Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | None | ||
Entity Registrant Name | LAZARD GROUP LLC | ||
Entity Central Index Key | 0001326141 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of each class | None | ||
Entity File Number | 333-126751 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 51-0278097 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Address Line One | 30 Rockefeller Plaza | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10112 | ||
City Area Code | 212 | ||
Local Phone Number | 632-6000 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | New York, New York USA | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE None. | ||
Subsidiaries of Lazard Ltd [Member] | |||
Document Information [Line Items] | |||
Managing Membership Interests Outstanding | 2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
ASSETS | ||||
Cash and cash equivalents | $ 1,435,576 | $ 1,319,712 | ||
Deposits with banks and short-term investments | 1,347,544 | 1,134,463 | ||
Restricted cash | 617,448 | 44,488 | ||
Receivables (net of allowance for doubtful accounts of $33,955 and $36,649 at December 31, 2021 and 2020, respectively): | ||||
Fees | 669,355 | 621,880 | ||
Customers and other | 136,345 | 121,261 | ||
Lazard Ltd subsidiaries | 58,597 | 131,380 | ||
Total receivables, net | 864,297 | 874,521 | ||
Investments | 1,007,339 | 658,532 | ||
Property (net of accumulated amortization and depreciation of $366,215 and $401,505 at December 31, 2021 and 2020, respectively) | 249,648 | 256,908 | ||
Operating lease right-of-use assets | 465,903 | 513,616 | ||
Goodwill and other intangible assets (net of accumulated amortization of $67,561 and $67,501 at December 31, 2021 and 2020, respectively) | 357,337 | 361,892 | ||
Deferred tax assets | 31,926 | 48,166 | ||
Other assets | 363,364 | 303,449 | ||
Total Assets | 6,740,382 | 5,515,747 | ||
Liabilities: | ||||
Deposits and other customer payables | 1,442,701 | 1,201,150 | ||
Accrued compensation and benefits | 968,766 | 732,692 | ||
Operating lease liabilities | 552,345 | 606,600 | ||
Senior debt | 1,685,227 | 1,682,741 | ||
Payable to Lazard Ltd subsidiaries | 17,947 | 59,584 | ||
Deferred tax liabilities | 1,827 | 1,041 | ||
Other liabilities | 622,103 | 521,070 | ||
Total Liabilities | 5,290,916 | 4,804,878 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 575,000 | |||
MEMBERS’ EQUITY | ||||
Members' equity (net of 12,006,477 and 6,911,911 shares of Lazard Ltd Class A common stock, at a cost of $506,587 and $254,406 at December 31, 2021 and 2020, respectively) | 984,807 | 818,430 | ||
Accumulated other comprehensive loss, net of tax | (209,037) | (193,446) | ||
Total Lazard Group LLC Members' Equity | 775,770 | 624,984 | ||
Noncontrolling interests | 98,696 | 85,885 | ||
Total Members’ Equity | 874,466 | [1] | 710,869 | [2] |
Total Liabilities, Redeemable Noncontrolling Interests and Members’ Equity | $ 6,740,382 | $ 5,515,747 | ||
[1] | At December 31, 2021, in addition to profit participation interests, there were two managing member interests. | |||
[2] | At December 31, 2020, in addition to profit participation interests, there were two managing member interests. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Financial Position [Abstract] | |||
Allowance for doubtful accounts receivables | [1] | $ 33,955 | $ 36,649 |
Property, accumulated amortization and depreciation | 366,215 | 401,505 | |
Other intangible assets, accumulated amortization | $ 67,561 | $ 67,501 | |
Lazard Ltd common stock, shares | 12,006,477 | 6,911,911 | |
Lazard Ltd common stock, cost | $ 506,587 | $ 254,406 | |
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include reimbursable expense receivables. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | |||
Interest income | $ 5,609 | $ 5,569 | $ 15,160 |
Other | 158,615 | 105,416 | 99,117 |
Total revenue | 3,303,778 | 2,645,996 | 2,644,682 |
Interest expense | 80,569 | 80,456 | 81,989 |
Net revenue | 3,223,209 | 2,565,540 | 2,562,693 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,884,859 | 1,541,228 | 1,553,875 |
Occupancy and equipment | 127,395 | 127,139 | 122,482 |
Marketing and business development | 42,705 | 42,375 | 114,713 |
Technology and information services | 146,572 | 133,346 | 143,591 |
Professional services | 75,337 | 64,168 | 69,198 |
Fund administration and outsourced services | 130,501 | 103,070 | 114,048 |
Amortization and other acquisition-related costs | 60 | 1,744 | 857 |
Other | 45,117 | 38,799 | 43,735 |
Total operating expenses | 2,452,546 | 2,051,869 | 2,162,499 |
OPERATING INCOME | 770,663 | 513,671 | 400,194 |
Provision for income taxes | 101,687 | 56,564 | 66,598 |
NET INCOME | 668,976 | 457,107 | 333,596 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 14,481 | 231 | 11,216 |
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | 654,495 | 456,876 | 322,380 |
Investment Banking and Other Advisory Fees [Member] | |||
REVENUE | |||
Revenue | 1,784,932 | 1,417,592 | 1,349,548 |
Asset Management Fees [Member] | |||
REVENUE | |||
Revenue | $ 1,354,622 | $ 1,117,419 | $ 1,180,857 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
NET INCOME | $ 668,976 | $ 457,107 | $ 333,596 |
Currency translation adjustments: | |||
Currency translation adjustments before reclassification | (48,401) | 53,931 | 8,460 |
Adjustment for items reclassified to earnings | (7,516) | ||
Employee benefit plans: | |||
Actuarial gain (loss) (net of tax expense (benefit) of $11,912, $(2,040) and $(8,413) for the years ended December 31, 2021, 2020 and 2019, respectively) | 34,666 | (3,017) | (34,921) |
Adjustment for items reclassified to earnings (net of tax expense of $1,609, $1,476 and $1,167 for the years ended December 31, 2021, 2020 and 2019, respectively) | 5,660 | 6,046 | 4,717 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (15,591) | 56,960 | (21,744) |
COMPREHENSIVE INCOME | 653,385 | 514,067 | 311,852 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 14,481 | 233 | 11,216 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | $ 638,904 | $ 513,834 | $ 300,636 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | $ 11,912 | $ (2,040) | $ (8,413) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,609 | $ 1,476 | $ 1,167 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 668,976 | $ 457,107 | $ 333,596 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of property | 38,014 | 34,786 | 35,260 |
Noncash lease expense | 73,865 | 64,566 | 59,929 |
Currency translation adjustment reclassification | (7,516) | ||
Amortization of deferred expenses and share-based incentive compensation | 393,056 | 345,458 | 364,447 |
Amortization and other acquisition-related costs | 60 | 1,744 | 857 |
Deferred tax provision | 5,858 | 7,077 | 1,573 |
Loss on extinguishment of debt | 6,505 | ||
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Receivables-net | (8,718) | (169,013) | 19,910 |
Investments | (458,593) | (198,556) | 54,828 |
Other assets | (26,826) | 2,478 | (124,642) |
Accrued compensation and benefits and other liabilities | 241,841 | 6,222 | (94,629) |
Net cash provided by operating activities | 920,017 | 551,869 | 657,634 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (39,698) | (64,237) | (42,753) |
Disposals of property | 641 | 1,315 | 509 |
Net cash used in investing activities | (39,057) | (62,922) | (42,244) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | ||
Customer deposits, net | 350,868 | 211,997 | |
Contributions from members | 14,000 | ||
Contributions from noncontrolling interests | 334 | 398 | 840 |
Other financing activities | 25 | 925 | |
Payments for: | |||
Senior debt | (255,746) | ||
Customer deposits, net | (143,046) | ||
Distributions to noncontrolling interests | (11,328) | (2,851) | (13,235) |
Purchase of Class A common stock | (406,149) | (95,227) | (494,687) |
Distributions to members | (233,234) | (201,019) | (263,935) |
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements | (68,012) | (72,636) | (99,960) |
LFI Consolidated Funds redemptions | (20,915) | ||
Other financing activities | (8,450) | (11,962) | (7,592) |
Net cash provided by (used in) financing activities | 182,762 | (526,318) | (429,361) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (161,817) | 147,933 | (28,316) |
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 901,905 | 110,562 | 157,713 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 2,498,663 | 2,388,101 | 2,230,388 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31 | 3,400,568 | $ 2,498,663 | $ 2,388,101 |
LGAC [Member] | |||
Proceeds from: | |||
LGAC IPO | 575,000 | ||
Payments for: | |||
Payments of LGAC IPO underwriting fees and other offering costs | $ (9,352) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: | |||
Cash and cash equivalents | $ 1,435,576 | $ 1,319,712 | $ 1,164,135 |
Deposits with banks and short-term investments | 1,347,544 | 1,134,463 | 1,180,686 |
Restricted cash | 617,448 | 44,488 | 43,280 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 3,400,568 | 2,498,663 | 2,388,101 |
Cash paid during the year for: | |||
Interest | 77,861 | 77,276 | 69,489 |
Income taxes, net of refunds | $ 73,516 | $ 40,551 | $ 80,739 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Members' Equity and Redeemable Noncontrolling Interests - USD ($) $ in Thousands | Total | Cumulative Effect Period Of Adoption Adjustment [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | Members' Equity [Member] | Members' Equity [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Members' Equity [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member] | 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 [Member] | Total Lazard Group Members' Equity [Member] | Total Lazard Group Members' Equity [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Total Lazard Group Members' Equity [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member] | Redeemable Noncontrolling Interest [Member] | ||||||
Balance at Dec. 31, 2018 | $ 582,752 | $ 758,705 | $ (228,660) | $ 530,045 | $ 52,707 | |||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income | 333,596 | 322,380 | 322,380 | 11,216 | ||||||||||||||||
Other comprehensive income (loss) - net of tax | (21,744) | (21,744) | (21,744) | |||||||||||||||||
Amortization of share-based incentive compensation | 253,284 | 253,284 | 253,284 | |||||||||||||||||
Distributions to members and noncontrolling interests, net | (276,330) | (263,935) | (263,935) | (12,395) | ||||||||||||||||
Purchase of Class A common stock | (494,687) | (494,687) | (494,687) | |||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | (99,911) | (99,911) | (99,911) | |||||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
Class A common stock issuable (including related amortization) | 205 | 205 | 205 | |||||||||||||||||
LFI Consolidated Funds | 16,878 | 16,878 | ||||||||||||||||||
Other | (6,717) | (6,717) | (6,717) | |||||||||||||||||
Balance at Dec. 31, 2019 | 287,326 | [1] | $ (7,571) | $ 279,755 | 469,324 | [1] | $ (7,571) | $ 461,753 | (250,404) | [1] | $ (250,404) | 218,920 | [1] | $ (7,571) | $ 211,349 | 68,406 | [1] | $ 68,406 | ||
Comprehensive income (loss): | ||||||||||||||||||||
Net income | 457,107 | 456,876 | 456,876 | 231 | ||||||||||||||||
Other comprehensive income (loss) - net of tax | 56,960 | 56,958 | 56,958 | 2 | ||||||||||||||||
Amortization of share-based incentive compensation | 218,449 | 218,449 | 218,449 | |||||||||||||||||
Distributions to members and noncontrolling interests, net | (203,472) | (201,019) | (201,019) | (2,453) | ||||||||||||||||
Purchase of Class A common stock | (95,227) | (95,227) | (95,227) | |||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | (72,604) | (72,604) | (72,604) | |||||||||||||||||
Contributions from members | 55,941 | 55,941 | 55,941 | |||||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
LFI Consolidated Funds | 19,699 | 19,699 | ||||||||||||||||||
Other | (5,739) | (5,739) | (5,739) | |||||||||||||||||
Balance at Dec. 31, 2020 | [2] | 710,869 | 818,430 | (193,446) | 624,984 | 85,885 | ||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income | 668,976 | |||||||||||||||||||
Net income excluding redeemable noncontrolling interests | 672,641 | 654,495 | 654,495 | 18,146 | $ (3,665) | |||||||||||||||
Other comprehensive income (loss) - net of tax | (15,591) | (15,591) | (15,591) | |||||||||||||||||
Amortization of share-based incentive compensation | 233,958 | 233,958 | 233,958 | |||||||||||||||||
Distributions to members and noncontrolling interests, net | (244,228) | (233,234) | (233,234) | (10,994) | ||||||||||||||||
Purchase of Class A common stock | (406,149) | (406,149) | (406,149) | |||||||||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | (68,051) | (68,051) | (68,051) | |||||||||||||||||
Contributions from members | 14,000 | 14,000 | 14,000 | |||||||||||||||||
Transfer of Class A common stock to Lazard Ltd Subsidiaries | 10,536 | 10,536 | 10,536 | |||||||||||||||||
Contribution from redeemable noncontrolling interests, net | 534,746 | |||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (43,919) | (30,749) | (30,749) | (13,170) | 43,919 | |||||||||||||||
Business acquisitions and related equity transactions: | ||||||||||||||||||||
LFI Consolidated Funds | 18,832 | 18,832 | ||||||||||||||||||
Other | (8,432) | (8,429) | (8,429) | (3) | ||||||||||||||||
Balance at Dec. 31, 2021 | [3] | $ 874,466 | $ 984,807 | $ (209,037) | $ 775,770 | $ 98,696 | $ 575,000 | |||||||||||||
[1] | At December 31, 2019, in addition to profit participation interests, there were two managing member interests. | |||||||||||||||||||
[2] | At December 31, 2020, in addition to profit participation interests, there were two managing member interests. | |||||||||||||||||||
[3] | At December 31, 2021, in addition to profit participation interests, there were two managing member interests. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Members' Equity and Redeemable Noncontrolling Interests (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Tax expense (benefit) related to delivery of Class A Common Stock in connection with share-based incentive compensation | $ 39 | $ (32) | $ (49) |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization The accompanying consolidated financial statements are those of Lazard Group LLC and its subsidiaries (collectively referred to as “Lazard Group”, “we” or the “Company”). Lazard Group is a Delaware limited liability company, which is governed by an Amended and Restated Operating Agreement dated as of February 4, 2019 (the “Operating Agreement”). Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”) including its indirect investment in Lazard Group, is one of the world’s preeminent financial advisory and asset management firms that specializes in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% of all outstanding Lazard Group common membership interests as of December 31, 2021 and 2020. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group. Lazard Group’s 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, capital raising, sovereign advisory and other strategic advisory matters, and • Asset Management, which offers a broad range of global investment solutions and investment and wealth 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 certain 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 consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 23). 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 sha re of the entity’s net earnings or (ii) elects the option to measure its investment at fair value . Intercompany transactions and balances have been eliminated. The consolidated financial statements include Lazard 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. 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. LGAC is considered to be a VIE. The Company holds a controlling financial interest in 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 (included in “other liabilities” on the consolidated statements of financial condition) and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO, 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 consolidated statements of financial condition as of December 31, 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 which are remeasured at fair value at each balance sheet date until exercised, with changes in fair value reported to earnings. See Note 8. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements. Foreign Currency Translation— The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency ( i.e. , the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of gains and losses from forward foreign currency exchange rate contracts (see Note 8) amounted to $(952), $(904) and $3,665 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in “revenue-other” on the respective consolidated statements of operations. Use of Estimates— The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: • valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives and assumptions used to value pension and other post-retirement plans; • the assessment of probability with respect to recognizing revenue; • the discount rate used to measure operating lease right-of-use assets and operating lease liabilities; • the adequacy of the allowance for doubtful accounts; • the realization of deferred tax assets and adequacy of tax reserves for uncertain tax positions; • the outcome of litigation; • the carrying amount of goodwill and other intangible assets; • the vesting of share-based and other deferred compensation plan awards; and • other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. Cash and Cash Equivalents— The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. Deposits with Banks and Short-Term Investments— Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities with original maturities of 90 days or less when purchased. The level of these deposits and investments may be driven by the level of LFB demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. Restricted Cash— Primarily represents LGAC deposits and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. Receivables and Allowance for Doubtful Accounts— 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 generally results in no expected credit losses given that these loans are generally maintained with collateral having a fair value in excess of th e carrying amount of the loans . 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. See Note 5 for additional information regarding the Company’s receivables and allowance for doubtful accounts. Investments— Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer and non broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, and investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of the investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. Property-net— Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expenses aggregating $38,014, $34,786 and $35,260 for the years ended December 31, 2021, 2020 and 2019, respectively, are included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. Operating Lease Right-of-use Assets and Operating Lease Liabilities— The Company determines if an arrangement is, or contains, a lease at its inception and reevaluates the arrangement if the terms are modified. Operating lease right-of-use assets (“ROU assets”) represent the right to use an underlying asset for the lease term and operating lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the operating lease liability represents the present value of the remaining lease payments and the operating lease ROU asset is measured at the amount of the lease liability, adjusted for rent prepayments, unamortized initial direct costs and the remaining balance of lease incentives received. Both the operating lease ROU asset and the operating lease liability are reduced to zero at the end of the lease. See Note 10 for additional information regarding the Company’s ROU assets and operating lease liabilities. Goodwill and Other Intangible Assets— As goodwill has an indefinite life, it is required to be tested for impairment annually, as of November 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. See Note 11 with respect to goodwill and other intangible assets. Derivative Instruments— A derivative is typically defined as a financial instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, warrant or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount ( e.g. , interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date ( e.g. , options to buy or sell securities or currencies). The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law in which case, the Company would net the applicable assets and liabilities and related receivable and payable for net cash collateral under such contracts. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the consolidated statements of operations. In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. For information regarding LFI and other similar deferred compensation arrangements, see Notes 6, 8 and 1 6 . For information regarding LGAC Warrants that are accounted for as derivative liabilities, see Notes 1 and 8. Deposits and Other Customer Payables— Principally relates to LFB customer-related demand deposits. Securities Sold, Not Yet Purchased— Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations Contingent Consideration Liabilities — The contingent consideration liabilities of businesses acquired in a business combination are initially recorded at fair value, and any change in the fair value is recognized in “amortization and other acquisition-related costs” in the consolidated statements of operations. The contingent consideration liability is included in “other liabilities” on the consolidated statements of financial condition. Fair Value of Financial Assets and Liabilities— The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, restricted cash, receivables, investments (excluding investments accounted for under the equity method of accounting), derivative instruments, deposits and other customer payables. Redeemable Noncontrolling Interests— See Note 1 for additional information. Investment Banking and Other Advisory Fees — Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. Asset Management Fees —Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees. In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. Equity-Based Incentive Compensation Awards— Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are expensed over the applicable vesting period, or requisite service period, based on the fair value of Lazard Ltd’s Class A common stock (“common stock”), the only class of common stock of Lazard Ltd outstanding, on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting (including as a result of any applicable performance conditions). Equity-based incentive compensation is recognized in “compensation and benefits” expense. Income Taxes— Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and deferred tax liabilities on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: • future reversals of existing taxable temporary differences; • future taxable income exclusive of reversing temporary differences and carryforwards; • taxable income in prior carryback years; and • tax-planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available information, including the following: • nature, frequency, magnitude and duration of any past losses and current operating results; • duration of statutory carryforward periods; • historical experience with tax attributes expiring unused; and • near-term and medium-term financial outlook. The Company records tax positions taken or expected to be taken in a tax return based upon the Company’s estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. The Company recognizes interest and/or penalties related to unrecognized tax benefits in “provision for income taxes”. See Note 19 for additional information relating to income taxes. |
