Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | LAZARD LTD | |
Entity Central Index Key | 0001311370 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 112,766,091 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | D0 | |
Entity File Number | 001-32492 | |
Entity Tax Identification Number | 98-0437848 | |
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 | |
Title of each class | Class A Common Stock | |
Trading Symbol | LAZ | |
Name of each exchange on which registered | NYSE | |
Subsidiaries of Lazard Ltd [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,892,150 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 1,184,772 | $ 1,389,876 |
Deposits with banks and short-term investments | 1,360,957 | 1,134,463 |
Restricted cash | 615,297 | 44,488 |
Receivables (net of allowance for doubtful accounts of $37,292 and $36,649 at September 30, 2021 and December 31, 2020, respectively): | ||
Fees | 547,087 | 621,880 |
Customers and other | 153,049 | 121,261 |
Total receivables, net | 700,136 | 743,141 |
Investments | 914,975 | 658,532 |
Property (net of accumulated amortization and depreciation of $363,299 and $402,471 at September 30, 2021 and December 31, 2020, respectively) | 247,595 | 257,587 |
Operating lease right-of-use assets | 468,524 | 513,923 |
Goodwill and other intangible assets (net of accumulated amortization of $70,200 and $70,155 at September 30, 2021 and December 31, 2020, respectively) | 379,847 | 384,071 |
Deferred tax assets | 480,533 | 538,448 |
Other assets | 373,944 | 307,332 |
Total Assets | 6,726,580 | 5,971,861 |
Liabilities: | ||
Deposits and other customer payables | 1,450,764 | 1,201,150 |
Accrued compensation and benefits | 711,779 | 734,544 |
Operating lease liabilities | 554,900 | 606,963 |
Senior debt | 1,684,606 | 1,682,741 |
Deferred tax liabilities | 1,323 | 1,041 |
Other liabilities | 559,258 | 524,538 |
Total Liabilities | 5,173,866 | 4,972,428 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 575,000 | |
Common stock: | ||
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at September 30, 2021 and December 31, 2020, including shares held by subsidiaries as indicated below) | 1,128 | 1,128 |
Additional paid-in-capital | 110,470 | 135,439 |
Retained earnings | 1,402,191 | 1,295,386 |
Accumulated other comprehensive loss, net of tax | (246,534) | (238,368) |
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total | 1,267,255 | 1,193,585 |
Class A common stock held by subsidiaries, at cost (9,438,417 and 7,728,387 shares at September 30, 2021 and December 31, 2020, respectively) | (389,448) | (281,813) |
Total Lazard Ltd Stockholders’ Equity | 877,807 | 911,772 |
Noncontrolling interests | 99,907 | 87,661 |
Total Stockholders’ Equity | 977,714 | 999,433 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 6,726,580 | 5,971,861 |
LTBP Trust [Member] | ||
Liabilities: | ||
Tax receivable agreement obligation | 211,236 | 221,451 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | ||
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Allowance for doubtful accounts receivables | $ 37,292 | [1] | $ 36,649 |
Property, accumulated amortization and depreciation | 363,299 | 402,471 | |
Other intangible assets, accumulated amortization | $ 70,200 | $ 70,155 | |
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 | 112,766,091 | |
Common stock held by subsidiaries, shares | 9,438,417 | 7,728,387 | |
Series A Preferred Stock [Member] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Series B Preferred Stock [Member] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUE | ||||
Interest income | $ 1,276 | $ 1,059 | $ 3,910 | $ 4,811 |
Other | 27,963 | 26,402 | 82,090 | 56,634 |
Total revenue | 737,807 | 598,022 | 2,260,975 | 1,748,443 |
Interest expense | 20,378 | 20,344 | 60,302 | 60,459 |
Net revenue | 717,429 | 577,678 | 2,200,673 | 1,687,984 |
OPERATING EXPENSES | ||||
Compensation and benefits | 419,627 | 354,625 | 1,336,091 | 1,025,948 |
Occupancy and equipment | 31,015 | 31,318 | 95,638 | 94,090 |
Marketing and business development | 9,922 | 7,562 | 25,905 | 34,265 |
Technology and information services | 37,559 | 33,457 | 107,003 | 97,444 |
Professional services | 16,698 | 14,701 | 51,642 | 45,974 |
Fund administration and outsourced services | 34,137 | 26,196 | 94,718 | 76,639 |
Amortization of intangible assets related to acquisitions | 15 | 458 | 45 | 1,359 |
Other | 13,497 | 4,681 | 34,121 | 27,623 |
Total operating expenses | 562,470 | 472,998 | 1,745,163 | 1,403,342 |
OPERATING INCOME | 154,959 | 104,680 | 455,510 | 284,642 |
Provision for income taxes | 39,446 | 28,165 | 124,255 | 76,720 |
NET INCOME | 115,513 | 76,515 | 331,255 | 207,922 |
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 8,304 | 1,423 | 13,568 | (4,650) |
NET INCOME ATTRIBUTABLE TO LAZARD LTD | $ 107,209 | $ 75,092 | $ 317,687 | $ 212,572 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||||
Basic | 105,415,743 | 107,168,615 | 106,484,652 | 106,711,547 |
Diluted | 112,994,037 | 113,181,564 | 114,139,936 | 112,929,830 |
NET INCOME PER SHARE OF COMMON STOCK: | ||||
Basic | $ 1 | $ 0.69 | $ 2.94 | $ 1.96 |
Diluted | $ 0.94 | $ 0.66 | $ 2.78 | $ 1.88 |
Investment Banking and Other Advisory Fees [Member] | ||||
REVENUE | ||||
Revenue | $ 384,821 | $ 304,999 | $ 1,177,813 | $ 906,927 |
Asset Management Fees [Member] | ||||
REVENUE | ||||
Revenue | $ 323,747 | $ 265,562 | $ 997,162 | $ 780,071 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
NET INCOME | $ 115,513 | $ 76,515 | $ 331,255 | $ 207,922 |
Currency translation adjustments: | ||||
Currency translation adjustments before reclassification | (25,861) | 34,326 | (40,102) | 5,964 |
Adjustment for items reclassified to earnings | 51 | 23,630 | ||
Employee benefit plans: | ||||
Actuarial gain (loss) (net of tax (benefit) expense of $1,107 and $(1,666) for the three months ended September 30, 2021 and 2020, respectively, and $1,496 and $(9) for the nine months ended September 30, 2021 and 2020, respectively) | 4,442 | (6,534) | 4,030 | 3,045 |
Adjustment for items reclassified to earnings (net of tax expense of $422 and $412 for the three months ended September 30, 2021 and 2020, respectively, and $1,286 and $1,088 for the nine months ended September 30, 2021 and 2020, respectively) | 1,481 | 1,345 | 4,275 | 4,855 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,887) | 29,137 | (8,167) | 13,864 |
COMPREHENSIVE INCOME | 95,626 | 105,652 | 323,088 | 221,786 |
LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 8,303 | 1,424 | 13,567 | (4,649) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD | $ 87,323 | $ 104,228 | $ 309,521 | $ 226,435 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Tax (benefit) expense on actuarial gain (loss), employee benefit plans | $ 1,107 | $ (1,666) | $ 1,496 | $ (9) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 422 | $ 412 | $ 1,286 | $ 1,088 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 331,255 | $ 207,922 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of property | 28,315 | 25,716 |
Noncash lease expense | 52,509 | 46,965 |
Currency translation adjustment reclassification | 23,630 | |
Amortization of deferred expenses and share-based incentive compensation | 325,645 | 282,955 |
Amortization of intangible assets related to acquisitions | 45 | 1,359 |
Deferred tax provision | 53,766 | 30,680 |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | ||
Receivables-net | 26,453 | 86,038 |
Investments | (360,959) | (1,035) |
Other assets | (33,946) | (160,066) |
Accrued compensation and benefits and other liabilities | (33,489) | (265,128) |
Net cash provided by operating activities | 413,224 | 255,406 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property | (25,290) | (34,210) |
Disposals of property | 699 | 151 |
Net cash used in investing activities | (24,591) | (34,059) |
Proceeds from: | ||
Contributions from noncontrolling interests | 413 | 91 |
LGAC IPO | 575,000 | |
Customer deposits | 295,837 | |
Payments for: | ||
Customer deposits | (37,850) | |
Distributions to noncontrolling interests | (7,731) | (1,921) |
Payments under tax receivable agreement | (10,215) | (25,454) |
Purchase of Class A common stock | (286,193) | (95,227) |
Class A common stock dividends | (147,593) | (147,233) |
Settlement of share-based incentive compensation | (67,525) | (71,508) |
Other financing activities | (21,369) | (5,316) |
Net cash provided by (used in) financing activities | 321,272 | (384,418) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (117,706) | 52,234 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 592,199 | (110,837) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 2,568,827 | 2,455,559 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— September 30 | 3,161,026 | $ 2,344,722 |
LGAC [Member] | ||
Proceeds from: | ||
LGAC IPO | 575,000 | |
Payments for: | ||
Payments of LGAC IPO underwriting fees and other offering costs | $ (9,352) |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: | ||||
Cash and cash equivalents | $ 1,184,772 | $ 1,389,876 | ||
Deposits with banks and short-term investments | 1,360,957 | 1,134,463 | ||
Restricted cash | 615,297 | 44,488 | ||
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ 3,161,026 | $ 2,568,827 | $ 2,344,722 | $ 2,455,559 |
Condensed Consolidated Statem_8
Condensed Consolidated Statement of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-In-Capital [Member] | Additional Paid-In-Capital [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Class A Common Stock Held By Subsidiaries [Member] | Class A Common Stock Held By Subsidiaries [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Total Lazard Ltd Stockholders' Equity [Member] | Total Lazard Ltd Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment | Total Lazard Ltd Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Redeemable Noncontrolling Interest |
Balance at Dec. 31, 2019 | $ 681,574 | $ (7,575) | $ 673,999 | $ 1,128 | $ 1,128 | $ 41,020 | $ 41,020 | $ 1,193,570 | $ (7,575) | $ 1,185,995 | $ (293,648) | $ (293,648) | $ (332,079) | $ (332,079) | $ 609,991 | $ (7,575) | $ 602,416 | $ 71,583 | $ 71,583 | |
Balance (in shares) at Dec. 31, 2019 | 112,766,091 | 112,766,091 | 8,513,493 | 8,513,493 | ||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | 207,922 | 212,572 | 212,572 | (4,650) | ||||||||||||||||
Other comprehensive income (loss) - net of tax | 13,864 | 13,863 | 13,863 | 1 | ||||||||||||||||
Amortization of share-based incentive compensation | 180,376 | 177,428 | 177,428 | 2,948 | ||||||||||||||||
Dividend equivalents | (5,297) | 15,791 | (17,530) | (1,739) | (3,558) | |||||||||||||||
Class A common stock dividends | (147,233) | (147,233) | (147,233) | |||||||||||||||||
Purchase of Class A common stock | $ (95,227) | $ (95,227) | (95,227) | |||||||||||||||||
Purchase of Class A common stock (in shares) | 2,912,035 | 2,912,035 | ||||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | $ (70,530) | (139,933) | (74,228) | $ 143,631 | (70,530) | |||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) (in shares) | (3,644,119) | |||||||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
Class A common stock issuable (including related amortization) | 147 | 147 | 147 | |||||||||||||||||
Dividend equivalents | 1,382 | (1,382) | ||||||||||||||||||
Delivery of Class A common stock and related tax benefit (expense) | (692) | $ 692 | ||||||||||||||||||
Delivery of Class A common stock and related tax benefit (expense) (in shares) | (21,212) | |||||||||||||||||||
Distributions to noncontrolling interests, net | (1,830) | (1,830) | ||||||||||||||||||
Consolidated VIEs | 20,391 | 20,391 | ||||||||||||||||||
Other | 2,116 | 2,116 | 2,116 | |||||||||||||||||
Balance at Sep. 30, 2020 | 778,698 | $ 1,128 | 95,143 | 1,160,310 | (279,785) | $ (282,983) | 693,813 | 84,885 | ||||||||||||
Balance (in shares) at Sep. 30, 2020 | 112,766,091 | 7,760,197 | ||||||||||||||||||
Balance at Jun. 30, 2020 | 683,968 | $ 1,128 | 52,274 | 1,140,015 | (308,921) | $ (283,899) | 600,597 | 83,371 | ||||||||||||
Balance (in shares) at Jun. 30, 2020 | 112,766,091 | 7,785,103 | ||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | 76,515 | 75,092 | 75,092 | 1,423 | ||||||||||||||||
Other comprehensive income (loss) - net of tax | 29,137 | 29,136 | 29,136 | 1 | ||||||||||||||||
Amortization of share-based incentive compensation | 39,671 | 39,292 | 39,292 | 379 | ||||||||||||||||
Dividend equivalents | (1,730) | 4,446 | (4,990) | (544) | (1,186) | |||||||||||||||
Class A common stock dividends | (49,341) | (49,341) | (49,341) | |||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | (461) | (1,377) | $ 916 | (461) | ||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) (in shares) | (24,906) | |||||||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
Class A common stock issuable (including related amortization) | 43 | 43 | 43 | |||||||||||||||||
Dividend equivalents | 465 | (465) | ||||||||||||||||||
Distributions to noncontrolling interests, net | (36) | (36) | ||||||||||||||||||
Consolidated VIEs | 933 | 933 | ||||||||||||||||||
Other | (1) | (1) | (1) | |||||||||||||||||
Balance at Sep. 30, 2020 | 778,698 | $ 1,128 | 95,143 | 1,160,310 | (279,785) | $ (282,983) | 693,813 | 84,885 | ||||||||||||
Balance (in shares) at Sep. 30, 2020 | 112,766,091 | 7,760,197 | ||||||||||||||||||
Balance at Dec. 31, 2020 | 999,433 | $ 1,128 | 135,439 | 1,295,386 | (238,368) | $ (281,813) | 911,772 | 87,661 | ||||||||||||
Balance (in shares) at Dec. 31, 2020 | 112,766,091 | 7,728,387 | ||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | 331,255 | 317,687 | 317,687 | 13,568 | ||||||||||||||||
Other comprehensive income (loss) - net of tax | (8,167) | (8,166) | (8,166) | (1) | ||||||||||||||||
Amortization of share-based incentive compensation | 195,779 | 188,647 | 188,647 | 7,132 | ||||||||||||||||
Dividend equivalents | (6,342) | 14,177 | (15,326) | (1,149) | (5,193) | |||||||||||||||
Class A common stock dividends | (147,593) | (147,593) | (147,593) | |||||||||||||||||
Purchase of Class A common stock | $ (286,193) | $ (286,193) | (286,193) | |||||||||||||||||
Purchase of Class A common stock (in shares) | 6,469,429 | 6,469,429 | ||||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | $ (69,050) | (163,821) | (47,902) | $ 142,673 | (69,050) | |||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) (in shares) | (3,741,351) | |||||||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
Dividend equivalents | 61 | (61) | ||||||||||||||||||
Delivery of Class A common stock and related tax benefit (expense) | (35,885) | $ 35,885 | ||||||||||||||||||
Delivery of Class A common stock and related tax benefit (expense) (in shares) | (1,018,048) | |||||||||||||||||||
Distributions to noncontrolling interests, net | (7,318) | (7,318) | ||||||||||||||||||
Consolidated VIEs | 16,164 | 16,164 | ||||||||||||||||||
Contribution from redeemable noncontrolling interests, net | $ 534,746 | |||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (40,254) | (28,148) | (28,148) | (12,106) | 40,254 | |||||||||||||||
Balance at Sep. 30, 2021 | 977,714 | $ 1,128 | 110,470 | 1,402,191 | (246,534) | $ (389,448) | 877,807 | 99,907 | 575,000 | |||||||||||
Balance (in shares) at Sep. 30, 2021 | 112,766,091 | 9,438,417 | ||||||||||||||||||
Balance at Jun. 30, 2021 | 931,855 | $ 1,128 | 58,000 | 1,348,121 | (226,648) | $ (353,718) | 826,883 | 104,972 | 575,000 | |||||||||||
Balance (in shares) at Jun. 30, 2021 | 112,766,091 | 8,705,297 | ||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | 115,513 | 107,209 | 107,209 | 8,304 | ||||||||||||||||
Other comprehensive income (loss) - net of tax | (19,887) | (19,886) | (19,886) | (1) | ||||||||||||||||
Amortization of share-based incentive compensation | 51,892 | 50,663 | 50,663 | 1,229 | ||||||||||||||||
Dividend equivalents | (2,024) | 4,214 | (4,507) | (293) | (1,731) | |||||||||||||||
Class A common stock dividends | (48,629) | (48,629) | (48,629) | |||||||||||||||||
Purchase of Class A common stock | (52,448) | $ (52,448) | (52,448) | |||||||||||||||||
Purchase of Class A common stock (in shares) | 1,139,888 | |||||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | (2,314) | (18,740) | $ 16,426 | (2,314) | ||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) (in shares) | (400,684) | |||||||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
Dividend equivalents | 3 | (3) | ||||||||||||||||||
Delivery of Class A common stock and related tax benefit (expense) | (292) | $ 292 | ||||||||||||||||||
