Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 29, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LAZ | ||
Entity Registrant Name | LAZARD LTD | ||
Entity Central Index Key | 1,311,370 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 7,014,008,156 | ||
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 | 4,449,396 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 1,132,083 | $ 1,066,580 |
Deposits with banks and short-term investments | 389,861 | 207,760 |
Cash deposited with clearing organizations and other segregated cash | 34,948 | 43,290 |
Receivables (net of allowance for doubtful accounts of $12,882 and $23,540 at December 31, 2015 and 2014, respectively): | ||
Fees | 423,817 | 483,681 |
Customers and other | 73,396 | 73,915 |
Total receivables, net | 497,213 | 557,596 |
Investments | 541,911 | 620,352 |
Property (net of accumulated amortization and depreciation of $265,506 and $256,286 at December 31, 2015 and 2014, respectively) | 207,165 | 222,569 |
Goodwill and other intangible assets (net of accumulated amortization of $57,561 and $51,754 at December 31, 2015 and 2014, respectively) | 326,976 | 347,438 |
Deferred tax assets | 1,130,595 | 59,041 |
Other assets | 226,014 | 207,610 |
Total Assets | 4,486,766 | 3,332,236 |
Liabilities: | ||
Deposits and other customer payables | 506,665 | 316,601 |
Accrued compensation and benefits | 570,409 | 606,290 |
Senior debt | 998,350 | 1,048,350 |
Deferred tax liabilities | 11,104 | 29,929 |
Capital lease obligations | 9,028 | 12,015 |
Other liabilities | 499,942 | 529,417 |
Total Liabilities | $ 3,119,460 | $ 2,562,179 |
Commitments and contingencies | ||
Common stock: | ||
Additional paid-in-capital | $ 600,034 | $ 702,800 |
Retained earnings | 1,123,728 | 464,655 |
Accumulated other comprehensive loss, net of tax | (234,356) | (200,766) |
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total | 1,490,704 | 967,987 |
Total Lazard Ltd Stockholders' Equity | 1,313,455 | 706,744 |
Noncontrolling interests | 53,851 | 63,313 |
Total Stockholders' Equity | 1,367,306 | 770,057 |
Total Liabilities and Stockholders' Equity | 4,486,766 | 3,332,236 |
LMDC Holdings [Member] | ||
Liabilities: | ||
Tax receivable agreement obligation | $ 523,962 | $ 19,577 |
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: | ||
Class A, par value $.01 per share (500,000,000 shares authorized; 129,766,091 shares issued at December 31, 2015 and 2014, including shares held by subsidiaries as indicated below) | $ 1,298 | $ 1,298 |
Class A common stock held by subsidiaries, at cost (4,253,381 and 7,450,745 shares at December 31, 2015 and 2014, respectively) | $ (177,249) | $ (261,243) |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | May. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts receivables | $ 12,882 | $ 23,540 | $ 28,777 | $ 23,017 | |
Property, accumulated amortization and depreciation | 265,506 | 256,286 | |||
Goodwill and other intangible assets, accumulated amortization | $ 57,561 | $ 51,754 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | |||
Series A Preferred Stock [Member] | |||||
Preferred stock, shares issued | 7,921 | 7,921 | |||
Preferred stock, shares outstanding | 7,921 | 7,921 | |||
Series B Preferred Stock [Member] | |||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Class A Common Stock [Member] | |||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, shares issued | 129,766,091 | 129,766,091 | 129,056,081 | ||
Common stock, shares outstanding | 129,766,091 | 129,766,091 | |||
Common stock held by subsidiaries, shares | 4,253,381 | 7,450,745 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUE | |||
Investment banking and other advisory fees | $ 1,276,096 | $ 1,201,424 | $ 972,533 |
Asset management fees | 1,036,821 | 1,080,842 | 994,707 |
Interest income | 5,286 | 5,360 | 4,705 |
Other | 86,564 | 75,391 | 92,788 |
Total revenue | 2,404,767 | 2,363,017 | 2,064,733 |
Interest expense | 51,159 | 62,570 | 79,381 |
Net revenue | 2,353,608 | 2,300,447 | 1,985,352 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,319,746 | 1,313,606 | 1,278,534 |
Occupancy and equipment | 109,867 | 111,550 | 122,926 |
Marketing and business development | 81,541 | 88,029 | 84,214 |
Technology and information services | 95,528 | 91,120 | 89,289 |
Professional services | 49,529 | 46,543 | 42,663 |
Fund administration and outsourced services | 61,363 | 65,457 | 59,298 |
Amortization of intangible assets related to acquisitions | 5,821 | 6,387 | 10,114 |
Provision pursuant to tax receivable agreement | 547,691 | 18,307 | 1,249 |
Other | 99,142 | 39,983 | 80,258 |
Total operating expenses | 2,370,228 | 1,780,982 | 1,768,545 |
OPERATING INCOME (LOSS) | (16,620) | 519,465 | 216,807 |
Provision (benefit) for income taxes | (1,009,552) | 85,402 | 51,693 |
NET INCOME | 992,932 | 434,063 | 165,114 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 6,559 | 6,786 | 4,902 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 986,373 | $ 427,277 | $ 160,212 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||
Basic | 125,366,272 | 122,351,836 | 120,854,267 |
Diluted | 133,244,546 | 133,813,123 | 133,737,079 |
NET INCOME PER SHARE OF COMMON STOCK: | |||
Basic | $ 7.87 | $ 3.49 | $ 1.33 |
Diluted | 7.40 | 3.20 | 1.21 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ 2.35 | $ 1.20 | $ 1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 992,932 | $ 434,063 | $ 165,114 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Currency translation adjustments | (51,182) | (49,971) | (15,536) |
Amortization of interest rate hedge | 2,502 | ||
Employee benefit plans: | |||
Actuarial gain (loss) (net of tax expense (benefit) of $5,644, $(9,045) and $(6,388) for the years ended December 31, 2015, 2014 and 2013, respectively) | 11,283 | (21,983) | (13,500) |
Adjustment for items reclassified to earnings (net of tax expense of $1,507, $1,923 and $1,929 for the years ended December 31, 2015, 2014 and 2013, respectively) | 6,309 | 4,749 | 4,605 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (33,590) | (67,205) | (21,929) |
COMPREHENSIVE INCOME | 959,342 | 366,858 | 143,185 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 6,559 | 6,785 | 4,769 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $ 952,783 | $ 360,073 | $ 138,416 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | $ 5,644 | $ (9,045) | $ (6,388) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,507 | $ 1,923 | $ 1,929 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $ 992,932 | $ 434,063 | $ 165,114 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of property | 32,785 | 34,464 | 34,750 |
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge | 320,472 | 295,830 | 310,036 |
Amortization of intangible assets related to acquisitions | 5,821 | 6,387 | 10,114 |
Deferred tax provision (benefit) | (1,100,785) | 15,628 | 14,454 |
Provision pursuant to tax receivable agreement | 547,691 | 18,307 | 1,249 |
Loss on extinguishment of debt | 60,219 | 50,757 | |
Gain on disposal of subsidiaries | (24,388) | ||
(Increase) decrease in operating assets: | |||
Deposits with banks and short-term investments | (207,373) | 8,544 | 58,570 |
Cash deposited with clearing organizations and other segregated cash | 6,909 | 15,656 | 4,811 |
Receivables-net | 33,145 | (76,200) | (30,126) |
Investments | 64,159 | (159,107) | (61,502) |
Other assets | (90,138) | (111,588) | (60,731) |
Increase (decrease) in operating liabilities: | |||
Deposits and other payables | 225,008 | 74,801 | (6,028) |
Accrued compensation and benefits and other liabilities | 20,839 | 179,232 | 35,229 |
Net cash provided by operating activities | 887,296 | 736,017 | 526,697 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (26,629) | (22,184) | (60,964) |
Disposals of property | 677 | 2,085 | 6,411 |
Net cash used in investing activities | (25,952) | (20,099) | (54,553) |
Proceeds from: | |||
Contributions from noncontrolling interests | 275 | 1,532 | 832 |
Issuance of senior debt, net of expenses | 396,272 | 493,398 | |
Excess tax benefits from share-based incentive compensation | 13,300 | 5,149 | 1,108 |
Payments for: | |||
Senior debt | (509,098) | (578,464) | |
Capital lease obligations | (1,826) | (2,171) | (2,659) |
Distributions to noncontrolling interests | (16,296) | (13,458) | (14,367) |
Payments under tax receivable agreement | (1,276) | ||
Partial extinguishment of tax receivable agreement obligation | (42,222) | ||
Purchase of Class A common stock | (172,772) | (192,657) | (132,477) |
Class A common stock dividends | (290,684) | (146,241) | (121,620) |
Settlement of vested share-based incentive compensation | (120,116) | (85,442) | (132,533) |
Other financing activities | (2,361) | (2,081) | (290) |
Net cash used in financing activities | (746,804) | (435,369) | (487,072) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (49,037) | (55,451) | 6,220 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 65,503 | 225,098 | (8,708) |
CASH AND CASH EQUIVALENTS-January 1 | 1,066,580 | 841,482 | 850,190 |
CASH AND CASH EQUIVALENTS-December 31 | 1,132,083 | 1,066,580 | 841,482 |
Cash paid during the year for: | |||
Interest | 45,359 | 60,414 | 78,671 |
Income taxes, net of refunds | $ 60,716 | $ 49,235 | $ 22,623 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | 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] | Series A Preferred Stock [Member] | ||
Balance at Dec. 31, 2012 | $ 651,540 | $ 1,282 | $ 846,050 | $ 182,647 | $ (110,541) | $ (349,782) | $ 569,656 | $ 81,884 | |||
Balance (in shares) at Dec. 31, 2012 | 128,216,424 | [1] | 12,802,938 | 7,921 | |||||||
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) | |||||||
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 | |||||||||
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) | ||||||||||
Distributions to noncontrolling interests, net | (13,535) | (13,535) | |||||||||
Adjustments related to noncontrolling interests | (1,000) | 4,288 | (667) | 3,621 | (4,621) | ||||||
Balance at Dec. 31, 2013 | 629,998 | $ 1,291 | 737,899 | 203,236 | (133,004) | $ (249,213) | 560,209 | 69,789 | |||
Balance (in shares) at Dec. 31, 2013 | 129,056,082 | [1] | 8,317,065 | 7,921 | |||||||
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) | |||||||
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 | |||||||||
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) | ||||||||||
Distributions to noncontrolling interests, net | (11,926) | (11,926) | |||||||||
Adjustments related to noncontrolling interests | 1,893 | (558) | 1,335 | (1,335) | |||||||
Balance at Dec. 31, 2014 | 770,057 | $ 1,298 | 702,800 | 464,655 | (200,766) | $ (261,243) | 706,744 | 63,313 | |||
Balance (in shares) at Dec. 31, 2014 | 129,766,091 | [1] | 7,450,745 | 7,921 | |||||||
Comprehensive income (loss): | |||||||||||
NET INCOME | 992,932 | 986,373 | 986,373 | 6,559 | |||||||
Other comprehensive loss - net of tax | (33,590) | (33,590) | (33,590) | ||||||||
Amortization of share-based incentive compensation | 226,723 | 226,723 | 226,723 | ||||||||
Dividend-equivalents | (2,361) | 34,255 | (36,616) | (2,361) | |||||||
Class A common stock dividends | (290,684) | (290,684) | (290,684) | ||||||||
Purchase of Class A common stock | (172,772) | $ (172,772) | (172,772) | ||||||||
Purchase of Class A common stock (in shares) | 3,438,789 | ||||||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit | (106,978) | (362,417) | $ 255,439 | (106,978) | |||||||
Delivery of Class A common stock in connection with shared-based incentive compensation and related tax benefit (in shares) | (6,608,837) | ||||||||||
Business acquisitions and related equity transactions: | |||||||||||
Delivery of Class A common stock | (1,327) | $ 1,327 | |||||||||
Delivery of Class A common stock (in shares) | (27,316) | ||||||||||
Distributions to noncontrolling interests, net | (16,021) | (16,021) | |||||||||
Balance at Dec. 31, 2015 | $ 1,367,306 | $ 1,298 | $ 600,034 | $ 1,123,728 | $ (234,356) | $ (177,249) | $ 1,313,455 | $ 53,851 | |||
Balance (in shares) at Dec. 31, 2015 | 129,766,091 | 4,253,381 | 7,921 | ||||||||
[1] | Includes 129,056,081, 129,766,091 and 129,766,091 shares of the Company's Class A common stock issued at December 31, 2013, 2014 and 2015, respectively, and 1 share of the Company's Class B common stock issued at December 31, 2013. |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax benefit related to delivery of Class A Common Stock in connection with share-based incentive compensation | $ 13,138 | $ 4,783 | $ 40 |
Class A Common Stock [Member] | |||
Common stock, shares issued | 129,766,091 | 129,766,091 | 129,056,081 |
Class B Common Stock [Member] | |||
Common stock, shares issued | 1 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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% of all outstanding Lazard Group common membership interests as of December 31, 2015 and 2014. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Amended and Restated Operating Agreement dated as of October 26, 2015 (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 January 1, 2014. As of January 1, 2014, 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”). 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 Lazard Ltd’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, 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, corporate preparedness 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, deferred tax assets, outstanding indebtedness and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). LFB, as a registered bank, 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. Certain prior period amounts have been reclassified to conform to the current period presentation, primarily by separately presenting deferred tax assets, deferred tax liabilities and the tax receivable agreement obligation in the consolidated statements of financial condition and the consolidated statements of cash flows. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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— i.e. Use of Estimates— • 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 measurement of our tax receivable agreement obligation; • 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— Deposits with Banks and Short-Term Investments Cash Deposited with Clearing Organizations and Other Segregated Cash— Allowance for Doubtful Accounts— 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 for additional information regarding receivables. Investments — 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 for additional information regarding the Company’s investments. Property-net— Goodwill and Other Intangible Assets— The Company completed its annual goodwill review as of November 1, 2015, 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 with respect to goodwill and other intangible assets. Derivative Instruments— e.g. e.g. 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. Deposits and Other Customer Payables — Securities Sold, Not Yet Purchased— Fair Value of Financial Assets and Liabilities— Revenue Recognition Investment Banking and Other Advisory Fees— Asset Management Fees— 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. The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance fees for providing such services. Investment advisory fees relating to such services were $534,752, $532,415 and $499,272 for the years ended December 31, 2015, 2014 and 2013, respectively, of which $42,002 and $42,291 remained as a receivable at December 31, 2015 and 2014, respectively, and is included in “fees receivable” on the consolidated statements of financial condition. Soft Dollar Arrangements — Equity-Based Incentive Compensation Awards— Cost Saving Initiatives and Staff Reductions — 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 deferred tax liabilities 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 information, including the following: • nature, frequency, magnitude and duration of any past 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 “provision (benefit) for income taxes”. See Note 17 for additional information relating to income taxes. |
Recent Accounting Developments
Recent Accounting Developments | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Developments | 3. RECENT ACCOUNTING DEVELOPMENTS Revenue from Contracts with Customers Amendments to the Consolidation Analysis Interest—Imputation of Interest Intangibles—Goodwill and Other—Internal-Use Software Customers Accounting for Fees Paid in a Cloud Computing Arrangement Fair Value Measurement |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | 4. RECEIVABLES The Company’s receivables represent fee receivables, amounts due from customers and other receivables. 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, 2015, 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Beginning Balance $ 23,540 $ 28,777 $ 23,017 Bad debt expense, net of recoveries 3,125 12,246 4,395 Charge-offs, foreign currency translation and other adjustments (13,783 ) (17,483 ) 1,365 Ending Balance $ 12,882 $ 23,540 $ 28,777 Bad debt expense, net of recoveries is included in “investment banking and other advisory fees” on the consolidated statements of operations. At December 31, 2015 and 2014, the Company had receivables past due or deemed uncollectible of $19,923 and $24,578, respectively. Of the Company’s fee receivables at December 31, 2015 and 2014, $81,774 and $86,221, 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 $415,439 and $471,375 at December 31, 2015 and 2014, respectively, approximates fair value. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments Schedule [Abstract] | |
Investments | 5. INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2015 and 2014: December 31, 2015 2014 Interest-bearing deposits $ 54,885 $ 84,575 Debt 535 10,426 Equities 44,834 57,302 Funds: Alternative investments (a) 67,600 34,705 Debt (a) 67,134 82,889 Equity (a) 197,787 228,209 Private equity 100,219 114,470 432,740 460,273 Equity method 8,917 7,776 Total investments 541,911 620,352 Less: Interest-bearing deposits 54,885 84,575 Equity method 8,917 7,776 Investments, at fair value $ 478,109 $ 528,001 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 3,239 $ 9,290 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $10,996, $31,598 and $156,081, respectively, at December 31, 2015 and $8,321, $42,070 and $162,798, respectively, at December 31, 2014, 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, subject to service-based vesting conditions (see Notes 7 and 14). 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, funds of funds and mutual 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 Lazard-managed debt fund. 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) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies, (ii) until the fourth quarter of 2015, Lazard Australia Corporate Opportunities Fund 2 (“COF2”), an Australian fund targeting Australian mid-market investments, (iii) a mezzanine fund, which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies, and (iv) a fund targeting significant noncontrolling-stake investments in established private companies. The Company disposed of its private equity business in Australia in the second quarter of 2015 in a transaction with the management of the disposed business. Revenue of $24,388 relating to the disposal of the business primarily represents the realization of carried interest at fair value and is included in “revenue-other” on the consolidated statements of operations for the year ended December 31, 2015. 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”). During the years ended December 31, 2015, 2014 and 2013, 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, 2015 2014 2013 Net unrealized investment gains (losses) $ (19,681 ) $ (8,568) $ 16,470 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. FAIR VALUE MEASUREMENTS Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities 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, or (ii) 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. 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, debt funds and equity funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund. 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. Investments Measured at Net Asset Value The following tables present, as of December 31, 2015 and 2014, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient: December 31, 2015 Level 1 Level 2 Level 3 NAV (a) Total Assets: Investments: Debt $ 535 $ – $ – $ – $ 535 Equities 43,558 – 1,276 – 44,834 Funds: Alternative investments 45,135 – – 22,465 67,600 Debt 67,128 – – 6 67,134 Equity 197,745 – – 42 197,787 Private equity – – – 100,219 100,219 Derivatives – 1,048 – – 1,048 Total $ 354,101 $ 1,048 $ 1,276 $ 122,732 $ 479,157 Liabilities: Securities sold, not yet purchased $ 3,239 $ – $ – $ – $ 3,239 Derivatives – 195,689 – – 195,689 Total $ 3,239 $ 195,689 $ – $ – $ 198,928 December 31, 2014 (b) Level 1 Level 2 Level 3 NAV (a) 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 $ 7,241 $ 1,315 $ 149,222 $ 530,356 Liabilities: Securities sold, not yet purchased $ 9,290 $ – $ – $ – $ 9,290 Derivatives – 208,093 – – 208,093 Total $ 9,290 $ 208,093 $ – $ – $ 217,383 (a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 3 for additional information. (b) The table as of December 31, 2014 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3. The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 (a) Beginning Balance Net Unrealized/ Realized In Revenue- Other (b) Purchases/ Sales/ Foreign Ending Investments: Equities $ 1,315 $ 14 $ – $ – $ (53 ) $ 1,276 Total Level 3 Assets $ 1,315 $ 14 $ – $ – $ (53 ) $ 1,276 Year Ended December 31, 2014 (a) Beginning Balance Net Unrealized/ Realized In Revenue- Purchases/ Sales/ Dispositions Foreign Ending Investments: Equities $ 1,340 $ 19 $ – $ (1 ) $ (43 ) $ 1,315 Total Level 3 Assets $ 1,340 $ 19 $ – $ (1 ) $ (43 ) $ 1,315 Year Ended December 31, 2013 (a) Beginning Balance Net Unrealized/ Realized Revenue- Purchases/ Sales/ Foreign Ending Investments: Equities $ 190 $ 11 $ 1,095 $ – $ 44 $ 1,340 Total Level 3 Assets $ 190 $ 11 $ 1,095 $ – $ 44 $ 1,340 (a) The tables for the years ended December 31, 2015, 2014 and 2013 reflect the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3. (b) Earnings for the years ended December 31, 2015, 2014 and 2013 include net unrealized gains of $14, $19 and $11, respectively. 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, 2015 and 2014. Financial Instruments Not Measured at Fair Value— December 31, 2015 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 1,132,083 $ 1,132,083 $ 1,132,083 $– $ – Deposits with banks and short-term investments 389,861 389,861 389,861 – – Cash deposited with clearing organizations and other segregated cash 34,948 34,948 34,948 – – Interest-bearing financing receivables 81,774 82,573 – – 82,573 Interest-bearing deposits (included within investments) 54,885 54,885 54,885 – – Financial Liabilities: Deposits and other customer payables $ 506,665 $ 506,665 $ 506,665 $ – $ – Senior debt 998,350 993,999 – 993,999 – December 31, 2014 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices Significant Significant 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 $ 316,601 $ 316,601 $ 316,601 $ – $ – Senior debt 1,048,350 1,134,834 – 1,134,834 – 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. The following tables present, at December 31, 2015 and 2014, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: December 31, 2015 % of Fair Value Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair value Unfunded % % 5-10 % Redemption Redemption Alternative investment funds: Hedge funds $ 20,410 $ – NA NA NA NA (a) <30-60 days Funds of funds 465 – NA NA NA NA (b) <30-90 days Other 1,590 – NA NA NA NA (c) <30-60 days Debt funds 6 – NA NA NA NA (d) 30 days Equity funds 42 – NA NA NA NA (e) <30-90 days Private equity funds: Equity growth 67,895 10,242 (f) 100% 18% 39% 43% NA NA Mezzanine debt 32,324 – 100% – – 100% NA NA Total $ 122,732 $ 10,242 (a) weekly (23%), monthly (69%) and quarterly (8%) (b) monthly (98%) and quarterly (2%) (c) daily (20%) and monthly (80%) (d) daily (100%) (e) daily (18%), monthly (54%) and quarterly (28%) (f) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $5,501 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. December 31, 2014 % of Fair Value Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair value Unfunded % % 5-10 % Redemption Redemption 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. Investment Capital Funding Commitments— i.e |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