Recent Accounting Developments
Recent Accounting Developments | 12 Months Ended |
Dec. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Developments | 3. RECENT ACCOUNTING DEVELOPMENTS Simplifying the Accounting for Income Taxes |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 4 . 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: Year Ended December 31, 2021 2020 2019 Net Revenue: Financial Advisory (a) $ 1,794,132 $ 1,420,042 $ 1,352,168 Asset Management: Management Fees and Other (b) $ 1,304,582 $ 1,109,439 $ 1,216,115 Incentive Fees (c) 120,403 58,027 21,275 Total Asset Management $ 1,424,985 $ 1,167,466 $ 1,237,390 (a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, capital raising, sovereign advisory and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients. With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when applying the practical expedients, amounts related to remaining performance obligations are not material to the Company’s financial statements. |
Receivables and Allowance for D
Receivables and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Receivables and Allowance for Doubtful Accounts | 5 . RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company’s receivables represent fee receivables, amounts due from customers and other receivables and amounts due from Lazard Ltd subsidiaries. Where applicable, 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. See Note 2 for additional information regarding the Company’s receivables and allowance for doubtful accounts. Activity in the allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, 2021 2020 2019 Beginning Balance $ 36,649 $ 27,130 $ 40,115 Adjustment for adoption of new accounting guidance - 7,571 - Bad debt expense, net of reversals 3,805 3,995 (5,080 ) Charge-offs, foreign currency translation and other adjustments (6,499 ) (2,047 ) (7,905 ) Ending Balance * $ 33,955 $ 36,649 $ 27,130 *The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include reimbursable expense receivables. Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses–other” on the consolidated statements of operations. Of the Company’s fee receivables at December 31, 2021 and 2020, $123,189 and $90,521, respectively, represented financing receivables for our Private Capital Advisory fees. In addition, at December 31, 2020, the Company had interest-bearing receivables from Lazard Ltd subsidiaries of $ 86,800 . 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 December 31, 2021 and 2020, customers and other receivables included $122,229 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 December 31, 2021 and 2020. The aggregate carrying amount of all other receivables of $618,879 and $597,235 at December 31, 2021 and 2020, respectively, approximates fair value. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Investments | 6 . INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2021 and 2020: December 31, 2021 2020 Debt $ 299,990 $ 99,987 Equities 54,040 37,365 Funds: Alternative investments (a) 49,757 34,264 Debt (a) 164,952 123,554 Equity (a) 375,761 325,795 Private equity 46,589 37,567 637,059 521,180 Equity method 16,250 - Total investments 1,007,339 658,532 Less: Equity method 16,250 - Investments, at fair value $ 991,089 $ 658,532 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 6,828 $ 1,176 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $18,326, $132,875 and $306,618, respectively, at December 31, 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 LFI and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 8 and 16). 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”). Equity method investments represent partnership interests accounted for under the equity method of accounting. During the years ended December 31, 2021, 2020 and 2019, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows: Year Ended December 31, 2021 2020 2019 Net unrealized investment gains $ 14,154 $ 49,719 $ 36,610 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7 . FAIR VALUE MEASUREMENTS Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities —Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis. The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity 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 the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. 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 8. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. The following tables present, as of December 31, 2021 and 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: December 31, 2021 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 299,990 $ - $ - $ - $ 299,990 Equities 53,462 - 578 - 54,040 Funds: Alternative investments 24,972 - - 24,785 49,757 Debt 164,947 - - 5 164,952 Equity 375,712 - - 49 375,761 Private equity - - 293 46,296 46,589 Derivatives - 922 - - 922 Total $ 919,083 $ 922 $ 871 $ 71,135 $ 992,011 Liabilities: Securities sold, not yet purchased $ 6,828 $ - $ - $ - $ 6,828 Derivatives 10,005 362,240 - - 372,245 Total $ 16,833 $ 362,240 $ - $ - $ 379,073 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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 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 $ (796 ) $ - $ (235 ) $ (62 ) $ 578 Private equity funds 1,486 951 - (2,121 ) (23 ) 293 Total Level 3 assets $ 3,157 $ 155 $ - $ (2,356 ) $ (85 ) $ 871 Liabilities: Derivatives $ - $ - $ 11,500 $ (11,500 ) $ - $ - Total Level 3 liabilities $ - $ - $ 11,500 $ (11,500 ) $ - $ - Year Ended December 31, 2020 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,600 $ 73 $ - $ - $ (2 ) $ 1,671 Private equity funds 1,371 (190 ) 299 - 6 1,486 Total Level 3 assets $ 2,971 $ (117 ) $ 299 $ - $ 4 $ 3,157 Year Ended December 31, 2019 Beginning Balance Net Realized Gains / Included In Earnings (a) Purchases/ Acquisitions/ Transfers (c) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ (21 ) $ - $ - $ (1 ) $ 1,600 Private equity funds (760 ) 2,131 1,371 Total Level 3 assets $ 1,622 $ (781 ) $ 2,131 $ - $ (1 ) $ 2,971 Liabilities: Contingent consideration liability $ 1,309 $ (1,309 ) $ - $ - $ - $ - Total Level 3 liabilities $ 1,309 $ (1,309 ) $ - $ - $ - $ - (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2021, 2020 and 2019 include net unrealized gains (losses) of $155, $(117) and $(781), respectively. Earnings recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the year ended December 31, 2019 include unrealized gains of $1,309. (b) Transfers out of Level 3 private equity funds during the year ended December 31, 2021 reflect investments valued at NAV as of December 31, 2021. Transfers out of Level 3 derivatives during the year ended December 31, 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 . (c) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the year ended December 31, 2019 as these investments are valued based on a potential transaction value that differs from NAV. There were no other transfers into or out of Level 3 within the fair value hierarchy during the years ended December 31, 2021 and 2020. Financial Instruments Not Measured at Fair Value— The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2021 and 2020 that are not measured at fair value in the Company’s consolidated statement of financial condition. December 31, 2021 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,435,576 $ 1,435,576 $ 1,435,576 $ - $ - Deposits with banks and short-term investments 1,347,544 1,347,544 1,347,544 - - Restricted cash 617,448 617,448 617,448 - - Financing receivables 123,189 125,024 - - 125,024 Customer loans 122,229 122,229 - - 122,229 Financial Liabilities: Deposits and other customer payables $ 1,442,701 $ 1,442,701 $ 1,442,701 $ - $ - Senior debt 1,685,227 1,884,690 - 1,884,690 - December 31, 2020 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,319,712 $ 1,319,712 $ 1,319,712 $ - $ - Deposits with banks and short-term investments 1,134,463 1,134,463 1,134,463 - - Restricted cash 44,488 44,488 44,488 - - Financing receivables 90,521 92,584 - - 92,584 Customer loans 99,965 99,965 - - 99,965 Financial Liabilities: Deposits and other customer payables $ 1,201,150 $ 1,201,150 $ 1,201,150 $ - $ - Senior debt 1,682,741 1,954,145 - 1,954,145 - Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. The carrying value of deposits with banks and short-term investments, and restricted cash, approximates fair value because of the relatively short period of time between their origination and expected maturity. Fair values of financing receivables were generally determined by discounting both principal and interest cash flows expected to be collected, using a discount rate approximating current market interest rates for comparable financial instruments and based on unobservable inputs. Customer loans are fully collateralized and the carrying value of such loans approximates fair value. The carrying value of deposits and other customer payables approximates fair value due to their short-term nature. The Company’s senior debt is carried at their principal balances outstanding, net of unamortized debt costs. The fair value of the Company’s senior debt is based on market quotations. The following tables present, at December 31, 2021 and 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: December 31, 2021 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 24,162 $ - NA (a) 30-60 days Other 623 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 49 - NA (d) <30-60 days Private equity funds: Equity growth 46,296 5,597 (e) 100 % (f) NA NA Total $ 71,135 $ 5,597 (a) monthly (79%) and quarterly (21%) (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 December 31, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 8 . DERIVATIVES The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 16) on the accompanying consolidated statements of financial condition as of December 31, 2021 and 2020. Notional amounts provide an indication of the volume of the Company's derivative activity. Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the consolidated statements of financial condition where the Company has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the consolidated statements of financial condition, and those derivative assets and liabilities are shown separately in the table below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the consolidated statements of financial condition . December 31, 2021 Derivative Assets Derivative Liabilities Fair Value Notional Fair Value Notional Forward foreign currency exchange rate contracts $ 1,005 $ 253,059 $ 761 $ 174,550 Total return swaps and other 1,052 20,888 13,709 83,706 LGAC Warrants - - 10,005 11,500 LFI and other similar deferred compensation arrangements - - 358,877 301,478 Total gross derivatives 2,057 $ 273,947 383,352 $ 571,234 Counterparty and cash collateral netting: Forward foreign currency exchange rate contracts (83 ) (83 ) Total return swaps and other (1,052 ) (11,024 ) Total in "other assets" and "other liabilities" 922 372,245 Amounts not netted (a): Cash collateral - (2,476 ) Securities collateral - (391 ) $ 922 $ 369,378 December 31, 2020 Derivative Assets Derivative Liabilities Fair Value Notional Fair Value Notional Forward foreign currency exchange rate contracts $ 557 $ 306,876 $ 354 $ 55,565 Total return swaps and other 152 4,384 9,797 72,545 LFI and other similar deferred compensation arrangements - - 311,400 268,921 Total gross derivatives 709 $ 311,260 321,551 $ 397,031 Counterparty and cash collateral netting: Forward foreign currency exchange rate contracts (21 ) (21 ) Total return swaps and other (152 ) (7,045 ) Total in "other assets" and "other liabilities" 536 314,485 Amounts not netted (a): Cash collateral - (3,411 ) Securities collateral - (391 ) $ 536 $ 310,683 (a) Amounts are subject to master netting arrangements but do not meet the criteria for netting on the consolidated statements of financial condition under U.S. GAAP. For some counterparties, the collateral amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the total amount reported is limited to the net derivative assets and net derivative liabilities balances with that counterparty. 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 consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019, were as follows: Year Ended December 31, 2021 2020 2019 Forward foreign currency exchange rate contracts $ 11,007 $ (8,356 ) $ 6,988 LFI and other similar deferred compensation arrangements (35,494 ) (40,634 ) (31,657 ) LGAC Warrants 1,495 - - Total return swaps and other (14,460 ) (9,236 ) (14,294 ) Total $ (37,452 ) $ (58,226 ) $ (38,963 ) |
Property
Property | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property | 9 . PROPERTY At December 31, 2021 and 2020, property consisted of the following: Estimated Depreciable December 31, Life in Years 2021 2020 Buildings 33 $ 143,464 $ 155,434 Leasehold improvements 3-20 208,363 219,871 Furniture and equipment 3-10 217,984 240,284 Construction in progress 46,052 42,824 Total 615,863 658,413 Less - Accumulated depreciation and amortization 366,215 401,505 Property $ 249,648 $ 256,908 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 10 . LEASES The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033. Substantially all of these arrangements are operating leases relating to office space. Certain leases have renewal options that can be exercised at the discretion of the Company. The Company only includes renewal options in the lease term when it is reasonably certain to exercise the option. The Company does not record leases with a lease term of 12 months or less on the consolidated statements of financial condition; lease expense for these leases is recognized over the lease term on a straight-line basis. The operating lease liabilities at commencement reflect total lease payments discounted using an incremental borrowing rate (on a collateralized basis) based on the lease term (the “Discount”), as an implicit rate was not readily determinable for any of the Company’s existing operating leases. The Company determines its Discount with consideration of the Company’s public debt issuances as well as publicly available data for instruments with similar characteristics. For leases commencing on January 1, 2019 or thereafter that relate to office space and equipment, the Company accounts for the lease and non-lease components as a single lease component. In addition to rent payments, operating leases for office space generally contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include them in the lease component. There are certain office leases outside of the U.S. that have annual rent increases based on a year-over-year change in an index that are also accounted for as variable payments and are excluded from the lease component. The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Operating lease cost $ 86,023 $ 85,666 $ 80,401 Variable lease cost 21,056 21,277 19,347 Sublease income (7,303 ) (6,827 ) (6,809 ) Total $ 99,776 $ 100,116 $ 92,939 The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92,051 $ 91,452 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 36,172 $ 13,515 Weighted average remaining lease term 10 years 11 years Weighted average discount rate 3.6 % 3.6 % Maturities of the operating lease liabilities outstanding at December 31, 2021 for each of the years in the period ending December 31, 2026 and thereafter are set forth in the table below. Year Ending December 31, 2022 $ 80,409 2023 75,012 2024 66,802 2025 61,161 2026 57,178 Thereafter 322,228 Total lease payments 662,790 Less - Discount 110,445 Operating lease liabilities $ 552,345 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 1 1 . GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at December 31, 2021 and 2020 are presented below: December 2021 2020 Goodwill $ 357,187 $ 361,682 Other intangible assets (net of accumulated amortization) 150 210 $ 357,337 $ 361,892 At December 31, 2021 and 2020, goodwill of $292,646 and $297,141, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 Changes in the carrying amount of goodwill for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 2020 2019 Balance, January 1 $ 361,682 $ 350,029 $ 350,829 Foreign currency translation adjustments (4,495 ) 11,653 (800 ) Balance, December 31 $ 357,187 $ 361,682 $ 350,029 All changes in the carrying amount of goodwill for the years ended December 31, 2021, 2020 and 2019 are attributable to the Company’s Financial Advisory segment. The Company evaluates goodwill for impairment annually or more frequently if circumstances indicate that impairment may have occurred. Pursuant to the Company’s goodwill impairment review for the years ended December 31, 2021, 2020 and 2019, the Company determined that no impairment existed. The gross cost and accumulated amortization of other intangible assets as of December 31, 2021 and 2020, by major intangible asset category, are as follows: December 31, 2021 December 31, 2020 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 33,040 $ 33,040 $ - $ 33,040 $ 33,040 $ - Management fees, customer relationships and non-compete agreements 34,671 34,521 150 34,671 34,461 210 $ 67,711 $ 67,561 $ 150 $ 67,711 $ 67,501 $ 210 Amortization expense of intangible assets, included in “amortization and other acquisition-related costs” in the consolidated statements of operations, for the years ended December 31, 2021, 2020 and 2019 was $60, $1,744 and $2,166, respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2022 $ 60 2023 60 2024 30 Total amortization expense $ 150 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Other Assets and Other Liabilities | 1 2 . OTHER ASSETS AND OTHER LIABILITIES The following table sets forth the Company’s other assets, by type, as of December 31, 2021 and 2020: December 31, 2021 2020 Current income and other tax receivables $ 39,703 $ 45,341 Prepaid compensation (see Note 16) 108,049 101,631 Other advances and prepayments 130,056 82,161 Other 85,556 74,316 Total $ 363,364 $ 303,449 The following table sets forth the Company’s other liabilities, by type, as of December 31, 2021 and 2020: December 31, 2021 2020 Accrued expenses $ 196,957 $ 180,294 Current income taxes and other taxes 166,304 136,751 Employee benefit-related liabilities 53,624 60,599 Unclaimed funds at LFB 17,443 18,967 Deferred revenue (a) 130,664 90,715 Securities sold, not yet purchased 6,828 1,176 Deferred offering costs 20,125 - Other 30,158 32,568 Total $ 622,103 $ 521,070 (a) Deferred revenue primarily relates to cash received for carried interest subject to clawback and unearned advisory fees received from private equity investments. Revenue recognized during the year ended December 31, 2021 that was included in the deferred revenue balance as of December 31, 2020 was $7,669. |
Senior Debt
Senior Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Senior Debt | 1 3 . SENIOR DEBT Senior debt is comprised of the following as of December 31, 2021 and 2020: Outstanding as of Initial Annual December 31, 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 $ 1,476 $ 398,524 $ 400,000 $ 1,948 $ 398,052 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,015 297,985 300,000 2,405 297,595 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 5,716 494,284 500,000 6,568 493,432 Lazard Group 2029 Senior Notes 500,000 3/11/29 4.375 % 500,000 5,566 494,434 500,000 6,338 493,662 Total $ 1,700,000 $ 14,773 $ 1,685,227 $ 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. On July 22, 2020, Lazard Group entered into an Amended and Restated Credit Agreement for a three-year As of December 31, 2021, the Company had approximately $206,800 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 $6,000. 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 December 31, 2021, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured. Debt maturities relating to senior borrowings outstanding at December 31, 2021 for each of the five years in the period ending December 31, 2026 and thereafter are set forth in the table below. Year Ending December 31, 2022 - 2024 $ - 2025 400,000 2026 - Thereafter 1,300,000 Total $ 1,700,000 The Company’s senior debt at December 31, 2021 and 2020 is carried at their principal balances outstanding, net of unamortized debt costs. See Note 7 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 4 . 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 December 31, 2021, LFB and LFNY had no such underwriting commitments. See Notes 7 and 17 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. In the opinion of management, the fulfillment of the commitments described herein will not have a material adverse effect on the Company’s consolidated financial position or results of operations. Legal— The Company is involved from time to time in judicial, 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 may experience significant variation in its revenue and earnings on an annual basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular year. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition. |