Delivery of Class A common stock and related tax benefit (expense) (in shares) | (6,084) | |||||||||||||||||||
Distributions to noncontrolling interests, net | (4,897) | (4,897) | ||||||||||||||||||
Consolidated VIEs | 8,653 | 8,653 | ||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | 16,622 | 16,622 | (16,622) | |||||||||||||||||
Balance at Sep. 30, 2021 | $ 977,714 | $ 1,128 | $ 110,470 | $ 1,402,191 | $ (246,534) | $ (389,448) | $ 877,807 | $ 99,907 | $ 575,000 | |||||||||||
Balance (in shares) at Sep. 30, 2021 | 112,766,091 | 9,438,417 |
Condensed Consolidated Statem_9
Condensed Consolidated Statement of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Class A common stock dividends | $ 0.47 | $ 0.47 | $ 1.41 | $ 1.41 |
Tax expense (benefit) related to delivery of Class A Common Stock in connection with share-based incentive compensation | $ 381 | $ 5 | $ 1,525 | $ (978) |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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”), restructurings, capital advisory, 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 (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”), and (ii) a special purpose acquisition company sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”). Basis of Presentation The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying December 31, 2020 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. The consolidated results of operations for the three month and nine month periods ended September 30, 2021 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) , along with its subsidiaries, LFB and 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. 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 20). 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. Lazard Growth Acquisition Corp. I In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a special purpose acquisition company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of LGAC. The Company controls LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements. The proceeds from the LGAC IPO of $575,000 are held in a trust account , until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the trust account to the LGAC shareholders in connection with the redemption of LGAC’s Class A ordinary shares, subject to certain conditions. Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO as consistent with SEC Staff Accounting Bulletin (SAB) Topic 5. “Redeemable noncontrolling interests” of $575,000 associated with the publicly held LGAC Class A ordinary shares are recorded on the Company’s condensed consolidated statements of financial condition as of September 30, 2021 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by charges to additional paid-in-capital and noncontrolling interests attributable to certain members of LGACo 1 LLC based on pro rata ownership. The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO (the “LGAC Warrants”) meet the definition of a liability under FASB ASC Topic 815 and are classified as derivative liabilities remeasured at fair value at each balance sheet date until exercised, with changes in fair value reported to earnings. See Note 7. Restricted Cash Restricted cash primarily represents LGAC deposits discussed above and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. |
Recent Accounting Developments
Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Developments | 2. RECENT ACCOUNTING DEVELOPMENTS Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments included 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 Company adopted the new guidance on January 1, 2021. The Company evaluated each of the amendments, and the adoption of the amendments did not have a material impact to the Company’s financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION 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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net Revenue: Financial Advisory (a) $ 384,976 $ 305,473 $ 1,155,328 $ 909,245 Asset Management: Management Fees and Other (b) $ 331,252 $ 273,964 $ 976,734 $ 809,071 Incentive Fees (c) 7,495 3,279 74,758 5,542 Total Asset Management $ 338,747 $ 277,243 $ 1,051,492 $ 814,613 (a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, sovereign advisory, capital raising 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 ap plying the practical expedients , amounts related to remaining performance obligations are not material to the Company’s financial statements. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Receivables | 4. RECEIVABLES The Company’s receivables represent fee receivables, amounts due from customers and other receivables. The fee receivables are generally due within 60 days from the date of invoice, except as related to certain Restructuring services and certain Capital Raising activities, specifically Private Capital Advisory services, which have fee receivables due upon specified contractual payment terms. For customer loans within customers and other receivables, the Company has elected to apply the practical expedient, in accordance with current expected credit losses (“CECL”) guidance, for financial assets with collateral maintenance provisions, which results in no expected credit losses given that these loans are maintained with collateral having a fair value in excess of the carrying amount of the loans as of September 30, 2021. Receivables are stated net of an estimated allowance for doubtful accounts determined in accordance with the CECL model, for general credit risk of the overall portfolio and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. For fee receivables, the allowance for doubtful accounts is determined together for all Financial Advisory fees, except for Private Capital Advisory given the different nature of the business, client composition and risk characteristics. In addition, a separate allowance for doubtful accounts is determined for all Asset Management fees. The allowance is measured by the application of an average charge-off rate, determined annually based on historical bad debt charge-off experience, to the fee receivable balance of the respective services, adjusted for specific allowance recognized based on current conditions of individual clients. The current factors are considered on a quarterly basis and include the aging of the receivables, the client’s ability to make payments, and the Company’s relationship with the client. In addition, the Company also performs a qualitative assessment on a quarterly basis to monitor economic factors and other uncertainties that may require additional adjustment to the expected credit loss allowance. 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, except for certain transactions that include specific contractual payment terms that may vary from approximately one month to four years following the invoice date (as is the case for certain Private Capital Advisory fees) or may be subject to court approval (as is the case with Restructuring activities that include bankruptcy proceedings). 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, from the date of invoice or the specific contractual payment terms, in excess of 180 days are fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any receivables that we determine are impaired result in specific reserves against such exposures. Asset Management fees are fully provided for when such receivables are outstanding 12 months after the invoice date. In addition, the Company specifically reserves against exposures relating to Asset Management fees where we determine receivables are impaired prior to being outstanding for 12 months. Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2021 and 2020 was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Beginning Balance $ 36,244 $ 40,959 $ 36,649 $ 27,130 Adjustment for adoption of new accounting guidance - - - 7,575 Bad debt expense, net of reversals 1,729 (3,808 ) 4,273 5,108 Charge-offs, foreign currency translation and other adjustments (681 ) 1,099 (3,630 ) (1,563 ) Ending Balance * $ 37,292 $ 38,250 $ 37,292 $ 38,250 *The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses — Of the Company’s fee receivables at September 30, 2021 and December 31, 2020, $106,139 and $90,521, respectively, represented financing receivables for our Private Capital Advisory fees. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables. At September 30, 2021 and December 31, 2020, customers and other receivables included $121,853 and $99,965, respectively, of customer loans, which are fully collateralized and closely monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of September 30, 2021 and December 31, 2020. The aggregate carrying amount of all other receivables of $472,144 and $552,655 at September 30, 2021 and December 31, 2020, respectively, approximates fair value. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Schedule Of Investments [Abstract] | |
Investments | 5. INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 Debt $ 249,984 $ 99,987 Equities 44,323 37,365 Funds: Alternative investments (a) 41,471 34,264 Debt (a) 124,368 123,554 Equity (a) 409,471 325,795 Private equity 45,358 37,567 620,668 521,180 Investments, at fair value $ 914,975 $ 658,532 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 4,588 $ 1,176 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $17,182, $92,194 and $345,155, respectively, at September 30, 2021 and $11,128, $90,758 and $277,725, respectively, at December 31, 2020, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vestin g conditions (see Notes 7 and 13 ). 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 investments 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 three month and nine month periods ended September 30, 2021 and 2020, the Company reported in “revenue-other” on its condensed 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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net unrealized investment gains (losses) $ (13,736 ) $ 17,834 $ 5,955 $ 16,896 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. 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 interests 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. 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 derivatives entered into by the Company and classified as Level 1 is based on the listed market price of such instruments. The fair value of derivatives entered into by the Company and classified as Level 2 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. The fair value of derivatives entered into by the Company and classified as Level 3 is based on a Black-Scholes valuation model that utilizes both observable and unobservable inputs. Unobservable inputs include model adjustments for valuation uncertainty. See Note 7. 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 September 30, 2021 and December 31, 2020, 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: September 30, 2021 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 249,984 $ - $ - $ - $ 249,984 Equities 43,541 - 782 - 44,323 Funds: Alternative investments 18,982 - - 22,489 41,471 Debt 124,363 - - 5 124,368 Equity 409,423 - - 48 409,471 Private equity - - 7,198 38,160 45,358 Derivatives - 1,523 - - 1,523 Total $ 846,293 $ 1,523 $ 7,980 $ 60,702 $ 916,498 Liabilities: Securities sold, not yet purchased $ 4,588 $ - $ - $ - $ 4,588 Derivatives 9,430 361,304 - - 370,734 Total $ 14,018 $ 361,304 $ - $ - $ 375,322 December 31, 2020 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 99,987 $ - $ - $ - $ 99,987 Equities 35,694 - 1,671 - 37,365 Funds: Alternative investments 17,411 - - 16,853 34,264 Debt 123,549 - - 5 123,554 Equity 325,749 - - 46 325,795 Private equity - - 1,486 36,081 37,567 Derivatives - 536 - - 536 Total $ 602,390 $ 536 $ 3,157 $ 52,985 $ 659,068 Liabilities: Securities sold, not yet purchased $ 1,176 $ - $ - $ - $ 1,176 Derivatives - 314,485 - - 314,485 Total $ 1,176 $ 314,485 $ - $ - $ 315,661 The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Issuances Sales/ Dispositions/ Settlements/ Transfers Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,646 $ (836 ) $ - $ - $ (28 ) $ 782 Private equity funds 2,628 4,593 - (16 ) (7 ) 7,198 Total Level 3 assets $ 4,274 $ 3,757 $ - $ (16 ) $ (35 ) $ 7,980 Nine Months Ended September 30, 2021 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Issuances Sales/ Dispositions/ Settlements/ Transfers (b) Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,671 $ (835 ) $ - $ - $ (54 ) $ 782 Private equity funds 1,486 5,745 - (16 ) (17 ) 7,198 Total Level 3 assets $ 3,157 $ 4,910 $ - $ (16 ) $ (71 ) $ 7,980 Liabilities: Derivatives $ - $ - $ 11,500 $ (11,500 ) $ - $ - Total Level 3 liabilities $ - $ - $ 11,500 $ (11,500 ) $ - $ - Three Months Ended September 30, 2020 Beginning Balance Net Unrealized/ Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,580 $ 1 $ - $ - $ 30 $ 1,611 Private equity funds 1,012 152 - - 1 1,165 Total Level 3 assets $ 2,592 $ 153 $ - $ - $ 31 $ 2,776 Nine Months Ended September 30, 2020 Beginning Balance Net Unrealized/ Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,600 $ 58 $ - $ - $ (47 ) $ 1,611 Private equity funds 1,371 (207 ) - - 1 1,165 Total Level 3 assets $ 2,971 $ (149 ) $ - $ - $ (46 ) $ 2,776 (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2021 and 2020 include net unrealized gains (losses) of $3,757, $4,910, $153 and $(149), respectively. (b) Transfers out of Level 3 derivatives during the nine month period ended September 30, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives. There were no other transfers into or out of Level 3 within the fair value hierarchy during the three month and nine month periods ended September 30, 2021 and 2020. The following tables present, at September 30, 2021 and December 31, 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: September 30, 2021 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 21,864 $ - NA (a) 30-60 days Other 625 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 48 - NA (d) <30-60 days Private equity funds: Equity growth 38,160 5,597 (e) 100% (f) NA NA Total $ 60,702 $ 5,597 (a) monthly (77%) and quarterly (23%) (b ) daily (8%) and monthly (92%) (c ) daily (100%) (d ) monthly (36%) and annually (64%) ( e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,128 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f ) Distributions from each fund will be received as the underlying investments of the funds are liquidated. December 31, 2020 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 16,216 $ - NA (a) 30-60 days Other 637 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 46 - NA (d) <30-60 days Private equity funds: Equity growth 36,081 5,865 (e) 100 % (f) NA NA Total $ 52,985 $ 5,865 (a) monthly (99%) and quarterly (1%) (b) daily (8%) and monthly (92%) (c ) daily (100%) ( d ) monthly (39%) and annually (61%) (e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f ) Distributions from each fund will be received as the underlying investments of the funds are liquidated. Investment Capital Funding Commitments —At September 30, 2021, the Company’s maximum unfunded commitments for capital contributions to investment funds primarily arose from commitments to EGCP III, which amounted to $5,158. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 7. 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 13) on the accompanying condensed consolidated statements of financial condition as of September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,521 $ 536 Total return swaps and other (a) 2 - $ 1,523 $ 536 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 1,025 $ 333 Total return swaps and other (a) 1,529 2,752 LGAC Warrants 9,430 - LFI and other similar deferred compensation arrangements 358,750 311,400 $ 370,734 $ 314,485 (a) For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of September 30, 2021 amounts represent the netting of gross derivative assets and liabilities of $818 and $8,557, respectively, and receivables for net cash collateral under such contracts of $6,212, and (ii) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”. Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2021 and 2020, were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Forward foreign currency exchange rate contracts $ 2,603 $ (3,039 ) $ 7,702 $ (4,816 ) LFI and other similar deferred compensation arrangements 1,368 (11,261 ) (22,610 ) (15,427 ) LGAC Warrants 3,795 - 2,070 - Total return swaps and other 1,492 (5,202 ) (9,482 ) 1,835 Total $ 9,258 $ (19,502 ) $ (22,320 ) $ (18,408 ) |
