Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
No Trading Symbol Flag | true | ||
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 | ||
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, Postal Zip Code | 10112 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
City Area Code | 212 | ||
Local Phone Number | 632-6000 | ||
ICFR Auditor Attestation Flag | true | ||
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, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 1,319,712 | $ 1,164,135 |
Deposits with banks and short-term investments | 1,134,463 | 1,180,686 |
Cash deposited with clearing organizations and other segregated cash | 44,488 | 43,280 |
Receivables (net of allowance for doubtful accounts of $36,649 and $27,130 at December 31, 2020 and 2019, respectively): | ||
Fees | 621,880 | 537,342 |
Customers and other | 121,261 | 125,697 |
Lazard Ltd subsidiaries | 131,380 | 34,612 |
Total receivables, net | 874,521 | 697,651 |
Investments | 658,532 | 531,995 |
Property (net of accumulated amortization and depreciation of $401,505 and $366,880 at December 31, 2020 and 2019, respectively) | 256,908 | 218,871 |
Operating lease right-of-use assets | 513,616 | 551,050 |
Goodwill and other intangible assets (net of accumulated amortization of $67,501 and $65,757 at December 31, 2020 and 2019, respectively) | 361,892 | 351,797 |
Deferred tax assets | 48,166 | 55,728 |
Other assets | 303,449 | 256,435 |
Total Assets | 5,515,747 | 5,051,628 |
Liabilities: | ||
Deposits and other customer payables | 1,201,150 | 1,246,200 |
Accrued compensation and benefits | 732,692 | 599,910 |
Operating lease liabilities | 606,600 | 643,808 |
Senior debt | 1,682,741 | 1,679,562 |
Payable to Lazard Ltd subsidiaries | 59,584 | 63,399 |
Deferred tax liabilities | 1,041 | 3,497 |
Other liabilities | 521,070 | 527,926 |
Total Liabilities | 4,804,878 | 4,764,302 |
Commitments and contingencies | ||
MEMBERS’ EQUITY | ||
Members' equity (net of 6,911,911 and 7,675,688 shares of Lazard Ltd Class A common stock, at a cost of $254,406 and $304,083 at December 31, 2020 and 2019, respectively) | 818,430 | 469,324 |
Accumulated other comprehensive loss, net of tax | (193,446) | (250,404) |
Total Lazard Group LLC Members' Equity | 624,984 | 218,920 |
Noncontrolling interests | 85,885 | 68,406 |
Total Members’ Equity | 710,869 | 287,326 |
Total Liabilities and Members’ Equity | $ 5,515,747 | $ 5,051,628 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Financial Position [Abstract] | |||
Allowance for doubtful accounts receivables | [1] | $ 36,649 | $ 27,130 |
Property, accumulated amortization and depreciation | 401,505 | 366,880 | |
Other intangible assets, accumulated amortization | $ 67,501 | $ 65,757 | |
Lazard Ltd common stock, shares | 6,911,911 | 7,675,688 | |
Lazard Ltd common stock, cost | $ 254,406 | $ 304,083 | |
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUE | |||
Interest income | $ 5,569 | $ 15,160 | $ 13,151 |
Other | 105,416 | 99,117 | 49,858 |
Total revenue | 2,645,996 | 2,644,682 | 2,878,914 |
Interest expense | 80,456 | 81,989 | 62,053 |
Net revenue | 2,565,540 | 2,562,693 | 2,816,861 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,541,228 | 1,553,875 | 1,508,813 |
Occupancy and equipment | 127,139 | 122,482 | 120,394 |
Marketing and business development | 42,375 | 114,713 | 108,373 |
Technology and information services | 133,346 | 143,591 | 139,587 |
Professional services | 64,168 | 69,198 | 59,124 |
Fund administration and outsourced services | 103,070 | 114,048 | 132,963 |
Amortization and other acquisition-related costs (benefits) | 1,744 | 857 | (957) |
Other | 38,799 | 43,735 | 89,281 |
Total operating expenses | 2,051,869 | 2,162,499 | 2,157,578 |
OPERATING INCOME | 513,671 | 400,194 | 659,283 |
Provision for income taxes | 56,564 | 66,598 | 88,363 |
NET INCOME | 457,107 | 333,596 | 570,920 |
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 231 | 11,216 | 5,323 |
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | 456,876 | 322,380 | 565,597 |
Investment Banking and Other Advisory Fees [Member] | |||
REVENUE | |||
Revenue | 1,417,592 | 1,349,548 | 1,547,506 |
Asset Management Fees [Member] | |||
REVENUE | |||
Revenue | $ 1,117,419 | $ 1,180,857 | $ 1,268,399 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
NET INCOME | $ 457,107 | $ 333,596 | $ 570,920 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Currency translation adjustments | 53,931 | 8,460 | (39,039) |
Employee benefit plans: | |||
Prior service costs (net of tax benefit of $17, $17 and $543 for the years ended December 31, 2020, 2019 and 2018, respectively) | (83) | (84) | (2,653) |
Actuarial loss (net of tax benefit of $2,023, $8,396 and $203 for the years ended December 31, 2020, 2019 and 2018, respectively) | (2,934) | (34,837) | (2,447) |
Adjustment for items reclassified to earnings (net of tax expense of $1,476, $1,167 and $2,335 for the years ended December 31, 2020, 2019 and 2018, respectively) | 6,046 | 4,717 | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 56,960 | (21,744) | (33,404) |
COMPREHENSIVE INCOME | 514,067 | 311,852 | 537,516 |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 233 | 11,216 | 5,323 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | $ 513,834 | $ 300,636 | $ 532,193 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Tax benefit on prior service costs, employee benefit plans | $ 17 | $ 17 | $ 543 |
Tax benefit on actuarial loss, employee benefit plans | 2,023 | 8,396 | 203 |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,476 | $ 1,167 | $ 2,335 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 457,107 | $ 333,596 | $ 570,920 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of property | 34,786 | 35,260 | 33,778 |
Noncash lease expense | 64,566 | 59,929 | |
Amortization of deferred expenses and share-based incentive compensation | 345,458 | 364,447 | 369,888 |
Amortization and other acquisition-related costs (benefits) | 1,744 | 857 | (957) |
Deferred tax provision (benefit) | 7,077 | 1,573 | (9,337) |
Loss on extinguishment of debt | 6,505 | 6,523 | |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Receivables-net | (169,013) | 19,910 | (133,156) |
Investments | (198,556) | 54,828 | (150,839) |
Other assets | 2,478 | (124,642) | (139,952) |
Accrued compensation and benefits and other liabilities | 6,222 | (94,629) | 160,258 |
Net cash provided by operating activities | 551,869 | 657,634 | 707,126 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (64,237) | (42,753) | (49,390) |
Disposals of property | 1,315 | 509 | 3,384 |
Net cash used in investing activities | (62,922) | (42,244) | (46,006) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | 490,970 | |
Customer deposits | 211,997 | 112,061 | |
Contributions from noncontrolling interests | 398 | 840 | 1,681 |
Other financing activities | 25 | 925 | 25 |
Payments for: | |||
Senior debt | (255,746) | (255,543) | |
Customer deposits | (143,046) | ||
Distributions to noncontrolling interests | (2,851) | (13,235) | (12,879) |
Purchase of Class A common stock | (95,227) | (494,687) | (552,872) |
Distribution to members | (201,019) | (263,935) | (448,912) |
Settlement of share-based incentive compensation | (72,636) | (99,960) | (110,361) |
Other financing activities | (11,962) | (7,592) | (6,407) |
Net cash used in financing activities | (526,318) | (429,361) | (782,237) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 147,933 | (28,316) | (89,761) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 110,562 | 157,713 | (210,878) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 2,388,101 | 2,230,388 | 2,441,266 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31 | $ 2,498,663 | $ 2,388,101 | $ 2,230,388 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: | |||
Cash and cash equivalents | $ 1,319,712 | $ 1,164,135 | $ 1,185,040 |
Deposits with banks and short-term investments | 1,134,463 | 1,180,686 | 1,006,969 |
Cash deposited with clearing organizations and other segregated cash | 44,488 | 43,280 | 38,379 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 2,498,663 | 2,388,101 | 2,230,388 |
Cash paid during the year for: | |||
Interest | 77,276 | 69,489 | 50,696 |
Income taxes, net of refunds | $ 40,551 | $ 80,739 | $ 94,069 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 LLC Members' Equity [Member] | Total Lazard Group LLC Members' Equity [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Total Lazard Group LLC 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] |
Balance at Dec. 31, 2017 | $ 906,900 | $ 1,043,574 | $ (195,256) | $ 848,318 | $ 58,582 | ||||||||
Comprehensive income (loss): | |||||||||||||
Net income | 570,920 | 565,597 | 565,597 | 5,323 | |||||||||
Other comprehensive income (loss) - net of tax | (33,404) | (33,404) | (33,404) | ||||||||||
Amortization of share-based incentive compensation | 267,573 | 267,573 | 267,573 | ||||||||||
Distributions to members and noncontrolling interests, net | (460,110) | (448,912) | (448,912) | (11,198) | |||||||||
Purchase of Class A common stock | (552,872) | (552,872) | (552,872) | ||||||||||
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) | (110,432) | (110,432) | (110,432) | ||||||||||
Business acquisitions and related equity transactions: | |||||||||||||
Class A common stock issuable (including related amortization) | 353 | 353 | 353 | ||||||||||
Other | (6,176) | (6,176) | (6,176) | ||||||||||
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 | ||||||||||
Consolidation of VIEs | 16,878 | 16,878 | |||||||||||
Other | (6,717) | (6,717) | (6,717) | ||||||||||
Balance at Dec. 31, 2019 | 287,326 | $ (7,571) | $ 279,755 | 469,324 | $ (7,571) | $ 461,753 | (250,404) | $ (250,404) | 218,920 | $ (7,571) | $ 211,349 | 68,406 | $ 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: | |||||||||||||
Consolidation of VIEs | 19,699 | 19,699 | |||||||||||
Other | (5,739) | (5,739) | (5,739) | ||||||||||
Balance at Dec. 31, 2020 | $ 710,869 | $ 818,430 | $ (193,446) | $ 624,984 | $ 85,885 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Tax expense (benefit) related to delivery of Class A Common Stock in connection with share-based incentive compensation | $ (32) | $ (49) | $ 71 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
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 and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% Lazard 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”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory matters, and • Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness, certain contingent obligations, and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 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 share of the entity’s net earnings, or (ii) elects the option to measure its investment at fair value. Intercompany transactions and balances have been eliminated. The consolidated financial statements include Lazard 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements. Foreign Currency Translation— The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency ( i.e. , the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 8) amounted to $(904), $3,665 and $(2,206) for the years ended December 31, 2020, 2019 and 2018, 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 time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. Cash Deposited with Clearing Organizations and Other Segregated Cash— Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. Receivables and Allowance for Doubtful Accounts— See Notes 3 and 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. Any increases or decreases in the carrying value of those investments accounted for at fair value are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. Property-net— Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,786, $35,260 and $33,778 for the years ended December 31, 2020, 2019 and 2018, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. Operating Lease Right-of-use Assets and Operating Lease Liabilities— 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, 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 16. Deposits and Other Customer Payables— Principally relates to LFB customer-related demand deposits. Securities Sold, Not Yet Purchased— Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations Contingent Consideration Liabilities — The contingent consideration liabilities of businesses acquired in a business combination are initially recorded at fair value, and any change in the fair value is recognized in “amortization and other acquisition-related costs (benefits)” in the consolidated statements of operations. The contingent consideration liability is included in “other liabilities” on the consolidated statements of financial condition. Fair Value of Financial Assets and Liabilities— The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost or interest-bearing deposits), derivative instruments, deposits and other customer payables. Investment Banking and Other Advisory Fees — 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. Soft Dollar Arrangements— Certain entities within the Company’s Asset Management business obtain research and other services through commission-sharing arrangements with broker-dealers, which are also known as “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other eligible services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other eligible services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2020, the Company obtained research and other eligible services through soft dollar arrangements valued at approximately $23,000. The use of soft dollars is limited by regulations in the European Union and the U.K. and, as such, the Company intends to directly pay a portion of the costs of such research and other eligible services going forward. Equity-Based Incentive Compensation Awards— Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of 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, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Developments | 3. RECENT ACCOUNTING DEVELOPMENTS Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments —In June 2016, the Financial Accounting Standards Board (the “FASB”) issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company adopted the new guidance on January 1, 2020 using a modified retrospective approach and recorded a $7,571 cumulative-effect adjustment to retained earnings upon adoption. The impact of the new guidance primarily relates to the Company’s fee receivables. To comply with the CECL model, the Company applies a bad debt charge-off rate, determined based on historical charge-off experience and adjusted for specific allowance based on current conditions of individual customers, to measure the expected credit loss for fee receivables. 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. See Note 5 for further details on the Company’s receivables and allowance for doubtful accounts. Intangibles — — In January 2017, the FASB issued updated guidance that eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The Company adopted the new guidance on January 1, 2020 and, in accordance with the new guidance, applied it prospectively to goodwill impairment tests performed after the adoption date. Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract —In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The Company adopted the new guidance as of January 1, 2020 and, in accordance with the new guidance, applied it prospectively to implementation costs incurred after the adoption date. Related Party Guidance for Variable Interest Entities —In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company adopted the new guidance as of January 1, 2020 and its application did not have a material impact to the Company’s financial statements. Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The add itional disclosures related to L evel 3 fair value measurements are to be applied prospectively and other amendments are to be applied retrospectively. The Company adop ted the new guidance on January 1, 2020 and its application did not have a material impact to the Company’s financial statements . Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain existing required disclosures and includes additional requirements. The Company adopted the new guidance on January 1, 2020 and updated its annual disclosures in Note 17 in accordance with the amended requirements. Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments include the removal of certain exceptions and various improvements. These improvements are related to the accounting for franchise tax based on income, evaluation of step up in tax basis of goodwill, allocation of consolidated tax expense to standalone legal entities, recognition of enacted change in tax laws or rates, and other minor changes. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020. The Company will adopt the new guidance effective January 1, 2021. The Company has evaluated each of the amendments and does not expect the adoption of the amendments to have a material impact to the Company’s financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Net Revenue: Financial Advisory (a) $ 1,420,042 $ 1,352,168 $ 1,548,918 Asset Management: Management Fees and Other (b) $ 1,109,439 $ 1,216,115 $ 1,311,286 Incentive Fees (c) 58,027 21,275 20,515 Total Asset Management $ 1,167,466 $ 1,237,390 $ 1,331,801 (a) Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients. With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when applying the practical expedients, amounts related to remaining performance obligations are not material to the Company’s financial statements. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Receivables | 5 . RECEIVABLES The Company’s receivables represent fee receivables, amounts due from customers and other receivables, and amounts due from Lazard Ltd subsidiaries. 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 customer and other receivables, the Company has elected to apply the practical expedient, in accordance with CECL guidance, for financial assets with collateral maintenance provisions, which results in no expected credit losses given that these loans are maintained with collateral having a fair value in excess of the carrying amount of the loans as of December 31, 2020. 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 clients’ 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 Private Capital Advisory fees) or may be subject to court approval (as is the case with Restructuring activities that include bankruptcy proceedings). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due, from the date of invoice or the specific contractual payment terms, in excess of 180 days are fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any receivables that we determine are impaired result in specific reserves against such exposures. Asset Management fees are fully provided for when such receivables are outstanding 12 months after the invoice date. In addition, the Company specifically reserves against exposures relating to Asset Management fees where we determine receivables are impaired prior to being outstanding for 12 months. Activity in the allowance for doubtful accounts for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 Beginning Balance $ 27,130 $ 40,115 $ 23,692 Adjustment for adoption of new accounting guidance 7,571 - - Bad debt expense, net of reversals 3,995 (5,080 ) 27,164 Charge-offs, foreign currency translation and other adjustments (2,047 ) (7,905 ) (10,741 ) Ending Balance * $ 36,649 $ 27,130 $ 40,115 *The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses–other” on the consolidated statements of operations. Of the Company’s fee receivables at December 31, 2020 and 2019, $90,521 and $77,052, respectively, represented interest-bearing 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. The aggregate carrying amount of our non-interest-bearing receivables of $697,200 and $620,599 at December 31, 2020 and 2019, respectively, approximates fair value. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Schedule Of Investments [Abstract] | |