Members' Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Members' Equity | 1 5 . MEMBERS’ EQUITY Lazard Group Distributions —Distributions in respect of Lazard Group’s common membership interests are allocated to the holders of such interests in accordance with the provisions of the Operating Agreement. Such distributions primarily represent amounts necessary to fund (i) any dividends Lazard Ltd may declare on its common stock and (ii) tax distributions in respect of income taxes that Lazard Ltd’s subsidiaries incur. During the years ended December 31, 2021, 2020 and 2019, Lazard Group distributed $233,234, $201,019 and $263,935, respectively, to the subsidiaries of Lazard Ltd. Pursuant to Lazard Group’s Operating Agreement, Lazard Group allocates and distributes to its members a substantial portion of its distributable profits in installments as soon as practicable after the end of each fiscal year. Such installment distributions usually begin in February. On October 31, 2019, Lazard Group distributed to its managing members, which are subsidiaries of Lazard Ltd, 17,000,000 shares of common stock that were held by Lazard Group. These shares were ultimately received by Lazard Ltd and cancelled. There was no impact on total members' equity as a result of this distribution. Contributions From Members —See Note 20 for information regarding a related party transaction. Share Repurchase Program —Since 2019 and through the year ended December 31, 2021, the Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below. Date Repurchase Authorization Expiration February 2019 $ 300,000 December 31, 2020 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: Years Ended December 31: Number of Shares Purchased Average Price Per Share 2019 13,674,439 $ 36.18 2020 2,912,035 $ 32.70 2021 9,124,295 $ 44.51 There were 12,006,477 and 6,911,911 shares of common stock held by Lazard Group at December 31, 2021 and 2020, respectively. Such shares of common stock are reported, at cost, as a reduction of members’ equity within the accompanying consolidated statements of financial condition. During 2021, 2020 and 2019, 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 years ended December 31, 2021 and 2020, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases in 2021, 2020 and 2019 was approximately $ 19,800 , $ 10,000 and $ , respectively. Such shares of common stock are reported at cost. As of December 31, 2021, a total of $193,851 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which will expire on December 31, 2022. In addition, on February 2, 2022, the Board of Directors of Lazard authorized the repurchase of up to $300,000 of additional shares of common stock, which authorization will expire on December 31, 2024, bringing the total available share repurchase authorization as of February 2, 2022 to approximately $431,000. During the year ended December 31, 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. Accumulated Other Comprehensive Income (Loss), Net of Tax —The tables below reflect the balances of each component of AOCI at December 31, 2021, 2020 and 2019 and activity during the years then ended: Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2021 $ (20,438 ) $ (173,006 ) $ (193,444 ) $ 2 $ (193,446 ) Activity: Other comprehensive income (loss) before reclassifications (48,401 ) 34,666 (13,735 ) - (13,735 ) Adjustments for items reclassified to earnings, net of tax (7,516 ) 5,660 (1,856 ) - (1,856 ) Net other comprehensive income (loss) (55,917 ) 40,326 (15,591 ) - (15,591 ) Balance, December 31, 2021 $ (76,355 ) $ (132,680 ) $ (209,035 ) $ 2 $ (209,037 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2020 $ (74,369 ) $ (176,035 ) $ (250,404 ) $ - $ (250,404 ) Activity: Other comprehensive income (loss) before reclassifications 53,931 (3,017 ) 50,914 2 50,912 Adjustments for items reclassified to earnings, net of tax - 6,046 6,046 - 6,046 Net other comprehensive income 53,931 3,029 56,960 2 56,958 Balance, December 31, 2020 $ (20,438 ) $ (173,006 ) $ (193,444 ) $ 2 $ (193,446 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2019 $ (82,829 ) $ (145,831 ) $ (228,660 ) $ - $ (228,660 ) Activity: Other comprehensive income (loss) before reclassifications 8,460 (34,921 ) (26,461 ) - (26,461 ) Adjustments for items reclassified to earnings, net of tax - 4,717 4,717 - 4,717 Net other comprehensive income (loss) 8,460 (30,204 ) (21,744 ) - (21,744 ) Balance, December 31, 2019 $ (74,369 ) $ (176,035 ) $ (250,404 ) $ - $ (250,404 ) The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Currency translation gains (a) $ (7,516 ) $ - $ - Employee benefit plans: Amortization relating to employee benefit plans (b) 7,269 7,522 5,884 Less - related income taxes 1,609 1,476 1,167 5,660 6,046 4,717 Total reclassifications, net of tax $ (1,856 ) $ 6,046 $ 4,717 (a) Represents currency translation gains reclassified to earnings from AOCI associated with restructuring and closing of certain of our offices. Such amounts are included in “revenue–other” on the consolidated statements of operations. (b) Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. Noncontrolling Interests— Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) LGAC interests (see Note 1) and (iii) consolidated VIE interests held by employees (see Note 23). The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2021, 2020 and 2019 and noncontrolling interests as of December 31, 2021 and 2020 in the Company’s consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31, 2021 2020 2019 Edgewater $ 10,466 $ (2,349 ) $ 9,850 LFI Consolidated Funds 7,950 2,577 1,363 LGAC (3,940 ) - - Other 5 3 3 Total $ 14,481 $ 231 $ 11,216 Noncontrolling Interests as of December 31, 2021 2020 Edgewater $ 44,826 $ 45,352 LFI Consolidated Funds 67,299 40,517 LGAC (13,445 ) - Other 16 16 Total $ 98,696 $ 85,885 |
Incentive Plans
Incentive Plans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Plans | 1 6 . INCENTIVE PLANS Share-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the years ended December 31, 2021, 2020 and 2019 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 consolidated statements of operations: Year Ended December 31, 2021 2020 2019 Share-based incentive awards: RSUs $ 124,895 $ 140,556 $ 168,338 PRSUs 6,136 6,264 8,742 Restricted Stock 17,765 27,976 29,322 Profits interest participation rights 83,046 41,293 44,537 DSUs 1,058 1,180 1,173 Total $ 232,900 $ 217,269 $ 252,112 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 year ended December 31, 2021, dividend participation rights required the issuance of 384,423 RSUs. Non-executive members of the Board of Directors of Lazard Group, who are the same Non-Executive Directors of Lazard Ltd (“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 year ended December 31, 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 year ended December 31, 2021, 14,501 DSUs had been granted pursuant to such Plan. DSU awards are expensed at their fair value on their date of grant, inclusive of amounts related to the Directors’ Fee Deferral Unit Plan. The following is a summary of activity relating to RSUs and DSUs for the year ended December 31, 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 384,423 RSUs relating to dividend participation) 3,269,307 $ 43.38 45,265 $ 46.75 Forfeited (272,004 ) $ 41.01 - - Settled (4,112,865 ) $ 46.99 (185,657 ) $ 35.89 Balance, December 31, 2021 8,150,782 $ 41.16 338,408 $ 38.01 The weighted-average grant date fair value of RSUs granted in 2021, 2020 and 2019 was $43.38, $42.60 and $38.65, respectively. The weighted-average grant date fair value of DSUs granted in 2021, 2020 and 2019 was $46.75, $28.49 and $32.38, respectively. In connection with RSUs that settled during the year ended December 31, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,374,578 shares of common stock during the year. Accordingly, 2,738,287 shares of common stock held by the Company were delivered during the year ended December 31, 2021. As of December 31, 2021, estimated unrecognized RSU compensation expense was $90,862, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2021. Restricted Stock The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the year ended December 31, 2021: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2021 1,144,959 $ 41.09 Granted (including 34,208 relating to dividend participation) 477,991 $ 43.80 Forfeited (128,242 ) $ 40.94 Settled (623,481 ) $ 43.00 Balance, December 31, 2021 871,227 $ 41.24 The weighted-average grant date fair value of restricted stock granted in 2021, 2020 and 2019 was $43.80, $42.89 and $35.32, respectively. In connection with shares of restricted common stock that settled during the year ended December 31, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 205,007 shares of common stock during the year. Accordingly, 418,474 shares of common stock held by the Company were delivered during the year ended December 31, 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 year ended December 31, 2021, dividend participation rights required the issuance of 34,208 shares of restricted common stock. At December 31, 2021, estimated unrecognized restricted stock expense was $13,780, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to December 31, 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 period. 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. PRSUs will vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied. PRSUs granted prior to February 2021 include dividend participation rights that provide that during vesting periods the target number of PRSUs receive dividend equivalents at the same rate that dividends are paid on common stock during such periods. These dividend equivalents are credited as RSUs that are not subject to the performance-based vesting criteria but are otherwise subject to the same restrictions as the underlying PRSUs to which they relate. PRSUs granted in February 2021 include dividend participation rights that are subject to the same vesting restrictions (including performance criteria) as the underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock. The following is a summary of activity relating to PRSUs during the year ended December 31, 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, December 31, 2021 32,394 $ 46.63 The weighted-average grant date fair value of PRSUs granted in 2021, 2020 and 2019 was $46.63, $50.74 and $38.09, respectively. In connection with certain PRSUs that settled during the year ended December 31, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 100,882 shares of common stock during the year . Accordingly, shares of common stock held by the Company were delivered during the year ended December 31, 20 2 1 . 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 December 31, 2021, the total estimated unrecognized compensation expense was $1,618, and the Company expects to amortize such expense over a weighted-average period of approximately 1.1 years subsequent to December 31, 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 the Company that are intended to qualify as “profits interests” for U.S. federal income tax purposes, and are recorded within members’ equity in the Company’s consolidated statements of financial condition. 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 the Company 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 common stock will be exchanged on a one-for-one basis for shares of common stock. If forfeited based solely on failing to meet the Minimum Value Condition, the associated 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 was met during the years ended December 31, 2020 and December 31, 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 year ended December 31, 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 Performance units earned (a) 440,054 $ 39.12 Balance, December 31, 2021 (b) 4,122,993 $ 41.50 (a) Represents shares of common stock earned during the fiscal year under the performance criteria of previously-granted PRPU awards in excess of the target payout level of such awards. (b) Table includes 2,001,174 PRPUs, which represents the target number of PRPUs granted and performance units earned as of December 31, 2021, including 510,342 PRPUs granted and 440,054 performance units earned during the year ended December 31, 2021. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2021were $40.61 and $40.30, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the year ended December 31, 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 December 31, 2021 were $41.82 and $41.20, respectively. The weighted-average grant date fair value of PIPRs granted in 2021, 2020 and 2019 was $44.73, $42.89 and $38.65, 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 December 31, 2021, the total estimated unrecognized compensation expense was $23,462, and the Company expects to amortize such expense over a weighted-average period of approximately 0.8 years subsequent to December 31, 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 consolidated statement of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the year ended December 31, 2021: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2021 $ 101,631 $ 311,400 Granted 161,892 161,892 Settled - (142,699 ) Forfeited (1,883 ) (14,143 ) Amortization (153,591 ) - Change in fair value related to: Change in fair value of underlying investments - 35,494 Adjustment for estimated forfeitures - 10,273 Other - (3,340 ) Balance, December 31, 2021 $ 108,049 $ 358,877 The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 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 consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Amortization, net of forfeitures $ 151,604 $ 119,441 $ 105,250 Change in the fair value of underlying investments 35,494 40,634 31,657 Total $ 187,098 $ 160,075 $ 136,907 Incentive Awards Granted In February 2022 In February 2022, the Company granted approximately $389,000 of deferred incentive compensation awards to eligible employees as part of the year-end compensation process with respect to the 2021 fiscal year. These grants included: RSUs or shares of restricted common stock; PRSUs; profits interest participation rights, The RSUs, restricted common stock and LFI granted generally provide for one-third vesting on the second anniversary of the grant date and the remaining two-thirds vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. PRSUs and the profits interest participation rights granted generally provide for vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. Compensation expense with respect to such incentive awards will generally be recognized over the applicable service period. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 1 7 . EMPLOYEE BENEFIT PLANS The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses – other” for the other components of benefit costs on the consolidated statements of operations. Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The Company expects to contribute approximately $3,200 to the non-U.S. pension plans during the year ending December 31, 2022. The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans. Pension Plans 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 811,662 $ 744,705 Service cost 876 843 Interest cost 8,679 11,912 Actuarial (gain) loss (39,706 ) 60,613 Benefits paid (29,327 ) (30,400 ) Settlements (4,643 ) (4,178 ) Foreign currency translation and other adjustments (15,563 ) 28,167 Benefit obligation at end of year 731,978 811,662 Change in plan assets Fair value of plan assets at beginning of year 799,895 710,592 Actual return on plan assets 26,046 86,248 Employer contributions 4,493 6,708 Benefits paid (29,327 ) (30,272 ) Settlements (4,643 ) (3,926 ) Foreign currency translation and other adjustments (14,001 ) 30,545 Fair value of plan assets at end of year 782,463 799,895 Funded (deficit) at end of year $ 50,485 $ (11,767 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2021 and 2020 consist of: Prepaid pension asset (included in “other assets”) $ 78,058 $ 28,473 Accrued benefit liability (included in “other liabilities”) (27,573 ) (40,240 ) Net amount recognized $ 50,485 $ (11,767 ) Amounts recognized in AOCI (excluding tax benefits of $25,370 and $38,891 at December 31, 2021 and 2020, respectively) consist of: Actuarial net loss $ 155,052 $ 208,743 Prior service cost 2,999 3,154 Net amount recognized $ 158,051 $ 211,897 For the years ended December 31, 2021 and 2020, the change in the benefit obligation related to the actuarial (gain) loss is principally attributable to changes in the discount rates. The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2021 and 2020: U.S. Pension Plans Non-U.S. Pension Plans Total As Of December 31, As Of December 31, As Of December 31, 2021 2020 2021 2020 2021 2020 Fair value of plan assets $ 24,227 $ 25,850 $ 758,236 $ 774,045 $ 782,463 $ 799,895 Accumulated benefit obligation $ 31,543 $ 34,406 $ 700,435 $ 777,256 $ 731,978 $ 811,662 Projected benefit obligation $ 31,543 $ 34,406 $ 700,435 $ 777,256 $ 731,978 $ 811,662 The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2021, 2020 and 2019: Pension Plans For The Year Ended December 31, 2021 2020 2019 Components of Net Periodic Benefit Cost (Credit): Service cost $ 876 $ 843 $ 815 Interest cost 8,679 11,912 15,350 Expected return on plan assets (26,077 ) (26,711 ) (27,470 ) Amortization of: Prior service cost 118 111 110 Net actuarial loss 7,151 7,411 5,025 Settlement loss 1,056 1,329 749 Net periodic benefit cost (credit) $ (8,197 ) $ (5,105 ) $ (5,421 ) Actual return on plan assets $ 26,046 $ 86,248 $ 74,844 Employer contributions $ 4,493 $ 6,708 $ 5,623 Benefits paid $ 29,327 $ 30,272 $ 30,760 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $13,521, $(564) and $(7,247), during the years ended December 31, 2021, 2020 and 2019, respectively): Net actuarial (gain) loss $ (40,717 ) $ (4,085 ) $ 40,311 Reclassification of prior service (cost) credit to earnings (118 ) (111 ) (110 ) Reclassification of actuarial gain (loss) to earnings (7,151 ) (7,411 ) (5,774 ) Currency translation and other adjustments (5,860 ) 9,142 3,025 Total recognized in AOCI $ (53,846 ) $ (2,465 ) $ 37,452 Net amount recognized in total periodic benefit cost and AOCI $ (62,043 ) $ (7,570 ) $ 32,031 The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2021, 2020 and 2019 are set forth below: Pension Plans December 31, 2021 2020 2019 Weighted average assumptions used to determine benefit obligations: Discount rate 1.8 % 1.3 % 1.8 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 1.1 % 1.6 % 2.2 % Expected long-term rate of return on plan assets 3.3 % 3.9 % 4.4 % Generally, the Company determined the discount rates for its defined benefit plans by utilizing indices for long-term, high-quality bonds and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities. In selecting the expected long-term rate of return on plan assets, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan, giving consideration to expected returns on different asset classes held by the plans in light of prevailing economic conditions as well as historical returns. This basis is consistent for all years presented. Expected Benefit Payments —The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: Pension Plans 2022 $ 28,616 2023 28,059 2024 30,227 2025 30,209 2026 30,585 2027-2031 156,945 Plan Assets —The following tables present the categorization of our pension plans’ assets as of December 31, 2021 and 2020, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements: As of December 31, 2021 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 11,036 $ - $ - $ - $ 11,036 Debt 84,005 - - - 84,005 Equities 43,174 - - - 43,174 Funds: Alternative investments - - - 17,758 17,758 Debt 10,990 81,417 - 318,316 410,723 Equity 141,390 60,118 - 11,090 212,598 Derivatives - 3,169 - - 3,169 Total $ 290,595 $ 144,704 $ - $ 347,164 $ 782,463 As of December 31, 2020 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 19,489 $ - $ - $ - $ 19,489 Debt 84,031 - - - 84,031 Equities 41,251 - - - 41,251 Funds: Alternative investments - - - 18,847 18,847 Debt 11,978 83,401 - 322,086 417,465 Equity 199,201 6,287 - 11,378 216,866 Derivatives - 1,946 - - 1,946 Total $ 355,950 $ 91,634 $ - $ 352,311 $ 799,895 (a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. Included in equity funds are $68,529 and $92,359 as of December 31, 2021 and 2020, respectively, that are invested in funds managed by the Company. Consistent with the plans’ investment strategies, at December 31, 2021 and 2020, the Company’s U.S. pension plan had 54% and 53%, respectively, of the plans’ assets invested in equity funds in Level 1 and measured at NAV or its equivalent as a practical expedient, 46% and 46%, respectively, invested in Level 1 debt funds and, at December 31, 2020, 1% was invested in cash, which is a Level 1 asset. The Company’s non-U.S. pension plans at December 31, 2021 and 2020 had 32% and 32%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 and Level 2 assets; 64% and 63%, respectively, of the plans’ assets invested in debt and debt funds that are Level 1 and Level 2 assets or measured at NAV or its equivalent as a practical expedient, and 4% and 5%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily measured at NAV. Investment Policies and Strategies —The primary investment goal is to ensure that the pension plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the plans to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan investments classified as Level 2 assets 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 . The fair value of plan investments measured at NAV or its equivalent as a practical expedient is determined based on information provided by external fund administrators and such investments are redeemable in the near term. Defined Contribution Plans —Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $17,764, $16,627 and $16,905 for the years ended December 31, 2021, 2020 and 2019, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations. |
Business Realignment
Business Realignment | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Business Realignment | 1 8 . BUSINESS REALIGNMENT The Company conducted a review of its business in 2019, which resulted in a realignment that included employee reductions and the closing of subscale offices and investment strategies, most of which were completed during the third quarter of 2019. Expenses associated with the business realignment for the year ended December 31, 2019 were as follows: Financial Asset Advisory Management Corporate Total Compensation and benefits $ 39,476 $ 14,480 $ 2,679 $ 56,635 Other (a) 4,371 1,750 5,054 11,175 Total $ 43,847 $ 16,230 $ 7,733 $ 67,810 (a) Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 9 . INCOME TAXES Although a portion of Lazard Group's income is subject to U.S. federal income taxes, Lazard Group primarily operates in the U.S. as a limited liability company that is treated as a partnership for U.S. federal income tax purposes. As a result, Lazard Group's income from its U.S. operations is generally not subject to U.S. federal income taxes because such income is attributable to its partners. Lazard Group, 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 components of the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below. Year Ended December 31, 2021 2020 2019 Current: Federal $ (3,808 ) $ 2,207 $ 3,871 Foreign 98,142 44,255 57,220 State and local 1,495 3,025 3,934 Total current 95,829 49,487 65,025 Deferred: Federal 82 95 49 Foreign 5,081 8,480 225 State and local 695 (1,498 ) 1,299 Total deferred 5,858 7,077 1,573 Total $ 101,687 $ 56,564 $ 66,598 Year Ended December 31, 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Rate benefit for U.S. Partnership operations (21.0 ) (21.0 ) (21.0 ) Foreign taxes 13.3 9.6 11.9 State and local taxes 0.7 0.5 0.9 Uncertain tax positions (0.3 ) 0.6 2.9 Other (0.5 ) 0.3 0.9 Effective income tax rate 13.2 % 11.0 % 16.6 % See Note 22 regarding “operating income (loss)” by geographic region. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are as follows: December 31, 2021 2020 Deferred Tax Assets: Basis adjustments (a) $ 68 $ 766 Compensation and benefits 73,902 70,761 Net operating loss and tax credit carryforwards 72,777 72,820 Depreciation and amortization 5,534 6,374 Other 4,432 2,936 Gross deferred tax assets 156,713 153,657 Valuation allowance (79,129 ) (76,728 ) Deferred tax assets (net of valuation allowance) 77,584 76,929 Deferred Tax Liabilities: Depreciation and amortization 5,373 6,506 Compensation and benefits 32,189 16,979 Goodwill 836 924 Other 9,087 5,395 Deferred tax liabilities 47,485 29,804 Net deferred tax assets $ 30,099 $ 47,125 (a) The basis adjustments recorded as of December 31, 2021 and 2020 are primarily the result of additional basis from acquisitions of interests. The historical profitability of each tax paying entity is an important factor in determining whether to record a valuation allowance and when to release any such allowance. Certain of our tax-paying entities have individually experienced losses on a cumulative three year basis or have tax attributes that may expire unused. In addition, some of our tax paying entities have recorded a valuation allowance on substantially all of their deferred tax assets due to the combined effect of operating losses in certain subsidiaries of these entities as well as foreign taxes that together substantially offset any U.S. tax liability. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets held by these entities will be realized. Consequently, we have recorded valuation allowances on $79,129 and $76,728 of deferred tax assets held by these entities as of December 31, 2021 and 2020, respectively. Changes in the deferred tax assets valuation allowance for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, 2021 2020 2019 Beginning Balance $ 76,728 $ 70,429 $ 67,997 Charged (credited) to provision for income taxes 4,400 5,173 2,575 Charged (credited) to other comprehensive income and other (1,999 ) 1,126 (143 ) Ending Balance $ 79,129 $ 76,728 $ 70,429 The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $72,777 were recorded at December 31, 2021 primarily relating to: (i) indefinite-lived net operating loss carryforwards (subject to various limitations) of approximately $24,000 in Australia, Germany, Hong Kong, Luxembourg, Saudi Arabia and Singapore; and (ii) certain carryforwards of approximately $44,000 in the U.S., which begin expiring in 2024. With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2014. While the Company is under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate. A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 2020 2019 Balance, January 1 (excluding interest and penalties of $18,745, $18,161 and $15,830, respectively) $ 55,725 $ 60,838 $ 47,674 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years 165 1,215 11,764 Current year 11,841 9,516 16,795 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (5,774 ) (9,814 ) (19 ) Settlements with tax authorities (134 ) (904 ) (7,251 ) Lapse of the applicable statute of limitations (8,316 ) (5,126 ) (8,125 ) Balance, December 31 (excluding interest and penalties of $18,442, $18,745 and $18,161, respectively) $ 53,507 $ 55,725 $ 60,838 Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2021 2020 2019 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,442, $18,745 and $18,161, respectively) $ 61,452 $ 64,868 $ 65,193 Unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 10,497 $ 9,602 $ 13,806 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,210, $3,679 and $3,455, respectively) $ (303 ) $ 584 $ 2,331 The Company anticipates that it is reasonably possible that approximately $18,500 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2021, may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 2 0 . RELATED PARTIES Receivable from and Payable to Lazard Ltd Subsidiaries Lazard Group’s receivables from subsidiaries of Lazard Ltd at December 31, 2020 included interest-bearing loans of $86,800. Interest income relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $90, $91 and $90 for the years ended December 31, 2021, 2020 and 2019. Lazard Group’s payables to subsidiaries of Lazard Ltd at December 31, 2020 included interest-bearing loans of $50,000. Interest expense relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $30, $55 and $3,573 for the years ended December 31, 2021, 2020 and 2019, respectively. The partial settlement of the interest-bearing loans as of December 31, 2021 of $10,536 reflects the transfer of 241,235 shares of common stock from Lazard Group to a subsidiary of Lazard Ltd. Such amount was reflected in members’ equity as of December 31, 2021 and was a non-cash transaction. In the first quarter of 2020, a subsidiary of Lazard Ltd contributed an interest-bearing intercompany loan, including interest thereon, of $55,941 due from a Lazard Group subsidiary to Lazard Group. Such amount was reflected in members’ equity as of December 31, 2020 and was a non-cash transaction. 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 $708,900, $564,686 and $587,665 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in “asset management fees” on the consolidated statements of operations. Of such amounts, $96,740 and $72,076 remained as receivables at December 31, 2021 and 2020, respectively, and are included in “fees receivable” on the consolidated statements of financial condition. Other See Note 15 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers. |
