019 | 26 |
Minimum Rental Commitments Capital - Thereafter | 0 |
Total minimum lease payments - Capital | 13,314 |
Less amount representing interest | 1,299 |
Present value of capital lease commitments | 12,015 |
Minimum Rental Commitments Operating - 2015 | 77,216 |
Minimum Rental Commitments Operating - 2016 | 75,604 |
Minimum Rental Commitments Operating - 2017 | 70,406 |
Minimum Rental Commitments Operating - 2018 | 64,922 |
Minimum Rental Commitments Operating - 2019 | 61,199 |
Minimum Rental Commitments Operating - Thereafter | 591,342 |
Total minimum lease payments - Operating | 940,689 |
Less sublease proceeds | 76,610 |
Net lease payments | $864,079 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases and Capital 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 |
Stockholders_Equity_Lazard_Gro
Stockholders' Equity - Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Group Distributions [Line Items] | |||
Company tax distributions | $175,915 | $2,976 | |
Company other distributions | 146,454 | 122,540 | 140,278 |
LAZ-MD Holdings [Member] | |||
Schedule Of Group Distributions [Line Items] | |||
Company tax distributions | 1,649 | 80 | |
Company other distributions | 213 | 920 | 5,170 |
Subsidiaries of Lazard Ltd [Member] | |||
Schedule Of Group Distributions [Line Items] | |||
Company tax distributions | 174,266 | 2,896 | |
Company other distributions | $146,241 | $121,620 | $135,108 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 04, 2015 | Jun. 26, 2014 |
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock held by subsidiaries, shares | 7,450,745 | 8,317,065 | 7,450,745 | 8,317,065 | 7,450,745 | 8,317,065 | ||||||||
Share repurchase remaining authorization | $128,932 | $128,932 | 128,932 | |||||||||||
Shares repurchased, value | 192,657 | 132,477 | 354,464 | |||||||||||
Authorized shares of preferred stock | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||
Par value of preferred stock | $0.01 | $0.01 | $0.01 | $0.01 | 0.01 | 0.01 | ||||||||
Dividend declared per share of common stock | $0.30 | $0.30 | $0.30 | $0.30 | $0.50 | $0.25 | $0.25 | $1.20 | $1 | $1.16 | ||||
Series A Preferred Stock [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Outstanding shares of preferred stock | 7,921 | 7,921 | 7,921 | 7,921 | 7,921 | 7,921 | ||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Outstanding shares of preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Class A Common Stock [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock held by subsidiaries, shares | 7,450,745 | 8,317,065 | 7,450,745 | 8,317,065 | 7,450,745 | 8,317,065 | ||||||||
Conversion of Series A preferred stock into Class A common stock (in shares) | 0 | 0 | ||||||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
New share repurchase authorization repurchase amount | 150,000 | |||||||||||||
Share repurchase authorization expiration date | 31-Dec-16 | |||||||||||||
Dividend declared per share of common stock | $0.30 | |||||||||||||
Special dividend declared per share of common stock | $1 | |||||||||||||
Dividend payable date | 19-Feb-15 | |||||||||||||
Dividend date of record | 13-Feb-15 | |||||||||||||
Dividend declare date | 4-Feb-15 | |||||||||||||
Natixis S.A. [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Shares repurchased, shares | 1,000,000 | |||||||||||||
Shares repurchased, value | $50,340 | |||||||||||||
Lazard Ltd [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Shares in exchanges of a like number of common membership interests | 710,009 | 839,658 | 5,207,112 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Repurchase Program [Abstract] | |||
Number of Shares Purchased | 4,114,206 | 3,488,101 | 12,817,196 |
Average Price Per Share | $46.83 | $37.98 | $27.66 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | ($133,004) | ($110,541) |
Other comprehensive income (loss) before reclassifications | -72,511 | -29,531 |
Adjustments for items reclassified to earnings, net of tax | 4,749 | 7,068 |
Net other comprehensive income (loss) | -67,762 | -22,463 |
Ending balance | -200,766 | -133,004 |
Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 3,869 | 19,405 |
Other comprehensive income (loss) before reclassifications | -49,971 | -15,536 |
Net other comprehensive income (loss) | -49,971 | -15,536 |
Ending balance | -46,102 | 3,869 |
Interest Rate Hedge [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -2,502 | |
Adjustments for items reclassified to earnings, net of tax | 2,502 | |
Net other comprehensive income (loss) | 2,502 | |
Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -137,431 | -128,536 |
Other comprehensive income (loss) before reclassifications | -21,983 | -13,500 |
Adjustments for items reclassified to earnings, net of tax | 4,749 | 4,605 |
Net other comprehensive income (loss) | -17,234 | -8,895 |
Ending balance | -154,665 | -137,431 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -133,562 | -111,633 |
Other comprehensive income (loss) before reclassifications | -71,954 | -29,036 |
Adjustments for items reclassified to earnings, net of tax | 4,749 | 7,107 |
Net other comprehensive income (loss) | -67,205 | -21,929 |
Ending balance | -200,767 | -133,562 |
Noncontrolling Interests [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -558 | -1,092 |
Other comprehensive income (loss) before reclassifications | 557 | 495 |
Adjustments for items reclassified to earnings, net of tax | 39 | |
Net other comprehensive income (loss) | 557 | 534 |
Ending balance | ($1) | ($558) |
Stockholders_Equity_Adjustment
Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Amortization of interest rate hedge | $2,502 | $1,055 | |
Amortization relating to employee benefit plans | 6,672 | 6,534 | |
Less - related income taxes | 1,923 | 1,929 | 1,145 |
Net of tax | 4,749 | 4,605 | 4,399 |
Total reclassifications, net of tax | $4,749 | $7,107 |
Stockholders_Equity_Changes_in
Stockholders' Equity - Changes in Ownership Interests (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 128,216,423 |
Percentage of Ownership, Ending Balance | 100.00% | 99.50% | 98.80% |
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 | 1,549,667 | |
Percentage of Ownership, Ending Balance | 0.50% | 1.20% | |
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 | 129,766,090 |
Stockholders_Equity_Net_Income
Stockholders' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change In Ownership Interest [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | $421 | $1,061 | $717 | $4,587 | ($421) | $2,466 | $568 | $2,289 | $6,786 | $4,902 | $8,476 |