Investments | 6 . INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at December 31, 2020 and 2019: December 31, 2020 2019 Interest-bearing deposits $ - $ 517 Debt 99,987 100,000 Equities 37,365 48,521 Funds: Alternative investments (a) 34,264 16,581 Debt (a) 123,554 113,579 Equity (a) 325,795 218,435 Private equity 37,567 34,362 521,180 382,957 Total investments 658,532 531,995 Less: Interest-bearing deposits - 517 Investments, at fair value $ 658,532 $ 531,478 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 1,176 $ 12,894 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $11,128, $90,758 and $277,725, respectively, at December 31, 2020 and $9,881, $78,360 and $170,897, respectively, at December 31, 2019, held in order to satisfy the Company’s liability upon vesting of previously granted LFI and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 8 and 16). Interest-bearing deposits have original maturities of greater than three months but equal to or less than one year and are carried at cost that approximates fair value due to their short-term maturities. Debt primarily consists of U.S. Treasury securities with original maturities of greater than three months and less than one year. Equities primarily consist of seed investments invested in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts related to our Asset Management business. Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of seed investments in funds related to our Asset Management business and amounts related to LFI discussed above. Debt funds primarily consist of seed investments in funds related to our Asset Management business that invest in debt securities, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund. Equity funds primarily consist of seed investments in funds related to our Asset Management business that invest in equity securities, and amounts related to LFI discussed above. Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investme nts in middle market companies and (ii) a fund targeting significant noncontrolling-stake investments in established private companies . Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”). During the years ended December 31, 2020, 2019 and 2018, 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, 2020 2019 2018 Net unrealized investment gains (losses) $ 49,719 $ 36,610 $ (43,009 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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. Any change in the fair value is recognized in “amortizatio n and other acquisition-related cost s (benefits) ” in the consolidated statement of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The contingent consideration liability is initially recorded at fair value of the contingent payments on the acquisition date and is included in “other liabilities” on the consolidated statements of financial condition. The fair value of derivatives entered into by the Company is classified as Level 2 and is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 8. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. The following tables present, as of December 31, 2020 and 2019, 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, 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 December 31, 2019 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 100,000 $ - $ - $ - $ 100,000 Equities 46,921 - 1,600 - 48,521 Funds: Alternative investments 15,731 - - 850 16,581 Debt 113,574 - - 5 113,579 Equity 218,393 - - 42 218,435 Private equity - - 1,371 32,991 34,362 Derivatives - 1,395 - - 1,395 Total $ 494,619 $ 1,395 $ 2,971 $ 33,888 $ 532,873 Liabilities: Securities sold, not yet purchased $ 12,894 $ - $ - $ - $ 12,894 Derivatives - 236,273 - - 236,273 Total $ 12,894 $ 236,273 $ - $ - $ 249,167 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, 2020, 2019 and 2018: 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/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers (b) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ (21 ) $ - $ - $ (1 ) $ 1,600 Private equity funds - (760 ) 2,131 - - 1,371 Total Level 3 Assets $ 1,622 $ (781 ) $ 2,131 $ - $ (1 ) $ 2,971 Liabilities: Contingent consideration liability $ 1,309 $ (1,309 ) $ - $ - $ - $ - Total Level 3 Liabilities $ 1,309 $ (1,309 ) $ - $ - $ - $ - Year Ended December 31, 2018 Beginning Balance Net Realized Gains / Included In Earnings (a) Purchases/ Acquisitions/ Transfers Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Total Level 3 Assets $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Liabilities: Contingent consideration liability $ 4,656 $ (3,347 ) $ - $ - $ - $ 1,309 Total Level 3 Liabilities $ 4,656 $ (3,347 ) $ - $ - $ - $ 1,309 (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2020, 2019 and 2018 include net unrealized gains (losses) of $(117), $(781) and $61, respectively. Earnings recorded in “amortization and other acquisition-related costs (benefits)” for the contingent consideration liability for the years ended December 31, 2019 and 2018 include unrealized gains of $1,309 and $3,347, respectively. (b) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the year ended December 31, 2019 as these investments are valued based on a potential transaction value that differs from NAV. There were no other transfers into or out of Level 3 within the fair value hierarchy during the years ended December 31, 2020 and 2019. 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, 2020 and 2019 that are not measured at fair value in the Company’s consolidated statement of financial condition. 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 - - Cash deposited with clearing organizations and other segregated cash 44,488 44,488 44,488 - - Interest-bearing financing receivables 90,521 92,584 - - 92,584 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 - December 31, 2019 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,164,135 $ 1,164,135 $ 1,164,135 $ - $ - Deposits with banks and short-term investments 1,180,686 1,180,686 1,180,686 - - Cash deposited with clearing organizations and other segregated cash 43,280 43,280 43,280 - - Interest-bearing financing receivables 77,052 78,940 - - 78,940 Interest-bearing deposits (included within investments) 517 517 517 - - Financial Liabilities: Deposits and other customer payables $ 1,246,200 $ 1,246,200 $ 1,246,200 $ - $ - Senior debt 1,679,562 1,838,716 - 1,838,716 - Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. The carrying value of deposits with banks and short-term investments, and cash deposited with clearing organizations and other segregated cash, approximates fair value because of the relatively short period of time between their origination and expected maturity. Fair values of interest-bearing financing receivables were generally determined by discounting both principal and interest cash flows expected to be collected, using a discount rate approximating current market interest rates for comparable financial instruments and based on unobservable inputs. The carrying value of deposits and other customer payables and investments accounted for at amortized cost, such as interest-bearing deposits, approximate fair value due to their short-term nature. The Company’s senior debt is carried at historical amounts. The fair value of the Company’s senior debt is based on market quotations. The following tables present, at December 31, 2020 and 2019, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: 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. December 31, 2019 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 241 $ - NA (a) 30-60 days Other 609 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 42 - NA (d) <30-60 days Private equity funds: Equity growth 32,991 6,056 (e) 100 % (f) NA NA Total $ 33,888 $ 6,056 (a) monthly (52%) and quarterly (48%) (b) daily (6%) and monthly (94%) (c) daily (100%) (d) monthly (34%) and annually (66%) (e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,155 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f) Distributions from each fund will be received as the underlying investments of the funds are liquidated. Investment Capital Funding Commitments— At December 31, 20 20 , the Company’s maximum unfunded commitments for capital contributions to investment funds primarily arose from commitments to EGCP III, which amounted to $ 5,370 . The investment period for EGCP III ended on October 12, 2016 , after which point the Company’s obligation to fund capital contributions for new in vestments 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 investmen t s and to pay for fund expenses. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 8 . DERIVATIVES The table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 16) on the accompanying consolidated statements of financial condition as of December 31, 2020 and 2019: December 31, 2020 2019 Derivative Assets: Forward foreign currency exchange rate contracts $ 536 $ 1,395 $ 536 $ 1,395 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 333 $ 1,720 Total return swaps and other (a) 2,752 8,527 LFI and other similar deferred compensation arrangements 311,400 226,026 $ 314,485 $ 236,273 (a) For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893, and (ii) as of December 31, 2019 amounts represent the netting of gross derivative assets and liabilities of $152 and $8,679, respectively. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”. Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, were as follows: Year Ended December 31, 2020 2019 2018 Forward foreign currency exchange rate contracts $ (8,356 ) $ 6,988 $ 7,584 LFI and other similar deferred compensation arrangements (40,634 ) (31,657 ) 14,086 Total return swaps and other (9,236 ) (14,294 ) 8,813 Total $ (58,226 ) $ (38,963 ) $ 30,483 |
Property
Property | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property | 9 . PROPERTY At December 31, 2020 and 2019, property consisted of the following: Estimated Depreciable December 31, Life in Years 2020 2019 Buildings 33 $ 155,434 $ 142,298 Leasehold improvements 3-20 219,871 196,277 Furniture and equipment 3-10 240,284 214,700 Construction in progress 42,824 32,476 Total 658,413 585,751 Less - Accumulated depreciation and amortization 401,505 366,880 Property $ 256,908 $ 218,871 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: Year Ended December 31, 2020 2019 Operating lease cost $ 85,666 $ 80,401 Variable lease cost 21,277 19,347 Less - sublease income 6,827 6,809 Total $ 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, 2020 and 2019: Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 91,452 $ 84,764 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 13,515 $ 607,770 Weighted average remaining lease term 11 years 12 years Weighted average discount rate 3.6 % 3.6 % Maturities of the operating lease liabilities outstanding at December 31, 2020 for each of the years in the period ending December 31, 2025 and thereafter are set forth in the table below. Year Ending December 31, 2021 $ 91,735 2022 73,868 2023 68,057 2024 65,205 2025 59,387 Thereafter 377,850 Total lease payments 736,102 Less - Discount 129,502 Operating lease liabilities $ 606,600 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 are presented below: December 2020 2019 Goodwill $ 361,682 $ 350,029 Other intangible assets (net of accumulated amortization) 210 1,768 $ 361,892 $ 351,797 At December 31, 2020 and 2019, goodwill of $297,141 and $285,488, 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, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Balance, January 1 $ 350,029 $ 350,829 $ 362,760 Foreign currency translation adjustments 11,653 (800 ) (11,931 ) Balance, December 31 $ 361,682 $ 350,029 $ 350,829 All changes in the carrying amount of goodwill for the years ended December 31, 2020, 2019 and 2018 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, 2020, 2019 and 2018, the Company determined that no impairment existed. The gross cost and accumulated amortization of other intangible assets as of December 31, 2020 and 2019, by major intangible asset category, are as follows: December 31, 2020 December 31, 2019 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 33,040 $ 33,040 $ - $ 33,040 $ 31,542 $ 1,498 Management fees, customer relationships and non-compete agreements 34,671 34,461 210 34,485 34,215 270 $ 67,711 $ 67,501 $ 210 $ 67,525 $ 65,757 $ 1,768 Amortization expense of intangible assets, included in “amortization and other acquisition-related costs (benefits)” in the consolidated statements of operations, for the years ended December 31, 2020, 2019 and 2018 was $1,744, $2,166 and $2,389, respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2021 $ 60 2022 60 2023 60 2024 30 Total amortization expense $ 210 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: December 31, 2020 2019 Current income and other tax receivables $ 45,341 $ 58,355 Prepaid compensation (see Note 16) 101,631 74,597 Other advances and prepayments 82,161 43,042 Other 74,316 80,441 Total $ 303,449 $ 256,435 The following table sets forth the Company’s other liabilities, by type, as of December 31, 2020 and 2019: December 31, 2020 2019 Accrued expenses $ 180,294 $ 178,019 Current income taxes and other taxes 136,751 133,358 Employee benefit-related liabilities 60,599 51,370 Unclaimed funds at LFB 18,967 17,405 Deferred revenue (a) 90,715 97,964 Securities sold, not yet purchased 1,176 12,894 Other 32,568 36,916 Total $ 521,070 $ 527,926 (a) The change in deferred revenue during the year ended December 31, 2020 principally relates to the recognition of previously deferred revenue. |
Senior Debt
Senior Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Debt | 1 3 . SENIOR DEBT Senior debt is comprised of the following as of December 31, 2020 and 2019: Outstanding as of Initial Annual December 31, 2020 December 31, 2019 Principal Amount Maturity Date Interest Rate(b) 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 $ 1,948 $ 398,052 $ 400,000 $ 2,416 $ 397,584 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,405 297,595 300,000 2,822 297,178 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 6,568 493,432 500,000 7,814 492,186 Lazard Group 2029 Senior Notes (a) 500,000 3/11/29 4.375 % 500,000 6,338 493,662 500,000 7,386 492,614 Total $ 1,700,000 $ 17,259 $ 1,682,741 $ 1,700,000 $ 20,438 $ 1,679,562 (a) During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. (b) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and 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 amended and restated credit ag reement , dated September 25, 2015 (the “Previous Credit Agreement”), in its entirety . 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. The Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary LIBOR-replacement mechanics. At December 31, 2020 and 201 9 , no amounts were outstanding under the Amended and Restated Credit Agreement or the Previous Credit Agreement, respectively . As of December 31, 2020, the Company had approximately $213,400 in unused lines of credit available to it, including the credit facility provided under the Amended and Restated Credit Agreement and unused lines of credit available to LFB of approximately $12,000. The Amended and Restated Credit Agreement and the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of December 31, 2020, 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, 2020 for each of the five years in the period ending December 31, 2025 and thereafter are set forth in the table below. Year Ending December 31, 2021 - 2024 $ - 2025 400,000 Thereafter 1,300,000 Total $ 1,700,000 The Company’s senior debt at December 31, 2020 and 2019 is carried at historical amounts. See Note 7 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 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 experiences significant variation in its revenue and earnings on an annual basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular year. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition. |
Members' Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, Lazard Group distributed $201,019, $263,935 and $448,912, 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 2018 and through the year ended December 31, 2020, the Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below. Date Repurchase Authorization Expiration April 2018 $ 300,000 December 31, 2020 October 2018 $ 300,000 December 31, 2020 February 2019 $ 300,000 December 31, 2020 October 2019 $ 300,000 December 31, 2021 The Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Years Ended December 31: Number of Shares Purchased Average Price Per Share 2018 12,206,652 $ 45.29 2019 13,674,439 $ 36.18 2020 2,912,035 $ 32.70 There were 6,911,911 and 7,675,688 shares of common stock held by Lazard Group at December 31, 2020 and 2019, 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 2020, 2019 and 2018, 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, 2020 and 2018, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases in 2020, 2019 and 2018 was approximately $ 10,000 , $ and $ , respectively. Such shares of common stock are reported at cost. As of December 31, 2020, a total of $300,000 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which will expire on December 31, 2021. During the year ended December 31, 2020, 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, 2020, 2019 and 2018 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, 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 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2018 $ (43,790 ) $ (151,466 ) $ (195,256 ) $ - $ (195,256 ) Activity: Other comprehensive loss before reclassifications (39,039 ) (5,100 ) (44,139 ) - (44,139 ) Adjustments for items reclassified to earnings, net of tax - 10,735 10,735 - 10,735 Net other comprehensive income (loss) (39,039 ) 5,635 (33,404 ) - (33,404 ) Balance, December 31, 2018 $ (82,829 ) $ (145,831 ) $ (228,660 ) $ - $ (228,660 ) The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Amortization relating to employee benefit plans (a) $ 7,522 $ 5,884 $ 13,070 Less - related income taxes 1,476 1,167 2,335 Total reclassifications, net of tax $ 6,046 $ 4,717 $ 10,735 (a) Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. Noncontrolling Interests— Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own and (ii) 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, 2020, 2019 and 2018 and noncontrolling interests as of December 31, 2020 and 2019, in the Company’s consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31, 2020 2019 2018 Edgewater $ (2,349 ) $ 9,850 $ 5,320 Consolidated VIEs 2,577 1,363 - Other 3 3 3 Total $ 231 $ 11,216 $ 5,323 Noncontrolling Interests as of December 31, 2020 2019 Edgewater $ 45,352 $ 50,151 Consolidated VIEs 40,517 18,241 Other 16 14 Total $ 85,885 $ 68,406 |