Property
Property | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property | 8. PROPERTY At September 30, 2021 and December 31, 2020, property consisted of the following: Estimated Depreciable September 30, December 31, Life in Years 2021 2020 Buildings 33 $ 146,668 $ 155,434 Leasehold improvements 3-20 206,277 220,975 Furniture and equipment 3-10 210,614 240,825 Construction in progress 47,335 42,824 Total 610,894 660,058 Less - Accumulated depreciation and amortization 363,299 402,471 Property $ 247,595 $ 257,587 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 9 . GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at September 30, 2021 and December 31, 2020 are presented below: September 30, December 31, 2021 2020 Goodwill $ 379,682 $ 383,861 Other intangible assets (net of accumulated amortization) 165 210 $ 379,847 $ 384,071 At September 30, 2021 and December 31, 2020, goodwill of $315,141 and $319,320, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 of goodwill was attributable to the Company’s Asset Management segment. Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2021 and 2020 are as follows: Nine Months Ended September 30, 2021 2020 Balance, January 1 $ 383,861 $ 371,773 Foreign currency translation adjustments (4,179 ) 1,422 Balance, September 30 $ 379,682 $ 373,195 All changes in the carrying amount of goodwill for the nine month periods ended September 30, 2021 and 2020 are attributable to the Company’s Financial Advisory segment. The gross cost and accumulated amortization of other intangible assets as of September 30, 2021 and December 31, 2020, by major intangible asset category, are as follows: September 30, 2021 December 31, 2020 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 35,385 $ 35,385 $ - $ 35,385 $ 35,385 $ - Management fees, customer relationships and non-compete agreements 34,980 34,815 165 34,980 34,770 210 $ 70,365 $ 70,200 $ 165 $ 70,365 $ 70,155 $ 210 Amortization expense of intangible assets, included in “amortization of intangible assets related to acquisitions” in the condensed consolidated statements of operations, for the three month and nine month periods ended September 30, 2021 was $15 and $45, respectively, and for the three month and nine month periods ended September 30, 2020 was $458 and $1,359, respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2021 (October 1 through December 31) $ 15 2022 60 2023 60 2024 30 Total amortization expense $ 165 |
Senior Debt
Senior Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Senior Debt | 10 . SENIOR DEBT Senior debt is comprised of the following as of September 30, 2021 and December 31, 2020: Outstanding as of Initial Annual September 30, 2021 December 31, 2020 Principal Amount Maturity Date Interest Rate(a) Principal Unamortized Debt Costs Carrying Value Principal Unamortized Debt Costs Carrying Value Lazard Group 2025 Senior Notes $ 400,000 2/13/25 3.75 % $ 400,000 $ 1,593 $ 398,407 $ 400,000 $ 1,948 $ 398,052 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,113 297,887 300,000 2,405 297,595 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 5,929 494,071 500,000 6,568 493,432 Lazard Group 2029 Senior Notes 500,000 3/11/29 4.375 % 500,000 5,759 494,241 500,000 6,338 493,662 Total $ 1,700,000 $ 15,394 $ 1,684,606 $ 1,700,000 $ 17,259 $ 1,682,741 (a ) 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”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and Lazard Group’s 4.375% senior notes due March 11, 2029 (the “2029 Notes”) are 3.87%, 3.76%, 4.67% and 4.53%, respectively. The Company’s senior debt at September 30, 2021 and December 31, 2020 is carried at their principal balances outstanding, net of unamortized debt costs. At those dates, the fair value of such senior debt was approximately $1,905,600 and $1,954,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value. On July 22, 2020, Lazard Group entered into an Amended and Restated Credit Agreement for a three-year As of September 30, 2021, the Company had approximately $212,700 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 $12,000. The Amended and Restated Credit Agreement and the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of September 30, 2021, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11 . COMMITMENTS AND CONTINGENCIES Other Commitments —The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At September 30, 2021, LFB and LFNY had no such underwriting commitments. See Notes 6 and 14 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 condensed consolidated financial position or results of operations. Legal —The Company is involved from time to time in judicial, governmental, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company experiences significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 12 . STOCKHOLDERS’ EQUITY Share Repurchase Program — Since 2019 and through the nine month period ended September 30, 2021, the Board of Directors of Lazard authorized the repurchase of Lazard Ltd Class A common stock (“common stock”), the only class of common stock of Lazard outstanding, as set forth in the table below: Date Repurchase Authorization Expiration February 2019 $ 300,000 December October 2019 $ 300,000 December 31, 2021 April 2021 $ 300,000 December 31, 2022 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, as amended (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: Nine Months Ended September 30: Number of Shares Purchased Average Price Per Share 2020 2,912,035 $ 32.70 2021 6,469,429 $ 44.24 During the nine month periods ended September 30, 2021 and 2020, certain of our executive officers received 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 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 nine month periods ended September 30, 2021 and 2020, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during the nine month periods ended September 30, 2021 and 2020 was approximately $18,600 and $10,000, respectively. Such shares of common stock are reported at cost. As of September 30, 2021, a total of $313,807 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, $13,807 of which will expire on December 31, 2021 and $300,000 of which will expire on December 31, 2022. During the nine month period ended September 30, 2021, Lazard Ltd 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 common stock, and had no voting or dividend rights. As of both September 30, 2021 and December 31, 2020, no shares of Series A or Series B preferred stock were outstanding. Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax —The tables below reflect the balances of each component of AOCI at September 30, 2021 and 2020 and activity during the three month and nine month periods then ended: Three Months Ended September 30, 2021 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, July 1, 2021 $ (58,386 ) $ (168,262 ) $ (226,648 ) $ - $ (226,648 ) Activity: Other comprehensive income (loss) before reclassifications (25,861 ) 4,442 (21,419 ) (1 ) (21,418 ) Adjustments for items reclassified to earnings, net of tax 51 1,481 1,532 - 1,532 Net other comprehensive income (loss) (25,810 ) 5,923 (19,887 ) (1 ) (19,886 ) Balance, September 30, 2021 $ (84,196 ) $ (162,339 ) $ (246,535 ) $ (1 ) $ (246,534 ) Nine Months Ended September 30, 2021 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2021 $ (67,724 ) $ (170,644 ) $ (238,368 ) $ - $ (238,368 ) Activity: Other comprehensive income (loss) before reclassifications (40,102 ) 4,030 (36,072 ) (1 ) (36,071 ) Adjustments for items reclassified to earnings, net of tax 23,630 4,275 27,905 - 27,905 Net other comprehensive income (loss) (16,472 ) 8,305 (8,167 ) (1 ) (8,166 ) Balance, September 30, 2021 $ (84,196 ) $ (162,339 ) $ (246,535 ) $ (1 ) $ (246,534 ) Three Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, July 1, 2020 $ (148,948 ) $ (159,975 ) $ (308,923 ) $ (2 ) $ (308,921 ) Activity: Other comprehensive income (loss) before reclassifications 34,326 (6,534 ) 27,792 1 27,791 Adjustments for items reclassified to earnings, net of tax - 1,345 1,345 - 1,345 Net other comprehensive income (loss) 34,326 (5,189 ) 29,137 1 29,136 Balance, September 30, 2020 $ (114,622 ) $ (165,164 ) $ (279,786 ) $ (1 ) $ (279,785 ) Nine Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2020 $ (120,586 ) $ (173,064 ) $ (293,650 ) $ (2 ) $ (293,648 ) Activity: Other comprehensive income before reclassifications 5,964 3,045 9,009 1 9,008 Adjustments for items reclassified to earnings, net of tax - 4,855 4,855 - 4,855 Net other comprehensive income 5,964 7,900 13,864 1 13,863 Balance, September 30, 2020 $ (114,622 ) $ (165,164 ) $ (279,786 ) $ (1 ) $ (279,785 ) The table below reflects adjustments for items reclassified from AOCI, by component, for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Currency translation losses (a) $ 51 $ - $ 23,630 $ - Employee benefit plans: Amortization relating to employee benefit plans (b) 1,903 1,757 5,561 5,943 Less - related income taxes 422 412 1,286 1,088 1,481 1,345 4,275 4,855 Total reclassifications, net of tax $ 1,532 $ 1,345 $ 27,905 $ 4,855 (a) Represents currency translation losses reclassified to earnings from AOCI associated with restructuring and closing of certain of our offices. Such amounts are included in “revenue — other” on the condensed consolidated statements of operations. (b) Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses — other” on the condensed 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 13), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 20). The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2021 and 2020 and noncontrolling interests as of September 30, 2021 and December 31, 2020 in the Company’s condensed consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Edgewater $ 5,019 $ 168 $ 8,349 $ (4,179 ) Consolidated VIEs 471 1,253 5,159 (474 ) LGAC 2,813 - 55 - Other 1 2 5 3 Total $ 8,304 $ 1,423 $ 13,568 $ (4,650 ) Noncontrolling Interests as of September 30, December 31, 2021 2020 Edgewater $ 46,404 $ 45,352 Profits interest participation rights 3,695 1,776 Consolidated VIEs 61,840 40,517 LGAC (12,051 ) - Other 19 16 Total $ 99,907 $ 87,661 Dividends Declared, October 28, 2021 —On October 28, 2021, the Board of Directors of Lazard declared a quarterly dividend of $0.47 per share on our common stock. The dividend is payable on November 19, 2021, to stockholders of record on November 8, 2021 |
Incentive Plans
Incentive Plans | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Plans | 1 3 . 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 three month and nine month periods ended September 30, 2021 and 2020 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and was amended on April 29, 2021 to increase the aggregate number of shares authorized for issuance under the 2018 Plan by 20,000,000 shares. The 2018 Plan replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan originally authorized issuance of up to 30,000,000 shares of common stock, plus any shares of common stock that were subject to outstanding awards under the 2008 Plan as of March 14, 2018 that are forfeited, canceled or settled in cash following April 24, 2018, which was the date that the 2018 Plan was approved by our shareholders. Such shares may be issued 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 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 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 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, restricted stock, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Share-based incentive awards: RSUs $ 30,780 $ 29,295 $ 101,687 $ 112,435 PRSUs 157 636 5,871 5,627 Restricted Stock 2,826 5,423 14,592 22,969 Profits interest participation rights 17,980 4,121 71,662 37,172 DSUs 149 196 1,967 2,173 Total $ 51,892 $ 39,671 $ 195,779 $ 180,376 The ultimate amount of compensation and benefits expense relating to share-based awards is dependent upon the actual number of shares of 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 common stock (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into shares of 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 the applicable vesting period, each RSU is attributed additional RSUs equivalent to any dividends paid on common stock during such period. During the nine month period ended September 30, 2021, dividend participation rights required the issuance of 303,739 RSUs and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”) was $12,970. 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 30,764 DSUs being granted during the nine month period ended September 30, 2021. 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 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 common stock. Lazard Ltd’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 common stock on the date immediately preceding the date of the grant. During the nine month period ended September 30, 2021, 11,384 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 during the nine month period ended September 30, 2021: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2021 9,266,344 $ 42.96 478,800 $ 36.36 Granted (including 303,739 RSUs relating to dividend participation) 3,101,679 $ 43.19 42,148 $ 46.66 Forfeited (199,599 ) $ 41.45 - - Settled (4,090,277 ) $ 47.00 (185,657 ) $ 35.89 Balance, September 30, 2021 8,078,147 $ 41.04 335,291 $ 37.92 In connection with RSUs that settled during the nine month period ended September 30, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,370,613 shares of common stock during such nine month period. Accordingly, 2,719,664 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2021. As of September 30, 2021, estimated unrecognized RSU compensation expense was $112,306, with such expense expected to be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2021. Restricted Stock The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the nine month period ended September 30, 2021: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2021 1,144,959 $ 41.09 Granted (including 27,311 relating to dividend participation) 445,263 $ 43.30 Forfeited (103,850 ) $ 40.81 Settled (587,994 ) $ 42.95 Balance, September 30, 2021 898,378 $ 41.00 In connection with shares of restricted common stock that settled during the nine month period ended September 30, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 198,040 shares of common stock during such nine month period. Accordingly, 389,954 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2021. Restricted stock awards granted in 2021 generally include a dividend participation right that provides that during the applicable vesting period each restricted stock award is attributed additional shares of restricted common stock equivalent to any dividends paid on common stock during such period. During the nine month period ended September 30, 2021, dividend participation rights required the issuance of 27,311 shares of restricted common stock and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”) was $1,206. At September 30, 2021, estimated unrecognized restricted stock expense was $16,538, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2021. PRSUs PRSUs are RSUs that are subject to performance-based and service-based vesting conditions, and beginning with awards granted in February 2021, a market-based condition. The number of shares of common stock that a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance-based and, for awards granted in February 2021, market-based metrics that relate to Lazard Ltd’s performance over a three-year The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2021: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2021 546,959 $ 53.48 Granted 32,394 $ 46.63 Settled (546,959 ) $ 53.48 Balance, September 30, 2021 32,394 $ 46.63 In connection with certain PRSUs that settled during the nine month period ended September 30, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 100,882 shares of common stock during such nine month period. Accordingly, 446,077 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2021. Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of September 30, 2021, the total estimated unrecognized compensation expense was $1,505, and the Company expects to amortize such expense over a weighted-average period of approximately 1.3 years subsequent to September 30, 2021. Profits Interest Participation Rights Profits interest participation rights are equity incentive awards that, subject to certain conditions, may be exchanged for shares of common stock pursuant to the 2018 Plan. The Company granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, and beginning in February 2021, incremental market-based vesting criteria, which we refer to as performance-based restricted participation units (“PRPUs”), to certain of our executive officers. The Company also granted profits interest participation rights subject to service-based vesting criteria and other conditions, but not the performance-based and incremental market-based vesting criteria associated with PRPUs, to a limited number of other senior employees. 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 condensed consolidated statements of financial condition until they are exchanged into 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-based and incremental market- based 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 c ommon stock will be exchanged on a one-for-one basis for shares of c ommon stock . If forfeited based solely on failing to meet the Minimum Value Condition, the associ ated compensation expense would not be reversed. With regard to the profits interest participation rights granted in February 2019 and February 2020 , the Minimum Value Condition w as met during the year ended Dec ember 31 , 2020 an d during February 2021, respectively . Like outstanding RSUs and similar awards, profits interest participation rights are subject to continued employment and other conditions and restrictions and are forfeited if those conditions and restrictions are not fulfilled. More specifically, vesting of profits interest participation rights 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. The number of shares of common stock that a recipient will receive upon the exchange of a PRPU award is calculated by reference to applicable performance-based and, beginning with PRPUs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the conditions are satisfied. The target number of shares of 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 common stock that may be received in connection with the PRPU awards granted in February 2019 and February 2020 will range from zero to two times the target number. For the PRPU awards granted in February 2021, subject to both performance-based and incremental market-based criteria, the number of shares will range from zero to 2.4 times the target number. Unless applicable 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 the PRPU awards granted in February 2019 and February 2020 will be evaluated on an annual basis at the end of each fiscal year during the performance period, and, if Lazard Ltd 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 common stock. The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2021: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2021 2,523,075 $ 40.43 Granted 1,159,864 $ 44.73 Balance, September 30, 2021 (a) 3,682,939 $ 41.78 (a) Table includes 1,561,120 PRPUs, which represents the target number of PRPUs granted as of September 30, 2021, including 510,342 PRPUs granted during the nine month period ended September 30, 2021. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2021 were $40.61 and $40.30, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the nine month period ended September 30, 2021 were $46.63 and $43.23, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of September 30, 2021 were $42.58 and $41.20, respectively. Compensation expense recognized for profits interest participation rights, including PRPUs, is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of September 30, 2021, the total estimated unrecognized compensation expense was $28,896. The Company expects to amortize such expense over a weighted-average period of approximately 0.8 years subsequent to September 30, 2021. LFI and Other Similar Deferred Compensation Arrangements In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, 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 condensed consolidated statement of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2021: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2021 $ 101,631 $ 311,400 Granted 161,892 161,892 Settled - (130,522 ) Forfeited (4,333 ) (11,906 ) Amortization (123,155 ) - Change in fair value related to: Change in fair value of underlying investments - 22,610 Adjustment for estimated forfeitures - 7,840 Other 17 (2,564 ) Balance, September 30, 2021 $ 136,052 $ 358,750 The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2021. The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Amortization, net of forfeitures $ 41,629 $ 25,897 $ 123,422 $ 95,322 Change in the fair value of underlying investments (1,368 ) 11,261 22,610 15,427 Total $ 40,261 $ 37,158 $ 146,032 $ 110,749 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 1 4 . 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 — 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 following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month and nine month periods ended September 30, 2021 and 2020: Pension Plans Three Months Ended September 30, 2021 2020 Components of Net Periodic Benefit Cost (Credit): Service cost $ 212 $ 224 Interest cost 2,123 3,013 Expected return on plan assets (6,507 ) (6,750 ) Amortization of: Prior service cost 29 28 Net actuarial loss (gain) 1,874 1,729 Settlement loss 378 622 Net periodic benefit cost (credit) $ (1,891 ) $ (1,134 ) Pension Plans Nine Months Ended September 30, 2021 2020 Components of Net Periodic Benefit Cost (Credit): Service cost $ 669 $ 594 Interest cost 6,379 8,906 Expected return on plan assets (19,638 ) (19,813 ) Amortization of: Prior service cost 89 82 Net actuarial loss (gain) 5,472 5,861 Settlement loss 1,142 2,132 Net periodic benefit cost (credit) $ (5,887 ) $ (2,238 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 5 . 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. The Company recorded income tax provisions of $39,446 and $124,255 for the three month and nine month periods ended September 30, 2021, respectively, and $28,165 and $76,720 for the three month and nine month periods ended September 30, 2020, respectively, representing effective tax rates of 25.5%, 27.3%, 26.9% and 27.0%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation and other discrete items, (ii) foreign source income (loss) not subject to U.S. income taxes (including interest on intercompany financings), (iii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes, (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate, and (vi) impact of U.S. tax reform, including base erosion and anti-abuse tax. |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share of Common Stock | 1 6 . NET INCOME PER SHARE OF 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 three month and nine month periods ended September 30, 2021 and 2020 are presented below: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income attributable to Lazard Ltd $ 107,209 $ 75,092 $ 317,687 $ 212,572 Add - adjustment for earnings attributable to participating securities (1,808 ) (1,505 ) (4,649 ) (3,867 ) Net income attributable to Lazard Ltd - basic 105,401 73,587 313,038 208,705 Add - adjustment for earnings attributable to participating securities 1,360 1,203 4,201 3,386 Net income attributable to Lazard Ltd - diluted $ 106,761 $ 74,790 $ 317,239 $ 212,091 Weighted average number of shares of common stock outstanding 103,614,495 104,989,881 104,754,715 104,728,241 Add - adjustment for shares of common stock issuable on a non-contingent basis 1,801,248 2,178,734 1,729,937 1,983,306 Weighted average number of shares of common stock outstanding - basic 105,415,743 107,168,615 106,484,652 106,711,547 Add - dilutive effect, as applicable, of: Weighted average number of incremental shares of common stock issuable from share-based incentive compensation 7,578,294 6,012,949 7,655,284 6,218,283 Weighted average number of shares of common stock outstanding - diluted 112,994,037 113,181,564 114,139,936 112,929,830 Net income attributable to Lazard Ltd per share of common stock: Basic $ 1.00 $ 0.69 $ 2.94 $ 1.96 Diluted $ 0.94 $ 0.66 $ 2.78 $ 1.88 |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 1 7 . 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 $164,340 and $524,464 for the three month and nine month periods ended September 30, 2021, respectively, and $131,885 and $386,413 for the three month and nine month periods ended September 30, 2020, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $57,375 and $72,076 remained as receivables at September 30, 2021 and December 31, 2020, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition. Tax Receivable Agreement The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “TRA”), 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 the increases in the tax basis of certain assets and of certain other tax benefits related to the TRA, and (ii) an amount that we c urrently expect will equal 85 % of the cash tax savings that may arise from tax benefits attributable to payments under the T RA . Our subsidiaries expect to benefit from the balance of cash savings, if any, in income tax that our subsidiaries realize from such tax benefits . Any amount paid by our subsidiaries to the Trust will generally be distributed pro rata to the owners of the Trust, who include certain of our executive officers. For purposes of the TRA, 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 assets of Lazard Group and had our subsidiaries not entered into the TRA. The term of the TRA will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired. The amount of the TRA liability is an undiscounted amount based upon the current tax laws and structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment and if our structure or income assumptions were to change, we could be required to accelerate payments under the TRA. As such, the actual amount and timing of payments under the TRA 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 condensed consolidated statement of operations. Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”. The cumulative liability relating to our obligations under the TRA as of September 30, 2021 and December 31, 2020 was $211,236 and $221,451, respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition. The balance at September 30, 2021 reflects a payment made under the TRA in the nine months ended September 30, 2021 of $10,215. See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers. |
Regulatory Authorities
Regulatory Authorities | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Authorities | 1 8 . 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 September 30, 2021, the aggregate regulatory net capital of the U.K. Subsidiaries was $173,662, which exceeded the minimum requirement by $150,860. 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 September 30, 2021, the consolidated regulatory net capital of CFLF was $146,256, which exceeded the minimum requirement set for regulatory capital levels by $81,613. 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 June 30, 2021, the regulatory net capital of the combined European regulated group was $170,270, which exceeded the minimum requirement set for regulatory capital levels by $88,137. 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 September 30, 2021, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $217,599, which exceeded the minimum required capital by $188,283. At September 30, 2021, each of these subsidiaries individually was in compliance with its regulatory capital requirements. Any new or expanded rules and regulations that may be adopted in countries in which we operate (including regulations that have not yet been proposed) could affect us in other ways. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 19 . SEGMENT INFORMATION The Company’s reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in 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 three month and nine month periods ended September 30, 2021 and 2020 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 records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported. Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, facilities management and senior management activities. Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Financial Advisory Net Revenue $ 384,976 $ 305,473 $ 1,155,328 $ 909,245 Operating Expenses 304,482 266,150 931,612 764,012 Operating Income $ 80,494 $ 39,323 $ 223,716 $ 145,233 Asset Management Net Revenue $ 338,747 $ 277,243 $ 1,051,492 $ 814,613 Operating Expenses 246,094 200,194 747,511 600,012 Operating Income $ 92,653 $ 77,049 $ 303,981 $ 214,601 Corporate Net Revenue $ (6,294 ) $ (5,038 ) $ (6,147 ) $ (35,874 ) Operating Expenses 11,894 6,654 66,040 39,318 Operating Loss $ (18,188 ) $ (11,692 ) $ (72,187 ) $ (75,192 ) Total Net Revenue $ 717,429 $ 577,678 $ 2,200,673 $ 1,687,984 Operating Expenses 562,470 472,998 1,745,163 1,403,342 Operating Income $ 154,959 $ 104,680 $ 455,510 $ 284,642 As Of September 30, 2021 December 31, 2020 Total Assets Financial Advisory $ 1,136,939 $ 1,181,783 Asset Management 990,047 958,588 Corporate 4,599,594 3,831,490 Total $ 6,726,580 $ 5,971,861 |
Consolidated VIEs
Consolidated VIEs | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Consolidated VIEs | 2 0 . CONSOLIDATED VIEs The Company’s consolidated VIEs as of September 30, 2021 and December 31, 2020 include certain funds that were 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, except as it relates to $147,505 and $121,376 of LFI held by Lazard Group as of September 30, 2021 and December 31, 2020, respectively, can only be used to settle the obligations of the consolidated VIEs. The Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2021 and December 31, 2020. September 30, 2021 December 31, 2020 ASSETS Cash and cash equivalents $ 7,013 $ 3,558 Customers and other receivables 1,157 160 Investments 202,131 158,370 Other assets 757 400 Total Assets $ 211,058 $ 162,488 LIABILITIES Deposits and other customer payables $ 1,404 $ 104 Other liabilities 309 491 Total Liabilities $ 1,713 $ 595 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [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”), restructurings, capital advisory, 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 (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”), and (ii) a special purpose acquisition company sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”). |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying December 31, 2020 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. The consolidated results of operations for the three month and nine month periods ended September 30, 2021 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) , along with its subsidiaries, LFB and 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. 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 20). 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. |
Lazard Growth Acquisition Corp. I | Lazard Growth Acquisition Corp. I In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a special purpose acquisition company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of LGAC. The Company controls LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements. The proceeds from the LGAC IPO of $575,000 are held in a trust account , until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the trust account to the LGAC shareholders in connection with the redemption of LGAC’s Class A ordinary shares, subject to certain conditions. Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO as consistent with SEC Staff Accounting Bulletin (SAB) Topic 5. “Redeemable noncontrolling interests” of $575,000 associated with the publicly held LGAC Class A ordinary shares are recorded on the Company’s condensed consolidated statements of financial condition as of September 30, 2021 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by charges to additional paid-in-capital and noncontrolling interests attributable to certain members of LGACo 1 LLC based on pro rata ownership. The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO (the “LGAC Warrants”) meet the definition of a liability under FASB ASC Topic 815 and are classified as derivative liabilities remeasured at fair value at each balance sheet date until exercised, with changes in fair value reported to earnings. See Note 7. |