Noncontrolling interests | 63,313 | 69,789 | 63,313 | 69,789 | |||||||
Edgewater [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 6,153 | 3,913 | 3,491 | ||||||||
Noncontrolling interests | 62,584 | 66,641 | 62,584 | 66,641 | |||||||
LAZ-MD Holdings [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 631 | 1,198 | 5,114 | ||||||||
Noncontrolling interests | 2,566 | 2,566 | |||||||||
Other [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 2 | -209 | -129 | ||||||||
Noncontrolling interests | $729 | $582 | $729 | $582 |
Incentive_Plans_Additional_Inf
Incentive Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 31-May-14 | Dec. 31, 2014 | Feb. 28, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
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. | |||||
Lazard Fund Interests [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense, years | 9 months 18 days | |||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred incentive compensation awards excluding PRSUs | $306,000 | |||||
Non-Executive [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of annual compensation received by directors in the form of DSUs | 55.00% | |||||
PRSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | 19,547 | |||||
Unrecognized compensation expense, years | 9 months 18 days | |||||
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 | |||||
Incentive awards, 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 generally can range from zero to two times the target number (with the exception of the PRSUs granted in 2013, for which (i) the performance period ended on December 31, 2014 and (ii) the number of shares of Class A common stock that may be received is equal to approximately 2.2 times the target number). | |||||
PRSUs [Member] | March 2015 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period associated with PRSUs | 33.00% | |||||
PRSUs [Member] | March 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period associated with PRSUs | 67.00% | |||||
DSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual compensation paid in DSUs | 26,360 | 39,315 | 53,239 | |||
Units granted under the directors deferred unit plan | 8,433 | 7,623 | 10,597 | |||
RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock conversion basis | One-for-one | |||||
Grant date fair value, amortized periods | Generally one-third after two years, and the remaining two-thirds after the third year | |||||
Units, vested | 6,582,285 | 9,768,849 | 7,284,031 | |||
RSUs exchanged for shares of restricted Class A common stock | 1,523,642 | |||||
Unrecognized compensation expense | 129,777 | |||||
Unrecognized compensation expense, years | 9 months 18 days | |||||
RSUs [Member] | Liability Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs modified through a forward purchase agreement | 958,213 | |||||
RSUs modified through a forward purchase agreement into liability award | 28,612 | |||||
Liability award | 28,612 | |||||
Amount recorded in accrued compensation expense related to liability award after amortization | 26,922 | |||||
Liability awards, compensation expense | 1,690 | |||||
RSUs [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense, years | 2 years 8 months 12 days | |||||
RSUs [Member] | One-Third Vesting [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incentive awards, vesting date | 1-Mar-17 | |||||
RSUs [Member] | Two-Thirds Vesting [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incentive awards, vesting date | 1-Mar-18 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | 11,025 | |||||
Unrecognized compensation expense, years | 10 months 24 days | |||||
PRSUs [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incentive awards, description | Provided that the applicable service and performance conditions are satisfied, and will convert into Class A common stock within a range equal to zero to two times the target number of shares of Class A common stock subject to the awards. | |||||
Granted approximately amount | $19,000 | |||||
Incentive awards, vesting date | 1-Mar-18 | |||||
Class A Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs exchanged for shares of restricted Class A common stock | 1,523,642 | |||||
Class A Common Stock [Member] | 2005 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 | |||||
Class A Common Stock [Member] | Awarded Under 2008 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of outstanding Class A common stock | 30.00% | |||||
Class A Common Stock [Member] | RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Withholding taxes in lieu of share delivery | 1,896,930 | 3,651,050 | 1,471,814 | |||
Delivery of common stock associated with stock awards | 4,685,355 | 6,117,799 | 3,330,362 | |||
Class A Common Stock [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Withholding taxes in lieu of share delivery | 43,905 | 18,599 | 28,129 | |||
Delivery of common stock associated with stock awards | 237,897 | 1,709,910 | 174,381 |
Incentive_Plans_Summary_of_Imp
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based incentive awards: | |||
Share-based incentive awards | $206,195 | $235,898 | $310,348 |
RSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 169,916 | 209,974 | 298,809 |
PRSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 18,428 | 12,934 | |
Restricted Stock [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 16,110 | 11,374 | 10,003 |
DSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | $1,741 | $1,616 | $1,536 |
Incentive_Plans_Summary_of_Imp1
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | 15 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost saving initiatives and staff reductions, charges | $64,703 | $167,279 | |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost saving initiatives and staff reductions, charges | 9,099 | 26,158 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost saving initiatives and staff reductions, charges | $247 | $713 |
Incentive_Plans_Schedule_of_Is
Incentive Plans - Schedule of Issuance of RSUs and Charges to Retained Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of RSUs issued | 375,954 | 454,059 | 920,791 |
Charges to retained earnings, net of estimated forfeitures | $17,536 | $16,927 | $24,990 |
Incentive_Plans_Schedule_of_Ac
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 16,630,009 | 21,481,131 | 20,751,829 |
Units, Granted | 3,825,737 | 5,186,627 | 8,594,744 |
Units, Forfeited | -344,345 | -268,900 | -581,411 |
Units, Vested/Exchanged | -6,582,285 | -9,768,849 | -7,284,031 |
Units, Ending Balance | 13,529,116 | 16,630,009 | 21,481,131 |