Incentive Plans
Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”), and other share-based awards. The 2008 Plan authorized the issuance of shares of 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, 2020 2019 2018 Share-based incentive awards: RSUs $ 140,556 $ 168,338 $ 193,924 PRSUs 6,264 8,742 34,114 Restricted Stock 27,976 29,322 37,261 Profits interest participation rights 41,293 44,537 - DSUs 1,180 1,173 1,137 Total $ 217,269 $ 252,112 $ 266,436 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, 2020, dividend participation rights required the issuance of 608,328 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 60,022 DSUs being granted during the year ended December 31, 2020. 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, 2020, 22,805 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, 2020: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2020 10,387,566 $ 44.66 395,973 $ 38.01 Granted (including 608,328 RSUs relating to dividend participation) 3,481,980 $ 42.60 82,827 $ 28.49 Forfeited (122,098 ) $ 41.55 - - Settled (4,481,104 ) $ 46.67 - - Balance, December 31, 2020 9,266,344 $ 42.96 478,800 $ 36.36 In connection with RSUs that settled during the year ended December 31, 2020, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,629,174 shares of common stock during the year. Accordingly, 2,851,930 shares of common stock held by the Company were delivered during the year ended December 31, 2020. As of December 31, 2020, estimated unrecognized RSU compensation expense was $100,429, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2020. Restricted Stock The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during year ended December 31, 2020: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,039,306 $ 41.79 Granted (including 35,288 relating to dividend participation) 697,140 $ 42.89 Forfeited (26,577 ) $ 39.79 Settled (564,910 ) $ 44.65 Balance, December 31, 2020 1,144,959 $ 41.09 In connection with shares of restricted common stock that settled during the year ended December 31, 2020, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 200,364 shares of common stock during the year. Accordingly, 364,546 shares of common stock held by the Company were delivered during the year ended December 31, 2020. Restricted stock awards granted in 2020 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, 2020, dividend participation rights required the issuance of 35,288 shares of restricted common stock. With respect to awards granted prior to 2020, the restricted stock awards include a cash dividend participation right equivalent to dividends paid on common stock during the period, which will vest concurrently with the underlying restricted stock award. At December 31, 2020, estimated unrecognized restricted stock expense was $17,045, with such expense to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2020. PRSUs PRSUs are RSUs that are subject to both performance-based and service-based vesting conditions. 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 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. PRSUs will vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied. In addition, the performance metrics applicable to each PRSU will be evaluated on an annual basis at the end of each fiscal year during the performance period and, if Lazard Ltd has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of shares of common stock subject to each PRSU will no longer be at risk of forfeiture based on the achievement of performance criteria. PRSUs include dividend participation rights that provide that during vesting periods the target number of PRSUs (or, following the relevant performance period, the actual number of shares of common stock that are no longer subject to performance conditions) 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. The following is a summary of activity relating to PRSUs during the year ended December 31, 2020: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2020 797,705 $ 47.65 Performance units earned (a) 299,904 $ 50.74 Settled (550,650 ) $ 43.54 Balance, December 31, 2020 546,959 $ 53.48 (a) Represents shares of common stock earned during the fiscal year under the performance criteria of previously-granted PRSU awards in excess of the target payout level of such awards. In connection with certain PRSUs that settled during the year ended December 31, 2020, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 91,314 shares of common stock during the year. Accordingly, 459,336 shares of common stock held by the Company were delivered during the year ended December 31, 2020. 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, 2020, the total estimated unrecognized compensation expense was $415, and the Company expects to amortize such expense over a weighted-average period of approximately 0.1 years subsequent to December 31, 2020. Profits Interest Participation Rights In early 2019, the Company established a new long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of common stock pursuant to the 2018 Plan. Pursuant to the program, in February 2019 and February 2020, the Company granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, which we refer to as performance-based restricted participation units (“PRPUs”), to each of the Company’s named executive officers. The Company also granted profits interest participation rights subject to service-based vesting criteria and other conditions, but not the performance-based vesting criteria associated with PRPUs, to a limited number of other senior employees, pursuant to profits interest participation right agreements in February 2019 and February 2020. 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 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 year ended December 31, 2020 and during February 2021, respectively. Like outstanding RSUs and similar awards, profits in terest participation rights are subject to continued employment and other condition s and restrictions and are forfeited if those conditions and restrictions are not fulfilled. More specifically, vesting of profits interest participation r ights are subject to compliance with restrictive covenants including non-compete, non-solicitation of clients, no hire of employees and confidentiality, which are similar to those applicable to PRSUs and RSUs. In addition, profits interest participation rights must satisfy the Minimum Value Condition. PRPUs, like outstanding PRSUs, are also subject to the achievement of incremental pre-established performance conditions and financial metrics and only result in value to the recipient to the extent the conditions are satisfied. The number of shares of common stock that a recipient will receive upon the exchange of a PRPU award is calculated by reference to applicable financial metrics. The target number of shares of 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 each PRPU award will range from zero to two times the target number. Unless applicable performance conditions are satisfied during the three year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all PRPUs will be forfeited, and the recipients will not be entitled to any such awards. In addition, the performance metrics applicable to each PRPU will be evaluated on an annual basis at the end of each fiscal year during the performance period, and, if 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, 2020: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,462,702 $ 38.65 Granted 1,060,373 $ 42.89 Balance, December 31, 2020 (a) 2,523,075 $ 40.43 (a) Table includes 1,050,778 PRPUs, which represents the target number of PRPUs granted as of December 31, 2020, including 486,611 PRPUs granted during the year ended December 31, 2020. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2020 and those granted during the year ended December 31, 2020 were, in each case, the same for PRPUs and other profits interest participation rights. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of December 31, 2020 were $40.61 and $40.30, 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, 2020, the total estimated unrecognized compensation expense was $21,633, and the Company expects to amortize such expense over a weighted-average period of approximately 0.9 years subsequent to December 31, 2020. LFI and Other Similar Deferred Compensation Arrangements Commencing in February 2011, the Company granted LFI to eligible employees. In connection with LFI and other similar deferred compensation arrangements, which generally require future service as a condition for vesting, the Company recorded a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods (which are generally similar to the comparable periods for RSU s) 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, 2020: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2020 $ 74,597 $ 226,026 Granted 143,289 143,289 Settled - (104,774 ) Forfeited (3,134 ) (6,979 ) Amortization (113,119 ) - Change in fair value related to: Increase in fair value of underlying investments - 40,634 Adjustment for estimated forfeitures - 10,167 Other (2 ) 3,037 Balance, December 31, 2020 $ 101,631 $ 311,400 The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.9 years subsequent to December 31, 2020. 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, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Amortization, net of forfeitures $ 119,441 $ 105,250 $ 90,230 Change in the fair value of underlying investments 40,634 31,657 (14,086 ) Total $ 160,075 $ 136,907 $ 76,144 Incentive Awards Granted In February 2021 In February 2021, the Company granted approximately $364,000 of deferred incentive compensation awards to eligible employees as part of the year-end compensation process with respect to the 2020 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, 2020 | |
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 $3,400 to the non-U.S. pension plans during the year ending December 31, 2021. 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 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 744,705 $ 655,015 Service cost 843 815 Interest cost 11,912 15,350 Actuarial loss 60,613 89,242 Benefits paid (30,400 ) (30,817 ) Settlements (4,178 ) - Foreign currency translation and other adjustments 28,167 15,100 Benefit obligation at end of year 811,662 744,705 Change in plan assets Fair value of plan assets at beginning of year 710,592 642,837 Actual return on plan assets 86,248 74,844 Employer contributions 6,708 5,623 Benefits paid (30,272 ) (30,760 ) Settlements (3,926 ) - Foreign currency translation and other adjustments 30,545 18,048 Fair value of plan assets at end of year 799,895 710,592 Funded (deficit) at end of year $ (11,767 ) $ (34,113 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2020 and 2019 consist of: Prepaid pension asset (included in “other assets”) $ 28,473 $ 2,922 Accrued benefit liability (included in “other liabilities”) (40,240 ) (37,035 ) Net amount recognized $ (11,767 ) $ (34,113 ) Amounts recognized in AOCI (excluding tax benefits of $38,891 and $38,327 at December 31, 2020 and 2019, respectively) consist of: Actuarial net loss (gain) $ 208,743 $ 211,197 Prior service cost (credit) 3,154 3,165 Net amount recognized $ 211,897 $ 214,362 For the years ended December 31, 2020 and 2019, the change in the benefit obligation related to the actuarial 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, 2020 and 2019: U.S. Pension Plans Non-U.S. Pension Plans Total As Of December 31, As Of December 31, As Of December 31, 2020 2019 2020 2019 2020 2019 Fair value of plan assets $ 25,850 $ 22,914 $ 774,045 $ 687,678 $ 799,895 $ 710,592 Accumulated benefit obligation $ 34,406 $ 32,314 $ 777,256 $ 712,391 $ 811,662 $ 744,705 Projected benefit obligation $ 34,406 $ 32,314 $ 777,256 $ 712,391 $ 811,662 $ 744,705 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, 2020, 2019 and 2018: Pension Plans For The Year Ended December 31, 2020 2019 2018 Components of Net Periodic Benefit Cost (Credit): Service cost $ 843 $ 815 $ 884 Interest cost 11,912 15,350 15,569 Expected return on plan assets (26,711 ) (27,470 ) (29,622 ) Amortization of: Prior service cost 111 110 18 Net actuarial loss (gain) 7,411 5,025 11,840 Settlement loss (gain) 1,329 749 1,212 Net periodic benefit cost (credit) $ (5,105 ) $ (5,421 ) $ (99 ) Actual return on plan assets $ 86,248 $ 74,844 $ (10,608 ) Employer contributions $ 6,708 $ 5,623 $ 22,153 Benefits paid $ 30,272 $ 30,760 $ 62,056 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(564), $(7,247) and $1,589, during the years ended December 31, 2020, 2019 and 2018, respectively): Net actuarial (gain) loss $ (4,085 ) $ 40,311 $ 11,073 Prior service cost (credit) - - 3,196 Reclassification of prior service (cost) credit to earnings (111 ) (110 ) (18 ) Reclassification of actuarial gain (loss) to earnings (7,411 ) (5,774 ) (13,052 ) Currency translation and other adjustments 9,142 3,025 (8,424 ) Total recognized in AOCI $ (2,465 ) $ 37,452 $ (7,225 ) Net amount recognized in total periodic benefit cost and AOCI $ (7,570 ) $ 32,031 $ (7,324 ) 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, 2020, 2019 and 2018 are set forth below: Pension Plans December 31, 2020 2019 2018 Weighted average assumptions used to determine benefit obligations: Discount rate 1.3 % 1.8 % 2.6 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 1.6 % 2.2 % 2.4 % Expected long-term rate of return on plan assets 3.9 % 4.4 % 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 2021 $ 27,940 2022 28,477 2023 28,068 2024 30,325 2025 30,243 2026-2030 156,134 Plan Assets —The following tables present the categorization of our pension plans’ assets as of December 31, 2020 and 2019, 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, 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 As of December 31, 2019 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 11,742 $ - $ - $ - $ 11,742 Debt 77,940 - - - 77,940 Equities 37,898 - - - 37,898 Funds: Alternative investments - - - 26,692 26,692 Debt 8,828 81,898 - 269,183 359,909 Equity 183,727 4,697 - 6,442 194,866 Derivatives - 1,545 - - 1,545 Total $ 320,135 $ 88,140 $ - $ 302,317 $ 710,592 (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 $92,359 and $99,671 as of December 31, 2020 and 2019, respectively, that are invested in funds managed by the Company. Consistent with the plans’ investment strategies, at December 31, 2020 and 2019, the Company’s U.S. pension plan had 53% and 60%, 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 39%, respectively, invested in Level 1 debt funds and, at both December 31, 2020 and 2019, 1% was invested in cash, which is a Level 1 asset. The Company’s non-U.S. pension plans at December 31, 2020 and 2019 had 32% and 32%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 and Level 2 assets; 63% and 62%, 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 5% and 6%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily measured at NAV. Investment Policies and Strategies —The primary investment goal is to ensure that the pension plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the plans to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan investments measured at NAV or its equivalent as a practical expedient is determined based on information provided by external fund administrators and such investments are redeemable in the near term. Defined Contribution Plans —Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $16,627, $16,905 and $15,765 for the years ended December 31, 2020, 2019 and 2018, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations. |
Business Realignment
Business Realignment | 12 Months Ended |
Dec. 31, 2020 | |