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 reported within “accrued compensation and benefits” (see Note 14) on the accompanying consolidated statements of financial condition as of December 31, 2015 and 2014: December 31, 2015 2014 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,015 $ 2,355 Total return swaps and other (a) 33 – $ 1,048 $ 2,355 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 1,584 $ 124 Total return swaps and other (a) 531 663 LFI and other similar deferred compensation arrangements 193,574 207,306 $ 195,689 $ 208,093 (a) For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $460 and $958 as of December 31, 2015, respectively, and $1,123 and $1,786 as of December 31, 2014, 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 $9,636 and $12,364 as of December 31, 2015 and 2014, 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, 2015, 2014 and 2013, were as follows: Year Ended December 31, 2015 2014 2013 Forward foreign currency exchange rate contracts $ 15,773 $ 22,959 $ (3,162 ) LFI and other similar deferred compensation arrangements 3,827 (7,326 ) (14,099 ) Total return swaps and other 3,860 (5,211 ) (10,931 ) Total $ 23,460 $ 10,422 $ (28,192 ) |
Property
Property | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property | 8. PROPERTY At December 31, 2015 and 2014, property consists of the following: Estimated December 31, 2015 2014 Buildings 33 $ 137,181 $ 152,982 Leasehold improvements 3-20 167,838 167,837 Furniture and equipment 3-10 160,553 150,458 Construction in progress 7,099 7,578 Total 472,671 478,855 Less - Accumulated depreciation and amortization 265,506 256,286 Property $ 207,165 $ 222,569 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 are presented below: December 31, 2015 2014 Goodwill $ 320,761 $ 335,402 Other intangible assets (net of accumulated amortization) 6,215 12,036 $ 326,976 $ 347,438 At December 31, 2015 and 2014, goodwill of $256,220 and $270,861, 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, 2015, 2014 and 2013 are as follows: Year Ended December 31, 2015 2014 2013 Balance, January 1 $ 335,402 $ 345,453 $ 364,328 Business acquisitions — 3,232 1,748 Foreign currency translation adjustments (14,641 ) (13,283 ) (20,623 ) Balance, December 31 $ 320,761 $ 335,402 $ 345,453 All changes in the carrying amount of goodwill for the years ended December 31, 2015, 2014 and 2013 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. Pursuant to the Company’s goodwill impairment review for the years ended December 31, 2015, 2014 and 2013, the Company determined that no impairment existed. The gross cost and accumulated amortization of other intangible assets as of December 31, 2015 and 2014, by major intangible asset category, are as follows: December 31, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net Performance fees $ 30,740 $ 25,192 $ 5,548 $ 30,740 $ 21,116 $ 9,624 Management fees, customer relationships and non-compete agreements 33,036 32,369 667 33,050 30,638 2,412 $ 63,776 $ 57,561 $ 6,215 $ 63,790 $ 51,754 $ 12,036 Amortization expense of intangible assets for the years ended December 31, 2015, 2014 and 2013 was $5,821, $6,387 and $10,114, respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization 2016 $ 3,119 2017 3,096 Total amortization expense $ 6,215 (a) Approximately 45% of intangible asset amortization is attributable to a noncontrolling interest. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014: December 31, 2015 2014 Current tax receivables and other taxes $ 30,679 $ 34,119 Prepaid compensation (see Note 14) 75,703 73,278 Other advances and prepayments 53,354 30,761 Deferred debt issuance costs 9,744 7,162 Other 56,534 62,290 Total $ 226,014 $ 207,610 The following table sets forth the Company’s other liabilities, by type, as of December 31, 2015 and 2014: December 31, 2015 2014 Accrued expenses $ 128,496 $ 132,728 Current income taxes and other taxes 109,438 101,351 Employee benefit-related liabilities 81,687 110,838 Deferred lease incentives 83,566 83,209 Unclaimed funds at LFB 26,022 31,592 Abandoned leased space (principally in the U.K.) 8,760 10,073 Deferred revenue 30,178 25,942 Securities sold, not yet purchased 3,239 9,290 Other 28,556 24,394 Total $ 499,942 $ 529,417 |
Senior Debt
Senior Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Debt | 11. SENIOR DEBT Senior debt is comprised of the following as of December 31, 2015 and 2014: Initial Amount Maturity Date Annual Interest Rate Outstanding As Of 2015 2014 Lazard Group 6.85% Senior Notes (a) 600,000 6/15/17 6.85 % $ 98,350 $ 548,350 Lazard Group 4.25% Senior Notes (b) 500,000 11/14/20 4.25 % 500,000 500,000 Lazard Group 3.75% Senior Notes (a) 400,000 2/13/25 3.75 % 400,000 – Total $ 998,350 $ 1,048,350 (a) 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 “2017 Notes”) in February 2015. Interest on the 2025 Notes is payable semi-annually on March 1 and September 1 of each year beginning September 1, 2015. Lazard Group used the net proceeds of the 2025 Notes, together with cash on hand, to redeem or otherwise retire $450,000 of the 2017 Notes, which, including the recognition of unamortized issuance costs, resulted in a loss on debt extinguishment of $60,219. Such loss on debt extinguishment was recorded in “operating expenses—other” on the consolidated statement of operations for the year ended December 31, 2015. (b) 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, 2015, Lazard Group entered into an Amended and Restated Credit Agreement for a five-year $150,000 senior revolving credit facility with a group of lenders (the “Amended and Restated Credit Agreement”), which expires in September 2020. The Amended and Restated Credit Agreement amended and restated the previous credit agreement dated September 25, 2012. Borrowings under the Amended and Restated Credit Agreement generally will bear interest at LIBOR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. At December 31, 2015 and 2014, no amounts were outstanding under the Amended and Restated Credit Agreement or the prior revolving credit facility, respectively. The Amended and Restated Credit Agreement, 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, 2015, 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, 2015 for each of the five years in the period ending December 31, 2020 and thereafter are set forth in the table below. Year Ending December 31, 2016 $ – 2017 98,350 2018-2019 – 2020 500,000 Thereafter 400,000 Total $ 998,350 The Company’s senior debt at December 31, 2015 and 2014 is carried at historical amounts. See Note 6 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt. As of December 31, 2015, the Company had approximately $235,000 in unused lines of credit available to it, including the credit facility provided under the Amended and Restated Credit Agreement, and unused lines of credit available to LFB of approximately $27,000 (at December 31, 2015 exchange rates) and Edgewater of $55,000. 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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Leases— 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, 2015, 2014 and 2013, aggregate rental expense relating to operating leases amounted to $79,549, $80,773 and $86,504, 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 $9,587, $11,751 and $11,404 for the years ended December 31, 2015, 2014 and 2013, respectively, which includes sublease income of $1,281, $3,097 and $4,136, respectively, from an affiliate of LMDC Holdings LLC (“LMDC Holdings”). Capital lease obligations recorded under sale/leaseback transactions are payable through 2017 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 $15,121 and $16,863 at December 31, 2015 and 2014, respectively. The net book value of all assets recorded under capital leases aggregated $15,273 and $17,326 at December 31, 2015 and 2014, respectively. At December 31, 2015, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows: Year Ending December 31, Minimum Rental Commitments Capital Operating 2016 $ 2,060 $ 77,651 2017 7,514 73,333 2018 32 67,669 2019 26 62,877 2020 – 60,380 Thereafter – 527,998 Total minimum lease payments 9,632 869,908 Less amount representing interest 604 Present value of capital lease commitments $ 9,028 Less sublease proceeds 63,843 Net lease payments $ 806,065 With respect to abandoned leased facilities in the U.K., at December 31, 2015 and 2014, the Company has recognized liabilities of $6,155 and $8,516, respectively, which are included in “other liabilities” on the consolidated statements of financial condition. Payments toward the liabilities continue through the remaining term of the leases. Such liabilities are based on the discounted future commitment, net of expected sublease income. Guarantees— Certain Business Transactions buy-out 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, 2015 and 2014, 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, 2015 and 2014, 1,371,992 of the earned shares have been settled. Contingent Consideration Relating To Other Business Acquisitions Other Commitments See Notes 6 and 15 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. 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 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 13. STOCKHOLDERS’ EQUITY Exchange of Lazard Group Common Membership Interests Share Repurchase Program Date Repurchase Expiration October, 2013 $ 100,000 December 31, 2015 April, 2014 $ 200,000 December 31, 2015 February, 2015 $ 150,000 December 31, 2016 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 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2005 Equity Incentive Plan (the “2005 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 Purchased Average Price Per Years Ended December 31: 2013 3,488,101 $ 37.98 2014 4,114,206 $ 46.83 2015 3,438,789 $ 50.24 As a result of the delivery of shares of Class A common stock through December 31, 2015, relating to (i) the settlement of vested restricted stock units (“RSUs”), (ii) the settlement of vested performance-based restricted stock units (“PRSUs”), (iii) the incentive plan awards of shares of restricted Class A common stock, and (iv) the delivery of shares of Class A common stock in connection with business acquisitions, there were 4,253,381 and 7,450,745 shares of Class A common stock held by our subsidiaries at December 31, 2015 and 2014, 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. During 2015, 2014 and 2013, certain of our executive officers received Class A common stock in connection with the vesting of previously-granted deferred equity incentive awards. The vesting of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of Class A common stock from the executive officers equal in value to the estimated amount of such tax. The aggregate value of such purchases in 2015, 2014 and 2013 was approximately $17,700, $4,800 and $4,700, respectively. In addition, on May 12, 2014, the Company repurchased shares of Class A common stock from an executive officer under its publicly announced share repurchase program for approximately $2,000. 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, 2015, a total of $106,161 of share repurchase authorization remained available under the Company’s share repurchase program, which will expire on December 31, 2016. In addition, on January 27, 2016, the Board of Directors of Lazard authorized the repurchase of up to $200,000 of additional shares of Class A common stock, which authorization will expire on December 31, 2017. During the year ended December 31, 2015, 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 Accumulated Other Comprehensive Income (Loss), Net of Tax Currency Employee Total Amount Total Balance, January 1, 2015 $ (46,102 ) $ (154,665 ) $ (200,767 ) $ (1 ) $ (200,766 ) Activity January 1 to December 31, 2015: Other comprehensive income (loss) before reclassifications (51,182 ) 11,283 (39,899 ) – (39,899 ) Adjustments for items reclassified to earnings, net of tax – 6,309 6,309 – 6,309 Net other comprehensive (51,182 ) 17,592 (33,590 ) – (33,590 ) Balance, December 31, 2015 $ (97,284 ) $ (137,073 ) $ (234,357 ) $ (1 ) $ (234,356 ) Currency Employee Total Amount Total 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 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 income (loss) (15,536 ) 2,502 (8,895 ) (21,929 ) 534 (22,463 ) 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, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Amortization of interest rate hedge (a) $ – $ – $ 2,502 Amortization relating to employee benefit plans (b) 7,816 6,672 6,534 Less – related income taxes 1,507 1,923 1,929 Net of tax 6,309 4,749 4,605 Total reclassifications, net of tax $ 6,309 $ 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). Such amounts are included in “compensation and benefits” expense on the consolidated statements of operations. Noncontrolling Interests— The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2015, 2014 and 2013 and noncontrolling interests as of December 31, 2015 and 2014 in the Company’s consolidated financial statements: Net Income (Loss) Year Ended December 31, 2015 2014 2013 Edgewater $ 6,557 $ 6,153 $ 3,913 LAZ-MD Holdings – 631 1,198 Other 2 2 (209 ) Total $ 6,559 $ 6,786 $ 4,902 Noncontrolling Interests 2015 2014 Edgewater $ 53,132 $ 62,584 Other 719 729 Total $ 53,851 $ 63,313 Dividends Declared, February 1, 2016 |
Incentive Plans
Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 2008 Plan and 2005 Plan and activity with respect thereto during the years ended December 31, 2015, 2014 and 2013, is presented below. Shares Available Under the 2008 Plan and 2005 Plan The 2008 Plan authorizes the issuance of shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs and other equity-based awards. Under the 2008 Plan, the maximum number of shares available 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 2005 Plan authorized 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 RSU 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. The 2005 Plan expired in the second quarter of 2015, although awards granted under the 2005 Plan remain outstanding and continue to be subject to its terms. The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, 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, 2015 2014 2013 Share-based incentive awards: RSUs (a) $ 166,395 $ 169,916 $ 209,974 PRSUs 36,529 18,428 12,934 Restricted Stock 22,342 16,110 11,374 DSUs 1,457 1,741 1,616 Total $ 226,723 $ 206,195 $ 235,898 (a) Includes charges relating to the cost saving initiatives for the year ended December 31, 2013 of $9,099 (see Note 16). 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, including as a result of any applicable performance conditions. 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, DSUs 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 share-based incentive plans and awards 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, 2015, 2014 and 2013, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following: Year Ended December 31, 2015 2014 2013 Number of RSUs issued 693,714 375,954 454,059 Charges to retained earnings, net of estimated forfeitures $ 34,255 $ 17,536 $ 16,927 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 23,961, 26,360 and 39,315 DSUs granted in connection with annual compensation during the years ended December 31, 2015, 2014 and 2013, respectively. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into shares of Class A common stock at the time of cessation of service to the Board of Directors and, for purposes of calculating diluted net income per share, are included in the diluted weighted average shares of Class A common stock outstanding using the “treasury stock” method. DSUs include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock. The Company’s Directors’ Fee Deferral Unit Plan permits the Non-Executive Directors to elect to receive additional DSUs in lieu of some or all of their cash fees. The number of DSUs 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, 2015, 2014 and 2013, 2,482, 8,433 and 7,623 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, 2015: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2013 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 ) $ 37.80 – – Balance, December 31, 2014 13,529,116 $ 35.19 286,227 $ 34.21 Granted (including 693,714 RSUs relating to dividend participation) 4,296,386 $ 48.57 26,443 $ 55.11 Forfeited (469,776 ) $ 43.54 – – Vested (7,756,068 ) $ 31.12 – – Balance, December 31, 2015 9,599,658 $ 44.06 312,670 $ 35.98 In connection with RSUs that vested during the years ended December 31, 2015, 2014 and 2013, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,249,935, 1,896,930 and 3,651,050 shares of Class A common stock during such respective years. Accordingly, 5,506,133, 4,685,355 and 6,117,799 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, estimated unrecognized RSU compensation expense was approximately $128,081, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2015. 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, 2015: Restricted Weighted Balance, January 1, 2013 1,972,609 $ 34.85 Granted 368,736 $ 36.74 Forfeited (37,782 ) $ 33.37 Vested (1,728,509 ) $ 36.00 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 Granted 576,886 $ 50.88 Forfeited (45,851 ) $ 50.17 Vested (547,124 ) $ 39.50 Balance, December 31, 2015 713,738 $ 47.12 In connection with shares of restricted Class A common stock that vested during the years ended December 31, 2015, 2014 and 2013, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 108,833, 43,905 and 18,599 shares of Class A common stock during such respective years. Accordingly, 438,291, 237,897 and 1,709,910 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2015, 2014 and 2013, 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, 2015, estimated unrecognized restricted stock expense was approximately $15,230, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to December 31, 2015. 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 2015 and 2014 will vest on a single date three years following the date of the grant and the PRSUs granted in 2013 vested 33% in March 2015 and will vest 67% in March 2016, in each case provided the applicable service and performance conditions are satisfied, other than with respect to the PRSUs granted in 2013, which performance conditions have been satisfied as of December 31, 2014. 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 three-year period ended December 31, 2015: PRSUs Weighted Balance, January 1, 2013 – – Granted (a) 448,128 $ 36.11 Balance, December 31, 2013 448,128 $ 36.11 Granted (a) 360,783 $ 44.46 Performance units earned (b) 538,237 $ 34.72 Balance, December 31, 2014 1,347,148 $ 37.79 Granted (a) 368,389 $ 52.85 Vested (696,499 ) $ 35.96 Balance, December 31, 2015 1,019,038 $ 44.49 (a) Represents PRSU awards granted during the relevant year at the target payout level. (b) Represents shares of Class A common stock earned during the fiscal year under the performance criteria of previously-granted PRSU awards in excess of the target payout level of such awards. In connection with PRSUs that vested during the year ended December 31, 2015, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 32,086 shares of Class A common stock in the period. Accordingly, 664,413 shares of Class A common stock held by the Company were delivered during the year ended December 31, 2015. 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, 2015, the total estimated unrecognized compensation expense was approximately $17,353, and the Company expects to amortize such expense over a weighted-average period of approximately 0.7 years subsequent to December 31, 2015. 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, 2015 and 2014: Prepaid Compensation Balance, January 1, 2015 $ 73,278 $ 207,306 Granted 89,817 89,817 Settled – (96,223 ) Forfeited (4,099 ) (8,052 ) Amortization (82,736 ) – Change in fair value related to: Decrease in fair value of underlying investments – (3,827 ) Adjustment for estimated forfeitures – 6,780 Other (557 ) (2,227 ) Balance, December 31, 2015 $ 75,703 $ 193,574 Prepaid Asset Compensation 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 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, 2015. 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, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Amortization, net of forfeitures (a) $ 85,563 $ 82,359 $ 62,197 Change in the fair value of underlying investments (3,827 ) 7,326 14,099 Total $ 81,736 $ 89,685 $ 76,296 (a) Includes charges relating to the cost saving initiatives for the year ended December 31, 2013 of $2,665 (See Note 16). Incentive Awards Granted In February 2016 In February 2016, the Company granted approximately $336,000 of deferred incentive compensation awards (including PRSUs valued at the target payout level) 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. The RSUs, restricted Class A common stock and LFI granted each provide for one-third vesting on or around March 1, 2018 and the remaining two-thirds vesting on or around March 1, 2019. The PRSUs granted provide for vesting on or around March 1, 2019, 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, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”) and, in the U.S., a partially funded contributory post-retirement plan covering qualifying U.S. employees (the “medical plan” and together with the pension plans, the “post-retirement plans”). The Company also offers defined contribution plans 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 On March 31, 2015, the Company and the Trustees of the U.K. defined benefit pension plans concluded the December 31, 2013 triennial valuations of the plans. In connection with such valuations, the Company and the Trustees agreed upon pension funding terms pursuant to which the Company agreed, among other things, (i) to make contributions of 11.2 million British pounds into the plans by way of three equal contributions at June 30, September 30 and December 31, 2015, and (ii) that the Company’s existing account security arrangement would be dissolved and the cash balance within such accounts would be paid into the plans by June 30, 2015. On June 4, 2015, the full balance of 11.2 million British pounds in the account security arrangement was paid into the plans, and as of December 31, 2015, contributions totaling an additional 11.2 million British pounds had been paid into the plans. At December 31, 2014, the balance of the account security arrangement was approximately $17,500 and was 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 accreted to the Company and was recorded in interest income. The Company does not expect to make a contribution to the U.S. and U.K. pension plans during the year ending December 31, 2016. The Company expects to contribute approximately $10,343 to the other non-U.S. pension plans during the year ending December 31, 2016. 