Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 29, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LAZ | ||
Entity Registrant Name | LAZARD LTD | ||
Entity Central Index Key | 0001311370 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of each class | Class A Common Stock | ||
Name of each exchange on which registered | NYSE | ||
Entity File Number | 001-32492 | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0437848 | ||
Entity Common Stock, Shares Outstanding | 112,766,091 | ||
Entity Public Float | $ 3,646,066,351 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Address Line One | Clarendon House | ||
Entity Address, Address Line Two | 2 Church Street | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, State or Province | HM11 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 295-1422 | ||
Documents Incorporated by Reference | Portions of the Registrant’s proxy statement for its 2020 annual general meeting of shareholders are incorporated by reference in this Form 10-K in response to Part III Items 10, 11, 12, 13 and 14. | ||
Subsidiaries of Lazard Ltd [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,023,493 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 1,231,593 | $ 1,246,537 |
Deposits with banks and short-term investments | 1,180,686 | 1,006,969 |
Cash deposited with clearing organizations and other segregated cash | 43,280 | 38,379 |
Receivables (net of allowance for doubtful accounts of $27,130 and $40,164 at December 31, 2019 and 2018, respectively): | ||
Fees | 537,442 | 501,397 |
Customers and other | 125,696 | 184,137 |
Total receivables, net | 663,138 | 685,534 |
Investments | 531,995 | 575,148 |
Property (net of accumulated amortization and depreciation of $367,545 and $339,770 at December 31, 2019 and 2018, respectively) | 219,842 | 212,946 |
Operating lease right-of-use assets | 551,504 | |
Goodwill and other intangible assets (net of accumulated amortization of $68,305 and $65,949 at December 31, 2019 and 2018, respectively) | 373,594 | 375,318 |
Deferred tax assets | 586,750 | 597,776 |
Other assets | 257,199 | 258,634 |
Total Assets | 5,639,581 | 4,997,241 |
Liabilities: | ||
Deposits and other customer payables | 1,246,200 | 1,154,207 |
Accrued compensation and benefits | 602,777 | 585,484 |
Operating lease liabilities | 644,345 | |
Senior debt | 1,679,562 | 1,434,260 |
Deferred tax liabilities | 3,511 | 5,571 |
Other liabilities | 534,268 | 576,986 |
Total Liabilities | 4,958,007 | 4,027,148 |
Commitments and contingencies | ||
Common stock: | ||
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 and 129,766,091 shares issued at December 31, 2019 and 2018, respectively, including shares held by subsidiaries as indicated below) | 1,128 | 1,298 |
Additional paid-in-capital | 41,020 | 750,692 |
Retained earnings | 1,193,570 | 1,195,563 |
Accumulated other comprehensive loss, net of tax | (293,648) | (273,818) |
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total | 942,070 | 1,673,735 |
Class A common stock held by subsidiaries, at cost (8,513,493 and 17,574,805 shares at December 31, 2019 and 2018, respectively) | (332,079) | (756,884) |
Total Lazard Ltd Stockholders’ Equity | 609,991 | 916,851 |
Noncontrolling interests | 71,583 | 53,242 |
Total Stockholders’ Equity | 681,574 | 970,093 |
Total Liabilities and Stockholders’ Equity | 5,639,581 | 4,997,241 |
LTBP Trust [Member] | ||
Liabilities: | ||
Tax receivable agreement obligation | 247,344 | 270,640 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | ||
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivables | $ 27,130 | $ 40,164 | $ 23,746 | $ 16,386 |
Property, accumulated amortization and depreciation | 367,545 | 339,770 | ||
Other intangible assets, accumulated amortization | $ 68,305 | $ 65,949 | ||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 112,766,091 | 129,766,091 | ||
Common stock held by subsidiaries, shares | 8,513,493 | 17,574,805 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | 0 | |
Series B Preferred Stock [Member] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | |||
Interest income | $ 15,787 | $ 13,127 | $ 7,144 |
Total revenue | 2,666,958 | 2,884,833 | 2,697,829 |
Interest expense | 80,185 | 58,481 | 53,518 |
Net revenue | 2,586,773 | 2,826,352 | 2,644,311 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,563,395 | 1,514,735 | 1,512,873 |
Occupancy and equipment | 123,149 | 121,107 | 124,842 |
Marketing and business development | 115,033 | 108,644 | 89,205 |
Technology and information services | 143,739 | 139,693 | 121,671 |
Professional services | 71,852 | 61,349 | 47,932 |
Fund administration and outsourced services | 114,049 | 132,964 | 71,305 |
Amortization and other acquisition-related (benefits) costs | 19,410 | (15,897) | 9,514 |
Benefit pursuant to tax receivable agreement | (503) | (6,495) | (202,546) |
Other | 43,951 | 89,486 | 44,069 |
Total operating expenses | 2,194,075 | 2,145,586 | 1,818,865 |
OPERATING INCOME | 392,698 | 680,766 | 825,446 |
Provision for income taxes | 94,982 | 148,317 | 565,599 |
NET INCOME | 297,716 | 532,449 | 259,847 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 11,216 | 5,324 | 6,264 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 286,500 | $ 527,125 | $ 253,583 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||
Basic | 110,189,862 | 119,006,531 | 121,573,442 |
Diluted | 116,079,806 | 129,767,592 | 132,479,728 |
NET INCOME PER SHARE OF COMMON STOCK: | |||
Basic | $ 2.57 | $ 4.43 | $ 2.09 |
Diluted | $ 2.44 | $ 4.06 | $ 1.91 |
Investment Banking and Other Advisory Fees [Member] | |||
REVENUE | |||
Revenue | $ 1,371,420 | $ 1,554,114 | $ 1,385,536 |
Asset Management Fees [Member] | |||
REVENUE | |||
Revenue | 1,180,857 | 1,268,399 | 1,195,550 |
Other [Member] | |||
REVENUE | |||
Revenue | $ 98,894 | $ 49,193 | $ 109,599 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
NET INCOME | $ 297,716 | $ 532,449 | $ 259,847 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Currency translation adjustments | 9,551 | (46,602) | 71,669 |
Employee benefit plans: | |||
Prior service costs (net of tax benefit of $17 and $543 for the years ended December 31, 2019 and 2018, respectively) | (84) | (2,653) | |
Actuarial gain (loss) (net of tax expense (benefit) of $(9,219), $131 and $(3,507) for the years ended December 31, 2019, 2018 and 2017, respectively) | (34,014) | (2,781) | 2,085 |
Adjustment for items reclassified to earnings (net of tax expense of $1,167, $2,335 and $2,220 for the years ended December 31, 2019, 2018 and 2017, respectively) | 4,717 | 10,735 | 7,951 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,830) | (41,301) | 81,705 |
COMPREHENSIVE INCOME | 277,886 | 491,148 | 341,552 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 11,216 | 5,323 | 6,265 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $ 266,670 | $ 485,825 | $ 335,287 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Tax benefit on prior service costs, employee benefit plans | $ 17 | $ 543 | |
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | (9,219) | 131 | $ (3,507) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,167 | $ 2,335 | $ 2,220 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 297,716 | $ 532,449 | $ 259,847 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of property | 35,572 | 34,103 | 31,498 |
Noncash lease expense | 60,053 | ||
Amortization of deferred expenses and share-based incentive compensation | 365,821 | 371,434 | 359,381 |
Amortization and other acquisition-related (benefits) costs | 19,410 | (15,897) | 9,514 |
Deferred tax provision | 24,872 | 45,386 | 501,163 |
Benefit pursuant to tax receivable agreement | (503) | (6,495) | (202,546) |
Loss on extinguishment of debt | 6,505 | 6,523 | |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Receivables-net | 35,692 | (131,637) | 95,976 |
Investments | 54,828 | (150,839) | 28,922 |
Other assets | (131,700) | (138,842) | (80,550) |
Accrued compensation and benefits and other liabilities | (90,313) | 152,853 | 25,910 |
Net cash provided by operating activities | 677,953 | 699,038 | 1,029,115 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (42,757) | (49,593) | (27,670) |
Disposals of property | 509 | 3,384 | 750 |
Net cash used in investing activities | (42,248) | (46,209) | (26,920) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | 490,970 | |
Customer deposits | 211,997 | 112,061 | 421,885 |
Contributions from noncontrolling interests | 1,765 | 1,706 | |
Payments for: | |||
Senior debt | (255,746) | (255,543) | |
Distributions to noncontrolling interests | (13,260) | (12,889) | (5,193) |
Payments under tax receivable agreement | (23,701) | (33,140) | (789) |
Purchase of Class A common stock | (494,687) | (552,872) | (306,741) |
Class A common stock dividends | (254,924) | (359,639) | (341,450) |
Settlement of share-based incentive compensation | (99,959) | (110,361) | (67,899) |
Other financing activities | (7,567) | (6,397) | (18,321) |
Net cash used in financing activities | (444,050) | (726,104) | (318,508) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (27,981) | (89,646) | 163,636 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 163,674 | (162,921) | 847,323 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 2,291,885 | 2,454,806 | 1,607,483 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31 | $ 2,455,559 | $ 2,291,885 | $ 2,454,806 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: | |||
Cash and cash equivalents | $ 1,231,593 | $ 1,246,537 | $ 1,483,836 |
Deposits with banks and short-term investments | 1,180,686 | 1,006,969 | 935,431 |
Cash deposited with clearing organizations and other segregated cash | 43,280 | 38,379 | 35,539 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 2,455,559 | 2,291,885 | 2,454,806 |
Cash paid during the year for: | |||
Interest | 70,400 | 50,812 | 49,601 |
Income taxes, net of refunds | $ 89,448 | $ 101,671 | $ 48,738 |
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] | |
Balance at Dec. 31, 2016 | $ 1,293,813 | $ 1,298 | $ 688,231 | $ 1,134,186 | $ (314,222) | $ (273,506) | $ 1,235,987 | $ 57,826 | |
Balance (in shares) at Dec. 31, 2016 | 129,766,091 | [1] | 7,628,786 | ||||||
Adjustment for the cumulative effect on prior years from the adoption of new accounting guidance related to share-based incentive compensation at Dec. 31, 2016 | 81,544 | 81,544 | 81,544 | ||||||
Balance, as adjusted at Dec. 31, 2016 | 1,375,357 | $ 1,298 | 688,231 | 1,215,730 | (314,222) | $ (273,506) | 1,317,531 | 57,826 | |
Comprehensive income (loss) | |||||||||
Net income | 259,847 | 253,583 | 253,583 | 6,264 | |||||
Other comprehensive income (loss) - net of tax | 81,705 | 81,704 | 81,704 | 1 | |||||
Amortization of share-based incentive compensation | 272,965 | 272,965 | 272,965 | ||||||
Dividend equivalents | (5,908) | 41,746 | (47,654) | (5,908) | |||||
Class A common stock dividends | (341,450) | (341,450) | (341,450) | ||||||
Purchase of Class A common stock | $ (306,741) | $ (306,741) | (306,741) | ||||||
Purchase of Class A common stock (in shares) | (6,956,097) | 6,956,097 | |||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (expense) | $ (73,170) | (213,978) | $ 140,808 | (73,170) | |||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (in shares) | (3,790,267) | ||||||||
Business acquisitions and related equity transactions: | |||||||||
Class A common stock issuable (including related amortization) | 508 | 508 | 508 | ||||||
Delivery of Class A common stock and related tax benefit (expense) | 577 | (1,332) | $ 1,909 | 577 | |||||
Delivery of Class A common stock and related tax benefit (in shares) | (47,474) | ||||||||
Distributions to noncontrolling interests, net | (5,193) | (5,193) | |||||||
Other | 408 | 204 | 204 | 204 | |||||
Balance at Dec. 31, 2017 | 1,258,905 | $ 1,298 | 788,140 | 1,080,413 | (232,518) | $ (437,530) | 1,199,803 | 59,102 | |
Balance (in shares) at Dec. 31, 2017 | 129,766,091 | [1] | 10,747,142 | ||||||
Comprehensive income (loss) | |||||||||
Net income | 532,449 | 527,125 | 527,125 | 5,324 | |||||
Other comprehensive income (loss) - net of tax | (41,301) | (41,300) | (41,300) | (1) | |||||
Amortization of share-based incentive compensation | 267,573 | 267,573 | 267,573 | ||||||
Dividend equivalents | (6,328) | 44,255 | (50,583) | (6,328) | |||||
Class A common stock dividends | (359,639) | (359,639) | (359,639) | ||||||
Purchase of Class A common stock | $ (552,872) | $ (552,872) | (552,872) | ||||||
Purchase of Class A common stock (in shares) | (12,206,652) | 12,206,652 | |||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (expense) | $ (118,072) | (350,481) | $ 232,409 | (118,072) | |||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (in shares) | (5,353,920) | ||||||||
Business acquisitions and related equity transactions: | |||||||||
Class A common stock issuable (including related amortization) | 561 | 561 | 561 | ||||||
Delivery of Class A common stock and related tax benefit (expense) | (1,109) | $ 1,109 | |||||||
Delivery of Class A common stock and related tax benefit (in shares) | (25,069) | ||||||||
Dividend-equivalents | 1,753 | (1,753) | |||||||
Distributions to noncontrolling interests, net | (11,183) | (11,183) | |||||||
Balance at Dec. 31, 2018 | 970,093 | $ 1,298 | 750,692 | 1,195,563 | (273,818) | $ (756,884) | 916,851 | 53,242 | |
Balance (in shares) at Dec. 31, 2018 | 129,766,091 | [1] | 17,574,805 | ||||||
Comprehensive income (loss) | |||||||||
Net income | 297,716 | 286,500 | 286,500 | 11,216 | |||||
Other comprehensive income (loss) - net of tax | (19,830) | (19,830) | (19,830) | ||||||
Amortization of share-based incentive compensation | 253,284 | 248,104 | 248,104 | 5,180 | |||||
Dividend equivalents | (7,536) | 28,801 | (32,899) | (4,098) | (3,438) | ||||
Class A common stock dividends | (254,924) | (254,924) | (254,924) | ||||||
Purchase of Class A common stock | $ (494,687) | $ (494,687) | (494,687) | ||||||
Purchase of Class A common stock (in shares) | (13,674,439) | 13,674,439 | |||||||
Cancellation of Class A common stock held | $ (170) | (675,911) | $ 676,081 | ||||||
Cancellation of Class A common stock held (in shares) | (17,000,000) | [1] | (17,000,000) | ||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (expense) | $ (95,522) | (336,970) | $ 241,448 | (95,522) | |||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (in shares) | (5,686,227) | ||||||||
Business acquisitions and related equity transactions: | |||||||||
Class A common stock issuable (including related amortization) | 27,592 | 27,592 | 27,592 | ||||||
Delivery of Class A common stock and related tax benefit (expense) | 5 | (1,958) | $ 1,963 | 5 | |||||
Delivery of Class A common stock and related tax benefit (in shares) | (49,524) | ||||||||
Dividend-equivalents | 670 | (670) | |||||||
Distributions to noncontrolling interests, net | (11,495) | (11,495) | |||||||
Consolidation of VIEs | 16,878 | 16,878 | |||||||
Balance at Dec. 31, 2019 | $ 681,574 | $ 1,128 | $ 41,020 | $ 1,193,570 | $ (293,648) | $ (332,079) | $ 609,991 | $ 71,583 | |
Balance (in shares) at Dec. 31, 2019 | 112,766,091 | [1] | 8,513,493 | ||||||
[1] | Includes 129,766,091 shares of the Company’s Class A common stock issued at both December 31, 2017 and 2018 and 112,766,091 shares of the Company’s Class A common stock issued at December 31, 2019. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Class A common stock dividends | $ / shares | $ 2.35 | $ 3.03 | $ 2.81 |
Tax expense (benefit) related to delivery of Class A Common Stock in connection with share-based incentive compensation | $ | $ (4,437) | $ 7,711 | $ 5,271 |
Tax expense (benefit) on delivery of Class A common stock in connection with business acquisitions | $ | $ (5) | $ 28 | |
Common stock, shares issued | shares | 112,766,091 | 129,766,091 | |
Class A Common Stock [Member] | |||
Common stock, shares issued | shares | 112,766,091 | 129,766,091 | 129,766,091 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
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% 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”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory matters, and • Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, asset allocation 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, certain contingent obligations, and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). 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: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 24). 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 either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings, or (ii) elects the option to measure its investment at fair value. 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 Lazard Frères Gestion SAS (“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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements. Foreign Currency Translation— The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency ( i.e. , the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 8) amounted to $3,443, $(2,880) and $1,900 for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in “revenue-other” on the respective consolidated statements of operations. Use of Estimates— The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: • valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans; • the assessment of probability with respect to recognizing revenue; • the discount rate used to measure operating lease right-of-use assets and operating lease liabilities; • the adequacy of the allowance for doubtful accounts; • the realization of deferred tax assets 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 vesting of share-based and other deferred compensation plan awards; and • other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. Cash and Cash Equivalents— The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. Deposits with Banks and Short-Term Investments— Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities with original maturities of 90 days or less when purchased. The level of these deposits and investments may be driven by the level of LFB time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. Cash Deposited with Clearing Organizations and Other Segregated Cash— Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. Allowance for Doubtful Accounts— We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced. With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired. See Note 5 for additional information regarding receivables. Investments— Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer and non broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value. Any increases or decreases in the carrying value of those investments accounted for at fair value are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. Property-net— Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $35,572, $34,103 and $31,498 for the years ended December 31, 2019, 2018 and 2017, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. Operating Lease Right-of-use Assets and Operating Lease Liabilities— See Notes 3 and 10. Goodwill and Other Intangible Assets— As goodwill has an indefinite life, it is required to be tested for impairment annually, as of November 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. 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 11 with respect to goodwill and other intangible assets. Derivative Instruments— A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount ( e.g. , interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date ( e.g. , options to buy or sell securities or currencies). The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally 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 6, 8 and 16. Deposits and Other Customer Payables— Principally relates to LFB customer-related demand deposits. Securities Sold, Not Yet Purchased— Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. Contingent Consideration Liabilities — The contingent consideration liabilities of businesses acquired in a business combination are initially recorded at fair value, and any change in the fair value is recognized in “amortization and other acquisition-related (benefits) costs” in the consolidated statements of operations. The contingent consideration liability is included in “other liabilities” on the consolidated statements of financial condition. Fair Value of Financial Assets and Liabilities— The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost or interest-bearing deposits), derivative instruments, deposits and other customer payables. Investment Banking and Other Advisory Fees and Asset Management Fees— See Note 4 for the Company’s accounting policy on revenue recognition as it applies to investment banking and other advisory and asset management fees. Soft Dollar Arrangements— Certain entities within the Company’s Asset Management business obtain research and other services through commission-sharing arrangements with broker-dealers, which are also known as “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other eligible services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other eligible services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2019, the Company obtained research and other eligible services through soft dollar arrangements valued at approximately $25,000. The use of soft dollars is limited by regulations in the European Union and the U.K. and, as such, the Company intends to directly pay a portion of the costs of such research and other eligible services going forward. Equity-Based Incentive Compensation Awards— Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting (including as a result of any applicable performance conditions). Equity-based incentive compensation is recognized in “compensation and benefits” expense. 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 for income taxes”. See Note 19 for additional information relating to income taxes. |
Recent Accounting Developments
Recent Accounting Developments | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Developments | 3. RECENT ACCOUNTING DEVELOPMENTS Leases —In February 2016, the Financial Accounting Standards Board (the “FASB”) issued updated guidance for leases. The guidance requires a lessee to (i) recognize a right-of-use asset and a lease liability that is initially measured at the present value of the lease payments, in the consolidated statement of financial condition, (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis and (iii) classify operating lease related cash payments within operating activities and finance lease related principal cash payments within financing activities (with interest included in interest paid) in the consolidated statement of cash flows. The Company adopted the new guidance on January 1, 2019 using the optional transition method, which allows such guidance to be applied initially at the adoption date with a cumulative-effect adjustment and without restating comparative periods. Lazard elected the package of practical expedients, which allows the carry-forward of the prior conclusions on lease definition, classification and initial direct costs related to the existing leases as of the adoption date. Substantially all of the Company’s existing lease arrangements are operating leases. The adoption of the new guidance on January 1, 2019 resulted in a recognition of $502,000 of operating lease right-of-use assets (“ROU assets”) and $581,000 of operating lease liabilities in the Company’s consolidated statements of financial condition. The operating lease liabilities at January 1, 2019 reflect any remaining lease payments discounted using an incremental borrowing rate (on a collateralized basis) based on the remaining lease term (the “Discount”), as an implicit rate was not readily determinable for any of the Company’s existing operating leases. The operating lease ROU assets are lower than the operating lease liabilities primarily because lease incentives reduce the ROU assets (see Note 10 ) . Improvements to Nonemployee Share-Based Payment Accounting— In June 2018, the FASB issued updated guidance to simplify the accounting for nonemployee share-based payment transactions. The new guidance generally requires equity-classified nonemployee share-based payment awards to be measured at the grant date, which is the date at which a grantor and grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. This update generally aligns the accounting for equity-classified share-based payment awards to nonemployees with the measurement date required for employees. The Company adopted the new guidance on January 1, 2019 and its application did not have a material impact on the Company’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income— In February 2018, the FASB issued updated guidance on the tax effects of items in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Specifically, the new guidance will permit, but not require, a reclassification from AOCI to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The Company adopted the new guidance on January 1, 2019 without reclassifying any amounts from AOCI to retained earnings. The application of the guidance did not have a material impact on the Company’s financial statements. Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments —In June 2016, the FASB issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The new guidance is effective for annual and interim periods beginning after December 15, 2019. The new guidance will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings at the beginning of the year of adoption. The Company will adopt the new credit loss guidance upon its effective date of January 1, 2020. The Company’s adoption efforts include the identification of financial assets within the scope of the guidance, the evaluation of the current credit loss provisioning process, and the implementation of the CECL model. The impact of the new guidance primarily relates to the Company’s fee receivables. For customer loans within customer receivables, the Company has elected to apply the practical expedient on financial assets with collateral maintenance provisions, which results in no expected credit losses given that these loans are required to be maintained with collateral having a fair value in excess of the carrying amount of the loans. To comply with the CECL model, the Company has analyzed historical bad debt charge-off data to determine the average charge-off rate used to measure the expected credit loss for fee receivables. The Company has determined that long-term forecasted information is not relevant to its fee receivables which are generally short-term. The Company will update the average charge-off rate periodically and maintain a quarterly reserve review process to consider current factors that would require an adjustment to the credit loss estimate. In addition, the Company will periodically perform a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss allowance. The Company currently does not expect a material impact to its financial statements upon adoption of the new credit loss guidance. Intangibles — — In January 2017, the FASB issued updated guidance which eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The new guidance is effective for interim or annual goodwill impairment tests performed in fiscal years be ginning after December 15, 2019. The Company will adopt the new guidance as of January 1, 2020 and prospectively apply the new model for its goodwill impairment test . There will be no impact to the Company’s financial statements at the adoption date. Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract —In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2019 and allows entities to either retrospectively or prospectively apply the amendments at adoption. The Company will adopt the new guidance as of January 1, 2020 and has elected to apply the new guidance prospectively to implementation costs incurred after the adoption date. There will be no impact to the Company’s financial statements at the adoption date. Related Party Guidance for Variable Interest Entities —In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The new guidance is effective for fiscal years and interim periods beginning after December 15, 2019. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company will adopt the new guidance as of January 1, 2020 and does not expect a material impact to its financial statements at the adoption date. Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The additional disclosures related to level 3 fair value measurements are to be applied prospectively and other amendments are to be applied retrospectively. The Company will adopt the new guidance on January 1, 2020 and update its fair value measurement disclosures in accordance with the new guidance. The Company currently does not expect a material impact to its financial statements at the adoption date. Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain currently required disclosures and includes additional requirements. The new guidance is effective for years ending after December 15, 2020 with retrospective application. The Company will adopt the new guidance on January 1, 2020 and update its related disclosures in accordance with the new guidance. The Company currently does not expect a material impact to its financial statements at the adoption date. Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments include the removal of certain exceptions and various improvements. These improvements are related to the accounting for franchise tax based on income, evaluation of step up in tax basis of goodwill, allocation of consolidated tax expense to standalone legal entities, recognition of enacted change in tax laws or rates, and other minor changes. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the new guidance. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 4 . REVENUE RECOGNITION Investment Banking and Other Advisory —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. Asset Management Fees —Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within 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 specific 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 when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated 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, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Year Ended December 31, 2019 2018 Net Revenue: Financial Advisory (a) $ 1,374,036 $ 1,555,526 Asset Management: Management Fees and Other (b) $ 1,216,115 $ 1,311,286 Incentive Fees (c) 21,275 20,515 Total Asset Management $ 1,237,390 $ 1,331,801 (a) Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients. With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when applying the practical expedients, amounts related to remaining performance obligations are not material to the Company’s financial statements. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables | 5 . 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, 2019, 2018 and 2017 was as follows: Year Ended December 31, 2019 2018 2017 Beginning Balance $ 40,164 $ 23,746 $ 16,386 Bad debt expense, net of recoveries (5,080 ) 27,164 15,419 Charge-offs, foreign currency translation and other adjustments (7,954 ) (10,746 ) (8,059 ) Ending Balance $ 27,130 $ 40,164 $ 23,746 Bad debt expense, net of recoveries is included in “operating expenses–other” on the consolidated statements of operations. At December 31, 2019 and 2018, the Company had receivables past due or deemed uncollectible of $43,339 and $42,309, respectively. Of the Company’s fee receivables at December 31, 2019 and 2018, $77,052 and $90,966, 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 $586,086 and $594,568 at December 31, 2019 and 2018, respectively, approximates fair value. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Investments [Abstract] | |