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. Activity related to the obligations pursuant to the business realignment during the year ended December 31, 2020 was as follows: Accrued Compensation Other and Benefits Liabilities Total Balance, January 1, 2020 $ 20,210 $ 5,068 $ 25,278 Less: Cash paid or otherwise settled (18,784 ) (5,068 ) (23,852 ) Balance, December 31, 2020 $ 1,426 $ - $ 1,426 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted, which significantly changed U.S. tax law and included several provisions applicable to us such as the reduction in the corporate income tax rate from 35 % to 21 %, the limitations on the deductibility of interest expense and certain international provisions. The international provisions of the Tax Act that impact us include the tax on global intangible low-tax income (GILTI) and the base erosion and anti-abuse tax (BEAT) . The components of the Company’s provision for income taxes for the years ended December 31, 2020, 2019 and 2018, 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, 2020 2019 2018 Current: Federal $ 2,207 $ 3,871 $ 1,569 Foreign 44,255 57,220 91,073 State and local 3,025 3,934 5,058 Total current 49,487 65,025 97,700 Deferred: Federal 95 49 667 Foreign 8,480 225 (10,227 ) State and local (1,498 ) 1,299 223 Total deferred 7,077 1,573 (9,337 ) Total $ 56,564 $ 66,598 $ 88,363 Year Ended December 31, 2020 2019 2018 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 9.6 11.9 12.0 State and local taxes 0.5 0.9 0.5 Uncertain tax positions 0.6 2.9 0.5 Other 0.3 0.9 0.4 Effective income tax rate 11.0 % 16.6 % 13.4 % 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, 2020 2019 Deferred Tax Assets: Basis adjustments (a) $ 766 $ 2,218 Compensation and benefits 70,761 63,057 Net operating loss and tax credit carryforwards 72,820 62,629 Depreciation and amortization 6,374 6,028 Other 2,936 5,523 Gross deferred tax assets 153,657 139,455 Valuation allowance (76,728 ) (70,429 ) Deferred tax assets (net of valuation allowance) 76,929 69,026 Deferred Tax Liabilities: Depreciation and amortization 6,506 6,175 Compensation and benefits 16,979 7,058 Goodwill 924 255 Other 5,395 3,307 Deferred tax liabilities 29,804 16,795 Net deferred tax assets $ 47,125 $ 52,231 (a) The basis adjustments recorded as of December 31, 2020 and 2019 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, one of our tax paying entities has recorded a valuation allowance on substantially all of its deferred tax assets due to the combined effect of operating losses in certain subsidiaries of that entity as well as foreign taxes that together substantially offset any U.S. tax liability. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets held by these entities will be realized. Consequently, we have recorded valuation allowances on $76,728 and $70,429 of deferred tax assets held by these entities as of December 31, 2020 and 2019, respectively. Changes in the deferred tax assets valuation allowance for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 Beginning Balance $ 70,429 $ 67,997 $ 54,487 Charged (credited) to provision for income taxes 5,173 2,575 15,789 Charged (credited) to other comprehensive income and other 1,126 (143 ) (2,279 ) Ending Balance $ 76,728 $ 70,429 $ 67,997 The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $72,820 were recorded at December 31, 2020 primarily relating to: (i) indefinite-lived carryforwards (subject to various limitations) of approximately $27,000 in Australia, Germany, Hong Kong, Luxembourg, Saudi Arabia and Singapore; and (ii) certain carryforwards of approximately $38,000 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 we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate. A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 Balance, January 1 (excluding interest and penalties of $18,161, $15,830 and $15,136, respectively) $ 60,838 $ 47,674 $ 47,426 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years 1,215 11,764 652 Current year 9,516 16,795 11,960 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (9,814 ) (19 ) (699 ) Settlements with tax authorities (904 ) (7,251 ) (1,218 ) Lapse of the applicable statute of limitations (5,126 ) (8,125 ) (10,447 ) Balance, December 31 (excluding interest and penalties of $18,745, $18,161 and $15,830, respectively) $ 55,725 $ 60,838 $ 47,674 Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 2018 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,745, $18,161 and $15,830, respectively) $ 64,868 $ 65,193 $ 53,854 Unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 9,602 $ 13,806 $ 9,650 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,679, $3,455 and $4,889, respectively) $ 584 $ 2,331 $ 694 The Company anticipates that it is reasonably possible that approximately $17,600 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2020, 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, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | 20. 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 $91, $90 and $452 for the years ended December 31, 2020, 2019 and 2018. Lazard Group’s payables to subsidiaries of Lazard Ltd at December 31, 2020 and 2019 included interest-bearing loans of $50,000 and $57,160, respectively. Interest expense relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $55, $3,573 and $3,687 for the years ended December 31, 2020, 2019 and 2018, respectively. 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 $564,686, $587,665 and $654,561 for the years ended December 31, 2020, 2019 and 2018, respectively, and are included in “asset management fees” on the consolidated statements of operations. Of such amounts, $72,076 and $54,561 remained as receivables at December 31, 2020 and 2019, respectively, and are included in “fees receivable” on the consolidated statements of financial condition. 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, 2020 | |
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, 2020, the aggregate regulatory net capital of the U.K. Subsidiaries was $184,227, which exceeded the minimum requirement by $160,353. 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, 2020, the consolidated regulatory net capital of CFLF was $147,885, which exceeded the minimum requirement set for regulatory capital levels by $81,871. 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 20 , the regulatory net capital of the combined European regulated group was $ 184,842 , which exceeded the minimum requirement set for regulatory capital levels by $ . Additionally, the combined European regulated group, together with our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At December 31, 2020, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $214,571, which exceeded the minimum required capital by $184,977. At December 31, 2020, 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, 2020 | |
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, 2020, 2019 and 2018 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, 2020, 2019 and 2018, 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, 2020 2019 2018 Financial Advisory Net Revenue $ 1,420,042 $ 1,352,168 $ 1,548,918 Operating Expenses (a) 1,122,002 1,196,906 1,206,511 Operating Income $ 298,040 $ 155,262 $ 342,407 Total Assets $ 1,157,844 $ 1,113,266 $ 829,898 Asset Management Net Revenue $ 1,167,466 $ 1,237,390 $ 1,331,801 Operating Expenses (a) 861,031 887,522 912,110 Operating Income $ 306,435 $ 349,868 $ 419,691 Total Assets $ 958,588 $ 821,641 $ 728,220 Corporate Net Revenue $ (21,968 ) $ (26,865 ) $ (63,858 ) Operating Expenses (a) 68,836 78,071 38,957 Operating Loss $ (90,804 ) $ (104,936 ) $ (102,815 ) Total Assets $ 3,399,315 $ 3,116,721 $ 2,831,357 Total Net Revenue $ 2,565,540 $ 2,562,693 $ 2,816,861 Operating Expenses (a) 2,051,869 2,162,499 2,157,578 Operating Income $ 513,671 $ 400,194 $ 659,283 Total Assets $ 5,515,747 $ 5,051,628 $ 4,389,475 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2020 2019 2018 Financial Advisory $ 5,795 $ 5,180 $ 7,395 Asset Management 3,730 2,995 3,253 Corporate 25,261 27,085 23,130 Total $ 34,786 $ 35,260 $ 33,778 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, 2020 2019 2018 Net Revenue: Americas $ 1,529,501 $ 1,519,983 $ 1,606,245 EMEA 885,925 873,007 1,022,994 Asia Pacific 150,114 169,703 187,622 Total $ 2,565,540 $ 2,562,693 $ 2,816,861 Operating Income: Americas $ 373,976 $ 249,488 $ 412,628 EMEA 109,991 120,481 206,578 Asia Pacific 29,704 30,225 40,077 Total $ 513,671 $ 400,194 $ 659,283 Identifiable Assets: Americas $ 2,667,985 $ 2,320,957 $ 1,950,138 EMEA 2,534,172 2,437,804 2,150,597 Asia Pacific 313,590 292,867 288,740 Total $ 5,515,747 $ 5,051,628 $ 4,389,475 |
Consolidated VIEs
Consolidated VIEs | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Consolidated VIEs | 2 3 . CONSOLIDATED VIEs The Company’s consolidated VIEs as of December 31, 2020 and 2019 include certain funds that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement. Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The Company’s consolidated VIE assets and liabilities as reflected in the consolidated statements of financial condition consist of the following at December 31, 2020 and 2019. The Company’s consolidated VIE assets can only be used to settle the obligations of the consolidated VIEs. December 31, 2020 2019 ASSETS Cash and cash equivalents $ 3,558 $ 3,826 Customers and other receivables 160 102 Investments (a) 158,370 97,474 Other assets 400 245 Total Assets $ 162,488 $ 101,647 LIABILITIES Deposits and other customer payables $ 104 $ 62 Other liabilities 491 513 Total Liabilities $ 595 $ 575 (a) Includes $121,376 and $83,036 of LFI held by Lazard Group which is eliminated in the consolidated statements of financial condition as of December 31, 2020 and 2019, respectively. |
COVID-19
COVID-19 | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
COVID-19 | 2 4 . COVID-19 In March 2020, the World Health Organization declared the coronavirus (“COVID-19”) a pandemic. Several governments in jurisdictions that encompass the Company’s largest offices and most significant operations implemented strict social distancing measures in the first quarter of 2020, and such governments continue to review and modify such measures. In response, in the first quarter of 2020, the Company implemented remote work arrangements for most of its employees and restricted business travel; these arrangements and restrictions have been modified as governments modified applicable social distancing measures. These arrangements have not materially affected our ability to maintain and conduct our business operations, including the operation of financial reporting systems, internal controls over financial reporting and disclosure controls and procedures. While the COVID-19 pandemic has adversely affected the global economy, the nature and extent of COVID-19’s effect on the Company’s operational and financial performance will continue to depend on future developments. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | 2 5 . SUBSEQUENT EVENT In February 2021, Lazard Growth Acquisition Corp. I (“LGAC”) consummated its $575,000 initial public offering, which included $75,000 attributable to the exercise in full of the underwriter’s over-allotment option. 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. LGACo 1 LLC, a Delaware series limited liability company and the Company’s indirect subsidiary, is the sponsor of LGAC. The Company continues to retain control of LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor continue to be consolidated in the Company’s financial statements and the Company will include the proceeds from the offering as segregated cash and include redeemable noncontrolling interests associated with the publicly held LGAC Class A shares in the Company’s consolidated statements of financial condition in the first quarter of 2021. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 AND 2019 (dollars in thousands) December 31, 2020 2019 ASSETS Cash and cash equivalents $ 242,339 $ 136,729 Due from subsidiaries of Lazard Ltd 552,230 547,725 Other receivables, net 582 2,325 Investments in subsidiaries, equity method 1,590,023 1,291,168 Other investments 326,450 273,689 Property, net 100,968 106,170 Operating lease right-of-use assets 334,640 356,299 Goodwill and other intangibles assets-net 37,138 37,138 Other assets 81,700 61,578 Total assets $ 3,266,070 $ 2,812,821 LIABILITIES AND MEMBERS’ EQUITY Liabilities: Accrued compensation and benefits $ 246,823 $ 176,634 Due to subsidiaries of Lazard Ltd 268,902 262,303 Operating lease liabilities 406,994 430,851 Senior debt 1,682,741 1,679,562 Other liabilities 35,626 44,551 Total liabilities 2,641,086 2,593,901 Commitments and contingencies MEMBERS’ EQUITY Members' equity 818,430 469,324 Accumulated other comprehensive loss, net of tax (193,446 ) (250,404 ) Total members’ equity 624,984 218,920 Total liabilities and members’ equity $ 3,266,070 $ 2,812,821 LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (dollars in thousands) Year Ended December 31, 2020 2019 2018 REVENUE Equity in earnings of subsidiaries $ 632,560 $ 500,085 $ 746,962 Interest income 2,095 6,054 5,226 Other 21,247 29,772 (2,697 ) Total revenue 655,902 535,911 749,491 Interest expense 75,142 75,780 57,546 Net revenue 580,760 460,131 691,945 OPERATING EXPENSES Compensation and benefits 113,347 109,449 94,471 Professional services 6,328 8,426 6,423 Amortization and other acquisition-related benefits - (1,309 ) (2,568 ) Other 3,151 20,008 26,290 Total operating expenses 122,826 136,574 124,616 OPERATING INCOME 457,934 323,557 567,329 Provision for income taxes 1,058 1,177 1,732 NET INCOME $ 456,876 $ 322,380 $ 565,597 LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (dollars in thousands) Year Ended December 31, 2020 2019 2018 NET INCOME $ 456,876 $ 322,380 $ 565,597 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Currency translation adjustments 53,929 8,460 (39,039 ) Employee benefit plans: Prior service costs (net of tax benefit of $17, $17 and $543 for the years ended December 31, 2020, 2019 and 2018 respectively) (83 ) (84 ) (2,653 ) Actuarial loss (net of tax benefit of $2,023, $8,396 and $203 for the years ended December 31, 2020, 2019 and 2018, respectively) (2,934 ) (34,837 ) (2,447 ) Adjustments for items reclassified to earnings (net of tax expense of $1,476, $1,167 and $2,335 for the years ended December 31, 2020, 2019 and 2018, respectively) 6,046 4,717 10,735 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 56,958 (21,744 ) (33,404 ) COMPREHENSIVE INCOME $ 513,834 $ 300,636 $ 532,193 LAZARD GROUP LLC (parent company only) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (dollars in thousands) Year Ended December 31, 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 456,876 $ 322,380 $ 565,597 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (632,560 ) (500,085 ) (746,962 ) Deferred tax provision (benefit) (324 ) 709 84 Loss on extinguishment of debt - 6,505 6,523 Amortization of deferred expenses and share-based incentive compensation 308,306 337,615 337,872 Depreciation and amortization of property 10,435 11,626 12,200 Noncash lease expense 22,514 20,289 - Amortization and other acquisition-related benefits - (1,309 ) (2,568 ) Distributions received from subsidiaries 458,821 549,211 676,061 Changes in operating assets and liabilities: Due to/from subsidiaries 51,271 (86,074 ) 117,393 Other investments (137,685 ) 73,118 (205,201 ) Other operating assets and liabilities 15,243 (90,389 ) (64,787 ) Net cash provided by operating activities 552,897 643,596 696,212 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property (6,383 ) (15,553 ) (23,904 ) Capital contribution to subsidiaries (65,023 ) (20,953 ) (4,914 ) Net cash used in investing activities (71,406 ) (36,506 ) (28,818 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from: Issuance of senior debt, net of expenses - 492,032 490,970 Other financing activities 25 925 25 Payments for: Senior debt - (255,746 ) (255,543 ) Distributions of members (201,019 ) (263,935 ) (448,912 ) Settlement of vested share-based incentive compensation (72,636 ) (99,960 ) (110,361 ) Purchase of Lazard Ltd Class A common stock (95,227 ) (494,687 ) (552,872 ) Other financing activities (7,024 ) (6,388 ) (6,339 ) Net cash used in financing activities (375,881 ) (627,759 ) (883,032 ) Net increase (decrease) in cash and cash equivalents 105,610 (20,669 ) (215,638 ) Cash and cash equivalents, January 1 136,729 157,398 373,036 Cash and cash equivalents, December 31 $ 242,339 $ 136,729 $ 157,398 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, 2020 and 2019, and for each of the three years in the period ended December 31, 2020, 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, 2020 | |
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 and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% Lazard 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”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory matters, and • Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness, certain contingent obligations, and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”). |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 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 share of the entity’s net earnings, or (ii) elects the option to measure its investment at fair value. Intercompany transactions and balances have been eliminated. The consolidated financial statements include Lazard 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. |
Foreign Currency Translation | Foreign Currency Translation— The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency ( i.e. , the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 8) amounted to $(904), $3,665 and $(2,206) for the years ended December 31, 2020, 2019 and 2018, 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 time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. |
Cash Deposited with Clearing Organizations and Other Segregated Cash | Cash Deposited with Clearing Organizations and Other Segregated Cash— Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts— See Notes 3 and 5 for additional information regarding the Company’s receivables and allowance for doubtful accounts. With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice, except for certain transactions that include specific contractual payment terms that may vary from approximately one month to four years following the invoice date (as is the case for 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. |
Investments | Investments— Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer and non broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value. Any increases or decreases in the carrying value of those investments accounted for at fair value are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. |
Property-net | Property-net— Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,786, $35,260 and $33,778 for the years ended December 31, 2020, 2019 and 2018, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. |
Operating Lease Right-of-use Assets and Operating Lease Liabilities | 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, 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 16. |
Deposits and Other Customer Payables | Deposits and Other Customer Payables— Principally relates to LFB customer-related demand deposits. |
Securities Sold, Not Yet Purchased | Securities Sold, Not Yet Purchased— Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations |
Contingent Consideration Liabilities | Contingent Consideration Liabilities — The contingent consideration liabilities of businesses acquired in a business combination are initially recorded at fair value, and any change in the fair value is recognized in “amortization and other acquisition-related costs (benefits)” in the consolidated statements of operations. The contingent consideration liability is included in “other liabilities” on the consolidated statements of financial condition. |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities— The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost or interest-bearing deposits), derivative instruments, deposits and other customer payables. |
Investment Banking and Other Advisory Fees | 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. |
Soft Dollar Arrangements | Soft Dollar Arrangements— Certain entities within the Company’s Asset Management business obtain research and other services through commission-sharing arrangements with broker-dealers, which are also known as “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other eligible services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other eligible services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2020, the Company obtained research and other eligible services through soft dollar arrangements valued at approximately $23,000. The use of soft dollars is limited by regulations in the European Union and the U.K. and, as such, the Company intends to directly pay a portion of the costs of such research and other eligible services going forward. |