Regulatory Authorities
Regulatory Authorities | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Authorities | 2 1 . REGULATORY AUTHORITIES LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage ( 6 2/3 Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At December 31, 2021, the aggregate regulatory net capital of the U.K. Subsidiaries was $173,961, which exceeded the minimum requirement by $151,120. CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At December 31, 20 2 1 , the consolidated regulatory net capital of CFLF was $ 143,046 , which exceeded the minimum requirement set for regulatory capital levels by $ . In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. During the third quarter of 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-Financial Advisory European subsidiaries of the Company (referred to herein, on a combined basis, as the “combined European regulated group”) under such rules. Under this supervision, the combined European regulated group is required to comply with minimum requirements for regulatory net capital to be reported on a quarterly basis and satisfy periodic financial and other reporting obligations. At December 31, 20 2 1 , the regulatory net capital of the combined European regulated group was $ 162,804 , which exceeded the minimum requirement set for regulatory capital levels by $ 80,912 . Additionally, the combined European regulated group, together with certain of our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At December 31, 2021, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $225,278, which exceeded the minimum required capital by $195,849. At December 31, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 2 2 . SEGMENT INFORMATION The Company’s reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment. The Company’s segment information for the years ended December 31, 2021, 2020 and 2019 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. For the years ended December 31, 2021, 2020 and 2019, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments. Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: As of or for the Year Ended December 31, 2021 2020 2019 Financial Advisory Net Revenue $ 1,794,132 $ 1,420,042 $ 1,352,168 Operating Expenses (a) 1,345,849 1,122,002 1,196,906 Operating Income $ 448,283 $ 298,040 $ 155,262 Total Assets $ 1,217,654 $ 1,157,844 $ 1,113,266 Asset Management Net Revenue $ 1,424,985 $ 1,167,466 $ 1,237,390 Operating Expenses (a) 1,032,825 861,031 887,522 Operating Income $ 392,160 $ 306,435 $ 349,868 Total Assets $ 1,128,549 $ 958,588 $ 821,641 Corporate Net Revenue $ 4,092 $ (21,968 ) $ (26,865 ) Operating Expenses (a) 73,872 68,836 78,071 Operating Loss $ (69,780 ) $ (90,804 ) $ (104,936 ) Total Assets $ 4,394,179 $ 3,399,315 $ 3,116,721 Total Net Revenue $ 3,223,209 $ 2,565,540 $ 2,562,693 Operating Expenses (a) 2,452,546 2,051,869 2,162,499 Operating Income $ 770,663 $ 513,671 $ 400,194 Total Assets $ 6,740,382 $ 5,515,747 $ 5,051,628 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2021 2020 2019 Financial Advisory $ 8,180 $ 5,795 $ 5,180 Asset Management 5,618 3,730 2,995 Corporate 24,216 25,261 27,085 Total $ 38,014 $ 34,786 $ 35,260 Geographic Information Due to the highly integrated nature of international financial markets, the Company manages its business based on the profitability of the enterprise as a whole. Accordingly, management believes that profitability by geographic region is not necessarily meaningful. The Company’s revenue and identifiable assets are generally allocated based on the country or domicile of the legal entity providing the service. The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia. As of or for the Year Ended December 31, 2021 2020 2019 Net Revenue: Americas $ 1,810,976 $ 1,529,501 $ 1,519,983 EMEA 1,251,058 885,925 873,007 Asia Pacific 161,175 150,114 169,703 Total $ 3,223,209 $ 2,565,540 $ 2,562,693 Operating Income: Americas $ 446,731 $ 373,976 $ 249,488 EMEA 295,991 109,991 120,481 Asia Pacific 27,941 29,704 30,225 Total $ 770,663 $ 513,671 $ 400,194 Identifiable Assets: Americas $ 3,604,272 $ 2,667,985 $ 2,320,957 EMEA 2,933,180 2,534,172 2,437,804 Asia Pacific 202,930 313,590 292,867 Total $ 6,740,382 $ 5,515,747 $ 5,051,628 |
Consolidated VIEs
Consolidated VIEs | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Consolidated VIEs | 23 . CONSOLIDATED VIEs The Company’s consolidated VIEs as of December 31, 2021 and 2020 include LGAC (see Note 1) and certain funds (“LFI Consolidated 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 assets of LFI Consolidated Funds, except as it relates to $140,371 and $121,376 of LFI held by Lazard Group as of December 31, 2021 and 2020, respectively, can only be used to settle the obligations of LFI Consolidated Funds. The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the consolidated statements of financial condition consist of the following at December 31, 2021 and 2020. December 2021 2020 ASSETS Cash and cash equivalents $ 3,936 $ 3,558 Customers and other receivables 305 160 Investments 204,062 158,370 Other assets 328 400 Total Assets $ 208,631 $ 162,488 LIABILITIES Deposits and other customer payables $ 50 $ 104 Other liabilities 910 491 Total Liabilities $ 960 $ 595 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2021 AND 2020 (dollars in thousands) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 75,844 $ 242,339 Due from subsidiaries of Lazard Ltd 478,913 552,230 Other receivables, net 497 582 Investments in subsidiaries, equity method 1,655,481 1,590,023 Other investments 566,162 326,450 Property, net 94,316 100,968 Operating lease right-of-use assets 313,554 334,640 Goodwill and other intangibles assets, net 148,796 37,138 Other assets 83,236 81,700 Total assets $ 3,416,799 $ 3,266,070 LIABILITIES AND MEMBERS’ EQUITY Liabilities: Accrued compensation and benefits $ 265,120 $ 246,823 Due to subsidiaries of Lazard Ltd 269,716 268,902 Operating lease liabilities 382,608 406,994 Senior debt 1,685,227 1,682,741 Other liabilities 38,358 35,626 Total liabilities 2,641,029 2,641,086 Commitments and contingencies MEMBERS’ EQUITY Members' equity 984,807 818,430 Accumulated other comprehensive loss, net of tax (209,037 ) (193,446 ) Total members’ equity 775,770 624,984 Total liabilities and members’ equity $ 3,416,799 $ 3,266,070 LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (dollars in thousands) Year Ended December 31, 2021 2020 2019 REVENUE Equity in earnings of subsidiaries $ 827,651 $ 632,560 $ 500,085 Interest income 327 2,095 6,054 Other 55,709 21,247 29,772 Total revenue 883,687 655,902 535,911 Interest expense 74,210 75,142 75,780 Net revenue 809,477 580,760 460,131 OPERATING EXPENSES Compensation and benefits 142,260 113,347 109,449 Professional services 6,457 6,328 8,426 Amortization and other acquisition-related benefits - - (1,309 ) Other 4,505 3,151 20,008 Total operating expenses 153,222 122,826 136,574 OPERATING INCOME 656,255 457,934 323,557 Provision for income taxes 1,760 1,058 1,177 NET INCOME $ 654,495 $ 456,876 $ 322,380 LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (dollars in thousands) Year Ended December 31, 2021 2020 2019 NET INCOME $ 654,495 $ 456,876 $ 322,380 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Currency translation adjustments: Currency translation adjustments before reclassification (48,401 ) 53,929 8,460 Adjustment for items reclassified to earnings (7,516 ) - - Employee benefit plans: Actuarial gain (loss) (net of tax expense (benefit) of $11,912, $(2,040) and $(8,413) for the years ended December 31, 2021, 2020 and 2019, respectively) 34,666 (3,017 ) (34,921 ) Adjustments for items reclassified to earnings (net of tax expense of $1,609, $1,476 and $1,167 for the years ended December 31, 2021, 2020 and 2019, respectively) 5,660 6,046 4,717 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (15,591 ) 56,958 (21,744 ) COMPREHENSIVE INCOME $ 638,904 $ 513,834 $ 300,636 LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (dollars in thousands) Year Ended December 31, 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 654,495 $ 456,876 $ 322,380 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (827,651 ) (632,560 ) (500,085 ) Deferred tax provision (benefit) 271 (324 ) 709 Loss on extinguishment of debt - - 6,505 Amortization of deferred expenses and share-based incentive compensation 346,981 308,306 337,615 Depreciation and amortization of property 10,775 10,435 11,626 Noncash lease expense 22,603 22,514 20,289 Amortization and other acquisition-related benefits - - (1,309 ) Distributions received from subsidiaries 651,362 458,821 549,211 Changes in operating assets and liabilities: - - Due to/from subsidiaries 80,921 51,271 (86,074 ) Other investments (352,359 ) (137,685 ) 73,118 Other operating assets and liabilities (21,778 ) 15,243 (90,389 ) Net cash provided by operating activities 565,620 552,897 643,596 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property (4,123 ) (6,383 ) (15,553 ) Capital contribution to subsidiaries (26,168 ) (65,023 ) (20,953 ) Net cash used in investing activities (30,291 ) (71,406 ) (36,506 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from: Issuance of senior debt, net of expenses - - 492,032 Contributions from members 14,000 - - Other financing activities - 25 925 Payments for: Senior debt - - (255,746 ) Distributions to members (233,234 ) (201,019 ) (263,935 ) Settlement of share-based incentive compensation in satisfaction of tax withholding requirements (68,012 ) (72,636 ) (99,960 ) Purchase of Lazard Ltd Class A common stock (406,149 ) (95,227 ) (494,687 ) Other financing activities (8,429 ) (7,024 ) (6,388 ) Net cash used in financing activities (701,824 ) (375,881 ) (627,759 ) Net increase (decrease) in cash and cash equivalents (166,495 ) 105,610 (20,669 ) Cash and cash equivalents, January 1 242,339 136,729 157,398 Cash and cash equivalents, December 31 $ 75,844 $ 242,339 $ 136,729 LAZARD GROUP LLC (parent company only) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION The accompanying Lazard Group LLC condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Lazard Group LLC and its subsidiaries (the “Company”) and the notes thereto. The Parent Company Financial Statements as of December 31, 2021 and 2020, and for each of the three years in the period ended December 31, 2021, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates. The Parent Company Financial Statements include investments in subsidiaries, accounted for under the equity method. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization The accompanying consolidated financial statements are those of Lazard Group LLC and its subsidiaries (collectively referred to as “Lazard Group”, “we” or the “Company”). Lazard Group is a Delaware limited liability company, which is governed by an Amended and Restated Operating Agreement dated as of February 4, 2019 (the “Operating Agreement”). Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”) including its indirect investment in Lazard Group, is one of the world’s preeminent financial advisory and asset management firms that specializes in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% of all outstanding Lazard Group common membership interests as of December 31, 2021 and 2020. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group. Lazard Group’s 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, capital raising, sovereign advisory and other strategic advisory matters, and • Asset Management, which offers a broad range of global investment solutions and investment and wealth 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 certain 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 consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 23). 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 sha re of the entity’s net earnings or (ii) elects the option to measure its investment at fair value . Intercompany transactions and balances have been eliminated. The consolidated financial statements include Lazard 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. |
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. LGAC is considered to be a VIE. The Company holds a controlling financial interest in 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 (included in “other liabilities” on the consolidated statements of financial condition) and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO, 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 consolidated statements of financial condition as of December 31, 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 which are remeasured at fair value at each balance sheet date until exercised, with changes in fair value reported to earnings. See Note 8. |
Foreign Currency Translation | Foreign Currency Translation— The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency ( i.e. , the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of gains and losses from forward foreign currency exchange rate contracts (see Note 8) amounted to $(952), $(904) and $3,665 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in “revenue-other” on the respective consolidated statements of operations. |
Use of Estimates | Use of Estimates— The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: • valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives and assumptions used to value pension and other post-retirement plans; • the assessment of probability with respect to recognizing revenue; • the discount rate used to measure operating lease right-of-use assets and operating lease liabilities; • the adequacy of the allowance for doubtful accounts; • the realization of deferred tax assets and adequacy of tax reserves for uncertain tax positions; • the outcome of litigation; • the carrying amount of goodwill and other intangible assets; • the vesting of share-based and other deferred compensation plan awards; and • other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents— The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. |
Deposits with Banks and Short-Term Investments | Deposits with Banks and Short-Term Investments— Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities with original maturities of 90 days or less when purchased. The level of these deposits and investments may be driven by the level of LFB demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. |
Restricted Cash | Restricted Cash— Primarily represents LGAC deposits and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts— 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 generally results in no expected credit losses given that these loans are generally maintained with collateral having a fair value in excess of th e carrying amount of the loans . 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. See Note 5 for additional information regarding the Company’s receivables and allowance for doubtful accounts. |
Investments | Investments— Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer and non broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, and investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of the investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. |
Property-net | Property-net— Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expenses aggregating $38,014, $34,786 and $35,260 for the years ended December 31, 2021, 2020 and 2019, respectively, are included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. |
Operating Lease Right-of-use Assets and Operating Lease Liabilities | Operating Lease Right-of-use Assets and Operating Lease Liabilities— The Company determines if an arrangement is, or contains, a lease at its inception and reevaluates the arrangement if the terms are modified. Operating lease right-of-use assets (“ROU assets”) represent the right to use an underlying asset for the lease term and operating lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the operating lease liability represents the present value of the remaining lease payments and the operating lease ROU asset is measured at the amount of the lease liability, adjusted for rent prepayments, unamortized initial direct costs and the remaining balance of lease incentives received. Both the operating lease ROU asset and the operating lease liability are reduced to zero at the end of the lease. See Note 10 for additional information regarding the Company’s ROU assets and operating lease liabilities. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— As goodwill has an indefinite life, it is required to be tested for impairment annually, as of November 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. See Note 11 with respect to goodwill and other intangible assets. |
Derivative Instruments | Derivative Instruments— A derivative is typically defined as a financial instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, warrant or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount ( e.g. , interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date ( e.g. , options to buy or sell securities or currencies). The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law in which case, the Company would net the applicable assets and liabilities and related receivable and payable for net cash collateral under such contracts. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the consolidated statements of operations. In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. For information regarding LFI and other similar deferred compensation arrangements, see Notes 6, 8 and 1 6 . For information regarding LGAC Warrants that are accounted for as derivative liabilities, see Notes 1 and 8. |
Deposits and Other Customer Payables | Deposits and Other Customer Payables— Principally relates to LFB customer-related demand deposits. |
Securities Sold, Not Yet Purchased | Securities Sold, Not Yet Purchased— Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations |
Contingent Consideration Liabilities | Contingent Consideration Liabilities — The contingent consideration liabilities of businesses acquired in a business combination are initially recorded at fair value, and any change in the fair value is recognized in “amortization and other acquisition-related costs” in the consolidated statements of operations. The contingent consideration liability is included in “other liabilities” on the consolidated statements of financial condition. |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities— The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, restricted cash, receivables, investments (excluding investments accounted for under the equity method of accounting), derivative instruments, deposits and other customer payables. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests— See Note 1 for additional information. |
Investment Banking and Other Advisory Fees | Investment Banking and Other Advisory Fees — Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. |
Asset Management Fees | Asset Management Fees —Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees. In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. |
Equity-Based Incentive Compensation Awards | Equity-Based Incentive Compensation Awards— Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are expensed over the applicable vesting period, or requisite service period, based on the fair value of Lazard Ltd’s Class A common stock (“common stock”), the only class of common stock of Lazard Ltd outstanding, on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting (including as a result of any applicable performance conditions). Equity-based incentive compensation is recognized in “compensation and benefits” expense. Share-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the years ended December 31, 2021, 2020 and 2019 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. |
Income Taxes | Income Taxes— Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and deferred tax liabilities on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: • future reversals of existing taxable temporary differences; • future taxable income exclusive of reversing temporary differences and carryforwards; • taxable income in prior carryback years; and • tax-planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available information, including the following: • nature, frequency, magnitude and duration of any past losses and current operating results; • duration of statutory carryforward periods; • historical experience with tax attributes expiring unused; and • near-term and medium-term financial outlook. The Company records tax positions taken or expected to be taken in a tax return based upon the Company’s estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. The Company recognizes interest and/or penalties related to unrecognized tax benefits in “provision for income taxes”. See Note 19 for additional information relating to income taxes. |
Recent Accounting Developments | Simplifying the Accounting for Income Taxes |