Investments | 6 . INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2019 and 2018: December 31, 2019 2018 Interest-bearing deposits $ 517 $ 510 Debt 100,000 202,874 Equities 48,521 32,261 Funds: Alternative investments (a) 16,581 17,752 Debt (a) 113,579 90,320 Equity (a) 218,435 175,088 Private equity 34,362 56,343 382,957 339,503 Total investments 531,995 575,148 Less: Interest-bearing deposits 517 510 Investments, at fair value $ 531,478 $ 574,638 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 12,894 $ 3,929 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $9,881, $78,360 and $170,897, respectively, at December 31, 2019 and $9,741, $60,081 and $132,038, respectively, at December 31, 2018, 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 8 and 16). 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 primarily consists of U.S. Treasury securities with original maturities of greater than three months and less than one year. 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. Such amounts primarily consist of seed investments in funds related to our Asset Management business and amounts related to LFI discussed above. 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 investme nts in middle market companies and (ii) a fund targeting significant noncontrolling-stake investments in established private companies . 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, 2019, 2018 and 2017, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows: Year Ended December 31, 2019 2018 2017 Net unrealized investment gains (losses) $ 36,610 $ (43,009 ) $ 27,192 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7 . FAIR VALUE MEASUREMENTS Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities —Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, 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 fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. 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 value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value as of December 31, 2019. The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in “amortization and other acquisition-related (benefits) costs” in the consolidated statement of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The contingent consideration liability is initially recorded at fair value of the contingent payments on the acquisition date and is included in “other liabilities” on the consolidated statements of financial condition. See Note 1 4 . The fair value of derivatives entered into by the Company is classified as Level 2 and is 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 value 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 8. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. The following tables present, as of December 31, 2019 and 2018, 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, 2019 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 100,000 $ - $ - $ - $ 100,000 Equities 46,921 - 1,600 - 48,521 Funds: Alternative investments 15,731 - - 850 16,581 Debt 113,574 - - 5 113,579 Equity 218,393 - - 42 218,435 Private equity - - 1,371 32,991 34,362 Derivatives - 1,395 - - 1,395 Total $ 494,619 $ 1,395 $ 2,971 $ 33,888 $ 532,873 Liabilities: Securities sold, not yet purchased $ 12,894 $ - $ - $ - $ 12,894 Derivatives - 236,273 - - 236,273 Total $ 12,894 $ 236,273 $ - $ - $ 249,167 December 31, 2018 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 202,874 $ - $ - $ - $ 202,874 Equities 30,639 - 1,622 - 32,261 Funds: Alternative investments 16,863 - - 889 17,752 Debt 90,313 - - 7 90,320 Equity 175,054 - - 34 175,088 Private equity - - - 56,343 56,343 Derivatives - 11,967 - - 11,967 Total $ 515,743 $ 11,967 $ 1,622 $ 57,273 $ 586,605 Liabilities: Securities sold, not yet purchased $ 3,929 $ - $ - $ - $ 3,929 Contingent consideration liability - - 10,009 - 10,009 Derivatives - 188,962 - - 188,962 Total $ 3,929 $ 188,962 $ 10,009 $ - $ 202,900 The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers (b) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ (21 ) $ - $ - $ (1 ) $ 1,600 Private equity funds - (760 ) 2,131 - - 1,371 Total Level 3 Assets $ 1,622 $ (781 ) $ 2,131 $ - $ (1 ) $ 2,971 Liabilities: Contingent consideration liability $ 10,009 $ 17,170 $ - $ (27,179 ) $ - $ - Total Level 3 Liabilities $ 10,009 $ 17,170 $ - $ (27,179 ) $ - $ - Year Ended December 31, 2018 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Total Level 3 Assets $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Liabilities: Contingent consideration liability $ 28,941 $ (18,932 ) $ - $ - $ - $ 10,009 Total Level 3 Liabilities $ 28,941 $ (18,932 ) $ - $ - $ - $ 10,009 Year Ended December 31, 2017 Beginning Balance Net Realized Gains / Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,508 $ 14 $ 1,661 $ (1,669 ) $ 78 $ 1,592 Total Level 3 Assets $ 1,508 $ 14 $ 1,661 $ (1,669 ) $ 78 $ 1,592 Liabilities: Contingent consideration liability $ 22,608 $ 6,582 $ - $ (249 ) $ - $ 28,941 Total Level 3 Liabilities $ 22,608 $ 6,582 $ - $ (249 ) $ - $ 28,941 (a) Earnings recorded in “other revenue” for investments in equities for the years ended December 31, 2019, 2018 and 2017 include net unrealized gains (losses) of $(781), $61 and $12, respectively. Earnings recorded in “amortization and other acquisition-related (benefits) costs” for the contingent consideration liability for the years ended December 31, 2019, 2018 and 2017 include unrealized (gains) losses of $17,170, $(18,932) and $6,582, respectively. (b) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the year ended December 31, 2019 as these investments are valued based on a potential transaction value that differs from NAV. 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, 2019 and 2018. Financial Instruments Not Measured at Fair Value— The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2019 and 2018 that are not measured at fair value in the Company’s consolidated statement of financial condition. December 31, 2019 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,231,593 $ 1,231,593 $ 1,231,593 $ - $ - Deposits with banks and short-term investments 1,180,686 1,180,686 1,180,686 - - Cash deposited with clearing organizations and other segregated cash 43,280 43,280 43,280 - - Interest-bearing financing receivables 77,052 78,940 - - 78,940 Interest-bearing deposits (included within investments) 517 517 517 - - Financial Liabilities: Deposits and other customer payables $ 1,246,200 $ 1,246,200 $ 1,246,200 $ - $ - Senior debt 1,679,562 1,838,716 - 1,838,716 - December 31, 2018 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,246,537 $ 1,246,537 $ 1,246,537 $ - $ - Deposits with banks and short-term investments 1,006,969 1,006,969 1,006,969 - - Cash deposited with clearing organizations and other segregated cash 38,379 38,379 38,379 - - Interest-bearing financing receivables 90,966 91,765 - - 91,765 Interest-bearing deposits (included within investments) 510 510 510 - - Financial Liabilities: Deposits and other customer payables $ 1,154,207 $ 1,154,207 $ 1,154,207 $ - $ - Senior debt 1,434,260 1,429,280 - 1,429,280 - 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, 2019 and 2018, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: December 31, 2019 Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable % Next 5 Years % 5-10 Years % Thereafter Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 241 $ - NA NA NA NA (a) 30-60 days Other 609 - NA NA NA NA (b) <30-30 days Debt funds 5 - NA NA NA NA (c) <30 days Equity funds 42 - NA NA NA NA (d) <30-60 days Private equity funds: Equity growth 32,991 6,056 (e) 100 % 22 % 12 % 66 % NA NA Total $ 33,888 $ 6,056 (a) monthly (52%) and quarterly (48%) (b) daily (6%) and monthly (94%) (c ) daily (100%) (d ) monthly (34%) and annually (66%) (e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,155 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. December 31, 2018 Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable % Next 5 Years % 5-10 Years % Thereafter Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 299 $ - NA NA NA NA (a) 30-60 days Funds of funds 23 - NA NA NA NA (b) >90 days Other 567 - NA NA NA NA (c) <30-30 days Debt funds 7 - NA NA NA NA (d) <30 days Equity funds 34 - NA NA NA NA (e) <30-90 days Private equity funds: Equity growth 56,343 8,338 (f) 100 % 14 % 34 % 52 % NA NA Total $ 57,273 $ 8,338 (a) monthly (100%) (b) quarterly (100%) (c) daily (6%) and monthly (94%) (d) daily (100%) (e) daily (25%), monthly (70%) and annually (5%) (f) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $14,437 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. Investment Capital Funding Commitments— At December 31, 2019, the Company’s maximum unfunded commitments for capital contributions to investment funds primarily arose from commitments to EGCP III, which amounted to $5,484. The investment period for EGCP III ended on October 12, 2016, after which point the Company’s obligation to fund capital contributions for new investments in EGCP III expired. The Company remains obligated until October 12, 2023 (or any earlier liquidation of EGCP III) to make capital contributions necessary to fund follow-on investments and to pay for fund expenses. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 8 . DERIVATIVES The table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 16) on the accompanying consolidated statements of financial condition as of December 31, 2019 and 2018: December 31, 2019 2018 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,395 $ 1,543 Total return swaps and other (a) - 10,424 $ 1,395 $ 11,967 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 1,720 $ 939 Total return swaps and other (a) 8,527 1 LFI and other similar deferred compensation arrangements 226,026 188,022 $ 236,273 $ 188,962 (a) For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $152 and $8,679 as of December 31, 2019, respectively, and $10,792 and $369 as of December 31, 2018, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other liabilities” and “other assets” as of December 31, 2019 and 2018, 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, 2019, 2018 and 2017, were as follows: Year Ended December 31, 2019 2018 2017 Forward foreign currency exchange rate contracts $ 6,988 $ 7,584 $ (9,144 ) LFI and other similar deferred compensation arrangements (31,657 ) 14,086 (23,526 ) Total return swaps and other (14,294 ) 8,813 (15,709 ) Total $ (38,963 ) $ 30,483 $ (48,379 ) |
Property
Property | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property | 9 . PROPERTY At December 31, 2019 and 2018, property consisted of the following: Estimated Depreciable December 31, Life in Years 2019 2018 Buildings 33 $ 142,298 $ 145,034 Leasehold improvements 3-20 197,358 188,956 Furniture and equipment 3-10 215,254 204,585 Construction in progress 32,477 14,141 Total 587,387 552,716 Less - Accumulated depreciation and amortization 367,545 339,770 Property $ 219,842 $ 212,946 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 10 . LEASES The Company adopted the new lease accounting guidance as of January 1, 2019, which resulted in recognition of ROU assets and lease liabilities related to operating leases on the consolidated statements of financial condition. The Company determines if an arrangement is, or contains, a lease at its inception and reevaluates the arrangement if the terms are modified. Operating lease ROU assets represent the right to use an underlying asset for the lease term and operating lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the operating lease liability represents the present value of the remaining lease payments and the operating lease ROU asset is measured at the amount of the lease liability, adjusted for rent prepayments, unamortized initial direct costs and the remaining balance of lease incentives received. Both the operating lease ROU asset and the operating lease liability are reduced to zero at the end of the lease. The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033. Substantially all of these arrangements are operating leases relating to office space. Certain leases have renewal options that can be exercised at the discretion of the Company. The Company only includes renewal options in the lease term when it is reasonably certain to exercise the option. The Company does not record leases with a lease term of 12 months or less on the consolidated statements of financial condition; lease expense for these leases is recognized over the lease term on a straight-line basis. For leases commencing on January 1, 2019 or thereafter that are recognized on the consolidated statements of financial condition, the Company applies its estimated Discount. The Company bases this Discount on the information available at the lease commencement date. The Company determines its Discount with consideration of the Company’s public debt issuances as well as publicly available data for instruments with similar characteristics. For leases commencing on January 1, 2019 or thereafter that relate to office space and equipment, the Company accounts for the lease and non-lease components as a single lease component. In addition to rent payments, operating leases for office space generally contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include them in the lease component. There are certain office leases outside of the U.S. that have annual rent increases based on a year-over-year change in an index that are also accounted for as variable payments and are excluded from the lease component. The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the year ended December 31, 2019: Year Ended December 31, 2019 Operating lease cost $ 80,610 Variable lease cost 19,488 Less - sublease income 6,809 Total $ 93,289 The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the year ended December 31, 2019: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 84,948 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 608,343 Weighted average remaining lease term 11 years Weighted average discount rate 3.6 % Maturities of the operating lease liabilities outstanding at December 31, 2019 for each of the years in the period ending December 31, 2024 and thereafter are set forth in the table below. Year Ending December 31, 2020 $ 89,130 2021 84,677 2022 67,795 2023 62,647 2024 61,417 Thereafter 428,409 Total lease payments 794,075 Less - Discount 149,730 Operating lease liabilities $ 644,345 In August 2018, the Company entered into a lease agreement for additional office facilities, which were under construction. The lease commenced in the third quarter of 2019 when the facilities were delivered to the Company. The Company recognized the related operating lease right-of-use assets and the operating lease liability on the lease commencement date. Prior to the adoption of the new lease accounting guidance, the minimum rental commitments under non-cancelable operating leases at December 31, 2018, net of sublease income, were approximately as follows: Year Ending December 31, 2019 $ 86,839 2020 89,445 2021 83,701 2022 70,780 2023 59,973 Thereafter 488,612 Total minimum rental commitments 879,350 Less - sublease proceeds 26,941 Net rental commitments $ 852,409 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 1 1 . GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at December 31, 2019 and 2018 are presented below: December 2019 2018 Goodwill $ 371,773 $ 371,561 Other intangible assets (net of accumulated amortization) 1,821 3,757 $ 373,594 $ 375,318 At December 31, 2019 and 2018, goodwill of $307,232 and $307,020, 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, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Balance, January 1 $ 371,561 $ 385,292 $ 373,117 Foreign currency translation adjustments 212 (13,731 ) 12,175 Balance, December 31 $ 371,773 $ 371,561 $ 385,292 All changes in the carrying amount of goodwill for the years ended December 31, 2019, 2018 and 2017 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, 2019, 2018 and 2017, the Company determined that no impairment existed. The gross cost and accumulated amortization of other intangible assets as of December 31, 2019 and 2018, by major intangible asset category, are as follows: December 31, 2019 December 31, 2018 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 35,338 $ 33,840 $ 1,498 $ 35,232 $ 32,235 $ 2,997 Management fees, customer relationships and non-compete agreements 34,788 34,465 323 34,474 33,714 760 $ 70,126 $ 68,305 $ 1,821 $ 69,706 $ 65,949 $ 3,757 Amortization expense of intangible assets, included in “amortization and other acquisition-related (benefits) costs” in the consolidated statements of operations, for the years ended December 31, 2019, 2018 and 2017 was $ 2,240 , $3,035 and $ 2,932 , respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2020 $ 1,611 2021 60 2022 60 2023 60 2024 30 Total amortization expense $ 1,821 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Other Assets and Other Liabilities | 1 2 . OTHER ASSETS AND OTHER LIABILITIES The following table sets forth the Company’s other assets, by type, as of December 31, 2019 and 2018: December 31, 2019 2018 Current income and other tax receivables $ 59,048 $ 35,439 Prepaid compensation (see Note 16) 74,597 76,362 Other advances and prepayments 43,099 66,266 Other 80,455 80,567 Total $ 257,199 $ 258,634 The following table sets forth the Company’s other liabilities, by type, as of December 31, 2019 and 2018: December 31, 2019 2018 Accrued expenses $ 179,275 $ 166,112 Current income taxes and other taxes 138,363 130,261 Employee benefit-related liabilities 51,370 51,051 Deferred lease liabilities - 84,449 Unclaimed funds at LFB 17,405 17,746 Deferred revenue (a) 97,964 80,995 Contingent consideration liability - 10,009 Securities sold, not yet purchased 12,894 3,929 Other 36,997 32,434 Total $ 534,268 $ 576,986 (a) The change in deferred revenue during the year ended December 31, 2019 principally relates to additional carried interest received from private equity investments that is subject to clawback. The revenue recognized during the current year related to the deferred revenue balance as of the beginning of the year was not material to the consolidated financial statements. |
Senior Debt
Senior Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Senior Debt | 1 3 . SENIOR DEBT Senior debt is comprised of the following as of December 31, 2019 and 2018: Outstanding as of Initial Annual December 31, 2019 December 31, 2018 Principal Amount Maturity Date Interest Rate(b) Principal Unamortized Debt Costs Carrying Value Principal Unamortized Debt Costs Carrying Value Lazard Group 2020 Senior Notes (a) $ 500,000 11/14/20 4.25 % $ - $ - $ - $ 250,000 $ 863 $ 249,137 Lazard Group 2025 Senior Notes 400,000 2/13/25 3.75 % 400,000 2,416 397,584 400,000 2,888 397,112 Lazard Group 2027 Senior Notes (a) 300,000 3/1/27 3.625 % 300,000 2,822 297,178 300,000 3,215 296,785 Lazard Group 2028 Senior Notes (a) 500,000 9/19/28 4.50 % 500,000 7,814 492,186 500,000 8,774 491,226 Lazard Group 2029 Senior Notes (a) 500,000 3/11/29 4.375 % 500,000 7,386 492,614 - - - Total $ 1,700,000 $ 20,438 $ 1,679,562 $ 1,450,000 $ 15,740 $ 1,434,260 (a) During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. During September 2018, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.50% senior notes due 2028 (the “2028 Notes”). Interest on the 2028 Notes is payable semi-annually on March 19 and September 19 of each year, beginning March 19, 2019. Lazard Group used a portion of the net proceeds of the 2028 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 2020 Notes. (b) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), the 2028 Notes and the 2029 Notes are 3.87%, 3.76%, 4.68% and 4.54%, respectively. On September 25, 2015, Lazard Group entered into an Amended and Restated Credit Agreement for a five-year 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, 2019, 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, 2019 for each of the five years in the period ending December 31, 2024 and thereafter are set forth in the table below. Year Ending December 31, 2020 - 2024 $ - Thereafter 1,700,000 Total $ 1,700,000 The Company’s senior debt at December 31, 2019 and 2018 is carried at historical amounts. See Note 7 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt. As of December 31, 2019, the Company had approximately $168,000 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 $17,000. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 4 . COMMITMENTS AND CONTINGENCIES Guarantees— In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by their clients. At December 31, 2019, LFB had $2,279 of such indemnifications and held $2,279 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the consolidated statement of financial condition. Business Acquisitions —For businesses acquired in 2016, as of December 31, 2019, the remaining consideration consists of non-contingent interests exchangeable into 247,518 shares of Class A common stock, together with dividend equivalent amounts. Additionally, during the year ended December 31, 2019, 731,822 of the contingent issuable exchangeable shares were earned, together with dividend equivalent amounts, which are exchangeable into Class A common stock. Other Commitments— The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, each of LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At December 31, 2019, LFB and LFNY had no such underwriting commitments. See Notes 7 and 17 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— The Company is involved from time to time in judicial, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company experiences significant variation in its revenue and earnings on an annual basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular year. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 1 5 . STOCKHOLDERS’ EQUITY Class A Common Stock Cancellation —On October 31, 2019, Lazard Group distributed to its managing members, which are subsidiaries of Lazard Ltd, 17,000,000 shares of Class A common stock that were held by Lazard Group. These shares were ultimately received by Lazard Ltd and cancelled. There was no impact on total stockholders' equity as a result of the share cancellation. Share Repurchase Program —During the year ended December 31, 2019 and since 2017, the Board of Directors of Lazard authorized the repurchase of Class A common stock as set forth in the table below. Date Repurchase Authorization Expiration October 2017 $ 200,000 December 31, 2019 April 2018 $ 300,000 December 31, 2020 October 2018 $ 300,000 December 31, 2020 February 2019 $ 300,000 December 31, 2020 October 2019 $ 300,000 December 31, 2021 The Company expects that the share repurchase program will continue to 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 2018 Incentive Compensation Plan (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Years Ended December 31: Number of Shares Purchased Average Price Per Share 2017 6,956,097 $ 44.10 2018 12,206,652 $ 45.29 2019 13,674,439 $ 36.18 There were 8,513,493 and 17,574,805 shares of Class A common stock held by our subsidiaries at December 31, 2019 and 2018, 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 2019, 2018 and 2017, certain of our executive officers received Class A common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of Class A common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. In addition, during the years ended December 31, 2018 and 2017, the Company purchased shares of Class A common stock from certain of our executive officers. The aggregate value of all such purchases in 2019, 2018 and 2017 was approximately $14,600, $17,700 and $14,700, respectively. Such shares of Class A common stock are reported at cost. As of December 31, 2019, a total of $400,825 of share repurchase authorization remained available under the Company’s share repurchase program, $100,825 of which will expire on December 31, 2020 and $300,000 of which will expire on December 31, 2021. During the year ended December 31, 2019, the Company had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market. Preferred Stock —Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into Class A common stock, and had no voting or dividend rights. As of December 31, 2019, 2018 and 2017, no shares of Series A or Series B preferred stock were outstanding. Accumulated Other Comprehensive Income (Loss), Net of Tax —The tables below reflect the balances of each component of AOCI at December 31, 2019, 2018 and 2017 and activity during the years then ended: Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2019 $ (130,137 ) $ (143,683 ) $ (273,820 ) $ (2 ) $ (273,818 ) Activity: Other comprehensive income (loss) before reclassifications 9,551 (34,098 ) (24,547 ) - (24,547 ) Adjustments for items reclassified to earnings, net of tax - 4,717 4,717 - 4,717 Net other comprehensive income (loss) 9,551 (29,381 ) (19,830 ) - (19,830 ) Balance, December 31, 2019 $ (120,586 ) $ (173,064 ) $ (293,650 ) $ (2 ) $ (293,648 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2018 $ (83,535 ) $ (148,984 ) $ (232,519 ) $ (1 ) $ (232,518 ) Activity: Other comprehensive loss before reclassifications (46,602 ) (5,434 ) (52,036 ) (1 ) (52,035 ) Adjustments for items reclassified to earnings, net of tax - 10,735 10,735 - 10,735 Net other comprehensive income (loss) (46,602 ) 5,301 (41,301 ) (1 ) (41,300 ) Balance, December 31, 2018 $ (130,137 ) $ (143,683 ) $ (273,820 ) $ (2 ) $ (273,818 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2017 $ (155,204 ) $ (159,020 ) $ (314,224 ) $ (2 ) $ (314,222 ) Activity: Other comprehensive income before reclassifications 71,669 2,085 73,754 1 73,753 Adjustments for items reclassified to earnings, net of tax - 7,951 7,951 - 7,951 Net other comprehensive income 71,669 10,036 81,705 1 81,704 Balance, December 31, 2017 $ (83,535 ) $ (148,984 ) $ (232,519 ) $ (1 ) $ (232,518 ) The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Amortization relating to employee benefit plans (a) $ 5,884 $ 13,070 $ 10,171 Less - related income taxes 1,167 2,335 2,220 Total reclassifications, net of tax $ 4,717 $ 10,735 $ 7,951 (a) Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. Noncontrolling Interests— Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 16) and (iii) consolidated VIE interests held by employees (see Note 24). The tables below summarize net income attributable to noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 and noncontrolling interests as of December 31, 2019 and 2018, in the Company’s consolidated financial statements: Net Income Attributable to Noncontrolling Interests Year Ended December 31, 2019 2018 2017 Edgewater $ 9,850 $ 5,320 $ 6,259 Consolidated VIEs 1,363 - - Other 3 4 5 Total $ 11,216 $ 5,324 $ 6,264 Noncontrolling Interests as of December 31, 2019 2018 Edgewater $ 50,151 $ 52,695 Profits interest participation rights 3,177 535 Consolidated VIEs 18,241 - Other 14 12 Total $ 71,583 $ 53,242 Dividends Declared, January 29, 2020 —On January 29, 2020, the Board of Directors of Lazard declared a quarterly dividend of $0.47 per share on our Class A common stock. The dividend is payable on February 28, 2020, to stockholders of record on February 18, 2020. |