Equity-Based Incentive Compensation Awards | Equity-Based Incentive Compensation Awards— Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of 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, 2020, 2019 and 2018 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”), and other share-based awards. The 2008 Plan authorized the issuance of shares of 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 | Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments —In June 2016, the Financial Accounting Standards Board (the “FASB”) issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company adopted the new guidance on January 1, 2020 using a modified retrospective approach and recorded a $7,571 cumulative-effect adjustment to retained earnings upon adoption. The impact of the new guidance primarily relates to the Company’s fee receivables. To comply with the CECL model, the Company applies a bad debt charge-off rate, determined based on historical charge-off experience and adjusted for specific allowance based on current conditions of individual customers, to measure the expected credit loss for fee receivables. 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. See Note 5 for further details on the Company’s receivables and allowance for doubtful accounts. Intangibles — — In January 2017, the FASB issued updated guidance that eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The Company adopted the new guidance on January 1, 2020 and, in accordance with the new guidance, applied it prospectively to goodwill impairment tests performed after the adoption date. Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract —In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The Company adopted the new guidance as of January 1, 2020 and, in accordance with the new guidance, applied it prospectively to implementation costs incurred after the adoption date. Related Party Guidance for Variable Interest Entities —In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company adopted the new guidance as of January 1, 2020 and its application did not have a material impact to the Company’s financial statements. Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The add itional disclosures related to L evel 3 fair value measurements are to be applied prospectively and other amendments are to be applied retrospectively. The Company adop ted the new guidance on January 1, 2020 and its application did not have a material impact to the Company’s financial statements . Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain existing required disclosures and includes additional requirements. The Company adopted the new guidance on January 1, 2020 and updated its annual disclosures in Note 17 in accordance with the amended requirements. Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments include the removal of certain exceptions and various improvements. These improvements are related to the accounting for franchise tax based on income, evaluation of step up in tax basis of goodwill, allocation of consolidated tax expense to standalone legal entities, recognition of enacted change in tax laws or rates, and other minor changes. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020. The Company will adopt the new guidance effective January 1, 2021. The Company has evaluated each of the amendments and does not expect the adoption of the amendments to have a material impact to the Company’s financial statements. |
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. Any change in the fair value is recognized in “amortizatio n and other acquisition-related cost s (benefits) ” in the consolidated statement of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The contingent consideration liability is initially recorded at fair value of the contingent payments on the acquisition date and is included in “other liabilities” on the consolidated statements of financial condition. The fair value of derivatives entered into by the Company is classified as Level 2 and is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 8. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Net Revenue: Financial Advisory (a) $ 1,420,042 $ 1,352,168 $ 1,548,918 Asset Management: Management Fees and Other (b) $ 1,109,439 $ 1,216,115 $ 1,311,286 Incentive Fees (c) 58,027 21,275 20,515 Total Asset Management $ 1,167,466 $ 1,237,390 $ 1,331,801 (a) Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 Beginning Balance $ 27,130 $ 40,115 $ 23,692 Adjustment for adoption of new accounting guidance 7,571 - - Bad debt expense, net of reversals 3,995 (5,080 ) 27,164 Charge-offs, foreign currency translation and other adjustments (2,047 ) (7,905 ) (10,741 ) Ending Balance * $ 36,649 $ 27,130 $ 40,115 *The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: December 31, 2020 2019 Interest-bearing deposits $ - $ 517 Debt 99,987 100,000 Equities 37,365 48,521 Funds: Alternative investments (a) 34,264 16,581 Debt (a) 123,554 113,579 Equity (a) 325,795 218,435 Private equity 37,567 34,362 521,180 382,957 Total investments 658,532 531,995 Less: Interest-bearing deposits - 517 Investments, at fair value $ 658,532 $ 531,478 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 1,176 $ 12,894 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $11,128, $90,758 and $277,725, respectively, at December 31, 2020 and $9,881, $78,360 and $170,897, respectively, at December 31, 2019, 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, 2020, 2019 and 2018, 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, 2020 2019 2018 Net unrealized investment gains (losses) $ 49,719 $ 36,610 $ (43,009 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, 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, 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 December 31, 2019 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 100,000 $ - $ - $ - $ 100,000 Equities 46,921 - 1,600 - 48,521 Funds: Alternative investments 15,731 - - 850 16,581 Debt 113,574 - - 5 113,579 Equity 218,393 - - 42 218,435 Private equity - - 1,371 32,991 34,362 Derivatives - 1,395 - - 1,395 Total $ 494,619 $ 1,395 $ 2,971 $ 33,888 $ 532,873 Liabilities: Securities sold, not yet purchased $ 12,894 $ - $ - $ - $ 12,894 Derivatives - 236,273 - - 236,273 Total $ 12,894 $ 236,273 $ - $ - $ 249,167 |
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, 2020, 2019 and 2018: 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/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers (b) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ (21 ) $ - $ - $ (1 ) $ 1,600 Private equity funds - (760 ) 2,131 - - 1,371 Total Level 3 Assets $ 1,622 $ (781 ) $ 2,131 $ - $ (1 ) $ 2,971 Liabilities: Contingent consideration liability $ 1,309 $ (1,309 ) $ - $ - $ - $ - Total Level 3 Liabilities $ 1,309 $ (1,309 ) $ - $ - $ - $ - Year Ended December 31, 2018 Beginning Balance Net Realized Gains / Included In Earnings (a) Purchases/ Acquisitions/ Transfers Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Total Level 3 Assets $ 1,592 $ 61 $ 1 $ - $ (32 ) $ 1,622 Liabilities: Contingent consideration liability $ 4,656 $ (3,347 ) $ - $ - $ - $ 1,309 Total Level 3 Liabilities $ 4,656 $ (3,347 ) $ - $ - $ - $ 1,309 (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2020, 2019 and 2018 include net unrealized gains (losses) of $(117), $(781) and $61, respectively. Earnings recorded in “amortization and other acquisition-related costs (benefits)” for the contingent consideration liability for the years ended December 31, 2019 and 2018 include unrealized gains of $1,309 and $3,347, respectively. (b) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the year ended December 31, 2019 as these investments are valued based on a potential transaction value that differs from NAV. |
Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value— The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2020 and 2019 that are not measured at fair value in the Company’s consolidated statement of financial condition. 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 - - Cash deposited with clearing organizations and other segregated cash 44,488 44,488 44,488 - - Interest-bearing financing receivables 90,521 92,584 - - 92,584 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 - December 31, 2019 Fair Value Measurements Using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,164,135 $ 1,164,135 $ 1,164,135 $ - $ - Deposits with banks and short-term investments 1,180,686 1,180,686 1,180,686 - - Cash deposited with clearing organizations and other segregated cash 43,280 43,280 43,280 - - Interest-bearing financing receivables 77,052 78,940 - - 78,940 Interest-bearing deposits (included within investments) 517 517 517 - - Financial Liabilities: Deposits and other customer payables $ 1,246,200 $ 1,246,200 $ 1,246,200 $ - $ - Senior debt 1,679,562 1,838,716 - 1,838,716 - |
Fair Value of Certain Investments Based on NAV | The following tables present, at December 31, 2020 and 2019, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: 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. December 31, 2019 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 241 $ - NA (a) 30-60 days Other 609 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 42 - NA (d) <30-60 days Private equity funds: Equity growth 32,991 6,056 (e) 100 % (f) NA NA Total $ 33,888 $ 6,056 (a) monthly (52%) and quarterly (48%) (b) daily (6%) and monthly (94%) (c) daily (100%) (d) monthly (34%) and annually (66%) (e) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,155 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (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, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition | The table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 16) on the accompanying consolidated statements of financial condition as of December 31, 2020 and 2019: December 31, 2020 2019 Derivative Assets: Forward foreign currency exchange rate contracts $ 536 $ 1,395 $ 536 $ 1,395 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 333 $ 1,720 Total return swaps and other (a) 2,752 8,527 LFI and other similar deferred compensation arrangements 311,400 226,026 $ 314,485 $ 236,273 (a) For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893, and (ii) as of December 31, 2019 amounts represent the netting of gross derivative assets and liabilities of $152 and $8,679, respectively. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”. |
Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments) | Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, were as follows: Year Ended December 31, 2020 2019 2018 Forward foreign currency exchange rate contracts $ (8,356 ) $ 6,988 $ 7,584 LFI and other similar deferred compensation arrangements (40,634 ) (31,657 ) 14,086 Total return swaps and other (9,236 ) (14,294 ) 8,813 Total $ (58,226 ) $ (38,963 ) $ 30,483 |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Components of Property | At December 31, 2020 and 2019, property consisted of the following: Estimated Depreciable December 31, Life in Years 2020 2019 Buildings 33 $ 155,434 $ 142,298 Leasehold improvements 3-20 219,871 196,277 Furniture and equipment 3-10 240,284 214,700 Construction in progress 42,824 32,476 Total 658,413 585,751 Less - Accumulated depreciation and amortization 401,505 366,880 Property $ 256,908 $ 218,871 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: Year Ended December 31, 2020 2019 Operating lease cost $ 85,666 $ 80,401 Variable lease cost 21,277 19,347 Less - sublease income 6,827 6,809 Total $ 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, 2020 and 2019: Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 91,452 $ 84,764 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 13,515 $ 607,770 Weighted average remaining lease term 11 years 12 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, 2020 for each of the years in the period ending December 31, 2025 and thereafter are set forth in the table below. Year Ending December 31, 2021 $ 91,735 2022 73,868 2023 68,057 2024 65,205 2025 59,387 Thereafter 377,850 Total lease payments 736,102 Less - Discount 129,502 Operating lease liabilities $ 606,600 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at December 31, 2020 and 2019 are presented below: December 2020 2019 Goodwill $ 361,682 $ 350,029 Other intangible assets (net of accumulated amortization) 210 1,768 $ 361,892 $ 351,797 |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Balance, January 1 $ 350,029 $ 350,829 $ 362,760 Foreign currency translation adjustments 11,653 (800 ) (11,931 ) Balance, December 31 $ 361,682 $ 350,029 $ 350,829 |
Gross Cost and Accumulated Amortization of Other Intangible Assets | The gross cost and accumulated amortization of other intangible assets as of December 31, 2020 and 2019, by major intangible asset category, are as follows: December 31, 2020 December 31, 2019 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 33,040 $ 33,040 $ - $ 33,040 $ 31,542 $ 1,498 Management fees, customer relationships and non-compete agreements 34,671 34,461 210 34,485 34,215 270 $ 67,711 $ 67,501 $ 210 $ 67,525 $ 65,757 $ 1,768 |
Estimated Future Amortization Expense | Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2021 $ 60 2022 60 2023 60 2024 30 Total amortization expense $ 210 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Other Assets | The following table sets forth the Company’s other assets, by type, as of December 31, 2020 and 2019: December 31, 2020 2019 Current income and other tax receivables $ 45,341 $ 58,355 Prepaid compensation (see Note 16) 101,631 74,597 Other advances and prepayments 82,161 43,042 Other 74,316 80,441 Total $ 303,449 $ 256,435 |
Schedule of Other Liabilities | The following table sets forth the Company’s other liabilities, by type, as of December 31, 2020 and 2019: December 31, 2020 2019 Accrued expenses $ 180,294 $ 178,019 Current income taxes and other taxes 136,751 133,358 Employee benefit-related liabilities 60,599 51,370 Unclaimed funds at LFB 18,967 17,405 Deferred revenue (a) 90,715 97,964 Securities sold, not yet purchased 1,176 12,894 Other 32,568 36,916 Total $ 521,070 $ 527,926 (a) The change in deferred revenue during the year ended December 31, 2020 principally relates to the recognition of previously deferred revenue. |
Senior Debt (Tables)
Senior Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Debt | Senior debt is comprised of the following as of December 31, 2020 and 2019: Outstanding as of Initial Annual December 31, 2020 December 31, 2019 Principal Amount Maturity Date Interest Rate(b) 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 $ 1,948 $ 398,052 $ 400,000 $ 2,416 $ 397,584 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,405 297,595 300,000 2,822 297,178 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 6,568 493,432 500,000 7,814 492,186 Lazard Group 2029 Senior Notes (a) 500,000 3/11/29 4.375 % 500,000 6,338 493,662 500,000 7,386 492,614 Total $ 1,700,000 $ 17,259 $ 1,682,741 $ 1,700,000 $ 20,438 $ 1,679,562 (a) During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. (b) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and 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, 2020 for each of the five years in the period ending December 31, 2025 and thereafter are set forth in the table below. Year Ending December 31, 2021 - 2024 $ - 2025 400,000 Thereafter 1,300,000 Total $ 1,700,000 |
Members' Equity (Tables)
Members' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program —Since 2018 and through the year ended December 31, 2020, the Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below. Date Repurchase Authorization Expiration April 2018 $ 300,000 December 31, 2020 October 2018 $ 300,000 December 31, 2020 February 2019 $ 300,000 December 31, 2020 October 2019 $ 300,000 December 31, 2021 |
Schedule of Shares Repurchased Under the Share Repurchase Program | The Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Years Ended December 31: Number of Shares Purchased Average Price Per Share 2018 12,206,652 $ 45.29 2019 13,674,439 $ 36.18 2020 2,912,035 $ 32.70 |
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, 2020, 2019 and 2018 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, 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 ) Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2018 $ (43,790 ) $ (151,466 ) $ (195,256 ) $ - $ (195,256 ) Activity: Other comprehensive loss before reclassifications (39,039 ) (5,100 ) (44,139 ) - (44,139 ) Adjustments for items reclassified to earnings, net of tax - 10,735 10,735 - 10,735 Net other comprehensive income (loss) (39,039 ) 5,635 (33,404 ) - (33,404 ) Balance, December 31, 2018 $ (82,829 ) $ (145,831 ) $ (228,660 ) $ - $ (228,660 ) |
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, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Amortization relating to employee benefit plans (a) $ 7,522 $ 5,884 $ 13,070 Less - related income taxes 1,476 1,167 2,335 Total reclassifications, net of tax $ 6,046 $ 4,717 $ 10,735 (a) Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations. |
Net Income (Loss) Attributable to Non-controlling Interests and Non-controlling Interests | The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2020, 2019 and 2018 and noncontrolling interests as of December 31, 2020 and 2019, in the Company’s consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31, 2020 2019 2018 Edgewater $ (2,349 ) $ 9,850 $ 5,320 Consolidated VIEs 2,577 1,363 - Other 3 3 3 Total $ 231 $ 11,216 $ 5,323 Noncontrolling Interests as of December 31, 2020 2019 Edgewater $ 45,352 $ 50,151 Consolidated VIEs 40,517 18,241 Other 16 14 Total $ 85,885 $ 68,406 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Share-based incentive awards: RSUs $ 140,556 $ 168,338 $ 193,924 PRSUs 6,264 8,742 34,114 Restricted Stock 27,976 29,322 37,261 Profits interest participation rights 41,293 44,537 - DSUs 1,180 1,173 1,137 Total $ 217,269 $ 252,112 $ 266,436 |
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, 2020: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2020 $ 74,597 $ 226,026 Granted 143,289 143,289 Settled - (104,774 ) Forfeited (3,134 ) (6,979 ) Amortization (113,119 ) - Change in fair value related to: Increase in fair value of underlying investments - 40,634 Adjustment for estimated forfeitures - 10,167 Other (2 ) 3,037 Balance, December 31, 2020 $ 101,631 $ 311,400 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, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Amortization, net of forfeitures $ 119,441 $ 105,250 $ 90,230 Change in the fair value of underlying investments 40,634 31,657 (14,086 ) Total $ 160,075 $ 136,907 $ 76,144 |