Weighted Average Grant Date Fair Value, Beginning Balance | $34.51 | $33.92 | $36.84 |
Weighted Average Grant Date Fair Value, Granted | $42.59 | $37.21 | $27.68 |
Weighted Average Grant Date Fair Value, Forfeited | $34.52 | $34.47 | $35.59 |
Weighted Average Grant Date Fair Value, Vested/Exchanged | $37.80 | $34.65 | $34.71 |
Weighted Average Grant Date Fair Value, Ending Balance | $35.19 | $34.51 | $33.92 |
DSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 251,434 | 204,496 | 140,660 |
Units, Granted | 34,793 | 46,938 | 63,836 |
Units, Forfeited | |||
Units, Vested/Exchanged | |||
Units, Ending Balance | 286,227 | 251,434 | 204,496 |
Weighted Average Grant Date Fair Value, Beginning Balance | $32.02 | $31.47 | $34.83 |
Weighted Average Grant Date Fair Value, Granted | $50.04 | $34.42 | $24.06 |
Weighted Average Grant Date Fair Value, Forfeited | |||
Weighted Average Grant Date Fair Value, Vested/Exchanged | |||
Weighted Average Grant Date Fair Value, Ending Balance | $34.21 | $32.02 | $31.47 |
Incentive_Plans_Schedule_of_Ac1
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend participation rights | 375,954 | 454,059 | 920,791 |
Incentive_Plans_Summary_of_Act
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 575,054 | 1,972,609 | 95,332 |
Units, Granted/Exchanged | 449,911 | 368,736 | 2,100,965 |
Units, Forfeited | -13,336 | -37,782 | -21,178 |
Units, Vested | -281,802 | -1,728,509 | -202,510 |
Units, Ending Balance | 729,827 | 575,054 | 1,972,609 |
Weighted Average Grant Date Fair Value, Beginning Balance | $32.72 | $34.85 | $37.63 |
Weighted Average Grant Date Fair Value, Granted/Exchanged | $45.52 | $36.74 | $34.34 |
Weighted Average Grant Date Fair Value, Forfeited | $41.65 | $33.37 | $29.51 |
Weighted Average Grant Date Fair Value, Vested | $37.42 | $36 | $31.43 |
Weighted Average Grant Date Fair Value, Ending Balance | $38.63 | $32.72 | $34.85 |
Incentive_Plans_Summary_of_Act1
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs exchanged for shares of restricted Class A common stock | 1,523,642 |
Restricted stock units exchanged for shares of restricted Class A common stock, grant date fair value | $35.95 |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs exchanged for shares of restricted Class A common stock | 1,523,642 |
Incentive_Plans_Summary_of_Act2
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) (PRSUs [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 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, Earned | 538,237 | |
Units, Ending Balance | 1,347,148 | 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, Earned | $34.72 | |
Weighted Average Grant Date Fair Value, Ending Balance | $37.79 | $36.11 |
Incentive_Plans_Summary_of_LFI
Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 0 | 0 | |
Prepaid Compensation Asset, Forfeited | -2,634 | -1,075 | |
Prepaid Compensation Asset, Amortization | -76,508 | -58,023 | |
Prepaid Compensation Asset, Increase in fair value of underlying investments | 0 | 0 | |
Prepaid Compensation Asset, Adjustment for estimated forfeitures | 0 | 0 | |
Prepaid Compensation Asset, Other | -741 | -131 | |
Prepaid Compensation Asset, Ending Balance | 73,278 | 60,433 | 47,445 |
Compensation Liability, Beginning Balance | 162,422 | 97,593 | |
Compensation Liability, Granted | 92,728 | 72,217 | |
Compensation Liability, Settled | -55,880 | -24,006 | |
Compensation Liability, Forfeited | -5,531 | -1,544 | |
Compensation Liability, Amortization | 0 | 0 | |
Compensation Liability, Increase in fair value of underlying investments | 7,326 | 14,099 | 7,557 |
Compensation Liability, Adjustment for estimated forfeitures | 8,748 | 4,643 | |
Compensation Liability, Other | -2,507 | -580 | |
Compensation Liability, Ending Balance | $207,306 | $162,422 | $97,593 |
Incentive_Plans_Summary_of_Imp2
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Amortization, net of forfeitures | $82,359 | $62,197 | $41,209 |
Change in the fair value of underlying investments | 7,326 | 14,099 | 7,557 |
Total | $89,685 | $76,296 | $48,766 |
Incentive_Plans_Summary_of_Imp3
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Parenthetical) (Detail) (USD $) | 12 Months Ended | 15 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost saving initiatives and staff reductions, charges | $64,703 | $167,279 | |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cost saving initiatives and staff reductions, charges | $2,665 | $3,495 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | 2014 Through 2020 [Member] | 2015 [Member] | 2015 [Member] | Fair Value Inputs Level 1 And Level 2 [Member] | Fair Value Inputs Level 1 And Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | Non-U.S. Pension Plans [Member] | |
GBP (£) | Other Non-U.S. Pension Plans [Member] | U.K. Pension Plans [Member] | Asset Management [Member] | Asset Management [Member] | USD ($) | USD ($) | USD ($) | USD ($) | 2012 Through 2020 [Member] | 2015 [Member] | Fair Value Inputs Level 1 And Level 2 [Member] | Fair Value Inputs Level 1 And Level 2 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | United Kingdom [Member] | USD ($) | Funds [Member] | Funds [Member] | Funds [Member] | Funds [Member] | Equities And Equity Funds [Member] | Equities And Equity Funds [Member] | Debt And Debt Funds [Member] | Debt And Debt Funds [Member] | Cash And Alternative Investment Funds [Member] | Cash And Alternative Investment Funds [Member] | |||||||||
GBP (£) | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Additional contributions to plan assets | £ 1,000,000 | |||||||||||||||||||||||
Annual contributions to account security arrangement | 1,000,000 | |||||||||||||||||||||||
Aggregate amount in account security arrangement | 17,500,000 | 16,900,000 | ||||||||||||||||||||||
Expected contribution related to the pension plans | 4,200,000 | 1,600,000 | 0 | |||||||||||||||||||||
Change in fair value of plan assets due to net unrealized/realized gains (losses) | -379,000 | 434,000 | ||||||||||||||||||||||
Net unrealized gains partially offset by favorable/(unfavorable) foreign currency translation adjustments | -170,000 | 58,000 | -41,868,000 | 15,770,000 | ||||||||||||||||||||
Equity funds managed by LAM | 70,490,000 | 81,633,000 | ||||||||||||||||||||||
Percentage of plans' assets in equity funds | 49.00% | 54.00% | ||||||||||||||||||||||
Percentage of plans' assets in debt funds | 51.00% | 46.00% | ||||||||||||||||||||||
Percentage of plan assets invested in equities, debt, funds and cash | 34.00% | 32.00% | 64.00% | 60.00% | 2.00% | 8.00% | ||||||||||||||||||