Incentive Plans
Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Plans | 1 6 . INCENTIVE PLANS Share-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the years ended December 31, 2019, 2018 and 2017 is presented below. Share s Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”), and other share-based awards. The 2008 Plan authorized the issuance of shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs, PRSUs and other share-based awards. Under the 2008 Plan, the maximum number of shares available was based on a formula that limited the aggregate number of shares that could, at any time, be subject to awards that were considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of Class A common stock. The 2008 Plan was terminated on April 24, 2018, and no additional awards have been or will be granted under the 2008 Plan after its termination, although outstanding awards granted under the 2008 Plan before its termination continue to be subject to its terms. 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 share-based awards. The 2005 Plan expired in the second quarter of 2015, although outstanding deferred stock unit (“DSU”) awards granted under the 2005 Plan before its expiration 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, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations: Year Ended December 31, 2019 2018 2017 Share-based incentive awards: RSUs $ 168,338 $ 193,924 $ 190,821 PRSUs 8,742 34,114 40,767 Restricted Stock 29,322 37,261 39,369 Profits interest participation rights 44,537 - - DSUs 2,345 2,274 2,008 Total $ 253,284 $ 267,573 $ 272,965 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 or performance results in a cumulative adjustment to 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. 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. 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 year ended December 31, 2019, dividend participation rights required the issuance of 862,609 RSUs and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), was $28,801. 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 51,379 DSUs granted during the year ended December 31, 2019. 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. DSUs include a cash dividend participation right equivalent to 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 year ended December 31, 2019, 21,048 DSUs 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 for the year ended December 31, 2019: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2019 11,362,306 $ 43.78 323,546 $ 39.27 Granted (including 862,609 RSUs relating to dividend participation) 5,894,764 $ 38.65 72,427 $ 32.38 Forfeited (962,038 ) $ 43.43 - - Settled (5,907,466 ) $ 37.17 - - Balance, December 31, 2019 10,387,566 $ 44.66 395,973 $ 38.01 In connection with RSUs that settled during the year ended December 31, 2019, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,064,257 shares of Class A common stock during the year. Accordingly, 3,843,209 shares of Class A common stock held by the Company were delivered during the year ended December 31, 2019. As of December 31, 2019, estimated unrecognized RSU compensation expense was $123,982, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2019. Restricted Stock The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during year ended December 31, 2019: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2019 1,541,058 $ 43.16 Granted 1,039,736 $ 35.32 Forfeited (231,591 ) $ 40.57 Settled (1,309,897 ) $ 38.49 Balance, December 31, 2019 1,039,306 $ 41.79 In connection with shares of restricted Class A common stock that settled during the year ended December 31, 2019, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 434,924 shares of Class A common stock during the year. Accordingly, 874,973 shares of Class A common stock held by the Company were delivered during the year ended December 31, 2019. The restricted stock awards include a cash dividend participation right equivalent to dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At December 31, 2019, estimated unrecognized restricted stock expense was $17,670, with such expense to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2019. PRSUs PRSUs are RSUs that 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. PRSUs will vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied. In addition, the performance metrics applicable to each PRSU will be evaluated on an annual basis at the end of each fiscal year during the performance period and, if the Company has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of shares of Class A common stock subject to each PRSU will no longer be at risk of forfeiture based on the achievement of performance criteria. PRSUs include dividend participation rights that provide that during vesting periods the target number of PRSUs (or, following the relevant performance period, the actual number of shares of Class A common stock that are no longer subject to performance conditions) receive dividend equivalents at the same rate that dividends are paid on Class A common stock during such periods. 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 year ended December 31, 2019: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2019 1,771,795 $ 38.66 Performance units earned (a) 196,991 $ 38.09 Settled (1,171,081 ) $ 32.44 Balance, December 31, 2019 797,705 $ 47.65 (a) 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 certain PRSUs that settled during the year ended December 31, 2019, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 203,036 shares of Class A common stock during the year. Accordingly, 968,045 shares of Class A common stock held by the Company were delivered during the year ended December 31, 2019. 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, 2019, the total estimated unrecognized compensation expense was $2,828, and the Company expects to amortize such expense over a weighted-average period of approximately 0.6 years subsequent to December 31, 2019. Profits Interest Participation Rights In early 2019, the Company established a new long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of Class A common stock pursuant to the 2018 Plan. Pursuant to the program, in February 2019, the Company granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, which we refer to as performance-based restricted participation units (“PRPUs”), to each of the Company’s NEOs, and profits interest participation rights subject to service-based vesting criteria and other conditions to a limited number of other senior employees, pursuant to profits interest participation right agreements. Profits interest participation rights generally provide for vesting approximately three years following the grant date, so long as applicable conditions have been satisfied. Profits interest participation rights are a class of membership interests in Lazard Group that are intended to qualify as “profits interests” for U.S. federal income tax purposes, and are recorded as noncontrolling interests within stockholders’ equity in the Company’s consolidated statements of financial condition until they are exchanged into Class A common stock, at which time there is a reclassification to additional paid-in-capital. The profits interest participation rights generally allow the recipient to realize value only to the extent that both (i) the service-based vesting conditions and, if applicable, the performance conditions, are satisfied, and (ii) an amount of economic appreciation in the assets of Lazard Group occurs as necessary to satisfy certain partnership tax rules (referred to as the "Minimum Value Condition") before the fifth anniversary of the grant date, otherwise the profits interest participation rights will be forfeited. Upon satisfaction of such conditions, profits interest participation rights that are in parity with the value of Class A common stock will be exchanged on a one-for-one basis for shares of Class A common stock. If forfeited based solely on failing to meet the Minimum Value Condition, the associated compensation expense would not be reversed. Like outstanding RSUs and similar awards, profits in terest participation rights are subject to continued employment and other condition s and restrictions and are forfeited if those conditions and restrictions are not fulfilled. More specifically, vesting of profits interest participation r ights are subject to compliance with restrictive covenants including non-compete, non-solicitation of clients, no hire of employees and confidentiality, which are similar to those applicable to PRSUs and RSUs. In addition, profits interest participation rights must satisfy the Minimum Value Condition. PRPUs, like outstanding PRSUs, are subject to the achievement of incremental pre-established performance conditions and financial metrics and only result in value to the recipient to the extent the conditions are satisfied. The number of shares of Class A common stock that a recipient will receive upon the exchange of a PRPU award is calculated by reference to applicable financial metrics. The target number of shares of Class A common stock subject to each PRPU is one. Based on the achievement of performance criteria, as determined by the Compensation Committee, the number of shares of Class A common stock that may be received in connection with each PRPU award will range from zero to two times the target number. Unless applicable performance conditions are satisfied during the three year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all PRPUs will be forfeited, and the recipients will not be entitled to any such awards. In addition, the performance metrics applicable to each PRPU 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 PRPUs will no longer be at risk of forfeiture based on the achievement of performance criteria. Profits interest participation rights are allocated income, subject to vesting and settled in cash, in respect of dividends paid on Class A common stock. The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the year ended December 31, 2019: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2019 - - Granted (a) 1,462,702 $ 38.65 Balance, December 31, 2019 1,462,702 $ 38.65 (a) Table includes 564,167 PRPUs, which represents the target number of PRPUs granted during the fiscal year. Compensation expense recognized for profits interest participation rights, including PRPUs, 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, 2019, the total estimated unrecognized compensation expense was $17,447, and the Company expects to amortize such expense over a weighted-average period of approximately 1.1 years subsequent to December 31, 2019. 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 year ended December 31, 2019: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2019 $ 76,362 $ 188,022 Granted 101,529 101,529 Settled - (96,976 ) Forfeited (1,702 ) (3,455 ) Amortization (101,663 ) - Change in fair value related to: Increase in fair value of underlying investments - 31,657 Adjustment for estimated forfeitures - 5,340 Other 71 (91 ) Balance, December 31, 2019 $ 74,597 $ 226,026 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, 2019. 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, 2019, 2018 and 2017: Year Ended Ended December 31, 2019 2018 2017 Amortization, net of forfeitures $ 105,250 $ 90,230 $ 73,382 Change in the fair value of underlying investments 31,657 (14,086 ) 23,526 Total $ 136,907 $ 76,144 $ 96,908 Incentive Awards Granted In February 2020 In February 2020, the Company granted approximately $361,300 of deferred incentive compensation awards to eligible employees as part of the year-end compensation process with respect to the 2019 fiscal year. These grants included: RSUs or shares of restricted Class A common stock; profits interest participation rights, The RSUs, restricted Class A common stock and LFI granted generally provide for one-third vesting on the second anniversary of the grant date and the remaining two-thirds vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. The profits interest participation rights granted generally provide for vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. Compensation expense with respect to such incentive awards will generally be recognized over the applicable service period. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 1 7 . 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”). The Company also offers defined contribution plans to its employees. The pension 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 for the service cost component, and “operating expenses–other” for the other components of benefit costs on the consolidated statements of operations. Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The Company expects to contribute approximately $1,000 to the U.S. pension plan during the year ending December 31, 2020 and approximately $5,000 to the other non-U.S. pension plans during the year ending December 31, 2020. 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 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 655,015 $ 763,831 Service cost 815 884 Interest cost 15,350 15,569 Amendments - 3,196 Actuarial (gain) loss 89,242 (27,623 ) Benefits paid (30,817 ) (64,747 ) Foreign currency translation and other adjustments 15,100 (36,095 ) Benefit obligation at end of year 744,705 655,015 Change in plan assets Fair value of plan assets at beginning of year 642,837 728,281 Actual return on plan assets 74,844 (10,608 ) Employer contributions 5,623 22,153 Benefits paid (30,760 ) (62,056 ) Foreign currency translation and other adjustments 18,048 (34,933 ) Fair value of plan assets at end of year 710,592 642,837 Funded (deficit) at end of year $ (34,113 ) $ (12,178 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2019 and 2018 consist of: Prepaid pension asset (included in “other assets”) $ 2,922 $ 19,573 Accrued benefit liability (included in “other liabilities”) (37,035 ) (31,751 ) Net amount recognized $ (34,113 ) $ (12,178 ) Amounts recognized in AOCI (excluding tax benefits of $41,298 and $33,231 at December 31, 2019 and 2018, respectively) consist of: Actuarial net loss (gain) $ 211,197 $ 173,732 Prior service cost (credit) 3,165 3,178 Net amount recognized $ 214,362 $ 176,910 The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2019 and 2018: U.S. Pension Plans Non-U.S. Pension Plans Total As Of December 31, As Of December 31, As Of December 31, 2019 2018 2019 2018 2019 2018 Fair value of plan assets $ 22,914 $ 20,813 $ 687,678 $ 622,024 $ 710,592 $ 642,837 Accumulated benefit obligation $ 32,314 $ 28,869 $ 712,391 $ 626,146 $ 744,705 $ 655,015 Projected benefit obligation $ 32,314 $ 28,869 $ 712,391 $ 626,146 $ 744,705 $ 655,015 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, 2019, 2018 and 2017: Pension Plans For The Year Ended December 31, 2019 2018 2017 Components of Net Periodic Benefit Cost (Credit): Service cost $ 815 $ 884 $ 1,413 Interest cost 15,350 15,569 16,240 Expected return on plan assets (27,470 ) (29,622 ) (25,300 ) Amortization of: Prior service cost 110 18 30 Net actuarial loss (gain) 5,025 11,840 10,141 Settlement loss (gain) 749 1,212 807 Net periodic benefit cost (credit) $ (5,421 ) $ (99 ) $ 3,331 Actual return on plan assets $ 74,844 $ (10,608 ) $ 43,624 Employer contributions $ 5,623 $ 22,153 $ 16,844 Benefits paid $ 30,760 $ 62,056 $ 42,022 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(8,067), $1,923 and $(1,287) during the years ended December 31, 2019, 2018 and 2017, respectively): Net actuarial (gain) loss $ 40,311 $ 11,073 $ (17,357 ) Prior service cost (credit) - 3,196 - Reclassification of prior service (cost) credit to earnings (110 ) (18 ) (30 ) Reclassification of actuarial gain (loss) to earnings (5,774 ) (13,052 ) (10,141 ) Currency translation and other adjustments 3,025 (8,424 ) 18,778 Total recognized in AOCI $ 37,452 $ (7,225 ) $ (8,750 ) Net amount recognized in total periodic benefit cost and AOCI $ 32,031 $ (7,324 ) $ (5,419 ) The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2019 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2020 are as follows: Pension Plans Net actuarial loss $ 6,555 Prior service cost $ 114 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, 2019, 2018 and 2017 are set forth below: Pension Plans December 31, 2019 2018 2017 Weighted average assumptions used to determine benefit obligations: Discount rate 1.8 % 2.6 % 2.3 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 2.2 % 2.4 % 2.2 % Expected long-term rate of return on plan assets 4.4 % 4.4 % 3.8 % 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. Expected Benefit Payments —The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: Pension Plans 2020 $ 25,184 2021 27,505 2022 28,771 2023 29,269 2024 30,938 2025-2029 156,960 Plan Assets —The following tables present the categorization of our pension plans’ assets as of December 31, 2019 and 2018, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements: As of December 31, 2019 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 11,742 $ - $ - $ - $ 11,742 Debt 77,940 - - - 77,940 Equities 37,898 - - - 37,898 Funds: Alternative investments - - - 26,692 26,692 Debt 8,828 81,898 - 269,183 359,909 Equity 183,727 4,697 - 6,442 194,866 Derivatives - 1,545 - - 1,545 Total $ 320,135 $ 88,140 $ - $ 302,317 $ 710,592 As of December 31, 2018 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 6,619 $ - $ - $ - $ 6,619 Debt 81,533 - - - 81,533 Equities 27,585 - - - 27,585 Funds: Alternative investments - - - 29,975 29,975 Debt 10,593 - - 322,739 333,332 Equity 151,199 5,572 - 6,031 162,802 Derivatives - 991 - - 991 Total $ 277,529 $ 6,563 $ - $ 358,745 $ 642,837 (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. Included in equity funds are $99,671 and $87,129 as of December 31, 2019 and 2018, respectively, that are invested in funds managed by the Company. Consistent with the plans’ investment strategies, at December 31, 2019 and 2018, the Company’s U.S. pension plan had 60% 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, 39% and 51%, respectively, invested in Level 1 debt funds and at December 31, 2019, 1% invested in cash, which is a Level 1 asset. The Company’s non-U.S. pension plans at December 31, 2019 and 2018 had 32% and 29%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 and Level 2 assets; 62% and 65%, respectively, of the plans’ assets invested in debt and debt funds that are Level 1 and Level 2 assets or measured at NAV or its equivalent as a practical expedient, and 6% and 6%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily measured at NAV. Investment Policies and Strategies —The primary investment goal is to ensure that the pension plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the plans to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan investments measured at NAV or its equivalent as a practical expedient is determined based on information provided by external fund administrators and such investments are redeemable in the near term. Defined Contribution Plans —Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $16,994, $15,872 and $15,065 for the years ended December 31, 2019, 2018 and 2017, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations. |
Business Realignment
Business Realignment | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Business Realignment | 1 8 . BUSINESS REALIGNMENT The Company conducted a review of our business, which resulted in a realignment that included employee reductions and the closing of subscale offices and investment strategies, most of which were completed during the third quarter of 2019. Expenses and losses associated with business realignment for the year ended December 31, 2019 were as follows: Financial Asset Advisory Management Corporate Total Compensation and benefits $ 39,476 $ 14,480 $ 2,679 $ 56,635 Other (a) 4,371 1,750 5,054 11,175 Total $ 43,847 $ 16,230 $ 7,733 $ 67,810 (a) Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. Activity related to the obligations pursuant to business realignment during the year ended December 31, 2019 was as follows: Accrued Compensation Other and Benefits Liabilities Total Balance, January 1, 2019 $ - $ - $ - New charges 56,635 11,175 67,810 Less: Non-cash charges (16,596 ) (5,456 ) (22,052 ) Payments (19,829 ) (651 ) (20,480 ) Balance, December 31, 2019 $ 20,210 $ 5,068 $ 25,278 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 9 . 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. In addition, Lazard Ltd, through its subsidiaries, is subject to state and local taxes on its income apportioned to various state and local jurisdictions. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act significantly revised the U.S. corporate income tax system by, among other changes, lowering the corporate income tax rate from 35% to 21%, implementing a partial territorial tax system and imposing a one-time repatriation tax on the deemed repatriated earnings of foreign subsidiaries. The Tax Act also included several provisions that limited the benefit of the tax rate reduction, such as restricting the deductibility of interest expense and other corporate business expenses. The Tax Act further included anti-base erosion provisions such as the base erosion and anti-abuse tax and tax on global intangible low-taxed income. As a result of the reduction of the U.S. federal corporate tax rate to 21%, the Company was required to remeasure its deferred tax assets and liabilities at the new federal income tax rate of 21% based on the balances that existed on the date of the enactment of the Tax Act. The lower corporate tax rate resulted in a reduction of our net deferred tax assets by approximately $420,000 in the year ended December 31, 2017. See also Note 21 for the impact of the Tax Act on the tax receivable agreement obligation. The Tax Act also required companies to pay a one-time repatriation tax on previously unremitted earnings of certain non-U.S. corporate subsidiaries. Most of the Company’s operations outside the U.S. are conducted in “pass-through” entities for U.S. income tax purposes, and, as a result, the deemed repatriation transition tax did not apply to these pass-through entities or their earnings. The Company instead provides for U.S. income taxes on a current basis for those earnings. The Company also conducts operations outside the U.S. through foreign corporate subsidiaries, and the Company recorded a provisional amount of In accordance with the guidance provided by Staff Accounting Bulletin No. 118, the Company recognized the provisional tax impact related to the one-time deemed repatriation tax on certain foreign earnings and the remeasurement of our deferred tax assets in the year ended December 31, 2017. In 2018, we finalized our analysis of the provisional items, including the one-time repatriation tax, and adjustments to previously recorded provisional amounts related to the Tax Act were not material to the Company’s consolidated financial statements. On January 1, 2017, the Company adopted new accounting guidance on share-based incentive compensation. As a result of the adoption of this new guidance, the Company recognized excess tax benefits of approximately $11,000, $33,000, and $9,000 from the vesting of share-based incentive compensation in the provision for income taxes in the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017, respectively. The Company also recorded deferred tax assets of $81,544, net of a valuation allowance of $12,090, as of January 1, 2017, for previously unrecognized excess tax benefits (including tax benefits from dividends or dividend equivalents) on share-based incentive compensation, with an offsetting adjustment to retained earnings. The components of the Company’s provision for income taxes for the years ended December 31, 2019, 2018 and 2017, 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, 2019 2018 2017 Current: Federal $ 3,756 $ 2,507 $ 349 Foreign 62,885 95,279 64,119 State and local 3,469 5,145 (32 ) Total current 70,110 102,931 64,436 Deferred: Federal 15,139 49,604 480,085 Foreign 2,091 (12,632 ) 12,928 State and local 7,642 8,414 8,150 Total deferred 24,872 45,386 501,163 Total $ 94,982 $ 148,317 $ 565,599 Year Ended December 31, 2019 2018 2017 U.S. federal statutory income tax rate 21.0 % 21.0 % 35.0 % U.S. tax reform 3.0 1.0 43.4 Foreign source income not subject to U.S. income tax (5.3 ) (2.2 ) (4.2 ) Change in U.S. federal valuation allowance 0.6 2.1 (3.4 ) Share-based incentive compensation (2.9 ) (5.0 ) (4.0 ) Foreign taxes 5.8 5.4 1.9 Foreign tax credits (2.6 ) (4.3 ) (2.0 ) State and local taxes 2.4 1.7 2.5 Income of non-controlling interests (0.5 ) (0.1 ) (0.3 ) Uncertain tax positions 1.8 0.2 (0.4 ) Other 0.9 2.0 - Effective income tax rate 24.2 % 21.8 % 68.5 % See Note 23 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, 2019 2018 Deferred Tax Assets: Basis adjustments (a) $ 233,371 $ 288,764 Compensation and benefits 167,631 159,799 Net operating loss and tax credit carryforwards 272,456 249,509 Depreciation and amortization 1,815 1,764 Other 62,159 35,801 Gross deferred tax assets 737,432 735,637 Valuation allowance (76,486 ) (73,114 ) Deferred tax assets (net of valuation allowance) 660,946 662,523 Deferred Tax Liabilities: Depreciation and amortization 12,019 14,550 Compensation and benefits 7,058 9,816 Goodwill 29,876 26,124 Other 28,754 19,828 Deferred tax liabilities 77,707 70,318 Net deferred tax assets $ 583,239 $ 592,205 (a) The basis adjustments recorded as of December 31, 2019 and 2018 are primarily the result of additional basis from acquisitions of interests, including the impact of the tax receivable agreement obligation. The historical profitability of each tax paying entity is an important factor in determining whether to record a valuation allowance and when to release any such allowance. Certain of our tax-paying entities have individually experienced losses on a cumulative three year basis or have tax attributes that may expire unused. In addition, one of our tax paying entities has recorded a valuation allowance on substantially all of its deferred tax assets due to the combined effect of operating losses in certain subsidiaries of that entity as well as foreign taxes that together substantially offset any U.S. tax liability. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets held by these entities will be realized. Consequently, we have recorded valuation allowances on $76,486 and $73,114 of deferred tax assets held by these entities as of December 31, 2019 and 2018, respectively. Changes in the deferred tax assets valuation allowance for the years ended December 31, 2019, 2018 and 2017 was as follows: Year Ended December 31, 2019 2018 2017 Beginning Balance $ 73,114 $ 61,456 $ 69,593 Charged (credited) to provision for income taxes 3,515 14,156 (23,670 ) Charged (credited) to other comprehensive income and other (a) (143 ) (2,498 ) 15,533 Ending Balance $ 76,486 $ 73,114 $ 61,456 (a) In accordance with the accounting guidance described above, 2017 includes recognition of previously unrecognized excess tax benefits offset by a valuation allowance of $12,090 recorded to retained earnings. The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $272,456 were recorded at December 31, 2019 primarily relating to: (i) indefinite-lived carryforwards (subject to various limitations) of approximately $40,000 in Australia, Germany, Hong Kong, Singapore and the U.S.; and (ii) certain carryforwards of approximately $177,000 in the U.S., which begin expiring in 2029. 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 2014. 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, 2019, 2018 and 2017 is as follows: Year Ended December 31, 2019 2018 2017 Balance, January 1 (excluding interest and penalties of $15,901, $15,136 and $15,392, respectively) $ 77,889 $ 78,674 $ 78,396 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years 11,764 653 1,598 Current year 22,383 17,961 19,823 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (19 ) (699 ) (2,961 ) Settlements with tax authorities (7,251 ) (1,218 ) - Lapse of the applicable statute of limitations (17,880 ) (17,482 ) (18,182 ) Balance, December 31 (excluding interest and penalties of $18,376, $15,901 and $15,136, respectively) $ 86,886 $ 77,889 $ 78,674 Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2019 2018 2017 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,376, $15,901 and $15,136, respectively) $ 85,603 $ 78,693 $ 78,841 Unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 19,659 $ 15,097 $ 14,969 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,455, $4,889 and $6,185, respectively) $ 2,475 $ 765 $ (256 ) The Company anticipates that it is reasonably possible that approximately $13,100 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2019, may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions. |