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, 2020: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2020 10,387,566 $ 44.66 395,973 $ 38.01 Granted (including 608,328 RSUs relating to dividend participation) 3,481,980 $ 42.60 82,827 $ 28.49 Forfeited (122,098 ) $ 41.55 - - Settled (4,481,104 ) $ 46.67 - - Balance, December 31, 2020 9,266,344 $ 42.96 478,800 $ 36.36 |
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 year ended December 31, 2020: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,039,306 $ 41.79 Granted (including 35,288 relating to dividend participation) 697,140 $ 42.89 Forfeited (26,577 ) $ 39.79 Settled (564,910 ) $ 44.65 Balance, December 31, 2020 1,144,959 $ 41.09 |
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, 2020: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2020 797,705 $ 47.65 Performance units earned (a) 299,904 $ 50.74 Settled (550,650 ) $ 43.54 Balance, December 31, 2020 546,959 $ 53.48 (a) Represents shares of common stock earned during the fiscal year under the performance criteria of previously-granted PRSU awards in excess of the target payout level of such awards. |
Profits Interest Participation Rights [Member] | |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the year ended December 31, 2020: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,462,702 $ 38.65 Granted 1,060,373 $ 42.89 Balance, December 31, 2020 (a) 2,523,075 $ 40.43 (a) Table includes 1,050,778 PRPUs, which represents the target number of PRPUs granted as of December 31, 2020, including 486,611 PRPUs granted during the year ended December 31, 2020. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2020 and those granted during the year ended December 31, 2020 were, in each case, the same for PRPUs and other profits interest participation rights. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of December 31, 2020 were $40.61 and $40.30, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 744,705 $ 655,015 Service cost 843 815 Interest cost 11,912 15,350 Actuarial loss 60,613 89,242 Benefits paid (30,400 ) (30,817 ) Settlements (4,178 ) - Foreign currency translation and other adjustments 28,167 15,100 Benefit obligation at end of year 811,662 744,705 Change in plan assets Fair value of plan assets at beginning of year 710,592 642,837 Actual return on plan assets 86,248 74,844 Employer contributions 6,708 5,623 Benefits paid (30,272 ) (30,760 ) Settlements (3,926 ) - Foreign currency translation and other adjustments 30,545 18,048 Fair value of plan assets at end of year 799,895 710,592 Funded (deficit) at end of year $ (11,767 ) $ (34,113 ) Amounts recognized in the consolidated statements of financial condition at December 31, 2020 and 2019 consist of: Prepaid pension asset (included in “other assets”) $ 28,473 $ 2,922 Accrued benefit liability (included in “other liabilities”) (40,240 ) (37,035 ) Net amount recognized $ (11,767 ) $ (34,113 ) Amounts recognized in AOCI (excluding tax benefits of $38,891 and $38,327 at December 31, 2020 and 2019, respectively) consist of: Actuarial net loss (gain) $ 208,743 $ 211,197 Prior service cost (credit) 3,154 3,165 Net amount recognized $ 211,897 $ 214,362 |
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, 2020 and 2019: U.S. Pension Plans Non-U.S. Pension Plans Total As Of December 31, As Of December 31, As Of December 31, 2020 2019 2020 2019 2020 2019 Fair value of plan assets $ 25,850 $ 22,914 $ 774,045 $ 687,678 $ 799,895 $ 710,592 Accumulated benefit obligation $ 34,406 $ 32,314 $ 777,256 $ 712,391 $ 811,662 $ 744,705 Projected benefit obligation $ 34,406 $ 32,314 $ 777,256 $ 712,391 $ 811,662 $ 744,705 |
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, 2020, 2019 and 2018: Pension Plans For The Year Ended December 31, 2020 2019 2018 Components of Net Periodic Benefit Cost (Credit): Service cost $ 843 $ 815 $ 884 Interest cost 11,912 15,350 15,569 Expected return on plan assets (26,711 ) (27,470 ) (29,622 ) Amortization of: Prior service cost 111 110 18 Net actuarial loss (gain) 7,411 5,025 11,840 Settlement loss (gain) 1,329 749 1,212 Net periodic benefit cost (credit) $ (5,105 ) $ (5,421 ) $ (99 ) Actual return on plan assets $ 86,248 $ 74,844 $ (10,608 ) Employer contributions $ 6,708 $ 5,623 $ 22,153 Benefits paid $ 30,272 $ 30,760 $ 62,056 Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(564), $(7,247) and $1,589, during the years ended December 31, 2020, 2019 and 2018, respectively): Net actuarial (gain) loss $ (4,085 ) $ 40,311 $ 11,073 Prior service cost (credit) - - 3,196 Reclassification of prior service (cost) credit to earnings (111 ) (110 ) (18 ) Reclassification of actuarial gain (loss) to earnings (7,411 ) (5,774 ) (13,052 ) Currency translation and other adjustments 9,142 3,025 (8,424 ) Total recognized in AOCI $ (2,465 ) $ 37,452 $ (7,225 ) Net amount recognized in total periodic benefit cost and AOCI $ (7,570 ) $ 32,031 $ (7,324 ) |
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, 2020, 2019 and 2018 are set forth below: Pension Plans December 31, 2020 2019 2018 Weighted average assumptions used to determine benefit obligations: Discount rate 1.3 % 1.8 % 2.6 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 1.6 % 2.2 % 2.4 % Expected long-term rate of return on plan assets 3.9 % 4.4 % 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 2021 $ 27,940 2022 28,477 2023 28,068 2024 30,325 2025 30,243 2026-2030 156,134 |
Schedule of Categorization of Plans' Assets | Plan Assets —The following tables present the categorization of our pension plans’ assets as of December 31, 2020 and 2019, 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, 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 As of December 31, 2019 Level 1 Level 2 Level 3 NAV (a) Total Assets: Cash $ 11,742 $ - $ - $ - $ 11,742 Debt 77,940 - - - 77,940 Equities 37,898 - - - 37,898 Funds: Alternative investments - - - 26,692 26,692 Debt 8,828 81,898 - 269,183 359,909 Equity 183,727 4,697 - 6,442 194,866 Derivatives - 1,545 - - 1,545 Total $ 320,135 $ 88,140 $ - $ 302,317 $ 710,592 (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, 2020 | |
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. |
Activity Related to the Obligations Pursuant to Business Realignment | Activity related to the obligations pursuant to the business realignment during the year ended December 31, 2020 was as follows: Accrued Compensation Other and Benefits Liabilities Total Balance, January 1, 2020 $ 20,210 $ 5,068 $ 25,278 Less: Cash paid or otherwise settled (18,784 ) (5,068 ) (23,852 ) Balance, December 31, 2020 $ 1,426 $ - $ 1,426 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, 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, 2020 2019 2018 Current: Federal $ 2,207 $ 3,871 $ 1,569 Foreign 44,255 57,220 91,073 State and local 3,025 3,934 5,058 Total current 49,487 65,025 97,700 Deferred: Federal 95 49 667 Foreign 8,480 225 (10,227 ) State and local (1,498 ) 1,299 223 Total deferred 7,077 1,573 (9,337 ) Total $ 56,564 $ 66,598 $ 88,363 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates | Year Ended December 31, 2020 2019 2018 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 9.6 11.9 12.0 State and local taxes 0.5 0.9 0.5 Uncertain tax positions 0.6 2.9 0.5 Other 0.3 0.9 0.4 Effective income tax rate 11.0 % 16.6 % 13.4 % |
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows: December 31, 2020 2019 Deferred Tax Assets: Basis adjustments (a) $ 766 $ 2,218 Compensation and benefits 70,761 63,057 Net operating loss and tax credit carryforwards 72,820 62,629 Depreciation and amortization 6,374 6,028 Other 2,936 5,523 Gross deferred tax assets 153,657 139,455 Valuation allowance (76,728 ) (70,429 ) Deferred tax assets (net of valuation allowance) 76,929 69,026 Deferred Tax Liabilities: Depreciation and amortization 6,506 6,175 Compensation and benefits 16,979 7,058 Goodwill 924 255 Other 5,395 3,307 Deferred tax liabilities 29,804 16,795 Net deferred tax assets $ 47,125 $ 52,231 (a) The basis adjustments recorded as of December 31, 2020 and 2019 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, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 Beginning Balance $ 70,429 $ 67,997 $ 54,487 Charged (credited) to provision for income taxes 5,173 2,575 15,789 Charged (credited) to other comprehensive income and other 1,126 (143 ) (2,279 ) Ending Balance $ 76,728 $ 70,429 $ 67,997 |
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, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 Balance, January 1 (excluding interest and penalties of $18,161, $15,830 and $15,136, respectively) $ 60,838 $ 47,674 $ 47,426 Increases in gross unrecognized tax benefits relating to tax positions taken during: Prior years 1,215 11,764 652 Current year 9,516 16,795 11,960 Decreases in gross unrecognized tax benefits relating to: Tax positions taken during prior years (9,814 ) (19 ) (699 ) Settlements with tax authorities (904 ) (7,251 ) (1,218 ) Lapse of the applicable statute of limitations (5,126 ) (8,125 ) (10,447 ) Balance, December 31 (excluding interest and penalties of $18,745, $18,161 and $15,830, respectively) $ 55,725 $ 60,838 $ 47,674 |
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 2018 Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,745, $18,161 and $15,830, respectively) $ 64,868 $ 65,193 $ 53,854 Unrecognized tax benefits that, if recognized, would not affect the effective tax rate $ 9,602 $ 13,806 $ 9,650 Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,679, $3,455 and $4,889, respectively) $ 584 $ 2,331 $ 694 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Financial Advisory Net Revenue $ 1,420,042 $ 1,352,168 $ 1,548,918 Operating Expenses (a) 1,122,002 1,196,906 1,206,511 Operating Income $ 298,040 $ 155,262 $ 342,407 Total Assets $ 1,157,844 $ 1,113,266 $ 829,898 Asset Management Net Revenue $ 1,167,466 $ 1,237,390 $ 1,331,801 Operating Expenses (a) 861,031 887,522 912,110 Operating Income $ 306,435 $ 349,868 $ 419,691 Total Assets $ 958,588 $ 821,641 $ 728,220 Corporate Net Revenue $ (21,968 ) $ (26,865 ) $ (63,858 ) Operating Expenses (a) 68,836 78,071 38,957 Operating Loss $ (90,804 ) $ (104,936 ) $ (102,815 ) Total Assets $ 3,399,315 $ 3,116,721 $ 2,831,357 Total Net Revenue $ 2,565,540 $ 2,562,693 $ 2,816,861 Operating Expenses (a) 2,051,869 2,162,499 2,157,578 Operating Income $ 513,671 $ 400,194 $ 659,283 Total Assets $ 5,515,747 $ 5,051,628 $ 4,389,475 (a) Operating expenses include depreciation and amortization of property as set forth in table below. Year Ended December 31, 2020 2019 2018 Financial Advisory $ 5,795 $ 5,180 $ 7,395 Asset Management 3,730 2,995 3,253 Corporate 25,261 27,085 23,130 Total $ 34,786 $ 35,260 $ 33,778 |
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, 2020 2019 2018 Net Revenue: Americas $ 1,529,501 $ 1,519,983 $ 1,606,245 EMEA 885,925 873,007 1,022,994 Asia Pacific 150,114 169,703 187,622 Total $ 2,565,540 $ 2,562,693 $ 2,816,861 Operating Income: Americas $ 373,976 $ 249,488 $ 412,628 EMEA 109,991 120,481 206,578 Asia Pacific 29,704 30,225 40,077 Total $ 513,671 $ 400,194 $ 659,283 Identifiable Assets: Americas $ 2,667,985 $ 2,320,957 $ 1,950,138 EMEA 2,534,172 2,437,804 2,150,597 Asia Pacific 313,590 292,867 288,740 Total $ 5,515,747 $ 5,051,628 $ 4,389,475 |
Consolidated VIEs (Tables)
Consolidated VIEs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entity Measure Of Activity [Abstract] | |
Summary of Consolidated VIE Assets and Liabilities | The Company’s consolidated VIE assets and liabilities as reflected in the consolidated statements of financial condition consist of the following at December 31, 2020 and 2019. The Company’s consolidated VIE assets can only be used to settle the obligations of the consolidated VIEs. December 31, 2020 2019 ASSETS Cash and cash equivalents $ 3,558 $ 3,826 Customers and other receivables 160 102 Investments (a) 158,370 97,474 Other assets 400 245 Total Assets $ 162,488 $ 101,647 LIABILITIES Deposits and other customer payables $ 104 $ 62 Other liabilities 491 513 Total Liabilities $ 595 $ 575 (a) Includes $121,376 and $83,036 of LFI held by Lazard Group which is eliminated in the consolidated statements of financial condition as of December 31, 2020 and 2019, respectively. |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) - Segment | Feb. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Organization And Basis Of Presentation [Line Items] | |||
Governing operating agreement, date | Feb. 4, 2019 | ||
Number of business segments | 2 | ||
Lazard Ltd [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of common membership interests held | 100.00% | 100.00% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Foreign currency remeasurement gains (losses), net of hedge transactions | $ (904) | $ 3,665 | $ (2,206) |
Depreciation and amortization expense | 34,786 | $ 35,260 | $ 33,778 |
Amount of research and other eligible services received through soft dollar arrangements | $ 23,000 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Adjustments for New Accounting Pronouncement [Member] | |
Cumulative-effect adjustment to retained earnings related to fee receivables recorded from adoption of new guidance | $ 7,571 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Financial Advisory Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenue | [1] | $ 1,420,042 | $ 1,352,168 | $ 1,548,918 |
Asset Management Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenue | 1,167,466 | 1,237,390 | 1,331,801 | |
Asset Management Segment [Member] | Management Fees and Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenue | [2] | 1,109,439 | 1,216,115 | 1,311,286 |
Asset Management Segment [Member] | Incentive Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenue | [3] | $ 58,027 | $ 21,275 | $ 20,515 |
[1] | Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. | |||
[2] | Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. | |||
[3] | Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. |
Receivables - Schedule of Activ
Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Allowance for doubtful accounts receivables, Beginning balance | $ 27,130 | [1] | $ 40,115 | [1] | $ 23,692 | |
Bad debt expense, net of reversals | 3,995 | (5,080) | 27,164 | |||
Charge-offs, foreign currency translation and other adjustments | (2,047) | (7,905) | (10,741) | |||
Allowance for doubtful accounts receivables, Ending balance | [1] | 36,649 | $ 27,130 | $ 40,115 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
Adjustment for adoption of new accounting guidance | $ 7,571 | |||||
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Interest-bearing financing fee receivables | $ 90,521,000 | $ 77,052,000 | |||||
Allowance for doubtful accounts receivables | 36,649,000 | [1] | 27,130,000 | [1] | $ 40,115,000 | $ 23,692,000 | |
Aggregate carrying amount of non-interest bearing receivables | 697,200,000 | 620,599,000 | |||||
Lazard Ltd Subsidiaries [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Receivables related to interest-bearing loans | 86,800,000 | ||||||
Financing Receivables [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for doubtful accounts receivables | $ 0 | $ 0 | |||||
[1] | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. |
Investments - Company's Investm
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Total investments | $ 658,532 | $ 531,995 | |
Investments, at fair value | 658,532 | 531,478 | |
Securities sold, not yet purchased, at fair value (included in "other liabilities") | 1,176 | 12,894 | |
Interest-bearing Deposits [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 517 | ||
Debt [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 99,987 | 100,000 | |
Investments, at fair value | 99,987 | 100,000 | |
Equities [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 37,365 | 48,521 | |
Investments, at fair value | 37,365 | 48,521 | |
Alternative Investment Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | [1] | 34,264 | 16,581 |
Investments, at fair value | 34,264 | 16,581 | |
Debt Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | [1] | 123,554 | 113,579 |
Investments, at fair value | 123,554 | 113,579 | |
Equity Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | [1] | 325,795 | 218,435 |
Investments, at fair value | 325,795 | 218,435 | |
Private Equity Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 37,567 | 34,362 | |
Investments, at fair value | 37,567 | 34,362 | |
Funds Total [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | $ 521,180 | $ 382,957 | |
[1] | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $11,128, $90,758 and $277,725, respectively, at December 31, 2020 and $9,881, $78,360 and $170,897, respectively, at December 31, 2019, held in order to satisfy the Company’s liability upon vesting of previously granted LFI and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 8 and 16). |
Investments - Company's Inves_2
Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Investments | $ 658,532 | $ 531,995 | |
Alternative Investment Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments | [1] | 34,264 | 16,581 |
Alternative Investment Funds [Member] | Lazard Fund Interests [Member] | |||
Schedule of Investments [Line Items] | |||
Investments | 11,128 | 9,881 | |
Debt Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments | [1] | 123,554 | 113,579 |
Debt Funds [Member] | Lazard Fund Interests [Member] | |||
Schedule of Investments [Line Items] | |||
Investments | 90,758 | 78,360 | |
Equity Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Investments | [1] | 325,795 | 218,435 |
Equity Funds [Member] | Lazard Fund Interests [Member] | |||
Schedule of Investments [Line Items] | |||
Investments | $ 277,725 | $ 170,897 | |
[1] | Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $11,128, $90,758 and $277,725, respectively, at December 31, 2020 and $9,881, $78,360 and $170,897, respectively, at December 31, 2019, held in order to satisfy the Company’s liability upon vesting of previously granted LFI and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 8 and 16). |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Interest-bearing Deposits [Member] | |
Schedule of Investments [Line Items] | |
Deposits maturity period | 3 months |
Minimum [Member] | Debt [Member] | U.S. Treasury Securities [Member] | |
Schedule of Investments [Line Items] | |
US Treasury securities maturity period | 3 months |
Maximum [Member] | Interest-bearing Deposits [Member] | |
Schedule of Investments [Line Items] | |
Deposits maturity period | 1 year |
Maximum [Member] | Debt [Member] | U.S. Treasury Securities [Member] | |
Schedule of Investments [Line Items] | |
US Treasury securities maturity period | 1 year |
Investments - Schedule of Equit
Investments - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract] | |||