Contributions to employer sponsored defined contribution plans | $11,904,000 | $11,778,000 | $13,070,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation | |||
Benefit obligation at end of year | $764,169 | $709,850 | |
Change in plan assets | |||
Fair value of plan assets at end of year | 672,576 | 643,844 | |
Pension Plans [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 709,850 | 656,025 | |
Service cost | 971 | 940 | 670 |
Interest cost | 30,041 | 27,219 | 27,636 |
Actuarial (gain) loss | 97,495 | 32,329 | |
Benefits paid | -29,663 | -23,258 | |
Foreign currency translation and other adjustments | -44,525 | 16,595 | |
Benefit obligation at end of year | 764,169 | 709,850 | 656,025 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 643,844 | 607,705 | |
Actual return on plan assets | 91,829 | 41,353 | 33,882 |
Employer contributions | 7,648 | 2,274 | 8,221 |
Benefits paid | -28,877 | -23,258 | -26,420 |
Foreign currency translation and other adjustments | -41,868 | 15,770 | |
Fair value of plan assets at end of year | 672,576 | 643,844 | 607,705 |
Funded (deficit) at end of year | -91,593 | -66,006 | |
Prepaid pension asset (included in "other assets") | 148 | ||
Accrued benefit liability (included in "other liabilities") | -91,593 | -66,154 | |
Net amount recognized | -91,593 | -66,006 | |
Actuarial net loss (gain) | 186,637 | 159,575 | |
Prior service cost | 5,235 | 8,901 | |
Net amount recognized | 191,872 | 168,476 | |
Medical Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 5,080 | 5,668 | |
Service cost | 33 | 53 | 60 |
Interest cost | 194 | 182 | 211 |
Actuarial (gain) loss | 428 | -647 | |
Benefits paid | -221 | -176 | |
Benefit obligation at end of year | 5,514 | 5,080 | 5,668 |
Change in plan assets | |||
Employer contributions | 221 | 176 | 275 |
Benefits paid | -221 | -176 | -275 |
Funded (deficit) at end of year | -5,514 | -5,080 | |
Accrued benefit liability (included in "other liabilities") | -5,514 | -5,080 | |
Net amount recognized | -5,514 | -5,080 | |
Actuarial net loss (gain) | 360 | -597 | |
Net amount recognized | $360 | ($597) |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Assets for Plan Benefits [Abstract] | ||
Excluding tax benefits on amounts recognized | $37,567 | $30,448 |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $672,576 | $643,844 |
Accumulated benefit obligation | 764,169 | 709,850 |
Projected benefit obligation | 764,169 | 709,850 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 26,766 | 26,200 |
Accumulated benefit obligation | 37,035 | 29,427 |
Projected benefit obligation | 37,035 | 29,427 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 645,810 | 617,644 |
Accumulated benefit obligation | 727,134 | 680,423 |
Projected benefit obligation | $727,134 | $680,423 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization of: | |||
Reclassification of actuarial gain (loss) to earnings | $6,672 | $6,534 | |
Pension Plans [Member] | |||
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | 971 | 940 | 670 |
Interest cost | 30,041 | 27,219 | 27,636 |
Expected return on plan assets | -32,607 | -27,078 | -26,657 |
Amortization of: | |||
Prior service cost | 2,841 | 2,843 | 2,751 |
Net actuarial loss (gain) | 4,360 | 3,691 | 1,658 |
Settlement loss | 1,135 | ||
Net periodic benefit cost (credit) | 5,606 | 7,615 | 7,193 |
Actual return on plan assets | 91,829 | 41,353 | 33,882 |
Employer contributions | 7,648 | 2,274 | 8,221 |
Benefits paid | 28,877 | 23,258 | 26,420 |
Net actuarial (gain) loss | 41,082 | 17,251 | 50,209 |
Reclassification of prior service (cost) credit to earnings | -2,841 | -2,843 | -2,751 |
Reclassification of actuarial gain (loss) to earnings | -4,360 | -3,691 | -2,793 |
Currency translation and other adjustments | -10,485 | 3,284 | 2,729 |
Total recognized in AOCI | 23,396 | 14,001 | 47,394 |
Net amount recognized in total periodic benefit cost and AOCI | 29,002 | 21,616 | 54,587 |
Medical Plan [Member] | |||
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | 33 | 53 | 60 |
Interest cost | 194 | 182 | 211 |
Amortization of: | |||
Net actuarial loss (gain) | -529 | ||
Net periodic benefit cost (credit) | -302 | 235 | 271 |
Employer contributions | 221 | 176 | 275 |
Benefits paid | 221 | 176 | 275 |
Net actuarial (gain) loss | 428 | -647 | 310 |
Reclassification of actuarial gain (loss) to earnings | 529 | ||
Total recognized in AOCI | 957 | -647 | 310 |
Net amount recognized in total periodic benefit cost and AOCI | $655 | ($412) | $581 |
Employee_Benefit_Plans_Compone1
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Tax benefit in plan assets and benefits obligations recognition | $7,119 | $4,459 | $11,805 |
Recognition of actuarial losses | 2,167 | ||
Settlement loss | 1,135 | ||
Settlement charges | $1,032 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $2,600 |
Net actuarial loss (gain) | 4,821 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | 2,600 |
Net actuarial loss (gain) | $4,821 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 3.40% | 4.30% | 4.60% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 2.00% | 3.30% | 3.20% |
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets | 5.10% | 4.70% | 4.70% |
Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 3.70% | 4.30% | 3.40% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 4.30% | 3.40% | 4.10% |
Healthcare cost trend rates used to determine net periodic benefit cost, Initial | 7.50% | 8.00% | 8.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Ultimate | 5.00% | 5.00% | 6.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Year ultimate trend rate achieved | 2019 | 2019 | 2016 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans - Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Increase (Decrease) in Pension and Postretirement Obligations [Abstract] | ||
1% Increase, Cost | $29 | $33 |
1% Decrease, Cost | -22 | -24 |
1% Increase, Obligation | 779 | 675 |
1% Decrease, Obligation | ($580) | ($494) |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2015 | $24,059 |
2016 | 25,103 |
2017 | 25,619 |
2018 | 27,551 |
2019 | 29,077 |
2020-2024 | 160,294 |
Medical Plan [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2015 | 358 |
2016 | 364 |
2017 | 366 |
2018 | 368 |
2019 | 371 |
2020-2024 | $1,847 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $672,576 | $643,844 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 13,226 | 5,835 |
Debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 52,439 | 43,764 |
Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 31,253 | 27,762 |
Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 1,339 | 44,728 |
Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 372,885 | 337,976 |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 201,434 | 183,779 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 305,843 | 273,989 |
Level 1 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 13,226 | 5,835 |
Level 1 [Member] | Debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 52,439 | 43,764 |
Level 1 [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 31,253 | 27,762 |
Level 1 [Member] | Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 457 | 907 |
Level 1 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 13,570 | 11,942 |
Level 1 [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 194,898 | 183,779 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 364,362 | 366,935 |
Level 2 [Member] | Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 304 | 43,123 |
Level 2 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 357,522 | 323,812 |
Level 2 [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 6,536 | |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 2,371 | 2,920 |
Level 3 [Member] | Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 578 | 698 |
Level 3 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $1,793 | $2,222 |
Cost_Saving_Initiatives_Schedu
Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Detail) (USD $) | 12 Months Ended | 15 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | $64,703 | $167,279 |
Compensation and Benefits [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 51,399 | 151,386 |
Other [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 13,304 | 15,893 |
Operating Segments [Member] | Financial Advisory [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 47,779 | 125,311 |
Operating Segments [Member] | Financial Advisory [Member] | Compensation and Benefits [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 45,746 | 121,879 |
Operating Segments [Member] | Financial Advisory [Member] | Other [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 2,033 | 3,432 |
Operating Segments [Member] | Asset Management [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 235 | 13,024 |
Operating Segments [Member] | Asset Management [Member] | Compensation and Benefits [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 236 | 12,292 |
Operating Segments [Member] | Asset Management [Member] | Other [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | -1 | 732 |
Corporate [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 16,689 | 28,944 |
Corporate [Member] | Compensation and Benefits [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | 5,417 | 17,215 |
Corporate [Member] | Other [Member] | ||
Restructuring and Related Cost [Abstract] | ||
Cost Saving Initiatives | $11,272 | $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]) | 12 Months Ended |
Dec. 31, 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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $17,216 |
Settlements | -12,701 |
Ending Balance | 4,515 |
Accrued Compensation and Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 11,860 |
Settlements | -11,651 |
Ending Balance | 209 |
Other Liabilities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 5,356 |
Settlements | -1,050 |
Ending Balance | $4,306 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal, current | $3,112 | ($3,678) | $2,094 |
Foreign, current | 61,143 | 41,084 | 27,650 |
State and local (primarily UBT), current | 5,519 | -167 | 5,813 |
Total current | 69,774 | 37,239 | 35,557 |
Federal, deferred | 2,766 | 19,934 | -3,330 |
Foreign, deferred | 9,239 | -4,520 | -1,127 |
State and local (primarily UBT), deferred | 3,623 | -960 | |
Total deferred | 15,628 | 14,454 | -4,457 |
Total | $85,402 | $51,693 | $31,100 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income of noncontrolling interests | -0.50% | -0.80% | -2.40% |
Share-based incentive compensation | 7.40% | ||
Foreign source income not subject to U.S. income tax | -12.40% | -12.70% | -34.60% |
Foreign taxes | 8.20% | 14.10% | 13.50% |
State and local taxes (primarily UBT) | 1.80% | 2.60% | 3.40% |
Change in U.S. federal valuation allowance | -18.70% | -14.90% | 1.40% |
Other, net | 3.00% | 0.50% | 1.40% |
Effective income tax rate | 16.40% | 23.80% | 25.10% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | $598,607 | $739,059 |
Compensation and benefits | 258,976 | 250,413 |
Net operating loss and tax credit carryforwards | 283,198 | 348,433 |
Depreciation and amortization | 950 | 8,169 |
Other | 36,470 | 58,273 |
Gross deferred tax assets | 1,178,201 | 1,404,347 |
Valuation allowance | -1,044,152 | -1,225,305 |
Deferred tax assets (net of valuation allowance) | 134,049 | 179,042 |
Deferred Tax Liabilities: | ||
Depreciation and amortization | 21,908 | 19,296 |
Compensation and benefits | 28,035 | 30,042 |
Goodwill | 15,289 | 15,434 |
Other | 39,705 | 70,394 |
Deferred tax liabilities | $104,937 | $135,166 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax [Line Items] | |||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | $598,607 | $739,059 | |
Valuation allowance amount | 1,044,152 | 1,225,305 | |
Net decrease in valuation allowance | 181,153 | ||
Valuation allowance charged to income tax expense | 43,001 | ||
Valuation allowance charged to stockholders' equity | 28,257 | ||
Valuation allowance credited to income tax expense | 246,052 | ||
Valuation allowance credited to stockholders' equity | 6,359 | ||
Net amount credited to income tax expense | 203,051 | ||
Remeasurement of deferred tax assets with valuation allowance | 106,000 | ||
Net operating loss and tax credit carryforwards | 283,198 | ||
Indefinite-lived net operating loss and tax credit carryforwards | 43,000 | ||
Net operating loss and tax credit carryforwards | 230,000 | ||
Operating loss and tax credit carryforwards begin to expire | 2029 | ||
Deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting | 46,633 | 30,200 | |
Amount of deferred tax assets for unrecognized tax benefits, including interest and penalties recorded that may be recognized within 12 months | 9,000 | ||
Basis step-up assets | 544,000 | ||
Net operating losses due to amortization of step-up assets | 255,000 | ||
Provision (benefit) pursuant to tax receivable agreement | 18,307 | 1,249 | 0 |
LMDC 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 | ||
Purchases and Redemptions of Historical and Working Class Members Interests [Member] | |||
Income Tax [Line Items] | |||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | 95,784 | 123,027 | |