Restricted Cash | Restricted Cash Restricted cash primarily represents LGAC deposits discussed above and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. |
Recent Accounting Developments | Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments included 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 Company adopted the new guidance on January 1, 2021. The Company evaluated each of the amendments, and the adoption of the amendments did not have a material impact to the Company’s financial statements. |
Allowance for Doubtful Accounts | With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice, except for certain transactions that include specific contractual payment terms that may vary from approximately one month to four years following the invoice date (as is the case for certain Private Capital Advisory fees) or may be subject to court approval (as is the case with Restructuring activities that include bankruptcy proceedings). 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, from the date of invoice or the specific contractual payment terms, in excess of 180 days are fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any receivables that we determine are impaired result in specific reserves against such exposures. Asset Management fees are fully provided for when such receivables are outstanding 12 months after the invoice date. In addition, the Company specifically reserves against exposures relating to Asset Management fees where we determine receivables are impaired prior to being outstanding for 12 months. |
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 interests 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. 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 derivatives entered into by the Company and classified as Level 1 is based on the listed market price of such instruments. The fair value of derivatives entered into by the Company and classified as Level 2 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. The fair value of derivatives entered into by the Company and classified as Level 3 is based on a Black-Scholes valuation model that utilizes both observable and unobservable inputs. Unobservable inputs include model adjustments for valuation uncertainty. See Note 7. 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. |
Share-Based Incentive Plan Awards | 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 three month and nine month periods ended September 30, 2021 and 2020 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and was amended on April 29, 2021 to increase the aggregate number of shares authorized for issuance under the 2018 Plan by 20,000,000 shares. The 2018 Plan replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan originally authorized issuance of up to 30,000,000 shares of common stock, plus any shares of common stock that were subject to outstanding awards under the 2008 Plan as of March 14, 2018 that are forfeited, canceled or settled in cash following April 24, 2018, which was the date that the 2018 Plan was approved by our shareholders. Such shares may be issued 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 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 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 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. |
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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net Revenue: Financial Advisory (a) $ 384,976 $ 305,473 $ 1,155,328 $ 909,245 Asset Management: Management Fees and Other (b) $ 331,252 $ 273,964 $ 976,734 $ 809,071 Incentive Fees (c) 7,495 3,279 74,758 5,542 Total Asset Management $ 338,747 $ 277,243 $ 1,051,492 $ 814,613 (a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, sovereign advisory, capital raising 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) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2021 and 2020 was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Beginning Balance $ 36,244 $ 40,959 $ 36,649 $ 27,130 Adjustment for adoption of new accounting guidance - - - 7,575 Bad debt expense, net of reversals 1,729 (3,808 ) 4,273 5,108 Charge-offs, foreign currency translation and other adjustments (681 ) 1,099 (3,630 ) (1,563 ) Ending Balance * $ 37,292 $ 38,250 $ 37,292 $ 38,250 *The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 Debt $ 249,984 $ 99,987 Equities 44,323 37,365 Funds: Alternative investments (a) 41,471 34,264 Debt (a) 124,368 123,554 Equity (a) 409,471 325,795 Private equity 45,358 37,567 620,668 521,180 Investments, at fair value $ 914,975 $ 658,532 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 4,588 $ 1,176 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $17,182, $92,194 and $345,155, respectively, at September 30, 2021 and $11,128, $90,758 and $277,725, respectively, at December 31, 2020, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vestin g conditions (see Notes 7 and 13 ). |
Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses | During the three month and nine month periods ended September 30, 2021 and 2020, the Company reported in “revenue-other” on its condensed 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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net unrealized investment gains (losses) $ (13,736 ) $ 17,834 $ 5,955 $ 16,896 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020, 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: September 30, 2021 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 249,984 $ - $ - $ - $ 249,984 Equities 43,541 - 782 - 44,323 Funds: Alternative investments 18,982 - - 22,489 41,471 Debt 124,363 - - 5 124,368 Equity 409,423 - - 48 409,471 Private equity - - 7,198 38,160 45,358 Derivatives - 1,523 - - 1,523 Total $ 846,293 $ 1,523 $ 7,980 $ 60,702 $ 916,498 Liabilities: Securities sold, not yet purchased $ 4,588 $ - $ - $ - $ 4,588 Derivatives 9,430 361,304 - - 370,734 Total $ 14,018 $ 361,304 $ - $ - $ 375,322 December 31, 2020 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 99,987 $ - $ - $ - $ 99,987 Equities 35,694 - 1,671 - 37,365 Funds: Alternative investments 17,411 - - 16,853 34,264 Debt 123,549 - - 5 123,554 Equity 325,749 - - 46 325,795 Private equity - - 1,486 36,081 37,567 Derivatives - 536 - - 536 Total $ 602,390 $ 536 $ 3,157 $ 52,985 $ 659,068 Liabilities: Securities sold, not yet purchased $ 1,176 $ - $ - $ - $ 1,176 Derivatives - 314,485 - - 314,485 Total $ 1,176 $ 314,485 $ - $ - $ 315,661 |
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 three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Issuances Sales/ Dispositions/ Settlements/ Transfers Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,646 $ (836 ) $ - $ - $ (28 ) $ 782 Private equity funds 2,628 4,593 - (16 ) (7 ) 7,198 Total Level 3 assets $ 4,274 $ 3,757 $ - $ (16 ) $ (35 ) $ 7,980 Nine Months Ended September 30, 2021 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Issuances Sales/ Dispositions/ Settlements/ Transfers (b) Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,671 $ (835 ) $ - $ - $ (54 ) $ 782 Private equity funds 1,486 5,745 - (16 ) (17 ) 7,198 Total Level 3 assets $ 3,157 $ 4,910 $ - $ (16 ) $ (71 ) $ 7,980 Liabilities: Derivatives $ - $ - $ 11,500 $ (11,500 ) $ - $ - Total Level 3 liabilities $ - $ - $ 11,500 $ (11,500 ) $ - $ - Three Months Ended September 30, 2020 Beginning Balance Net Unrealized/ Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,580 $ 1 $ - $ - $ 30 $ 1,611 Private equity funds 1,012 152 - - 1 1,165 Total Level 3 assets $ 2,592 $ 153 $ - $ - $ 31 $ 2,776 Nine Months Ended September 30, 2020 Beginning Balance Net Unrealized/ Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,600 $ 58 $ - $ - $ (47 ) $ 1,611 Private equity funds 1,371 (207 ) - - 1 1,165 Total Level 3 assets $ 2,971 $ (149 ) $ - $ - $ (46 ) $ 2,776 (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2021 and 2020 include net unrealized gains (losses) of $3,757, $4,910, $153 and $(149), respectively. (b) Transfers out of Level 3 derivatives during the nine month period ended September 30, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives. |
Fair Value of Certain Investments Based on NAV | The following tables present, at September 30, 2021 and December 31, 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: September 30, 2021 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 21,864 $ - NA (a) 30-60 days Other 625 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 48 - NA (d) <30-60 days Private equity funds: Equity growth 38,160 5,597 (e) 100% (f) NA NA Total $ 60,702 $ 5,597 (a) monthly (77%) and quarterly (23%) (b ) daily (8%) and monthly (92%) (c ) daily (100%) (d ) monthly (36%) and annually (64%) ( e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,128 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f ) Distributions from each fund will be received as the underlying investments of the funds are liquidated. December 31, 2020 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 16,216 $ - NA (a) 30-60 days Other 637 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 46 - NA (d) <30-60 days Private equity funds: Equity growth 36,081 5,865 (e) 100 % (f) NA NA Total $ 52,985 $ 5,865 (a) monthly (99%) and quarterly (1%) (b) daily (8%) and monthly (92%) (c ) daily (100%) ( d ) monthly (39%) and annually (61%) (e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f ) Distributions from each fund will be received as the underlying investments of the funds are liquidated. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivatives Reported on Condensed 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 13) on the accompanying condensed consolidated statements of financial condition as of September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,521 $ 536 Total return swaps and other (a) 2 - $ 1,523 $ 536 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 1,025 $ 333 Total return swaps and other (a) 1,529 2,752 LGAC Warrants 9,430 - LFI and other similar deferred compensation arrangements 358,750 311,400 $ 370,734 $ 314,485 (a) For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of September 30, 2021 amounts represent the netting of gross derivative assets and liabilities of $818 and $8,557, respectively, and receivables for net cash collateral under such contracts of $6,212, and (ii) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”. |
Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments) | Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2021 and 2020, were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Forward foreign currency exchange rate contracts $ 2,603 $ (3,039 ) $ 7,702 $ (4,816 ) LFI and other similar deferred compensation arrangements 1,368 (11,261 ) (22,610 ) (15,427 ) LGAC Warrants 3,795 - 2,070 - Total return swaps and other 1,492 (5,202 ) (9,482 ) 1,835 Total $ 9,258 $ (19,502 ) $ (22,320 ) $ (18,408 ) |
Property (Tables)
Property (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Property | At September 30, 2021 and December 31, 2020, property consisted of the following: Estimated Depreciable September 30, December 31, Life in Years 2021 2020 Buildings 33 $ 146,668 $ 155,434 Leasehold improvements 3-20 206,277 220,975 Furniture and equipment 3-10 210,614 240,825 Construction in progress 47,335 42,824 Total 610,894 660,058 Less - Accumulated depreciation and amortization 363,299 402,471 Property $ 247,595 $ 257,587 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at September 30, 2021 and December 31, 2020 are presented below: September 30, December 31, 2021 2020 Goodwill $ 379,682 $ 383,861 Other intangible assets (net of accumulated amortization) 165 210 $ 379,847 $ 384,071 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2021 and 2020 are as follows: Nine Months Ended September 30, 2021 2020 Balance, January 1 $ 383,861 $ 371,773 Foreign currency translation adjustments (4,179 ) 1,422 Balance, September 30 $ 379,682 $ 373,195 |
Gross Cost and Accumulated Amortization of Other Intangible Assets | The gross cost and accumulated amortization of other intangible assets as of September 30, 2021 and December 31, 2020, by major intangible asset category, are as follows: September 30, 2021 December 31, 2020 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 35,385 $ 35,385 $ - $ 35,385 $ 35,385 $ - Management fees, customer relationships and non-compete agreements 34,980 34,815 165 34,980 34,770 210 $ 70,365 $ 70,200 $ 165 $ 70,365 $ 70,155 $ 210 |
Estimated Future Amortization Expense | Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2021 (October 1 through December 31) $ 15 2022 60 2023 60 2024 30 Total amortization expense $ 165 |
Senior Debt (Tables)
Senior Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Senior Debt | Senior debt is comprised of the following as of September 30, 2021 and December 31, 2020: Outstanding as of Initial Annual September 30, 2021 December 31, 2020 Principal Amount Maturity Date Interest Rate(a) Principal Unamortized Debt Costs Carrying Value Principal Unamortized Debt Costs Carrying Value Lazard Group 2025 Senior Notes $ 400,000 2/13/25 3.75 % $ 400,000 $ 1,593 $ 398,407 $ 400,000 $ 1,948 $ 398,052 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,113 297,887 300,000 2,405 297,595 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 5,929 494,071 500,000 6,568 493,432 Lazard Group 2029 Senior Notes 500,000 3/11/29 4.375 % 500,000 5,759 494,241 500,000 6,338 493,662 Total $ 1,700,000 $ 15,394 $ 1,684,606 $ 1,700,000 $ 17,259 $ 1,682,741 (a ) 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”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and Lazard Group’s 4.375% senior notes due March 11, 2029 (the “2029 Notes”) are 3.87%, 3.76%, 4.67% and 4.53%, respectively. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program — Since 2019 and through the nine month period ended September 30, 2021, the Board of Directors of Lazard authorized the repurchase of Lazard Ltd Class A common stock (“common stock”), the only class of common stock of Lazard outstanding, as set forth in the table below: Date Repurchase Authorization Expiration February 2019 $ 300,000 December October 2019 $ 300,000 December 31, 2021 April 2021 $ 300,000 December 31, 2022 |
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, as amended (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: Nine Months Ended September 30: Number of Shares Purchased Average Price Per Share 2020 2,912,035 $ 32.70 2021 6,469,429 $ 44.24 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax —The tables below reflect the balances of each component of AOCI at September 30, 2021 and 2020 and activity during the three month and nine month periods then ended: Three Months Ended September 30, 2021 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, July 1, 2021 $ (58,386 ) $ (168,262 ) $ (226,648 ) $ - $ (226,648 ) Activity: Other comprehensive income (loss) before reclassifications (25,861 ) 4,442 (21,419 ) (1 ) (21,418 ) Adjustments for items reclassified to earnings, net of tax 51 1,481 1,532 - 1,532 Net other comprehensive income (loss) (25,810 ) 5,923 (19,887 ) (1 ) (19,886 ) Balance, September 30, 2021 $ (84,196 ) $ (162,339 ) $ (246,535 ) $ (1 ) $ (246,534 ) Nine Months Ended September 30, 2021 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2021 $ (67,724 ) $ (170,644 ) $ (238,368 ) $ - $ (238,368 ) Activity: Other comprehensive income (loss) before reclassifications (40,102 ) 4,030 (36,072 ) (1 ) (36,071 ) Adjustments for items reclassified to earnings, net of tax 23,630 4,275 27,905 - 27,905 Net other comprehensive income (loss) (16,472 ) 8,305 (8,167 ) (1 ) (8,166 ) Balance, September 30, 2021 $ (84,196 ) $ (162,339 ) $ (246,535 ) $ (1 ) $ (246,534 ) Three Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, July 1, 2020 $ (148,948 ) $ (159,975 ) $ (308,923 ) $ (2 ) $ (308,921 ) Activity: Other comprehensive income (loss) before reclassifications 34,326 (6,534 ) 27,792 1 27,791 Adjustments for items reclassified to earnings, net of tax - 1,345 1,345 - 1,345 Net other comprehensive income (loss) 34,326 (5,189 ) 29,137 1 29,136 Balance, September 30, 2020 $ (114,622 ) $ (165,164 ) $ (279,786 ) $ (1 ) $ (279,785 ) Nine Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Ltd AOCI Balance, January 1, 2020 $ (120,586 ) $ (173,064 ) $ (293,650 ) $ (2 ) $ (293,648 ) Activity: Other comprehensive income before reclassifications 5,964 3,045 9,009 1 9,008 Adjustments for items reclassified to earnings, net of tax - 4,855 4,855 - 4,855 Net other comprehensive income 5,964 7,900 13,864 1 13,863 Balance, September 30, 2020 $ (114,622 ) $ (165,164 ) $ (279,786 ) $ (1 ) $ (279,785 ) |