Net unrealized investment gains (losses) | $ 49,719 | $ 36,610 | $ (43,009) |
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, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 658,532 | $ 531,478 |
Total Derivative Assets | 536 | 1,395 |
Total investments measured at fair value | 659,068 | 532,873 |
Securities sold, not yet purchased | 1,176 | 12,894 |
Total Derivative Liabilities | 314,485 | 236,273 |
Total of Liabilities Measured at Fair Value | 315,661 | 249,167 |
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 | 602,390 | 494,619 |
Securities sold, not yet purchased | 1,176 | 12,894 |
Total of Liabilities Measured at Fair Value | 1,176 | 12,894 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total Derivative Assets | 536 | 1,395 |
Total investments measured at fair value | 536 | 1,395 |
Total Derivative Liabilities | 314,485 | 236,273 |
Total of Liabilities Measured at Fair Value | 314,485 | 236,273 |
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 | 3,157 | 2,971 |
NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total investments measured at fair value | 52,985 | 33,888 |
Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 99,987 | 100,000 |
Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 99,987 | 100,000 |
Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 37,365 | 48,521 |
Equities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 35,694 | 46,921 |
Equities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 1,671 | 1,600 |
Alternative Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 34,264 | 16,581 |
Alternative Investment Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 17,411 | 15,731 |
Alternative Investment Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 16,853 | 850 |
Debt Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 123,554 | 113,579 |
Debt Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 123,549 | 113,574 |
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 | 325,795 | 218,435 |
Equity Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 325,749 | 218,393 |
Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 46 | 42 |
Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 37,567 | 34,362 |
Private Equity Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 1,486 | 1,371 |
Private Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | $ 36,081 | $ 32,991 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Beginning Balance | $ 2,971 | $ 1,622 | $ 1,592 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (117) | (781) | 61 |
Purchases/Acquisitions/Transfers | 299 | 2,131 | 1 |
Sales/Dispositions/Settlements | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | 4 | (1) | (32) |
Ending Balance | 3,157 | 2,971 | 1,622 |
Liabilities: | |||
Beginning Balance | 0 | 1,309 | 4,656 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (1,309) | (3,347) | |
Purchases/Acquisitions/Transfers | 0 | 0 | |
Sales/Dispositions/Settlements | 0 | 0 | |
Foreign Currency Translation Adjustments | 0 | 0 | |
Ending Balance | 0 | 1,309 | |
Contingent Consideration Liability [Member] | |||
Liabilities: | |||
Beginning Balance | 0 | 1,309 | 4,656 |
Net Unrealized/Realized Gains/Losses Included In Earnings | (1,309) | (3,347) | |
Purchases/Acquisitions/Transfers | 0 | 0 | |
Sales/Dispositions/Settlements | 0 | 0 | |
Foreign Currency Translation Adjustments | 0 | 0 | |
Ending Balance | 0 | 1,309 | |
Equities [Member] | |||
Assets: | |||
Beginning Balance | 1,600 | 1,622 | 1,592 |
Net Unrealized/Realized Gains/Losses Included In Earnings | 73 | (21) | 61 |
Purchases/Acquisitions/Transfers | 0 | 0 | 1 |
Sales/Dispositions/Settlements | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | (2) | (1) | (32) |
Ending Balance | 1,671 | 1,600 | 1,622 |
Private Equity Funds [Member] | |||
Assets: | |||
Beginning Balance | 1,371 | 0 | |
Net Unrealized/Realized Gains/Losses Included In Earnings | (190) | (760) | |
Purchases/Acquisitions/Transfers | 299 | 2,131 | |
Sales/Dispositions/Settlements | 0 | 0 | |
Foreign Currency Translation Adjustments | 6 | 0 | |
Ending Balance | $ 1,486 | $ 1,371 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Level 3 Asset [Member] | |||
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Net unrealized gains (losses) | $ (117) | $ (781) | $ 61 |
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 | $ 3,347 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Option Quantitative Disclosures [Line Items] | ||
No other transfers into or out of Level 3 | $ 0 | $ 0 |
Unfunded Commitments | 5,865,000 | $ 6,056,000 |
EGCP III [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Unfunded Commitments | $ 5,370,000 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets: | |||
Cash and cash equivalents | $ 1,319,712 | $ 1,164,135 | $ 1,185,040 |
Deposits with banks and short-term investments | 1,134,463 | 1,180,686 | 1,006,969 |
Cash deposited with clearing organizations and other segregated cash | 44,488 | 43,280 | $ 38,379 |
Interest-bearing financing receivables | 90,521 | 77,052 | |
Financial Liabilities: | |||
Deposits and other customer payables | 1,201,150 | 1,246,200 | |
Senior debt | 1,682,741 | 1,679,562 | |
Carrying Value [Member] | |||
Financial Assets: | |||
Cash and cash equivalents | 1,319,712 | 1,164,135 | |
Deposits with banks and short-term investments | 1,134,463 | 1,180,686 | |
Cash deposited with clearing organizations and other segregated cash | 44,488 | 43,280 | |
Interest-bearing financing receivables | 90,521 | 77,052 | |
Interest-bearing deposits (included within investments) | 517 | ||
Financial Liabilities: | |||
Deposits and other customer payables | 1,201,150 | 1,246,200 | |
Senior debt | 1,682,741 | 1,679,562 | |
Fair Value [Member] | |||
Financial Assets: | |||
Deposits with banks and short-term investments | 1,134,463 | 1,180,686 | |
Cash deposited with clearing organizations and other segregated cash | 44,488 | 43,280 | |
Interest-bearing financing receivables | 92,584 | 78,940 | |
Cash and cash equivalents | 1,319,712 | 1,164,135 | |
Interest-bearing deposits (included within investments) | 517 | ||
Financial Liabilities: | |||
Deposits and other customer payables | 1,201,150 | 1,246,200 | |
Senior debt | 1,954,145 | 1,838,716 | |
Fair Value [Member] | Level 1 [Member] | |||
Financial Assets: | |||
Deposits with banks and short-term investments | 1,134,463 | 1,180,686 | |
Cash deposited with clearing organizations and other segregated cash | 44,488 | 43,280 | |
Cash and cash equivalents | 1,319,712 | 1,164,135 | |
Interest-bearing deposits (included within investments) | 517 | ||
Financial Liabilities: | |||
Deposits and other customer payables | 1,201,150 | 1,246,200 | |
Fair Value [Member] | Level 2 [Member] | |||
Financial Liabilities: | |||
Senior debt | 1,954,145 | 1,838,716 | |
Fair Value [Member] | Level 3 [Member] | |||
Financial Assets: | |||
Interest-bearing financing receivables | $ 92,584 | $ 78,940 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 52,985 | $ 33,888 |
Unfunded Commitments | 5,865 | 6,056 |
Hedge Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 16,216 | $ 241 |
Hedge Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 99.00% | 52.00% |
Hedge Funds [Member] | Quarterly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 1.00% | 48.00% |
Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Notice Period | 30 days | 30 days |
Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Notice Period | 60 days | 60 days |
Other [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 637 | $ 609 |
Other [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 92.00% | 94.00% |
Other [Member] | Daily [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 8.00% | 6.00% |
Other [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Notice Period | 30 days | 30 days |
Other [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Redemption Notice Period | 30 days | 30 days |
Debt Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 5 | $ 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 | $ 46 | $ 42 |
Equity Funds [Member] | Annually [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 61.00% | 66.00% |
Equity Funds [Member] | Monthly [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments Redeemable, Percent | 39.00% | 34.00% |
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 | $ 36,081 | $ 32,991 |
Unfunded Commitments | $ 5,865 | $ 6,056 |
% 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, 2020 | Dec. 31, 2019 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 5,865 | $ 6,056 |
Private Equity Funds [Member] | Consolidated But Not Owned [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 10,022 | $ 11,155 |
Derivatives - Fair Values of De
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 536 | $ 1,395 |
Derivative Liabilities | 314,485 | 236,273 |
Forward Foreign Currency Exchange Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 536 | 1,395 |
Derivative Liabilities | 333 | 1,720 |
Total Return Swaps and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 2,752 | 8,527 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 311,400 | $ 226,026 |
Derivatives - Fair Values of _2
Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Parenthetical) (Detail) - Total Return Swaps [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative assets | $ 152 | $ 152 |
Gross derivative liability | 9,797 | $ 8,679 |
Cash collateral pledged for total return swaps | $ 6,893 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $ (58,226) | $ (38,963) | $ 30,483 |
Forward Foreign Currency Exchange Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | (8,356) | 6,988 | 7,584 |
LFI and Other Similar Deferred Compensation Arrangements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | (40,634) | (31,657) | 14,086 |
Total Return Swaps and Other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as hedging instruments | $ (9,236) | $ (14,294) | $ 8,813 |
Property - Components of Proper
Property - Components of Property (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 658,413 | $ 585,751 |
Less - Accumulated depreciation and amortization | 401,505 | 366,880 |
Property | 256,908 | 218,871 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 155,434 | 142,298 |
Property, plant and equipment, useful life | 33 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 219,871 | 196,277 |
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 | $ 240,284 | 214,700 |
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 | $ 42,824 | $ 32,476 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 85,666 | $ 80,401 |
Variable lease cost | 21,277 | 19,347 |
Less - sublease income | 6,827 | 6,809 |
Total | $ 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, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 91,452 | $ 84,764 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 13,515 | $ 607,770 |
Weighted average remaining lease term | 11 years | 12 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, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 91,735 | |
2022 | 73,868 | |
2023 | 68,057 | |
2024 | 65,205 | |
2025 | 59,387 | |
Thereafter | 377,850 | |
Total lease payments | 736,102 | |
Less - Discount | 129,502 | |
Operating lease liabilities | $ 606,600 | $ 643,808 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 361,682 | $ 350,029 | $ 350,829 | $ 362,760 |
Other intangible assets (net of accumulated amortization) | 210 | 1,768 | ||
Goodwill and other intangible assets, Total | $ 361,892 | $ 351,797 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 361,682,000 | $ 350,029,000 | $ 350,829,000 | $ 362,760,000 |
Goodwill impairment loss | 0 | 0 | 0 | |
Amortization of intangible assets | 1,744,000 | 2,166,000 | $ 2,389,000 | |
Financial Advisory Segment [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | 297,141,000 | 285,488,000 | ||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Beginning Balance | $ 350,029 | $ 350,829 | $ 362,760 |
Foreign currency translation adjustments | 11,653 | (800) | (11,931) |
Ending Balance | $ 361,682 | $ 350,029 | $ 350,829 |
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, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | $ 67,711 | $ 67,525 |
Other intangible assets, accumulated amortization | 67,501 | 65,757 |
Other intangible assets, Net Carrying Amount | 210 | 1,768 |
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 | 31,542 |
Other intangible assets, Net Carrying Amount | 1,498 | |
Management Fees, Customer Relationships and Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, Gross Cost | 34,671 | 34,485 |
Other intangible assets, accumulated amortization | 34,461 | 34,215 |
Other intangible assets, Net Carrying Amount | $ 210 | $ 270 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 | $ 60 |
2022 | 60 |
2023 | 60 |
2024 | 30 |
Total amortization expense | $ 210 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Current income and other tax receivables | $ 45,341 | $ 58,355 |
Prepaid compensation (see Note 16) | 101,631 | 74,597 |
Other advances and prepayments | 82,161 | 43,042 |
Other | 74,316 | 80,441 |
Total | $ 303,449 | $ 256,435 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Accrued expenses | $ 180,294 | $ 178,019 |
Current income taxes and other taxes | 136,751 | 133,358 |
Employee benefit-related liabilities | 60,599 | 51,370 |
Unclaimed funds at LFB | 18,967 | 17,405 |
Deferred revenue | 90,715 | 97,964 |
Securities sold, not yet purchased | 1,176 | 12,894 |
Other | 32,568 | 36,916 |
Total | $ 521,070 | $ 527,926 |
Senior Debt - Senior Debt (Deta
Senior Debt - Senior Debt (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | |||
Senior Debt, Outstanding Principal | $ 1,700,000,000 | $ 1,700,000,000 | |
Senior Debt, Outstanding Unamortized Debt Costs | 17,259,000 | 20,438,000 | |
Senior Debt, Outstanding Carrying Value | 1,682,741,000 | 1,679,562,000 | |
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 | 1,948,000 | 2,416,000 | |
Senior Debt, Outstanding Carrying Value | 398,052,000 | 397,584,000 | |
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 | 2,405,000 | 2,822,000 | |
Senior Debt, Outstanding Carrying Value | 297,595,000 | 297,178,000 | |
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 | 6,568,000 | 7,814,000 | |
Senior Debt, Outstanding Carrying Value | 493,432,000 | 492,186,000 | |
Lazard Group 4.375% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Debt, Initial Principal Amount | $ 500,000,000 | $ 500,000,000 | |
Senior Debt, Maturity Date | Mar. 11, 2029 | ||
Senior Debt, Annual Interest Rate | 4.375% | 4.375% | |
Senior Debt, Outstanding Principal | $ 500,000,000 | 500,000,000 | |
Senior Debt, Outstanding Unamortized Debt Costs | 6,338,000 | 7,386,000 | |
Senior Debt, Outstanding Carrying Value | $ 493,662,000 | $ 492,614,000 |
Senior Debt - Senior Debt (Pare
Senior Debt - Senior Debt (Parenthetical) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | |
Lazard Group 4.375% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 500,000,000 | $ 500,000,000 | ||
Interest rate, payment terms | Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. | |||
Senior notes interest rate | 4.375% | 4.375% | ||
Original Maturity Date | Mar. 11, 2029 | |||
Effective interest rates of senior notes | 4.53% | |||
Lazard Group 4.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes interest rate | 4.25% | |||
Redemption of senior debt aggregate principal amount | $ 250,000,000 | $ 82,057,000 | $ 167,943,000 | |
Lazard Group 3.75% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 400,000,000 | |||
Senior notes interest rate | 3.75% | |||
Original Maturity Date | Feb. 13, 2025 | |||
Effective interest rates of senior notes | 3.87% | |||
Lazard Group 3.625% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 300,000,000 | |||
Senior notes interest rate | 3.625% | |||
Original Maturity Date | Mar. 1, 2027 | |||
Effective interest rates of senior notes | 3.76% | |||
Lazard Group 4.50% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Debt, Initial Principal Amount | $ 500,000,000 | |||
Senior notes interest rate | 4.50% | |||
Original Maturity Date | Sep. 19, 2028 | |||
Effective interest rates of senior notes | 4.67% |
Senior Debt - Additional Inform
Senior Debt - Additional Information (Detail) - USD ($) | Jul. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Unused Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | $ 213,400,000 | ||
Unused Lines of Credit [Member] | LFB [Member] | |||
Debt Instrument [Line Items] | |||
Unused lines of credit | 12,000,000 | ||
Amended and Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
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, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total | $ 1,700,000,000 | $ 1,700,000,000 |
Senior Borrowings Outstanding [Member] | ||
Debt Instrument [Line Items] | ||
2021 - 2024 | 0 | |
2025 | 400,000,000 | |
Thereafter | 1,300,000,000 | |
Total | $ 1,700,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2020USD ($) |
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 ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2019 | |
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock held by subsidiaries, shares | 6,911,911 | 7,675,688 | ||
Aggregate value of all shares repurchased | $ 95,227 | $ 494,687 | $ 552,872 | |
Share repurchase remaining authorization | $ 300,000 | |||
December 31, 2021 [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Share repurchase authorization expiration date | Dec. 31, 2021 | |||
Common Stock [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock held by subsidiaries, shares | 6,911,911 | 7,675,688 | ||
Lazard Ltd Subsidiaries [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Distribution to members | $ 201,019 | $ 263,935 | 448,912 | |
Lazard Ltd Subsidiaries [Member] | Common Stock [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares distribution to members | 17,000,000 | |||
Executive Officers [Member] | Common Stock [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Aggregate value of all shares repurchased | $ 10,000 | $ 14,600 | $ 17,700 |
Members' Equity - Schedule of S
Members' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
April, 2018 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2020 |
October, 2018 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2020 |
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 |
Members' Equity - Schedule of_2
Members' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Repurchase Program [Abstract] | |||
Number of Shares Purchased | 2,912,035 | 13,674,439 | 12,206,652 |
Average Price Per Share | $ 32.70 | $ 36.18 | $ 45.29 |
Members' Equity - Accumulated O
Members' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 287,326 | $ 582,752 | $ 906,900 |
Other comprehensive income (loss) before reclassifications | 50,914 | (26,461) | (44,139) |