Exchangeable Interests and Acquisition of Equity Interest [Member] | |||
Income Tax [Line Items] | |||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | 496,821 | 603,552 | |
Tax Receivable Agreement [Member] | |||
Income Tax [Line Items] | |||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | 4,529 | 5,942 | |
Tax Basis Step-Up on Certain U.K. Assets [Member] | |||
Income Tax [Line Items] | |||
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings) | $1,473 | $6,538 |
Income_Taxes_Schedule_of_Gross
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance, January 1 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively) | $62,905 | $55,947 | $62,200 |
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years | 2,837 | 417 | 1,393 |
Increases in gross unrecognized tax benefits relating to tax positions taken during current years | 18,698 | 17,596 | 19,690 |
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years | -3,191 | -385 | -5,397 |
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities | -5,587 | -12,077 | |
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations | -13,025 | -5,083 | -9,862 |
Balance, December 31 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively) | $68,224 | $62,905 | $55,947 |
Income_Taxes_Schedule_of_Gross1
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | |||
Interest and penalties | $13,004 | $12,200 | $14,799 |
Income_Taxes_Schedule_of_Addit
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,004, $12,200 and $14,799, respectively) | $40,353 | $36,272 | $44,452 |
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | 40,875 | 38,833 | 26,294 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,177, $7,326 and $3,130, respectively) | $804 | ($2,599) | $6,345 |
Income_Taxes_Schedule_of_Addit1
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | |||
Interest and penalties | $13,004 | $12,200 | $14,799 |
Reversal of interest and penalties | $3,177 | $7,326 | $3,130 |
Net_Income_Per_Share_of_Class_2
Net Income Per Share of Class A Common Stock - Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Lazard Ltd | $172,384 | $88,859 | $85,192 | $80,842 | $53,217 | $60,282 | $31,353 | $15,360 | $427,277 | $160,212 | $84,309 |
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis | 7 | ||||||||||
Net income attributable to Lazard Ltd - basic | 427,277 | 160,212 | 84,316 | ||||||||
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 | 581 | 1,065 | 371 | ||||||||
Net income attributable to Lazard Ltd - diluted | $427,858 | $161,277 | $84,687 | ||||||||
Weighted average number of shares of Class A common stock outstanding | 121,942,939 | 120,096,305 | 116,163,821 | ||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 408,897 | 757,962 | 790,168 | ||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 122,351,836 | 120,854,267 | 116,953,989 | ||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests | 11,461,287 | 12,882,812 | 12,371,633 | ||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,813,123 | 133,737,079 | 129,325,622 | ||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||
Basic | $1.41 | $0.73 | $0.69 | $0.66 | $0.44 | $0.49 | $0.26 | $0.13 | $3.49 | $1.33 | $0.72 |
Diluted | $1.29 | $0.67 | $0.64 | $0.61 | $0.40 | $0.45 | $0.24 | $0.12 | $3.20 | $1.21 | $0.65 |
Related_Parties_Amounts_Receiv
Related Parties - Amounts Receivable from and Payable to Related Parties (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Amounts receivables from related parties | $1,267 | $7,920 |
Amounts payables to related parties | 21,894 | 5,031 |
LMDC Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts receivables from related parties | 1,107 | 7,794 |
Amounts payables to related parties | 20,654 | 4,300 |
Other [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts receivables from related parties | 160 | 126 |
Amounts payables to related parties | $1,240 | $731 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Master Separation Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Agreement date | 10-May-05 | ||
LMDC Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts recorded relating to the administrative services agreement | $879 | $1,456 | $7,637 |
Net referral fees for underwriting, private placement, M&A and restructuring transactions | 795 | -1,646 | 5,947 |
Obligations pursuant to the tax receivable agreement | 19,577 | 1,249 | |
LMDC Holdings [Member] | Administrative and Support Services and Other Receivables [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables from related party | 1,107 | 3,112 | |
LMDC Holdings [Member] | Referral Fees for Underwriting and Private Placement Transactions [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables from related party | 4,682 | ||
LMDC Holdings [Member] | Referral Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Payables to related party | 1,077 | 3,051 | |
LAZ-MD Holdings [Member] | Administrative Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts recorded relating to the administrative services agreement | 856 | 1,000 | 1,000 |
MBA Lazard Holdings S.A. [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 50.00% | 50.00% | 50.00% |
Referral fees for restructuring, M&A transactions and fee sharing | ($5,557) | ($2,221) | $1,506 |
Regulatory_Authorities_Additio
Regulatory Authorities - Additional Information (Detail) (USD $) | Dec. 31, 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 | 128,382 |
Regulatory capital in excess of minimum requirement | 123,999 |
Aggregate indebtedness to net capital ratio | 0.51 |
LFNY [Member] | Maximum [Member] | |
Regulatory Requirements [Line Items] | |
Aggregate indebtedness to net capital ratio | 15 |
U.K. Subsidiaries [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 86,273 |
Regulatory capital in excess of minimum requirement | 68,683 |
CFLF [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 134,708 |
Regulatory capital in excess of minimum requirement | 87,130 |
Combined European Regulated Group [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 180,047 |
Regulatory capital in excess of minimum requirement | 104,309 |
Other U.S. and Non-U.S. Subsidiaries [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 111,224 |
Regulatory capital in excess of minimum requirement | $84,699 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Number of business segments | 2 | ||
Sales Revenue, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Individual clients did not constitute more than a specific percentage of net revenue | 10.00% | 10.00% | 10.00% |