Net Income Per Share of Class A
Net Income Per Share of Class A Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share of Class A Common Stock | 20 . NET INCOME PER SHARE OF CLASS A COMMON STOCK The Company issued certain profits interest participation rights, including certain PRPUs, that the Company is required under U.S. GAAP to treat as participating securities and therefore the Company is required to utilize the “two-class” method of computing basic and diluted net income per share. The Company’s basic and diluted net income per share calculations using the “two-class” method for the year ended December 31, 2019 and using the “treasury stock” method for the years ended December 31, 2018 and 2017 are presented below: Year Ended December 31, 2019 2018 2017 Net income attributable to Lazard Ltd $ 286,500 $ 527,125 $ 253,583 Add - adjustment for earnings attributable to participating securities (3,390 ) - - Net income attributable to Lazard Ltd - basic 283,110 527,125 253,583 Add - adjustment for earnings attributable to participating securities 25 - - Net income attributable to Lazard Ltd - diluted $ 283,135 $ 527,125 $ 253,583 Weighted average number of shares of Class A common stock outstanding 108,316,241 118,753,778 121,309,174 Add - adjustment for shares of Class A common stock issuable on a non-contingent basis 1,873,621 252,753 264,268 Weighted average number of shares of Class A common stock outstanding - basic 110,189,862 119,006,531 121,573,442 Add - dilutive effect, as applicable, of: Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation 5,889,944 10,761,061 10,906,286 Weighted average number of shares of Class A common stock outstanding - diluted 116,079,806 129,767,592 132,479,728 Net income attributable to Lazard Ltd per share of Class A common stock: Basic $ 2.57 $ 4.43 $ 2.09 Diluted $ 2.44 $ 4.06 $ 1.91 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | 2 1 . RELATED PARTIES Sponsored Funds 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-based incentive fees for providing such services. Investment advisory fees relating to such services were $587,665, $654,561 and $649,089 for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in “asset management fees” on the consolidated statements of operations. Of such amounts, $54,561 and $59,304 remained as receivables at December 31, 2019 and 2018, respectively, and are included in “fees receivable” on the consolidated statements of financial condition. Tax Receivable Agreement The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “Amended and Restated Tax Receivable Agreement”), between Lazard and LTBP Trust, a Delaware statutory trust (the “Trust”), provides for the payment by our subsidiaries to the Trust of (i) approximately 45% 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 certain 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, who include certain of 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 certain tangible and intangible assets of Lazard Group attributable to our subsidiaries’ interest in Lazard Group 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. The amount of the Amended and Restated Tax Receivable Agreement liability is an undiscounted amount based upon currently enacted tax laws, including the Tax Act, the current structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment. For example, if our structure were to change or our annual taxable income were to increase, we could be required to accelerate payments under the Amended and Restated Tax Receivable Agreement. 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”. For the years ended December 31, 2019, 2018 and 2017, the Company recorded a “benefit pursuant to tax receivable agreement” on the consolidated statements of operations of $503, $6,495 and $202,546, respectively. As described in Note 19, the Tax Act reduced the U.S. corporate tax rate from 35% to 21% which required the Company to remeasure the tax receivable agreement obligation. Pursuant to the change in the U.S. corporate tax rate, in 2017, the Company reduced the tax receivable agreement obligation by $202,546. The cumulative liability relating to our obligations under the Amended and Restated Tax Receivable Agreement as of December 31, 2019 and 2018 was $247,344 and $270,640, respectively, and is recorded in “tax receivable agreement obligation” on the consolidated statements of financial condition. The balance at December 31, 2019 reflects a payment made under the Amended and Restated Tax Receivable Agreement in the year ended December 31, 2019 of $23,701. Other During the year ended December 31, 2019, the Company recognized approximately $9,000 of investment banking and other advisory fees pertaining to financial advisory services provided to clients of which a member of the Company’s Board of Directors also served as a member of the client’s board of directors or in a management capacity. The engagement terms were negotiated in the ordinary course of business on an arms-length basis. See Note 15 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers. |
Regulatory Authorities
Regulatory Authorities | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Authorities | 2 2 . 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 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, 2019, the aggregate regulatory net capital of the U.K. Subsidiaries was $175,890, which exceeded the minimum requirement by $158,700. 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. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At December 31, 2019, the consolidated regulatory net capital of CFLF was $127,935, which exceeded the minimum requirement set for regulatory capital levels by $69,150. 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, 2019, the regulatory net capital of the combined European regulated group was $182,054, which exceeded the minimum requirement set for regulatory capital levels by $75,566. 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, 2019, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $153,707, which exceeded the minimum required capital by $124,392. At December 31, 2019, 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, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 2 3 . 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. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment. The Company’s segment information for the years ended December 31, 2019, 2018 and 2017 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, 2019, 2018 and 2017, 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, 2019 2018 2017 Financial Advisory Net Revenue $ 1,374,036 $ 1,555,526 $ 1,387,682 Operating Expenses (a)/(c) 1,225,795 1,198,807 1,143,586 Operating Income $ 148,241 $ 356,719 $ 244,096 Total Assets $ 1,144,339 $ 859,306 $ 843,142 Asset Management Net Revenue $ 1,237,390 $ 1,331,801 $ 1,255,820 Operating Expenses (a)/(c) 887,522 912,110 810,870 Operating Income $ 349,868 $ 419,691 $ 444,950 Total Assets $ 821,641 $ 728,220 $ 756,398 Corporate Net Revenue $ (24,653 ) $ (60,975 ) $ 809 Operating Expenses (a)/(b)/(c) 80,758 34,669 (135,591 ) Operating Income (Loss) $ (105,411 ) $ (95,644 ) $ 136,400 Total Assets $ 3,673,601 $ 3,409,715 $ 3,329,137 Total Net Revenue $ 2,586,773 $ 2,826,352 $ 2,644,311 Operating Expenses (a)/(c) 2,194,075 2,145,586 1,818,865 Operating Income $ 392,698 $ 680,766 $ 825,446 Total Assets $ 5,639,581 $ 4,997,241 $ 4,928,677 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2019 2018 2017 Financial Advisory $ 5,492 $ 7,720 $ 6,596 Asset Management 2,995 3,253 2,830 Corporate 27,085 23,130 22,072 Total $ 35,572 $ 34,103 $ 31,498 (b) Operating expenses include a benefit of $503, $6,495 and $202,546 for the years ended December 31, 2019, 2018 and 2017, respectively, recorded for the benefit pursuant to the tax receivable agreement. See Note 21 for information regarding the tax receivable agreement obligation. (c) See Note 18 for information regarding business realignment. 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. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia. As of or for the Year Ended December 31, 2019 2018 2017 Net Revenue: Americas $ 1,544,063 $ 1,615,736 $ 1,558,070 EMEA 873,007 1,022,994 903,525 Asia Pacific 169,703 187,622 182,716 Total $ 2,586,773 $ 2,826,352 $ 2,644,311 Operating Income: Americas (a) $ 241,992 $ 434,111 $ 596,044 EMEA 120,481 206,578 193,781 Asia Pacific 30,225 40,077 35,621 Total $ 392,698 $ 680,766 $ 825,446 Identifiable Assets: Americas $ 2,908,926 $ 2,557,904 $ 2,600,412 EMEA 2,437,788 2,150,597 2,039,385 Asia Pacific 292,867 288,740 288,880 Total $ 5,639,581 $ 4,997,241 $ 4,928,677 (a) Operating income includes a benefit of $503, $6,495 and $202,546 for the years ended December 31, 2019, 2018 and 2017, respectively, recorded for the benefit pursuant to the tax receivable agreement. See Note 21 for information regarding the tax receivable agreement obligation. |
Consolidated VIEs
Consolidated VIEs | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract] | |
Consolidated VIEs | 24. CONSOLIDATED VIEs The Company’s consolidated VIEs as of December 31, 2019 include certain funds that were recently established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement. Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The Company’s consolidated VIE assets and liabilities as reflected in the consolidated statements of financial condition consist of the following at December 31, 2019: ASSETS Cash and cash equivalents $ 3,826 Customers and other receivables 102 Investments (a) 97,474 Other assets 245 Total Assets $ 101,647 LIABILITIES Deposits and other customer payables $ 62 Other liabilities 513 Total Liabilities $ 575 (a) Includes $83,036 of LFI held by Lazard Group which is eliminated in the consolidated statements of financial condition |
Supplemental Financial Informat
Supplemental Financial Information - Quarterly Results | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018. 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. 2019 Fiscal Quarter First Second Third Fourth Year (dollars in thousands, except per share data) Net revenue $ 643,674 $ 630,690 $ 591,068 $ 721,341 $ 2,586,773 Operating expenses 524,011 529,005 538,695 602,364 2,194,075 Operating income $ 119,663 $ 101,685 $ 52,373 $ 118,977 $ 392,698 Net income $ 96,476 $ 73,513 $ 48,196 $ 79,531 $ 297,716 Less - net income (loss) attributable to noncontrolling interests (566 ) 7,736 1,492 2,554 11,216 Net income attributable to Lazard Ltd $ 97,042 $ 65,777 $ 46,704 $ 76,977 $ 286,500 Attributable to Lazard Ltd Class A common stockholders: Net income per share of common stock: Basic $ 0.87 $ 0.57 $ 0.42 $ 0.70 $ 2.57 Diluted $ 0.80 $ 0.55 $ 0.40 $ 0.67 $ 2.44 Dividends declared per share of common stock $ 0.94 $ 0.47 $ 0.47 $ 0.47 $ 2.35 2018 Fiscal Quarter First Second Third Fourth Year (dollars in thousands, except per share data) Net revenue $ 754,698 $ 757,938 $ 626,481 $ 687,235 $ 2,826,352 Operating expenses 568,870 557,998 487,800 530,918 2,145,586 Operating income $ 185,828 $ 199,940 $ 138,681 $ 156,317 $ 680,766 Net income $ 161,661 $ 148,379 $ 108,725 $ 113,684 $ 532,449 Less - net income attributable to noncontrolling interests 1,969 1,416 1,651 288 5,324 Net income attributable to Lazard Ltd $ 159,692 $ 146,963 $ 107,074 $ 113,396 $ 527,125 Attributable to Lazard Ltd Class A common stockholders: Net income per share of common stock: Basic $ 1.33 $ 1.22 $ 0.90 $ 0.97 $ 4.43 Diluted $ 1.21 $ 1.13 $ 0.82 $ 0.89 $ 4.06 Dividends declared per share of common stock $ 1.71 $ 0.44 $ 0.44 $ 0.44 $ 3.03 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 AND 2018 (dollars in thousands, except per share data) December 31, 2019 2018 ASSETS Cash and cash equivalents $ 2,734 $ 4,136 Investments in subsidiaries, equity method (1,259,668 ) (1,275,357 ) Due from subsidiaries 1,872,940 2,191,915 Other assets 8 19 Total assets $ 616,014 $ 920,713 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Due to subsidiaries $ 5,866 $ 3,707 Other liabilities 157 155 Total liabilities 6,023 3,862 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, par value $.01 Series A—no shares issued and outstanding - - Series B—no shares issued and outstanding - - Common stock: Class A, par value $.01 112,766,091 and 129,766,091 shares issued at December 31, 2019 and 2018, respectively, including shares held by subsidiaries as indicated below) 1,128 1,298 Additional paid-in-capital 41,020 750,692 Retained earnings 1,193,570 1,195,563 Accumulated other comprehensive loss, net of tax (293,648 ) (273,818 ) 942,070 1,673,735 Class A common stock held by subsidiaries, at cost (8,513,493 and 17,574,805 shares at December 31, 2019 and 2018, respectively) (332,079 ) (756,884 ) Total stockholders’ equity 609,991 916,851 Total liabilities and stockholders’ equity $ 616,014 $ 920,713 LAZARD LTD (parent company only) CONDENSED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (dollars in thousands) Year Ended December 31, 2019 2018 2017 REVENUE Equity in earnings of subsidiaries $ 153,450 $ 392,574 $ 145,008 Interest and other income 135,220 136,399 110,381 Total revenue 288,670 528,973 255,389 OPERATING EXPENSES Professional services 2,017 1,719 1,692 Other 153 129 114 Total operating expenses 2,170 1,848 1,806 NET INCOME $ 286,500 $ 527,125 $ 253,583 LAZARD LTD (parent company only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (dollars in thousands) Year Ended December 31, 2019 2018 2017 NET INCOME $ 286,500 $ 527,125 $ 253,583 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Currency translation adjustments 9,551 (46,601 ) 71,668 Employee benefit plans: Prior service costs (net of tax benefit of $17 and $543 for the years ended December 31, 2019 and 2018, respectively) (84 ) (2,653 ) - Actuarial gain (loss) (net of tax expense (benefit) of $(9,219), $131 and $(3,507) for the years ended December 31, 2019, 2018 and 2017, respectively) (34,014 ) (2,781 ) 2,085 Adjustments for items reclassified to earnings (net of tax expense of $1,167, $2,335 and $2,220 for the years ended December 31, 2019, 2018 and 2017, respectively) 4,717 10,735 7,951 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (19,830 ) (41,300 ) 81,704 COMPREHENSIVE INCOME $ 266,670 $ 485,825 $ 335,287 LAZARD LTD (parent company only) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (dollars in thousands) Year Ended December 31, 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 286,500 $ 527,125 $ 253,583 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (153,450 ) (392,574 ) (145,008 ) Dividends received from subsidiaries 88,400 189,786 63,822 Changes in due to/from subsidiaries 32,058 35,504 169,056 Changes in other operating assets and liabilities 14 13 27 Net cash provided by operating activities 253,522 359,854 341,480 CASH FLOWS FROM INVESTING ACTIVITIES: Capital contribution to subsidiaries - - (25 ) Net cash used in investing activities - - (25 ) CASH FLOWS FROM FINANCING ACTIVITIES: Class A common stock dividends (254,924 ) (359,639 ) (341,450 ) Net cash used in financing activities (254,924 ) (359,639 ) (341,450 ) Net increase (decrease) in cash and cash equivalents (1,402 ) 215 5 Cash and cash equivalents, January 1 4,136 3,921 3,916 Cash and cash equivalents, December 31 $ 2,734 $ 4,136 $ 3,921 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, 2019 and 2018, and for each of the three years in the period ended December 31, 2019, 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% 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”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory matters, and • Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, asset allocation 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, certain contingent obligations, and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). |
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: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 24). 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 either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings, or (ii) elects the option to measure its investment at fair value. 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 Lazard Frères Gestion SAS (“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. |
Foreign Currency Translation | Foreign Currency Translation— The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency ( i.e. , the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 8) amounted to $3,443, $(2,880) and $1,900 for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in “revenue-other” on the respective consolidated statements of operations. |
Use of Estimates | Use of Estimates— The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: • valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans; • the assessment of probability with respect to recognizing revenue; • the discount rate used to measure operating lease right-of-use assets and operating lease liabilities; • the adequacy of the allowance for doubtful accounts; • the realization of deferred tax assets 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 vesting of share-based and other deferred compensation plan awards; and • other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents— The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. |
Deposits with Banks and Short-Term Investments | Deposits with Banks and Short-Term Investments— Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities with original maturities of 90 days or less when purchased. The level of these deposits and investments may be driven by the level of LFB time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. |
Cash Deposited with Clearing Organizations and Other Segregated Cash | Cash Deposited with Clearing Organizations and Other Segregated Cash— Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts— We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced. With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired. See Note 5 for additional information regarding receivables. |
Investments | Investments— Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer and non broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value. Any increases or decreases in the carrying value of those investments accounted for at fair value are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. |
Property-net | Property-net— Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $35,572, $34,103 and $31,498 for the years ended December 31, 2019, 2018 and 2017, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. |
Disclosure for Operating Lease Right of Use Assets and Operating Lease Liability Policy | Operating Lease Right-of-use Assets and Operating Lease Liabilities— See Notes 3 and 10. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— As goodwill has an indefinite life, it is required to be tested for impairment annually, as of November 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. 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 11 with respect to goodwill and other intangible assets. |
Derivative Instruments | Derivative Instruments— A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount ( e.g. , interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date ( e.g. , options to buy or sell securities or currencies). The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally 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 6, 8 and 16. |
Deposits and Other Customer Payables | Deposits and Other Customer Payables— Principally relates to LFB customer-related demand deposits. |
Securities Sold, Not Yet Purchased | Securities Sold, Not Yet Purchased— Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. |
Contingent Consideration Liabilities | Contingent Consideration Liabilities — The contingent consideration liabilities of businesses acquired in a business combination are initially recorded at fair value, and any change in the fair value is recognized in “amortization and other acquisition-related (benefits) costs” in the consolidated statements of operations. The contingent consideration liability is included in “other liabilities” on the consolidated statements of financial condition. |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities— The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost or interest-bearing deposits), derivative instruments, deposits and other customer payables. |
Investment Banking and Other Advisory Fees and Asset Management Fees | Investment Banking and Other Advisory Fees and Asset Management Fees— See Note 4 for the Company’s accounting policy on revenue recognition as it applies to investment banking and other advisory and asset management fees. |
Soft Dollar Arrangements | Soft Dollar Arrangements— Certain entities within the Company’s Asset Management business obtain research and other services through commission-sharing arrangements with broker-dealers, which are also known as “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other eligible services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other eligible services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2019, the Company obtained research and other eligible services through soft dollar arrangements valued at approximately $25,000. The use of soft dollars is limited by regulations in the European Union and the U.K. and, as such, the Company intends to directly pay a portion of the costs of such research and other eligible services going forward. |
Equity-Based Incentive Compensation Awards | Equity-Based Incentive Compensation Awards— Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting (including as a result of any applicable performance conditions). Equity-based incentive compensation is recognized in “compensation and benefits” expense. Share-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the years ended December 31, 2019, 2018 and 2017 is presented below. Share s Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”), and other share-based awards. The 2008 Plan authorized the issuance of shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs, PRSUs and other share-based awards. Under the 2008 Plan, the maximum number of shares available was based on a formula that limited the aggregate number of shares that could, at any time, be subject to awards that were considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of Class A common stock. The 2008 Plan was terminated on April 24, 2018, and no additional awards have been or will be granted under the 2008 Plan after its termination, although outstanding awards granted under the 2008 Plan before its termination continue to be subject to its terms. 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 share-based awards. The 2005 Plan expired in the second quarter of 2015, although outstanding deferred stock unit (“DSU”) awards granted under the 2005 Plan before its expiration continue to be subject to its terms. |
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 for income taxes”. See Note 19 for additional information relating to income taxes. |
Recent Accounting Developments | Leases —In February 2016, the Financial Accounting Standards Board (the “FASB”) issued updated guidance for leases. The guidance requires a lessee to (i) recognize a right-of-use asset and a lease liability that is initially measured at the present value of the lease payments, in the consolidated statement of financial condition, (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis and (iii) classify operating lease related cash payments within operating activities and finance lease related principal cash payments within financing activities (with interest included in interest paid) in the consolidated statement of cash flows. The Company adopted the new guidance on January 1, 2019 using the optional transition method, which allows such guidance to be applied initially at the adoption date with a cumulative-effect adjustment and without restating comparative periods. Lazard elected the package of practical expedients, which allows the carry-forward of the prior conclusions on lease definition, classification and initial direct costs related to the existing leases as of the adoption date. Substantially all of the Company’s existing lease arrangements are operating leases. The adoption of the new guidance on January 1, 2019 resulted in a recognition of $502,000 of operating lease right-of-use assets (“ROU assets”) and $581,000 of operating lease liabilities in the Company’s consolidated statements of financial condition. The operating lease liabilities at January 1, 2019 reflect any remaining lease payments discounted using an incremental borrowing rate (on a collateralized basis) based on the remaining lease term (the “Discount”), as an implicit rate was not readily determinable for any of the Company’s existing operating leases. The operating lease ROU assets are lower than the operating lease liabilities primarily because lease incentives reduce the ROU assets (see Note 10 ) . Improvements to Nonemployee Share-Based Payment Accounting— In June 2018, the FASB issued updated guidance to simplify the accounting for nonemployee share-based payment transactions. The new guidance generally requires equity-classified nonemployee share-based payment awards to be measured at the grant date, which is the date at which a grantor and grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. This update generally aligns the accounting for equity-classified share-based payment awards to nonemployees with the measurement date required for employees. The Company adopted the new guidance on January 1, 2019 and its application did not have a material impact on the Company’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income— In February 2018, the FASB issued updated guidance on the tax effects of items in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Specifically, the new guidance will permit, but not require, a reclassification from AOCI to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The Company adopted the new guidance on January 1, 2019 without reclassifying any amounts from AOCI to retained earnings. The application of the guidance did not have a material impact on the Company’s financial statements. Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments —In June 2016, the FASB issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The new guidance is effective for annual and interim periods beginning after December 15, 2019. The new guidance will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings at the beginning of the year of adoption. The Company will adopt the new credit loss guidance upon its effective date of January 1, 2020. The Company’s adoption efforts include the identification of financial assets within the scope of the guidance, the evaluation of the current credit loss provisioning process, and the implementation of the CECL model. The impact of the new guidance primarily relates to the Company’s fee receivables. For customer loans within customer receivables, the Company has elected to apply the practical expedient on financial assets with collateral maintenance provisions, which results in no expected credit losses given that these loans are required to be maintained with collateral having a fair value in excess of the carrying amount of the loans. To comply with the CECL model, the Company has analyzed historical bad debt charge-off data to determine the average charge-off rate used to measure the expected credit loss for fee receivables. The Company has determined that long-term forecasted information is not relevant to its fee receivables which are generally short-term. The Company will update the average charge-off rate periodically and maintain a quarterly reserve review process to consider current factors that would require an adjustment to the credit loss estimate. In addition, the Company will periodically perform a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss allowance. The Company currently does not expect a material impact to its financial statements upon adoption of the new credit loss guidance. Intangibles — — In January 2017, the FASB issued updated guidance which eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The new guidance is effective for interim or annual goodwill impairment tests performed in fiscal years be ginning after December 15, 2019. The Company will adopt the new guidance as of January 1, 2020 and prospectively apply the new model for its goodwill impairment test . There will be no impact to the Company’s financial statements at the adoption date. Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract —In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2019 and allows entities to either retrospectively or prospectively apply the amendments at adoption. The Company will adopt the new guidance as of January 1, 2020 and has elected to apply the new guidance prospectively to implementation costs incurred after the adoption date. There will be no impact to the Company’s financial statements at the adoption date. Related Party Guidance for Variable Interest Entities —In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The new guidance is effective for fiscal years and interim periods beginning after December 15, 2019. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company will adopt the new guidance as of January 1, 2020 and does not expect a material impact to its financial statements at the adoption date. Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The additional disclosures related to level 3 fair value measurements are to be applied prospectively and other amendments are to be applied retrospectively. The Company will adopt the new guidance on January 1, 2020 and update its fair value measurement disclosures in accordance with the new guidance. The Company currently does not expect a material impact to its financial statements at the adoption date. Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain currently required disclosures and includes additional requirements. The new guidance is effective for years ending after December 15, 2020 with retrospective application. The Company will adopt the new guidance on January 1, 2020 and update its related disclosures in accordance with the new guidance. The Company currently does not expect a material impact to its financial statements at the adoption date. Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments include the removal of certain exceptions and various improvements. These improvements are related to the accounting for franchise tax based on income, evaluation of step up in tax basis of goodwill, allocation of consolidated tax expense to standalone legal entities, recognition of enacted change in tax laws or rates, and other minor changes. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the new guidance. |