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 Plans Medical Plan 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 764,169 $ 709,850 $ 5,514 $ 5,080 Service cost 1,530 971 27 33 Interest cost 24,600 30,041 179 194 Actuarial (gain) loss (22,395 ) 97,495 (694 ) 428 Benefits paid (33,253 ) (29,663 ) (276 ) (221 ) Foreign currency translation and other adjustments (40,464 ) (44,525 ) Benefit obligation at end of year 694,187 764,169 4,750 5,514 Change in plan assets Fair value of plan assets at beginning of year 672,576 643,844 Actual return on plan assets 9,873 91,829 Employer contributions 39,301 7,648 276 221 Benefits paid (32,321 ) (28,877 ) (276 ) (221 ) Foreign currency translation and other adjustments (33,345 ) (41,868 ) Fair value of plan assets at end of year 656,084 672,576 – – Funded (deficit) at end of year $ (38,103 ) $ (91,593 ) $ (4,750 ) $ (5,514 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2015 and 2014 consist of: Prepaid pension asset (included in “other assets”) $ 20,785 $ – Accrued benefit liability (included in “other liabilities”) (58,888 ) (91,593 ) $ (4,750 ) $ (5,514 ) Net amount recognized $ (38,103 ) $ (91,593 ) $ (4,750 ) $ (5,514 ) Amounts recognized in AOCI (excluding tax benefits of $30,416 and $37,567 at December 31, 2015 and 2014, respectively) consist of: Actuarial net loss (gain) $ 165,462 $ 186,637 $ (335 ) $ 360 Prior service cost 2,362 5,235 – – Net amount recognized $ 167,824 $ 191,872 $ (335 ) $ 360 The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2015 and 2014: U.S. Pension Plans Non-U.S. Pension Plans As Of December 31, Total As Of December 31, 2015 2014 2015 2014 2015 2014 Fair value of plan assets $ 23,195 $ 26,766 $ 632,889 $ 645,810 $ 656,084 $ 672,576 Accumulated benefit obligation $ 32,900 $ 37,035 $ 661,287 $ 727,134 $ 694,187 $ 764,169 Projected benefit obligation $ 32,900 $ 37,035 $ 661,287 $ 727,134 $ 694,187 $ 764,169 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, 2015, 2014 and 2013: Pension Plans For The Year Ended December 31, Medical Plan December 31, 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost (Credit): Service cost $ 1,530 $ 971 $ 940 $ 27 $ 33 $ 53 Interest cost 24,600 30,041 27,219 179 194 182 Expected return on plan assets (28,301 ) (32,607 ) (27,078 ) Amortization of: Prior service cost 2,376 2,841 2,843 Net actuarial loss (gain) 5,440 4,360 3,691 (529 ) Net periodic benefit cost (credit) $ 5,645 $ 5,606 $ 7,615 $ 206 $ (302 ) $ 235 Actual return on plan assets $ 9,873 $ 91,829 $ 41,353 Employer contributions $ 39,301 $ 7,648 $ 2,274 $ 276 $ 221 $ 176 Benefits paid $ 32,321 $ 28,877 $ 23,258 $ 276 $ 221 $ 176 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $7,151, $(7,119) and $(4,459) during the years ended December 31, 2015, 2014 and 2013, respectively): Net actuarial (gain) loss $ (4,650 ) $ 41,082 $ 17,251 $ (695 ) $ 428 $ (647 ) Reclassification of prior service (cost) credit to earnings (2,376 ) (2,841 ) (2,843 ) Reclassification of actuarial gain (loss) to earnings (5,440 ) (4,360 ) (3,691 ) 529 Currency translation and other adjustments (11,582 ) (10,485 ) 3,284 Total recognized in AOCI $ (24,048 ) $ 23,396 $ 14,001 $ (695 ) $ 957 $ (647 ) Net amount recognized in total periodic benefit cost and AOCI $ (18,403 ) $ 29,002 $ 21,616 $ (489 ) $ 655 $ (412 ) The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2015 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2016 are as follows: Pension Medical Total Prior service cost $ 2,332 $ – $ 2,332 Net actuarial loss (gain) $ 4,010 $ – $ 4,010 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, 2015, 2014 and 2013 are set forth below: Pension Plans December 31, Medical Plan December 31, 2015 2014 2013 2015 2014 2013 Weighted average assumptions used to determine benefit obligations: Discount rate 3.5 % 3.4% 4.3% 3.9% 3.7% 4.3% Weighted average assumptions used to determine net periodic benefit cost: Discount rate 2.6 % 2.0% 3.3% 3.7% 4.3% 3.4% Expected long-term rate of return on plan assets 4.3 % 5.1% 4.7% – – – Healthcare cost trend rates used to determine net periodic benefit cost: Initial 7.0% 7.5% 8.0% Ultimate 5.0% 5.0% 5.0% Year ultimate trend rate achieved 2019 2019 2019 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 2015 2014 2015 2014 Cost $ 28 $ 29 $ (20 ) $ (22 ) Obligation $ 661 $ 779 $ (433 ) $ (580 ) Expected Benefit Payments Pension Medical Plan 2016 $ 23,902 $ 354 2017 24,678 356 2018 26,300 358 2019 27,789 358 2020 27,714 355 2021-2025 158,469 1,682 Plan Assets As of December 31, 2015 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 19,172 $ – $ – $ – $ 19,172 Debt 56,247 – – – 56,247 Equities 25,901 – – – 25,901 Funds: Alternative investments 668 – – 525 1,193 Debt 11,699 – – 325,312 337,011 Equity 210,897 – – 6,247 217,144 Total $ 324,584 $ – $ – $ 332,084 $ 656,668 Liabilities: Derivatives $ – $ 584 $ – $ – $ 584 Total $ – $ 584 $ – $ – $ 584 As of December 31, 2014 (b) Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 13,226 $ – $ – $ – $ 13,226 Debt 52,439 – – – 52,439 Equities 31,253 – – – 31,253 Funds: Alternative investments 457 – – 578 1,035 Debt 13,570 – – 359,315 372,885 Equity 194,898 – – 6,536 201,434 Derivatives – 304 – – 304 Total $ 305,843 $ 304 $ – $ 366,429 $ 672,576 (a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 3 for additional information. (b) The table as of December 31, 2014 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3. Included in equity funds are $70,444 and $70,490 as of December 31, 2015 and 2014, respectively, that are invested in funds managed by LAM. Consistent with the plans’ investment strategies, at December 31, 2015 and 2014, the Company’s U.S. pension plan had 50% and 49%, respectively, of the plans’ assets invested in equity funds in Level 1 and measured at NAV or its equivalent as a practical expedient and 50% and 51%, respectively, invested in Level 1 debt funds. The Company’s non-U.S. pension plans at December 31, 2015 and 2014 had 37% and 34%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 assets; 60% and 64%, respectively of the plans’ assets invested in debt and debt funds that are primarily measured at NAV or its equivalent as a practical expedient, and 3% and 2%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily Level 1 assets. Investment Policies and Strategies Defined Contribution Plans |
Cost Saving Initiatives
Cost Saving Initiatives | 12 Months Ended |
Dec. 31, 2015 | |
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 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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 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 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, 2015, 2014 and 2013, 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, 2015 2014 2013 Current: Federal $ 8,177 $ 3,112 $ (3,678 ) Foreign 78,086 61,143 41,084 State and local (primarily UBT) 4,970 5,519 (167 ) Total current 91,233 69,774 37,239 Deferred: Federal (988,900 ) 2,766 19,934 Foreign (3,960 ) 9,239 (4,520 ) State and local (107,925 ) 3,623 (960 ) Total deferred (1,100,785 ) 15,628 14,454 Total $ (1,009,552 ) $ 85,402 $ 51,693 Year Ended December 31, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Income of noncontrolling interests 13.8 (0.5 ) (0.8 ) Foreign source income not subject to U.S. income tax 419.4 (12.4 ) (12.7 ) Foreign taxes (361.6 ) 8.2 14.1 State and local taxes 522.2 1.8 2.6 Change in U.S. federal valuation allowance 5,477.0 (18.7 ) (14.9 ) Other, net (31.5 ) 3.0 0.5 Effective income tax rate (a) 6,074.3 % 16.4 % 23.8 % (a) For the year ended December 31, 2015, the effective tax rate on “operating income (loss)” includes (i) the significant effect of the release of substantially all of our valuation allowance on deferred tax assets and the recognition of deferred tax assets associated with the recording of the tax receivable agreement obligation, as described below, and (ii) the negative impact on “operating income (loss)” as a result of the provision pursuant to the tax receivable agreement described below. See Note 20 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 are as follows: December 31, 2015 2014 Deferred Tax Assets: Basis adjustments (a) $ 727,696 $ 598,607 Compensation and benefits 204,780 258,976 Net operating loss and tax credit carryforwards 309,811 283,198 Depreciation and amortization 840 950 Other 36,154 36,470 Gross deferred tax assets 1,279,281 1,178,201 Valuation allowance (89,251 ) (1,044,152 ) Deferred tax assets (net of valuation allowance) 1,190,030 134,049 Deferred Tax Liabilities: Depreciation and amortization 17,629 21,908 Compensation and benefits 9,332 28,035 Goodwill 15,208 15,289 Other 28,370 39,705 Deferred tax liabilities 70,539 104,937 Net deferred tax assets $ 1,119,491 $ 29,112 (a) The basis adjustments recorded as of December 31, 2015 and 2014 are primarily the result of additional basis from acquisitions of interests, including the impact of recording the tax receivable agreement obligation during the year ended December 31, 2015, discussed below. As of December 31, 2014, the Company had a valuation allowance on substantially all of our deferred tax assets. Certain of our tax-paying entities at which we have historically recorded significant valuation allowances were profitable on a cumulative basis for the three year periods ended June 30, 2015. In assessing our valuation allowance as of June 30, 2015, we considered all available information, including the magnitude of recent and current operating results, the relatively long duration of statutory carryforward periods, our historical experience utilizing tax attributes prior to their expiration dates, the historical volatility of operating results of these entities and our assessment regarding the sustainability of their profitability. At that time, we concluded that there was a sufficient history of sustained profitability at these entities that it was more likely than not that these entities would be able to realize deferred tax assets. Accordingly, during the period ended June 30, 2015, we released substantially all of the valuation allowance against the deferred tax assets held by these entities. As a result, during the year ended December 31, 2015, we recorded a deferred tax benefit of approximately $878,000. In addition, included in basis adjustments, we also recorded (i) a separate deferred tax benefit of approximately $378,000 that reflected the tax deductibility of payments under the tax receivable agreement and (ii) a deferred tax expense of approximately $161,000 relating to the reduction of a deferred tax asset as a result of the partial extinguishment of our tax receivable agreement obligation. See “—Tax Receivable Agreement” below for more information regarding our accrual under the tax receivable agreement in the second quarter of 2015 and the partial extinguishment of our tax receivable agreement obligation in the third quarter of 2015. Changes in the deferred tax assets valuation allowance for the years ended December 31, 2015, 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Beginning Balance $ 1,044,152 $ 1,225,305 $ 1,238,765 Credited to provision (benefit) for income taxes (a) (954,487) (203,051 ) (35,470 ) Charged (credited) to other comprehensive income (414) 21,898 22,010 Ending Balance $ 89,251 $ 1,044,152 $ 1,225,305 (a) Of the amount in 2014 of $203,051, 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 $309,811 were recorded at December 31, 2015 primarily relating to: (i) indefinite-lived carryforwards (subject to various limitations) of approximately $24,892, primarily in Germany, Hong Kong, Luxembourg, Singapore, Spain and U.K.; and (ii) certain carryforwards of approximately $281,483 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, 2015 and 2014 of $111,587 and $46,633 are not included in the deferred tax assets and liabilities 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 2011. 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, 2015, 2014 and 2013 is as follows: Year Ended December 31, 2015 2014 2013 Balance, January 1 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively) $ 68,224 $ 62,905 $ 55,947 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years – 2,837 417 Current year 22,212 18,698 17,596 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (621 ) (3,191 ) (385 ) Settlements with tax authorities – – (5,587 ) Lapse of the applicable statute of limitations (12,535 ) (13,025 ) (5,083 ) Balance, December 31 (excluding interest and penalties of $13,083, $13,004 and $12,200, respectively) $ 77,280 $ 68,224 $ 62,905 Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2015 2014 2013 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,083, $13,004 and $12,200, respectively) $ 74,785 $ 40,353 $ 36,272 Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 15,578 $ 40,875 $ 38,833 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,865, $3,177 and $7,326, respectively) $ 79 $ 804 $ (2,599 ) The Company anticipates that it is reasonably possible that approximately $17,000 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2015 may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions. Tax Receivable Agreement In connection with our initial public offering and related transactions in May 2005, we entered into a tax receivable agreement with the predecessor of LMDC Holdings on May 10, 2005 (the “Tax Receivable Agreement”). The agreement was based on the mutual recognition that the redemption of Lazard Group membership interests that were held by the historical partners of Lazard Group on May 10, 2005 for cash resulted in an increase in the tax basis of the tangible and intangible assets of Lazard Group attributable to our subsidiaries’ interest in Lazard Group that otherwise would not have been available. The agreement also was based on the mutual recognition that the exchange from time to time by such historical partners of exchangeable interests in LAZ-MD Holdings LLC for shares of our Class A common stock could subsequently result in additional increases in such tax basis. On June 16, 2015, Lazard and LMDC Holdings amended and restated the Tax Receivable Agreement and, on October 26, 2015, Lazard and LTBP Trust, a Delaware statutory trust (the “Trust”), entered into a Second Amended and Restated Tax Receivable Agreement (the “Amended and Restated Tax Receivable Agreement”). Pursuant to these transactions, among other things, (i) LMDC Holdings assigned all of its obligations under the Tax Receivable Agreement, including the obligation to receive payments and promptly distribute them to historical partners of Lazard Group, to LTBP Trust, and the Trust assumed all of LMDC Holdings’ obligations thereunder, (ii) LMDC Holdings distributed the interests in the Trust to certain owners of LMDC Holdings, and (iii) holders of interests in the Trust obtained the ability, subject to certain restrictions and conditions, to transfer such interests to certain additional persons and entities, including Lazard. The Amended and Restated Tax Receivable Agreement provides for the payment by our subsidiaries to the Trust of (i) approximately 45% (following the July 2015 purchase described below) of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of the increases in tax basis and of certain other tax benefits related to the Amended and Restated Tax Receivable Agreement, and (ii) an amount that we currently expect will approximate 85% of the cash tax savings that may arise from tax benefits attributable to payments under the Amended and Restated Tax Receivable Agreement. Our subsidiaries expect to benefit from the balance of cash savings, if any, in income tax that our subsidiaries realize. Any amount paid by our subsidiaries to the Trust will generally be distributed to the owners of the Trust, including our executive officers, in proportion to their beneficial interests in the Trust. For purposes of the Amended and Restated Tax Receivable Agreement, cash savings in income and franchise tax will be computed by comparing our subsidiaries’ actual income and franchise tax liability to the amount of such taxes that our subsidiaries would have been required to pay had there been no increase in the tax basis of the tangible and intangible assets of Lazard Group attributable to our subsidiaries’ interest in Lazard Group as a result of the redemption and exchanges and had our subsidiaries not entered into the Amended and Restated Tax Receivable Agreement. The term of the Amended and Restated Tax Receivable Agreement will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired. As described above, during the period ended June 30, 2015, we released substantially all of our valuation allowance against deferred tax assets. As a result, we accrued a corresponding liability of $961,948 during the quarter ended June 30, 2015 for amounts relating to the Amended and Restated Tax Receivable Agreement at that time. The amount of the Amended and Restated Tax Receivable Agreement liability is an undiscounted amount based upon currently enacted tax laws, the current structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment. As such, the actual amount and timing of payments under the Amended and Restated Tax Receivable Agreement could differ materially from our estimates. Any changes in the amount of the estimated liability would be recorded as a non-compensation expense in the consolidated statement of operations. Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”. In July 2015, we purchased approximately 47% of the then-outstanding beneficial interests in the Trust from certain owners of the Trust for $42,222 in cash, which resulted in the automatic cancellation of such beneficial interests and the extinguishment of a significant portion of our payment obligations under the Amended and Restated Tax Receivable Agreement. The extinguishment of these payment obligations resulted in a pre-tax gain of $420,792 recorded in “provision pursuant to tax receivable agreement” on the consolidated statement of operations for the year ended December 31, 2015. In addition, the extinguishment of these payment obligations resulted in a reduction of the tax benefits that would have been attributable to the actual payments and, accordingly, we recorded a deferred tax expense of approximately $161,000 on the consolidated statement of operations for the year ended December 31, 2015. The cumulative liability relating to our obligations under the Amended and Restated Tax Receivable Agreement as of December 31, 2015 was $523,962. |
Net Income Per Share of Class A
Net Income Per Share of Class A Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 are computed as described below. Basic Net Income Per Share Numerator Denominator Diluted Net Income Per Share Numerator LAZ-MD Denominator The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the years ended December 31, 2015, 2014 and 2013 are presented below: Year Ended December 31, 2015 2014 2013 Net income attributable to Lazard Ltd - basic $ 986,373 $ 427,277 $ 160,212 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, in 2014 and 2013, exchangeable interests, net of tax – 581 1,065 Net income attributable to Lazard Ltd - diluted $986,373 $ 427,858 $161,277 Weighted average number of shares of Class A common stock outstanding 125,294,261 121,942,939 120,096,305 Add - adjustment for shares of Class A common stock issuable on a non-contingent basis 72,011 408,897 757,962 Weighted average number of shares of Class A common stock outstanding - basic 125,366,272 122,351,836 120,854,267 Add - dilutive effect, as applicable, of: Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and, in 2014 and 2013, exchangeable interests 7,878,274 11,461,287 12,882,812 Weighted average number of shares of Class A common stock outstanding - diluted 133,244,546 133,813,123 133,737,079 Net income attributable to Lazard Ltd per share of Class A common stock: Basic $7.87 $3.49 $1.33 Diluted $7.40 $3.20 $1.21 |
Regulatory Authorities
Regulatory Authorities | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Authorities | 19. 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, 2015, LFNY’s regulatory net capital was $118,303, which exceeded the minimum requirement by $114,849. LFNY’s aggregate indebtedness to net capital ratio was 0.44:1 as of December 31, 2015. Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At December 31, 2015, the aggregate regulatory net capital of the U.K. Subsidiaries was $118,558, which exceeded the minimum requirement by $101,176. CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“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, 2015, the consolidated regulatory net capital of CFLF was $130,151, which exceeded the minimum requirement set for regulatory capital levels by $89,918. 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 supervision, the combined European regulated group is required to comply with minimum requirements for regulatory net capital to be reported on a quarterly basis and satisfy periodic financial and other reporting obligations. At December 31, 2015, the regulatory net capital of the combined European regulated group was $165,662, which exceeded the minimum requirement set for regulatory capital levels by $91,445. 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. 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, 2015, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $121,713, which exceeded the minimum required capital by $94,750. At December 31, 2015, 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, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 20. 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 its Financial Advisory and Asset Management business segments as described in Note 1 of Notes to Consolidated Financial Statements. 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, 2015, 2014 and 2013 is prepared using the following methodology: • Revenue and expenses directly associated with each segment are included in determining operating income. • Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other factors. • Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors. The Company allocates investment gains and losses, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported. Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, facilities management and senior management activities. For the years ended December 31, 2015, 2014 and 2013, 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, 2015 2014 2013(b) Financial Advisory Net Revenue $ 1,279,628 $ 1,206,734 $ 980,577 Operating Expenses (a) 1,005,837 977,681 959,668 Operating Income $ 273,791 $ 229,053 $ 20,909 Total Assets $ 763,374 $ 785,557 $ 714,708 Asset Management Net Revenue $ 1,111,105 $ 1,134,595 $ 1,039,130 Operating Expenses (a) 736,798 749,345 704,045 Operating Income $ 374,307 $ 385,250 $ 335,085 Total Assets $ 640,034 $ 588,403 $ 612,018 Corporate Net Revenue $ (37,125 ) $ (40,882 ) $ (34,355 ) Operating Expenses (a)/(c) 627,593 53,956 104,832 Operating Loss $ (664,718 ) $ (94,838 ) $ (139,187 ) Total Assets $ 3,083,358 $ 1,958,276 $ 1,684,411 Total Net Revenue $ 2,353,608 $ 2,300,447 $ 1,985,352 Operating Expenses (a) 2,370,228 1,780,982 1,768,545 Operating Income (Loss) $ (16,620 ) $ 519,465 $ 216,807 Total Assets $ 4,486,766 $ 3,332,236 $ 3,011,137 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2015 2014 2013 Financial Advisory $ 4,412 $ 4,826 $ 5,256 Asset Management 2,957 2,610 2,556 Corporate 25,416 27,028 26,938 Total $ 32,785 $ 34,464 $ 34,750 (b) See Note 16 for information regarding the Cost Saving Initiatives and the impact on each of the Company’s business segments. (c) Operating expenses include $547,691, $18,307 and $1,249 for the years ended December 31, 2015, 2014 and 2013, respectively, recorded for the provision pursuant to the tax receivable agreement. See Note 17 for information regarding the tax receivable agreement obligation. 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, 2015 2014 2013 Net Revenue: United States $ 1,310,577 $ 1,308,220 $ 1,217,014 United Kingdom 307,072 277,610 205,695 France 350,841 376,432 281,740 Other Western Europe 151,892 150,810 123,975 Rest of World 233,226 187,375 156,928 Total $ 2,353,608 $ 2,300,447 $ 1,985,352 Operating Income (Loss): United States (a) $ (259,344 ) $ 320,082 $ 234,247 United Kingdom 70,742 61,744 (6,474 ) France 73,675 87,308 14,845 Other Western Europe 22,277 12,634 (8,260 ) Rest of World 76,030 37,697 (17,551 ) Total $ (16,620 ) $ 519,465 $ 216,807 Identifiable Assets: United States $ 2,809,683 $ 1,840,882 $ 1,529,695 United Kingdom 282,403 266,584 239,606 France 992,541 809,241 824,712 Other Western Europe 125,921 135,889 118,939 Rest of World 276,218 279,640 298,185 Total $ 4,486,766 $ 3,332,236 $ 3,011,137 (a) Operating income (loss) for the United States includes $547,691, $18,307 and $1,249 for the years ended December 31, 2015, 2014 and 2013, respectively, recorded for the provision pursuant to the tax receivable agreement. See Note 17 for information regarding the tax receivable agreement obligation. |