Segment_Information_Segments_C
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue (Expense) | $633,940 | $566,211 | $566,896 | $533,400 | $612,690 | $480,354 | $490,405 | $401,903 | $2,300,447 | $1,985,352 | $1,912,448 |
Operating expenses | 434,347 | 452,499 | 467,916 | 426,220 | 539,536 | 399,236 | 449,467 | 380,306 | 1,780,982 | 1,768,545 | 1,788,563 |
Operating Income (Loss) | 199,593 | 113,712 | 98,980 | 107,180 | 73,154 | 81,118 | 40,938 | 21,597 | 519,465 | 216,807 | 123,885 |
Total Assets | 3,332,236 | 3,011,137 | 3,332,236 | 3,011,137 | 2,986,893 | ||||||
Operating Segments [Member] | Financial Advisory [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue (Expense) | 1,206,734 | 980,577 | 1,049,090 | ||||||||
Operating expenses | 977,681 | 959,668 | 1,057,620 | ||||||||
Operating Income (Loss) | 229,053 | 20,909 | -8,530 | ||||||||
Total Assets | 785,557 | 714,708 | 785,557 | 714,708 | 793,007 | ||||||
Operating Segments [Member] | Asset Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue (Expense) | 1,134,595 | 1,039,130 | 896,260 | ||||||||
Operating expenses | 749,345 | 704,045 | 659,502 | ||||||||
Operating Income (Loss) | 385,250 | 335,085 | 236,758 | ||||||||
Total Assets | 588,403 | 612,018 | 588,403 | 612,018 | 566,677 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue (Expense) | -40,882 | -34,355 | -32,902 | ||||||||
Operating expenses | 53,956 | 104,832 | 71,441 | ||||||||
Operating Income (Loss) | -94,838 | -139,187 | -104,343 | ||||||||
Total Assets | $1,958,276 | $1,684,411 | $1,958,276 | $1,684,411 | $1,627,209 |
Segment_Information_Segments_C1
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization of property | $34,464 | $34,750 | $30,855 |
Operating Segments [Member] | Financial Advisory [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization of property | 4,826 | 5,256 | 5,710 |
Operating Segments [Member] | Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization of property | 2,610 | 2,556 | 3,250 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization of property | $27,028 | $26,938 | $21,895 |
Segment_Information_Schedule_o
Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | $633,940 | $566,211 | $566,896 | $533,400 | $612,690 | $480,354 | $490,405 | $401,903 | $2,300,447 | $1,985,352 | $1,912,448 |
Operating Income (Loss) | 199,593 | 113,712 | 98,980 | 107,180 | 73,154 | 81,118 | 40,938 | 21,597 | 519,465 | 216,807 | 123,885 |
Identifiable Assets | 3,332,236 | 3,011,137 | 3,332,236 | 3,011,137 | 2,986,893 | ||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,308,220 | 1,217,014 | 1,172,566 | ||||||||
Operating Income (Loss) | 320,082 | 234,247 | 169,111 | ||||||||
Identifiable Assets | 1,840,882 | 1,529,695 | 1,840,882 | 1,529,695 | 1,507,331 | ||||||
United Kingdom [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 277,610 | 205,695 | 180,784 | ||||||||
Operating Income (Loss) | 61,744 | -6,474 | -37,329 | ||||||||
Identifiable Assets | 266,584 | 239,606 | 266,584 | 239,606 | 226,578 | ||||||
France [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 376,432 | 281,740 | 265,523 | ||||||||
Operating Income (Loss) | 87,308 | 14,845 | 8,332 | ||||||||
Identifiable Assets | 809,241 | 824,712 | 809,241 | 824,712 | 808,655 | ||||||
Other Western Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 150,810 | 123,975 | 132,754 | ||||||||
Operating Income (Loss) | 12,634 | -8,260 | -20,812 | ||||||||
Identifiable Assets | 135,889 | 118,939 | 135,889 | 118,939 | 114,763 | ||||||
Rest of World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 187,375 | 156,928 | 160,821 | ||||||||
Operating Income (Loss) | 37,697 | -17,551 | 4,583 | ||||||||
Identifiable Assets | $279,640 | $298,185 | $279,640 | $298,185 | $329,566 |
Supplemental_Financial_Informa2
Supplemental Financial Information - Quarterly Results - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net Revenue | $633,940 | $566,211 | $566,896 | $533,400 | $612,690 | $480,354 | $490,405 | $401,903 | $2,300,447 | $1,985,352 | $1,912,448 |
Operating expenses | 434,347 | 452,499 | 467,916 | 426,220 | 539,536 | 399,236 | 449,467 | 380,306 | 1,780,982 | 1,768,545 | 1,788,563 |
Operating Income | 199,593 | 113,712 | 98,980 | 107,180 | 73,154 | 81,118 | 40,938 | 21,597 | 519,465 | 216,807 | 123,885 |
NET INCOME | 172,805 | 89,920 | 85,909 | 85,429 | 52,796 | 62,748 | 31,921 | 17,649 | 434,063 | 165,114 | 92,785 |
Less - net income (loss) attributable to noncontrolling interests | 421 | 1,061 | 717 | 4,587 | -421 | 2,466 | 568 | 2,289 | 6,786 | 4,902 | 8,476 |
Net income attributable to Lazard Ltd | $172,384 | $88,859 | $85,192 | $80,842 | $53,217 | $60,282 | $31,353 | $15,360 | $427,277 | $160,212 | $84,309 |
NET INCOME PER SHARE OF COMMON STOCK: | |||||||||||
Basic | $1.41 | $0.73 | $0.69 | $0.66 | $0.44 | $0.49 | $0.26 | $0.13 | $3.49 | $1.33 | $0.72 |
Diluted | $1.29 | $0.67 | $0.64 | $0.61 | $0.40 | $0.45 | $0.24 | $0.12 | $3.20 | $1.21 | $0.65 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $0.30 | $0.30 | $0.30 | $0.30 | $0.50 | $0.25 | $0.25 | $1.20 | $1 | $1.16 |
Schedule_I_Condensed_Statement
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $1,066,580 | $841,482 | $850,190 | $1,003,791 |
Investments in subsidiaries, equity method | 7,776 | 9,488 | ||
Other assets | 266,651 | 259,277 | ||
Total Assets | 3,332,236 | 3,011,137 | 2,986,893 | |
Liabilities: | ||||
Other liabilities | 559,346 | 513,427 | ||
Total Liabilities | 2,562,179 | 2,381,139 | ||
Commitments and contingencies | ||||
Common stock: | ||||
Additional paid-in-capital | 702,800 | 737,899 | ||
Retained earnings | 464,655 | 203,236 | ||
Accumulated other comprehensive loss, net of tax | -200,766 | -133,004 | -110,541 | |
Total Lazard Ltd Stockholders' Equity | 706,744 | 560,209 | ||
Total Liabilities and Stockholders' Equity | 3,332,236 | 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 | -261,243 | -249,213 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 7,482 | 688 | 298 | 218 |
Investments in subsidiaries, equity method | -1,604,077 | -1,818,211 | ||
Due from subsidiaries | 2,303,440 | 2,379,308 | ||
Other assets | 4 | |||
Total Assets | 706,845 | 561,789 | ||
Liabilities: | ||||
Due to subsidiaries | 20 | 1,488 | ||
Other liabilities | 81 | 92 | ||
Total Liabilities | 101 | 1,580 | ||
Commitments and contingencies | ||||
Common stock: | ||||
Additional paid-in-capital | 702,800 | 737,899 | ||
Retained earnings | 464,655 | 203,236 | ||
Accumulated other comprehensive loss, net of tax | -200,766 | -133,004 | ||
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling Interests, total | 967,987 | 809,422 | ||