Employer Contributions to Pension Plans | Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. |
Fair Value Measurement Policy | Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities —Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis. The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity 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 the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. 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 8. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2021 2020 2019 Net Revenue: Financial Advisory (a) $ 1,794,132 $ 1,420,042 $ 1,352,168 Asset Management: Management Fees and Other (b) $ 1,304,582 $ 1,109,439 $ 1,216,115 Incentive Fees (c) 120,403 58,027 21,275 Total Asset Management $ 1,424,985 $ 1,167,466 $ 1,237,390 (a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, capital raising, sovereign advisory and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. |
Receivables and Allowance for_2
Receivables and Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, 2021 2020 2019 Beginning Balance $ 36,649 $ 27,130 $ 40,115 Adjustment for adoption of new accounting guidance - 7,571 - Bad debt expense, net of reversals 3,805 3,995 (5,080 ) Charge-offs, foreign currency translation and other adjustments (6,499 ) (2,047 ) (7,905 ) Ending Balance * $ 33,955 $ 36,649 $ 27,130 *The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include reimbursable expense receivables. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020: December 31, 2021 2020 Debt $ 299,990 $ 99,987 Equities 54,040 37,365 Funds: Alternative investments (a) 49,757 34,264 Debt (a) 164,952 123,554 Equity (a) 375,761 325,795 Private equity 46,589 37,567 637,059 521,180 Equity method 16,250 - Total investments 1,007,339 658,532 Less: Equity method 16,250 - Investments, at fair value $ 991,089 $ 658,532 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 6,828 $ 1,176 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $18,326, $132,875 and $306,618, respectively, at December 31, 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 LFI and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 8 and 16). |
Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses | During the years ended December 31, 2021, 2020 and 2019, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows: Year Ended December 31, 2021 2020 2019 Net unrealized investment gains $ 14,154 $ 49,719 $ 36,610 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 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: December 31, 2021 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 299,990 $ - $ - $ - $ 299,990 Equities 53,462 - 578 - 54,040 Funds: Alternative investments 24,972 - - 24,785 49,757 Debt 164,947 - - 5 164,952 Equity 375,712 - - 49 375,761 Private equity - - 293 46,296 46,589 Derivatives - 922 - - 922 Total $ 919,083 $ 922 $ 871 $ 71,135 $ 992,011 Liabilities: Securities sold, not yet purchased $ 6,828 $ - $ - $ - $ 6,828 Derivatives 10,005 362,240 - - 372,245 Total $ 16,833 $ 362,240 $ - $ - $ 379,073 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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 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 $ (796 ) $ - $ (235 ) $ (62 ) $ 578 Private equity funds 1,486 951 - (2,121 ) (23 ) 293 Total Level 3 assets $ 3,157 $ 155 $ - $ (2,356 ) $ (85 ) $ 871 Liabilities: Derivatives $ - $ - $ 11,500 $ (11,500 ) $ - $ - Total Level 3 liabilities $ - $ - $ 11,500 $ (11,500 ) $ - $ - Year Ended December 31, 2020 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,600 $ 73 $ - $ - $ (2 ) $ 1,671 Private equity funds 1,371 (190 ) 299 - 6 1,486 Total Level 3 assets $ 2,971 $ (117 ) $ 299 $ - $ 4 $ 3,157 Year Ended December 31, 2019 Beginning Balance Net Realized Gains / Included In Earnings (a) Purchases/ Acquisitions/ Transfers (c) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ (21 ) $ - $ - $ (1 ) $ 1,600 Private equity funds (760 ) 2,131 1,371 Total Level 3 assets $ 1,622 $ (781 ) $ 2,131 $ - $ (1 ) $ 2,971 Liabilities: Contingent consideration liability $ 1,309 $ (1,309 ) $ - $ - $ - $ - Total Level 3 liabilities $ 1,309 $ (1,309 ) $ - $ - $ - $ - (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2021, 2020 and 2019 include net unrealized gains (losses) of $155, $(117) and $(781), respectively. Earnings recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the year ended December 31, 2019 include unrealized gains of $1,309. (b) Transfers out of Level 3 private equity funds during the year ended December 31, 2021 reflect investments valued at NAV as of December 31, 2021. Transfers out of Level 3 derivatives during the year ended December 31, 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 . (c) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the year ended December 31, 2019 as these investments are valued based on a potential transaction value that differs from NAV. |
Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value— The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2021 and 2020 that are not measured at fair value in the Company’s consolidated statement of financial condition. December 31, 2021 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,435,576 $ 1,435,576 $ 1,435,576 $ - $ - Deposits with banks and short-term investments 1,347,544 1,347,544 1,347,544 - - Restricted cash 617,448 617,448 617,448 - - Financing receivables 123,189 125,024 - - 125,024 Customer loans 122,229 122,229 - - 122,229 Financial Liabilities: Deposits and other customer payables $ 1,442,701 $ 1,442,701 $ 1,442,701 $ - $ - Senior debt 1,685,227 1,884,690 - 1,884,690 - December 31, 2020 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,319,712 $ 1,319,712 $ 1,319,712 $ - $ - Deposits with banks and short-term investments 1,134,463 1,134,463 1,134,463 - - Restricted cash 44,488 44,488 44,488 - - Financing receivables 90,521 92,584 - - 92,584 Customer loans 99,965 99,965 - - 99,965 Financial Liabilities: Deposits and other customer payables $ 1,201,150 $ 1,201,150 $ 1,201,150 $ - $ - Senior debt 1,682,741 1,954,145 - 1,954,145 - |
Fair Value of Certain Investments Based on NAV | The following tables present, at December 31, 2021 and 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: December 31, 2021 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 24,162 $ - NA (a) 30-60 days Other 623 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 49 - NA (d) <30-60 days Private equity funds: Equity growth 46,296 5,597 (e) 100 % (f) NA NA Total $ 71,135 $ 5,597 (a) monthly (79%) and quarterly (21%) (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) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition | The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 16) on the accompanying consolidated statements of financial condition as of December 31, 2021 and 2020. Notional amounts provide an indication of the volume of the Company's derivative activity. Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the consolidated statements of financial condition where the Company has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the consolidated statements of financial condition, and those derivative assets and liabilities are shown separately in the table below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the consolidated statements of financial condition . December 31, 2021 Derivative Assets Derivative Liabilities Fair Value Notional Fair Value Notional Forward foreign currency exchange rate contracts $ 1,005 $ 253,059 $ 761 $ 174,550 Total return swaps and other 1,052 20,888 13,709 83,706 LGAC Warrants - - 10,005 11,500 LFI and other similar deferred compensation arrangements - - 358,877 301,478 Total gross derivatives 2,057 $ 273,947 383,352 $ 571,234 Counterparty and cash collateral netting: Forward foreign currency exchange rate contracts (83 ) (83 ) Total return swaps and other (1,052 ) (11,024 ) Total in "other assets" and "other liabilities" 922 372,245 Amounts not netted (a): Cash collateral - (2,476 ) Securities collateral - (391 ) $ 922 $ 369,378 December 31, 2020 Derivative Assets Derivative Liabilities Fair Value Notional Fair Value Notional Forward foreign currency exchange rate contracts $ 557 $ 306,876 $ 354 $ 55,565 Total return swaps and other 152 4,384 9,797 72,545 LFI and other similar deferred compensation arrangements - - 311,400 268,921 Total gross derivatives 709 $ 311,260 321,551 $ 397,031 Counterparty and cash collateral netting: Forward foreign currency exchange rate contracts (21 ) (21 ) Total return swaps and other (152 ) (7,045 ) Total in "other assets" and "other liabilities" 536 314,485 Amounts not netted (a): Cash collateral - (3,411 ) Securities collateral - (391 ) $ 536 $ 310,683 (a) Amounts are subject to master netting arrangements but do not meet the criteria for netting on the consolidated statements of financial condition under U.S. GAAP. For some counterparties, the collateral amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the total amount reported is limited to the net derivative assets and net derivative liabilities balances with that counterparty. |
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 consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019, were as follows: Year Ended December 31, 2021 2020 2019 Forward foreign currency exchange rate contracts $ 11,007 $ (8,356 ) $ 6,988 LFI and other similar deferred compensation arrangements (35,494 ) (40,634 ) (31,657 ) LGAC Warrants 1,495 - - Total return swaps and other (14,460 ) (9,236 ) (14,294 ) Total $ (37,452 ) $ (58,226 ) $ (38,963 ) |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Property | At December 31, 2021 and 2020, property consisted of the following: Estimated Depreciable December 31, Life in Years 2021 2020 Buildings 33 $ 143,464 $ 155,434 Leasehold improvements 3-20 208,363 219,871 Furniture and equipment 3-10 217,984 240,284 Construction in progress 46,052 42,824 Total 615,863 658,413 Less - Accumulated depreciation and amortization 366,215 401,505 Property $ 249,648 $ 256,908 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Components of Operating Lease Expense | The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Operating lease cost $ 86,023 $ 85,666 $ 80,401 Variable lease cost 21,056 21,277 19,347 Sublease income (7,303 ) (6,827 ) (6,809 ) Total $ 99,776 $ 100,116 $ 92,939 |
Summary of Supplemental Cash Flow Information and Certain Other Information Related to Operating Leases | The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92,051 $ 91,452 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 36,172 $ 13,515 Weighted average remaining lease term 10 years 11 years Weighted average discount rate 3.6 % 3.6 % |
Summary of Maturities of Operating Lease Liabilities Outstanding | Maturities of the operating lease liabilities outstanding at December 31, 2021 for each of the years in the period ending December 31, 2026 and thereafter are set forth in the table below. Year Ending December 31, 2022 $ 80,409 2023 75,012 2024 66,802 2025 61,161 2026 57,178 Thereafter 322,228 Total lease payments 662,790 Less - Discount 110,445 Operating lease liabilities $ 552,345 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at December 31, 2021 and 2020 are presented below: December 2021 2020 Goodwill $ 357,187 $ 361,682 Other intangible assets (net of accumulated amortization) 150 210 $ 357,337 $ 361,892 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 2020 2019 Balance, January 1 $ 361,682 $ 350,029 $ 350,829 Foreign currency translation adjustments (4,495 ) 11,653 (800 ) Balance, December 31 $ 357,187 $ 361,682 $ 350,029 |
Gross Cost and Accumulated Amortization of Other Intangible Assets | The gross cost and accumulated amortization of other intangible assets as of December 31, 2021 and 2020, by major intangible asset category, are as follows: December 31, 2021 December 31, 2020 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 33,040 $ 33,040 $ - $ 33,040 $ 33,040 $ - Management fees, customer relationships and non-compete agreements 34,671 34,521 150 34,671 34,461 210 $ 67,711 $ 67,561 $ 150 $ 67,711 $ 67,501 $ 210 |
Estimated Future Amortization Expense | Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2022 $ 60 2023 60 2024 30 Total amortization expense $ 150 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Other Assets | The following table sets forth the Company’s other assets, by type, as of December 31, 2021 and 2020: December 31, 2021 2020 Current income and other tax receivables $ 39,703 $ 45,341 Prepaid compensation (see Note 16) 108,049 101,631 Other advances and prepayments 130,056 82,161 Other 85,556 74,316 Total $ 363,364 $ 303,449 |
Schedule of Other Liabilities | The following table sets forth the Company’s other liabilities, by type, as of December 31, 2021 and 2020: December 31, 2021 2020 Accrued expenses $ 196,957 $ 180,294 Current income taxes and other taxes 166,304 136,751 Employee benefit-related liabilities 53,624 60,599 Unclaimed funds at LFB 17,443 18,967 Deferred revenue (a) 130,664 90,715 Securities sold, not yet purchased 6,828 1,176 Deferred offering costs 20,125 - Other 30,158 32,568 Total $ 622,103 $ 521,070 (a) Deferred revenue primarily relates to cash received for carried interest subject to clawback and unearned advisory fees received from private equity investments. Revenue recognized during the year ended December 31, 2021 that was included in the deferred revenue balance as of December 31, 2020 was $7,669. |
Senior Debt (Tables)
Senior Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Senior Debt | Senior debt is comprised of the following as of December 31, 2021 and 2020: Outstanding as of Initial Annual December 31, 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 $ 1,476 $ 398,524 $ 400,000 $ 1,948 $ 398,052 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,015 297,985 300,000 2,405 297,595 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 5,716 494,284 500,000 6,568 493,432 Lazard Group 2029 Senior Notes 500,000 3/11/29 4.375 % 500,000 5,566 494,434 500,000 6,338 493,662 Total $ 1,700,000 $ 14,773 $ 1,685,227 $ 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. |
Debt Maturities Relating to Senior Borrowings Outstanding | Debt maturities relating to senior borrowings outstanding at December 31, 2021 for each of the five years in the period ending December 31, 2026 and thereafter are set forth in the table below. Year Ending December 31, 2022 - 2024 $ - 2025 400,000 2026 - Thereafter 1,300,000 Total $ 1,700,000 |
Members' Equity (Tables)
Members' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program —Since 2019 and through the year ended December 31, 2021, the Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below. Date Repurchase Authorization Expiration February 2019 $ 300,000 December 31, 2020 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: Years Ended December 31: Number of Shares Purchased Average Price Per Share 2019 13,674,439 $ 36.18 2020 2,912,035 $ 32.70 2021 9,124,295 $ 44.51 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax —The tables below reflect the balances of each component of AOCI at December 31, 2021, 2020 and 2019 and activity during the years then ended: Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2021 $ (20,438 ) $ (173,006 ) $ (193,444 ) $ 2 $ (193,446 ) Activity: Other comprehensive income (loss) before reclassifications (48,401 ) 34,666 (13,735 ) - (13,735 ) Adjustments for items reclassified to earnings, net of tax (7,516 ) 5,660 (1,856 ) - (1,856 ) Net other comprehensive income (loss) (55,917 ) 40,326 (15,591 ) - (15,591 ) Balance, December 31, 2021 $ (76,355 ) $ (132,680 ) $ (209,035 ) $ 2 $ (209,037 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2020 $ (74,369 ) $ (176,035 ) $ (250,404 ) $ - $ (250,404 ) Activity: Other comprehensive income (loss) before reclassifications 53,931 (3,017 ) 50,914 2 50,912 Adjustments for items reclassified to earnings, net of tax - 6,046 6,046 - 6,046 Net other comprehensive income 53,931 3,029 56,960 2 56,958 Balance, December 31, 2020 $ (20,438 ) $ (173,006 ) $ (193,444 ) $ 2 $ (193,446 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2019 $ (82,829 ) $ (145,831 ) $ (228,660 ) $ - $ (228,660 ) Activity: Other comprehensive income (loss) before reclassifications 8,460 (34,921 ) (26,461 ) - (26,461 ) Adjustments for items reclassified to earnings, net of tax - 4,717 4,717 - 4,717 Net other comprehensive income (loss) 8,460 (30,204 ) (21,744 ) - (21,744 ) Balance, December 31, 2019 $ (74,369 ) $ (176,035 ) $ (250,404 ) $ - $ (250,404 ) |
Adjustments for Items Reclassified Out of AOCI | The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Currency translation gains (a) $ (7,516 ) $ - $ - Employee benefit plans: Amortization relating to employee benefit plans (b) 7,269 7,522 5,884 Less - related income taxes 1,609 1,476 1,167 5,660 6,046 4,717 Total reclassifications, net of tax $ (1,856 ) $ 6,046 $ 4,717 (a) Represents currency translation gains reclassified to earnings from AOCI associated with restructuring and closing of certain of our offices. Such amounts are included in “revenue–other” on the consolidated statements of operations. (b) Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. |
Net Income (Loss) Attributable to Noncontrolling Interests | The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2021, 2020 and 2019 and noncontrolling interests as of December 31, 2021 and 2020 in the Company’s consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31, 2021 2020 2019 Edgewater $ 10,466 $ (2,349 ) $ 9,850 LFI Consolidated Funds 7,950 2,577 1,363 LGAC (3,940 ) - - Other 5 3 3 Total $ 14,481 $ 231 $ 11,216 Noncontrolling Interests as of December 31, 2021 2020 Edgewater $ 44,826 $ 45,352 LFI Consolidated Funds 67,299 40,517 LGAC (13,445 ) - Other 16 16 Total $ 98,696 $ 85,885 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 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 consolidated statements of operations: Year Ended December 31, 2021 2020 2019 Share-based incentive awards: RSUs $ 124,895 $ 140,556 $ 168,338 PRSUs 6,136 6,264 8,742 Restricted Stock 17,765 27,976 29,322 Profits interest participation rights 83,046 41,293 44,537 DSUs 1,058 1,180 1,173 Total $ 232,900 $ 217,269 $ 252,112 |
Summary of LFI and Other Similar Deferred Compensation Arrangements | The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the year ended December 31, 2021: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2021 $ 101,631 $ 311,400 Granted 161,892 161,892 Settled - (142,699 ) Forfeited (1,883 ) (14,143 ) Amortization (153,591 ) - Change in fair value related to: Change in fair value of underlying investments - 35,494 Adjustment for estimated forfeitures - 10,273 Other - (3,340 ) Balance, December 31, 2021 $ 108,049 $ 358,877 The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Amortization, net of forfeitures $ 151,604 $ 119,441 $ 105,250 Change in the fair value of underlying investments 35,494 40,634 31,657 Total $ 187,098 $ 160,075 $ 136,907 |
Restricted Stock Units and Deferred Stock Units [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to RSUs and DSUs for the year ended December 31, 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 384,423 RSUs relating to dividend participation) 3,269,307 $ 43.38 45,265 $ 46.75 Forfeited (272,004 ) $ 41.01 - - Settled (4,112,865 ) $ 46.99 (185,657 ) $ 35.89 Balance, December 31, 2021 8,150,782 $ 41.16 338,408 $ 38.01 |
Restricted Stock [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 year ended December 31, 2021: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2021 1,144,959 $ 41.09 Granted (including 34,208 relating to dividend participation) 477,991 $ 43.80 Forfeited (128,242 ) $ 40.94 Settled (623,481 ) $ 43.00 Balance, December 31, 2021 871,227 $ 41.24 |
PRSUs [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to PRSUs during the year ended December 31, 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, December 31, 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 year ended December 31, 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 Performance units earned (a) 440,054 $ 39.12 Balance, December 31, 2021 (b) 4,122,993 $ 41.50 (a) Represents shares of common stock earned during the fiscal year under the performance criteria of previously-granted PRPU awards in excess of the target payout level of such awards. (b) Table includes 2,001,174 PRPUs, which represents the target number of PRPUs granted and performance units earned as of December 31, 2021, including 510,342 PRPUs granted and 440,054 performance units earned during the year ended December 31, 2021. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2021were $40.61 and $40.30, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the year ended December 31, 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 December 31, 2021 were $41.82 and $41.20, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition | The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans. Pension Plans 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 811,662 $ 744,705 Service cost 876 843 Interest cost 8,679 11,912 Actuarial (gain) loss (39,706 ) 60,613 Benefits paid (29,327 ) (30,400 ) Settlements (4,643 ) (4,178 ) Foreign currency translation and other adjustments (15,563 ) 28,167 Benefit obligation at end of year 731,978 811,662 Change in plan assets Fair value of plan assets at beginning of year 799,895 710,592 Actual return on plan assets 26,046 86,248 Employer contributions 4,493 6,708 Benefits paid (29,327 ) (30,272 ) Settlements (4,643 ) (3,926 ) Foreign currency translation and other adjustments (14,001 ) 30,545 Fair value of plan assets at end of year 782,463 799,895 Funded (deficit) at end of year $ 50,485 $ (11,767 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2021 and 2020 consist of: Prepaid pension asset (included in “other assets”) $ 78,058 $ 28,473 Accrued benefit liability (included in “other liabilities”) (27,573 ) (40,240 ) Net amount recognized $ 50,485 $ (11,767 ) Amounts recognized in AOCI (excluding tax benefits of $25,370 and $38,891 at December 31, 2021 and 2020, respectively) consist of: Actuarial net loss $ 155,052 $ 208,743 Prior service cost 2,999 3,154 Net amount recognized $ 158,051 $ 211,897 |
Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation | The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2021 and 2020: U.S. Pension Plans Non-U.S. Pension Plans Total As Of December 31, As Of December 31, As Of December 31, 2021 2020 2021 2020 2021 2020 Fair value of plan assets $ 24,227 $ 25,850 $ 758,236 $ 774,045 $ 782,463 $ 799,895 Accumulated benefit obligation $ 31,543 $ 34,406 $ 700,435 $ 777,256 $ 731,978 $ 811,662 Projected benefit obligation $ 31,543 $ 34,406 $ 700,435 $ 777,256 $ 731,978 $ 811,662 |
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2021, 2020 and 2019: Pension Plans For The Year Ended December 31, 2021 2020 2019 Components of Net Periodic Benefit Cost (Credit): Service cost $ 876 $ 843 $ 815 Interest cost 8,679 11,912 15,350 Expected return on plan assets (26,077 ) (26,711 ) (27,470 ) Amortization of: Prior service cost 118 111 110 Net actuarial loss 7,151 7,411 5,025 Settlement loss 1,056 1,329 749 Net periodic benefit cost (credit) $ (8,197 ) $ (5,105 ) $ (5,421 ) Actual return on plan assets $ 26,046 $ 86,248 $ 74,844 Employer contributions $ 4,493 $ 6,708 $ 5,623 Benefits paid $ 29,327 $ 30,272 $ 30,760 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $13,521, $(564) and $(7,247), during the years ended December 31, 2021, 2020 and 2019, respectively): Net actuarial (gain) loss $ (40,717 ) $ (4,085 ) $ 40,311 Reclassification of prior service (cost) credit to earnings (118 ) (111 ) (110 ) Reclassification of actuarial gain (loss) to earnings (7,151 ) (7,411 ) (5,774 ) Currency translation and other adjustments (5,860 ) 9,142 3,025 Total recognized in AOCI $ (53,846 ) $ (2,465 ) $ 37,452 Net amount recognized in total periodic benefit cost and AOCI $ (62,043 ) $ (7,570 ) $ 32,031 |
Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost | The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2021, 2020 and 2019 are set forth below: Pension Plans December 31, 2021 2020 2019 Weighted average assumptions used to determine benefit obligations: Discount rate 1.8 % 1.3 % 1.8 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 1.1 % 1.6 % 2.2 % Expected long-term rate of return on plan assets 3.3 % 3.9 % 4.4 % |
Schedule of Expected Benefit Payments | Expected Benefit Payments —The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: Pension Plans 2022 $ 28,616 2023 28,059 2024 30,227 2025 30,209 2026 30,585 2027-2031 156,945 |
Schedule of Categorization of Plans' Assets | Plan Assets —The following tables present the categorization of our pension plans’ assets as of December 31, 2021 and 2020, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements: As of December 31, 2021 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 11,036 $ - $ - $ - $ 11,036 Debt 84,005 - - - 84,005 Equities 43,174 - - - 43,174 Funds: Alternative investments - - - 17,758 17,758 Debt 10,990 81,417 - 318,316 410,723 Equity 141,390 60,118 - 11,090 212,598 Derivatives - 3,169 - - 3,169 Total $ 290,595 $ 144,704 $ - $ 347,164 $ 782,463 As of December 31, 2020 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 19,489 $ - $ - $ - $ 19,489 Debt 84,031 - - - 84,031 Equities 41,251 - - - 41,251 Funds: Alternative investments - - - 18,847 18,847 Debt 11,978 83,401 - 322,086 417,465 Equity 199,201 6,287 - 11,378 216,866 Derivatives - 1,946 - - 1,946 Total $ 355,950 $ 91,634 $ - $ 352,311 $ 799,895 (a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. |
Business Realignment (Tables)
Business Realignment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Expenses Associated with Business Realignment Activity | Expenses associated with the business realignment for the year ended December 31, 2019 were as follows: Financial Asset Advisory Management Corporate Total Compensation and benefits $ 39,476 $ 14,480 $ 2,679 $ 56,635 Other (a) 4,371 1,750 5,054 11,175 Total $ 43,847 $ 16,230 $ 7,733 $ 67,810 (a) Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The components of the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below. Year Ended December 31, 2021 2020 2019 Current: Federal $ (3,808 ) $ 2,207 $ 3,871 Foreign 98,142 44,255 57,220 State and local 1,495 3,025 3,934 Total current 95,829 49,487 65,025 Deferred: Federal 82 95 49 Foreign 5,081 8,480 225 State and local 695 (1,498 ) 1,299 Total deferred 5,858 7,077 1,573 Total $ 101,687 $ 56,564 $ 66,598 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates | Year Ended December 31, 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Rate benefit for U.S. Partnership operations (21.0 ) (21.0 ) (21.0 ) Foreign taxes 13.3 9.6 11.9 State and local taxes 0.7 0.5 0.9 Uncertain tax positions (0.3 ) 0.6 2.9 Other (0.5 ) 0.3 0.9 Effective income tax rate 13.2 % 11.0 % 16.6 % |
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows: December 31, 2021 2020 Deferred Tax Assets: Basis adjustments (a) $ 68 $ 766 Compensation and benefits 73,902 70,761 Net operating loss and tax credit carryforwards 72,777 72,820 Depreciation and amortization 5,534 6,374 Other 4,432 2,936 Gross deferred tax assets 156,713 153,657 Valuation allowance (79,129 ) (76,728 ) Deferred tax assets (net of valuation allowance) 77,584 76,929 Deferred Tax Liabilities: Depreciation and amortization 5,373 6,506 Compensation and benefits 32,189 16,979 Goodwill 836 924 Other 9,087 5,395 Deferred tax liabilities 47,485 29,804 Net deferred tax assets $ 30,099 $ 47,125 (a) The basis adjustments recorded as of December 31, 2021 and 2020 are primarily the result of additional basis from acquisitions of interests. |
Summary of Changes in Deferred Tax Assets Valuation Allowance | Changes in the deferred tax assets valuation allowance for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, 2021 2020 2019 Beginning Balance $ 76,728 $ 70,429 $ 67,997 Charged (credited) to provision for income taxes 4,400 5,173 2,575 Charged (credited) to other comprehensive income and other (1,999 ) 1,126 (143 ) Ending Balance $ 79,129 $ 76,728 $ 70,429 |
Schedule of Gross Unrecognized Tax Benefits | A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 2020 2019 Balance, January 1 (excluding interest and penalties of $18,745, $18,161 and $15,830, respectively) $ 55,725 $ 60,838 $ 47,674 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years 165 1,215 11,764 Current year 11,841 9,516 16,795 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (5,774 ) (9,814 ) (19 ) Settlements with tax authorities (134 ) (904 ) (7,251 ) Lapse of the applicable statute of limitations (8,316 ) (5,126 ) (8,125 ) Balance, December 31 (excluding interest and penalties of $18,442, $18,745 and $18,161, respectively) $ 53,507 $ 55,725 $ 60,838 |
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2021 2020 2019 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,442, $18,745 and $18,161, respectively) $ 61,452 $ 64,868 $ 65,193 Unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 10,497 $ 9,602 $ 13,806 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,210, $3,679 and $3,455, respectively) $ (303 ) $ 584 $ 2,331 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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: As of or for the Year Ended December 31, 2021 2020 2019 Financial Advisory Net Revenue $ 1,794,132 $ 1,420,042 $ 1,352,168 Operating Expenses (a) 1,345,849 1,122,002 1,196,906 Operating Income $ 448,283 $ 298,040 $ 155,262 Total Assets $ 1,217,654 $ 1,157,844 $ 1,113,266 Asset Management Net Revenue $ 1,424,985 $ 1,167,466 $ 1,237,390 Operating Expenses (a) 1,032,825 861,031 887,522 Operating Income $ 392,160 $ 306,435 $ 349,868 Total Assets $ 1,128,549 $ 958,588 $ 821,641 Corporate Net Revenue $ 4,092 $ (21,968 ) $ (26,865 ) Operating Expenses (a) 73,872 68,836 78,071 Operating Loss $ (69,780 ) $ (90,804 ) $ (104,936 ) Total Assets $ 4,394,179 $ 3,399,315 $ 3,116,721 Total Net Revenue $ 3,223,209 $ 2,565,540 $ 2,562,693 Operating Expenses (a) 2,452,546 2,051,869 2,162,499 Operating Income $ 770,663 $ 513,671 $ 400,194 Total Assets $ 6,740,382 $ 5,515,747 $ 5,051,628 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2021 2020 2019 Financial Advisory $ 8,180 $ 5,795 $ 5,180 Asset Management 5,618 3,730 2,995 Corporate 24,216 25,261 27,085 Total $ 38,014 $ 34,786 $ 35,260 |
Schedule of Operating Income, Revenue and Identifiable Assets by Geographical Areas | The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia. As of or for the Year Ended December 31, 2021 2020 2019 Net Revenue: Americas $ 1,810,976 $ 1,529,501 $ 1,519,983 EMEA 1,251,058 885,925 873,007 Asia Pacific 161,175 150,114 169,703 Total $ 3,223,209 $ 2,565,540 $ 2,562,693 Operating Income: Americas $ 446,731 $ 373,976 $ 249,488 EMEA 295,991 109,991 120,481 Asia Pacific 27,941 29,704 30,225 Total $ 770,663 $ 513,671 $ 400,194 Identifiable Assets: Americas $ 3,604,272 $ 2,667,985 $ 2,320,957 EMEA 2,933,180 2,534,172 2,437,804 Asia Pacific 202,930 313,590 292,867 Total $ 6,740,382 $ 5,515,747 $ 5,051,628 |
Consolidated VIEs (Tables)
Consolidated VIEs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Summary of Consolidated VIE Assets and Liabilities | The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the consolidated statements of financial condition consist of the following at December 31, 2021 and 2020. December 2021 2020 ASSETS Cash and cash equivalents $ 3,936 $ 3,558 Customers and other receivables 305 160 Investments 204,062 158,370 Other assets 328 400 Total Assets $ 208,631 $ 162,488 LIABILITIES Deposits and other customer payables $ 50 $ 104 Other liabilities 910 491 Total Liabilities $ 960 $ 595 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | Feb. 04, 2019 | Dec. 31, 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 | ||
Deferred underwriting costs associated with the IPO of a special purpose acquisition company | $ (20,125) | ||
Redeemable noncontrolling interests | 575,000 | ||
LGAC [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
LGAC IPO | 575,000 | ||
Redeemable noncontrolling interests | 575,000 | ||
LGAC [Member] | 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 | ||
LGAC [Member] | Non-cash Deferred Underwriting Fees [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Deferred underwriting costs associated with the IPO of a special purpose acquisition company | 20,125 | ||
LGAC [Member] | Other Offering Cost [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Other offering costs associated with the IPO of a special purpose entity | $ 852 | ||
Lazard Group LLC [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of common membership interests held | 100.00% | 100.00% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Foreign currency remeasurement gains (losses), net of gains and losses from forward foreign currency exchange rate contracts | $ (952) | $ (904) | $ 3,665 |
Depreciation and amortization expenses | $ 38,014 | $ 34,786 | $ 35,260 |
Revenue Recognition - Represent
Revenue Recognition - Representation of Performance Obligations Relate to Nature, Amount, Timing and Uncertainty of Revenue and Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Advisory Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Revenue | $ 1,794,132 | $ 1,420,042 | $ 1,352,168 |
Asset Management Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Revenue | 1,424,985 | 1,167,466 | 1,237,390 |
Asset Management Segment [Member] | Management Fees and Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Revenue | 1,304,582 | 1,109,439 | 1,216,115 |
Asset Management Segment [Member] | Incentive Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Revenue | $ 120,403 | $ 58,027 | $ 21,275 |
Receivables and Allowance for_3
Receivables and Allowance for Doubtful Accounts - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Allowance For Doubtful Accounts Receivable Rollforward | ||||||
Allowance for doubtful accounts receivables, Beginning balance | $ 36,649 | [1] | $ 27,130 | [1] | $ 40,115 | |
Adjustment for adoption of new accounting guidance | 7,571 | |||||
Bad debt expense, net of reversals | 3,805 | 3,995 | (5,080) | |||
Charge-offs, foreign currency translation and other adjustments | (6,499) | (2,047) | (7,905) | |||
Allowance for doubtful accounts receivables, Ending balance | [1] | $ 33,955 | $ 36,649 | $ 27,130 | ||
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include reimbursable expense receivables. |
Receivables and Allowance for_4
Receivables and Allowance for Doubtful Accounts - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing fee receivables | $ 123,189,000 | $ 90,521,000 | |||||
Allowance for doubtful accounts receivables | 33,955,000 | [1] | 36,649,000 | [1] | $ 27,130,000 | $ 40,115,000 | |
Customers and other | 136,345,000 | 121,261,000 | |||||
Aggregate carrying amount of other receivables | 618,879,000 | 597,235,000 | |||||
Lazard Ltd Subsidiaries [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Receivables related to interest-bearing loans | 86,800,000 | ||||||
Consumer Loan [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Customers and other | 122,229,000 | 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 reimbursable expense receivables. |
Investments - Company's Investm
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Total investments | $ 1,007,339 | $ 658,532 |
Equity method | 16,250 | |
Investments, at fair value | 991,089 | 658,532 |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 6,828 | 1,176 |
Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 299,990 | 99,987 |
Investments, at fair value | 299,990 | 99,987 |
Equities [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 54,040 | 37,365 |
Investments, at fair value | 54,040 | 37,365 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 49,757 | 34,264 |
Investments, at fair value | 49,757 | 34,264 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 164,952 | 123,554 |
Investments, at fair value | 164,952 | 123,554 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 375,761 | 325,795 |
Investments, at fair value | 375,761 | 325,795 |
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 46,589 | 37,567 |
Investments, at fair value | 46,589 | 37,567 |
Funds Total [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 637,059 | $ 521,180 |
Equity Method [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 16,250 |
Investments - Company's Inves_2
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Investments | $ 1,007,339 | $ 658,532 |
Alternative Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 49,757 | 34,264 |
Alternative Investment Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 18,326 | 11,128 |
Debt Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 164,952 | 123,554 |
Debt Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 132,875 | 90,758 |
Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 375,761 | 325,795 |
Equity Funds [Member] | Lazard Fund Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | $ 306,618 | $ 277,725 |
Investments - Additional Inform
Investments - Additional Information (Detail) - Debt [Member] - U.S. Treasury Securities [Member] | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract] | |||
Net unrealized investment gains | $ 14,154 | $ 49,719 | $ 36,610 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 991,089 | $ 658,532 |
Total Derivative Assets | 922 | 536 |
Total investments measured at fair value | 992,011 | 659,068 |
Securities sold, not yet purchased | 6,828 | 1,176 |
Total Derivative Liabilities | 372,245 | 314,485 |
Total of Liabilities Measured at Fair Value | 379,073 | 315,661 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 919,083 | 602,390 |
Securities sold, not yet purchased | 6,828 | 1,176 |
Total Derivative Liabilities | 10,005 | |
Total of Liabilities Measured at Fair Value | 16,833 | 1,176 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total Derivative Assets | 922 | 536 |
Total investments measured at fair value | 922 | 536 |
Total Derivative Liabilities | 362,240 | 314,485 |
Total of Liabilities Measured at Fair Value | 362,240 | 314,485 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 871 | 3,157 |
NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 71,135 | 52,985 |
Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 299,990 | 99,987 |
Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 299,990 | 99,987 |
Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 54,040 | 37,365 |
Equities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 53,462 | 35,694 |
Equities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 578 | 1,671 |
Alternative Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 49,757 | 34,264 |
Alternative Investment Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 24,972 | 17,411 |
Alternative Investment Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 24,785 | 16,853 |
Debt Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 164,952 | 123,554 |
Debt Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 164,947 | 123,549 |
Debt Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
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 | 375,761 | 325,795 |
Equity Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 375,712 | 325,749 |
Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 49 | 46 |
Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 46,589 | 37,567 |
Private Equity Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 293 | 1,486 |
Private Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 46,296 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | |||
Beginning Balance | $ 3,157 | $ 2,971 | $ 1,622 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 155 | (117) | (781) |
Purchases/Acquisitions/Issuances/Transfers | 0 | 299 | 2,131 |
Sales/Dispositions/Settlements/Transfers | (2,356) | 0 | 0 |
Foreign Currency Translation Adjustments | (85) | 4 | (1) |
Ending Balance | 871 | 3,157 | 2,971 |
Liabilities: | |||
Beginning Balance | 0 | 0 | 1,309 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 0 | (1,309) | |
Purchases/Acquisitions/Issuances/Transfers | 11,500 | 0 | |
Sales/Dispositions/Settlements/Transfers | (11,500) | 0 | |
Foreign Currency Translation Adjustments | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Derivative [Member] | |||
Liabilities: | |||
Beginning Balance | 0 | ||
Net Unrealized/Realized Gains/Losses Included In Earnings | 0 | ||
Purchases/Acquisitions/Issuances/Transfers | 11,500 | ||
Sales/Dispositions/Settlements/Transfers | (11,500) | ||
Foreign Currency Translation Adjustments | 0 | ||
Ending Balance | 0 | 0 | |
Contingent Consideration Liability [Member] | |||
Liabilities: | |||
Beginning Balance | 0 | 1,309 | |
Net Unrealized/Realized Gains/Losses Included In Earnings | (1,309) | ||
Purchases/Acquisitions/Issuances/Transfers | 0 | ||
Sales/Dispositions/Settlements/Transfers | 0 | ||
Foreign Currency Translation Adjustments | 0 | ||
Ending Balance | 0 | ||
Equities [Member] | |||
Assets: | |||
Beginning Balance | 1,671 | 1,600 | 1,622 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (796) | 73 | (21) |
Purchases/Acquisitions/Issuances/Transfers | 0 | 0 | 0 |
Sales/Dispositions/Settlements/Transfers | (235) | 0 | 0 |
Foreign Currency Translation Adjustments | (62) | (2) | (1) |
Ending Balance | 578 | 1,671 | 1,600 |
Private Equity Funds [Member] | |||
Assets: | |||
Beginning Balance | 1,486 | 1,371 | |
Net Unrealized/Realized Gains/Losses Included In Earnings | 951 | (190) | (760) |
Purchases/Acquisitions/Issuances/Transfers | 0 | 299 | 2,131 |
Sales/Dispositions/Settlements/Transfers | (2,121) | 0 | 0 |
Foreign Currency Translation Adjustments | (23) | 6 | 0 |
Ending Balance | $ 293 | $ 1,486 | $ 1,371 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Level 3 Assets [Member] | |||
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Net unrealized gains (losses) | $ 155 | $ (117) | $ (781) |
Contingent Consideration Liability [Member] | |||
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Net unrealized gains (losses) | $ 1,309 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Option Quantitative Disclosures [Line Items] | ||
No other transfers into or out of Level 3 in the fair value measurement hierarchy | $ 0 | $ 0 |
Unfunded Commitments | 5,597,000 | $ 5,865,000 |
EGCP III [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Unfunded Commitments | $ 5,158,000 | |
End of the investment period | Oct. 12, 2016 | |
Remaining obligation date | Oct. 12, 2023 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | |||
Cash and cash equivalents | $ 1,435,576 | $ 1,319,712 | $ 1,164,135 |
Deposits with banks and short-term investments | 1,347,544 | 1,134,463 | 1,180,686 |
Restricted cash | 617,448 | 44,488 | $ 43,280 |
Financial Liabilities: | |||
Deposits and other customer payables | 1,442,701 | 1,201,150 | |
Senior debt | 1,685,227 | 1,682,741 | |
Carrying Value [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 1,435,576 | 1,319,712 | |
Deposits with banks and short-term investments | 1,347,544 | 1,134,463 | |
Restricted cash | 617,448 | 44,488 | |
Financing receivables | 123,189 | 90,521 | |
Customer loans | 122,229 | 99,965 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,442,701 | 1,201,150 | |
Senior debt | 1,685,227 | 1,682,741 | |
Fair Value [Member] | |||
Financial Assets: | |||
Deposits with banks and short-term investments | 1,347,544 | 1,134,463 | |
Restricted cash | 617,448 | 44,488 | |
Cash and cash equivalents | 1,435,576 | 1,319,712 | |
Financing receivables | 125,024 | 92,584 | |
Customer loans | 122,229 | 99,965 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,442,701 | 1,201,150 | |
Senior debt | 1,884,690 | 1,954,145 | |
Fair Value [Member] | Level 1 [Member] | |||
Financial Assets: | |||
Deposits with banks and short-term investments | 1,347,544 | 1,134,463 | |
Restricted cash | 617,448 | 44,488 | |
Cash and cash equivalents | 1,435,576 | 1,319,712 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,442,701 | 1,201,150 | |
Fair Value [Member] | Level 2 [Member] | |||
Financial Liabilities: | |||
Senior debt | 1,884,690 | 1,954,145 | |
Fair Value [Member] | Level 3 [Member] | |||
Financial Assets: | |||
Financing receivables | 125,024 | 92,584 | |
Customer loans | $ 122,229 | $ 99,965 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 71,135 | $ 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 | $ 24,162 | $ 16,216 |
Hedge Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 79.00% | 99.00% |
Hedge Funds [Member] | Quarterly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 21.00% | 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 | $ 623 | $ 637 |
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] | Daily [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 8.00% | 8.00% |
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 | $ 49 | $ 46 |
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] | 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] | 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 | $ 46,296 | $ 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 | Dec. 31, 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 Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 2,057 | $ 709 |
Derivative Assets, Notional | 273,947 | 311,260 |
Derivative Liabilities, Fair Value | 383,352 | 321,551 |
Derivative Liabilities, Notional | 571,234 | 397,031 |
Derivative Assets, Fair Value, Total | 922 | 536 |
Derivative Liabilities, Fair Value, Amounts not netted, Cash collateral | (2,476) | (3,411) |
Derivative Liabilities, Fair Value, Amounts not netted, Securities collateral | (391) | (391) |
Derivative Liabilities, Fair Value, Total | 369,378 | 310,683 |
Total Return Swaps and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1,052 | 152 |
Derivative Assets, Notional | 20,888 | 4,384 |
Derivative Liabilities, Fair Value | 13,709 | 9,797 |
Derivative Liabilities, Notional | 83,706 | 72,545 |
Derivative Assets, Fair Value, Counterparty and cash collateral netting | (1,052) | (152) |
Derivative Liabilities, Fair Value, Counterparty and cash collateral netting | (11,024) | (7,045) |
Forward Foreign Currency Exchange Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1,005 | 557 |
Derivative Assets, Notional | 253,059 | 306,876 |
Derivative Liabilities, Fair Value | 761 | 354 |
Derivative Liabilities, Notional | 174,550 | 55,565 |
Derivative Assets, Fair Value, Counterparty and cash collateral netting | (83) | (21) |
Derivative Liabilities, Fair Value, Counterparty and cash collateral netting | (83) | (21) |
LGAC Warrants [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 10,005 | |
Derivative Liabilities, Notional | 11,500 | |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 358,877 | 311,400 |
Derivative Liabilities, Notional | 301,478 | 268,921 |
Total in "other assets" and "other liabilities" [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value, Counterparty and cash collateral netting | 922 | 536 |
Derivative Liabilities, Fair Value, Counterparty and cash collateral netting | $ 372,245 | $ 314,485 |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives instruments | $ (37,452) | $ (58,226) | $ (38,963) |
Forward Foreign Currency Exchange Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | 11,007 | (8,356) | 6,988 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | (35,494) | (40,634) | (31,657) |
LGAC Warrants [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | 1,495 | ||
Total Return Swaps and Other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $ (14,460) | $ (9,236) | $ (14,294) |
Property - Components of Proper