Supplemental Financial Informat
Supplemental Financial Information - Quarterly Results | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014. 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. 2015 Fiscal Quarter First(a) Second(b) Third(b) Fourth(b) Year (dollars in thousands, except per share data) Net revenue $ 577,749 $ 609,092 $ 573,518 $ 593,249 $ 2,353,608 Operating expenses 503,086 1,410,468 2,774 453,900 2,370,228 Operating income (loss) $ 74,663 $ (801,376 ) $ 570,744 $ 139,349 $ (16,620 ) Net income $ 62,646 $ 375,155 $ 399,790 $ 155,341 $ 992,932 Less - net income (loss) attributable to noncontrolling interests 6,693 1,042 1,269 (2,445 ) 6,559 Net income attributable to Lazard Ltd $ 55,953 $ 374,113 $ 398,521 $ 157,786 $ 986,373 Attributable to Lazard Ltd Class A common stockholders: Net income per share of common stock: Basic $0.45 $2.96 $3.16 $1.26 $7.87 Diluted $0.42 $2.82 $2.99 $1.18 $7.40 Dividends declared per share of common stock $1.30 $0.35 $0.35 $0.35 $2.35 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 (a) See Note 11 for information regarding the debt refinancing. (b) See Note 17 for information regarding the provision pursuant to the tax receivable agreement. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 AND 2014 (dollars in thousands, except per share data) December 31, 2015 2014 ASSETS Cash and cash equivalents $ 5,904 $ 7,482 Investments in subsidiaries, equity method (747,753 ) (1,604,077 ) Due from subsidiaries 2,055,748 2,303,440 Total assets $ 1,313,899 $ 706,845 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Due to subsidiaries $ 113 $ 20 Other liabilities 331 81 Total liabilities 444 101 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, 2015 and 2014 – – Series B—no shares issued and outstanding – – Common stock: Class A, par value $.01 per share (500,000,000 shares authorized; 129,766,091 shares issued at December 31, 2015 and 2014, including shares held by subsidiaries as indicated below) 1,298 1,298 Additional paid-in-capital 600,034 702,800 Retained earnings 1,123,728 464,655 Accumulated other comprehensive loss, net of tax (234,356 ) (200,766 ) 1,490,704 967,987 Class A common stock held by subsidiaries, at cost (4,253,381 and 7,450,745 shares at December 31, 2015 and 2014, respectively) (177,249 ) (261,243 ) Total stockholders’ equity 1,313,455 706,744 Total liabilities and stockholders’ equity $ 1,313,899 $ 706,845 See notes to condensed financial statements. LAZARD LTD (parent company only) CONDENSED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (dollars in thousands) Year Ended December 31, 2015 2014 2013 REVENUE Equity in earnings of subsidiaries $ 931,036 $ 373,713 $ 103,769 Interest and other income 57,258 55,303 58,227 Total revenue 988,294 429,016 161,996 OPERATING EXPENSES Professional services 1,779 1,594 1,662 Other 142 145 122 Total operating expenses 1,921 1,739 1,784 NET INCOME $ 986,373 $ 427,277 $ 160,212 See notes to condensed financial statements. LAZARD LTD (parent company only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (dollars in thousands) Year Ended December 31, 2015 2014 2013 NET INCOME $ 986,373 $ 427,277 $ 160,212 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Currency translation adjustments (51,182 ) (49,970 ) (15,438 ) Amortization of interest rate hedge – – 2,488 Employee benefit plans: Actuarial gain (loss) (net of tax expense (benefit) of $5,644, $(9,045) and $(6,353) for the years ended December 31, 2015, 2014 and 2013, respectively) 11,283 (21,983 ) (13,426 ) Adjustments for items reclassified to earnings (net of tax expense of $1,507, $1,923 and $1,918 for the years ended December 31, 2015, 2014 and 2013, respectively) 6,309 4,749 4,580 OTHER COMPREHENSIVE LOSS, NET OF TAX (33,590 ) (67,204 ) (21,796 ) COMPREHENSIVE INCOME $ 952,783 $ 360,073 $ 138,416 See notes to condensed financial statements. LAZARD LTD (parent company only) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (dollars in thousands) Year Ended December 31, 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 986,373 $ 427,277 $ 160,212 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (931,036 ) (373,713 ) (103,769 ) Changes in due to/from subsidiaries 233,519 99,477 65,574 Changes in other operating assets and liabilities 250 (6) (7) Net cash provided by operating activities 289,106 153,035 122,010 CASH FLOWS FROM FINANCING ACTIVITIES: Class A common stock dividends (290,684 ) (146,241 ) (121,620 ) Net cash used in financing activities (290,684 ) (146,241 ) (121,620 ) Net (decrease) increase in cash and cash equivalents (1,578 ) 6,794 390 Cash and cash equivalents, January 1 7,482 688 298 Cash and cash equivalents, December 31 $ 5,904 $ 7,482 $ 688 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, 2015 and 2014, and for each of the three years in the period ended December 31, 2015, 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 Pre32
Organization and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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% of all outstanding Lazard Group common membership interests as of December 31, 2015 and 2014. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Amended and Restated Operating Agreement dated as of October 26, 2015 (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 January 1, 2014. As of January 1, 2014, 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”). 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 Lazard Ltd’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, 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, corporate preparedness 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, deferred tax assets, outstanding indebtedness and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). LFB, as a registered bank, 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. Certain prior period amounts have been reclassified to conform to the current period presentation, primarily by separately presenting deferred tax assets, deferred tax liabilities and the tax receivable agreement obligation in the consolidated statements of financial condition and the consolidated statements of cash flows. |
Foreign Currency Translation | Foreign Currency Translation— i.e. |
Use of Estimates | Use of Estimates— • 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 measurement of our tax receivable agreement obligation; • 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— |
Deposits with Banks and Short-Term Investments | Deposits with Banks and Short-Term Investments |
Cash Deposited with Clearing Organizations and Other Segregated Cash | Cash Deposited with Clearing Organizations and Other Segregated Cash— |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts— 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 for additional information regarding receivables. |
Investments | Investments — 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 for additional information regarding the Company’s investments. |
Property-net | Property-net— |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— The Company completed its annual goodwill review as of November 1, 2015, 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 with respect to goodwill and other intangible assets. |
Derivative Instruments | Derivative Instruments— e.g. e.g. 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. |
Deposits and Other Customer Payables | Deposits and Other Customer Payables — |
Securities Sold, Not Yet Purchased | Securities Sold, Not Yet Purchased— |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities— |
Revenue Recognition | Revenue Recognition Investment Banking and Other Advisory Fees— Asset Management Fees— 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. The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance fees for providing such services. Investment advisory fees relating to such services were $534,752, $532,415 and $499,272 for the years ended December 31, 2015, 2014 and 2013, respectively, of which $42,002 and $42,291 remained as a receivable at December 31, 2015 and 2014, respectively, and is included in “fees receivable” on the consolidated statements of financial condition. |
Soft Dollar Arrangements | Soft Dollar Arrangements — |
Equity-Based Incentive Compensation Awards | Equity-Based Incentive Compensation Awards— |
Cost Saving Initiatives and Staff Reductions | Cost Saving Initiatives and Staff Reductions — |
Income Taxes | 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 deferred tax liabilities 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 information, including the following: • nature, frequency, magnitude and duration of any past 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 “provision (benefit) for income taxes”. See Note 17 for additional information relating to income taxes. |
Recent Accounting Developments | Revenue from Contracts with Customers Amendments to the Consolidation Analysis Interest—Imputation of Interest Intangibles—Goodwill and Other—Internal-Use Software Customers Accounting for Fees Paid in a Cloud Computing Arrangement Fair Value Measurement |
Fair Value Measurement Policy | Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities 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, or (ii) 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. 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, debt funds and equity funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund. 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. Investments Measured at Net Asset Value |
Computation of Basic and Diluted Net Income per Share | Basic Net Income Per Share Numerator Denominator Diluted Net Income Per Share Numerator LAZ-MD Denominator |
Employer Contributions to Pension Plans | Employer Contributions to Pension Plans |
Stock Compensation Plan [Member] | |
Computation of Basic and Diluted Net Income per Share | For purposes of calculating diluted net income per share, RSUs, DSUs 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, 2015 | |
Receivables [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the years ended December 31, 2015, 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Beginning Balance $ 23,540 $ 28,777 $ 23,017 Bad debt expense, net of recoveries 3,125 12,246 4,395 Charge-offs, foreign currency translation and other adjustments (13,783 ) (17,483 ) 1,365 Ending Balance $ 12,882 $ 23,540 $ 28,777 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014: December 31, 2015 2014 Interest-bearing deposits $ 54,885 $ 84,575 Debt 535 10,426 Equities 44,834 57,302 Funds: Alternative investments (a) 67,600 34,705 Debt (a) 67,134 82,889 Equity (a) 197,787 228,209 Private equity 100,219 114,470 432,740 460,273 Equity method 8,917 7,776 Total investments 541,911 620,352 Less: Interest-bearing deposits 54,885 84,575 Equity method 8,917 7,776 Investments, at fair value $ 478,109 $ 528,001 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 3,239 $ 9,290 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $10,996, $31,598 and $156,081, respectively, at December 31, 2015 and $8,321, $42,070 and $162,798, respectively, at December 31, 2014, 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, subject to service-based vesting conditions (see Notes 7 and 14). |
Schedule of Trading Securities Net Unrealized Investment Gains and Losses | During the years ended December 31, 2015, 2014 and 2013, 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, 2015 2014 2013 Net unrealized investment gains (losses) $ (19,681 ) $ (8,568) $ 16,470 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV | The following tables present, as of December 31, 2015 and 2014, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient: December 31, 2015 Level 1 Level 2 Level 3 NAV (a) Total Assets: Investments: Debt $ 535 $ – $ – $ – $ 535 Equities 43,558 – 1,276 – 44,834 Funds: Alternative investments 45,135 – – 22,465 67,600 Debt 67,128 – – 6 67,134 Equity 197,745 – – 42 197,787 Private equity – – – 100,219 100,219 Derivatives – 1,048 – – 1,048 Total $ 354,101 $ 1,048 $ 1,276 $ 122,732 $ 479,157 Liabilities: Securities sold, not yet purchased $ 3,239 $ – $ – $ – $ 3,239 Derivatives – 195,689 – – 195,689 Total $ 3,239 $ 195,689 $ – $ – $ 198,928 December 31, 2014 (b) Level 1 Level 2 Level 3 NAV (a) 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 $ 7,241 $ 1,315 $ 149,222 $ 530,356 Liabilities: Securities sold, not yet purchased $ 9,290 $ – $ – $ – $ 9,290 Derivatives – 208,093 – – 208,093 Total $ 9,290 $ 208,093 $ – $ – $ 217,383 (a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 3 for additional information. (b) The table as of December 31, 2014 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3. |
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, 2015, 2014 and 2013: Year Ended December 31, 2015 (a) Beginning Balance Net Unrealized/ Realized In Revenue- Other (b) Purchases/ Sales/ Foreign Ending Investments: Equities $ 1,315 $ 14 $ – $ – $ (53 ) $ 1,276 Total Level 3 Assets $ 1,315 $ 14 $ – $ – $ (53 ) $ 1,276 Year Ended December 31, 2014 (a) Beginning Balance Net Unrealized/ Realized In Revenue- Purchases/ Sales/ Dispositions Foreign Ending Investments: Equities $ 1,340 $ 19 $ – $ (1 ) $ (43 ) $ 1,315 Total Level 3 Assets $ 1,340 $ 19 $ – $ (1 ) $ (43 ) $ 1,315 Year Ended December 31, 2013 (a) Beginning Balance Net Unrealized/ Realized Revenue- Purchases/ Sales/ Foreign Ending Investments: Equities $ 190 $ 11 $ 1,095 $ – $ 44 $ 1,340 Total Level 3 Assets $ 190 $ 11 $ 1,095 $ – $ 44 $ 1,340 (a) The tables for the years ended December 31, 2015, 2014 and 2013 reflect the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3. (b) Earnings for the years ended December 31, 2015, 2014 and 2013 include net unrealized gains of $14, $19 and $11, respectively. |
Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value— December 31, 2015 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 1,132,083 $ 1,132,083 $ 1,132,083 $– $ – Deposits with banks and short-term investments 389,861 389,861 389,861 – – Cash deposited with clearing organizations and other segregated cash 34,948 34,948 34,948 – – Interest-bearing financing receivables 81,774 82,573 – – 82,573 Interest-bearing deposits (included within investments) 54,885 54,885 54,885 – – Financial Liabilities: Deposits and other customer payables $ 506,665 $ 506,665 $ 506,665 $ – $ – Senior debt 998,350 993,999 – 993,999 – December 31, 2014 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices Significant Significant 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 $ 316,601 $ 316,601 $ 316,601 $ – $ – Senior debt 1,048,350 1,134,834 – 1,134,834 – |
Fair Value of Certain Investments Based on NAV | The following tables present, at December 31, 2015 and 2014, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: December 31, 2015 % of Fair Value Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair value Unfunded % % 5-10 % Redemption Redemption Alternative investment funds: Hedge funds $ 20,410 $ – NA NA NA NA (a) <30-60 days Funds of funds 465 – NA NA NA NA (b) <30-90 days Other 1,590 – NA NA NA NA (c) <30-60 days Debt funds 6 – NA NA NA NA (d) 30 days Equity funds 42 – NA NA NA NA (e) <30-90 days Private equity funds: Equity growth 67,895 10,242 (f) 100% 18% 39% 43% NA NA Mezzanine debt 32,324 – 100% – – 100% NA NA Total $ 122,732 $ 10,242 (a) weekly (23%), monthly (69%) and quarterly (8%) (b) monthly (98%) and quarterly (2%) (c) daily (20%) and monthly (80%) (d) daily (100%) (e) daily (18%), monthly (54%) and quarterly (28%) (f) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $5,501 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. December 31, 2014 % of Fair Value Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair value Unfunded % % 5-10 % Redemption Redemption 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. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 reported within “accrued compensation and benefits” (see Note 14) on the accompanying consolidated statements of financial condition as of December 31, 2015 and 2014: December 31, 2015 2014 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,015 $ 2,355 Total return swaps and other (a) 33 – $ 1,048 $ 2,355 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 1,584 $ 124 Total return swaps and other (a) 531 663 LFI and other similar deferred compensation arrangements 193,574 207,306 $ 195,689 $ 208,093 (a) For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $460 and $958 as of December 31, 2015, respectively, and $1,123 and $1,786 as of December 31, 2014, 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 $9,636 and $12,364 as of December 31, 2015 and 2014, 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, 2015, 2014 and 2013, were as follows: Year Ended December 31, 2015 2014 2013 Forward foreign currency exchange rate contracts $ 15,773 $ 22,959 $ (3,162 ) LFI and other similar deferred compensation arrangements 3,827 (7,326 ) (14,099 ) Total return swaps and other 3,860 (5,211 ) (10,931 ) Total $ 23,460 $ 10,422 $ (28,192 ) |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property | At December 31, 2015 and 2014, property consists of the following: Estimated December 31, 2015 2014 Buildings 33 $ 137,181 $ 152,982 Leasehold improvements 3-20 167,838 167,837 Furniture and equipment 3-10 160,553 150,458 Construction in progress 7,099 7,578 Total 472,671 478,855 Less - Accumulated depreciation and amortization 265,506 256,286 Property $ 207,165 $ 222,569 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at December 31, 2015 and 2014 are presented below: December 31, 2015 2014 Goodwill $ 320,761 $ 335,402 Other intangible assets (net of accumulated amortization) 6,215 12,036 $ 326,976 $ 347,438 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2015, 2014 and 2013 are as follows: Year Ended December 31, 2015 2014 2013 Balance, January 1 $ 335,402 $ 345,453 $ 364,328 Business acquisitions — 3,232 1,748 Foreign currency translation adjustments (14,641 ) (13,283 ) (20,623 ) Balance, December 31 $ 320,761 $ 335,402 $ 345,453 |
Gross Cost and Accumulated Amortization of Other Intangible Assets | The gross cost and accumulated amortization of other intangible assets as of December 31, 2015 and 2014, by major intangible asset category, are as follows: December 31, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net Performance fees $ 30,740 $ 25,192 $ 5,548 $ 30,740 $ 21,116 $ 9,624 Management fees, customer relationships and non-compete agreements 33,036 32,369 667 33,050 30,638 2,412 $ 63,776 $ 57,561 $ 6,215 $ 63,790 $ 51,754 $ 12,036 |
Estimated Future Amortization Expense | Amortization expense of intangible assets for the years ended December 31, 2015, 2014 and 2013 was $5,821, $6,387 and $10,114, respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization 2016 $ 3,119 2017 3,096 Total amortization expense $ 6,215 (a) Approximately 45% of intangible asset amortization is attributable to a noncontrolling interest. |
Other Assets and Other Liabil39
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Other Assets | The following table sets forth the Company’s other assets, by type, as of December 31, 2015 and 2014: December 31, 2015 2014 Current tax receivables and other taxes $ 30,679 $ 34,119 Prepaid compensation (see Note 14) 75,703 73,278 Other advances and prepayments 53,354 30,761 Deferred debt issuance costs 9,744 7,162 Other 56,534 62,290 Total $ 226,014 $ 207,610 |
Schedule of Other Liabilities | The following table sets forth the Company’s other liabilities, by type, as of December 31, 2015 and 2014: December 31, 2015 2014 Accrued expenses $ 128,496 $ 132,728 Current income taxes and other taxes 109,438 101,351 Employee benefit-related liabilities 81,687 110,838 Deferred lease incentives 83,566 83,209 Unclaimed funds at LFB 26,022 31,592 Abandoned leased space (principally in the U.K.) 8,760 10,073 Deferred revenue 30,178 25,942 Securities sold, not yet purchased 3,239 9,290 Other 28,556 24,394 Total $ 499,942 $ 529,417 |
Senior Debt (Tables)
Senior Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Debt | Senior debt is comprised of the following as of December 31, 2015 and 2014: Initial Amount Maturity Date Annual Interest Rate Outstanding As Of 2015 2014 Lazard Group 6.85% Senior Notes (a) 600,000 6/15/17 6.85 % $ 98,350 $ 548,350 Lazard Group 4.25% Senior Notes (b) 500,000 11/14/20 4.25 % 500,000 500,000 Lazard Group 3.75% Senior Notes (a) 400,000 2/13/25 3.75 % 400,000 – Total $ 998,350 $ 1,048,350 (a) 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 “2017 Notes”) in February 2015. Interest on the 2025 Notes is payable semi-annually on March 1 and September 1 of each year beginning September 1, 2015. Lazard Group used the net proceeds of the 2025 Notes, together with cash on hand, to redeem or otherwise retire $450,000 of the 2017 Notes, which, including the recognition of unamortized issuance costs, resulted in a loss on debt extinguishment of $60,219. Such loss on debt extinguishment was recorded in “operating expenses—other” on the consolidated statement of operations for the year ended December 31, 2015. (b) 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, 2015 for each of the five years in the period ending December 31, 2020 and thereafter are set forth in the table below. Year Ending December 31, 2016 $ – 2017 98,350 2018-2019 – 2020 500,000 Thereafter 400,000 Total $ 998,350 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases | At December 31, 2015, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows: Year Ending December 31, Minimum Rental Commitments Capital Operating 2016 $ 2,060 $ 77,651 2017 7,514 73,333 2018 32 67,669 2019 26 62,877 2020 – 60,380 Thereafter – 527,998 Total minimum lease payments 9,632 869,908 Less amount representing interest 604 Present value of capital lease commitments $ 9,028 Less sublease proceeds 63,843 Net lease payments $ 806,065 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program Date Repurchase Expiration October, 2013 $ 100,000 December 31, 2015 April, 2014 $ 200,000 December 31, 2015 February, 2015 $ 150,000 December 31, 2016 |