Class A common stock held by subsidiaries, at cost | -261,243 | -249,213 | ||
Total Lazard Ltd Stockholders' Equity | 706,744 | 560,209 | ||
Total Liabilities and Stockholders' Equity | 706,845 | 561,789 | ||
Parent Company [Member] | Series A Preferred Stock [Member] | ||||
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ||||
Preferred stock | ||||
Parent Company [Member] | Series B Preferred Stock [Member] | ||||
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: | ||||
Preferred stock | ||||
Parent Company [Member] | Class A Common Stock [Member] | ||||
Common stock: | ||||
Common stock | $1,298 | $1,291 |
Schedule_I_Condensed_Statement1
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | 31-May-14 | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.01 | $0.01 | ||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||
Common stock held by subsidiaries, shares | 7,450,745 | 8,317,065 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock, shares issued | 7,921 | 7,921 | ||
Preferred stock, shares outstanding | 7,921 | 7,921 | ||
Series A Preferred Stock [Member] | Parent Company [Member] | ||||
Preferred stock, par value | $0.01 | $0.01 | ||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||
Preferred stock, shares issued | 7,921 | 7,921 | ||
Preferred stock, shares outstanding | 7,921 | 7,921 | ||
Series B Preferred Stock [Member] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Series B Preferred Stock [Member] | Parent Company [Member] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Class A Common Stock [Member] | ||||
Common stock, par value | $0.01 | $0.01 | $0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 129,766,091 | 129,056,081 | 128,216,423 | |
Common stock, shares outstanding | 129,766,091 | 129,056,081 | ||
Common stock held by subsidiaries, shares | 7,450,745 | 8,317,065 | ||
Class A Common Stock [Member] | Parent Company [Member] | ||||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 129,766,091 | 129,056,081 | ||
Common stock held by subsidiaries, shares | 7,450,754 | 8,317,065 | ||
Class B Common Stock [Member] | ||||
Common stock, par value | $0.01 | |||
Common stock, shares authorized | 1 | |||
Common stock, shares issued | 1 | 1 | ||
Common stock, shares outstanding | 1 | |||
Class B Common Stock [Member] | Parent Company [Member] | ||||
Common stock, par value | $0.01 | |||
Common stock, shares authorized | 1 | |||
Common stock, shares issued | 1 | |||
Common stock, shares outstanding | 1 |
Schedule_I_Condensed_Statement2
Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUE | |||||||||||
Total revenue | $2,363,017 | $2,064,733 | $1,994,013 | ||||||||
OPERATING EXPENSES | |||||||||||
Professional services | 46,543 | 42,663 | 43,958 | ||||||||
Other | 39,983 | 80,258 | 38,099 | ||||||||
Total operating expenses | 434,347 | 452,499 | 467,916 | 426,220 | 539,536 | 399,236 | 449,467 | 380,306 | 1,780,982 | 1,768,545 | 1,788,563 |
NET INCOME | 172,805 | 89,920 | 85,909 | 85,429 | 52,796 | 62,748 | 31,921 | 17,649 | 434,063 | 165,114 | 92,785 |
Parent Company [Member] | |||||||||||
REVENUE | |||||||||||
Equity in earnings of subsidiaries | 373,713 | 103,769 | 20,598 | ||||||||
Interest and other income | 55,303 | 58,227 | 65,319 | ||||||||
Total revenue | 429,016 | 161,996 | 85,917 | ||||||||
OPERATING EXPENSES | |||||||||||
Professional services | 1,594 | 1,662 | 1,477 | ||||||||
Other | 145 | 122 | 131 | ||||||||
Total operating expenses | 1,739 | 1,784 | 1,608 | ||||||||
NET INCOME | $427,277 | $160,212 | $84,309 |
Schedule_I_Condensed_Statement3
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET INCOME | $172,805 | $89,920 | $85,909 | $85,429 | $52,796 | $62,748 | $31,921 | $17,649 | $434,063 | $165,114 | $92,785 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | -49,971 | -15,536 | 15,686 | ||||||||
Amortization of interest rate hedge | 2,502 | 1,055 | |||||||||
Employee benefit plans: | |||||||||||
Actuarial loss, net of tax benefit | -21,983 | -13,500 | -40,298 | ||||||||
Adjustments for items reclassified to earnings, net of tax expense | 4,749 | 4,605 | 4,399 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX | -67,205 | -21,929 | -19,158 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | 360,073 | 138,416 | 65,312 | ||||||||
Parent Company [Member] | |||||||||||
NET INCOME | 427,277 | 160,212 | 84,309 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | -49,970 | -15,438 | 15,431 | ||||||||
Amortization of interest rate hedge | 2,488 | 1,042 | |||||||||
Employee benefit plans: | |||||||||||
Actuarial loss, net of tax benefit | -21,983 | -13,426 | -39,817 | ||||||||
Adjustments for items reclassified to earnings, net of tax expense | 4,749 | 4,580 | 4,347 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX | -67,204 | -21,796 | -18,997 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $360,073 | $138,416 | $65,312 |
Schedule_I_Condensed_Statement4
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax benefit on actuarial loss, employee benefit plans | $9,045 | $6,388 | $12,950 |
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans | 1,923 | 1,929 | 1,145 |
Parent Company [Member] | |||
Tax benefit on actuarial loss, employee benefit plans | 9,045 | 6,353 | 12,796 |
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans | $1,923 | $1,918 | $1,131 |
Schedule_I_Condensed_Statement5
Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $434,063 | $165,114 | $92,785 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Class A common stock dividends | -146,241 | -121,620 | -135,108 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 225,098 | -8,708 | -153,601 |
CASH AND CASH EQUIVALENTS-January 1 | 841,482 | 850,190 | 1,003,791 |
CASH AND CASH EQUIVALENTS-December 31 | 1,066,580 | 841,482 | 850,190 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | 427,277 | 160,212 | 84,309 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries | -373,713 | -103,769 | -20,598 |
Changes in due to/from subsidiaries | 99,477 | 65,574 | 71,566 |
Changes in other operating assets and liabilities | -6 | -7 | -89 |
Net cash provided by operating activities | 153,035 | 122,010 | 135,188 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Class A common stock dividends | -146,241 | -121,620 | -135,108 |
Net cash used in financing activities | -146,241 | -121,620 | -135,108 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,794 | 390 | 80 |
CASH AND CASH EQUIVALENTS-January 1 | 688 | 298 | 218 |
CASH AND CASH EQUIVALENTS-December 31 | $7,482 | $688 | $298 |