Revenue Recognition Policy | Investment Banking and Other Advisory —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. Asset Management Fees —Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within 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 specific 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 when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated 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, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. |
Employer Contributions to Pension Plans | Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. |
Fair Value Measurement Policy | Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities —Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, 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 fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. 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 value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value as of December 31, 2019. The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in “amortization and other acquisition-related (benefits) costs” in the consolidated statement of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The contingent consideration liability is initially recorded at fair value of the contingent payments on the acquisition date and is included in “other liabilities” on the consolidated statements of financial condition. See Note 1 4 . The fair value of derivatives entered into by the Company is classified as Level 2 and is 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 value 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 8. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Based on Business Segment Results | The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Year Ended December 31, 2019 2018 Net Revenue: Financial Advisory (a) $ 1,374,036 $ 1,555,526 Asset Management: Management Fees and Other (b) $ 1,216,115 $ 1,311,286 Incentive Fees (c) 21,275 20,515 Total Asset Management $ 1,237,390 $ 1,331,801 (a) Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017 was as follows: Year Ended December 31, 2019 2018 2017 Beginning Balance $ 40,164 $ 23,746 $ 16,386 Bad debt expense, net of recoveries (5,080 ) 27,164 15,419 Charge-offs, foreign currency translation and other adjustments (7,954 ) (10,746 ) (8,059 ) Ending Balance $ 27,130 $ 40,164 $ 23,746 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Investments [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, 2019 and 2018: December 31, 2019 2018 Interest-bearing deposits $ 517 $ 510 Debt 100,000 202,874 Equities 48,521 32,261 Funds: Alternative investments (a) 16,581 17,752 Debt (a) 113,579 90,320 Equity (a) 218,435 175,088 Private equity 34,362 56,343 382,957 339,503 Total investments 531,995 575,148 Less: Interest-bearing deposits 517 510 Investments, at fair value $ 531,478 $ 574,638 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 12,894 $ 3,929 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $9,881, $78,360 and $170,897, respectively, at December 31, 2019 and $9,741, $60,081 and $132,038, respectively, at December 31, 2018, 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 8 and 16). |
Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses | During the years ended December 31, 2019, 2018 and 2017, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows: Year Ended December 31, 2019 2018 2017 Net unrealized investment gains (losses) $ 36,610 $ (43,009 ) $ 27,192 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018, 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, 2019 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 100,000 $ - $ - $ - $ 100,000 Equities 46,921 - 1,600 - 48,521 Funds: Alternative investments 15,731 - - 850 16,581 Debt 113,574 - - 5 113,579 Equity 218,393 - - 42 218,435 Private equity - - 1,371 32,991 34,362 Derivatives - 1,395 - - 1,395 Total $ 494,619 $ 1,395 $ 2,971 $ 33,888 $ 532,873 Liabilities: Securities sold, not yet purchased $ 12,894 $ - $ - $ - $ 12,894 Derivatives - 236,273 - - 236,273 Total $ 12,894 $ 236,273 $ - $ - $ 249,167 December 31, 2018 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 202,874 $ - $ - $ - $ 202,874 Equities 30,639 - 1,622 - 32,261 Funds: Alternative investments 16,863 - - 889 17,752 Debt 90,313 - - 7 90,320 Equity 175,054 - - 34 175,088 Private equity - - - 56,343 56,343 Derivatives - 11,967 - - 11,967 Total $ 515,743 $ 11,967 $ 1,622 $ 57,273 $ 586,605 Liabilities: Securities sold, not yet purchased $ 3,929 $ - $ - $ - $ 3,929 Contingent consideration liability - - 10,009 - 10,009 Derivatives - 188,962 - - 188,962 Total $ 3,929 $ 188,962 $ 10,009 $ - $ 202,900 |
Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities | The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers (b) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ (21 ) $ - $ - $ (1 ) $ 1,600 Private equity funds - (760 ) 2,131 - - 1,371 Total Level 3 Assets $ 1,622 $ (781 ) $ 2,131 $ - $ (1 ) $ 2,971 Liabilities: Contingent consideration liability $ 10,009 $ 17,170 $ - $ (27,179 ) $ - $ - Total Level 3 Liabilities $ 10,009 $ 17,170 $ - $ (27,179 ) $ - $ - Year Ended December 31, 2018 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Total Level 3 Assets $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Liabilities: Contingent consideration liability $ 28,941 $ (18,932 ) $ - $ - $ - $ 10,009 Total Level 3 Liabilities $ 28,941 $ (18,932 ) $ - $ - $ - $ 10,009 Year Ended December 31, 2017 Beginning Balance Net Realized Gains / Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,508 $ 14 $ 1,661 $ (1,669 ) $ 78 $ 1,592 Total Level 3 Assets $ 1,508 $ 14 $ 1,661 $ (1,669 ) $ 78 $ 1,592 Liabilities: Contingent consideration liability $ 22,608 $ 6,582 $ - $ (249 ) $ - $ 28,941 Total Level 3 Liabilities $ 22,608 $ 6,582 $ - $ (249 ) $ - $ 28,941 (a) Earnings recorded in “other revenue” for investments in equities for the years ended December 31, 2019, 2018 and 2017 include net unrealized gains (losses) of $(781), $61 and $12, respectively. Earnings recorded in “amortization and other acquisition-related (benefits) costs” for the contingent consideration liability for the years ended December 31, 2019, 2018 and 2017 include unrealized (gains) losses of $17,170, $(18,932) and $6,582, respectively. (b) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the year ended December 31, 2019 as these investments are valued based on a potential transaction value that differs from NAV. |
Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value— The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2019 and 2018 that are not measured at fair value in the Company’s consolidated statement of financial condition. December 31, 2019 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,231,593 $ 1,231,593 $ 1,231,593 $ - $ - Deposits with banks and short-term investments 1,180,686 1,180,686 1,180,686 - - Cash deposited with clearing organizations and other segregated cash 43,280 43,280 43,280 - - Interest-bearing financing receivables 77,052 78,940 - - 78,940 Interest-bearing deposits (included within investments) 517 517 517 - - Financial Liabilities: Deposits and other customer payables $ 1,246,200 $ 1,246,200 $ 1,246,200 $ - $ - Senior debt 1,679,562 1,838,716 - 1,838,716 - December 31, 2018 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,246,537 $ 1,246,537 $ 1,246,537 $ - $ - Deposits with banks and short-term investments 1,006,969 1,006,969 1,006,969 - - Cash deposited with clearing organizations and other segregated cash 38,379 38,379 38,379 - - Interest-bearing financing receivables 90,966 91,765 - - 91,765 Interest-bearing deposits (included within investments) 510 510 510 - - Financial Liabilities: Deposits and other customer payables $ 1,154,207 $ 1,154,207 $ 1,154,207 $ - $ - Senior debt 1,434,260 1,429,280 - 1,429,280 - |
Fair Value of Certain Investments Based on NAV | The following tables present, at December 31, 2019 and 2018, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: December 31, 2019 Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable % Next 5 Years % 5-10 Years % Thereafter Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 241 $ - NA NA NA NA (a) 30-60 days Other 609 - NA NA NA NA (b) <30-30 days Debt funds 5 - NA NA NA NA (c) <30 days Equity funds 42 - NA NA NA NA (d) <30-60 days Private equity funds: Equity growth 32,991 6,056 (e) 100 % 22 % 12 % 66 % NA NA Total $ 33,888 $ 6,056 (a) monthly (52%) and quarterly (48%) (b) daily (6%) and monthly (94%) (c ) daily (100%) (d ) monthly (34%) and annually (66%) (e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,155 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. December 31, 2018 Estimated Liquidation Period of Investments Not Redeemable Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable % Next 5 Years % 5-10 Years % Thereafter Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 299 $ - NA NA NA NA (a) 30-60 days Funds of funds 23 - NA NA NA NA (b) >90 days Other 567 - NA NA NA NA (c) <30-30 days Debt funds 7 - NA NA NA NA (d) <30 days Equity funds 34 - NA NA NA NA (e) <30-90 days Private equity funds: Equity growth 56,343 8,338 (f) 100 % 14 % 34 % 52 % NA NA Total $ 57,273 $ 8,338 (a) monthly (100%) (b) quarterly (100%) (c) daily (6%) and monthly (94%) (d) daily (100%) (e) daily (25%), monthly (70%) and annually (5%) (f) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $14,437 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, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition | The table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 16) on the accompanying consolidated statements of financial condition as of December 31, 2019 and 2018: December 31, 2019 2018 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,395 $ 1,543 Total return swaps and other (a) - 10,424 $ 1,395 $ 11,967 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 1,720 $ 939 Total return swaps and other (a) 8,527 1 LFI and other similar deferred compensation arrangements 226,026 188,022 $ 236,273 $ 188,962 (a) For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $152 and $8,679 as of December 31, 2019, respectively, and $10,792 and $369 as of December 31, 2018, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other liabilities” and “other assets” as of December 31, 2019 and 2018, respectively. |
Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed 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, 2019, 2018 and 2017, were as follows: Year Ended December 31, 2019 2018 2017 Forward foreign currency exchange rate contracts $ 6,988 $ 7,584 $ (9,144 ) LFI and other similar deferred compensation arrangements (31,657 ) 14,086 (23,526 ) Total return swaps and other (14,294 ) 8,813 (15,709 ) Total $ (38,963 ) $ 30,483 $ (48,379 ) |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of Property | At December 31, 2019 and 2018, property consisted of the following: Estimated Depreciable December 31, Life in Years 2019 2018 Buildings 33 $ 142,298 $ 145,034 Leasehold improvements 3-20 197,358 188,956 Furniture and equipment 3-10 215,254 204,585 Construction in progress 32,477 14,141 Total 587,387 552,716 Less - Accumulated depreciation and amortization 367,545 339,770 Property $ 219,842 $ 212,946 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Operating Lease Expense | The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the year ended December 31, 2019: Year Ended December 31, 2019 Operating lease cost $ 80,610 Variable lease cost 19,488 Less - sublease income 6,809 Total $ 93,289 |
Summary of Supplemental Cash Flow Information And Certain Other Information Related to Operating Leases | The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the year ended December 31, 2019: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 84,948 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 608,343 Weighted average remaining lease term 11 years Weighted average discount rate 3.6 % |
Summary of Maturities of Operating Lease Liabilities Outstanding | Maturities of the operating lease liabilities outstanding at December 31, 2019 for each of the years in the period ending December 31, 2024 and thereafter are set forth in the table below. Year Ending December 31, 2020 $ 89,130 2021 84,677 2022 67,795 2023 62,647 2024 61,417 Thereafter 428,409 Total lease payments 794,075 Less - Discount 149,730 Operating lease liabilities $ 644,345 |
Schedule of Prior Adoption For Future Minimum Rental Payment for Operating Leases | Prior to the adoption of the new lease accounting guidance, the minimum rental commitments under non-cancelable operating leases at December 31, 2018, net of sublease income, were approximately as follows: Year Ending December 31, 2019 $ 86,839 2020 89,445 2021 83,701 2022 70,780 2023 59,973 Thereafter 488,612 Total minimum rental commitments 879,350 Less - sublease proceeds 26,941 Net rental commitments $ 852,409 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at December 31, 2019 and 2018 are presented below: December 2019 2018 Goodwill $ 371,773 $ 371,561 Other intangible assets (net of accumulated amortization) 1,821 3,757 $ 373,594 $ 375,318 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Balance, January 1 $ 371,561 $ 385,292 $ 373,117 Foreign currency translation adjustments 212 (13,731 ) 12,175 Balance, December 31 $ 371,773 $ 371,561 $ 385,292 |
Gross Cost and Accumulated Amortization of Other Intangible Assets | The gross cost and accumulated amortization of other intangible assets as of December 31, 2019 and 2018, by major intangible asset category, are as follows: December 31, 2019 December 31, 2018 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 35,338 $ 33,840 $ 1,498 $ 35,232 $ 32,235 $ 2,997 Management fees, customer relationships and non-compete agreements 34,788 34,465 323 34,474 33,714 760 $ 70,126 $ 68,305 $ 1,821 $ 69,706 $ 65,949 $ 3,757 |
Estimated Future Amortization Expense | Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2020 $ 1,611 2021 60 2022 60 2023 60 2024 30 Total amortization expense $ 1,821 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Other Assets | The following table sets forth the Company’s other assets, by type, as of December 31, 2019 and 2018: December 31, 2019 2018 Current income and other tax receivables $ 59,048 $ 35,439 Prepaid compensation (see Note 16) 74,597 76,362 Other advances and prepayments 43,099 66,266 Other 80,455 80,567 Total $ 257,199 $ 258,634 |
Schedule of Other Liabilities | The following table sets forth the Company’s other liabilities, by type, as of December 31, 2019 and 2018: December 31, 2019 2018 Accrued expenses $ 179,275 $ 166,112 Current income taxes and other taxes 138,363 130,261 Employee benefit-related liabilities 51,370 51,051 Deferred lease liabilities - 84,449 Unclaimed funds at LFB 17,405 17,746 Deferred revenue (a) 97,964 80,995 Contingent consideration liability - 10,009 Securities sold, not yet purchased 12,894 3,929 Other 36,997 32,434 Total $ 534,268 $ 576,986 (a) The change in deferred revenue during the year ended December 31, 2019 principally relates to additional carried interest received from private equity investments that is subject to clawback. The revenue recognized during the current year related to the deferred revenue balance as of the beginning of the year was not material to the consolidated financial statements. |
Senior Debt (Tables)
Senior Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Senior Debt | Senior debt is comprised of the following as of December 31, 2019 and 2018: Outstanding as of Initial Annual December 31, 2019 December 31, 2018 Principal Amount Maturity Date Interest Rate(b) Principal Unamortized Debt Costs Carrying Value Principal Unamortized Debt Costs Carrying Value Lazard Group 2020 Senior Notes (a) $ 500,000 11/14/20 4.25 % $ - $ - $ - $ 250,000 $ 863 $ 249,137 Lazard Group 2025 Senior Notes 400,000 2/13/25 3.75 % 400,000 2,416 397,584 400,000 2,888 397,112 Lazard Group 2027 Senior Notes (a) 300,000 3/1/27 3.625 % 300,000 2,822 297,178 300,000 3,215 296,785 Lazard Group 2028 Senior Notes (a) 500,000 9/19/28 4.50 % 500,000 7,814 492,186 500,000 8,774 491,226 Lazard Group 2029 Senior Notes (a) 500,000 3/11/29 4.375 % 500,000 7,386 492,614 - - - Total $ 1,700,000 $ 20,438 $ 1,679,562 $ 1,450,000 $ 15,740 $ 1,434,260 (a) During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. During September 2018, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.50% senior notes due 2028 (the “2028 Notes”). Interest on the 2028 Notes is payable semi-annually on March 19 and September 19 of each year, beginning March 19, 2019. Lazard Group used a portion of the net proceeds of the 2028 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 2020 Notes. (b) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), the 2028 Notes and the 2029 Notes are 3.87%, 3.76%, 4.68% and 4.54%, respectively. |
Debt Maturities Relating to Senior Borrowings Outstanding | Debt maturities relating to senior borrowings outstanding at December 31, 2019 for each of the five years in the period ending December 31, 2024 and thereafter are set forth in the table below. Year Ending December 31, 2020 - 2024 $ - Thereafter 1,700,000 Total $ 1,700,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program —During the year ended December 31, 2019 and since 2017, the Board of Directors of Lazard authorized the repurchase of Class A common stock as set forth in the table below. Date Repurchase Authorization Expiration October 2017 $ 200,000 December 31, 2019 April 2018 $ 300,000 December 31, 2020 October 2018 $ 300,000 December 31, 2020 February 2019 $ 300,000 December 31, 2020 October 2019 $ 300,000 December 31, 2021 |
Schedule of Shares Repurchased Under the Share Repurchase Program | The Company expects that the share repurchase program will continue to 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 2018 Incentive Compensation Plan (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Years Ended December 31: Number of Shares Purchased Average Price Per Share 2017 6,956,097 $ 44.10 2018 12,206,652 $ 45.29 2019 13,674,439 $ 36.18 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax —The tables below reflect the balances of each component of AOCI at December 31, 2019, 2018 and 2017 and activity during the years then ended: Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2019 $ (130,137 ) $ (143,683 ) $ (273,820 ) $ (2 ) $ (273,818 ) Activity: Other comprehensive income (loss) before reclassifications 9,551 (34,098 ) (24,547 ) - (24,547 ) Adjustments for items reclassified to earnings, net of tax - 4,717 4,717 - 4,717 Net other comprehensive income (loss) 9,551 (29,381 ) (19,830 ) - (19,830 ) Balance, December 31, 2019 $ (120,586 ) $ (173,064 ) $ (293,650 ) $ (2 ) $ (293,648 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2018 $ (83,535 ) $ (148,984 ) $ (232,519 ) $ (1 ) $ (232,518 ) Activity: Other comprehensive loss before reclassifications (46,602 ) (5,434 ) (52,036 ) (1 ) (52,035 ) Adjustments for items reclassified to earnings, net of tax - 10,735 10,735 - 10,735 Net other comprehensive income (loss) (46,602 ) 5,301 (41,301 ) (1 ) (41,300 ) Balance, December 31, 2018 $ (130,137 ) $ (143,683 ) $ (273,820 ) $ (2 ) $ (273,818 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2017 $ (155,204 ) $ (159,020 ) $ (314,224 ) $ (2 ) $ (314,222 ) Activity: Other comprehensive income before reclassifications 71,669 2,085 73,754 1 73,753 Adjustments for items reclassified to earnings, net of tax - 7,951 7,951 - 7,951 Net other comprehensive income 71,669 10,036 81,705 1 81,704 Balance, December 31, 2017 $ (83,535 ) $ (148,984 ) $ (232,519 ) $ (1 ) $ (232,518 ) |
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, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Amortization relating to employee benefit plans (a) $ 5,884 $ 13,070 $ 10,171 Less - related income taxes 1,167 2,335 2,220 Total reclassifications, net of tax $ 4,717 $ 10,735 $ 7,951 (a) Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. |
Net Income and equity attributable to Non-controlling interests | The tables below summarize net income attributable to noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 and noncontrolling interests as of December 31, 2019 and 2018, in the Company’s consolidated financial statements: Net Income Attributable to Noncontrolling Interests Year Ended December 31, 2019 2018 2017 Edgewater $ 9,850 $ 5,320 $ 6,259 Consolidated VIEs 1,363 - - Other 3 4 5 Total $ 11,216 $ 5,324 $ 6,264 Noncontrolling Interests as of December 31, 2019 2018 Edgewater $ 50,151 $ 52,695 Profits interest participation rights 3,177 535 Consolidated VIEs 18,241 - Other 14 12 Total $ 71,583 $ 53,242 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations: Year Ended December 31, 2019 2018 2017 Share-based incentive awards: RSUs $ 168,338 $ 193,924 $ 190,821 PRSUs 8,742 34,114 40,767 Restricted Stock 29,322 37,261 39,369 Profits interest participation rights 44,537 - - DSUs 2,345 2,274 2,008 Total $ 253,284 $ 267,573 $ 272,965 |
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 year ended December 31, 2019: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2019 $ 76,362 $ 188,022 Granted 101,529 101,529 Settled - (96,976 ) Forfeited (1,702 ) (3,455 ) Amortization (101,663 ) - Change in fair value related to: Increase in fair value of underlying investments - 31,657 Adjustment for estimated forfeitures - 5,340 Other 71 (91 ) Balance, December 31, 2019 $ 74,597 $ 226,026 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, 2019, 2018 and 2017: Year Ended Ended December 31, 2019 2018 2017 Amortization, net of forfeitures $ 105,250 $ 90,230 $ 73,382 Change in the fair value of underlying investments 31,657 (14,086 ) 23,526 Total $ 136,907 $ 76,144 $ 96,908 |
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 for the year ended December 31, 2019: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2019 11,362,306 $ 43.78 323,546 $ 39.27 Granted (including 862,609 RSUs relating to dividend participation) 5,894,764 $ 38.65 72,427 $ 32.38 Forfeited (962,038 ) $ 43.43 - - Settled (5,907,466 ) $ 37.17 - - Balance, December 31, 2019 10,387,566 $ 44.66 395,973 $ 38.01 |
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 year ended December 31, 2019: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2019 1,541,058 $ 43.16 Granted 1,039,736 $ 35.32 Forfeited (231,591 ) $ 40.57 Settled (1,309,897 ) $ 38.49 Balance, December 31, 2019 1,039,306 $ 41.79 |
PRSUs [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to PRSUs during the year ended December 31, 2019: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2019 1,771,795 $ 38.66 Performance units earned (a) 196,991 $ 38.09 Settled (1,171,081 ) $ 32.44 Balance, December 31, 2019 797,705 $ 47.65 (a) 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. |
Profits Interest Participation Rights [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the year ended December 31, 2019: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2019 - - Granted (a) 1,462,702 $ 38.65 Balance, December 31, 2019 1,462,702 $ 38.65 (a) Table includes 564,167 PRPUs, which represents the target number of PRPUs granted during the fiscal year. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 655,015 $ 763,831 Service cost 815 884 Interest cost 15,350 15,569 Amendments - 3,196 Actuarial (gain) loss 89,242 (27,623 ) Benefits paid (30,817 ) (64,747 ) Foreign currency translation and other adjustments 15,100 (36,095 ) Benefit obligation at end of year 744,705 655,015 Change in plan assets Fair value of plan assets at beginning of year 642,837 728,281 Actual return on plan assets 74,844 (10,608 ) Employer contributions 5,623 22,153 Benefits paid (30,760 ) (62,056 ) Foreign currency translation and other adjustments 18,048 (34,933 ) Fair value of plan assets at end of year 710,592 642,837 Funded (deficit) at end of year $ (34,113 ) $ (12,178 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2019 and 2018 consist of: Prepaid pension asset (included in “other assets”) $ 2,922 $ 19,573 Accrued benefit liability (included in “other liabilities”) (37,035 ) (31,751 ) Net amount recognized $ (34,113 ) $ (12,178 ) Amounts recognized in AOCI (excluding tax benefits of $41,298 and $33,231 at December 31, 2019 and 2018, respectively) consist of: Actuarial net loss (gain) $ 211,197 $ 173,732 Prior service cost (credit) 3,165 3,178 Net amount recognized $ 214,362 $ 176,910 |
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, 2019 and 2018: U.S. Pension Plans Non-U.S. Pension Plans Total As Of December 31, As Of December 31, As Of December 31, 2019 2018 2019 2018 2019 2018 Fair value of plan assets $ 22,914 $ 20,813 $ 687,678 $ 622,024 $ 710,592 $ 642,837 Accumulated benefit obligation $ 32,314 $ 28,869 $ 712,391 $ 626,146 $ 744,705 $ 655,015 Projected benefit obligation $ 32,314 $ 28,869 $ 712,391 $ 626,146 $ 744,705 $ 655,015 |
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, 2019, 2018 and 2017: Pension Plans For The Year Ended December 31, 2019 2018 2017 Components of Net Periodic Benefit Cost (Credit): Service cost $ 815 $ 884 $ 1,413 Interest cost 15,350 15,569 16,240 Expected return on plan assets (27,470 ) (29,622 ) (25,300 ) Amortization of: Prior service cost 110 18 30 Net actuarial loss (gain) 5,025 11,840 10,141 Settlement loss (gain) 749 1,212 807 Net periodic benefit cost (credit) $ (5,421 ) $ (99 ) $ 3,331 Actual return on plan assets $ 74,844 $ (10,608 ) $ 43,624 Employer contributions $ 5,623 $ 22,153 $ 16,844 Benefits paid $ 30,760 $ 62,056 $ 42,022 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(8,067), $1,923 and $(1,287) during the years ended December 31, 2019, 2018 and 2017, respectively): Net actuarial (gain) loss $ 40,311 $ 11,073 $ (17,357 ) Prior service cost (credit) - 3,196 - Reclassification of prior service (cost) credit to earnings (110 ) (18 ) (30 ) Reclassification of actuarial gain (loss) to earnings (5,774 ) (13,052 ) (10,141 ) Currency translation and other adjustments 3,025 (8,424 ) 18,778 Total recognized in AOCI $ 37,452 $ (7,225 ) $ (8,750 ) Net amount recognized in total periodic benefit cost and AOCI $ 32,031 $ (7,324 ) $ (5,419 ) |
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, 2019 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2020 are as follows: Pension Plans Net actuarial loss $ 6,555 Prior service cost $ 114 |