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 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2005 Equity Incentive Plan (the “2005 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 Purchased Average Price Per Years Ended December 31: 2013 3,488,101 $ 37.98 2014 4,114,206 $ 46.83 2015 3,438,789 $ 50.24 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax Currency Employee Total Amount Total Balance, January 1, 2015 $ (46,102 ) $ (154,665 ) $ (200,767 ) $ (1 ) $ (200,766 ) Activity January 1 to December 31, 2015: Other comprehensive income (loss) before reclassifications (51,182 ) 11,283 (39,899 ) – (39,899 ) Adjustments for items reclassified to earnings, net of tax – 6,309 6,309 – 6,309 Net other comprehensive (51,182 ) 17,592 (33,590 ) – (33,590 ) Balance, December 31, 2015 $ (97,284 ) $ (137,073 ) $ (234,357 ) $ (1 ) $ (234,356 ) Currency Employee Total Amount Total 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 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 income (loss) (15,536 ) 2,502 (8,895 ) (21,929 ) 534 (22,463 ) 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, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Amortization of interest rate hedge (a) $ – $ – $ 2,502 Amortization relating to employee benefit plans (b) 7,816 6,672 6,534 Less – related income taxes 1,507 1,923 1,929 Net of tax 6,309 4,749 4,605 Total reclassifications, net of tax $ 6,309 $ 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). Such amounts are included in “compensation and benefits” expense on the consolidated statements of operations. |
Net Income Attributable to Noncontrolling Interests | The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2015, 2014 and 2013 and noncontrolling interests as of December 31, 2015 and 2014 in the Company’s consolidated financial statements: Net Income (Loss) Year Ended December 31, 2015 2014 2013 Edgewater $ 6,557 $ 6,153 $ 3,913 LAZ-MD Holdings – 631 1,198 Other 2 2 (209 ) Total $ 6,559 $ 6,786 $ 4,902 Noncontrolling Interests 2015 2014 Edgewater $ 53,132 $ 62,584 Other 719 729 Total $ 53,851 $ 63,313 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 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, 2015 2014 2013 Share-based incentive awards: RSUs (a) $ 166,395 $ 169,916 $ 209,974 PRSUs 36,529 18,428 12,934 Restricted Stock 22,342 16,110 11,374 DSUs 1,457 1,741 1,616 Total $ 226,723 $ 206,195 $ 235,898 (a) Includes charges relating to the cost saving initiatives for the year ended December 31, 2013 of $9,099 (see Note 16). |
Schedule of Issuance of RSUs and Charges to Retained Earnings | During the years ended December 31, 2015, 2014 and 2013, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following: Year Ended December 31, 2015 2014 2013 Number of RSUs issued 693,714 375,954 454,059 Charges to retained earnings, net of estimated forfeitures $ 34,255 $ 17,536 $ 16,927 |
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, 2015 and 2014: Prepaid Compensation Balance, January 1, 2015 $ 73,278 $ 207,306 Granted 89,817 89,817 Settled – (96,223 ) Forfeited (4,099 ) (8,052 ) Amortization (82,736 ) – Change in fair value related to: Decrease in fair value of underlying investments – (3,827 ) Adjustment for estimated forfeitures – 6,780 Other (557 ) (2,227 ) Balance, December 31, 2015 $ 75,703 $ 193,574 Prepaid Asset Compensation 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 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, 2015. 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, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Amortization, net of forfeitures (a) $ 85,563 $ 82,359 $ 62,197 Change in the fair value of underlying investments (3,827 ) 7,326 14,099 Total $ 81,736 $ 89,685 $ 76,296 (a) Includes charges relating to the cost saving initiatives for the year ended December 31, 2013 of $2,665 (See Note 16). |
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, 2015: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2013 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 ) $ 37.80 – – Balance, December 31, 2014 13,529,116 $ 35.19 286,227 $ 34.21 Granted (including 693,714 RSUs relating to dividend participation) 4,296,386 $ 48.57 26,443 $ 55.11 Forfeited (469,776 ) $ 43.54 – – Vested (7,756,068 ) $ 31.12 – – Balance, December 31, 2015 9,599,658 $ 44.06 312,670 $ 35.98 |
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, 2015: Restricted Weighted Balance, January 1, 2013 1,972,609 $ 34.85 Granted 368,736 $ 36.74 Forfeited (37,782 ) $ 33.37 Vested (1,728,509 ) $ 36.00 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 Granted 576,886 $ 50.88 Forfeited (45,851 ) $ 50.17 Vested (547,124 ) $ 39.50 Balance, December 31, 2015 713,738 $ 47.12 |
PRSUs [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to PRSUs during the three-year period ended December 31, 2015: PRSUs Weighted Balance, January 1, 2013 – – Granted (a) 448,128 $ 36.11 Balance, December 31, 2013 448,128 $ 36.11 Granted (a) 360,783 $ 44.46 Performance units earned (b) 538,237 $ 34.72 Balance, December 31, 2014 1,347,148 $ 37.79 Granted (a) 368,389 $ 52.85 Vested (696,499 ) $ 35.96 Balance, December 31, 2015 1,019,038 $ 44.49 (a) Represents PRSU awards granted during the relevant year at the target payout level. (b) Represents shares of Class A common stock earned during the fiscal year under the performance criteria of previously-granted PRSU awards in excess of the target payout level of such awards. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Plans Medical Plan 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 764,169 $ 709,850 $ 5,514 $ 5,080 Service cost 1,530 971 27 33 Interest cost 24,600 30,041 179 194 Actuarial (gain) loss (22,395 ) 97,495 (694 ) 428 Benefits paid (33,253 ) (29,663 ) (276 ) (221 ) Foreign currency translation and other adjustments (40,464 ) (44,525 ) Benefit obligation at end of year 694,187 764,169 4,750 5,514 Change in plan assets Fair value of plan assets at beginning of year 672,576 643,844 Actual return on plan assets 9,873 91,829 Employer contributions 39,301 7,648 276 221 Benefits paid (32,321 ) (28,877 ) (276 ) (221 ) Foreign currency translation and other adjustments (33,345 ) (41,868 ) Fair value of plan assets at end of year 656,084 672,576 – – Funded (deficit) at end of year $ (38,103 ) $ (91,593 ) $ (4,750 ) $ (5,514 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2015 and 2014 consist of: Prepaid pension asset (included in “other assets”) $ 20,785 $ – Accrued benefit liability (included in “other liabilities”) (58,888 ) (91,593 ) $ (4,750 ) $ (5,514 ) Net amount recognized $ (38,103 ) $ (91,593 ) $ (4,750 ) $ (5,514 ) Amounts recognized in AOCI (excluding tax benefits of $30,416 and $37,567 at December 31, 2015 and 2014, respectively) consist of: Actuarial net loss (gain) $ 165,462 $ 186,637 $ (335 ) $ 360 Prior service cost 2,362 5,235 – – Net amount recognized $ 167,824 $ 191,872 $ (335 ) $ 360 |
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, 2015 and 2014: U.S. Pension Plans Non-U.S. Pension Plans As Of December 31, Total As Of December 31, 2015 2014 2015 2014 2015 2014 Fair value of plan assets $ 23,195 $ 26,766 $ 632,889 $ 645,810 $ 656,084 $ 672,576 Accumulated benefit obligation $ 32,900 $ 37,035 $ 661,287 $ 727,134 $ 694,187 $ 764,169 Projected benefit obligation $ 32,900 $ 37,035 $ 661,287 $ 727,134 $ 694,187 $ 764,169 |
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, 2015, 2014 and 2013: Pension Plans For The Year Ended December 31, Medical Plan December 31, 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost (Credit): Service cost $ 1,530 $ 971 $ 940 $ 27 $ 33 $ 53 Interest cost 24,600 30,041 27,219 179 194 182 Expected return on plan assets (28,301 ) (32,607 ) (27,078 ) Amortization of: Prior service cost 2,376 2,841 2,843 Net actuarial loss (gain) 5,440 4,360 3,691 (529 ) Net periodic benefit cost (credit) $ 5,645 $ 5,606 $ 7,615 $ 206 $ (302 ) $ 235 Actual return on plan assets $ 9,873 $ 91,829 $ 41,353 Employer contributions $ 39,301 $ 7,648 $ 2,274 $ 276 $ 221 $ 176 Benefits paid $ 32,321 $ 28,877 $ 23,258 $ 276 $ 221 $ 176 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $7,151, $(7,119) and $(4,459) during the years ended December 31, 2015, 2014 and 2013, respectively): Net actuarial (gain) loss $ (4,650 ) $ 41,082 $ 17,251 $ (695 ) $ 428 $ (647 ) Reclassification of prior service (cost) credit to earnings (2,376 ) (2,841 ) (2,843 ) Reclassification of actuarial gain (loss) to earnings (5,440 ) (4,360 ) (3,691 ) 529 Currency translation and other adjustments (11,582 ) (10,485 ) 3,284 Total recognized in AOCI $ (24,048 ) $ 23,396 $ 14,001 $ (695 ) $ 957 $ (647 ) Net amount recognized in total periodic benefit cost and AOCI $ (18,403 ) $ 29,002 $ 21,616 $ (489 ) $ 655 $ (412 ) |
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, 2015 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2016 are as follows: Pension Medical Total Prior service cost $ 2,332 $ – $ 2,332 Net actuarial loss (gain) $ 4,010 $ – $ 4,010 |
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, 2015, 2014 and 2013 are set forth below: Pension Plans December 31, Medical Plan December 31, 2015 2014 2013 2015 2014 2013 Weighted average assumptions used to determine benefit obligations: Discount rate 3.5 % 3.4% 4.3% 3.9% 3.7% 4.3% Weighted average assumptions used to determine net periodic benefit cost: Discount rate 2.6 % 2.0% 3.3% 3.7% 4.3% 3.4% Expected long-term rate of return on plan assets 4.3 % 5.1% 4.7% – – – Healthcare cost trend rates used to determine net periodic benefit cost: Initial 7.0% 7.5% 8.0% Ultimate 5.0% 5.0% 5.0% Year ultimate trend rate achieved 2019 2019 2019 |
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 2015 2014 2015 2014 Cost $ 28 $ 29 $ (20 ) $ (22 ) Obligation $ 661 $ 779 $ (433 ) $ (580 ) |
Schedule of Expected Benefit Payments | Expected Benefit Payments Pension Medical Plan 2016 $ 23,902 $ 354 2017 24,678 356 2018 26,300 358 2019 27,789 358 2020 27,714 355 2021-2025 158,469 1,682 |
Schedule of Categorization of Plans' Assets | Plan Assets As of December 31, 2015 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 19,172 $ – $ – $ – $ 19,172 Debt 56,247 – – – 56,247 Equities 25,901 – – – 25,901 Funds: Alternative investments 668 – – 525 1,193 Debt 11,699 – – 325,312 337,011 Equity 210,897 – – 6,247 217,144 Total $ 324,584 $ – $ – $ 332,084 $ 656,668 Liabilities: Derivatives $ – $ 584 $ – $ – $ 584 Total $ – $ 584 $ – $ – $ 584 As of December 31, 2014 (b) Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 13,226 $ – $ – $ – $ 13,226 Debt 52,439 – – – 52,439 Equities 31,253 – – – 31,253 Funds: Alternative investments 457 – – 578 1,035 Debt 13,570 – – 359,315 372,885 Equity 194,898 – – 6,536 201,434 Derivatives – 304 – – 304 Total $ 305,843 $ 304 $ – $ 366,429 $ 672,576 (a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 3 for additional information. (b) The table as of December 31, 2014 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3. |
Cost Saving Initiatives (Tables
Cost Saving Initiatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013, 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, 2015 2014 2013 Current: Federal $ 8,177 $ 3,112 $ (3,678 ) Foreign 78,086 61,143 41,084 State and local (primarily UBT) 4,970 5,519 (167 ) Total current 91,233 69,774 37,239 Deferred: Federal (988,900 ) 2,766 19,934 Foreign (3,960 ) 9,239 (4,520 ) State and local (107,925 ) 3,623 (960 ) Total deferred (1,100,785 ) 15,628 14,454 Total $ (1,009,552 ) $ 85,402 $ 51,693 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates | Year Ended December 31, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Income of noncontrolling interests 13.8 (0.5 ) (0.8 ) Foreign source income not subject to U.S. income tax 419.4 (12.4 ) (12.7 ) Foreign taxes (361.6 ) 8.2 14.1 State and local taxes 522.2 1.8 2.6 Change in U.S. federal valuation allowance 5,477.0 (18.7 ) (14.9 ) Other, net (31.5 ) 3.0 0.5 Effective income tax rate (a) 6,074.3 % 16.4 % 23.8 % (a) For the year ended December 31, 2015, the effective tax rate on “operating income (loss)” includes (i) the significant effect of the release of substantially all of our valuation allowance on deferred tax assets and the recognition of deferred tax assets associated with the recording of the tax receivable agreement obligation, as described below, and (ii) the negative impact on “operating income (loss)” as a result of the provision pursuant to the tax receivable agreement described below. |
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred Tax Assets: Basis adjustments (a) $ 727,696 $ 598,607 Compensation and benefits 204,780 258,976 Net operating loss and tax credit carryforwards 309,811 283,198 Depreciation and amortization 840 950 Other 36,154 36,470 Gross deferred tax assets 1,279,281 1,178,201 Valuation allowance (89,251 ) (1,044,152 ) Deferred tax assets (net of valuation allowance) 1,190,030 134,049 Deferred Tax Liabilities: Depreciation and amortization 17,629 21,908 Compensation and benefits 9,332 28,035 Goodwill 15,208 15,289 Other 28,370 39,705 Deferred tax liabilities 70,539 104,937 Net deferred tax assets $ 1,119,491 $ 29,112 (a) The basis adjustments recorded as of December 31, 2015 and 2014 are primarily the result of additional basis from acquisitions of interests, including the impact of recording the tax receivable agreement obligation during the year ended December 31, 2015, discussed below. |
Summary of Changes in Deferred Tax Assets Valuation Allowance | Changes in the deferred tax assets valuation allowance for the years ended December 31, 2015, 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Beginning Balance $ 1,044,152 $ 1,225,305 $ 1,238,765 Credited to provision (benefit) for income taxes (a) (954,487) (203,051 ) (35,470 ) Charged (credited) to other comprehensive income (414) 21,898 22,010 Ending Balance $ 89,251 $ 1,044,152 $ 1,225,305 (a) Of the amount in 2014 of $203,051, approximately $106,000 is due primarily to the remeasurement of certain deferred tax assets with a corresponding valuation allowance. |
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, 2015, 2014 and 2013 is as follows: Year Ended December 31, 2015 2014 2013 Balance, January 1 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively) $ 68,224 $ 62,905 $ 55,947 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years – 2,837 417 Current year 22,212 18,698 17,596 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (621 ) (3,191 ) (385 ) Settlements with tax authorities – – (5,587 ) Lapse of the applicable statute of limitations (12,535 ) (13,025 ) (5,083 ) Balance, December 31 (excluding interest and penalties of $13,083, $13,004 and $12,200, respectively) $ 77,280 $ 68,224 $ 62,905 |
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2015 2014 2013 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,083, $13,004 and $12,200, respectively) $ 74,785 $ 40,353 $ 36,272 Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 15,578 $ 40,875 $ 38,833 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,865, $3,177 and $7,326, respectively) $ 79 $ 804 $ (2,599 ) |
Net Income Per Share of Class47
Net Income Per Share of Class A Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 are presented below: Year Ended December 31, 2015 2014 2013 Net income attributable to Lazard Ltd - basic $ 986,373 $ 427,277 $ 160,212 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, in 2014 and 2013, exchangeable interests, net of tax – 581 1,065 Net income attributable to Lazard Ltd - diluted $986,373 $ 427,858 $161,277 Weighted average number of shares of Class A common stock outstanding 125,294,261 121,942,939 120,096,305 Add - adjustment for shares of Class A common stock issuable on a non-contingent basis 72,011 408,897 757,962 Weighted average number of shares of Class A common stock outstanding - basic 125,366,272 122,351,836 120,854,267 Add - dilutive effect, as applicable, of: Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and, in 2014 and 2013, exchangeable interests 7,878,274 11,461,287 12,882,812 Weighted average number of shares of Class A common stock outstanding - diluted 133,244,546 133,813,123 133,737,079 Net income attributable to Lazard Ltd per share of Class A common stock: Basic $7.87 $3.49 $1.33 Diluted $7.40 $3.20 $1.21 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets | 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, 2015 2014 2013(b) Financial Advisory Net Revenue $ 1,279,628 $ 1,206,734 $ 980,577 Operating Expenses (a) 1,005,837 977,681 959,668 Operating Income $ 273,791 $ 229,053 $ 20,909 Total Assets $ 763,374 $ 785,557 $ 714,708 Asset Management Net Revenue $ 1,111,105 $ 1,134,595 $ 1,039,130 Operating Expenses (a) 736,798 749,345 704,045 Operating Income $ 374,307 $ 385,250 $ 335,085 Total Assets $ 640,034 $ 588,403 $ 612,018 Corporate Net Revenue $ (37,125 ) $ (40,882 ) $ (34,355 ) Operating Expenses (a)/(c) 627,593 53,956 104,832 Operating Loss $ (664,718 ) $ (94,838 ) $ (139,187 ) Total Assets $ 3,083,358 $ 1,958,276 $ 1,684,411 Total Net Revenue $ 2,353,608 $ 2,300,447 $ 1,985,352 Operating Expenses (a) 2,370,228 1,780,982 1,768,545 Operating Income (Loss) $ (16,620 ) $ 519,465 $ 216,807 Total Assets $ 4,486,766 $ 3,332,236 $ 3,011,137 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2015 2014 2013 Financial Advisory $ 4,412 $ 4,826 $ 5,256 Asset Management 2,957 2,610 2,556 Corporate 25,416 27,028 26,938 Total $ 32,785 $ 34,464 $ 34,750 (b) See Note 16 for information regarding the Cost Saving Initiatives and the impact on each of the Company’s business segments. (c) Operating expenses include $547,691, $18,307 and $1,249 for the years ended December 31, 2015, 2014 and 2013, respectively, recorded for the provision pursuant to the tax receivable agreement. See Note 17 for information regarding the tax receivable agreement obligation. |
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, 2015 2014 2013 Net Revenue: United States $ 1,310,577 $ 1,308,220 $ 1,217,014 United Kingdom 307,072 277,610 205,695 France 350,841 376,432 281,740 Other Western Europe 151,892 150,810 123,975 Rest of World 233,226 187,375 156,928 Total $ 2,353,608 $ 2,300,447 $ 1,985,352 Operating Income (Loss): United States (a) $ (259,344 ) $ 320,082 $ 234,247 United Kingdom 70,742 61,744 (6,474 ) France 73,675 87,308 14,845 Other Western Europe 22,277 12,634 (8,260 ) Rest of World 76,030 37,697 (17,551 ) Total $ (16,620 ) $ 519,465 $ 216,807 Identifiable Assets: United States $ 2,809,683 $ 1,840,882 $ 1,529,695 United Kingdom 282,403 266,584 239,606 France 992,541 809,241 824,712 Other Western Europe 125,921 135,889 118,939 Rest of World 276,218 279,640 298,185 Total $ 4,486,766 $ 3,332,236 $ 3,011,137 (a) Operating income (loss) for the United States includes $547,691, $18,307 and $1,249 for the years ended December 31, 2015, 2014 and 2013, respectively, recorded for the provision pursuant to the tax receivable agreement. See Note 17 for information regarding the tax receivable agreement obligation. |
Supplemental Financial Inform49
Supplemental Financial Information - Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014. 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. 2015 Fiscal Quarter First(a) Second(b) Third(b) Fourth(b) Year (dollars in thousands, except per share data) Net revenue $ 577,749 $ 609,092 $ 573,518 $ 593,249 $ 2,353,608 Operating expenses 503,086 1,410,468 2,774 453,900 2,370,228 Operating income (loss) $ 74,663 $ (801,376 ) $ 570,744 $ 139,349 $ (16,620 ) Net income $ 62,646 $ 375,155 $ 399,790 $ 155,341 $ 992,932 Less - net income (loss) attributable to noncontrolling interests 6,693 1,042 1,269 (2,445 ) 6,559 Net income attributable to Lazard Ltd $ 55,953 $ 374,113 $ 398,521 $ 157,786 $ 986,373 Attributable to Lazard Ltd Class A common stockholders: Net income per share of common stock: Basic $0.45 $2.96 $3.16 $1.26 $7.87 Diluted $0.42 $2.82 $2.99 $1.18 $7.40 Dividends declared per share of common stock $1.30 $0.35 $0.35 $0.35 $2.35 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 $1.20 (a) See Note 11 for information regarding the debt refinancing. (b) See Note 17 for information regarding the provision pursuant to the tax receivable agreement. |
Organization and Basis of Pre50
Organization and Basis of Presentation - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
May. 31, 2014$ / sharesshares | Dec. 31, 2015Segment$ / sharesshares | Dec. 31, 2014$ / sharesshares | Jan. 01, 2014shares | Dec. 31, 2013shares | |
Organization And Basis Of Presentation [Line Items] | |||||
Governing operating agreement, date | Oct. 26, 2015 | ||||
Common stock, Class B shares conversion to Class A shares | 1 | ||||
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 Company’s 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. | ||||
Number of business segments | Segment | 2 | ||||
Class B Common Stock [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Common stock, shares issued | 1 | ||||
Class A Common Stock [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares outstanding | 129,766,091 | 129,766,091 | |||
Common stock, shares issued | 129,766,091 | 129,766,091 | 129,056,081 | ||
LAZ-MD Holdings LLC [Member] | Class B Common Stock [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Common stock, shares outstanding | 1 | ||||
Common stock, shares issued | 1 | ||||
Lazard Group LLC [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Percentage of common membership interests held | 100.00% | 100.00% | |||
Lazard Group LLC [Member] | LAZ-MD Holdings LLC [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Percentage of common membership interests held | 0.50% |
Significant Accounting Polici51
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Foreign currency remeasurement gains (losses), net of hedge transactions | $ 1,589 | $ 131 | $ (2,887) |
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 | $ 32,785 | 34,464 | 34,750 |
Annual date of goodwill impairment | Nov. 1, 2015 | ||
Goodwill impairment loss | $ 0 | 0 | 0 |
Reimbursements of expenses | 19,358 | 20,407 | 18,327 |
Investment advisory fees | 1,036,821 | 1,080,842 | 994,707 |
Investment advisory fees receivables | 423,817 | 483,681 | |
Soft dollar arrangement expenses | 24,000 | ||
Affiliated Funds [Member] | |||
Significant Accounting Policies [Line Items] | |||
Investment advisory fees | 534,752 | 532,415 | $ 499,272 |
Investment advisory fees receivables | $ 42,002 | $ 42,291 | |
Operating Segments [Member] | Financial Advisory Segment [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 | ||
Operating Segments [Member] | Asset Management Segment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Days fee receivables are considered past due in excess | 12 months |
Receivables - Schedule of Activ
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts receivables, Beginning balance | $ 23,540 | $ 28,777 | $ 23,017 |
Bad debt expense, net of recoveries | 3,125 | 12,246 | 4,395 |
Charge-offs, foreign currency translation and other adjustments | (13,783) | (17,483) | 1,365 |
Allowance for doubtful accounts receivables, Ending balance | $ 12,882 | $ 23,540 | $ 28,777 |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest-bearing financing fee receivables | $ 81,774,000 | $ 86,221,000 | ||
Allowance for doubtful accounts receivables | 12,882,000 | 23,540,000 | $ 28,777,000 | $ 23,017,000 |
Aggregate carrying amount of non-interest bearing receivables | 415,439,000 | 471,375,000 | ||
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 | $ 19,923,000 | $ 24,578,000 |
Investments - Company's Investm
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Total investments | $ 541,911 | $ 620,352 |
Investments, at fair value | 478,109 | 528,001 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 3,239 | 9,290 |
Interest-bearing Deposits [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 54,885 | 84,575 |
Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 535 | 10,426 |
Investments, at fair value | 535 | 10,426 |
Equities [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 44,834 | 57,302 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 67,600 | 34,705 |
Investments, at fair value | 67,600 | 34,705 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 67,134 | 82,889 |
Investments, at fair value | 67,134 | 82,889 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 197,787 | 228,209 |
Investments, at fair value | 197,787 | 228,209 |