Property - Components of Property (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 615,863 | $ 658,413 |
Less - Accumulated depreciation and amortization | 366,215 | 401,505 |
Property | 249,648 | 256,908 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 143,464 | 155,434 |
Property, plant and equipment, useful life | 33 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 208,363 | 219,871 |
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 | $ 217,984 | 240,284 |
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 | $ 46,052 | $ 42,824 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 86,023 | $ 85,666 | $ 80,401 |
Variable lease cost | 21,056 | 21,277 | 19,347 |
Sublease income | (7,303) | (6,827) | (6,809) |
Total | $ 99,776 | $ 100,116 | $ 92,939 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information and Certain Other Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 92,051 | $ 91,452 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 36,172 | $ 13,515 |
Weighted average remaining lease term | 10 years | 11 years |
Weighted average discount rate | 3.60% | 3.60% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 80,409 | |
2023 | 75,012 | |
2024 | 66,802 | |
2025 | 61,161 | |
2026 | 57,178 | |
Thereafter | 322,228 | |
Total lease payments | 662,790 | |
Less - Discount | 110,445 | |
Operating lease liabilities | $ 552,345 | $ 606,600 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 357,187 | $ 361,682 | $ 350,029 | $ 350,829 |
Other intangible assets (net of accumulated amortization) | 150 | 210 | ||
Goodwill and other intangible assets, Total | $ 357,337 | $ 361,892 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 357,187,000 | $ 361,682,000 | $ 350,029,000 | $ 350,829,000 |
Goodwill impairment loss | 0 | 0 | 0 | |
Amortization of intangible assets | 60,000 | 1,744,000 | ||
Management and Success Fees [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 2,166,000 | |||
Financial Advisory Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 292,646,000 | 297,141,000 | ||
Asset Management Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 64,541,000 | $ 64,541,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Beginning Balance | $ 361,682 | $ 350,029 | $ 350,829 |
Foreign currency translation adjustments | (4,495) | 11,653 | (800) |
Ending Balance | $ 357,187 | $ 361,682 | $ 350,029 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | $ 67,711 | $ 67,711 |
Other intangible assets, accumulated amortization | 67,561 | 67,501 |
Other intangible assets, Net Carrying Amount | 150 | 210 |
Success/Incentive Fees [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 33,040 | 33,040 |
Other intangible assets, accumulated amortization | 33,040 | 33,040 |
Management fees, customer relationships and non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 34,671 | 34,671 |
Other intangible assets, accumulated amortization | 34,521 | 34,461 |
Other intangible assets, Net Carrying Amount | $ 150 | $ 210 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2022 | $ 60 |
2023 | 60 |
2024 | 30 |
Total amortization expense | $ 150 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Current income and other tax receivables | $ 39,703 | $ 45,341 |
Prepaid compensation (see Note 16) | 108,049 | 101,631 |
Other advances and prepayments | 130,056 | 82,161 |
Other | 85,556 | 74,316 |
Total | $ 363,364 | $ 303,449 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $ 196,957 | $ 180,294 |
Current income taxes and other taxes | 166,304 | 136,751 |
Employee benefit-related liabilities | 53,624 | 60,599 |
Unclaimed funds at LFB | 17,443 | 18,967 |
Deferred revenue | 130,664 | 90,715 |
Securities sold, not yet purchased | 6,828 | 1,176 |
Deferred offering costs | 20,125 | |
Other | 30,158 | 32,568 |
Total | $ 622,103 | $ 521,070 |
Other Assets and Other Liabil_5
Other Assets and Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | ||
Revenue recognized during the year | $ 7,669 | |
Deferred revenue | $ 7,669 |
Senior Debt - Senior Debt (Deta
Senior Debt - Senior Debt (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | 14,773,000 | 17,259,000 |
Senior Debt, Outstanding Carrying Value | 1,685,227,000 | 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 | 1,476,000 | 1,948,000 |
Senior Debt, Outstanding Carrying Value | 398,524,000 | 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 | 2,015,000 | 2,405,000 |
Senior Debt, Outstanding Carrying Value | 297,985,000 | 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 | 5,716,000 | 6,568,000 |
Senior Debt, Outstanding Carrying Value | 494,284,000 | 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 | 5,566,000 | 6,338,000 |
Senior Debt, Outstanding Carrying Value | $ 494,434,000 | $ 493,662,000 |
Senior Debt - Senior Debt (Pare
Senior Debt - Senior Debt (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Lazard Group 3.75% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Senior notes interest rate | 3.75% |
Original Maturity Date | Feb. 13, 2025 |
Effective interest rates of senior notes | 3.87% |
Lazard Group 3.625% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Senior notes interest rate | 3.625% |
Original 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% |
Original 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% |
Original 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 206,800,000 | ||
LFB [Member] | Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 6,000,000 | ||
Amended And Restated Credit Agreement | |||
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 - Debt Maturities R
Senior Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 1,700,000,000 | $ 1,700,000,000 |
Senior Borrowings Outstanding [Member] | ||
Debt Instrument [Line Items] | ||
2022 - 2024 | 0 | |
2025 | 400,000,000 | |
2026 | 0 | |
Thereafter | 1,300,000,000 | |
Total | $ 1,700,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2021USD ($) |
LFB [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 0 |
LFNY [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 0 |
Members' Equity - Additional In
Members' Equity - Additional Information (Detail) - USD ($) | Feb. 02, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 |
Schedule Of Stockholders Equity [Line Items] | |||||
Aggregate value of all shares repurchased | $ 406,149,000 | $ 95,227,000 | $ 494,687,000 | ||
Share repurchase remaining authorization | $ 193,851,000 | ||||
Share repurchase authorization expiration date | Dec. 31, 2022 | ||||
Class A Common Stock [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Common stock held by subsidiaries, shares | 12,006,477 | 6,911,911 | |||
Common Stock [Member] | Subsequent Event [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Share repurchase remaining authorization | $ 431,000,000 | ||||
Share repurchase authorization expiration date | Dec. 31, 2024 | ||||
Share repurchase authorization | $ 300,000,000 | ||||
Lazard Ltd Subsidiaries [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Distribution to members | $ 233,234,000 | $ 201,019,000 | 263,935,000 | ||
Managing Members of Lazard Group LLC [Member] | Class A Common Stock [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Number of shares distributed to the parent | 17,000,000 | ||||
Executive Officers [Member] | Common Stock [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Aggregate value of all shares repurchased | $ 19,800,000 | $ 10,000,000 | $ 14,600,000 |
Members' Equity - Schedule of S
Members' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Equity, Class of Treasury Stock [Line Items] | |
Expiration | Dec. 31, 2022 |
February, 2019 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2020 |
October, 2019 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2021 |
April, 2021 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2022 |
Members' Equity - Schedule of_2
Members' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Repurchase Program [Abstract] | |||
Number of Shares Purchased | 9,124,295 | 2,912,035 | 13,674,439 |
Average Price Per Share | $ 44.51 | $ 32.70 | $ 36.18 |
Members' Equity - Accumulated O
Members' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | $ 710,869 | [1] | $ 287,326 | [2] | $ 582,752 | |
Other comprehensive income (loss) before reclassifications | (13,735) | 50,914 | (26,461) | |||
Adjustments for items reclassified to earnings, net of tax | (1,856) | 6,046 | 4,717 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (15,591) | 56,960 | (21,744) | |||
Balance | 874,466 | [3] | 710,869 | [1] | 287,326 | [2] |
Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (20,438) | (74,369) | (82,829) | |||
Other comprehensive income (loss) before reclassifications | (48,401) | 53,931 | 8,460 | |||
Adjustments for items reclassified to earnings, net of tax | (7,516) | 0 | 0 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (55,917) | 53,931 | 8,460 | |||
Balance | (76,355) | (20,438) | (74,369) | |||
Employee Benefit Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (173,006) | (176,035) | (145,831) | |||
Other comprehensive income (loss) before reclassifications | 34,666 | (3,017) | (34,921) | |||
Adjustments for items reclassified to earnings, net of tax | 5,660 | 6,046 | 4,717 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 40,326 | 3,029 | (30,204) | |||
Balance | (132,680) | (173,006) | (176,035) | |||
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | 2 | |||||
Other comprehensive income (loss) before reclassifications | 2 | |||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2 | |||||
Balance | 2 | 2 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (193,446) | [1] | (250,404) | [2] | (228,660) | |
Other comprehensive income (loss) before reclassifications | (13,735) | 50,912 | (26,461) | |||
Adjustments for items reclassified to earnings, net of tax | (1,856) | 6,046 | 4,717 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (15,591) | 56,958 | (21,744) | |||
Balance | (209,037) | [3] | (193,446) | [1] | (250,404) | [2] |
Total AOCI [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (193,444) | (250,404) | (228,660) | |||
Balance | $ (209,035) | $ (193,444) | $ (250,404) | |||
[1] | At December 31, 2020, in addition to profit participation interests, there were two managing member interests. | |||||
[2] | At December 31, 2019, in addition to profit participation interests, there were two managing member interests. | |||||
[3] | At December 31, 2021, in addition to profit participation interests, there were two managing member interests. |
Members' Equity - Adjustments f
Members' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Adjustment for items reclassified to earnings | $ (7,516) | ||
Total reclassifications, net of tax | (1,856) | $ 6,046 | $ 4,717 |
Employee Benefit Plans [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization relating to employee benefit plans | 7,269 | 7,522 | 5,884 |
Less - related income taxes | 1,609 | 1,476 | 1,167 |
Total reclassifications, net of tax | $ 5,660 | $ 6,046 | $ 4,717 |
Members' Equity - Net Income (L
Members' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | $ 14,481 | $ 231 | $ 11,216 |
Noncontrolling interests | 98,696 | 85,885 | |
LFI Consolidated Funds [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | 7,950 | 2,577 | 1,363 |
Noncontrolling interests | 67,299 | 40,517 | |
Edgewater [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | 10,466 | (2,349) | 9,850 |
Noncontrolling interests | 44,826 | 45,352 | |
LGAC [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | (3,940) | ||
Noncontrolling interests | (13,445) | ||
Other [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | 5 | 3 | $ 3 |
Noncontrolling interests | $ 16 | $ 16 |
Incentive Plans - Additional In
Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 29, 2021 | Apr. 24, 2018 | Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred incentive compensation awards | $ 389,000 | |||||
Award vesting description | RSUs, restricted common stock and LFI granted generally provide for one-third vesting on the second anniversary of the grant date and the remaining two-thirds vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. PRSUs and the profits interest participation rights granted generally provide for vesting on the third anniversary of the grant date, so long as applicable conditions have been satisfied. | |||||
Lazard Fund Interests [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense, years | 9 months 18 days | |||||
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 | |||||
Dividend participation rights required the issuance of RSUs | 384,423 | |||||
Weighted-average grant date fair value of awards granted | $ 43.38 | $ 42.60 | $ 38.65 | |||
Unrecognized compensation expense | $ 90,862 | |||||
Unrecognized compensation expense, years | 9 months 18 days | |||||
Deferred Stock Unit | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value of awards granted | $ 46.75 | 28.49 | 32.38 | |||
Deferred Stock Unit | 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% | |||||
Annual compensation received for service | 30,764 | |||||
Units granted under the directors deferred unit plan | 14,501 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value of awards granted | $ 43.80 | 42.89 | 35.32 | |||
Unrecognized compensation expense | $ 13,780 | |||||
Unrecognized compensation expense, years | 10 months 24 days | |||||
Dividend participation rights issued | 34,208 | |||||
PRSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value of awards granted | $ 46.63 | 50.74 | 38.09 | |||
Unrecognized compensation expense | $ 1,618 | |||||
Unrecognized compensation expense, years | 1 year 1 month 6 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 | |||||
Weighted-average grant date fair value of awards granted | $ 44.73 | $ 42.89 | $ 38.65 | |||
Unrecognized compensation expense | $ 23,462 | |||||
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 | 1,374,578 | |||||
Delivery of common stock associated with stock awards | 2,738,287 | |||||
Common Stock [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Withholding taxes in lieu of share delivery | 205,007 | |||||
Delivery of common stock associated with stock awards | 418,474 | |||||
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 | |||||
2018 Equity Incentive Plan [Member] | Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized pertaining to share based compensation arrangements | 30,000,000 | |||||
Additional shares authorized pertaining to share based compensation arrangements | 20,000,000 | |||||
Awarded Under 2008 Plan [Member] | Common Stock [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 | |||||
2005 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation plan expiration period | second quarter of 2015 | |||||
2005 Equity Incentive Plan [Member] | Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized pertaining to share based compensation arrangements | 25,000,000 |
Incentive Plans - Summary of Im
Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based incentive awards: | |||
Share-based incentive awards | $ 232,900 | $ 217,269 | $ 252,112 |
RSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 124,895 | 140,556 | 168,338 |
PRSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 6,136 | 6,264 | 8,742 |
Restricted Stock [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 17,765 | 27,976 | 29,322 |
Profits Interest Participation Rights [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 83,046 | 41,293 | 44,537 |
DSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | $ 1,058 | $ 1,180 | $ 1,173 |
Incentive Plans - Schedule of A
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
RSUs [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Units, Beginning Balance | 9,266,344 | ||
Units, Granted | 3,269,307 | ||
Units, Forfeited | (272,004) | ||
Units, Settled | (4,112,865) | ||
Units, Ending Balance | 8,150,782 | 9,266,344 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 42.96 | ||
Weighted Average Grant Date Fair Value, Granted | 43.38 | $ 42.60 | $ 38.65 |
Weighted Average Grant Date Fair Value, Forfeited | 41.01 | ||
Weighted Average Grant Date Fair Value, Settled | 46.99 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 41.16 | $ 42.96 | |
DSUs [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Units, Beginning Balance | 478,800 | ||
Units, Granted | 45,265 | ||
Units, Settled | (185,657) | ||
Units, Ending Balance | 338,408 | 478,800 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 36.36 | ||
Weighted Average Grant Date Fair Value, Granted | 46.75 | $ 28.49 | $ 32.38 |
Weighted Average Grant Date Fair Value, Settled | 35.89 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 38.01 | $ 36.36 |
Incentive Plans - Schedule of_2
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
RSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Dividend participation rights required the issuance of RSUs | 384,423 |
Incentive Plans - Summary of Ac
Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Units, Beginning Balance | 1,144,959 | ||
Units, Granted | 477,991 | ||
Units, Forfeited | (128,242) | ||
Units, Settled | (623,481) | ||
Units, Ending Balance | 871,227 | 1,144,959 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 41.09 | ||
Weighted Average Grant Date Fair Value, Granted | 43.80 | $ 42.89 | $ 35.32 |
Weighted Average Grant Date Fair Value, Forfeited | 40.94 | ||
Weighted Average Grant Date Fair Value, Settled | 43 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 41.24 | $ 41.09 |
Incentive Plans - Summary of _2
Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend participation rights required issuance of restricted stock | 34,208 |
Incentive Plans - Summary of _3
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Units, Beginning Balance | 546,959 | ||
Units, Granted | 32,394 | ||
Units, Settled | (546,959) | ||
Units, Ending Balance | 32,394 | 546,959 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 53.48 | ||
Weighted Average Grant Date Fair Value, Granted | 46.63 | $ 50.74 | $ 38.09 |
Weighted Average Grant Date Fair Value, Settled | 53.48 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $ 46.63 | $ 53.48 |
Incentive Plans - Summary of _4
Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Detail) - Profits Interest Participation Rights, Including PRPUs [Member] | 12 Months Ended |
Dec. 31, 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, Earned | shares | 440,054 |
Units, Ending Balance | shares | 4,122,993 |
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, Earned | $ / shares | 39.12 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 41.50 |
Incentive Plans - Summary of _5
Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Jan. 01, 2021 | |
PRPUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Granted target number | 2,001,174 | |
Units, Granted | 510,342 | |
Units, Earned | 440,054 | |
Weighted average grant date fair value | $ 41.82 | $ 40.61 |
Weighted Average Grant Date Fair Value, Granted | 46.63 | |
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 | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |
Prepaid Compensation Asset, Beginning Balance | $ 101,631 |
Prepaid Compensation Asset, Ending Balance | 108,049 |
Compensation Liability, Beginning Balance | 314,485 |
Compensation Liability, Ending Balance | 372,245 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |
Prepaid Compensation Asset, Beginning Balance | 101,631 |
Prepaid Compensation Asset, Granted | 161,892 |
Prepaid Compensation Asset, Forfeited | (1,883) |
Prepaid Compensation Asset, Amortization | (153,591) |
Prepaid Compensation Asset, Ending Balance | 108,049 |
Compensation Liability, Beginning Balance | 311,400 |
Compensation Liability, Granted | 161,892 |
Compensation Liability, Settled | (142,699) |
Compensation Liability, Forfeited | (14,143) |
Compensation Liability, Change in Fair Value | 35,494 |
Compensation Liability, Adjustment for estimated forfeitures | 10,273 |
Compensation Liability, Other | (3,340) |
Compensation Liability, Ending Balance | $ 358,877 |
Incentive Plans - Summary of _6
Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |||
Amortization, net of forfeitures | $ 151,604 | $ 119,441 | $ 105,250 |
Change in the fair value of underlying investments | 35,494 | 40,634 | 31,657 |
Total | $ 187,098 | $ 160,075 | $ 136,907 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Equity funds that are invested in funds managed by the company | $ 68,529 | $ 92,359 | ||
Contributions to employer sponsored defined contribution plans | $ 17,764 | $ 16,627 | $ 16,905 | |
Unites States [Member] | Level 1 [Member] | Debt Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 46.00% | 46.00% | ||
Unites States [Member] | Level 1 [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 1.00% | |||
Unites States [Member] | Level 1 [Member] | NAV [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 54.00% | 53.00% | ||
Non-U.S. Pension Plans [Member] | Level 1 [Member] | NAV [Member] | Cash And Alternative Investment Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 4.00% | 5.00% | ||
Non-U.S. Pension Plans [Member] | Level 1 and Level 2 [Member] | Equities And Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 32.00% | 32.00% | ||
Non-U.S. Pension Plans [Member] | Level 1 and Level 2 [Member] | NAV [Member] | Debt and Debt Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 64.00% | 63.00% | ||
Non-U.S. Pension Plans [Member] | Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contribution related to the pension plans | $ 3,200 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 811,662 | ||
Benefit obligation at end of year | 731,978 | $ 811,662 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 799,895 | ||
Fair value of plan assets at end of year | 782,463 | 799,895 | |
Pension Plans [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 811,662 | 744,705 | |
Service cost | 876 | 843 | $ 815 |
Interest cost | 8,679 | 11,912 | 15,350 |
Actuarial (gain) loss | (39,706) | 60,613 | |
Benefits paid | (29,327) | (30,400) | |
Settlements | (4,643) | (4,178) | |
Foreign currency translation and other adjustments | (15,563) | 28,167 | |
Benefit obligation at end of year | 731,978 | 811,662 | 744,705 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 799,895 | 710,592 | |
Actual return on plan assets | 26,046 | 86,248 | 74,844 |
Employer contributions | 4,493 | 6,708 | 5,623 |
Benefits paid | (29,327) | (30,272) | (30,760) |
Settlements | (4,643) | (3,926) | |
Foreign currency translation and other adjustments | (14,001) | 30,545 | |
Fair value of plan assets at end of year | 782,463 | 799,895 | $ 710,592 |
Funded (deficit) at end of year | 50,485 | (11,767) | |
Prepaid pension asset (included in “other assets”) | 78,058 | 28,473 | |
Accrued benefit liability (included in “other liabilities”) | (27,573) | (40,240) | |
Net amount recognized | 50,485 | (11,767) | |
Actuarial net loss | 155,052 | 208,743 | |
Prior service cost | 2,999 | 3,154 | |
Net amount recognized | $ 158,051 | $ 211,897 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||
Excluding tax benefits on amounts recognized | $ 25,370 | $ 38,891 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 782,463 | $ 799,895 |
Accumulated benefit obligation | 731,978 | 811,662 |
Projected benefit obligation | 731,978 | 811,662 |
Unites States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24,227 | 25,850 |
Accumulated benefit obligation | 31,543 | 34,406 |
Projected benefit obligation | 31,543 | 34,406 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 758,236 | 774,045 |
Accumulated benefit obligation | 700,435 | 777,256 |
Projected benefit obligation | $ 700,435 | $ 777,256 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | $ 876 | $ 843 | $ 815 |
Interest cost | 8,679 | 11,912 | 15,350 |
Expected return on plan assets | (26,077) | (26,711) | (27,470) |
Amortization of: | |||