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, 2019, 2018 and 2017 are set forth below: Pension Plans December 31, 2019 2018 2017 Weighted average assumptions used to determine benefit obligations: Discount rate 1.8 % 2.6 % 2.3 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 2.2 % 2.4 % 2.2 % Expected long-term rate of return on plan assets 4.4 % 4.4 % 3.8 % |
Schedule of Expected Benefit Payments | Expected Benefit Payments —The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: Pension Plans 2020 $ 25,184 2021 27,505 2022 28,771 2023 29,269 2024 30,938 2025-2029 156,960 |
Schedule of Categorization of Plans' Assets | Plan Assets —The following tables present the categorization of our pension plans’ assets as of December 31, 2019 and 2018, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements: As of December 31, 2019 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 11,742 $ - $ - $ - $ 11,742 Debt 77,940 - - - 77,940 Equities 37,898 - - - 37,898 Funds: Alternative investments - - - 26,692 26,692 Debt 8,828 81,898 - 269,183 359,909 Equity 183,727 4,697 - 6,442 194,866 Derivatives - 1,545 - - 1,545 Total $ 320,135 $ 88,140 $ - $ 302,317 $ 710,592 As of December 31, 2018 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 6,619 $ - $ - $ - $ 6,619 Debt 81,533 - - - 81,533 Equities 27,585 - - - 27,585 Funds: Alternative investments - - - 29,975 29,975 Debt 10,593 - - 322,739 333,332 Equity 151,199 5,572 - 6,031 162,802 Derivatives - 991 - - 991 Total $ 277,529 $ 6,563 $ - $ 358,745 $ 642,837 (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. |
Business Realignment (Tables)
Business Realignment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Expenses and Losses Associated with Business Realignment Activity | Expenses and losses associated with business realignment for the year ended December 31, 2019 were as follows: Financial Asset Advisory Management Corporate Total Compensation and benefits $ 39,476 $ 14,480 $ 2,679 $ 56,635 Other (a) 4,371 1,750 5,054 11,175 Total $ 43,847 $ 16,230 $ 7,733 $ 67,810 (a) Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Activity Related to the Obligations Pursuant to Business Realignment | Activity related to the obligations pursuant to business realignment during the year ended December 31, 2019 was as follows: Accrued Compensation Other and Benefits Liabilities Total Balance, January 1, 2019 $ - $ - $ - New charges 56,635 11,175 67,810 Less: Non-cash charges (16,596 ) (5,456 ) (22,052 ) Payments (19,829 ) (651 ) (20,480 ) Balance, December 31, 2019 $ 20,210 $ 5,068 $ 25,278 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The components of the Company’s provision for income taxes for the years ended December 31, 2019, 2018 and 2017, 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, 2019 2018 2017 Current: Federal $ 3,756 $ 2,507 $ 349 Foreign 62,885 95,279 64,119 State and local 3,469 5,145 (32 ) Total current 70,110 102,931 64,436 Deferred: Federal 15,139 49,604 480,085 Foreign 2,091 (12,632 ) 12,928 State and local 7,642 8,414 8,150 Total deferred 24,872 45,386 501,163 Total $ 94,982 $ 148,317 $ 565,599 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates | Year Ended December 31, 2019 2018 2017 U.S. federal statutory income tax rate 21.0 % 21.0 % 35.0 % U.S. tax reform 3.0 1.0 43.4 Foreign source income not subject to U.S. income tax (5.3 ) (2.2 ) (4.2 ) Change in U.S. federal valuation allowance 0.6 2.1 (3.4 ) Share-based incentive compensation (2.9 ) (5.0 ) (4.0 ) Foreign taxes 5.8 5.4 1.9 Foreign tax credits (2.6 ) (4.3 ) (2.0 ) State and local taxes 2.4 1.7 2.5 Income of non-controlling interests (0.5 ) (0.1 ) (0.3 ) Uncertain tax positions 1.8 0.2 (0.4 ) Other 0.9 2.0 - Effective income tax rate 24.2 % 21.8 % 68.5 % |
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows: December 31, 2019 2018 Deferred Tax Assets: Basis adjustments (a) $ 233,371 $ 288,764 Compensation and benefits 167,631 159,799 Net operating loss and tax credit carryforwards 272,456 249,509 Depreciation and amortization 1,815 1,764 Other 62,159 35,801 Gross deferred tax assets 737,432 735,637 Valuation allowance (76,486 ) (73,114 ) Deferred tax assets (net of valuation allowance) 660,946 662,523 Deferred Tax Liabilities: Depreciation and amortization 12,019 14,550 Compensation and benefits 7,058 9,816 Goodwill 29,876 26,124 Other 28,754 19,828 Deferred tax liabilities 77,707 70,318 Net deferred tax assets $ 583,239 $ 592,205 (a) The basis adjustments recorded as of December 31, 2019 and 2018 are primarily the result of additional basis from acquisitions of interests, including the impact of the tax receivable agreement obligation. |
Summary of Changes in Deferred Tax Assets Valuation Allowance | Changes in the deferred tax assets valuation allowance for the years ended December 31, 2019, 2018 and 2017 was as follows: Year Ended December 31, 2019 2018 2017 Beginning Balance $ 73,114 $ 61,456 $ 69,593 Charged (credited) to provision for income taxes 3,515 14,156 (23,670 ) Charged (credited) to other comprehensive income and other (a) (143 ) (2,498 ) 15,533 Ending Balance $ 76,486 $ 73,114 $ 61,456 (a) In accordance with the accounting guidance described above, 2017 includes recognition of previously unrecognized excess tax benefits offset by a valuation allowance of $12,090 recorded to retained earnings. |
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, 2019, 2018 and 2017 is as follows: Year Ended December 31, 2019 2018 2017 Balance, January 1 (excluding interest and penalties of $15,901, $15,136 and $15,392, respectively) $ 77,889 $ 78,674 $ 78,396 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years 11,764 653 1,598 Current year 22,383 17,961 19,823 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (19 ) (699 ) (2,961 ) Settlements with tax authorities (7,251 ) (1,218 ) - Lapse of the applicable statute of limitations (17,880 ) (17,482 ) (18,182 ) Balance, December 31 (excluding interest and penalties of $18,376, $15,901 and $15,136, respectively) $ 86,886 $ 77,889 $ 78,674 |
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2019 2018 2017 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,376, $15,901 and $15,136, respectively) $ 85,603 $ 78,693 $ 78,841 Unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 19,659 $ 15,097 $ 14,969 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,455, $4,889 and $6,185, respectively) $ 2,475 $ 765 $ (256 ) |
Net Income Per Share of Class_2
Net Income Per Share of Class A Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding | The Company’s basic and diluted net income per share calculations using the “two-class” method for the year ended December 31, 2019 and using the “treasury stock” method for the years ended December 31, 2018 and 2017 are presented below: Year Ended December 31, 2019 2018 2017 Net income attributable to Lazard Ltd $ 286,500 $ 527,125 $ 253,583 Add - adjustment for earnings attributable to participating securities (3,390 ) - - Net income attributable to Lazard Ltd - basic 283,110 527,125 253,583 Add - adjustment for earnings attributable to participating securities 25 - - Net income attributable to Lazard Ltd - diluted $ 283,135 $ 527,125 $ 253,583 Weighted average number of shares of Class A common stock outstanding 108,316,241 118,753,778 121,309,174 Add - adjustment for shares of Class A common stock issuable on a non-contingent basis 1,873,621 252,753 264,268 Weighted average number of shares of Class A common stock outstanding - basic 110,189,862 119,006,531 121,573,442 Add - dilutive effect, as applicable, of: Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation 5,889,944 10,761,061 10,906,286 Weighted average number of shares of Class A common stock outstanding - diluted 116,079,806 129,767,592 132,479,728 Net income attributable to Lazard Ltd per share of Class A common stock: Basic $ 2.57 $ 4.43 $ 2.09 Diluted $ 2.44 $ 4.06 $ 1.91 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Financial Advisory Net Revenue $ 1,374,036 $ 1,555,526 $ 1,387,682 Operating Expenses (a)/(c) 1,225,795 1,198,807 1,143,586 Operating Income $ 148,241 $ 356,719 $ 244,096 Total Assets $ 1,144,339 $ 859,306 $ 843,142 Asset Management Net Revenue $ 1,237,390 $ 1,331,801 $ 1,255,820 Operating Expenses (a)/(c) 887,522 912,110 810,870 Operating Income $ 349,868 $ 419,691 $ 444,950 Total Assets $ 821,641 $ 728,220 $ 756,398 Corporate Net Revenue $ (24,653 ) $ (60,975 ) $ 809 Operating Expenses (a)/(b)/(c) 80,758 34,669 (135,591 ) Operating Income (Loss) $ (105,411 ) $ (95,644 ) $ 136,400 Total Assets $ 3,673,601 $ 3,409,715 $ 3,329,137 Total Net Revenue $ 2,586,773 $ 2,826,352 $ 2,644,311 Operating Expenses (a)/(c) 2,194,075 2,145,586 1,818,865 Operating Income $ 392,698 $ 680,766 $ 825,446 Total Assets $ 5,639,581 $ 4,997,241 $ 4,928,677 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2019 2018 2017 Financial Advisory $ 5,492 $ 7,720 $ 6,596 Asset Management 2,995 3,253 2,830 Corporate 27,085 23,130 22,072 Total $ 35,572 $ 34,103 $ 31,498 (b) Operating expenses include a benefit of $503, $6,495 and $202,546 for the years ended December 31, 2019, 2018 and 2017, respectively, recorded for the benefit pursuant to the tax receivable agreement. See Note 21 for information regarding the tax receivable agreement obligation. (c) See Note 18 for information regarding business realignment. |
Schedule of Operating Income, Revenue 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. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia. As of or for the Year Ended December 31, 2019 2018 2017 Net Revenue: Americas $ 1,544,063 $ 1,615,736 $ 1,558,070 EMEA 873,007 1,022,994 903,525 Asia Pacific 169,703 187,622 182,716 Total $ 2,586,773 $ 2,826,352 $ 2,644,311 Operating Income: Americas (a) $ 241,992 $ 434,111 $ 596,044 EMEA 120,481 206,578 193,781 Asia Pacific 30,225 40,077 35,621 Total $ 392,698 $ 680,766 $ 825,446 Identifiable Assets: Americas $ 2,908,926 $ 2,557,904 $ 2,600,412 EMEA 2,437,788 2,150,597 2,039,385 Asia Pacific 292,867 288,740 288,880 Total $ 5,639,581 $ 4,997,241 $ 4,928,677 (a) Operating income includes a benefit of $503, $6,495 and $202,546 for the years ended December 31, 2019, 2018 and 2017, respectively, recorded for the benefit pursuant to the tax receivable agreement. See Note 21 for information regarding the tax receivable agreement obligation. |
Consolidated VIEs (Tables)
Consolidated VIEs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract] | |
Summary of Consolidated VIE Assets and Liabilities | The Company’s consolidated VIE assets and liabilities as reflected in the consolidated statements of financial condition consist of the following at December 31, 2019: ASSETS Cash and cash equivalents $ 3,826 Customers and other receivables 102 Investments (a) 97,474 Other assets 245 Total Assets $ 101,647 LIABILITIES Deposits and other customer payables $ 62 Other liabilities 513 Total Liabilities $ 575 (a) Includes $83,036 of LFI held by Lazard Group which is eliminated in the consolidated statements of financial condition |
Supplemental Financial Inform_2
Supplemental Financial Information - Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018. 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. 2019 Fiscal Quarter First Second Third Fourth Year (dollars in thousands, except per share data) Net revenue $ 643,674 $ 630,690 $ 591,068 $ 721,341 $ 2,586,773 Operating expenses 524,011 529,005 538,695 602,364 2,194,075 Operating income $ 119,663 $ 101,685 $ 52,373 $ 118,977 $ 392,698 Net income $ 96,476 $ 73,513 $ 48,196 $ 79,531 $ 297,716 Less - net income (loss) attributable to noncontrolling interests (566 ) 7,736 1,492 2,554 11,216 Net income attributable to Lazard Ltd $ 97,042 $ 65,777 $ 46,704 $ 76,977 $ 286,500 Attributable to Lazard Ltd Class A common stockholders: Net income per share of common stock: Basic $ 0.87 $ 0.57 $ 0.42 $ 0.70 $ 2.57 Diluted $ 0.80 $ 0.55 $ 0.40 $ 0.67 $ 2.44 Dividends declared per share of common stock $ 0.94 $ 0.47 $ 0.47 $ 0.47 $ 2.35 2018 Fiscal Quarter First Second Third Fourth Year (dollars in thousands, except per share data) Net revenue $ 754,698 $ 757,938 $ 626,481 $ 687,235 $ 2,826,352 Operating expenses 568,870 557,998 487,800 530,918 2,145,586 Operating income $ 185,828 $ 199,940 $ 138,681 $ 156,317 $ 680,766 Net income $ 161,661 $ 148,379 $ 108,725 $ 113,684 $ 532,449 Less - net income attributable to noncontrolling interests 1,969 1,416 1,651 288 5,324 Net income attributable to Lazard Ltd $ 159,692 $ 146,963 $ 107,074 $ 113,396 $ 527,125 Attributable to Lazard Ltd Class A common stockholders: Net income per share of common stock: Basic $ 1.33 $ 1.22 $ 0.90 $ 0.97 $ 4.43 Diluted $ 1.21 $ 1.13 $ 0.82 $ 0.89 $ 4.06 Dividends declared per share of common stock $ 1.71 $ 0.44 $ 0.44 $ 0.44 $ 3.03 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) - Segment | Feb. 04, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Organization And Basis Of Presentation [Line Items] | |||
Governing operating agreement, date | Feb. 4, 2019 | ||
Number of business segments | 2 | ||
Lazard Group LLC [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of common membership interests held | 100.00% | 100.00% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | |||
Foreign currency remeasurement gains (losses), net of hedge transactions | $ 3,443 | $ (2,880) | $ 1,900 |
Depreciation and amortization expense | 35,572 | 34,103 | 31,498 |
Amount of research and other eligible services received through soft dollar arrangements | $ 25,000 | ||
Operating Segments [Member] | Financial Advisory Segment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Fees receivable outstanding past due | 60 days from the date of invoice | ||
Timing of when a fee receivable is considered past due when under a contractual payment term agreement | 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. | ||
Receivables past due in excess of 180 days are fully provided unless there is evidence that the balance is collectible | 180 days | ||
Depreciation and amortization expense | $ 5,492 | 7,720 | 6,596 |
Operating Segments [Member] | Asset Management Segment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Date when the fee receivable is considered past due | 12 months after the invoice date | ||
Depreciation and amortization expense | $ 2,995 | $ 3,253 | $ 2,830 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||||
Operating lease right-of-use assets | $ 551,504 | $ 502,000 | ||
Operating lease liability | $ 644,345 | $ 581,000 | ||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
Revenue Recognition - Represent
Revenue Recognition - Representation of Performance Obligations Relate to Nature, Amount, Timing and Uncertainty of Revenue and Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Advisory Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 1,374,036 | $ 1,555,526 |
Asset Management Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 1,237,390 | 1,331,801 |
Asset Management Segment [Member] | Management Fees and Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 1,216,115 | 1,311,286 |
Asset Management Segment [Member] | Incentive Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 21,275 | $ 20,515 |
Receivables - Schedule of Activ
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance For Doubtful Accounts Receivable Rollforward | |||
Allowance for doubtful accounts receivables, Beginning balance | $ 40,164 | $ 23,746 | $ 16,386 |
Bad debt expense, net of recoveries | (5,080) | 27,164 | 15,419 |
Charge-offs, foreign currency translation and other adjustments | (7,954) | (10,746) | (8,059) |
Allowance for doubtful accounts receivables, Ending balance | $ 27,130 | $ 40,164 | $ 23,746 |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables past due or deemed uncollectible | $ 43,339,000 | $ 42,309,000 | ||
Interest-bearing financing fee receivables | 77,052,000 | 90,966,000 | ||
Allowance for doubtful accounts receivables | 27,130,000 | 40,164,000 | $ 23,746,000 | $ 16,386,000 |
Non-interest-bearing financing receivables | 586,086,000 | 594,568,000 | ||
Financing Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for doubtful accounts receivables | $ 0 | $ 0 |
Investments - Company's Investm
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Total investments | $ 531,995 | $ 575,148 |
Investments, at fair value | 531,478 | 574,638 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 12,894 | 3,929 |
Interest-bearing Deposits [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 517 | 510 |
Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 100,000 | 202,874 |
Investments, at fair value | 100,000 | 202,874 |
Equities [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 48,521 | 32,261 |
Investments, at fair value | 48,521 | 32,261 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 16,581 | 17,752 |
Investments, at fair value | 16,581 | 17,752 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 113,579 | 90,320 |
Investments, at fair value | 113,579 | 90,320 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 218,435 | 175,088 |
Investments, at fair value | 218,435 | 175,088 |
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 34,362 | 56,343 |
Investments, at fair value | 34,362 | 56,343 |
Funds Total [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 382,957 | $ 339,503 |
Investments - Company's Inves_2
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Investments | $ 531,995 | $ 575,148 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 16,581 | 17,752 |
Alternative Investment Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 9,881 | 9,741 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 113,579 | 90,320 |
Debt Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 78,360 | 60,081 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 218,435 | 175,088 |
Equity Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | $ 170,897 | $ 132,038 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Interest-bearing Deposits [Member] | |
Schedule of Investments [Line Items] | |
Deposits maturity period | 3 months |
Minimum [Member] | Debt [Member] | U.S. Treasury Securities [Member] | |
Schedule of Investments [Line Items] | |
US Treasury securities maturity period | 3 months |
Maximum [Member] | Interest-bearing Deposits [Member] | |
Schedule of Investments [Line Items] | |
Deposits maturity period | 1 year |
Maximum [Member] | Debt [Member] | U.S. Treasury Securities [Member] | |
Schedule of Investments [Line Items] | |
US Treasury securities maturity period | 1 year |
Investments - Schedule of Equit
Investments - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract] | |||
Net unrealized investment gains (losses) | $ 36,610 | $ (43,009) | $ 27,192 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 531,478 | $ 574,638 |
Total Derivative Assets | 1,395 | 11,967 |
Total investments measured at fair value | 532,873 | 586,605 |
Securities sold, not yet purchased | 12,894 | 3,929 |
Contingent consideration liability | 10,009 | |
Total Derivative Liabilities | 236,273 | 188,962 |
Total of Liabilities Measured at Fair Value | 249,167 | 202,900 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 494,619 | 515,743 |
Securities sold, not yet purchased | 12,894 | 3,929 |
Total of Liabilities Measured at Fair Value | 12,894 | 3,929 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total Derivative Assets | 1,395 | 11,967 |
Total investments measured at fair value | 1,395 | 11,967 |
Total Derivative Liabilities | 236,273 | 188,962 |
Total of Liabilities Measured at Fair Value | 236,273 | 188,962 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 2,971 | 1,622 |
Contingent consideration liability | 10,009 | |
Total of Liabilities Measured at Fair Value | 10,009 | |
NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 33,888 | 57,273 |
Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 100,000 | 202,874 |
Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 100,000 | 202,874 |
Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 48,521 | 32,261 |
Equities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 46,921 | 30,639 |
Equities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 1,600 | 1,622 |
Alternative Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 16,581 | 17,752 |
Alternative Investment Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 15,731 | 16,863 |
Alternative Investment Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 850 | 889 |
Debt Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 113,579 | 90,320 |
Debt Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 113,574 | 90,313 |
Debt Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 5 | 7 |
Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 218,435 | 175,088 |
Equity Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 218,393 | 175,054 |
Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 42 | 34 |
Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 34,362 | 56,343 |
Private Equity Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 1,371 | |
Private Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 32,991 | $ 56,343 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Beginning Balance | $ 1,622 | $ 1,592 | $ 1,508 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (781) | 61 | 14 |
Purchases/Acquisitions/Transfers | 2,131 | 1 | 1,661 |
Sales/Dispositions/Settlements | 0 | (1,669) | |
Foreign Currency Translation Adjustments | (1) | (32) | 78 |
Ending Balance | 2,971 | 1,622 | 1,592 |
Liabilities: | |||
Beginning Balance | 10,009 | 28,941 | 22,608 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 17,170 | (18,932) | 6,582 |
Purchases/Acquisitions/Transfers | 0 | 0 | 0 |
Sales/Dispositions/Settlements | (27,179) | 0 | (249) |
Foreign Currency Translation Adjustments | 0 | 0 | 0 |
Ending Balance | 0 | 10,009 | 28,941 |
Contingent Consideration Liability [Member] | |||
Liabilities: | |||
Beginning Balance | 10,009 | 28,941 | 22,608 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 17,170 | (18,932) | 6,582 |
Purchases/Acquisitions/Transfers | 0 | 0 | 0 |
Sales/Dispositions/Settlements | (27,179) | 0 | (249) |
Foreign Currency Translation Adjustments | 0 | 0 | 0 |
Ending Balance | 0 | 10,009 | 28,941 |
Equities [Member] | |||
Assets: | |||
Beginning Balance | 1,622 | 1,592 | 1,508 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (21) | 61 | 14 |
Purchases/Acquisitions/Transfers | 0 | 1 | 1,661 |
Sales/Dispositions/Settlements | 0 | (1,669) | |
Foreign Currency Translation Adjustments | (1) | (32) | 78 |
Ending Balance | 1,600 | $ 1,622 | $ 1,592 |
Private Equity Funds [Member] | |||
Assets: | |||
Net Unrealized/Realized Gains/Losses Included In Earnings | (760) | ||
Purchases/Acquisitions/Transfers | 2,131 | ||
Sales/Dispositions/Settlements | 0 | ||
Foreign Currency Translation Adjustments | 0 | ||
Ending Balance | $ 1,371 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equities [Member] | |||
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Net unrealized gains (losses) | $ (781) | $ 61 | $ 12 |
Contingent Consideration Liability [Member] | |||
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Net unrealized (gains) losses | $ 17,170 | $ (18,932) | $ 6,582 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Option Quantitative Disclosures [Line Items] | ||
Transfers between Level 1, 2 and 3 in fair value measurement hierarchy | $ 0 | $ 0 |
Unfunded Commitments | 6,056,000 | $ 8,338,000 |
EGCP III [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Unfunded Commitments | $ 5,484,000 | |
End of the investment period | Oct. 12, 2016 | |
Remaining obligation date | Oct. 12, 2023 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Assets: | |||
Cash and cash equivalents | $ 1,231,593 | $ 1,246,537 | $ 1,483,836 |
Deposits with banks and short-term investments | 1,180,686 | 1,006,969 | 935,431 |
Cash deposited with clearing organizations and other segregated cash | 43,280 | 38,379 | $ 35,539 |
Interest-bearing financing receivables | 77,052 | 90,966 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,246,200 | 1,154,207 | |
Senior debt | 1,679,562 | 1,434,260 | |
Carrying Value [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 1,231,593 | 1,246,537 | |
Deposits with banks and short-term investments | 1,180,686 | 1,006,969 | |
Cash deposited with clearing organizations and other segregated cash | 43,280 | 38,379 | |
Interest-bearing financing receivables | 77,052 | 90,966 | |
Interest-bearing deposits (included within investments) | 517 | 510 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,246,200 | 1,154,207 | |
Senior debt | 1,679,562 | 1,434,260 | |
Fair Value [Member] | |||
Financial Assets: | |||
Deposits with banks and short-term investments | 1,180,686 | 1,006,969 | |
Cash deposited with clearing organizations and other segregated cash | 43,280 | 38,379 | |
Interest-bearing financing receivables | 78,940 | 91,765 | |
Cash and cash equivalents | 1,231,593 | 1,246,537 | |
Interest-bearing deposits (included within investments) | 517 | 510 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,246,200 | 1,154,207 | |
Senior debt | 1,838,716 | 1,429,280 | |
Fair Value [Member] | Level 1 [Member] | |||
Financial Assets: | |||
Deposits with banks and short-term investments | 1,180,686 | 1,006,969 | |
Cash deposited with clearing organizations and other segregated cash | 43,280 | 38,379 | |
Cash and cash equivalents | 1,231,593 | 1,246,537 | |
Interest-bearing deposits (included within investments) | 517 | 510 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,246,200 | 1,154,207 | |
Fair Value [Member] | Level 2 [Member] | |||
Financial Liabilities: | |||
Senior debt | 1,838,716 | 1,429,280 | |
Fair Value [Member] | Level 3 [Member] | |||
Financial Assets: | |||
Interest-bearing financing receivables | $ 78,940 | $ 91,765 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 33,888 | $ 57,273 |
Unfunded Commitments | 6,056 | 8,338 |
Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 241 | $ 299 |
Hedge Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 52.00% | 100.00% |
Hedge Funds [Member] | Quarterly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 48.00% | |
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 |
Other [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 609 | $ 567 |
Other [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 94.00% | 94.00% |
Other [Member] | Daily [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 6.00% | 6.00% |
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 | 30 days | 30 days |
Debt Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 5 | $ 7 |
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, Percent | 100.00% | 100.00% |
Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 42 | $ 34 |
Equity Funds [Member] | Annually [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 66.00% | 5.00% |
Equity Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 34.00% | 70.00% |
Equity Funds [Member] | Daily [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 25.00% | |
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 | 60 days | 90 days |
Private Equity Funds [Member] | Equity Growth [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 32,991 | $ 56,343 |
Unfunded Commitments | $ 6,056 | $ 8,338 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years | 22.00% | 14.00% |
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years | 12.00% | 34.00% |
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter | 66.00% | 52.00% |
Funds of Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 23 | |
Investments Redeemable, Redemption Notice Period | 90 days | |
Funds of Funds [Member] | Quarterly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 100.00% |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 6,056 | $ 8,338 |
Private Equity Funds [Member] | Consolidated But Not Owned [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 11,155 | $ 14,437 |
Derivatives - Fair Values of De
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | $ 1,395 | $ 11,967 |
Derivative Liabilities | 236,273 | 188,962 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | 1,395 | 1,543 |
Derivative Liabilities | 1,720 | 939 |
Total Return Swaps and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | 10,424 | |
Derivative Liabilities | 8,527 | 1 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 226,026 | $ 188,022 |
Derivatives - Fair Values of _2
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Parenthetical) (Detail) - Total Return Swaps [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative assets | $ 152 | $ 10,792 |
Gross derivative liability | $ 8,679 | $ 369 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives instruments | $ (38,963) | $ 30,483 | $ (48,379) |
Forward Foreign Currency Exchange Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | 6,988 | 7,584 | (9,144) |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | (31,657) | 14,086 | (23,526) |