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 100,219 | 114,470 |
Investments, at fair value | 100,219 | 114,470 |
Funds Total [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 432,740 | 460,273 |
Equity Method [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 8,917 | $ 7,776 |
Investments - Company's Inves55
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Investments | $ 541,911 | $ 620,352 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 67,600 | 34,705 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 67,134 | 82,889 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 197,787 | 228,209 |
Lazard Fund Interests [Member] | Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 10,996 | 8,321 |
Lazard Fund Interests [Member] | Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 31,598 | 42,070 |
Lazard Fund Interests [Member] | Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | $ 156,081 | $ 162,798 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | |
Revenue relating to disposal of business | $ 24,388 |
Minimum [Member] | Interest-bearing Deposits [Member] | |
Schedule of Investments [Line Items] | |
Interest-bearing deposits maturity period | 3 months |
Maximum [Member] | Interest-bearing Deposits [Member] | |
Schedule of Investments [Line Items] | |
Interest-bearing deposits maturity period | 1 year |
Investments - Schedule of Tradi
Investments - Schedule of Trading Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract] | |||
Net unrealized investment gains (losses) | $ (19,681) | $ (8,568) | $ 16,470 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 478,109 | $ 528,001 |
Total Derivative Assets | 1,048 | 2,355 |
Total Assets | 479,157 | 530,356 |
Securities sold, not yet purchased | 3,239 | 9,290 |
Total Derivative Liabilities | 195,689 | 208,093 |
Total Liabilities | 198,928 | 217,383 |
Fair Value, Measurements, Nonrecurring [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 122,732 | 149,222 |
Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 535 | 10,426 |
Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 44,834 | 57,302 |
Alternative Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 67,600 | 34,705 |
Alternative Investment Funds [Member] | Fair Value, Measurements, Nonrecurring [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 22,465 | 34,705 |
Debt Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 67,134 | 82,889 |
Debt Funds [Member] | Fair Value, Measurements, Nonrecurring [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6 | 4 |
Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 197,787 | 228,209 |
Equity Funds [Member] | Fair Value, Measurements, Nonrecurring [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 42 | 43 |
Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 100,219 | 114,470 |
Private Equity Funds [Member] | Fair Value, Measurements, Nonrecurring [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 100,219 | 114,470 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 354,101 | 372,578 |
Securities sold, not yet purchased | 3,239 | 9,290 |
Total Liabilities | 3,239 | 9,290 |
Level 1 [Member] | Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 535 | 5,540 |
Level 1 [Member] | Equities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 43,558 | 55,987 |
Level 1 [Member] | Alternative Investment Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 45,135 | |
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 | 67,128 | 82,885 |
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 | 197,745 | 228,166 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Derivative Assets | 1,048 | 2,355 |
Total Assets | 1,048 | 7,241 |
Total Derivative Liabilities | 195,689 | 208,093 |
Total Liabilities | 195,689 | 208,093 |
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 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 1,276 | 1,315 |
Level 3 [Member] | Equities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 1,276 | $ 1,315 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 1,315 | $ 1,340 | $ 190 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 14 | 19 | 11 |
Purchases/Acquisitions | 1,095 | ||
Sales/Dispositions | (1) | ||
Foreign Currency Translation Adjustments | (53) | (43) | 44 |
Ending Balance | 1,276 | 1,315 | 1,340 |
Equities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 1,315 | 1,340 | 190 |
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other | 14 | 19 | 11 |
Purchases/Acquisitions | 1,095 | ||
Sales/Dispositions | (1) | ||
Foreign Currency Translation Adjustments | (53) | (43) | 44 |
Ending Balance | $ 1,276 | $ 1,315 | $ 1,340 |
Fair Value Measurements - Sum60
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | |||
Net unrealized gains (losses) | $ 14 | $ 19 | $ 11 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Transfers between Level 1, 2 and 3 in fair value measurement hierarchy | $ 0 | $ 0 |
Unfunded commitments | 10,242,000 | $ 18,676,000 |
EGCP III [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unfunded commitments | $ 9,672,000 | |
End of the investment period | Oct. 12, 2016 | |
Remaining commitments date | Oct. 12, 2023 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Assets: | ||||
Cash and cash equivalents | $ 1,132,083 | $ 1,066,580 | $ 841,482 | $ 850,190 |
Deposits with banks and short-term investments | 389,861 | 207,760 | ||
Cash deposited with clearing organizations and other segregated cash | 34,948 | 43,290 | ||
Interest-bearing financing receivables | 81,774 | 86,221 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 506,665 | 316,601 | ||
Senior debt | 998,350 | 1,048,350 | ||
Carrying Value [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 1,132,083 | 1,066,580 | ||
Deposits with banks and short-term investments | 389,861 | 207,760 | ||
Cash deposited with clearing organizations and other segregated cash | 34,948 | 43,290 | ||
Interest-bearing financing receivables | 81,774 | 86,221 | ||
Interest-bearing deposits (included within investments) | 54,885 | 84,575 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 506,665 | 316,601 | ||
Senior debt | 998,350 | 1,048,350 | ||
Fair Value [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 1,132,083 | 1,066,580 | ||
Deposits with banks and short-term investments | 389,861 | 207,760 | ||
Cash deposited with clearing organizations and other segregated cash | 34,948 | 43,290 | ||
Interest-bearing financing receivables | 82,573 | 88,499 | ||
Interest-bearing deposits (included within investments) | 54,885 | 84,575 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 506,665 | 316,601 | ||
Senior debt | 993,999 | 1,134,834 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets: | ||||
Cash and cash equivalents | 1,132,083 | 1,066,580 | ||
Deposits with banks and short-term investments | 389,861 | 207,760 | ||
Cash deposited with clearing organizations and other segregated cash | 34,948 | 43,290 | ||
Interest-bearing deposits (included within investments) | 54,885 | 84,575 | ||
Financial Liabilities: | ||||
Deposits and other customer payables | 506,665 | 316,601 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Liabilities: | ||||
Senior debt | 993,999 | 1,134,834 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets: | ||||
Interest-bearing financing receivables | $ 82,573 | $ 88,499 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 122,732 | $ 149,222 |
Unfunded commitments | 10,242 | 18,676 |
Private Equity Funds [Member] | Equity Growth [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 67,895 | 75,578 |
Unfunded commitments | $ 10,242 | $ 18,676 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years | 18.00% | 10.00% |
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years | 39.00% | 63.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 43.00% | 27.00% |
Private Equity Funds [Member] | Mezzanine Debt [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 32,324 | $ 38,892 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 100.00% | 100.00% |
Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 20,410 | $ 31,042 |
Hedge Funds [Member] | Weekly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | weekly (23%) | weekly (15%) |
Hedge Funds [Member] | Monthly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | monthly (69%) | monthly (66%) |
Hedge Funds [Member] | Quarterly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | quarterly (8%) | quarterly (19%) |
Hedge 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 |
Hedge Funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Notice Period | 60 days | 60 days |
Funds of Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 465 | $ 475 |
Funds of Funds [Member] | Monthly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | monthly (98%) | monthly (98%) |
Funds of Funds [Member] | Quarterly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | quarterly (2%) | quarterly (2%) |
Funds of 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 |
Funds of 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 |
Other [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 1,590 | $ 3,188 |
Other [Member] | Weekly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | weekly (3%) | |
Other [Member] | Monthly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | monthly (80%) | monthly (86%) |
Other [Member] | Daily [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | daily (20%) | daily (11%) |
Other [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 |
Other [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Notice Period | 60 days | 60 days |
Debt Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 6 | $ 4 |
Investments Redeemable, Redemption Notice Period | 30 days | 30 days |
Debt Funds [Member] | Daily [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | daily (100%) | daily (100%) |
Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 42 | $ 43 |
Equity Funds [Member] | Monthly [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | monthly (54%) | 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 (28%) |
Equity Funds [Member] | Daily [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Frequency | daily (18%) | daily (14%) |
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 |
Fair Value Measurements - Fai64
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded commitments | $ 10,242 | $ 18,676 |
Equity Growth [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded commitments | 10,242 | 18,676 |
Equity Growth [Member] | Not Owned [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded commitments | $ 5,501 | $ 6,888 |
Derivatives - Fair Values of De
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 1,048 | $ 2,355 |
Derivative Liabilities | 195,689 | 208,093 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,015 | 2,355 |
Derivative Liabilities | 1,584 | 124 |
Total Return Swaps and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 33 | |
Derivative Liabilities | 531 | 663 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 193,574 | $ 207,306 |
Derivatives - Fair Values of 66
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | |||
Gross derivative liability | $ 193,574 | $ 207,306 | $ 162,422 |
Cash collateral pledged for total return swaps | 9,636 | 12,364 | |
Total Return Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross derivative assets | 460 | 1,123 | |
Gross derivative liability | $ 958 | $ 1,786 |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $ 23,460 | $ 10,422 | $ (28,192) |
Forward Foreign Currency Exchange Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | 15,773 | 22,959 | (3,162) |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | 3,827 | (7,326) | (14,099) |
Total Return Swaps and Other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $ 3,860 | $ (5,211) | $ (10,931) |
Property - Property (Detail)
Property - Property (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 472,671 | $ 478,855 |
Less - Accumulated depreciation and amortization | 265,506 | 256,286 |
Property | 207,165 | 222,569 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 137,181 | 152,982 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 167,838 | 167,837 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 160,553 | 150,458 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 7,099 | $ 7,578 |
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 Intangible69
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 320,761 | $ 335,402 | $ 345,453 | $ 364,328 |
Other intangible assets (net of accumulated amortization) | 6,215 | 12,036 | ||
Goodwill and other intangible assets, Total | $ 326,976 | $ 347,438 |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 320,761 | $ 335,402 | $ 345,453 | $ 364,328 |
Goodwill impairment loss | 0 | 0 | 0 | |
Amortization of intangible assets related to acquisitions | 5,821 | 6,387 | $ 10,114 | |
Operating Segments [Member] | Financial Advisory Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 256,220 | 270,861 | ||
Operating Segments [Member] | Asset Management Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 64,541 | $ 64,541 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Beginning Balance | $ 335,402 | $ 345,453 | $ 364,328 |
Ending Balance | 320,761 | 335,402 | 345,453 |
Financial Advisory Segment [Member] | |||
Goodwill [Line Items] | |||
Business acquisitions | 3,232 | 1,748 | |
Foreign currency translation adjustments | $ (14,641) | $ (13,283) | $ (20,623) |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | $ 63,776 | $ 63,790 |
Other intangible assets, Accumulated Amortization | 57,561 | 51,754 |
Other intangible assets, Net Carrying Amount | 6,215 | 12,036 |
Performance Fees [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 30,740 | 30,740 |
Other intangible assets, Accumulated Amortization | 25,192 | 21,116 |
Other intangible assets, Net Carrying Amount | 5,548 | 9,624 |
Management Fees, Customer Relationships and Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 33,036 | 33,050 |
Other intangible assets, Accumulated Amortization | 32,369 | 30,638 |
Other intangible assets, Net Carrying Amount | $ 667 | $ 2,412 |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 3,119 |
2,017 | 3,096 |
Total amortization expense | $ 6,215 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible asset amortization attributable to noncontrolling interest, percentage | 45.00% |
Other Assets and Other Liabil75
Other Assets and Other Liabilities - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Current tax receivables and other taxes | $ 30,679 | $ 34,119 | |
Prepaid compensation (see Note 14) | 75,703 | 73,278 | $ 60,433 |
Other advances and prepayments | 53,354 | 30,761 | |
Deferred debt issuance costs | 9,744 | 7,162 | |
Other | 56,534 | 62,290 | |
Total | $ 226,014 | $ 207,610 |
Other Assets and Other Liabil76
Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $ 128,496 | $ 132,728 |
Current income taxes and other taxes | 109,438 | 101,351 |
Employee benefit-related liabilities | 81,687 | 110,838 |
Deferred lease incentives | 83,566 | 83,209 |
Unclaimed funds at LFB | 26,022 | 31,592 |
Abandoned leased space (principally in the U.K.) | 8,760 | 10,073 |
Deferred revenue | 30,178 | 25,942 |
Securities sold, not yet purchased | 3,239 | 9,290 |
Other | 28,556 | 24,394 |
Total | $ 499,942 | $ 529,417 |
Senior Debt - Senior Debt (Deta
Senior Debt - Senior Debt (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Senior Debt, Outstanding | $ 998,350,000 | $ 1,048,350,000 | |
Lazard Group 6.85% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Debt, Outstanding | $ 98,350,000 | 548,350,000 | |
Senior Debt, Maturity Date | Jun. 15, 2017 | ||
Senior Debt, Initial Principal Amount | $ 600,000,000 | ||
Senior Debt, Annual Interest Rate | 6.85% | 6.85% | |
Lazard Group 4.25% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Debt, Outstanding | $ 500,000,000 | $ 500,000,000 | |
Senior Debt, Maturity Date | Nov. 14, 2020 | ||
Senior Debt, Initial Principal Amount | $ 500,000,000 | ||
Senior Debt, Annual Interest Rate | 4.25% | ||
Lazard Group 3.75% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Debt, Outstanding | $ 400,000,000 | ||
Senior Debt, Maturity Date | Feb. 13, 2025 | ||
Senior Debt, Initial Principal Amount | $ 400,000,000 | $ 400,000,000 | |
Senior Debt, Annual Interest Rate | 3.75% | 3.75% |
Senior Debt - Senior Debt (Pare
Senior Debt - Senior Debt (Parenthetical) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2013 | Nov. 30, 2013 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 60,219,000 | $ 50,757,000 | |||
Lazard Group 7.125% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes interest rate | 7.125% | ||||
Original Maturity Date | May 15, 2015 | ||||
Redemption of senior debt | $ 528,500,000 | ||||
Loss on extinguishment of debt | $ 50,757,000 | ||||
Lazard Group 4.25% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Debt, Initial Principal Amount | $ 500,000,000 | ||||
Senior notes interest rate | 4.25% | ||||
Original Maturity Date | Nov. 14, 2020 | ||||
Interest rate, payment terms | Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year. | ||||
Interest Rate Hedge [Member] | Lazard Group 7.125% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 1,563,000 | ||||
Interest Rate Forward Agreement [Member] | Lazard Group 4.25% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 1,767,000 | ||||
Lazard Group 6.85% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Debt, Initial Principal Amount | $ 600,000,000 | ||||
Senior notes interest rate | 6.85% | 6.85% | |||
Original Maturity Date | Jun. 15, 2017 | ||||
Redemption of senior debt | $ 450,000,000 | ||||
Loss on extinguishment of debt | $ 60,219,000 | ||||
Lazard Group 3.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Debt, Initial Principal Amount | $ 400,000,000 | $ 400,000,000 | |||
Senior notes interest rate | 3.75% | 3.75% | |||
Original Maturity Date | Feb. 13, 2025 | ||||
Interest rate, payment terms | Interest on the 2025 Notes is payable semi-annually on March 1 and September 1 of each year beginning September 1, 2015. |
Senior Debt - Additional Inform
Senior Debt - Additional Information (Detail) - USD ($) | Sep. 25, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 235,000,000 | ||
LFB [Member] | Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | 27,000,000 | ||
Edgewater [Member] | Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 55,000,000 | ||
Amended and Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Senior revolving credit facility | $ 150,000,000 | ||
Duration of senior revolving credit facility, in years | 5 years | ||
Expiration of credit facility | 2020-09 | ||
Outstanding credit facility | $ 0 | $ 0 |
Senior Debt - Debt Maturities R
Senior Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Detail) - Senior Borrowings Outstanding [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument, Redemption [Line Items] | |
2,016 | $ 0 |
2,017 | 98,350 |
2018-2019 | 0 |
2,020 | 500,000 |
Thereafter | 400,000 |
Total | $ 998,350 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jul. 15, 2009 | Jun. 30, 2015 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Commitments [Line Items] | |||||||
Office space and equipment under non-cancelable lease agreements, expiration through year | 2,033 | ||||||
Rental expense relating to operating leases | $ 79,549,000 | $ 80,773,000 | $ 86,504,000 | ||||
Office space under sublease agreements, expiration through year | 2,022 | ||||||
Sublease income | $ 9,587,000 | 11,751,000 | 11,404,000 | ||||
Capital lease obligation payable through | 2,017 | ||||||
Weighted average interest rate of capital | 6.10% | ||||||
Book value of assets under capital lease | $ 15,273,000 | 17,326,000 | |||||
Abandoned leased space (principally in the U.K.) | 8,760,000 | $ 10,073,000 | |||||
Guarantees indemnifications | 4,660,000 | ||||||
Collateral/counter-guarantees | $ 4,317,000 | ||||||
Aggregate fair value of consideration recognized by the company at acquisition date | $ 61,624,000 | ||||||
Initial and Earnout shares issuable on contingent basis | 913,722 | 913,722 | |||||
Initial and Earnout shares earned | 1,371,992 | 1,371,992 | |||||
Initial and Earnout shares became settled | 1,371,992 | 1,371,992 | |||||
Buildings [Member] | |||||||
Other Commitments [Line Items] | |||||||
Obligations collateralized by certain assets with a net book value | $ 15,121,000 | $ 16,863,000 | |||||
LMDC Holdings [Member] | |||||||
Other Commitments [Line Items] | |||||||
Sublease income | 1,281,000 | 3,097,000 | $ 4,136,000 | ||||
Initial Shares [Member] | |||||||
Other Commitments [Line Items] | |||||||
Class A common stock issued in acquisition | 1,142,857 | ||||||
LFB [Member] | |||||||
Other Commitments [Line Items] | |||||||
Underwriting commitments | 0 | ||||||
LFNY [Member] | |||||||
Other Commitments [Line Items] | |||||||
Underwriting commitments | 0 | ||||||
U.K Lease [Member] | |||||||
Other Commitments [Line Items] | |||||||
Abandoned leased space (principally in the U.K.) | $ 6,155,000 | $ 8,516,000 | |||||
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 | ||||||
Issuance of common stock | 27,316 | ||||||
Earnout Shares [Member] | |||||||
Other Commitments [Line Items] | |||||||
Additional shares of Class A common stock subject to earnout criteria and payable over time | 1,142,857 |
Commitments and Contingencies82
Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Rental Commitments Capital - 2016 | $ 2,060 |
Minimum Rental Commitments Capital - 2017 | 7,514 |
Minimum Rental Commitments Capital - 2018 | 32 |
Minimum Rental Commitments Capital - 2019 | 26 |
Minimum Rental Commitments Capital - 2020 | 0 |
Minimum Rental Commitments Capital - Thereafter | 0 |
Total minimum lease payments - Capital | 9,632 |
Less amount representing interest | 604 |
Present value of capital lease commitments | 9,028 |
Minimum Rental Commitments Operating - 2016 | 77,651 |
Minimum Rental Commitments Operating - 2017 | 73,333 |
Minimum Rental Commitments Operating - 2018 | 67,669 |
Minimum Rental Commitments Operating - 2019 | 62,877 |
Minimum Rental Commitments Operating - 2020 | 60,380 |
Minimum Rental Commitments Operating - Thereafter | 527,998 |
Total minimum lease payments - Operating | 869,908 |
Less sublease proceeds | 63,843 |
Net lease payments | $ 806,065 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 01, 2016 | Jan. 27, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 26, 2014 | May. 12, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Shares repurchased, value | $ 172,772,000 | $ 192,657,000 | $ 132,477,000 | ||||||||||||||
Share repurchase remaining authorization | $ 106,161,000 | $ 106,161,000 | $ 106,161,000 | ||||||||||||||
Share repurchase authorization expiration date | Dec. 31, 2016 | ||||||||||||||||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Dividend declared per share of common stock | $ 0.35 | $ 0.35 | $ 0.35 | $ 1.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 2.35 | $ 1.20 | $ 1 | ||||||
Lazard Ltd [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Shares in exchanges of a like number of common membership interests | 710,009 | 839,658 | |||||||||||||||
Natixis S.A. [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Shares repurchased, value | $ 50,340,000 | ||||||||||||||||
Shares repurchased, shares | 1,000,000 | ||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Common stock held by subsidiaries, shares | 4,253,381 | 7,450,745 | 4,253,381 | 7,450,745 | 4,253,381 | 7,450,745 | |||||||||||
Conversion of Series A preferred stock into Class A common stock (in shares) | 0 | 0 | |||||||||||||||
Class A Common Stock [Member] | Executive Officers [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Shares repurchased, value | $ 2,000,000 | $ 17,700,000 | $ 4,800,000 | $ 4,700,000 | |||||||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Share repurchase authorization expiration date | Dec. 31, 2017 | ||||||||||||||||