Prior service cost | 118 | 111 | 110 |
Net actuarial loss | 7,151 | 7,411 | 5,025 |
Settlement loss | 1,056 | 1,329 | 749 |
Net periodic benefit cost (credit) | (8,197) | (5,105) | (5,421) |
Actual return on plan assets | 26,046 | 86,248 | 74,844 |
Employer contributions | 4,493 | 6,708 | 5,623 |
Benefits paid | 29,327 | 30,272 | 30,760 |
Net actuarial (gain) loss | (40,717) | (4,085) | 40,311 |
Reclassification of prior service (cost) credit to earnings | (118) | (111) | (110) |
Reclassification of actuarial gain (loss) to earnings | (7,151) | (7,411) | (5,774) |
Currency translation and other adjustments | (5,860) | 9,142 | 3,025 |
Total recognized in AOCI | (53,846) | (2,465) | 37,452 |
Net amount recognized in total periodic benefit cost and AOCI | $ (62,043) | $ (7,570) | $ 32,031 |
Employee Benefit Plans - Comp_2
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |||
Tax expense (benefit) on other changes in plan assets and benefit obligations recognized in AOCI | $ 13,521 | $ (564) | $ (7,247) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Detail) - Pension Plans [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 1.80% | 1.30% | 1.80% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 1.10% | 1.60% | 2.20% |
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets | 3.30% | 3.90% | 4.40% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) - Pension Plans [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 28,616 |
2023 | 28,059 |
2024 | 30,227 |
2025 | 30,209 |
2026 | 30,585 |
2027-2031 | $ 156,945 |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 782,463 | $ 799,895 | |
NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 347,164 | 352,311 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 290,595 | 355,950 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 144,704 | 91,634 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 11,036 | 19,489 | |
Cash [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 11,036 | 19,489 | |
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 84,005 | 84,031 | |
Debt [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 84,005 | 84,031 | |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 43,174 | 41,251 | |
Equities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 43,174 | 41,251 | |
Alternative Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 17,758 | 18,847 | |
Alternative Investment Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 17,758 | 18,847 |
Debt Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 410,723 | 417,465 | |
Debt Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 318,316 | 322,086 |
Debt Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 10,990 | 11,978 | |
Debt Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 81,417 | 83,401 | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 212,598 | 216,866 | |
Equity Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 11,090 | 11,378 |
Equity Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 141,390 | 199,201 | |
Equity Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 60,118 | 6,287 | |
Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 3,169 | 1,946 | |
Derivatives [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 3,169 | $ 1,946 | |
[1] | Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. |
Business Realignment Activities
Business Realignment Activities - Expenses Associated with Business Realignment Activity (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Compensation and benefits | $ 56,635 | |
Other | 11,175 | [1] |
Total | 67,810 | |
Financial Advisory Segment [Member] | ||
Compensation and benefits | 39,476 | |
Other | 4,371 | [1] |
Total | 43,847 | |
Asset Management Segment [Member] | ||
Compensation and benefits | 14,480 | |
Other | 1,750 | [1] |
Total | 16,230 | |
Corporate [Member] | ||
Compensation and benefits | 2,679 | |
Other | 5,054 | [1] |
Total | $ 7,733 | |
[1] | Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Business Realignment Activiti_2
Business Realignment Activities - Expenses Associated with Business Realignment Activity (Parenthetical) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Other expenses and losses associated with business realignment | $ 11,175 | [1] |
Financial Advisory Segment [Member] | ||
Other expenses and losses associated with business realignment | 4,371 | [1] |
Financial Advisory Segment [Member] | Certain Offices [Member] | ||
Other expenses and losses associated with business realignment | $ 3,727 | |
[1] | Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal, current | $ (3,808) | $ 2,207 | $ 3,871 |
Foreign, current | 98,142 | 44,255 | 57,220 |
State and local, current | 1,495 | 3,025 | 3,934 |
Total current | 95,829 | 49,487 | 65,025 |
Federal, deferred | 82 | 95 | 49 |
Foreign, deferred | 5,081 | 8,480 | 225 |
State and local, deferred | 695 | (1,498) | 1,299 |
Total deferred | 5,858 | 7,077 | 1,573 |
Total | $ 101,687 | $ 56,564 | $ 66,598 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Rate benefit for U.S. Partnership operations | (21.00%) | (21.00%) | (21.00%) |
Foreign taxes | 13.30% | 9.60% | 11.90% |
State and local taxes | 0.70% | 0.50% | 0.90% |
Uncertain tax positions | (0.30%) | 0.60% | 2.90% |
Other | (0.50%) | 0.30% | 0.90% |
Effective income tax rate | 13.20% | 11.00% | 16.60% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||||
Basis adjustments | $ 68 | $ 766 | ||
Compensation and benefits | 73,902 | 70,761 | ||
Net operating loss and tax credit carryforwards | 72,777 | 72,820 | ||
Depreciation and amortization | 5,534 | 6,374 | ||
Other | 4,432 | 2,936 | ||
Gross deferred tax assets | 156,713 | 153,657 | ||
Valuation allowance | (79,129) | (76,728) | $ (70,429) | $ (67,997) |
Deferred tax assets (net of valuation allowance) | 77,584 | 76,929 | ||
Deferred Tax Liabilities: | ||||
Depreciation and amortization | 5,373 | 6,506 | ||
Compensation and benefits | 32,189 | 16,979 | ||
Goodwill | 836 | 924 | ||
Other | 9,087 | 5,395 | ||
Deferred tax liabilities | 47,485 | 29,804 | ||
Net deferred tax assets | $ 30,099 | $ 47,125 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Deferred tax assets, valuation allowance | $ 79,129 | $ 76,728 | $ 70,429 | $ 67,997 |
Deferred tax assets recorded due to net operating losses and tax credit carryforwards | 72,777 | |||
Indefinite-lived net operating loss carryforwards | 24,000 | |||
Other certain tax carryforwards | $ 44,000 | |||
Certain carryforwards begin to expire | 2024 | |||
Income tax examination, description | With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2014. While the Company is under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate. | |||
Unrecognized tax benefits, including interest and penalties recorded that may be recognized within 12 months | $ 18,500 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Deferred Tax Assets Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 76,728 | $ 70,429 | $ 67,997 |
Charged (credited) to provision for income taxes | 4,400 | 5,173 | 2,575 |
Charged (credited) to other comprehensive income and other | (1,999) | 1,126 | (143) |
Ending Balance | $ 79,129 | $ 76,728 | $ 70,429 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Balance, January 1 (excluding interest and penalties of $18,745, $18,161 and $15,830, respectively) | $ 55,725 | $ 60,838 | $ 47,674 |
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years | 165 | 1,215 | 11,764 |
Increases in gross unrecognized tax benefits relating to tax positions taken during current years | 11,841 | 9,516 | 16,795 |
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years | (5,774) | (9,814) | (19) |
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities | (134) | (904) | (7,251) |
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations | (8,316) | (5,126) | (8,125) |
Balance, December 31 (excluding interest and penalties of $18,442, $18,745 and $18,161, respectively) | $ 53,507 | $ 55,725 | $ 60,838 |
Income Taxes - Schedule of Gr_2
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 18,442 | $ 18,745 | $ 18,161 | $ 15,830 |
Income Taxes - Schedule of Addi
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,442, $18,745 and $18,161, respectively) | $ 61,452 | $ 64,868 | $ 65,193 |
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate | 10,497 | 9,602 | 13,806 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,210, $3,679 and $3,455, respectively) | $ (303) | $ 584 | $ 2,331 |
Income Taxes - Schedule of Ad_2
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 18,442 | $ 18,745 | $ 18,161 | $ 15,830 |
Reversal of interest and penalties | $ 5,210 | $ 3,679 | $ 3,455 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Fees receivable | $ 669,355 | $ 621,880 | ||
Lazard Ltd Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest-bearing loans from related party | 86,800 | |||
Interest income related to interest-bearing loans | 90 | 91 | $ 90 | |
Notes payable related parties current and noncurrent | 50,000 | |||
Interest expense related to interest-bearing loans with subsidiaries | 30 | 55 | 3,573 | |
Interest bearing loans partial settlement amount | $ 10,536 | |||
Transfer of common stock, shares | 241,235 | |||
Contribution of intercompany loan | $ 55,941 | |||
Sponsored Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 708,900 | $ 564,686 | $ 587,665 | |
Type of Revenue [Extensible List] | Asset Management Fees [Member] | Asset Management Fees [Member] | Asset Management Fees [Member] | |
Fees receivable | $ 96,740 | $ 72,076 |
Regulatory Authorities - Additi
Regulatory Authorities - Additional Information (Detail) | Dec. 31, 2021USD ($) |
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 | 195,103,000 |
Regulatory capital in excess of minimum requirement | $ 188,205,000 |
Aggregate indebtedness to net capital ratio | 0.53 |
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 | $ 173,961,000 |
Regulatory capital in excess of minimum requirement | 151,120,000 |
CFLF [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 143,046,000 |
Regulatory capital in excess of minimum requirement | 72,846,000 |
Combined European Regulated Group [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 162,804,000 |
Regulatory capital in excess of minimum requirement | 80,912,000 |
Other U.S. and Non-U.S. Subsidiaries [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 225,278,000 |
Regulatory capital in excess of minimum requirement | $ 195,849,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Significant Customer [Member] | |||
Segment Reporting Information [Line Items] | |||
Individual clients did not constitute more than a specific percentage of net revenue | 10.00% | 10.00% | 10.00% |
Segment Information - Segment's
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 3,223,209 | $ 2,565,540 | $ 2,562,693 |
Operating Expenses | 2,452,546 | 2,051,869 | 2,162,499 |
Operating Income (Loss) | 770,663 | 513,671 | 400,194 |
Total Assets | 6,740,382 | 5,515,747 | 5,051,628 |
Depreciation and amortization of property | 38,014 | 34,786 | 35,260 |
Operating Segments [Member] | Financial Advisory Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,794,132 | 1,420,042 | 1,352,168 |
Operating Expenses | 1,345,849 | 1,122,002 | 1,196,906 |
Operating Income (Loss) | 448,283 | 298,040 | 155,262 |
Total Assets | 1,217,654 | 1,157,844 | 1,113,266 |
Depreciation and amortization of property | 8,180 | 5,795 | 5,180 |
Operating Segments [Member] | Asset Management Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,424,985 | 1,167,466 | 1,237,390 |
Operating Expenses | 1,032,825 | 861,031 | 887,522 |
Operating Income (Loss) | 392,160 | 306,435 | 349,868 |
Total Assets | 1,128,549 | 958,588 | 821,641 |
Depreciation and amortization of property | 5,618 | 3,730 | 2,995 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 4,092 | (21,968) | (26,865) |
Operating Expenses | 73,872 | 68,836 | 78,071 |
Operating Income (Loss) | (69,780) | (90,804) | (104,936) |
Total Assets | 4,394,179 | 3,399,315 | 3,116,721 |
Depreciation and amortization of property | $ 24,216 | $ 25,261 | $ 27,085 |
Segment Information - Schedule
Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 3,223,209 | $ 2,565,540 | $ 2,562,693 |
Operating Income | 770,663 | 513,671 | 400,194 |
Identifiable Assets | 6,740,382 | 5,515,747 | 5,051,628 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,810,976 | 1,529,501 | 1,519,983 |
Operating Income | 446,731 | 373,976 | 249,488 |
Identifiable Assets | 3,604,272 | 2,667,985 | 2,320,957 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,251,058 | 885,925 | 873,007 |
Operating Income | 295,991 | 109,991 | 120,481 |
Identifiable Assets | 2,933,180 | 2,534,172 | 2,437,804 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 161,175 | 150,114 | 169,703 |
Operating Income | 27,941 | 29,704 | 30,225 |
Identifiable Assets | $ 202,930 | $ 313,590 | $ 292,867 |
Consolidated VIEs - Additional
Consolidated VIEs - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investments | $ 1,007,339 | $ 658,532 |
Lazard Fund Interests [Member] | Lazard Group LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 140,371 | $ 121,376 |
Consolidated VIEs - Summary of
Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and cash equivalents | $ 1,435,576 | $ 1,319,712 | $ 1,164,135 |
Customers and other receivables | 136,345 | 121,261 | |
Investments | 1,007,339 | 658,532 | |
Other assets | 363,364 | 303,449 | |
Total Assets | 6,740,382 | 5,515,747 | $ 5,051,628 |
Liabilities: | |||
Deposits and other customer payables | 1,442,701 | 1,201,150 | |
Other liabilities | 622,103 | 521,070 | |
Total Liabilities | 5,290,916 | 4,804,878 | |
Consolidated VIEs [Member] | |||
ASSETS | |||
Cash and cash equivalents | 3,936 | 3,558 | |
Customers and other receivables | 305 | 160 | |
Investments | 204,062 | 158,370 | |
Other assets | 328 | 400 | |
Total Assets | 208,631 | 162,488 | |
Liabilities: | |||
Deposits and other customer payables | 50 | 104 | |
Other liabilities | 910 | 491 | |
Total Liabilities | $ 960 | $ 595 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
ASSETS | |||||||
Cash and cash equivalents | $ 1,435,576 | $ 1,319,712 | $ 1,164,135 | ||||
Investments in subsidiaries, equity method | 16,250 | ||||||
Property, net | 249,648 | 256,908 | |||||
Operating lease right-of-use assets | 465,903 | 513,616 | |||||
Goodwill and other intangibles assets, net | 357,337 | 361,892 | |||||
Other assets | 363,364 | 303,449 | |||||
Total Assets | 6,740,382 | 5,515,747 | 5,051,628 | ||||
Liabilities: | |||||||
Accrued compensation and benefits | 968,766 | 732,692 | |||||
Operating lease liabilities | 552,345 | 606,600 | |||||
Senior debt | 1,685,227 | 1,682,741 | |||||
Other liabilities | 622,103 | 521,070 | |||||
Total Liabilities | 5,290,916 | 4,804,878 | |||||
Commitments and contingencies | |||||||
MEMBERS’ EQUITY | |||||||
Members' equity | 984,807 | 818,430 | |||||
Accumulated other comprehensive loss, net of tax | (209,037) | (193,446) | |||||
Total Members’ Equity | 874,466 | [1] | 710,869 | [2] | 287,326 | [3] | $ 582,752 |
Total Liabilities, Redeemable Noncontrolling Interests and Members’ Equity | 6,740,382 | 5,515,747 | |||||
Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 75,844 | 242,339 | $ 136,729 | $ 157,398 | |||
Due from subsidiaries of Lazard Ltd | 478,913 | 552,230 | |||||
Other receivables, net | 497 | 582 | |||||
Investments in subsidiaries, equity method | 1,655,481 | 1,590,023 | |||||
Other investments | 566,162 | 326,450 | |||||
Property, net | 94,316 | 100,968 | |||||
Operating lease right-of-use assets | 313,554 | 334,640 | |||||
Goodwill and other intangibles assets, net | 148,796 | 37,138 | |||||
Other assets | 83,236 | 81,700 | |||||
Total Assets | 3,416,799 | 3,266,070 | |||||
Liabilities: | |||||||
Accrued compensation and benefits | 265,120 | 246,823 | |||||
Due to subsidiaries of Lazard Ltd | 269,716 | 268,902 | |||||
Operating lease liabilities | 382,608 | 406,994 | |||||
Senior debt | 1,685,227 | 1,682,741 | |||||
Other liabilities | 38,358 | 35,626 | |||||
Total Liabilities | 2,641,029 | 2,641,086 | |||||
Commitments and contingencies | |||||||
MEMBERS’ EQUITY | |||||||
Members' equity | 984,807 | 818,430 | |||||
Accumulated other comprehensive loss, net of tax | (209,037) | (193,446) | |||||
Total Members’ Equity | 775,770 | 624,984 | |||||
Total Liabilities, Redeemable Noncontrolling Interests and Members’ Equity | $ 3,416,799 | $ 3,266,070 | |||||
[1] | At December 31, 2021, in addition to profit participation interests, there were two managing member interests. | ||||||
[2] | At December 31, 2020, in addition to profit participation interests, there were two managing member interests. | ||||||
[3] | At December 31, 2019, in addition to profit participation interests, there were two managing member interests. |
Schedule I - Condensed Statem_2
Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | |||
Interest income | $ 5,609 | $ 5,569 | $ 15,160 |
Other | 158,615 | 105,416 | 99,117 |
Total revenue | 3,303,778 | 2,645,996 | 2,644,682 |
Interest expense | 80,569 | 80,456 | 81,989 |
Net revenue | 3,223,209 | 2,565,540 | 2,562,693 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,884,859 | 1,541,228 | 1,553,875 |
Professional services | 75,337 | 64,168 | 69,198 |
Other | 45,117 | 38,799 | 43,735 |
Total operating expenses | 2,452,546 | 2,051,869 | 2,162,499 |
OPERATING INCOME | 770,663 | 513,671 | 400,194 |
Provision for income taxes | 101,687 | 56,564 | 66,598 |
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | 654,495 | 456,876 | 322,380 |
Parent Company [Member] | |||
REVENUE | |||
Equity in earnings of subsidiaries | 827,651 | 632,560 | 500,085 |
Interest income | 327 | 2,095 | 6,054 |
Other | 55,709 | 21,247 | 29,772 |
Total revenue | 883,687 | 655,902 | 535,911 |
Interest expense | 74,210 | 75,142 | 75,780 |
Net revenue | 809,477 | 580,760 | 460,131 |
OPERATING EXPENSES | |||
Compensation and benefits | 142,260 | 113,347 | 109,449 |
Professional services | 6,457 | 6,328 | 8,426 |
Amortization and other acquisition-related benefits | (1,309) | ||
Other | 4,505 | 3,151 | 20,008 |
Total operating expenses | 153,222 | 122,826 | 136,574 |
OPERATING INCOME | 656,255 | 457,934 | 323,557 |
Provision for income taxes | 1,760 | 1,058 | 1,177 |
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | $ 654,495 | $ 456,876 | $ 322,380 |
Schedule I - Condensed Statem_3
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
NET INCOME | $ 654,495 | $ 456,876 | $ 322,380 |
Currency translation adjustments: | |||
Currency translation adjustments before reclassification | (48,401) | 53,931 | 8,460 |
Adjustment for items reclassified to earnings | (7,516) | ||
Employee benefit plans: | |||
Actuarial gain (loss) (net of tax expense (benefit) of $11,912, $(2,040) and $(8,413) for the years ended December 31, 2021, 2020 and 2019, respectively) | 34,666 | (3,017) | (34,921) |
Adjustments for items reclassified to earnings (net of tax expense of $1,609, $1,476 and $1,167 for the years ended December 31, 2021, 2020 and 2019, respectively) | 5,660 | 6,046 | 4,717 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (15,591) | 56,960 | (21,744) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | 638,904 | 513,834 | 300,636 |
Parent Company [Member] | |||
NET INCOME | 654,495 | 456,876 | 322,380 |
Currency translation adjustments: | |||
Currency translation adjustments before reclassification | (48,401) | 53,929 | 8,460 |
Adjustment for items reclassified to earnings | (7,516) | ||
Employee benefit plans: | |||
Actuarial gain (loss) (net of tax expense (benefit) of $11,912, $(2,040) and $(8,413) for the years ended December 31, 2021, 2020 and 2019, respectively) | 34,666 | (3,017) | (34,921) |
Adjustments for items reclassified to earnings (net of tax expense of $1,609, $1,476 and $1,167 for the years ended December 31, 2021, 2020 and 2019, respectively) | 5,660 | 6,046 | 4,717 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (15,591) | 56,958 | (21,744) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | $ 638,904 | $ 513,834 | $ 300,636 |
Schedule I - Condensed Statem_4
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | $ 11,912 | $ (2,040) | $ (8,413) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | 1,609 | 1,476 | 1,167 |
Parent Company [Member] | |||
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | 11,912 | (2,040) | (8,413) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,609 | $ 1,476 | $ 1,167 |
Schedule I - Condensed Statem_5
Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $ 668,976 | $ 457,107 | $ 333,596 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Deferred tax provision | 5,858 | 7,077 | 1,573 |
Loss on extinguishment of debt | 6,505 | ||
Amortization of deferred expenses and share-based incentive compensation | 393,056 | 345,458 | 364,447 |
Depreciation and amortization of property | 38,014 | 34,786 | 35,260 |
Noncash lease expense | 73,865 | 64,566 | 59,929 |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Net cash provided by operating activities | 920,017 | 551,869 | 657,634 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (39,698) | (64,237) | (42,753) |
Net cash used in investing activities | (39,057) | (62,922) | (42,244) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | ||
Contributions from members | 14,000 | ||
Other financing activities | 25 | 925 | |
Payments for: | |||
Senior debt | (255,746) | ||
Distributions to members | (233,234) | (201,019) | (263,935) |
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements | (68,012) | (72,636) | (99,960) |
Purchase of Class A common stock | (406,149) | (95,227) | (494,687) |
Other financing activities | (8,450) | (11,962) | (7,592) |
Net cash provided by (used in) financing activities | 182,762 | (526,318) | (429,361) |
Cash and cash equivalents, January 1 | 1,319,712 | 1,164,135 | |
Cash and cash equivalents, December 31 | 1,435,576 | 1,319,712 | 1,164,135 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | 654,495 | 456,876 | 322,380 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in earnings of subsidiaries | (827,651) | (632,560) | (500,085) |
Deferred tax provision | 271 | (324) | 709 |
Loss on extinguishment of debt | 6,505 | ||
Amortization of deferred expenses and share-based incentive compensation | 346,981 | 308,306 | 337,615 |
Depreciation and amortization of property | 10,775 | 10,435 | 11,626 |
Noncash lease expense | 22,603 | 22,514 | 20,289 |
Amortization and other acquisition-related benefits | (1,309) | ||
Distributions received from subsidiaries | 651,362 | 458,821 | 549,211 |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Due to/from subsidiaries | 80,921 | 51,271 | (86,074) |
Other investments | (352,359) | (137,685) | 73,118 |
Other operating assets and liabilities | (21,778) | 15,243 | (90,389) |
Net cash provided by operating activities | 565,620 | 552,897 | 643,596 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (4,123) | (6,383) | (15,553) |
Capital contribution to subsidiaries | (26,168) | (65,023) | (20,953) |
Net cash used in investing activities | (30,291) | (71,406) | (36,506) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | ||
Contributions from members | 14,000 | ||
Other financing activities | 25 | 925 | |
Payments for: | |||
Senior debt | (255,746) | ||
Distributions to members | (233,234) | (201,019) | (263,935) |
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements | (68,012) | (72,636) | (99,960) |
Purchase of Class A common stock | (406,149) | (95,227) | (494,687) |
Other financing activities | (8,429) | (7,024) | (6,388) |
Net cash provided by (used in) financing activities | (701,824) | (375,881) | (627,759) |
Net increase (decrease) in cash and cash equivalents | (166,495) | 105,610 | (20,669) |
Cash and cash equivalents, January 1 | 242,339 | 136,729 | 157,398 |
Cash and cash equivalents, December 31 | $ 75,844 | $ 242,339 | $ 136,729 |