Total Return Swaps and Other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $ (14,294) | $ 8,813 | $ (15,709) |
Property - Components of Proper
Property - Components of Property (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 587,387 | $ 552,716 |
Less - Accumulated depreciation and amortization | 367,545 | 339,770 |
Property | 219,842 | 212,946 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 142,298 | 145,034 |
Property, plant and equipment, useful life | 33 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 197,358 | 188,956 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 215,254 | 204,585 |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 32,477 | $ 14,141 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 80,610 |
Variable lease cost | 19,488 |
Less - sublease income | 6,809 |
Total | $ 93,289 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information And Certain Other Information Related to Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 84,948 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 608,343 |
Weighted average remaining lease term | 11 years |
Weighted average discount rate | 3.60% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 89,130 | |
2021 | 84,677 | |
2022 | 67,795 | |
2023 | 62,647 | |
2024 | 61,417 | |
Thereafter | 428,409 | |
Total lease payments | 794,075 | |
Less - Discount | 149,730 | |
Operating lease liabilities | $ 644,345 | $ 581,000 |
Leases - Schedule of Prior Adop
Leases - Schedule of Prior Adoption For Future Minimum Rental Payment for Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Minimum Rental Commitments Operating - 2019 | $ 86,839 |
Minimum Rental Commitments Operating - 2020 | 89,445 |
Minimum Rental Commitments Operating - 2021 | 83,701 |
Minimum Rental Commitments Operating - 2022 | 70,780 |
Minimum Rental Commitments Operating - 2023 | 59,973 |
Minimum Rental Commitments Operating - Thereafter | 488,612 |
Total minimum rental commitments | 879,350 |
Less - sublease proceeds | 26,941 |
Net rental commitments | $ 852,409 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 371,773 | $ 371,561 | $ 385,292 | $ 373,117 |
Other intangible assets (net of accumulated amortization) | 1,821 | 3,757 | ||
Goodwill and other intangible assets, Total | $ 373,594 | $ 375,318 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 371,773,000 | $ 371,561,000 | $ 385,292,000 | $ 373,117,000 |
Goodwill impairment loss | 0 | 0 | 0 | |
Amortization of intangible assets | 2,240,000 | 3,035,000 | $ 2,932,000 | |
Financial Advisory Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 307,232,000 | 307,020,000 | ||
Asset Management Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 64,541,000 | $ 64,541,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Beginning Balance | $ 371,561 | $ 385,292 | $ 373,117 |
Foreign currency translation adjustments | 212 | (13,731) | 12,175 |
Ending Balance | $ 371,773 | $ 371,561 | $ 385,292 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | $ 70,126 | $ 69,706 |
Other intangible assets, accumulated amortization | 68,305 | 65,949 |
Other intangible assets, Net Carrying Amount | 1,821 | 3,757 |
Success/Incentive Fees [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 35,338 | 35,232 |
Other intangible assets, accumulated amortization | 33,840 | 32,235 |
Other intangible assets, Net Carrying Amount | 1,498 | 2,997 |
Management Fees, Customer Relationships and Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 34,788 | 34,474 |
Other intangible assets, accumulated amortization | 34,465 | 33,714 |
Other intangible assets, Net Carrying Amount | $ 323 | $ 760 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2020 | $ 1,611 |
2021 | 60 |
2022 | 60 |
2023 | 60 |
2024 | 30 |
Total amortization expense | $ 1,821 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Current income and other tax receivables | $ 59,048 | $ 35,439 |
Prepaid compensation (see Note 16) | 74,597 | 76,362 |
Other advances and prepayments | 43,099 | 66,266 |
Other | 80,455 | 80,567 |
Total | $ 257,199 | $ 258,634 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $ 179,275 | $ 166,112 |
Current income taxes and other taxes | 138,363 | 130,261 |
Employee benefit-related liabilities | 51,370 | 51,051 |
Deferred lease liabilities | 84,449 | |
Unclaimed funds at LFB | 17,405 | 17,746 |
Deferred revenue | 97,964 | 80,995 |
Contingent consideration liability | 10,009 | |
Securities sold, not yet purchased | 12,894 | 3,929 |
Other | 36,997 | 32,434 |
Total | $ 534,268 | $ 576,986 |
Senior Debt - Senior Debt (Deta
Senior Debt - Senior Debt (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Senior Debt, Outstanding Principal | $ 1,700,000,000 | $ 1,450,000,000 | ||
Senior Debt, Outstanding Unamortized Debt Costs | 20,438,000 | 15,740,000 | ||
Senior Debt, Outstanding Carrying Value | 1,679,562,000 | 1,434,260,000 | ||
Lazard Group 4.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 500,000,000 | |||
Senior Debt, Maturity Date | Nov. 14, 2020 | |||
Senior Debt, Annual Interest Rate | 4.25% | |||
Senior Debt, Outstanding Principal | 250,000,000 | |||
Senior Debt, Outstanding Unamortized Debt Costs | 863,000 | |||
Senior Debt, Outstanding Carrying Value | 249,137,000 | |||
Lazard Group 3.75% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 400,000,000 | |||
Senior Debt, Maturity Date | Feb. 13, 2025 | |||
Senior Debt, Annual Interest Rate | 3.75% | |||
Senior Debt, Outstanding Principal | $ 400,000,000 | 400,000,000 | ||
Senior Debt, Outstanding Unamortized Debt Costs | 2,416,000 | 2,888,000 | ||
Senior Debt, Outstanding Carrying Value | 397,584,000 | 397,112,000 | ||
Lazard Group 3.625% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 300,000,000 | |||
Senior Debt, Maturity Date | Mar. 1, 2027 | |||
Senior Debt, Annual Interest Rate | 3.625% | |||
Senior Debt, Outstanding Principal | $ 300,000,000 | 300,000,000 | ||
Senior Debt, Outstanding Unamortized Debt Costs | 2,822,000 | 3,215,000 | ||
Senior Debt, Outstanding Carrying Value | 297,178,000 | 296,785,000 | ||
Lazard Group 4.50% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 500,000,000 | $ 500,000,000 | ||
Senior Debt, Maturity Date | Sep. 19, 2028 | |||
Senior Debt, Annual Interest Rate | 4.50% | 4.50% | ||
Senior Debt, Outstanding Principal | $ 500,000,000 | 500,000,000 | ||
Senior Debt, Outstanding Unamortized Debt Costs | 7,814,000 | 8,774,000 | ||
Senior Debt, Outstanding Carrying Value | 492,186,000 | $ 491,226,000 | ||
Lazard Group 4.375% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 500,000,000 | $ 500,000,000 | ||
Senior Debt, Maturity Date | Mar. 11, 2029 | |||
Senior Debt, Annual Interest Rate | 4.375% | 4.375% | ||
Senior Debt, Outstanding Principal | $ 500,000,000 | |||
Senior Debt, Outstanding Unamortized Debt Costs | 7,386,000 | |||
Senior Debt, Outstanding Carrying Value | $ 492,614,000 |
Senior Debt - Senior Debt (Pare
Senior Debt - Senior Debt (Parenthetical) (Detail) - USD ($) | Apr. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2018 |
Lazard Group 4.375% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior debt, initial principal amount | $ 500,000,000 | $ 500,000,000 | ||
Interest rate, payment terms | Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. | |||
Senior notes interest rate | 4.375% | 4.375% | ||
Original Maturity Date | Mar. 11, 2029 | |||
Effective interest rates of senior notes | 4.54% | |||
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% | |||
Redemption of senior debt aggregate principal amount | $ 82,057,000 | $ 167,943,000 | $ 250,000,000 | |
Original Maturity Date | Nov. 14, 2020 | |||
Lazard Group 4.50% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior debt, initial principal amount | $ 500,000,000 | $ 500,000,000 | ||
Interest rate, payment terms | Interest on the 2028 Notes is payable semi-annually on March 19 and September 19 of each year, beginning March 19, 2019. | |||
Senior notes interest rate | 4.50% | 4.50% | ||
Original Maturity Date | Sep. 19, 2028 | |||
Effective interest rates of senior notes | 4.68% | |||
Lazard Group 3.75% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes interest rate | 3.75% | |||
Original Maturity Date | Feb. 13, 2025 | |||
Effective interest rates of senior notes | 3.87% | |||
Lazard Group 3.625% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior debt, initial principal amount | $ 300,000,000 | |||
Senior notes interest rate | 3.625% | |||
Original Maturity Date | Mar. 1, 2027 | |||
Effective interest rates of senior notes | 3.76% |
Senior Debt - Additional Inform
Senior Debt - Additional Information (Detail) - USD ($) | Sep. 25, 2015 | Dec. 31, 2019 | Dec. 31, 2018 |
Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 168,000,000 | ||
LFB [Member] | Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | 17,000,000 | ||
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) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total | $ 1,700,000,000 | $ 1,450,000,000 |
Senior Borrowings Outstanding [Member] | ||
Debt Instrument [Line Items] | ||
2020 - 2024 | 0 | |
Thereafter | 1,700,000,000 | |
Total | $ 1,700,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Business Acquisitions [Member] | Class A Common Stock [Member] | |
Other Commitments [Line Items] | |
Number of contingent additional shares earned including dividend equivalent amount | shares | 731,822 |
Business Acquisitions [Member] | Class A Common Stock [Member] | Non-Contingent [Member] | |
Other Commitments [Line Items] | |
Business acquisition exchangeable interest into common stock | shares | 247,518 |
LFB [Member] | |
Other Commitments [Line Items] | |
Guarantees indemnifications | $ 2,279,000 |
Collateral/counter-guarantees | 2,279,000 |
Other commitments | 0 |
LFNY [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2019 |
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Common stock held by subsidiaries, shares | 8,513,493 | 17,574,805 | 8,513,493 | 17,574,805 | |||||||||
Aggregate value of all shares repurchased | $ 494,687 | $ 552,872 | $ 306,741 | ||||||||||
Share repurchase remaining authorization | $ 400,825 | $ 400,825 | |||||||||||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Dividend declared per share of common stock | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.94 | $ 0.44 | $ 0.44 | $ 0.44 | $ 1.71 | $ 2.35 | $ 3.03 | $ 2.81 | ||
Subsequent Event [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Dividend payable date | Feb. 28, 2020 | ||||||||||||
Dividend date of record | Feb. 18, 2020 | ||||||||||||
Dividend declare date | Jan. 29, 2020 | ||||||||||||
Subsequent Event [Member] | Quarterly Dividend [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Dividend declared per share of common stock | $ 0.47 | ||||||||||||
December 31, 2020 [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Share repurchase remaining authorization | $ 100,825 | $ 100,825 | |||||||||||
Share repurchase authorization expiration date | Dec. 31, 2020 | ||||||||||||
December 31, 2021 [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Share repurchase remaining authorization | $ 300,000 | $ 300,000 | |||||||||||
Share repurchase authorization expiration date | Dec. 31, 2021 | ||||||||||||
Class A Common Stock [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Common stock held by subsidiaries, shares | 8,513,493 | 17,574,805 | 8,513,493 | 17,574,805 | |||||||||
Class A Common Stock [Member] | Lazard Group LLC [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Number of shares distributed to the parent | 17,000,000 | ||||||||||||
Class A Common Stock [Member] | Executive Officers [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Aggregate value of all shares repurchased | $ 14,600 | $ 17,700 | $ 14,700 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | ||||||||
Series B Preferred Stock [Member] | |||||||||||||
Schedule Of Stockholders Equity [Line Items] | |||||||||||||
Preferred stock, shares outstanding | 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, 2019USD ($) | |
October, 2017 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 200,000,000 |
Expiration | Dec. 31, 2019 |
April, 2018 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2020 |
October, 2018 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2020 |
February, 2019 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2020 |
October, 2019 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2021 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Repurchase Program [Abstract] | |||
Number of Shares Purchased | 13,674,439 | 12,206,652 | 6,956,097 |
Average Price Per Share | $ 36.18 | $ 45.29 | $ 44.10 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 970,093 | $ 1,258,905 | $ 1,293,813 |
Other comprehensive income (loss) before reclassifications | (24,547) | (52,036) | 73,754 |
Adjustments for items reclassified to earnings, net of tax | 4,717 | 10,735 | 7,951 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,830) | (41,301) | 81,705 |
Balance | 681,574 | 970,093 | 1,258,905 |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (130,137) | (83,535) | (155,204) |
Other comprehensive income (loss) before reclassifications | 9,551 | (46,602) | 71,669 |
Adjustments for items reclassified to earnings, net of tax | 0 | ||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 9,551 | (46,602) | 71,669 |
Balance | (120,586) | (130,137) | (83,535) |
Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (143,683) | (148,984) | (159,020) |
Other comprehensive income (loss) before reclassifications | (34,098) | (5,434) | 2,085 |
Adjustments for items reclassified to earnings, net of tax | 4,717 | 10,735 | 7,951 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (29,381) | 5,301 | 10,036 |
Balance | (173,064) | (143,683) | (148,984) |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2) | (1) | (2) |
Other comprehensive income (loss) before reclassifications | (1) | 1 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (1) | 1 | |
Balance | (2) | (2) | (1) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (273,818) | (232,518) | (314,222) |
Other comprehensive income (loss) before reclassifications | (24,547) | (52,035) | 73,753 |
Adjustments for items reclassified to earnings, net of tax | 4,717 | 10,735 | 7,951 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,830) | (41,300) | 81,704 |
Balance | (293,648) | (273,818) | (232,518) |
Total AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (273,820) | (232,519) | (314,224) |
Balance | $ (293,650) | $ (273,820) | $ (232,519) |
Stockholders' Equity - Adjustme
Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | $ 4,717 | $ 10,735 | $ 7,951 |
Employee Benefit Plans [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization relating to employee benefit plans | 5,884 | 13,070 | 10,171 |
Less - related income taxes | 1,167 | 2,335 | 2,220 |
Total reclassifications, net of tax | $ 4,717 | $ 10,735 | $ 7,951 |
Stockholders' Equity - Net Inco
Stockholders' Equity - Net Income Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | $ 2,554 | $ 1,492 | $ 7,736 | $ (566) | $ 288 | $ 1,651 | $ 1,416 | $ 1,969 | $ 11,216 | $ 5,324 | $ 6,264 |
Noncontrolling interests | 71,583 | 53,242 | 71,583 | 53,242 | |||||||
Profits Interest Participation Rights [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Noncontrolling interests | 3,177 | 535 | 3,177 | 535 | |||||||
Consolidated VIEs [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | 1,363 | ||||||||||
Noncontrolling interests | 18,241 | 18,241 | |||||||||
Edgewater [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | 9,850 | 5,320 | 6,259 | ||||||||
Noncontrolling interests | 50,151 | 52,695 | 50,151 | 52,695 | |||||||
Other [Member] | |||||||||||
Change In Ownership Interest [Line Items] | |||||||||||
Net Income Attributable to Noncontrolling Interests | 3 | 4 | $ 5 | ||||||||
Noncontrolling interests | $ 14 | $ 12 | $ 14 | $ 12 |
Incentive Plans - Additional In
Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2020 | Dec. 31, 2019 | Apr. 24, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of RSUs issued in connection with dividend participation rights | 862,609 | ||
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred incentive compensation awards | $ 361,300 | ||
Award vesting description | RSUs, restricted Class A common stock and LFI granted generally provide for one-third vesting on the second anniversary of the grant date and the remaining two-thirds vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. The profits interest participation rights granted generally provide for vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. | ||
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 | ||
Number of RSUs issued in connection with dividend participation rights | 862,609 | ||
Charges to retained earnings, net of estimated forfeitures | $ 28,801 | ||
Unrecognized compensation expense | $ 123,982 | ||
Unrecognized compensation expense, years | 9 months 18 days | ||
DSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual compensation received for service | 51,379 | ||
Units granted under the directors deferred unit plan | 21,048 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 17,670 | ||
Unrecognized compensation expense, years | 9 months 18 days | ||
PRSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 2,828 | ||
Unrecognized compensation expense, years | 7 months 6 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 | PRSUs will vest on a single date approximately three years following the date of the grant | ||
Vesting period | 3 years | ||
PRSUs 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. | ||
Profits Interest Participation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock conversion basis | one-for-one | ||
Unrecognized compensation expense | $ 17,447 | ||
Unrecognized compensation expense, years | 1 year 1 month 6 days | ||
Descriptions of vesting period | Profits interest participation rights generally provide for vesting approximately three years following the grant date | ||
Vesting period | 3 years | ||
PRSUs target share distribution for Class A common stock, description | The target number of shares of Class A common stock subject to each PRPU is one. Based on the achievement of performance criteria, as determined by the Compensation Committee, the number of shares of Class A common stock that may be received in connection with each PRPU award will range from zero to two times the target number. | ||
Percentage of target number of shares subject to the applicable units no longer subject to forfeiture due to threshold level of performance being achieved | 25.00% | ||
Class A Common Stock [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 2,064,257 | ||
Delivery of common stock associated with stock awards | 3,843,209 | ||
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 | 434,924 | ||
Delivery of common stock associated with stock awards | 874,973 | ||
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 | 203,036 | ||
Delivery of common stock associated with stock awards | 968,045 | ||
Class A Common Stock [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized pertaining to share based compensation arrangements | 30,000,000 | ||
Class A Common Stock [Member] | Awarded Under 2008 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of outstanding Class A common stock available under the plan | 30.00% | ||
Compensation plan expiration period | Apr. 24, 2018 | ||
Class A Common Stock [Member] | 2005 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized pertaining to share based compensation arrangements | 25,000,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based incentive awards: | |||
Share-based incentive awards | $ 253,284 | $ 267,573 | $ 272,965 |
RSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 168,338 | 193,924 | 190,821 |
PRSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 8,742 | 34,114 | 40,767 |
Restricted Stock [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 29,322 | 37,261 | 39,369 |
Profits Interest Participation Rights [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 44,537 | ||
DSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | $ 2,345 | $ 2,274 | $ 2,008 |
Incentive Plans - Schedule of A
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
RSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 11,362,306 |
Units, Granted | shares | 5,894,764 |
Units, Forfeited | shares | (962,038) |
Units, Settled | shares | (5,907,466) |
Units, Ending Balance | shares | 10,387,566 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 43.78 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 38.65 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 43.43 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 37.17 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 44.66 |
DSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 323,546 |
Units, Granted | shares | 72,427 |
Units, Ending Balance | shares | 395,973 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 39.27 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 32.38 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 38.01 |
Incentive Plans - Schedule of_2
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Dividend participation rights | 862,609 |
Incentive Plans - Summary of Ac
Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 1,541,058 |
Units, Granted | shares | 1,039,736 |
Units, Forfeited | shares | (231,591) |
Units, Settled | shares | (1,309,897) |
Units, Ending Balance | shares | 1,039,306 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 43.16 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 35.32 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 40.57 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 38.49 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 41.79 |
Incentive Plans - Summary of _2
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] | 12 Months Ended | |
Dec. 31, 2019$ / sharesshares | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Units, Beginning Balance | shares | 1,771,795 | |
Units, Earned | shares | 196,991 | [1] |
Units, Settled | shares | (1,171,081) | |
Units, Ending Balance | shares | 797,705 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 38.66 | |
Weighted Average Grant Date Fair Value, Earned | $ / shares | 38.09 | [1] |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 32.44 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 47.65 | |
[1] | 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. |
Incentive Plans - Summary of _3
Incentive Plans - Summary of Activity Relating to PIPRs , including PRPUs (Detail) - Profits Interest Participation Rights, Including PRPUs [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Granted | shares | 1,462,702 |
Units, Ending Balance | shares | 1,462,702 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 38.65 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 38.65 |
Incentive Plans - Summary of _4
Incentive Plans - Summary of Activity Relating to PIPRs , including PRPUs (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019shares | |
PRPUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Granted | 564,167 |
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, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | ||
Prepaid Compensation Asset | $ 74,597 | $ 76,362 |
Compensation Liability | 236,273 | 188,962 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | ||
Prepaid Compensation Asset | 74,597 | 76,362 |
Prepaid Compensation Asset, Granted | 101,529 | |
Prepaid Compensation Asset, Forfeited | (1,702) | |
Prepaid Compensation Asset, Amortization | (101,663) | |
Prepaid Compensation Asset, Other | 71 | |
Compensation Liability | 226,026 | $ 188,022 |
Compensation Liability, Granted | 101,529 | |
Compensation Liability, Settled | (96,976) | |
Compensation Liability, Forfeited | (3,455) | |
Compensation Liability, Amortization | 31,657 | |
Compensation Liability, Adjustment for estimated forfeitures | 5,340 | |
Compensation Liability, Other | $ (91) |
Incentive Plans - Summary of _5
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation [Abstract] | |||
Amortization, net of forfeitures | $ 105,250 | $ 90,230 | $ 73,382 |
Change in the fair value of underlying investments | 31,657 | (14,086) | 23,526 |
Total | $ 136,907 | $ 76,144 | $ 96,908 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Equity funds that are invested in funds managed by the company | $ 99,671 | $ 87,129 | |
Contributions to employer sponsored defined contribution plans | 16,994 | $ 15,872 | $ 15,065 |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution related to the pension plans | $ 5,000 | ||
Non-U.S. Pension Plans [Member] | Level 1 [Member] | NAV [Member] | Cash And Alternative Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets invested | 6.00% | 6.00% | |
Non-U.S. Pension Plans [Member] | Level 1 and Level 2 [Member] | Equities And Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets invested | 32.00% | 29.00% | |
Non-U.S. Pension Plans [Member] | Level 1 and Level 2 [Member] | NAV [Member] | Debt and Debt Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets invested | 62.00% | 65.00% | |
Unites States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution related to the pension plans | $ 1,000 | ||
Unites States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan assets invested | 1.00% | ||
Unites States [Member] | Level 1 [Member] | Debt Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plans' assets in debt funds | 39.00% | 51.00% | |
Unites States [Member] | Level 1 [Member] | NAV [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plans' assets in equity funds | 60.00% | 49.00% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 655,015 | ||
Benefit obligation at end of year | 744,705 | $ 655,015 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 642,837 | ||
Fair value of plan assets at end of year | 710,592 | 642,837 | |
Pension Plans [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 655,015 | 763,831 | |
Service cost | 815 | 884 | $ 1,413 |
Interest cost | 15,350 | 15,569 | 16,240 |
Amendments | 0 | 3,196 | |
Actuarial (gain) loss | 89,242 | (27,623) | |
Benefits paid | (30,817) | (64,747) | |
Foreign currency translation and other adjustments | 15,100 | (36,095) | |
Benefit obligation at end of year | 744,705 | 655,015 | 763,831 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 642,837 | 728,281 | |
Actual return on plan assets | 74,844 | (10,608) | 43,624 |
Employer contributions | 5,623 | 22,153 | 16,844 |
Benefits paid | (30,760) | (62,056) | (42,022) |
Foreign currency translation and other adjustments | 18,048 | (34,933) | |
Fair value of plan assets at end of year | 710,592 | 642,837 | $ 728,281 |
Funded (deficit) at end of year | (34,113) | (12,178) | |
Prepaid pension asset (included in “other assets”) | 2,922 | 19,573 | |
Accrued benefit liability (included in “other liabilities”) | (37,035) | (31,751) | |
Net amount recognized | (34,113) | (12,178) | |
Actuarial net loss (gain) | 211,197 | 173,732 | |
Prior service cost (credit) | 3,165 | 3,178 | |
Net amount recognized | $ 214,362 | $ 176,910 |
Employee Benefit Plans - Summ_2
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, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Tax benefits on amounts recognized in OCI | $ 41,298 | $ 33,231 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 710,592 | $ 642,837 |
Accumulated benefit obligation | 744,705 | 655,015 |
Projected benefit obligation | 744,705 | 655,015 |
Unites States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22,914 | 20,813 |
Accumulated benefit obligation | 32,314 | 28,869 |
Projected benefit obligation | 32,314 | 28,869 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 687,678 | 622,024 |
Accumulated benefit obligation | 712,391 | 626,146 |
Projected benefit obligation | $ 712,391 | $ 626,146 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | $ 815 | $ 884 | $ 1,413 |
Interest cost | 15,350 | 15,569 | 16,240 |
Expected return on plan assets | (27,470) | (29,622) | (25,300) |
Amortization of: | |||
Prior service cost | 110 | 18 | 30 |
Net actuarial loss (gain) | 5,025 | 11,840 | 10,141 |
Settlement loss (gain) | 749 | 1,212 | 807 |
Net periodic benefit cost (credit) | (5,421) | (99) | 3,331 |
Actual return on plan assets | 74,844 | (10,608) | 43,624 |
Employer contributions | 5,623 | 22,153 | 16,844 |
Benefits paid | 30,760 | 62,056 | 42,022 |
Prior service cost (credit) | 3,196 | ||
Net actuarial (gain) loss | 40,311 | 11,073 | (17,357) |
Reclassification of prior service (cost) credit to earnings | (110) | (18) | (30) |
Reclassification of actuarial gain (loss) to earnings | (5,774) | (13,052) | (10,141) |
Currency translation and other adjustments | 3,025 | (8,424) | 18,778 |
Total recognized in AOCI | 37,452 | (7,225) | (8,750) |
Net amount recognized in total periodic benefit cost and AOCI | $ 32,031 | $ (7,324) | $ (5,419) |
Employee Benefit Plans - Comp_2