New share repurchase authorization repurchase amount | $ 200,000,000 | ||||||||||||||||
Dividend declared per share of common stock | $ 1.20 | ||||||||||||||||
Special dividend declared per share of common stock | $ 0.35 | ||||||||||||||||
Dividend payable date | Feb. 26, 2016 | ||||||||||||||||
Dividend date of record | Feb. 11, 2016 | ||||||||||||||||
Dividend declare date | Feb. 1, 2016 | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Preferred stock, shares outstanding | 7,921 | 7,921 | 7,921 | 7,921 | 7,921 | 7,921 | |||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Equity, Class of Treasury Stock [Line Items] | |
Expiration | Dec. 31, 2016 |
October, 2013 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 100,000,000 |
Expiration | Dec. 31, 2015 |
April, 2014 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 200,000,000 |
Expiration | Dec. 31, 2015 |
February, 2015 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 150,000,000 |
Expiration | Dec. 31, 2016 |
Stockholders' Equity - Schedu85
Stockholders' Equity - Schedule of Share Repurchase Program (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Repurchase Program [Abstract] | |||
Number of Shares Purchased | 3,438,789 | 4,114,206 | 3,488,101 |
Average Price Per Share | $ 50.24 | $ 46.83 | $ 37.98 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (200,766) | $ (133,004) | $ (110,541) |
Other comprehensive income (loss) before reclassifications | (39,899) | (72,511) | (29,531) |
Adjustments for items reclassified to earnings, net of tax | 6,309 | 4,749 | 7,068 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (33,590) | (67,205) | (21,929) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (33,590) | (67,762) | (22,463) |
Ending balance | (234,356) | (200,766) | (133,004) |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (1) | (558) | (1,092) |
Other comprehensive income (loss) before reclassifications | 557 | 495 | |
Adjustments for items reclassified to earnings, net of tax | 39 | ||
OTHER COMPREHENSIVE LOSS, NET OF TAX | 557 | 534 | |
Ending balance | $ (1) | (1) | (558) |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (46,102) | 3,869 | 19,405 |
Other comprehensive income (loss) before reclassifications | (51,182) | (49,971) | (15,536) |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (51,182) | (49,971) | (15,536) |
Ending balance | (97,284) | (46,102) | 3,869 |
Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (154,665) | (137,431) | (128,536) |
Other comprehensive income (loss) before reclassifications | 11,283 | (21,983) | (13,500) |
Adjustments for items reclassified to earnings, net of tax | 6,309 | 4,749 | 4,605 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | 17,592 | (17,234) | (8,895) |
Ending balance | (137,073) | (154,665) | (137,431) |
Total AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (200,767) | (133,562) | (111,633) |
Other comprehensive income (loss) before reclassifications | (39,899) | (71,954) | (29,036) |
Adjustments for items reclassified to earnings, net of tax | 6,309 | 4,749 | 7,107 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (33,590) | (67,205) | (21,929) |
Ending balance | $ (234,357) | (200,767) | (133,562) |
Interest Rate Hedge [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 0 | (2,502) | |
Adjustments for items reclassified to earnings, net of tax | 2,502 | ||
OTHER COMPREHENSIVE LOSS, NET OF TAX | 2,502 | ||
Ending balance | $ 0 |
Stockholders' Equity - Adjustme
Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of interest rate hedge | $ 2,502 | ||
Net of tax | $ 6,309 | $ 4,749 | 4,605 |
Total reclassifications, net of tax | 6,309 | 4,749 | 7,068 |
Total AOCI [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of interest rate hedge | 2,502 | ||
Amortization relating to employee benefit plans | 7,816 | 6,672 | 6,534 |
Less - related income taxes | 1,507 | 1,923 | 1,929 |
Net of tax | 6,309 | 4,749 | 4,605 |
Total reclassifications, net of tax | $ 6,309 | $ 4,749 | $ 7,107 |
Stockholders' Equity - Net Inco
Stockholders' Equity - Net Income Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | $ (2,445) | $ 1,269 | $ 1,042 | $ 6,693 | $ 421 | $ 1,061 | $ 717 | $ 4,587 | $ 6,559 | $ 6,786 | $ 4,902 |
Noncontrolling interests | 53,851 | 63,313 | 53,851 | 63,313 | |||||||
Edgewater [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | 6,557 | 6,153 | 3,913 | ||||||||
Noncontrolling interests | 53,132 | 62,584 | 53,132 | 62,584 | |||||||
Other [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | 2 | 2 | (209) | ||||||||
Noncontrolling interests | $ 719 | $ 729 | $ 719 | 729 | |||||||
LAZ-MD Holdings LLC [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | $ 631 | $ 1,198 |
Incentive Plans - Additional In
Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 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 Company’s 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. | |||
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense, years | 2 years 8 months 12 days | |||
Deferred incentive compensation awards including PRSUs valued at target payout level | $ 336,000 | |||
Lazard Fund Interests [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense, years | 9 months 18 days | |||
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% | |||
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 | |||
Unrecognized compensation expense | $ 128,081 | |||
Unrecognized compensation expense, years | 9 months 18 days | |||
DSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Annual compensation paid in DSUs | 23,961 | 26,360 | 39,315 | |
Units granted under the directors deferred unit plan | 2,482 | 8,433 | 7,623 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 15,230 | |||
Unrecognized compensation expense, years | 10 months 24 days | |||
PRSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 17,353 | |||
Unrecognized compensation expense, years | 8 months 12 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 2015 and 2014 will vest on a single date three years following the date of the grant | |||
Vesting period of PRSUs granted in 2015 and 2014 | 3 years | |||
PSRU's target share distribution for Class A common stock, description | The target number of shares of Class A common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of Class A common stock that may be received in connection with each PRSU 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] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2019 | |||
March 2015 [Member] | PRSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period associated with PRSUs | 33.00% | |||
March 2016 [Member] | PRSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period associated with PRSUs | 67.00% | |||
One-Third Vesting [Member] | Lazard Fund Interests [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2018 | |||
One-Third Vesting [Member] | RSUs [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2018 | |||
Two-Thirds Vesting [Member] | Lazard Fund Interests [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2019 | |||
Two-Thirds Vesting [Member] | RSUs [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2019 | |||
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] | 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] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Withholding taxes in lieu of share delivery | 2,249,935 | 1,896,930 | 3,651,050 | |
Delivery of common stock associated with stock awards | 5,506,133 | 4,685,355 | 6,117,799 | |
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 | 108,833 | 43,905 | 18,599 | |
Delivery of common stock associated with stock awards | 438,291 | 237,897 | 1,709,910 | |
Class A Common Stock [Member] | PRSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Withholding taxes in lieu of share delivery | 32,086 | |||
Delivery of common stock associated with stock awards | 664,413 | |||
Class A Common Stock [Member] | One-Third Vesting [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2018 | |||
Class A Common Stock [Member] | Two-Thirds Vesting [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive awards, vesting date | Mar. 1, 2019 |
Incentive Plans - Summary of Im
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based incentive awards: | |||
Share-based incentive awards | $ 226,723 | $ 206,195 | $ 235,898 |
RSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 166,395 | 169,916 | 209,974 |
PRSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 36,529 | 18,428 | 12,934 |
Restricted Stock [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 22,342 | 16,110 | 11,374 |
DSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | $ 1,457 | $ 1,741 | $ 1,616 |
Incentive Plans - Summary of 91
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cost saving initiatives , charges | $ 64,703 |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cost saving initiatives , charges | $ 9,099 |
Incentive Plans - Schedule of I
Incentive Plans - Schedule of Issuance of RSUs and Charges to Retained Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of RSUs issued | 693,714 | 375,954 | 454,059 |
Charges to retained earnings, net of estimated forfeitures | $ 34,255 | $ 17,536 | $ 16,927 |
Incentive Plans - Schedule of A
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 13,529,116 | 16,630,009 | 21,481,131 |
Units, Granted | 4,296,386 | 3,825,737 | 5,186,627 |
Units, Forfeited | (469,776) | (344,345) | (268,900) |
Units, Vested | (7,756,068) | (6,582,285) | (9,768,849) |
Units, Ending Balance | 9,599,658 | 13,529,116 | 16,630,009 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 35.19 | $ 34.51 | $ 33.92 |
Weighted Average Grant Date Fair Value, Granted | 48.57 | 42.59 | 37.21 |
Weighted Average Grant Date Fair Value, Forfeited | 43.54 | 34.52 | 34.47 |
Weighted Average Grant Date Fair Value, Vested | 31.12 | 37.80 | 34.65 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 44.06 | $ 35.19 | $ 34.51 |
DSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 286,227 | 251,434 | 204,496 |
Units, Granted | 26,443 | 34,793 | 46,938 |
Units, Ending Balance | 312,670 | 286,227 | 251,434 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 34.21 | $ 32.02 | $ 31.47 |
Weighted Average Grant Date Fair Value, Granted | 55.11 | 50.04 | 34.42 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 35.98 | $ 34.21 | $ 32.02 |
Incentive Plans - Schedule of94
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend participation rights | 693,714 | 375,954 | 454,059 |
Incentive Plans - Summary of Ac
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 729,827 | 575,054 | 1,972,609 |
Units, Granted | 576,886 | 449,911 | 368,736 |
Units, Forfeited | (45,851) | (13,336) | (37,782) |
Units, Vested | (547,124) | (281,802) | (1,728,509) |
Units, Ending Balance | 713,738 | 729,827 | 575,054 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 38.63 | $ 32.72 | $ 34.85 |
Weighted Average Grant Date Fair Value, Granted | 50.88 | 45.52 | 36.74 |
Weighted Average Grant Date Fair Value, Forfeited | 50.17 | 41.65 | 33.37 |
Weighted Average Grant Date Fair Value, Vested | 39.50 | 37.42 | 36 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 47.12 | $ 38.63 | $ 32.72 |
Incentive Plans - Summary of 96
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units, Beginning Balance | 1,347,148 | 448,128 | |
Units, Granted | 368,389 | 360,783 | 448,128 |
Units, Vested | (696,499) | ||
Units, Earned | 538,237 | ||
Units, Ending Balance | 1,019,038 | 1,347,148 | 448,128 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 37.79 | $ 36.11 | |
Weighted Average Grant Date Fair Value, Granted | 52.85 | 44.46 | $ 36.11 |
Weighted Average Grant Date Fair Value, Vested | 35.96 | ||
Weighted Average Grant Date Fair Value, Earned | 34.72 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 44.49 | $ 37.79 | $ 36.11 |
Incentive Plans - Summary of LF
Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangements [Abstract] | ||
Prepaid Compensation Asset, Beginning Balance | $ 73,278 | $ 60,433 |
Prepaid Compensation Asset, Granted | 89,817 | 92,728 |
Prepaid Compensation Asset, Settled | 0 | 0 |
Prepaid Compensation Asset, Forfeited | (4,099) | (2,634) |
Prepaid Compensation Asset, Amortization | (82,736) | (76,508) |
Prepaid Compensation Asset, Increase (Decrease) in fair value of underlying investments | 0 | 0 |
Prepaid Compensation Asset, Adjustment for estimated forfeitures | 0 | 0 |
Prepaid Compensation Asset, Other | (557) | (741) |
Prepaid Compensation Asset, Ending Balance | 75,703 | 73,278 |
Compensation Liability, Beginning Balance | 207,306 | 162,422 |
Compensation Liability, Granted | 89,817 | 92,728 |
Compensation Liability, Settled | (96,223) | (55,880) |
Compensation Liability, Forfeited | (8,052) | (5,531) |
Compensation Liability, Amortization | 0 | 0 |
Compensation Liability, Increase (Decrease) in fair value of underlying investments | (3,827) | 7,326 |
Compensation Liability, Adjustment for estimated forfeitures | 6,780 | 8,748 |
Compensation Liability, Other | (2,227) | (2,507) |
Compensation Liability, Ending Balance | $ 193,574 | $ 207,306 |
Incentive Plans - Summary of 98
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Amortization, net of forfeitures | $ 85,563 | $ 82,359 | $ 62,197 |
Change in the fair value of underlying investments | (3,827) | 7,326 | 14,099 |
Total | $ 81,736 | $ 89,685 | $ 76,296 |
Incentive Plans - Summary of 99
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cost saving initiatives and staff reductions, charges | $ 64,703 |
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 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | Dec. 31, 2015GBP (£) | Jun. 04, 2015GBP (£) | Mar. 31, 2015GBP (£)Contributions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Future contribution to non-U.S. defined benefit pension plans | £ | £ 11,200,000 | |||||
Number of equal contribution | Contributions | 3 | |||||
Amounts paid into the plan from the account security arrangement and additional contributions paid in 2015 in agreement with the Trustee | £ | £ 11,200,000 | £ 11,200,000 | ||||
Aggregate amount in account security arrangement | $ 17,500,000 | |||||
Equity funds managed by LAM | $ 70,444,000 | 70,490,000 | ||||
Contributions to employer sponsored defined contribution plans | 12,493,000 | 11,904,000 | $ 11,778,000 | |||
Other Non-U.S. Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected contribution related to the pension plans | $ 10,343,000 | |||||
U.K. Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected contribution related to the pension plans | 0 | |||||
Tranche 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Future contribution date to non-U.S. defined benefit pension plans | Jun. 30, 2015 | |||||
Tranche 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Future contribution date to non-U.S. defined benefit pension plans | Sep. 30, 2015 | |||||
Tranche 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Future contribution date to non-U.S. defined benefit pension plans | Dec. 31, 2015 | |||||
U.S. Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected contribution related to the pension plans | $ 0 | |||||
U.S. Pension Plans [Member] | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of plans' assets in debt funds | 50.00% | 51.00% | ||||
U.S. Pension Plans [Member] | Level 1 [Member] | NAV [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of plans' assets in equity funds | 50.00% | 49.00% | ||||
Non-U.S. Pension Plans [Member] | NAV [Member] | Debt and Debt Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of plan assets invested | 60.00% | 64.00% | ||||
Non-U.S. Pension Plans [Member] | Level 1 [Member] | Equities And Equity Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of plan assets invested | 37.00% | 34.00% | ||||
Non-U.S. Pension Plans [Member] | Level 1 [Member] | Cash And Alternative Investment Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of plan assets invested | 3.00% | 2.00% |
Employee Benefit Plans - Summar
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 764,169 | ||
Benefit obligation at end of year | 694,187 | $ 764,169 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 672,576 | ||
Fair value of plan assets at end of year | 656,084 | 672,576 | |
Pension Plans [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 764,169 | 709,850 | |
Service cost | 1,530 | 971 | $ 940 |
Interest cost | 24,600 | 30,041 | 27,219 |
Actuarial (gain) loss | (22,395) | 97,495 | |
Benefits paid | (33,253) | (29,663) | |
Foreign currency translation and other adjustments | (40,464) | (44,525) | |
Benefit obligation at end of year | 694,187 | 764,169 | 709,850 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 672,576 | 643,844 | |
Actual return on plan assets | 9,873 | 91,829 | 41,353 |
Employer contributions | 39,301 | 7,648 | 2,274 |
Benefits paid | (32,321) | (28,877) | (23,258) |
Foreign currency translation and other adjustments | (33,345) | (41,868) | |
Fair value of plan assets at end of year | 656,084 | 672,576 | 643,844 |
Funded (deficit) at end of year | (38,103) | (91,593) | |
Prepaid pension asset (included in "other assets") | 20,785 | ||
Accrued benefit liability (included in "other liabilities") | (58,888) | (91,593) | |
Net amount recognized | (38,103) | (91,593) | |
Actuarial net loss (gain) | 165,462 | 186,637 | |
Prior service cost | 2,362 | 5,235 | |
Net amount recognized | 167,824 | 191,872 | |
Medical Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 5,514 | 5,080 | |
Service cost | 27 | 33 | 53 |
Interest cost | 179 | 194 | 182 |
Actuarial (gain) loss | (694) | 428 | |
Benefits paid | (276) | (221) | |
Benefit obligation at end of year | 4,750 | 5,514 | 5,080 |
Change in plan assets | |||
Employer contributions | 276 | 221 | 176 |
Benefits paid | (276) | (221) | $ (176) |
Funded (deficit) at end of year | (4,750) | (5,514) | |
Accrued benefit liability (included in "other liabilities") | (4,750) | (5,514) | |
Net amount recognized | (4,750) | (5,514) | |
Actuarial net loss (gain) | (335) | 360 | |
Net amount recognized | $ (335) | $ 360 |
Employee Benefit Plans - Sum102
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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Excluding tax benefits on amounts recognized | $ 30,416 | $ 37,567 |
Employee Benefit Plans - Sum103
Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 656,084 | $ 672,576 |
Accumulated benefit obligation | 694,187 | 764,169 |
Projected benefit obligation | 694,187 | 764,169 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23,195 | 26,766 |
Accumulated benefit obligation | 32,900 | 37,035 |
Projected benefit obligation | 32,900 | 37,035 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 632,889 | 645,810 |
Accumulated benefit obligation | 661,287 | 727,134 |
Projected benefit obligation | $ 661,287 | $ 727,134 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | $ 1,530 | $ 971 | $ 940 |
Interest cost | 24,600 | 30,041 | 27,219 |
Expected return on plan assets | (28,301) | (32,607) | (27,078) |
Amortization of: | |||
Prior service cost | 2,376 | 2,841 | 2,843 |
Net actuarial loss (gain) | 5,440 | 4,360 | 3,691 |
Net periodic benefit cost (credit) | 5,645 | 5,606 | 7,615 |
Actual return on plan assets | 9,873 | 91,829 | 41,353 |
Employer contributions | 39,301 | 7,648 | 2,274 |
Benefits paid | 32,321 | 28,877 | 23,258 |
Net actuarial (gain) loss | (4,650) | 41,082 | 17,251 |
Reclassification of prior service (cost) credit to earnings | (2,376) | (2,841) | (2,843) |
Reclassification of actuarial gain (loss) to earnings | (5,440) | (4,360) | (3,691) |
Currency translation and other adjustments | (11,582) | (10,485) | 3,284 |
Total recognized in AOCI | (24,048) | 23,396 | 14,001 |
Net amount recognized in total periodic benefit cost and AOCI | (18,403) | 29,002 | 21,616 |
Medical Plan [Member] | |||
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | 27 | 33 | 53 |
Interest cost | 179 | 194 | 182 |
Amortization of: | |||
Net actuarial loss (gain) | (529) | ||
Net periodic benefit cost (credit) | 206 | (302) | 235 |
Employer contributions | 276 | 221 | 176 |
Benefits paid | 276 | 221 | 176 |
Net actuarial (gain) loss | (695) | 428 | (647) |
Reclassification of actuarial gain (loss) to earnings | 529 | ||
Total recognized in AOCI | (695) | 957 | (647) |
Net amount recognized in total periodic benefit cost and AOCI | $ (489) | $ 655 | $ (412) |
Employee Benefit Plans - Com105
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Tax expense (benefit) in plan assets and benefits obligations recognition | $ 7,151 | $ (7,119) | $ (4,459) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $ 2,332 |
Net actuarial loss (gain) | 4,010 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | 2,332 |
Net actuarial loss (gain) | $ 4,010 |
Employee Benefit Plans - Sch107
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 3.50% | 3.40% | 4.30% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 2.60% | 2.00% | 3.30% |
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets | 4.30% | 5.10% | 4.70% |
Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 3.90% | 3.70% | 4.30% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 3.70% | 4.30% | 3.40% |
Healthcare cost trend rates used to determine net periodic benefit cost, Initial | 7.00% | 7.50% | 8.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Ultimate | 5.00% | 5.00% | 5.00% |
Healthcare cost trend rates used to determine net periodic benefit cost, Year ultimate trend rate achieved | 2,019 | 2,019 | 2,019 |
Employee Benefit Plans - Sch108
Employee Benefit Plans - Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
1% Increase, Cost | $ 28 | $ 29 |
1% Decrease, Cost | (20) | (22) |
1% Increase, Obligation | 661 | 779 |
1% Decrease, Obligation | $ (433) | $ (580) |
Employee Benefit Plans - Sch109
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 23,902 |
2,017 | 24,678 |
2,018 | 26,300 |
2,019 | 27,789 |
2,020 | 27,714 |
2021-2025 | 158,469 |
Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 354 |
2,017 | 356 |
2,018 | 358 |
2,019 | 358 |
2,020 | 355 |
2021-2025 | $ 1,682 |
Employee Benefit Plans - Sch110
Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 656,084 | $ 672,576 |
Fair Value of Plan Assets excluding the fair value of plan liabilities | 656,668 | |
Plan liabilities measured at Fair Value | 584 | |
NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 332,084 | 366,429 |
Derivative Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 304 | |
Derivative [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan liabilities measured at Fair Value | 584 | |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 19,172 | 13,226 |
Debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 56,247 | 52,439 |
Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 25,901 | 31,253 |
Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 1,193 | 1,035 |
Alternative Investment Funds [Member] | NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 525 | 578 |
Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 337,011 | 372,885 |
Debt Funds [Member] | NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 325,312 | 359,315 |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 217,144 | 201,434 |
Equity Funds [Member] | NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 6,247 | 6,536 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 324,584 | 305,843 |
Level 1 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 19,172 | 13,226 |
Level 1 [Member] | Debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 56,247 | 52,439 |
Level 1 [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 25,901 | 31,253 |
Level 1 [Member] | Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 668 | 457 |