Adjustments for Items Reclassified From AOCI | The table below reflects adjustments for items reclassified from AOCI, by component, for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Currency translation losses (a) $ 51 $ - $ 23,630 $ - Employee benefit plans: Amortization relating to employee benefit plans (b) 1,903 1,757 5,561 5,943 Less - related income taxes 422 412 1,286 1,088 1,481 1,345 4,275 4,855 Total reclassifications, net of tax $ 1,532 $ 1,345 $ 27,905 $ 4,855 (a) Represents currency translation losses reclassified to earnings from AOCI associated with restructuring and closing of certain of our offices. Such amounts are included in “revenue — other” on the condensed consolidated statements of operations. (b) Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses — other” on the condensed consolidated statements of operations. |
Net Income (Loss) Attributable to Noncontrolling Interests | The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2021 and 2020 and noncontrolling interests as of September 30, 2021 and December 31, 2020 in the Company’s condensed consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Edgewater $ 5,019 $ 168 $ 8,349 $ (4,179 ) Consolidated VIEs 471 1,253 5,159 (474 ) LGAC 2,813 - 55 - Other 1 2 5 3 Total $ 8,304 $ 1,423 $ 13,568 $ (4,650 ) Noncontrolling Interests as of September 30, December 31, 2021 2020 Edgewater $ 46,404 $ 45,352 Profits interest participation rights 3,695 1,776 Consolidated VIEs 61,840 40,517 LGAC (12,051 ) - Other 19 16 Total $ 99,907 $ 87,661 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, restricted stock, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Share-based incentive awards: RSUs $ 30,780 $ 29,295 $ 101,687 $ 112,435 PRSUs 157 636 5,871 5,627 Restricted Stock 2,826 5,423 14,592 22,969 Profits interest participation rights 17,980 4,121 71,662 37,172 DSUs 149 196 1,967 2,173 Total $ 51,892 $ 39,671 $ 195,779 $ 180,376 |
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 nine month period ended September 30, 2021: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2021 $ 101,631 $ 311,400 Granted 161,892 161,892 Settled - (130,522 ) Forfeited (4,333 ) (11,906 ) Amortization (123,155 ) - Change in fair value related to: Change in fair value of underlying investments - 22,610 Adjustment for estimated forfeitures - 7,840 Other 17 (2,564 ) Balance, September 30, 2021 $ 136,052 $ 358,750 The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Amortization, net of forfeitures $ 41,629 $ 25,897 $ 123,422 $ 95,322 Change in the fair value of underlying investments (1,368 ) 11,261 22,610 15,427 Total $ 40,261 $ 37,158 $ 146,032 $ 110,749 |
Restricted Stock Units and Deferred Stock Units [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to RSUs and DSUs during the nine month period ended September 30, 2021: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2021 9,266,344 $ 42.96 478,800 $ 36.36 Granted (including 303,739 RSUs relating to dividend participation) 3,101,679 $ 43.19 42,148 $ 46.66 Forfeited (199,599 ) $ 41.45 - - Settled (4,090,277 ) $ 47.00 (185,657 ) $ 35.89 Balance, September 30, 2021 8,078,147 $ 41.04 335,291 $ 37.92 |
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 common stock associated with compensation arrangements during the nine month period ended September 30, 2021: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2021 1,144,959 $ 41.09 Granted (including 27,311 relating to dividend participation) 445,263 $ 43.30 Forfeited (103,850 ) $ 40.81 Settled (587,994 ) $ 42.95 Balance, September 30, 2021 898,378 $ 41.00 |
PRSUs [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2021: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2021 546,959 $ 53.48 Granted 32,394 $ 46.63 Settled (546,959 ) $ 53.48 Balance, September 30, 2021 32,394 $ 46.63 |
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 nine month period ended September 30, 2021: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2021 2,523,075 $ 40.43 Granted 1,159,864 $ 44.73 Balance, September 30, 2021 (a) 3,682,939 $ 41.78 (a) Table includes 1,561,120 PRPUs, which represents the target number of PRPUs granted as of September 30, 2021, including 510,342 PRPUs granted during the nine month period ended September 30, 2021. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2021 were $40.61 and $40.30, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the nine month period ended September 30, 2021 were $46.63 and $43.23, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of September 30, 2021 were $42.58 and $41.20, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month and nine month periods ended September 30, 2021 and 2020: Pension Plans Three Months Ended September 30, 2021 2020 Components of Net Periodic Benefit Cost (Credit): Service cost $ 212 $ 224 Interest cost 2,123 3,013 Expected return on plan assets (6,507 ) (6,750 ) Amortization of: Prior service cost 29 28 Net actuarial loss (gain) 1,874 1,729 Settlement loss 378 622 Net periodic benefit cost (credit) $ (1,891 ) $ (1,134 ) Pension Plans Nine Months Ended September 30, 2021 2020 Components of Net Periodic Benefit Cost (Credit): Service cost $ 669 $ 594 Interest cost 6,379 8,906 Expected return on plan assets (19,638 ) (19,813 ) Amortization of: Prior service cost 89 82 Net actuarial loss (gain) 5,472 5,861 Settlement loss 1,142 2,132 Net periodic benefit cost (credit) $ (5,887 ) $ (2,238 ) |
Net Income Per Share of Commo_2
Net Income Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 three month and nine month periods ended September 30, 2021 and 2020 are presented below: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income attributable to Lazard Ltd $ 107,209 $ 75,092 $ 317,687 $ 212,572 Add - adjustment for earnings attributable to participating securities (1,808 ) (1,505 ) (4,649 ) (3,867 ) Net income attributable to Lazard Ltd - basic 105,401 73,587 313,038 208,705 Add - adjustment for earnings attributable to participating securities 1,360 1,203 4,201 3,386 Net income attributable to Lazard Ltd - diluted $ 106,761 $ 74,790 $ 317,239 $ 212,091 Weighted average number of shares of common stock outstanding 103,614,495 104,989,881 104,754,715 104,728,241 Add - adjustment for shares of common stock issuable on a non-contingent basis 1,801,248 2,178,734 1,729,937 1,983,306 Weighted average number of shares of common stock outstanding - basic 105,415,743 107,168,615 106,484,652 106,711,547 Add - dilutive effect, as applicable, of: Weighted average number of incremental shares of common stock issuable from share-based incentive compensation 7,578,294 6,012,949 7,655,284 6,218,283 Weighted average number of shares of common stock outstanding - diluted 112,994,037 113,181,564 114,139,936 112,929,830 Net income attributable to Lazard Ltd per share of common stock: Basic $ 1.00 $ 0.69 $ 2.94 $ 1.96 Diluted $ 0.94 $ 0.66 $ 2.78 $ 1.88 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Financial Advisory Net Revenue $ 384,976 $ 305,473 $ 1,155,328 $ 909,245 Operating Expenses 304,482 266,150 931,612 764,012 Operating Income $ 80,494 $ 39,323 $ 223,716 $ 145,233 Asset Management Net Revenue $ 338,747 $ 277,243 $ 1,051,492 $ 814,613 Operating Expenses 246,094 200,194 747,511 600,012 Operating Income $ 92,653 $ 77,049 $ 303,981 $ 214,601 Corporate Net Revenue $ (6,294 ) $ (5,038 ) $ (6,147 ) $ (35,874 ) Operating Expenses 11,894 6,654 66,040 39,318 Operating Loss $ (18,188 ) $ (11,692 ) $ (72,187 ) $ (75,192 ) Total Net Revenue $ 717,429 $ 577,678 $ 2,200,673 $ 1,687,984 Operating Expenses 562,470 472,998 1,745,163 1,403,342 Operating Income $ 154,959 $ 104,680 $ 455,510 $ 284,642 As Of September 30, 2021 December 31, 2020 Total Assets Financial Advisory $ 1,136,939 $ 1,181,783 Asset Management 990,047 958,588 Corporate 4,599,594 3,831,490 Total $ 6,726,580 $ 5,971,861 |
Consolidated VIEs (Tables)
Consolidated VIEs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Summary of Consolidated VIE Assets and Liabilities | The Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2021 and December 31, 2020. September 30, 2021 December 31, 2020 ASSETS Cash and cash equivalents $ 7,013 $ 3,558 Customers and other receivables 1,157 160 Investments 202,131 158,370 Other assets 757 400 Total Assets $ 211,058 $ 162,488 LIABILITIES Deposits and other customer payables $ 1,404 $ 104 Other liabilities 309 491 Total Liabilities $ 1,713 $ 595 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | Feb. 04, 2019 | Sep. 30, 2021USD ($)Segment | Dec. 31, 2020USD ($) |
Organization And Basis Of Presentation [Line Items] | |||
Governing operating agreement, date | Feb. 4, 2019 | ||
Number of business segments | Segment | 2 | ||
LGAC IPO | $ 575,000 | ||
Redeemable noncontrolling interests | 575,000 | ||
Net Underwriting Fee [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Net underwriting fee associated with the IPO of a special purpose acquisition company | 8,500 | ||
Non-cash Deferred Underwriting Fees [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Deferred costs associated with IPO of special purpose acquisition entity | 20,125 | ||
Other Offering Cost [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Other offering costs associated with IPO of special purpose acquisition entity | 852 | ||
LGAC [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Redeemable noncontrolling interests | $ 575,000 | ||
Lazard Group LLC [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of common membership interests held | 100.00% | 100.00% |
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 | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Financial Advisory Segment [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net Revenue | [1] | $ 384,976 | $ 305,473 | $ 1,155,328 | $ 909,245 |
Asset Management Segment [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net Revenue | 338,747 | 277,243 | 1,051,492 | 814,613 | |
Asset Management Segment [Member] | Management Fees and Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net Revenue | [2] | 331,252 | 273,964 | 976,734 | 809,071 |
Asset Management Segment [Member] | Incentive Fees [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net Revenue | [3] | $ 7,495 | $ 3,279 | $ 74,758 | $ 5,542 |
[1] | Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, sovereign advisory, capital raising 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. | ||||
[2] | 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. | ||||
[3] | 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 - Schedule of Activ
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Allowance For Doubtful Accounts Receivable Rollforward | |||||
Allowance for doubtful accounts receivables, Beginning balance | $ 36,244 | $ 40,959 | $ 36,649 | $ 27,130 | |
Adjustment for adoption of new accounting guidance | 7,575 | ||||
Bad debt expense, net of reversals | 1,729 | (3,808) | 4,273 | 5,108 | |
Charge-offs, foreign currency translation and other adjustments | (681) | 1,099 | (3,630) | (1,563) | |
Allowance for doubtful accounts receivables, Ending balance | [1] | $ 37,292 | $ 38,250 | $ 37,292 | $ 38,250 |
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivables | $ 106,139,000 | $ 90,521,000 | ||||||
Allowance for doubtful accounts receivables | 37,292,000 | [1] | $ 36,244,000 | 36,649,000 | $ 38,250,000 | $ 40,959,000 | $ 27,130,000 | |
Customers and other | 153,049,000 | 121,261,000 | ||||||
Aggregate carrying amount of other receivables | 472,144,000 | 552,655,000 | ||||||
Customer and Other Receivables [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Customers and other | 121,853,000 | 99,965,000 | ||||||
Financing Receivables [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for doubtful accounts receivables | $ 0 | $ 0 | ||||||
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Investments - Company's Investm
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Total investments | $ 914,975 | $ 658,532 |
Investments, at fair value | 914,975 | 658,532 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 4,588 | 1,176 |
Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 249,984 | 99,987 |
Investments, at fair value | 249,984 | 99,987 |
Equities [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 44,323 | 37,365 |
Investments, at fair value | 44,323 | 37,365 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 41,471 | 34,264 |
Investments, at fair value | 41,471 | 34,264 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 124,368 | 123,554 |
Investments, at fair value | 124,368 | 123,554 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 409,471 | 325,795 |
Investments, at fair value | 409,471 | 325,795 |
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 45,358 | 37,567 |
Investments, at fair value | 45,358 | 37,567 |
Funds Total [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 620,668 | $ 521,180 |
Investments - Company's Inves_2
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Investments | $ 914,975 | $ 658,532 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 41,471 | 34,264 |
Alternative Investment Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 17,182 | 11,128 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 124,368 | 123,554 |
Debt Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 92,194 | 90,758 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 409,471 | 325,795 |
Equity Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | $ 345,155 | $ 277,725 |
Investments - Additional Inform
Investments - Additional Information (Detail) - Debt [Member] - U.S. Treasury Securities [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Minimum [Member] | |
Schedule of Investments [Line Items] | |
US Treasury securities maturity period | 3 months |
Maximum [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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract] | ||||
Net unrealized investment gains (losses) | $ (13,736) | $ 17,834 | $ 5,955 | $ 16,896 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 914,975 | $ 658,532 |
Total Derivative Assets | 1,523 | 536 |
Total investments measured at fair value | 916,498 | 659,068 |
Securities sold, not yet purchased | 4,588 | 1,176 |
Total Derivative Liabilities | 370,734 | 314,485 |
Total of Liabilities Measured at Fair Value | 375,322 | 315,661 |
Level 1 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 846,293 | 602,390 |
Securities sold, not yet purchased | 4,588 | 1,176 |
Total Derivative Liabilities | 9,430 | |
Total of Liabilities Measured at Fair Value | 14,018 | 1,176 |
Level 2 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total Derivative Assets | 1,523 | 536 |
Total investments measured at fair value | 1,523 | 536 |
Total Derivative Liabilities | 361,304 | 314,485 |
Total of Liabilities Measured at Fair Value | 361,304 | 314,485 |
Level 3 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 7,980 | 3,157 |
NAV [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 60,702 | 52,985 |
Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 249,984 | 99,987 |
Debt [Member] | Level 1 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 249,984 | 99,987 |
Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 44,323 | 37,365 |
Equities [Member] | Level 1 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 43,541 | 35,694 |
Equities [Member] | Level 3 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 782 | 1,671 |
Alternative Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 41,471 | 34,264 |
Alternative Investment Funds [Member] | Level 1 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 18,982 | 17,411 |
Alternative Investment Funds [Member] | NAV [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 22,489 | 16,853 |
Debt Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 124,368 | 123,554 |
Debt Funds [Member] | Level 1 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 124,363 | 123,549 |
Debt Funds [Member] | NAV [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 5 | 5 |
Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 409,471 | 325,795 |
Equity Funds [Member] | Level 1 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 409,423 | 325,749 |
Equity Funds [Member] | NAV [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 48 | 46 |
Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 45,358 | 37,567 |
Private Equity Funds [Member] | Level 3 [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 7,198 | 1,486 |
Private Equity Funds [Member] | NAV [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 38,160 | $ 36,081 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Assets: | ||||
Beginning Balance | $ 4,274 | $ 2,592 | $ 3,157 | $ 2,971 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 3,757 | 153 | 4,910 | (149) |
Purchases/Acquisitions/Issuances | 0 | 0 | 0 | 0 |
Sales/Dispositions/Settlements/Transfers | (16) | 0 | (16) | 0 |
Foreign Currency Translation Adjustments | (35) | 31 | (71) | (46) |
Ending Balance | 7,980 | 2,776 | 7,980 | 2,776 |
Liabilities: | ||||
Beginning Balance | 0 | |||
Net Unrealized/Realized Gains/Losses Included In Earnings | 0 | |||
Purchases/Acquisitions/Issuances | 11,500 | |||
Sales/Dispositions/Settlements/Transfers | (11,500) | |||
Foreign Currency Translation Adjustments | 0 | |||
Ending Balance | 0 | 0 | ||
Equities [Member] | ||||
Assets: | ||||
Beginning Balance | 1,646 | 1,580 | 1,671 | 1,600 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (836) | 1 | (835) | 58 |
Purchases/Acquisitions/Issuances | 0 | 0 | 0 | 0 |
Sales/Dispositions/Settlements/Transfers | 0 | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | (28) | 30 | (54) | (47) |
Ending Balance | 782 | 1,611 | 782 | 1,611 |
Private Equity Funds [Member] | ||||
Assets: | ||||
Beginning Balance | 2,628 | 1,012 | 1,486 | 1,371 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 4,593 | 152 | 5,745 | (207) |
Purchases/Acquisitions/Issuances | 0 | 0 | 0 | 0 |
Sales/Dispositions/Settlements/Transfers | (16) | 0 | (16) | 0 |
Foreign Currency Translation Adjustments | (7) | 1 | (17) | 1 |
Ending Balance | 7,198 | $ 1,165 | 7,198 | $ 1,165 |
Derivative | ||||
Liabilities: | ||||
Beginning Balance | 0 | |||
Net Unrealized/Realized Gains/Losses Included In Earnings | 0 | |||
Purchases/Acquisitions/Issuances | 11,500 | |||
Sales/Dispositions/Settlements/Transfers | (11,500) | |||
Foreign Currency Translation Adjustments | 0 | |||
Ending Balance | $ 0 | $ 0 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Net unrealized gains (losses) | $ 3,757 | $ 153 | $ 4,910 | $ (149) |
Level 3 Assets [Member] | ||||
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Net unrealized gains (losses) | $ 3,757 | $ 153 | $ 4,910 | $ (149) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value Option Quantitative Disclosures [Line Items] | |||||
Transfers into or out of Level 3 in the fair value measurement hierarchy | $ 0 | $ 0 | $ 0 | $ 0 | |
Unfunded Commitments | 5,597,000 | 5,597,000 | $ 5,865,000 | ||
EGCP III [Member] | |||||
Fair Value Option Quantitative Disclosures [Line Items] | |||||
Unfunded Commitments | $ 5,158,000 | $ 5,158,000 | |||
End of the investment period | Oct. 12, 2016 | ||||
Remaining obligation date | Oct. 12, 2023 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 60,702 | $ 52,985 |
Unfunded Commitments | 5,597 | 5,865 |
Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 21,864 | $ 16,216 |
Hedge Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 77.00% | 99.00% |
Hedge Funds [Member] | Quarterly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 23.00% | 1.00% |
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 | $ 625 | $ 637 |
Other [Member] | Daily [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 8.00% | 8.00% |
Other [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 92.00% | 92.00% |
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 | $ 5 |
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 | $ 48 | $ 46 |
Equity Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 36.00% | 39.00% |
Equity Funds [Member] | Annually [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 64.00% | 61.00% |
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 | 60 days |
Private Equity Funds [Member] | Equity Growth [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 38,160 | $ 36,081 |
Unfunded Commitments | $ 5,597 | $ 5,865 |
% of Fair Value Not Redeemable | 100.00% | 100.00% |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 5,597 | $ 5,865 |
Private Equity Funds [Member] | Consolidated But Not Owned [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 9,128 | $ 10,022 |
Derivatives - Fair Values of De
Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | $ 1,523 | $ 536 | |
Derivative Liabilities | 370,734 | 314,485 | |
Forward Foreign Currency Exchange Rate Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 1,521 | 536 | |
Derivative Liabilities | 1,025 | 333 | |
Total Return Swaps and Other [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | [1] | 2 | |
Derivative Liabilities | [1] | 1,529 | 2,752 |
LGAC Warrant [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 9,430 | ||
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | $ 358,750 | $ 311,400 | |
[1] | For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of September 30, 2021 amounts represent the netting of gross derivative assets and liabilities of $818 and $8,557, respectively, and receivables for net cash collateral under such contracts of $6,212, and (ii) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”. |
Derivatives - Fair Values of _2
Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Parenthetical) (Detail) - Total Return Swaps [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative assets | $ 818 | $ 152 |
Gross derivative liability | 8,557 | 9,797 |
Cash collateral pledged for total return swaps | $ 6,212 | $ 6,893 |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments | $ 9,258 | $ (19,502) | $ (22,320) | $ (18,408) |
Forward Foreign Currency Exchange Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as hedging instruments | 2,603 | (3,039) | 7,702 | (4,816) |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as hedging instruments | 1,368 | (11,261) | (22,610) | (15,427) |
LGAC Warrant [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as hedging instruments | 3,795 | 2,070 | ||
Total Return Swaps and Other [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as hedging instruments | $ 1,492 | $ (5,202) | $ (9,482) | $ 1,835 |
Property - Components of Proper
Property - Components of Property (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 610,894 | $ 660,058 |
Less - Accumulated depreciation and amortization | 363,299 | 402,471 |
Property | 247,595 | 257,587 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 146,668 | 155,434 |
Property, plant and equipment, useful life | 33 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 206,277 | 220,975 |
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 | $ 210,614 | 240,825 |
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 | $ 47,335 | $ 42,824 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 379,682 | $ 383,861 | $ 373,195 | $ 371,773 |
Other intangible assets (net of accumulated amortization) | 165 | 210 | ||
Goodwill and other intangible assets, Total | $ 379,847 | $ 384,071 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill | $ 379,682 | $ 373,195 | $ 379,682 | $ 373,195 | $ 383,861 | $ 371,773 |
Amortization of intangible assets related to acquisitions | 15 | $ 458 | 45 | $ 1,359 | ||
Financial Advisory Segment [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill | 315,141 | 315,141 | 319,320 | |||
Asset Management Segment [Member] | ||||||
Goodwill And Intangible Assets [Line Items] | ||||||
Goodwill | $ 64,541 | $ 64,541 | $ 64,541 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 383,861 | $ 371,773 |
Foreign currency translation adjustments | (4,179) | 1,422 |
Ending Balance | $ 379,682 | $ 373,195 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | $ 70,365 | $ 70,365 |
Other intangible assets, accumulated amortization | 70,200 | 70,155 |
Other intangible assets, Net Carrying Amount | 165 | 210 |
Success/Incentive Fees [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 35,385 | 35,385 |
Other intangible assets, accumulated amortization | 35,385 | 35,385 |
Management Fees, Customer Relationships and Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 34,980 | 34,980 |
Other intangible assets, accumulated amortization | 34,815 | 34,770 |
Other intangible assets, Net Carrying Amount | $ 165 | $ 210 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 (October 1 through December 31) | $ 15 |
2022 | 60 |
2023 | 60 |
2024 | 30 |
Total amortization expense | $ 165 |
Senior Debt - Senior Debt (Deta
Senior Debt - Senior Debt (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Senior Debt, Outstanding Principal | $ 1,700,000,000 | $ 1,700,000,000 |
Senior Debt, Outstanding Unamortized Debt Costs | 15,394,000 | 17,259,000 |
Senior Debt, Outstanding Carrying Value | 1,684,606,000 | 1,682,741,000 |
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 | 1,593,000 | 1,948,000 |
Senior Debt, Outstanding Carrying Value | 398,407,000 | 398,052,000 |
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 | 2,113,000 | 2,405,000 |
Senior Debt, Outstanding Carrying Value | 297,887,000 | 297,595,000 |
Lazard Group 4.50% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Debt, Initial Principal Amount | $ 500,000,000 | |
Senior Debt, Maturity Date | Sep. 19, 2028 | |
Senior Debt, Annual Interest Rate | 4.50% | |
Senior Debt, Outstanding Principal | $ 500,000,000 | 500,000,000 |
Senior Debt, Outstanding Unamortized Debt Costs | 5,929,000 | 6,568,000 |
Senior Debt, Outstanding Carrying Value | 494,071,000 | 493,432,000 |
Lazard Group 4.375% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Debt, Initial Principal Amount | $ 500,000,000 | |
Senior Debt, Maturity Date | Mar. 11, 2029 | |
Senior Debt, Annual Interest Rate | 4.375% | |
Senior Debt, Outstanding Principal | $ 500,000,000 | 500,000,000 |
Senior Debt, Outstanding Unamortized Debt Costs | 5,759,000 | 6,338,000 |
Senior Debt, Outstanding Carrying Value | $ 494,241,000 | $ 493,662,000 |
Senior Debt - Senior Debt (Pare
Senior Debt - Senior Debt (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Lazard Group 3.75% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Senior notes interest rate | 3.75% |
Senior debt 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 notes interest rate | 3.625% |
Senior debt maturity date | Mar. 1, 2027 |
Effective interest rates of senior notes | 3.76% |
Lazard Group 4.50% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Senior notes interest rate | 4.50% |
Senior debt maturity date | Sep. 19, 2028 |
Effective interest rates of senior notes | 4.67% |
Lazard Group 4.375% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Senior notes interest rate | 4.375% |
Senior debt maturity date | Mar. 11, 2029 |
Effective interest rates of senior notes | 4.53% |
Senior Debt - Additional Inform
Senior Debt - Additional Information (Detail) - USD ($) | Jul. 22, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Amended and Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Senior revolving credit facility, initiation date | Jul. 22, 2020 | ||
Senior revolving credit facility | $ 200,000,000 | ||
Duration of senior revolving credit facility, in years | 3 years | ||
Expiration of credit facility | 2023-07 | ||
Interest rate description | Borrowings under the Amended and Restated Credit Agreement generally will bear interest at LIBOR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. | ||
Outstanding credit facility | $ 0 | $ 0 | |
Senior Debt [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of senior debt | 1,905,600,000 | $ 1,954,000,000 | |
Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | 212,700,000 | ||
Unused Lines of Credit [Member] | LFB [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 12,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Sep. 30, 2021USD ($) |
LFB [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 0 |
LFNY [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 0 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
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 |
April, 2021 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Share Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2022 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Repurchase Program [Abstract] | ||
Number of Shares Purchased | 6,469,429 | 2,912,035 |
Average Price Per Share | $ 44.24 | $ 32.70 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Schedule Of Stockholders Equity [Line Items] | ||||||
Aggregate value of all shares repurchased | $ 52,448 | $ 286,193 | $ 95,227 | |||
Share repurchase remaining authorization | $ 313,807 | $ 313,807 | ||||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Dividend declared per share of common stock | $ 0.47 | $ 0.47 | $ 1.41 | $ 1.41 | ||
Subsequent Event [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Dividend declared per share of common stock | $ 0.47 | |||||
Dividend payable date | Nov. 19, 2021 | |||||
Dividend date of record | Nov. 8, 2021 | |||||
Dividend declare date | Oct. 28, 2021 | |||||
December 31, 2021 [Member] | Common Stock [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Share repurchase remaining authorization | $ 13,807 | $ 13,807 | ||||
Share repurchase authorization expiration date | Dec. 31, 2021 | |||||
December 31, 2022 [Member] | Common Stock [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Share repurchase remaining authorization | $ 300,000 | $ 300,000 | ||||
Share repurchase authorization expiration date | Dec. 31, 2022 | |||||
Common Stock [Member] | Executive Officers [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Aggregate value of all shares repurchased | $ 18,600 | $ 10,000 | ||||
Series A Preferred Stock [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||
Series B Preferred Stock [Member] | ||||||
Schedule Of Stockholders Equity [Line Items] | ||||||
Preferred stock, shares outstanding | 0 | 0 | 0 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 931,855 | $ 683,968 | $ 999,433 | $ 681,574 |
Other comprehensive income (loss) before reclassifications | (21,419) | 27,792 | (36,072) | 9,009 |
Adjustments for items reclassified to earnings, net of tax | 1,532 | 1,345 | 27,905 | 4,855 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,887) | 29,137 | (8,167) | 13,864 |
Balance | 977,714 | 778,698 | 977,714 | 778,698 |
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (58,386) | (148,948) | (67,724) | (120,586) |
Other comprehensive income (loss) before reclassifications | (25,861) | 34,326 | (40,102) | 5,964 |
Adjustments for items reclassified to earnings, net of tax | 51 | 0 | 23,630 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (25,810) | 34,326 | (16,472) | 5,964 |
Balance | (84,196) | (114,622) | (84,196) | (114,622) |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (168,262) | (159,975) | (170,644) | (173,064) |
Other comprehensive income (loss) before reclassifications | 4,442 | (6,534) | 4,030 | 3,045 |
Adjustments for items reclassified to earnings, net of tax | 1,481 | 1,345 | 4,275 | 4,855 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 5,923 | (5,189) | 8,305 | 7,900 |
Balance | (162,339) | (165,164) | (162,339) | (165,164) |
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (2) | (2) | ||
Other comprehensive income (loss) before reclassifications | (1) | 1 | (1) | 1 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (1) | 1 | (1) | 1 |
Balance | (1) | (1) | (1) | (1) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (226,648) | (308,921) | (238,368) | (293,648) |
Other comprehensive income (loss) before reclassifications | (21,418) | 27,791 | (36,071) | 9,008 |
Adjustments for items reclassified to earnings, net of tax | 1,532 | 1,345 | 27,905 | 4,855 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (19,886) | 29,136 | (8,166) | 13,863 |
Balance | (246,534) | (279,785) | (246,534) | (279,785) |
Total AOCI [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (226,648) | (308,923) | (238,368) | (293,650) |
Balance | $ (246,535) | $ (279,786) | $ (246,535) | $ (279,786) |
Stockholders' Equity - Adjustme
Stockholders' Equity - Adjustments for Items Reclassified From AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Currency translation losses | $ 51 | $ 23,630 | ||
Total reclassifications, net of tax | 1,532 | $ 1,345 | 27,905 | $ 4,855 |
Employee Benefit Plans [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization relating to employee benefit plans | 1,903 | 1,757 | 5,561 | 5,943 |
Less - related income taxes | 422 | 412 | 1,286 | 1,088 |