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Tax expense (benefit) on other changes in plan assets and benefit obligations recognized in AOCI | $ (8,067) | $ 1,923 | $ (1,287) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized (Detail) - Pension Plans [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 6,555 |
Prior service cost | $ 114 |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Detail) - Pension Plans [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 1.80% | 2.60% | 2.30% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 2.20% | 2.40% | 2.20% |
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets | 4.40% | 4.40% | 3.80% |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) - Pension Plans [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 25,184 |
2021 | 27,505 |
2022 | 28,771 |
2023 | 29,269 |
2024 | 30,938 |
2025-2029 | $ 156,960 |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 710,592 | $ 642,837 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 320,135 | 277,529 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 88,140 | 6,563 | |
NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 302,317 | 358,745 |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 11,742 | 6,619 | |
Cash [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 11,742 | 6,619 | |
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 77,940 | 81,533 | |
Debt [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 77,940 | 81,533 | |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 37,898 | 27,585 | |
Equities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 37,898 | 27,585 | |
Alternative Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 26,692 | 29,975 | |
Alternative Investment Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 26,692 | 29,975 |
Debt Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 359,909 | 333,332 | |
Debt Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 8,828 | 10,593 | |
Debt Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 81,898 | ||
Debt Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 269,183 | 322,739 |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 194,866 | 162,802 | |
Equity Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 183,727 | 151,199 | |
Equity Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 4,697 | 5,572 | |
Equity Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 6,442 | 6,031 |
Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 1,545 | 991 | |
Derivatives [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 1,545 | $ 991 | |
[1] | 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. |
Business Realignment Activities
Business Realignment Activities - Expenses and Losses Associated with Business Realignment Activity (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Compensation and benefits | $ 56,635 | |
Other | 11,175 | [1] |
Total | 67,810 | |
Financial Advisory Segment [Member] | ||
Compensation and benefits | 39,476 | |
Other | 4,371 | [1] |
Total | 43,847 | |
Asset Management Segment [Member] | ||
Compensation and benefits | 14,480 | |
Other | 1,750 | [1] |
Total | 16,230 | |
Corporate Segment [Member] | ||
Compensation and benefits | 2,679 | |
Other | 5,054 | [1] |
Total | $ 7,733 | |
[1] | Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Business Realignment Activiti_2
Business Realignment Activities - Expenses and Losses Associated with Business Realignment Activity (Parenthetical) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Other expenses and losses associated with business realignment | $ 11,175 | [1] |
Financial Advisory Segment [Member] | ||
Other expenses and losses associated with business realignment | 4,371 | [1] |
Financial Advisory Segment [Member] | Certain Offices [Member] | ||
Other expenses and losses associated with business realignment | $ 3,727 | |
[1] | Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Business Realignment Activiti_3
Business Realignment Activities - Activity Related to the Obligations Pursuant to Business Realignment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
New charges | $ 67,810 |
Non-cash charges | (22,052) |
Payments | (20,480) |
Balance, December 31, 2019 | 25,278 |
Accrued Compensation and Benefits [Member] | |
New charges | 56,635 |
Non-cash charges | (16,596) |
Payments | (19,829) |
Balance, December 31, 2019 | 20,210 |
Other Liabilities [Member] | |
New charges | 11,175 |
Non-cash charges | (5,456) |
Payments | (651) |
Balance, December 31, 2019 | $ 5,068 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% | ||
Reduction in deferred tax assets due to tax cuts and jobs act | $ 420,000 | ||||
Income tax provisions | $ 94,982 | $ 148,317 | 565,599 | ||
Deferred tax assets, valuation allowance | 76,486 | 73,114 | 61,456 | $ 69,593 | |
Deferred tax assets recorded due to net operating losses and tax credit carryforwards | 272,456 | ||||
Indefinite-lived carryforwards | 40,000 | ||||
Other certain tax credit carryforwards | $ 177,000 | ||||
Certain carryforwards begin to expire | 2029 | ||||
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 2014. 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 | $ 13,100 | ||||
Adjustments for New Accounting Principle [Member] | |||||
Income Tax [Line Items] | |||||
Income tax provisions | $ 11,000 | $ 33,000 | $ 9,000 | ||
Deferred tax assets recorded for previously unrecognized excess tax benefits on share-based payment awards | $ 81,544 | ||||
Deferred tax assets, valuation allowance | $ 12,090 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal, current | $ 3,756 | $ 2,507 | $ 349 |
Foreign, current | 62,885 | 95,279 | 64,119 |
State and local, current | 3,469 | 5,145 | (32) |
Total current | 70,110 | 102,931 | 64,436 |
Federal, deferred | 15,139 | 49,604 | 480,085 |
Foreign, deferred | 2,091 | (12,632) | 12,928 |
State and local, deferred | 7,642 | 8,414 | 8,150 |
Total deferred | 24,872 | 45,386 | 501,163 |
Total | $ 94,982 | $ 148,317 | $ 565,599 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
U.S. tax reform | 3.00% | 1.00% | 43.40% |
Foreign source income not subject to U.S. income tax | (5.30%) | (2.20%) | (4.20%) |
Change in U.S. federal valuation allowance | 0.60% | 2.10% | (3.40%) |
Share-based incentive compensation | (2.90%) | (5.00%) | (4.00%) |
Foreign taxes | 5.80% | 5.40% | 1.90% |
Foreign tax credits | (2.60%) | (4.30%) | (2.00%) |
State and local taxes | 2.40% | 1.70% | 2.50% |
Income of non-controlling interests | (0.50%) | (0.10%) | (0.30%) |
Uncertain tax positions | 1.80% | 0.20% | (0.40%) |
Other | 0.90% | 2.00% | |
Effective income tax rate | 24.20% | 21.80% | 68.50% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets: | ||||
Basis adjustments | $ 233,371 | $ 288,764 | ||
Compensation and benefits | 167,631 | 159,799 | ||
Net operating loss and tax credit carryforwards | 272,456 | 249,509 | ||
Depreciation and amortization | 1,815 | 1,764 | ||
Other | 62,159 | 35,801 | ||
Gross deferred tax assets | 737,432 | 735,637 | ||
Valuation allowance | (76,486) | (73,114) | $ (61,456) | $ (69,593) |
Deferred tax assets (net of valuation allowance) | 660,946 | 662,523 | ||
Deferred Tax Liabilities: | ||||
Depreciation and amortization | 12,019 | 14,550 | ||
Compensation and benefits | 7,058 | 9,816 | ||
Goodwill | 29,876 | 26,124 | ||
Other | 28,754 | 19,828 | ||
Deferred tax liabilities | 77,707 | 70,318 | ||
Net deferred tax assets | $ 583,239 | $ 592,205 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 73,114 | $ 61,456 | $ 69,593 |
Charged (credited) to provision for income taxes | 3,515 | 14,156 | (23,670) |
Charged (credited) to other comprehensive income and other | (143) | (2,498) | 15,533 |
Ending Balance | $ 76,486 | $ 73,114 | $ 61,456 |
Income Taxes - Summary of Cha_2
Income Taxes - Summary of Changes in Deferred Tax Assets Valuation Allowance (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Adjustments for New Accounting Principle [Member] | |
Income Tax [Line Items] | |
Amount of unrecognized excess tax benefits offset by valuation allowance | $ 12,090 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance, January 1 (excluding interest and penalties of $15,901, $15,136 and $15,392, respectively) | $ 77,889 | $ 78,674 | $ 78,396 |
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years | 11,764 | 653 | 1,598 |
Increases in gross unrecognized tax benefits relating to tax positions taken during current years | 22,383 | 17,961 | 19,823 |
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years | (19) | (699) | (2,961) |
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities | (7,251) | (1,218) | |
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations | (17,880) | (17,482) | (18,182) |
Balance, December 31 (excluding interest and penalties of $18,376, $15,901 and $15,136, respectively) | $ 86,886 | $ 77,889 | $ 78,674 |
Income Taxes - Schedule of Gr_2
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 18,376 | $ 15,901 | $ 15,136 | $ 15,392 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 $18,376, $15,901 and $15,136, respectively) | $ 85,603 | $ 78,693 | $ 78,841 |
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate | 19,659 | 15,097 | 14,969 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,455, $4,889 and $6,185, respectively) | $ 2,475 | $ 765 | $ (256) |
Income Taxes - Schedule of Ad_2
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 18,376 | $ 15,901 | $ 15,136 | $ 15,392 |
Reversal of interest and penalties | $ 3,455 | $ 4,889 | $ 6,185 |
Net Income Per Share of Class_3
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Lazard Ltd | $ 76,977 | $ 46,704 | $ 65,777 | $ 97,042 | $ 113,396 | $ 107,074 | $ 146,963 | $ 159,692 | $ 286,500 | $ 527,125 | $ 253,583 |
Add - adjustment for earnings attributable to participating securities | (3,390) | ||||||||||
Net income attributable to Lazard Ltd - basic | 283,110 | 527,125 | 253,583 | ||||||||
Add - adjustment for earnings attributable to participating securities | 25 | ||||||||||
Net income attributable to Lazard Ltd - diluted | $ 283,135 | $ 527,125 | $ 253,583 | ||||||||
Weighted average number of shares of Class A common stock outstanding | 108,316,241 | 118,753,778 | 121,309,174 | ||||||||
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis | 1,873,621 | 252,753 | 264,268 | ||||||||
Weighted average number of shares of Class A common stock outstanding - basic | 110,189,862 | 119,006,531 | 121,573,442 | ||||||||
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation | 5,889,944 | 10,761,061 | 10,906,286 | ||||||||
Weighted average number of shares of Class A common stock outstanding - diluted | 116,079,806 | 129,767,592 | 132,479,728 | ||||||||
Net income attributable to Lazard Ltd per share of Class A common stock: | |||||||||||
Basic | $ 0.70 | $ 0.42 | $ 0.57 | $ 0.87 | $ 0.97 | $ 0.90 | $ 1.22 | $ 1.33 | $ 2.57 | $ 4.43 | $ 2.09 |
Diluted | $ 0.67 | $ 0.40 | $ 0.55 | $ 0.80 | $ 0.89 | $ 0.82 | $ 1.13 | $ 1.21 | $ 2.44 | $ 4.06 | $ 1.91 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 26, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||||
Fees receivable | $ 537,442 | $ 501,397 | ||
Benefit pursuant to tax receivable agreement | $ 503 | $ 6,495 | $ 202,546 | |
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% | |
Payments under tax receivable agreement | $ 23,701 | $ 33,140 | $ 789 | |
Investment Banking and Other Advisory Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | 1,371,420 | 1,554,114 | 1,385,536 | |
Investment Banking and Other Advisory Fees [Member] | Member of Board of Directors of Company that Services were Provided to [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | 9,000 | |||
Sponsored Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 587,665 | $ 654,561 | $ 649,089 | |
Type of Revenue [Extensible List] | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | |
Fees receivable | $ 54,561 | $ 59,304 | ||
LTBP Trust [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of cash savings in income or franchise tax that would be realized as a result of increases in tax basis and certain other tax benefits related to the amended and restated tax receivable agreement | 45.00% | |||
Cash tax saving that may arise from tax benefits attributable to payments under the amended and restated tax receivable agreement | 85.00% | |||
Benefit pursuant to tax receivable agreement | 503 | $ 6,495 | $ 202,546 | |
U.S. federal statutory income tax rate | 21.00% | 35.00% | ||
Reduction in tax receivable agreement obligation | $ 202,546 | |||
Cumulative liability relating to obligations under Amended and Restated Tax Receivable Agreement | 247,344 | $ 270,640 | ||
Payments under tax receivable agreement | $ 23,701 |
Regulatory Authorities - Additi
Regulatory Authorities - Additional Information (Detail) | Dec. 31, 2019USD ($) |
LFNY [Member] | |
Regulatory Requirements [Line Items] | |
Specified fixed percentage, minimum required capital | 6.67% |
Minimum net capital requirement as defined under exchange act | $ 5,000 |
Regulatory capital | 134,374,000 |
Regulatory capital in excess of minimum requirement | $ 127,427,000 |
Aggregate indebtedness to net capital ratio | 0.78 |
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 | $ 175,890,000 |
Regulatory capital in excess of minimum requirement | 158,700,000 |
CFLF [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 127,935,000 |
Regulatory capital in excess of minimum requirement | 69,150,000 |
Combined European Regulated Group [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 182,054,000 |
Regulatory capital in excess of minimum requirement | 75,566,000 |
Other U.S. and Non-U.S. Subsidiaries [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 153,707,000 |
Regulatory capital in excess of minimum requirement | $ 124,392,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | $ 721,341 | $ 591,068 | $ 630,690 | $ 643,674 | $ 687,235 | $ 626,481 | $ 757,938 | $ 754,698 | $ 2,586,773 | $ 2,826,352 | $ 2,644,311 |
Operating Expenses | 602,364 | 538,695 | 529,005 | 524,011 | 530,918 | 487,800 | 557,998 | 568,870 | 2,194,075 | 2,145,586 | 1,818,865 |
Operating Income (Loss) | 118,977 | $ 52,373 | $ 101,685 | $ 119,663 | 156,317 | $ 138,681 | $ 199,940 | $ 185,828 | 392,698 | 680,766 | 825,446 |
Total Assets | 5,639,581 | 4,997,241 | 5,639,581 | 4,997,241 | 4,928,677 | ||||||
Depreciation and amortization of property | 35,572 | 34,103 | 31,498 | ||||||||
Operating Segments [Member] | Financial Advisory Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,374,036 | 1,555,526 | 1,387,682 | ||||||||
Operating Expenses | 1,225,795 | 1,198,807 | 1,143,586 | ||||||||
Operating Income (Loss) | 148,241 | 356,719 | 244,096 | ||||||||
Total Assets | 1,144,339 | 859,306 | 1,144,339 | 859,306 | 843,142 | ||||||
Depreciation and amortization of property | 5,492 | 7,720 | 6,596 | ||||||||
Operating Segments [Member] | Asset Management Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,237,390 | 1,331,801 | 1,255,820 | ||||||||
Operating Expenses | 887,522 | 912,110 | 810,870 | ||||||||
Operating Income (Loss) | 349,868 | 419,691 | 444,950 | ||||||||
Total Assets | 821,641 | 728,220 | 821,641 | 728,220 | 756,398 | ||||||
Depreciation and amortization of property | 2,995 | 3,253 | 2,830 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | (24,653) | (60,975) | 809 | ||||||||
Operating Expenses | 80,758 | 34,669 | (135,591) | ||||||||
Operating Income (Loss) | (105,411) | (95,644) | 136,400 | ||||||||
Total Assets | $ 3,673,601 | $ 3,409,715 | 3,673,601 | 3,409,715 | 3,329,137 | ||||||
Depreciation and amortization of property | $ 27,085 | $ 23,130 | $ 22,072 |
Segment Information - Segment_2
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Benefit pursuant to tax receivable agreement | $ 503 | $ 6,495 | $ 202,546 |
LTBP Trust [Member] | |||
Segment Reporting Information [Line Items] | |||
Benefit pursuant to tax receivable agreement | 503 | 6,495 | 202,546 |
Corporate [Member] | LTBP Trust [Member] | |||
Segment Reporting Information [Line Items] | |||
Benefit pursuant to tax receivable agreement | $ 503 | $ 6,495 | $ 202,546 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | $ 721,341 | $ 591,068 | $ 630,690 | $ 643,674 | $ 687,235 | $ 626,481 | $ 757,938 | $ 754,698 | $ 2,586,773 | $ 2,826,352 | $ 2,644,311 |
Operating Income | 118,977 | $ 52,373 | $ 101,685 | $ 119,663 | 156,317 | $ 138,681 | $ 199,940 | $ 185,828 | 392,698 | 680,766 | 825,446 |
Identifiable Assets | 5,639,581 | 4,997,241 | 5,639,581 | 4,997,241 | 4,928,677 | ||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 1,544,063 | 1,615,736 | 1,558,070 | ||||||||
Operating Income | 241,992 | 434,111 | 596,044 | ||||||||
Identifiable Assets | 2,908,926 | 2,557,904 | 2,908,926 | 2,557,904 | 2,600,412 | ||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 873,007 | 1,022,994 | 903,525 | ||||||||
Operating Income | 120,481 | 206,578 | 193,781 | ||||||||
Identifiable Assets | 2,437,788 | 2,150,597 | 2,437,788 | 2,150,597 | 2,039,385 | ||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenue | 169,703 | 187,622 | 182,716 | ||||||||
Operating Income | 30,225 | 40,077 | 35,621 | ||||||||
Identifiable Assets | $ 292,867 | $ 288,740 | $ 292,867 | $ 288,740 | $ 288,880 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Benefit pursuant to tax receivable agreement | $ 503 | $ 6,495 | $ 202,546 |
LTBP Trust [Member] | |||
Segment Reporting Information [Line Items] | |||
Benefit pursuant to tax receivable agreement | 503 | 6,495 | 202,546 |
Americas [Member] | LTBP Trust [Member] | |||
Segment Reporting Information [Line Items] | |||
Benefit pursuant to tax receivable agreement | $ 503 | $ 6,495 | $ 202,546 |
Consolidated VIEs - Summary of
Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||
Cash and cash equivalents | $ 1,231,593 | $ 1,246,537 | $ 1,483,836 |
Customers and other receivables | 125,696 | 184,137 | |
Investments | 531,995 | 575,148 | |
Other assets | 257,199 | 258,634 | |
Total Assets | 5,639,581 | 4,997,241 | $ 4,928,677 |
LIABILITIES | |||
Deposits and other customer payables | 1,246,200 | 1,154,207 | |
Other liabilities | 534,268 | 576,986 | |
Total Liabilities | 4,958,007 | $ 4,027,148 | |
Consolidated VIEs [Member] | |||
ASSETS | |||
Cash and cash equivalents | 3,826 | ||
Customers and other receivables | 102 | ||
Investments | 97,474 | ||
Other assets | 245 | ||
Total Assets | 101,647 | ||
LIABILITIES | |||
Deposits and other customer payables | 62 | ||
Other liabilities | 513 | ||
Total Liabilities | $ 575 |
Consolidated VIEs - Summary o_2
Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investments | $ 531,995 | $ 575,148 |
Lazard Fund Interests [Member] | Lazard Group LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 83,036 |
Supplemental Financial Inform_3
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net Revenue | $ 721,341 | $ 591,068 | $ 630,690 | $ 643,674 | $ 687,235 | $ 626,481 | $ 757,938 | $ 754,698 | $ 2,586,773 | $ 2,826,352 | $ 2,644,311 |
Operating expenses | 602,364 | 538,695 | 529,005 | 524,011 | 530,918 | 487,800 | 557,998 | 568,870 | 2,194,075 | 2,145,586 | 1,818,865 |
Operating Income (Loss) | 118,977 | 52,373 | 101,685 | 119,663 | 156,317 | 138,681 | 199,940 | 185,828 | 392,698 | 680,766 | 825,446 |
NET INCOME | 79,531 | 48,196 | 73,513 | 96,476 | 113,684 | 108,725 | 148,379 | 161,661 | 297,716 | 532,449 | 259,847 |
Net income (loss) attributable to noncontrolling interests | 2,554 | 1,492 | 7,736 | (566) | 288 | 1,651 | 1,416 | 1,969 | 11,216 | 5,324 | 6,264 |
Net income attributable to Lazard Ltd | $ 76,977 | $ 46,704 | $ 65,777 | $ 97,042 | $ 113,396 | $ 107,074 | $ 146,963 | $ 159,692 | $ 286,500 | $ 527,125 | $ 253,583 |
NET INCOME PER SHARE OF COMMON STOCK: | |||||||||||
Basic | $ 0.70 | $ 0.42 | $ 0.57 | $ 0.87 | $ 0.97 | $ 0.90 | $ 1.22 | $ 1.33 | $ 2.57 | $ 4.43 | $ 2.09 |
Diluted | 0.67 | 0.40 | 0.55 | 0.80 | 0.89 | 0.82 | 1.13 | 1.21 | 2.44 | 4.06 | 1.91 |
Dividend declared per share of common stock | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.94 | $ 0.44 | $ 0.44 | $ 0.44 | $ 1.71 | $ 2.35 | $ 3.03 | $ 2.81 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 1,231,593 | $ 1,246,537 | $ 1,483,836 | |
Other assets | 257,199 | 258,634 | ||
Total Assets | 5,639,581 | 4,997,241 | 4,928,677 | |
Liabilities: | ||||
Other liabilities | 534,268 | 576,986 | ||
Total Liabilities | 4,958,007 | 4,027,148 | ||
Commitments and contingencies | ||||
Common stock: | ||||
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 and 129,766,091 shares issued at December 31, 2019 and 2018, respectively, including shares held by subsidiaries as indicated below) | 1,128 | 1,298 | ||
Additional paid-in-capital | 41,020 | 750,692 | ||
Retained earnings | 1,193,570 | 1,195,563 | ||
Accumulated other comprehensive loss, net of tax | (293,648) | (273,818) | ||
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total | 942,070 | 1,673,735 | ||
Class A common stock held by subsidiaries, at cost (8,513,493 and 17,574,805 shares at December 31, 2019 and 2018, respectively) | (332,079) | (756,884) | ||
Total Lazard Ltd Stockholders’ Equity | 609,991 | 916,851 | ||
Total Liabilities and Stockholders’ Equity | 5,639,581 | 4,997,241 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock: | ||||
Preferred stock | ||||
Series B Preferred Stock [Member] | ||||
Preferred stock: | ||||
Preferred stock | ||||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,734 | 4,136 | $ 3,921 | $ 3,916 |
Investments in subsidiaries, equity method | (1,259,668) | (1,275,357) | ||
Due from subsidiaries | 1,872,940 | 2,191,915 | ||
Other assets | 8 | 19 | ||
Total Assets | 616,014 | 920,713 | ||
Liabilities: | ||||
Due to subsidiaries | 5,866 | 3,707 | ||
Other liabilities | 157 | 155 | ||
Total Liabilities | 6,023 | 3,862 | ||
Commitments and contingencies | ||||
Common stock: | ||||
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 and 129,766,091 shares issued at December 31, 2019 and 2018, respectively, including shares held by subsidiaries as indicated below) | 1,128 | 1,298 | ||
Additional paid-in-capital | 41,020 | 750,692 | ||
Retained earnings | 1,193,570 | 1,195,563 | ||
Accumulated other comprehensive loss, net of tax | (293,648) | (273,818) | ||
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total | 942,070 | 1,673,735 | ||
Class A common stock held by subsidiaries, at cost (8,513,493 and 17,574,805 shares at December 31, 2019 and 2018, respectively) | (332,079) | (756,884) | ||
Total Lazard Ltd Stockholders’ Equity | 609,991 | 916,851 | ||
Total Liabilities and Stockholders’ Equity | 616,014 | 920,713 | ||
Parent Company [Member] | Series A Preferred Stock [Member] | ||||
Preferred stock: | ||||
Preferred stock | ||||
Parent Company [Member] | Series B Preferred Stock [Member] | ||||
Preferred stock: | ||||
Preferred stock |
Schedule I - Condensed Statem_2
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Parenthetical) (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 112,766,091 | 129,766,091 | |
Common stock held by subsidiaries, shares | 8,513,493 | 17,574,805 | |
Series A Preferred Stock [Member] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Series B Preferred Stock [Member] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Parent Company [Member] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 112,766,091 | 129,766,091 | |
Common stock held by subsidiaries, shares | 8,513,493 | 17,574,805 | |
Parent Company [Member] | Series A Preferred Stock [Member] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Parent Company [Member] | Series B Preferred Stock [Member] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 |
Schedule I - Condensed Statem_3
Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | |||||||||||
Total revenue | $ 2,666,958 | $ 2,884,833 | $ 2,697,829 | ||||||||
OPERATING EXPENSES | |||||||||||
Professional services | 71,852 | 61,349 | 47,932 | ||||||||
Other | 43,951 | 89,486 | 44,069 | ||||||||
Total operating expenses | $ 602,364 | $ 538,695 | $ 529,005 | $ 524,011 | $ 530,918 | $ 487,800 | $ 557,998 | $ 568,870 | 2,194,075 | 2,145,586 | 1,818,865 |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 76,977 | $ 46,704 | $ 65,777 | $ 97,042 | $ 113,396 | $ 107,074 | $ 146,963 | $ 159,692 | 286,500 | 527,125 | 253,583 |
Parent Company [Member] | |||||||||||
REVENUE | |||||||||||
Equity in earnings of subsidiaries | 153,450 | 392,574 | 145,008 | ||||||||
Interest and other income | 135,220 | 136,399 | 110,381 | ||||||||
Total revenue | 288,670 | 528,973 | 255,389 | ||||||||
OPERATING EXPENSES | |||||||||||
Professional services | 2,017 | 1,719 | 1,692 | ||||||||
Other | 153 | 129 | 114 | ||||||||
Total operating expenses | 2,170 | 1,848 | 1,806 | ||||||||
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 286,500 | $ 527,125 | $ 253,583 |
Schedule I - Condensed Statem_4
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET INCOME | $ 76,977 | $ 46,704 | $ 65,777 | $ 97,042 | $ 113,396 | $ 107,074 | $ 146,963 | $ 159,692 | $ 286,500 | $ 527,125 | $ 253,583 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | 9,551 | (46,602) | 71,669 | ||||||||
Employee benefit plans: | |||||||||||
Prior service costs (net of tax benefit of $17 and $543 for the years ended December 31, 2019 and 2018, respectively) | (84) | (2,653) | |||||||||
Actuarial gain (loss) (net of tax expense (benefit) of $(9,219), $131 and $(3,507) for the years ended December 31, 2019, 2018 and 2017, respectively) | (34,014) | (2,781) | 2,085 | ||||||||
Adjustments for items reclassified to earnings (net of tax expense of $1,167, $2,335 and $2,220 for the years ended December 31, 2019, 2018 and 2017, respectively) | 4,717 | 10,735 | 7,951 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,830) | (41,301) | 81,705 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | 266,670 | 485,825 | 335,287 | ||||||||
Parent Company [Member] | |||||||||||
NET INCOME | 286,500 | 527,125 | 253,583 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | 9,551 | (46,601) | 71,668 | ||||||||
Employee benefit plans: | |||||||||||
Prior service costs (net of tax benefit of $17 and $543 for the years ended December 31, 2019 and 2018, respectively) | (84) | (2,653) | |||||||||
Actuarial gain (loss) (net of tax expense (benefit) of $(9,219), $131 and $(3,507) for the years ended December 31, 2019, 2018 and 2017, respectively) | (34,014) | (2,781) | 2,085 | ||||||||
Adjustments for items reclassified to earnings (net of tax expense of $1,167, $2,335 and $2,220 for the years ended December 31, 2019, 2018 and 2017, respectively) | 4,717 | 10,735 | 7,951 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,830) | (41,300) | 81,704 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $ 266,670 | $ 485,825 | $ 335,287 |
Schedule I - Condensed Statem_5
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax benefit on prior service costs, employee benefit plans | $ 17 | $ 543 | |
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | (9,219) | 131 | $ (3,507) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | (1,167) | (2,335) | (2,220) |
Parent Company [Member] | |||
Tax benefit on prior service costs, employee benefit plans | 17 | 543 | |
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | (9,219) | 131 | (3,507) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,167 | $ 2,335 | $ 2,220 |
Schedule I - Condensed Statem_6
Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
NET INCOME | $ 76,977 | $ 46,704 | $ 65,777 | $ 97,042 | $ 113,396 | $ 107,074 | $ 146,963 | $ 159,692 | $ 286,500 | $ 527,125 | $ 253,583 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net cash used in investing activities | (42,248) | (46,209) | (26,920) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Class A common stock dividends | (254,924) | (359,639) | (341,450) | ||||||||
Cash and cash equivalents, January 1 | 1,246,537 | 1,483,836 | 1,246,537 | 1,483,836 | |||||||
Cash and cash equivalents, December 31 | 1,231,593 | 1,246,537 | 1,231,593 | 1,246,537 | 1,483,836 | ||||||
Parent Company [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
NET INCOME | 286,500 | 527,125 | 253,583 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | (153,450) | (392,574) | (145,008) | ||||||||
Dividends received from subsidiaries | 88,400 | 189,786 | 63,822 | ||||||||
Changes in due to/from subsidiaries | 32,058 | 35,504 | 169,056 | ||||||||
Changes in other operating assets and liabilities | 14 | 13 | 27 | ||||||||
Net cash provided by operating activities | 253,522 | 359,854 | 341,480 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital contribution to subsidiaries | (25) | ||||||||||
Net cash used in investing activities | (25) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Class A common stock dividends | (254,924) | (359,639) | (341,450) | ||||||||
Net cash used in financing activities | (254,924) | (359,639) | (341,450) | ||||||||
Net increase (decrease) in cash and cash equivalents | (1,402) | 215 | 5 | ||||||||
Cash and cash equivalents, January 1 | $ 4,136 | $ 3,921 | 4,136 | 3,921 | 3,916 | ||||||
Cash and cash equivalents, December 31 | $ 2,734 | $ 4,136 | $ 2,734 | $ 4,136 | $ 3,921 |