Level 1 [Member] | Debt Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 11,699 | 13,570 |
Level 1 [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 210,897 | 194,898 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 304 | |
Plan liabilities measured at Fair Value | 584 | |
Level 2 [Member] | Derivative Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 304 | |
Level 2 [Member] | Derivative [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan liabilities measured at Fair Value | $ 584 |
Cost Saving Initiatives - Sched
Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated with Implementation of Cost Saving Initiatives (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | $ 64,703 |
Compensation and Benefits [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 51,399 |
Other [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 13,304 |
Operating Segments [Member] | Financial Advisory Segment [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 47,779 |
Operating Segments [Member] | Financial Advisory Segment [Member] | Compensation and Benefits [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 45,746 |
Operating Segments [Member] | Financial Advisory Segment [Member] | Other [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 2,033 |
Operating Segments [Member] | Asset Management Segment [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 235 |
Operating Segments [Member] | Asset Management Segment [Member] | Compensation and Benefits [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 236 |
Operating Segments [Member] | Asset Management Segment [Member] | Other [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | (1) |
Corporate [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 16,689 |
Corporate [Member] | Compensation and Benefits [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | 5,417 |
Corporate [Member] | Other [Member] | |
Restructuring and Related Cost [Abstract] | |
Cost Saving Initiatives | $ 11,272 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal, current | $ 8,177 | $ 3,112 | $ (3,678) |
Foreign, current | 78,086 | 61,143 | 41,084 |
State and local (primarily UBT), current | 4,970 | 5,519 | (167) |
Total current | 91,233 | 69,774 | 37,239 |
Federal, deferred | (988,900) | 2,766 | 19,934 |
Foreign, deferred | (3,960) | 9,239 | (4,520) |
State and local, deferred | (107,925) | 3,623 | (960) |
Total deferred | (1,100,785) | 15,628 | 14,454 |
Total | $ (1,009,552) | $ 85,402 | $ 51,693 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income of noncontrolling interests | 13.80% | (0.50%) | (0.80%) |
Foreign source income not subject to U.S. income tax | 419.40% | (12.40%) | (12.70%) |
Foreign taxes | (361.60%) | 8.20% | 14.10% |
State and local taxes | 522.20% | 1.80% | 2.60% |
Change in U.S. federal valuation allowance | 5477.00% | (18.70%) | (14.90%) |
Other, net | (31.50%) | 3.00% | 0.50% |
Effective income tax rate | 6074.30% | 16.40% | 23.80% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets: | ||||
Basis adjustments | $ 727,696 | $ 598,607 | ||
Compensation and benefits | 204,780 | 258,976 | ||
Net operating loss and tax credit carryforwards | 309,811 | 283,198 | ||
Depreciation and amortization | 840 | 950 | ||
Other | 36,154 | 36,470 | ||
Gross deferred tax assets | 1,279,281 | 1,178,201 | ||
Valuation allowance | (89,251) | (1,044,152) | $ (1,225,305) | $ (1,238,765) |
Deferred tax assets (net of valuation allowance) | 1,190,030 | 134,049 | ||
Deferred Tax Liabilities: | ||||
Depreciation and amortization | 17,629 | 21,908 | ||
Compensation and benefits | 9,332 | 28,035 | ||
Goodwill | 15,208 | 15,289 | ||
Other | 28,370 | 39,705 | ||
Deferred tax liabilities | 70,539 | 104,937 | ||
Net deferred tax assets | $ 1,119,491 | $ 29,112 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | |||||
Deferred tax benefit from release of valuation allowance | $ 878,000 | ||||
Deferred tax benefit related to tax receivable agreement | 378,000 | ||||
Deferred tax assets recorded due to net operating losses and tax credit carryforwards | 309,811 | $ 283,198 | |||
Indefinite-lived carryforwards | 24,892 | ||||
Other certain tax credit carryforwards | $ 281,483 | ||||
Certain carryforwards begin to expire | 2,029 | ||||
Deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting | $ 111,587 | 46,633 | |||
Income tax examination, description | 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 2011. 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. | ||||
Unrecognized tax benefits, including interest and penalties recorded that may be recognized within 12 months | $ 17,000 | ||||
Tax receivable agreement, expiration terms | The term of the Amended and Restated Tax Receivable Agreement will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired. | ||||
Provision (benefit) pursuant to tax receivable agreement | $ 547,691 | $ 18,307 | $ 1,249 | ||
Percentage of beneficial interests purchased in trust | 47.00% | ||||
Payments to cancel beneficial interests and extinguishment of payment obligations under the amended and restated tax receivable agreement | $ 42,222 | ||||
LTBP Trust [Member] | |||||
Income Tax [Line Items] | |||||
Deferred tax expense (benefit) related to tax receivable agreement | $ 161,000 | ||||
Tax receivable agreement date | May 10, 2005 | ||||
Percentage of cash savings required to pay under the tax receivable agreement | 45.00% | ||||
Expected percentage of cash savings required to pay under the tax receivable agreements that may arise from tax benefits attributable to payments under the agreement | 85.00% | ||||
Provision (benefit) pursuant to tax receivable agreement | $ 961,948 | $ 547,691 | |||
Pre-tax gain on extinguishment of obligations under tax receivable agreement | 420,792 | ||||
Cumulative liability relating to obligations under Amended and Restated Tax Receivable Agreement | $ 523,962 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Deferred Tax Assets Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 1,044,152 | $ 1,225,305 | $ 1,238,765 |
Credited to provision (benefit) for income taxes | (954,487) | (203,051) | (35,470) |
Charged (credited) to other comprehensive income | (414) | 21,898 | 22,010 |
Ending Balance | $ 89,251 | $ 1,044,152 | $ 1,225,305 |
Income Taxes - Summary of Ch117
Income Taxes - Summary of Changes in Deferred Tax Assets Valuation Allowance (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Credited to provision (benefit) for income taxes | $ (954,487) | $ (203,051) | $ (35,470) |
Remeasurement of deferred tax assets with valuation allowance | $ 106,000 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance, January 1 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively) | $ 68,224 | $ 62,905 | $ 55,947 |
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years | 2,837 | 417 | |
Increases in gross unrecognized tax benefits relating to tax positions taken during current years | 22,212 | 18,698 | 17,596 |
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years | (621) | (3,191) | (385) |
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities | (5,587) | ||
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations | (12,535) | (13,025) | (5,083) |
Balance, December 31 (excluding interest and penalties of $13,083, $13,004 and $12,200, respectively) | $ 77,280 | $ 68,224 | $ 62,905 |
Income Taxes - Schedule of G119
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 13,083 | $ 13,004 | $ 12,200 | $ 14,799 |
Income Taxes - Schedule of Addi
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 $13,083, $13,004 and $12,200, respectively) | $ 74,785 | $ 40,353 | $ 36,272 |
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate | 15,578 | 40,875 | 38,833 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,865, $3,177 and $7,326, respectively) | $ 79 | $ 804 | $ (2,599) |
Income Taxes - Schedule of A121
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 13,083 | $ 13,004 | $ 12,200 | $ 14,799 |
Reversal of interest and penalties | $ 3,865 | $ 3,177 | $ 7,326 |
Net Income Per Share of Clas122
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Lazard Ltd - basic | $ 986,373 | $ 427,277 | $ 160,212 | ||||||||
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, in 2014 and 2013, exchangeable interests, net of tax | 581 | 1,065 | |||||||||
Net income attributable to Lazard Ltd - diluted | $ 986,373 | $ 427,858 | $ 161,277 | ||||||||
Weighted average number of shares of Class A common stock outstanding | 125,294,261 | 121,942,939 | 120,096,305 | ||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 72,011 | 408,897 | 757,962 | ||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 125,366,272 | 122,351,836 | 120,854,267 | ||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and, in 2014 and 2013, exchangeable interests | 7,878,274 | 11,461,287 | 12,882,812 | ||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 133,244,546 | 133,813,123 | 133,737,079 | ||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||
Basic | $ 1.26 | $ 3.16 | $ 2.96 | $ 0.45 | $ 1.41 | $ 0.73 | $ 0.69 | $ 0.66 | $ 7.87 | $ 3.49 | $ 1.33 |
Diluted | $ 1.18 | $ 2.99 | $ 2.82 | $ 0.42 | $ 1.29 | $ 0.67 | $ 0.64 | $ 0.61 | $ 7.40 | $ 3.20 | $ 1.21 |
Regulatory Authorities - Additi
Regulatory Authorities - Additional Information (Detail) | Dec. 31, 2015USD ($) |
LFNY [Member] | |
Regulatory Requirements [Line Items] | |
Specified fixed percentage, minimum required capital | 6.67% |
Minimum net capital requirement as defined under securities exchange act | $ 100,000 |
Regulatory capital | 118,303,000 |
Regulatory capital in excess of minimum requirement | $ 114,849,000 |
Aggregate indebtedness to net capital ratio | 0.44 |
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 | $ 118,558,000 |
Regulatory capital in excess of minimum requirement | 101,176,000 |
CFLF [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 130,151,000 |
Regulatory capital in excess of minimum requirement | 89,918,000 |
Combined European Regulated Group [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 165,662,000 |
Regulatory capital in excess of minimum requirement | 91,445,000 |
Other U.S. and Non-U.S. Subsidiaries [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 121,713,000 |
Regulatory capital in excess of minimum requirement | $ 94,750,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [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 - Segment's
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | $ 593,249 | $ 573,518 | $ 609,092 | $ 577,749 | $ 633,940 | $ 566,211 | $ 566,896 | $ 533,400 | $ 2,353,608 | $ 2,300,447 | $ 1,985,352 |
Operating expenses | 453,900 | 2,774 | 1,410,468 | 503,086 | 434,347 | 452,499 | 467,916 | 426,220 | 2,370,228 | 1,780,982 | 1,768,545 |
Operating income (loss) | 139,349 | $ 570,744 | $ (801,376) | $ 74,663 | 199,593 | $ 113,712 | $ 98,980 | $ 107,180 | (16,620) | 519,465 | 216,807 |
Total Assets | 4,486,766 | 3,332,236 | 4,486,766 | 3,332,236 | 3,011,137 | ||||||
Depreciation and amortization of property | 32,785 | 34,464 | 34,750 | ||||||||
Operating Segments [Member] | Financial Advisory Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,279,628 | 1,206,734 | 980,577 | ||||||||
Operating expenses | 1,005,837 | 977,681 | 959,668 | ||||||||
Operating income (loss) | 273,791 | 229,053 | 20,909 | ||||||||
Total Assets | 763,374 | 785,557 | 763,374 | 785,557 | 714,708 | ||||||
Depreciation and amortization of property | 4,412 | 4,826 | 5,256 | ||||||||
Operating Segments [Member] | Asset Management Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,111,105 | 1,134,595 | 1,039,130 | ||||||||
Operating expenses | 736,798 | 749,345 | 704,045 | ||||||||
Operating income (loss) | 374,307 | 385,250 | 335,085 | ||||||||
Total Assets | 640,034 | 588,403 | 640,034 | 588,403 | 612,018 | ||||||
Depreciation and amortization of property | 2,957 | 2,610 | 2,556 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | (37,125) | (40,882) | (34,355) | ||||||||
Operating expenses | 627,593 | 53,956 | 104,832 | ||||||||
Operating income (loss) | (664,718) | (94,838) | (139,187) | ||||||||
Total Assets | $ 3,083,358 | $ 1,958,276 | 3,083,358 | 1,958,276 | 1,684,411 | ||||||
Depreciation and amortization of property | $ 25,416 | $ 27,028 | $ 26,938 |
Segment Information - Segmen126
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 547,691 | $ 18,307 | $ 1,249 | |
LTBP Trust [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 961,948 | $ 547,691 | ||
LMDC Holdings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 18,307 | $ 1,249 |
Segment Information - Schedule
Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | $ 593,249 | $ 573,518 | $ 609,092 | $ 577,749 | $ 633,940 | $ 566,211 | $ 566,896 | $ 533,400 | $ 2,353,608 | $ 2,300,447 | $ 1,985,352 |
Operating income (loss) | 139,349 | $ 570,744 | $ (801,376) | $ 74,663 | 199,593 | $ 113,712 | $ 98,980 | $ 107,180 | (16,620) | 519,465 | 216,807 |
Identifiable Assets | 4,486,766 | 3,332,236 | 4,486,766 | 3,332,236 | 3,011,137 | ||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,310,577 | 1,308,220 | 1,217,014 | ||||||||
Operating income (loss) | (259,344) | 320,082 | 234,247 | ||||||||
Identifiable Assets | 2,809,683 | 1,840,882 | 2,809,683 | 1,840,882 | 1,529,695 | ||||||
United Kingdom [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 307,072 | 277,610 | 205,695 | ||||||||
Operating income (loss) | 70,742 | 61,744 | (6,474) | ||||||||
Identifiable Assets | 282,403 | 266,584 | 282,403 | 266,584 | 239,606 | ||||||
France [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 350,841 | 376,432 | 281,740 | ||||||||
Operating income (loss) | 73,675 | 87,308 | 14,845 | ||||||||
Identifiable Assets | 992,541 | 809,241 | 992,541 | 809,241 | 824,712 | ||||||
Other Western Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 151,892 | 150,810 | 123,975 | ||||||||
Operating income (loss) | 22,277 | 12,634 | (8,260) | ||||||||
Identifiable Assets | 125,921 | 135,889 | 125,921 | 135,889 | 118,939 | ||||||
Rest of World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 233,226 | 187,375 | 156,928 | ||||||||
Operating income (loss) | 76,030 | 37,697 | (17,551) | ||||||||
Identifiable Assets | $ 276,218 | $ 279,640 | $ 276,218 | $ 279,640 | $ 298,185 |
Segment Information - Schedu128
Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 547,691 | $ 18,307 | $ 1,249 | |
LTBP Trust [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 961,948 | 547,691 | ||
LMDC Holdings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | 18,307 | 1,249 | ||
United States [Member] | LTBP Trust [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 547,691 | |||
United States [Member] | LMDC Holdings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Provision pursuant to tax receivable agreement | $ 18,307 | $ 1,249 |
Supplemental Financial Infor129
Supplemental Financial Information - Quarterly Results - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net Revenue | $ 593,249 | $ 573,518 | $ 609,092 | $ 577,749 | $ 633,940 | $ 566,211 | $ 566,896 | $ 533,400 | $ 2,353,608 | $ 2,300,447 | $ 1,985,352 |
Operating expenses | 453,900 | 2,774 | 1,410,468 | 503,086 | 434,347 | 452,499 | 467,916 | 426,220 | 2,370,228 | 1,780,982 | 1,768,545 |
Operating income (loss) | 139,349 | 570,744 | (801,376) | 74,663 | 199,593 | 113,712 | 98,980 | 107,180 | (16,620) | 519,465 | 216,807 |
NET INCOME | 155,341 | 399,790 | 375,155 | 62,646 | 172,805 | 89,920 | 85,909 | 85,429 | 992,932 | 434,063 | 165,114 |
Less - net income (loss) attributable to noncontrolling interests | (2,445) | 1,269 | 1,042 | 6,693 | 421 | 1,061 | 717 | 4,587 | 6,559 | 6,786 | 4,902 |
Net income attributable to Lazard Ltd | $ 157,786 | $ 398,521 | $ 374,113 | $ 55,953 | $ 172,384 | $ 88,859 | $ 85,192 | $ 80,842 | $ 986,373 | $ 427,277 | $ 160,212 |
NET INCOME PER SHARE OF COMMON STOCK: | |||||||||||
Basic | $ 1.26 | $ 3.16 | $ 2.96 | $ 0.45 | $ 1.41 | $ 0.73 | $ 0.69 | $ 0.66 | $ 7.87 | $ 3.49 | $ 1.33 |
Diluted | 1.18 | 2.99 | 2.82 | 0.42 | 1.29 | 0.67 | 0.64 | 0.61 | 7.40 | 3.20 | 1.21 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ 0.35 | $ 0.35 | $ 0.35 | $ 1.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 2.35 | $ 1.20 | $ 1 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 1,132,083 | $ 1,066,580 | $ 841,482 | $ 850,190 |
Total Assets | 4,486,766 | 3,332,236 | 3,011,137 | |
Liabilities: | ||||
Other liabilities | 499,942 | 529,417 | ||
Total Liabilities | $ 3,119,460 | $ 2,562,179 | ||
Commitments and contingencies | ||||
Common stock: | ||||
Additional paid-in-capital | $ 600,034 | $ 702,800 | ||
Retained earnings | 1,123,728 | 464,655 | ||
Accumulated other comprehensive loss, net of tax | (234,356) | (200,766) | (133,004) | (110,541) |
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling Interests, total | 1,490,704 | 967,987 | ||
Total stockholders' equity | 1,313,455 | 706,744 | ||
Total Liabilities and Stockholders' Equity | $ 4,486,766 | $ 3,332,236 | ||
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 | $ 1,298 | ||
Class A common stock held by subsidiaries, at cost | (177,249) | (261,243) | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 5,904 | 7,482 | $ 688 | $ 298 |
Investments in subsidiaries, equity method | (747,753) | (1,604,077) | ||
Due from subsidiaries | 2,055,748 | 2,303,440 | ||
Total Assets | 1,313,899 | 706,845 | ||
Liabilities: | ||||
Due to subsidiaries | 113 | 20 | ||
Other liabilities | 331 | 81 | ||
Total Liabilities | $ 444 | $ 101 | ||
Commitments and contingencies | ||||
Common stock: | ||||
Additional paid-in-capital | $ 600,034 | $ 702,800 | ||
Retained earnings | 1,123,728 | 464,655 | ||
Accumulated other comprehensive loss, net of tax | (234,356) | (200,766) | ||
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling Interests, total | 1,490,704 | 967,987 | ||
Class A common stock held by subsidiaries, at cost | (177,249) | (261,243) | ||
Total stockholders' equity | 1,313,455 | 706,744 | ||
Total Liabilities and Stockholders' Equity | $ 1,313,899 | $ 706,845 | ||
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 | $ 1,298 |
Schedule I - Condensed State131
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Parenthetical) (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | May. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock, shares issued | 7,921 | 7,921 | ||
Preferred stock, shares outstanding | 7,921 | 7,921 | ||
Series B Preferred Stock [Member] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Class A Common Stock [Member] | ||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 129,766,091 | 129,766,091 | 129,056,081 | |
Common stock held by subsidiaries, shares | 4,253,381 | 7,450,745 | ||
Parent Company [Member] | ||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||
Parent Company [Member] | Series A Preferred Stock [Member] | ||||
Preferred stock, shares issued | 7,921 | 7,921 | ||
Preferred stock, shares outstanding | 7,921 | 7,921 | ||
Parent Company [Member] | Series B Preferred Stock [Member] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Parent Company [Member] | Class A Common Stock [Member] | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 129,766,091 | 129,766,091 | ||
Common stock held by subsidiaries, shares | 4,253,381 | 7,450,745 |
Schedule I - Condensed State132
Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUE | |||||||||||
Total revenue | $ 2,404,767 | $ 2,363,017 | $ 2,064,733 | ||||||||
OPERATING EXPENSES | |||||||||||
Professional services | 49,529 | 46,543 | 42,663 | ||||||||
Other | 99,142 | 39,983 | 80,258 | ||||||||
Total operating expenses | $ 453,900 | $ 2,774 | $ 1,410,468 | $ 503,086 | $ 434,347 | $ 452,499 | $ 467,916 | $ 426,220 | 2,370,228 | 1,780,982 | 1,768,545 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 157,786 | $ 398,521 | $ 374,113 | $ 55,953 | $ 172,384 | $ 88,859 | $ 85,192 | $ 80,842 | 986,373 | 427,277 | 160,212 |
Parent Company [Member] | |||||||||||
REVENUE | |||||||||||
Equity in earnings of subsidiaries | 931,036 | 373,713 | 103,769 | ||||||||
Interest and other income | 57,258 | 55,303 | 58,227 | ||||||||
Total revenue | 988,294 | 429,016 | 161,996 | ||||||||
OPERATING EXPENSES | |||||||||||
Professional services | 1,779 | 1,594 | 1,662 | ||||||||
Other | 142 | 145 | 122 | ||||||||
Total operating expenses | 1,921 | 1,739 | 1,784 | ||||||||
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 986,373 | $ 427,277 | $ 160,212 |
Schedule I - Condensed State133
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME | $ 157,786 | $ 398,521 | $ 374,113 | $ 55,953 | $ 172,384 | $ 88,859 | $ 85,192 | $ 80,842 | $ 986,373 | $ 427,277 | $ 160,212 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | (51,182) | (49,971) | (15,536) | ||||||||
Amortization of interest rate hedge | 2,502 | ||||||||||
Employee benefit plans: | |||||||||||
Actuarial gain (loss), net of tax expense (benefit) | 11,283 | (21,983) | (13,500) | ||||||||
Adjustments for items reclassified to earnings, net of tax | 6,309 | 4,749 | 4,605 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (33,590) | (67,205) | (21,929) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | 952,783 | 360,073 | 138,416 | ||||||||
Parent Company [Member] | |||||||||||
NET INCOME | 986,373 | 427,277 | 160,212 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | (51,182) | (49,970) | (15,438) | ||||||||
Amortization of interest rate hedge | 2,488 | ||||||||||
Employee benefit plans: | |||||||||||
Actuarial gain (loss), net of tax expense (benefit) | 11,283 | (21,983) | (13,426) | ||||||||
Adjustments for items reclassified to earnings, net of tax | 6,309 | 4,749 | 4,580 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (33,590) | (67,204) | (21,796) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $ 952,783 | $ 360,073 | $ 138,416 |
Schedule I - Condensed State134
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | $ 5,644 | $ (9,045) | $ (6,388) |
Parent Company [Member] | |||
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | 5,644 | (9,045) | (6,353) |
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans | $ 1,507 | $ 1,923 | $ 1,918 |
Schedule I - Condensed State135
Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
NET INCOME | $ 157,786 | $ 398,521 | $ 374,113 | $ 55,953 | $ 172,384 | $ 88,859 | $ 85,192 | $ 80,842 | $ 986,373 | $ 427,277 | $ 160,212 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net cash provided by operating activities | 887,296 | 736,017 | 526,697 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Class A common stock dividends | (290,684) | (146,241) | (121,620) | ||||||||
Net cash used in financing activities | (746,804) | (435,369) | (487,072) | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 65,503 | 225,098 | (8,708) | ||||||||
CASH AND CASH EQUIVALENTS-January 1 | 1,066,580 | 841,482 | 1,066,580 | 841,482 | 850,190 | ||||||
CASH AND CASH EQUIVALENTS-December 31 | 1,132,083 | 1,066,580 | 1,132,083 | 1,066,580 | 841,482 | ||||||
Parent Company [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
NET INCOME | 986,373 | 427,277 | 160,212 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | (931,036) | (373,713) | (103,769) | ||||||||
Changes in due to/from subsidiaries | 233,519 | 99,477 | 65,574 | ||||||||
Changes in other operating assets and liabilities | 250 | (6) | (7) | ||||||||
Net cash provided by operating activities | 289,106 | 153,035 | 122,010 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Class A common stock dividends | (290,684) | (146,241) | (121,620) | ||||||||
Net cash used in financing activities | (290,684) | (146,241) | (121,620) | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,578) | 6,794 | 390 | ||||||||
CASH AND CASH EQUIVALENTS-January 1 | $ 7,482 | $ 688 | 7,482 | 688 | 298 | ||||||
CASH AND CASH EQUIVALENTS-December 31 | $ 5,904 | $ 7,482 | $ 5,904 | $ 7,482 | $ 688 |