Total reclassifications, net of tax | $ 1,481 | $ 1,345 | $ 4,275 | $ 4,855 |
Stockholders' Equity - Net Inco
Stockholders' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Change In Ownership Interest [Line Items] | |||||
Net Income (Loss) Attributable to Noncontrolling Interests | $ 8,304 | $ 1,423 | $ 13,568 | $ (4,650) | |
Noncontrolling interests | 99,907 | 99,907 | $ 87,661 | ||
Profits Interest Participation Rights [Member] | |||||
Change In Ownership Interest [Line Items] | |||||
Noncontrolling interests | 3,695 | 3,695 | 1,776 | ||
Consolidated VIEs [Member] | |||||
Change In Ownership Interest [Line Items] | |||||
Net Income (Loss) Attributable to Noncontrolling Interests | 471 | 1,253 | 5,159 | (474) | |
Noncontrolling interests | 61,840 | 61,840 | 40,517 | ||
Edgewater [Member] | |||||
Change In Ownership Interest [Line Items] | |||||
Net Income (Loss) Attributable to Noncontrolling Interests | 5,019 | 168 | 8,349 | (4,179) | |
Noncontrolling interests | 46,404 | 46,404 | 45,352 | ||
LGAC [Member] | |||||
Change In Ownership Interest [Line Items] | |||||
Net Income (Loss) Attributable to Noncontrolling Interests | 2,813 | 55 | |||
Noncontrolling interests | (12,051) | (12,051) | |||
Other [Member] | |||||
Change In Ownership Interest [Line Items] | |||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1 | $ 2 | 5 | $ 3 | |
Noncontrolling interests | $ 19 | $ 19 | $ 16 |
Incentive Plans - Additional In
Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 29, 2021 | Apr. 24, 2018 | Sep. 30, 2021 |
Lazard Fund Interests [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense, years | 9 years | ||
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 dividend participation rights issued | 303,739 | ||
Charges to retained earnings, net of estimated forfeitures | $ 12,970 | ||
Unrecognized compensation expense | $ 112,306 | ||
Unrecognized compensation expense, years | 10 months 24 days | ||
DSUs [Member] | Non-Executive [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual compensation received for service | 30,764 | ||
Units granted under the directors deferred unit plan | 11,384 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 16,538 | ||
Unrecognized compensation expense, years | 10 months 24 days | ||
Dividend participation rights issued | 27,311 | ||
Charges to retained earnings, net of estimated forfeitures | $ 1,206 | ||
PRSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 1,505 | ||
Unrecognized compensation expense, years | 1 year 3 months 18 days | ||
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 common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of common stock that may be received in connection with each PRSU generally can range from zero to two times the target number for awards granted prior to February 2021. For awards granted in February 2021, based on both the performance-based and market-based criteria, the number of shares of common stock can range from zero to 2.4 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 | $ 28,896 | ||
Unrecognized compensation expense, years | 9 months 18 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 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 common stock that may be received in connection with the PRPU awards granted in February 2019 and February 2020 will range from zero to two times the target number. For the PRPU awards granted in February 2021, subject to both performance-based and incremental market-based criteria, the number of shares will range from zero to 2.4 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% | ||
Common Stock [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 1,370,613 | ||
Delivery of common stock associated with stock awards | 2,719,664 | ||
Common Stock [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 198,040 | ||
Delivery of common stock associated with stock awards | 389,954 | ||
Common Stock [Member] | PRSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 100,882 | ||
Delivery of common stock associated with stock awards | 446,077 | ||
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 | ||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 20,000,000 | ||
Common Stock [Member] | Awarded Under 2008 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of outstanding common stock available under the plan | 30.00% | ||
Compensation plan expiration period | Apr. 24, 2018 | ||
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based incentive awards: | ||||
Share-based incentive awards | $ 51,892 | $ 39,671 | $ 195,779 | $ 180,376 |
RSUs [Member] | ||||
Share-based incentive awards: | ||||
Share-based incentive awards | 30,780 | 29,295 | 101,687 | 112,435 |
PRSUs [Member] | ||||
Share-based incentive awards: | ||||
Share-based incentive awards | 157 | 636 | 5,871 | 5,627 |
Restricted Stock [Member] | ||||
Share-based incentive awards: | ||||
Share-based incentive awards | 2,826 | 5,423 | 14,592 | 22,969 |
Profits Interest Participation Rights [Member] | ||||
Share-based incentive awards: | ||||
Share-based incentive awards | 17,980 | 4,121 | 71,662 | 37,172 |
DSUs [Member] | ||||
Share-based incentive awards: | ||||
Share-based incentive awards | $ 149 | $ 196 | $ 1,967 | $ 2,173 |
Incentive Plans - Schedule of A
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
RSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 9,266,344 |
Units, Granted | shares | 3,101,679 |
Units, Forfeited | shares | (199,599) |
Units, Settled | shares | (4,090,277) |
Units, Ending Balance | shares | 8,078,147 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 42.96 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 43.19 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 41.45 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 47 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 41.04 |
DSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 478,800 |
Units, Granted | shares | 42,148 |
Units, Settled | shares | (185,657) |
Units, Ending Balance | shares | 335,291 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 36.36 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 46.66 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 35.89 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 37.92 |
Incentive Plans - Schedule of_2
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2021shares | |
RSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Dividend participation rights | 303,739 |
Incentive Plans - Summary of Ac
Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 1,144,959 |
Units, Granted | shares | 445,263 |
Units, Forfeited | shares | (103,850) |
Units, Settled | shares | (587,994) |
Units, Ending Balance | shares | 898,378 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 41.09 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 43.30 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 40.81 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 42.95 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 41 |
Incentive Plans - Summary of _2
Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2021shares | |
Restricted Stock [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Number of dividend participation rights issued | 27,311 |
Incentive Plans - Summary of _3
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 546,959 |
Units, Granted | shares | 32,394 |
Units, Settled | shares | (546,959) |
Units, Ending Balance | shares | 32,394 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 53.48 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 46.63 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 53.48 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 46.63 |
Incentive Plans - Summary of _4
Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Detail) - Profits Interest Participation Rights, Including PRPUs [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Beginning Balance | shares | 2,523,075 |
Units, Granted | shares | 1,159,864 |
Units, Ending Balance | shares | 3,682,939 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 40.43 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 44.73 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 41.78 |
Incentive Plans - Summary of _5
Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Parenthetical) (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
PRPUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Granted | 510,342 | |
Weighted average grant date fair value | $ 42.58 | $ 40.61 |
Weighted Average Grant Date Fair Value, Granted | $ 46.63 | |
PRPUs [Member] | Target Of P R P U S | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Granted | 1,561,120 | |
Other Profits Interest Participation Rights | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value | $ 41.20 | $ 40.30 |
Weighted Average Grant Date Fair Value, Granted | $ 43.23 |
Incentive Plans - Summary of LF
Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |
Beginning Balance, Derivative Liability | $ 314,485 |
Ending balance, Derivative Liability | 370,734 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |
Begging Balance, Prepaid Compensation Asset | 101,631 |
Prepaid Compensation Asset, Granted | 161,892 |
Prepaid Compensation Asset, Forfeited | (4,333) |
Prepaid Compensation Asset, Amortization | (123,155) |
Prepaid Compensation Asset, Other | 17 |
Ending Balance, Prepaid Compensation Asset | 136,052 |
Beginning Balance, Derivative Liability | 311,400 |
Compensation Liability, Granted | 161,892 |
Compensation Liability, Settled | (130,522) |
Compensation Liability, Forfeited | (11,906) |
Compensation Liability, Change in Fair Value | 22,610 |
Compensation Liability, Adjustment for estimated forfeitures | 7,840 |
Compensation Liability, Other | (2,564) |
Ending balance, Derivative Liability | $ 358,750 |
Incentive Plans - Summary of _6
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation [Abstract] | ||||
Amortization, net of forfeitures | $ 41,629 | $ 25,897 | $ 123,422 | $ 95,322 |
Change in the fair value of underlying investments | (1,368) | 11,261 | 22,610 | 15,427 |
Total | $ 40,261 | $ 37,158 | $ 146,032 | $ 110,749 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Components of Net Periodic Benefit Cost (Credit): | ||||
Service cost | $ 212 | $ 224 | $ 669 | $ 594 |
Interest cost | 2,123 | 3,013 | 6,379 | 8,906 |
Expected return on plan assets | (6,507) | (6,750) | (19,638) | (19,813) |
Amortization of: | ||||
Prior service cost | 29 | 28 | 89 | 82 |
Net actuarial loss (gain) | 1,874 | 1,729 | 5,472 | 5,861 |
Settlement loss | 378 | 622 | 1,142 | 2,132 |
Net periodic benefit cost (credit) | $ (1,891) | $ (1,134) | $ (5,887) | $ (2,238) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provisions | $ 39,446 | $ 28,165 | $ 124,255 | $ 76,720 |
Effective income tax rates | 25.50% | 26.90% | 27.30% | 27.00% |
U.S. federal statutory income tax rate | 21.00% |
Net Income Per Share of Commo_3
Net Income Per Share of 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Lazard Ltd | $ 107,209 | $ 75,092 | $ 317,687 | $ 212,572 |
Add - adjustment for earnings attributable to participating securities | (1,808) | (1,505) | (4,649) | (3,867) |
Net income attributable to Lazard Ltd - basic | 105,401 | 73,587 | 313,038 | 208,705 |
Add - adjustment for earnings attributable to participating securities | 1,360 | 1,203 | 4,201 | 3,386 |
Net income attributable to Lazard Ltd - diluted | $ 106,761 | $ 74,790 | $ 317,239 | $ 212,091 |
Weighted average number of shares of common stock outstanding | 103,614,495 | 104,989,881 | 104,754,715 | 104,728,241 |
Add - adjustment for shares of common stock issuable on a non-contingent basis | 1,801,248 | 2,178,734 | 1,729,937 | 1,983,306 |
Weighted average number of shares of common stock outstanding - basic | 105,415,743 | 107,168,615 | 106,484,652 | 106,711,547 |
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation | 7,578,294 | 6,012,949 | 7,655,284 | 6,218,283 |
Weighted average number of shares of common stock outstanding - diluted | 112,994,037 | 113,181,564 | 114,139,936 | 112,929,830 |
Net income attributable to Lazard Ltd per share of common stock: | ||||
Basic | $ 1 | $ 0.69 | $ 2.94 | $ 1.96 |
Diluted | $ 0.94 | $ 0.66 | $ 2.78 | $ 1.88 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 26, 2015 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||||
Fees receivable | $ 547,087 | $ 547,087 | $ 621,880 | |||
Payments under tax receivable agreement | 10,215 | $ 25,454 | ||||
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% | |||||
Cumulative liability relating to obligations under Amended and Restated Tax Receivable Agreement | 211,236 | 211,236 | 221,451 | |||
Payments under tax receivable agreement | $ 10,215 | |||||
Amended and Restated Tax Receivable Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Tax agreement termination year | 2033 | |||||
Sponsored Funds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue | $ 164,340 | $ 131,885 | $ 524,464 | $ 386,413 | ||
Type of Revenue [Extensible List] | Asset Management Fees [Member] | Asset Management Fees [Member] | Asset Management Fees [Member] | Asset Management Fees [Member] | ||
Fees receivable | $ 57,375 | $ 57,375 | $ 72,076 |
Regulatory Authorities - Additi
Regulatory Authorities - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
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 | 130,195,000 | |
Regulatory capital in excess of minimum requirement | $ 124,982,000 | |
Aggregate indebtedness to net capital ratio | 0.60 | |
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 | $ 173,662,000 | |
Regulatory capital in excess of minimum requirement | 150,860,000 | |
CFLF [Member] | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | 146,256,000 | |
Regulatory capital in excess of minimum requirement | 81,613,000 | |
Combined European Regulated Group [Member] | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | $ 170,270,000 | |
Regulatory capital in excess of minimum requirement | $ 88,137,000 | |
Other U.S. and Non-U.S. Subsidiaries [Member] | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | 217,599,000 | |
Regulatory capital in excess of minimum requirement | $ 188,283,000 |
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net Revenue | $ 717,429 | $ 577,678 | $ 2,200,673 | $ 1,687,984 | |
Operating Expenses | 562,470 | 472,998 | 1,745,163 | 1,403,342 | |
Operating Income (Loss) | 154,959 | 104,680 | 455,510 | 284,642 | |
Total Assets | 6,726,580 | 6,726,580 | $ 5,971,861 | ||
Operating Segments [Member] | Financial Advisory Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenue | 384,976 | 305,473 | 1,155,328 | 909,245 | |
Operating Expenses | 304,482 | 266,150 | 931,612 | 764,012 | |
Operating Income (Loss) | 80,494 | 39,323 | 223,716 | 145,233 | |
Total Assets | 1,136,939 | 1,136,939 | 1,181,783 | ||
Operating Segments [Member] | Asset Management Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenue | 338,747 | 277,243 | 1,051,492 | 814,613 | |
Operating Expenses | 246,094 | 200,194 | 747,511 | 600,012 | |
Operating Income (Loss) | 92,653 | 77,049 | 303,981 | 214,601 | |
Total Assets | 990,047 | 990,047 | 958,588 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenue | (6,294) | (5,038) | (6,147) | (35,874) | |
Operating Expenses | 11,894 | 6,654 | 66,040 | 39,318 | |
Operating Income (Loss) | (18,188) | $ (11,692) | (72,187) | $ (75,192) | |
Total Assets | $ 4,599,594 | $ 4,599,594 | $ 3,831,490 |
Consolidated VIEs - Additional
Consolidated VIEs - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investments | $ 914,975 | $ 658,532 |
Lazard Fund Interests [Member] | Lazard Group LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 147,505 | $ 121,376 |
Consolidated VIEs - Summary of
Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 1,184,772 | $ 1,389,876 |
Customers and other receivables | 153,049 | 121,261 |
Investments | 914,975 | 658,532 |
Other assets | 373,944 | 307,332 |
Total Assets | 6,726,580 | 5,971,861 |
Liabilities: | ||
Deposits and other customer payables | 1,450,764 | 1,201,150 |
Other liabilities | 559,258 | 524,538 |
Total Liabilities | 5,173,866 | 4,972,428 |
Consolidated VIEs [Member] | ||
ASSETS | ||
Cash and cash equivalents | 7,013 | 3,558 |
Customers and other receivables | 1,157 | 160 |
Investments | 202,131 | 158,370 |
Other assets | 757 | 400 |
Total Assets | 211,058 | 162,488 |
Liabilities: | ||
Deposits and other customer payables | 1,404 | 104 |
Other liabilities | 309 | 491 |
Total Liabilities | $ 1,713 | $ 595 |