Adjustments for items reclassified to earnings, net of tax | 6,046 | 4,717 | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 56,960 | (21,744) | (33,404) |
Balance | 710,869 | 287,326 | 582,752 |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (74,369) | (82,829) | (43,790) |
Other comprehensive income (loss) before reclassifications | 53,931 | 8,460 | (39,039) |
Adjustments for items reclassified to earnings, net of tax | 0 | 0 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 53,931 | 8,460 | (39,039) |
Balance | (20,438) | (74,369) | (82,829) |
Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (176,035) | (145,831) | (151,466) |
Other comprehensive income (loss) before reclassifications | (3,017) | (34,921) | (5,100) |
Adjustments for items reclassified to earnings, net of tax | 6,046 | 4,717 | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3,029 | (30,204) | 5,635 |
Balance | (173,006) | (176,035) | (145,831) |
Total AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (250,404) | (228,660) | (195,256) |
Balance | (193,444) | (250,404) | (228,660) |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications | 2 | ||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2 | ||
Balance | 2 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (250,404) | (228,660) | (195,256) |
Other comprehensive income (loss) before reclassifications | 50,912 | (26,461) | (44,139) |
Adjustments for items reclassified to earnings, net of tax | 6,046 | 4,717 | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 56,958 | (21,744) | (33,404) |
Balance | $ (193,446) | $ (250,404) | $ (228,660) |
Members' Equity - Adjustments f
Members' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | $ 6,046 | $ 4,717 | $ 10,735 |
Employee Benefit Plans [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization relating to employee benefit plans | 7,522 | 5,884 | 13,070 |
Less - related income taxes | 1,476 | 1,167 | 2,335 |
Total reclassifications, net of tax | $ 6,046 | $ 4,717 | $ 10,735 |
Members' Equity - Net Income (L
Members' Equity - Net Income (Loss) Attributable to Non-controlling Interests and Non-controlling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | $ 231 | $ 11,216 | $ 5,323 |
Noncontrolling interests | 85,885 | 68,406 | |
Consolidated VIEs [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | 2,577 | 1,363 | |
Noncontrolling interests | 40,517 | 18,241 | |
Edgewater [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | (2,349) | 9,850 | 5,320 |
Noncontrolling interests | 45,352 | 50,151 | |
Other Entity [Member] | |||
Change In Ownership Interest [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interests | 3 | 3 | $ 3 |
Noncontrolling interests | $ 16 | $ 14 |
Incentive Plans - Additional In
Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 24, 2018 | Feb. 28, 2021 | Dec. 31, 2020 |
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred incentive compensation awards | $ 364,000 | ||
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 | 10 months 24 days | ||
Non-Executive [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of annual compensation received by directors in the form of DSUs | 55.00% | ||
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock conversion basis | one-for-one | ||
Grant date fair value, amortized periods | generally, one-third after two years and the remaining two-thirds after the third year | ||
Dividend participation rights required the issuance of RSUs | 608,328 | ||
Unrecognized compensation expense | $ 100,429 | ||
Unrecognized compensation expense, years | 9 months 18 days | ||
DSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual compensation received for service | 60,022 | ||
Units granted under the directors deferred unit plan | 22,805 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend participation rights required the issuance of RSUs | 35,288 | ||
Unrecognized compensation expense | $ 17,045 | ||
Unrecognized compensation expense, years | 9 months 18 days | ||
PRSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 415 | ||
Unrecognized compensation expense, years | 1 month 6 days | ||
Percentage of target number of shares subject to each PRSU no longer subject to forfeiture due to threshold level of performance being achieved | 25.00% | ||
Descriptions of vesting period | PRSUs will vest on a single date approximately three years following the date of the grant | ||
Vesting period | 3 years | ||
PRSUs target share distribution for Class A common stock, description | The target number of shares of 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. | ||
Profits Interest Participation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock conversion basis | one-for-one | ||
Unrecognized compensation expense | $ 21,633 | ||
Unrecognized compensation expense, years | 10 months 24 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 each PRPU award will range from zero to two times the target number. | ||
Percentage of target number of shares subject to the applicable units no longer subject to forfeiture due to threshold level of performance being achieved | 25.00% | ||
Common Stock [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 1,629,174 | ||
Delivery of common stock associated with stock awards | 2,851,930 | ||
Common Stock [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 200,364 | ||
Delivery of common stock associated with stock awards | 364,546 | ||
Common Stock [Member] | PRSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Withholding taxes in lieu of share delivery | 91,314 | ||
Delivery of common stock associated with stock awards | 459,336 | ||
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 | ||
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] | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based incentive awards: | |||
Share-based incentive awards | $ 217,269 | $ 252,112 | $ 266,436 |
RSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 140,556 | 168,338 | 193,924 |
PRSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 6,264 | 8,742 | 34,114 |
Restricted Stock [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 27,976 | 29,322 | 37,261 |
Profits Interest Participation Rights [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | 41,293 | 44,537 | |
DSUs [Member] | |||
Share-based incentive awards: | |||
Share-based incentive awards | $ 1,180 | $ 1,173 | $ 1,137 |
Incentive Plans - Schedule of A
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
RSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 10,387,566 |
Units, Granted | shares | 3,481,980 |
Units, Forfeited | shares | (122,098) |
Units, Settled | shares | (4,481,104) |
Units, Ending Balance | shares | 9,266,344 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 44.66 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 42.60 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 41.55 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 46.67 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 42.96 |
DSUs [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 395,973 |
Units, Granted | shares | 82,827 |
Units, Ending Balance | shares | 478,800 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 38.01 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 28.49 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 36.36 |
Incentive Plans - Schedule of_2
Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020shares | |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend participation rights | 608,328 |
Incentive Plans - Summary of Ac
Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Units, Beginning Balance | shares | 1,039,306 |
Units, Granted | shares | 697,140 |
Units, Forfeited | shares | (26,577) |
Units, Settled | shares | (564,910) |
Units, Ending Balance | shares | 1,144,959 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 41.79 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 42.89 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 39.79 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 44.65 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 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, 2020shares | |
Restricted Stock [Member] | |
Share-based compensation arrangement by share-based payment award [Line Items] | |
Amount relating to dividend participation rights | 35,288 |
Incentive Plans - Summary of _3
Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] | 12 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Units, Beginning Balance | shares | 797,705 | |
Units, Earned | shares | 299,904 | [1] |
Units, Settled | shares | (550,650) | |
Units, Ending Balance | shares | 546,959 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 47.65 | |
Weighted Average Grant Date Fair Value, Earned | $ / shares | 50.74 | [1] |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 43.54 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 53.48 | |
[1] | Represents shares of common stock earned during the fiscal year under the performance criteria of previously-granted PRSU awards in excess of the target payout level of such awards. |
Incentive Plans - Summary of _4
Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Detail) - Profits Interest Participation Rights, Including PRPUs [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Beginning Balance | shares | 1,462,702 |
Units, Granted | shares | 1,060,373 |
Units, Ending Balance | shares | 2,523,075 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 38.65 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 42.89 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 40.43 |
Incentive Plans - Summary of _5
Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
PRPUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Granted | shares | 486,611 |
Weighted average grant date fair value | $ / shares | $ 40.61 |
PRPUs [Member] | Target Number of PRPUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Granted | shares | 1,050,778 |
Other Profits Interest Participation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant date fair value | $ / shares | $ 40.30 |
Incentive Plans - Summary of LF
Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |
Prepaid Compensation Asset, Beginning Balance | $ 74,597 |
Prepaid Compensation Asset, Ending Balance | 101,631 |
Compensation Liability, Beginning Balance | 236,273 |
Compensation Liability, Ending Balance | 314,485 |
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 | 74,597 |
Prepaid Compensation Asset, Granted | 143,289 |
Prepaid Compensation Asset, Forfeited | (3,134) |
Prepaid Compensation Asset, Amortization | (113,119) |
Prepaid Compensation Asset, Other | (2) |
Prepaid Compensation Asset, Ending Balance | 101,631 |
Compensation Liability, Beginning Balance | 226,026 |
Compensation Liability, Granted | 143,289 |
Compensation Liability, Settled | (104,774) |
Compensation Liability, Forfeited | (6,979) |
Compensation Liability, Increase (decrease) in fair value of underlying investments | 40,634 |
Compensation Liability, Adjustment for estimated forfeitures | 10,167 |
Compensation Liability, Other | 3,037 |
Compensation Liability, Ending Balance | $ 311,400 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation [Abstract] | |||
Amortization, net of forfeitures | $ 119,441 | $ 105,250 | $ 90,230 |
Change in the fair value of underlying investments | 40,634 | 31,657 | (14,086) |
Total | $ 160,075 | $ 136,907 | $ 76,144 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Equity funds that are invested in funds managed by the company | $ 92,359 | $ 99,671 | ||
Contributions to employer sponsored defined contribution plans | $ 16,627 | $ 16,905 | $ 15,765 | |
Unites States [Member] | Level 1 [Member] | Debt Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plans' assets in debt funds | 46.00% | 39.00% | ||
Unites States [Member] | Level 1 [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 1.00% | 1.00% | ||
Unites States [Member] | Level 1 [Member] | NAV [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plans' assets in equity funds | 53.00% | 60.00% | ||
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 | 5.00% | 6.00% | ||
Non-U.S. Pension Plans [Member] | Level 1 and Level 2 [Member] | Equities And Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 32.00% | 32.00% | ||
Non-U.S. Pension Plans [Member] | Level 1 and Level 2 [Member] | NAV [Member] | Debt And Debt Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan assets invested | 63.00% | 62.00% | ||
Scenario, Forecast [Member] | Non-U.S. Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contribution related to the pension plans | $ 3,400 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 744,705 | ||
Benefit obligation at end of year | 811,662 | $ 744,705 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 710,592 | ||
Fair value of plan assets at end of year | 799,895 | 710,592 | |
Pension Plans [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 744,705 | 655,015 | |
Service cost | 843 | 815 | $ 884 |
Interest cost | 11,912 | 15,350 | 15,569 |
Actuarial loss | 60,613 | 89,242 | |
Benefits paid | (30,400) | (30,817) | |
Settlements | (4,178) | ||
Foreign currency translation and other adjustments | 28,167 | 15,100 | |
Benefit obligation at end of year | 811,662 | 744,705 | 655,015 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 710,592 | 642,837 | |
Actual return on plan assets | 86,248 | 74,844 | (10,608) |
Employer contributions | 6,708 | 5,623 | 22,153 |
Benefits paid | (30,272) | (30,760) | (62,056) |
Settlements | (3,926) | ||
Foreign currency translation and other adjustments | 30,545 | 18,048 | |
Fair value of plan assets at end of year | 799,895 | 710,592 | $ 642,837 |
Funded (deficit) at end of year | (11,767) | (34,113) | |
Prepaid pension asset (included in “other assets”) | 28,473 | 2,922 | |
Accrued benefit liability (included in “other liabilities”) | (40,240) | (37,035) | |
Net amount recognized | (11,767) | (34,113) | |
Actuarial net loss (gain) | 208,743 | 211,197 | |
Prior service cost (credit) | 3,154 | 3,165 | |
Net amount recognized | $ 211,897 | $ 214,362 |
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, 2020 | Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||
Excluding tax benefits on amounts recognized | $ 38,891 | $ 38,327 |
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, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 799,895 | $ 710,592 |
Accumulated benefit obligation | 811,662 | 744,705 |
Projected benefit obligation | 811,662 | 744,705 |
Unites States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25,850 | 22,914 |
Accumulated benefit obligation | 34,406 | 32,314 |
Projected benefit obligation | 34,406 | 32,314 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 774,045 | 687,678 |
Accumulated benefit obligation | 777,256 | 712,391 |
Projected benefit obligation | $ 777,256 | $ 712,391 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Net Periodic Benefit Cost (Credit): | |||
Service cost | $ 843 | $ 815 | $ 884 |
Interest cost | 11,912 | 15,350 | 15,569 |
Expected return on plan assets | (26,711) | (27,470) | (29,622) |
Amortization of: | |||
Prior service cost | 111 | 110 | 18 |
Net actuarial loss (gain) | 7,411 | 5,025 | 11,840 |
Settlement loss (gain) | 1,329 | 749 | 1,212 |
Net periodic benefit cost (credit) | (5,105) | (5,421) | (99) |
Actual return on plan assets | 86,248 | 74,844 | (10,608) |
Employer contributions | 6,708 | 5,623 | 22,153 |
Benefits paid | 30,272 | 30,760 | 62,056 |
Prior service cost (credit) | 3,196 | ||
Net actuarial (gain) loss | (4,085) | 40,311 | 11,073 |
Reclassification of prior service (cost) credit to earnings | (111) | (110) | (18) |
Reclassification of actuarial gain (loss) to earnings | (7,411) | (5,774) | (13,052) |
Currency translation and other adjustments | 9,142 | 3,025 | (8,424) |
Total recognized in AOCI | (2,465) | 37,452 | (7,225) |
Net amount recognized in total periodic benefit cost and AOCI | $ (7,570) | $ 32,031 | $ (7,324) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Tax expense (benefit) on other changes in plan assets and benefit obligations recognized in AOCI | $ (564) | $ (7,247) | $ 1,589 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine benefit obligations, Discount rate | 1.30% | 1.80% | 2.60% |
Weighted average assumptions used to determine net periodic benefit cost, Discount rate | 1.60% | 2.20% | 2.40% |
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets | 3.90% | 4.40% | 4.40% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) - Pension Plans [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 27,940 |
2022 | 28,477 |
2023 | 28,068 |
2024 | 30,325 |
2025 | 30,243 |
2026-2030 | $ 156,134 |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 799,895 | $ 710,592 | |
NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 352,311 | 302,317 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 355,950 | 320,135 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 91,634 | 88,140 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 19,489 | 11,742 | |
Cash [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 19,489 | 11,742 | |
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 84,031 | 77,940 | |
Debt [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 84,031 | 77,940 | |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 41,251 | 37,898 | |
Equities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 41,251 | 37,898 | |
Alternative Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 18,847 | 26,692 | |
Alternative Investment Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 18,847 | 26,692 |
Debt Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 417,465 | 359,909 | |
Debt Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 322,086 | 269,183 |
Debt Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 11,978 | 8,828 | |
Debt Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 83,401 | 81,898 | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 216,866 | 194,866 | |
Equity Funds [Member] | NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | [1] | 11,378 | 6,442 |
Equity Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 199,201 | 183,727 | |
Equity Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 6,287 | 4,697 | |
Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 1,946 | 1,545 | |
Derivatives [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 1,946 | $ 1,545 | |
[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 (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Compensation and benefits | $ 56,635 | |
Other | 11,175 | [1] |
Total | 67,810 | |
Financial Advisory Segment [Member] | ||
Compensation and benefits | 39,476 | |
Other | 4,371 | [1] |
Total | 43,847 | |
Asset Management Segment [Member] | ||
Compensation and benefits | 14,480 | |
Other | 1,750 | [1] |
Total | 16,230 | |
Corporate Segment [Member] | ||
Compensation and benefits | 2,679 | |
Other | 5,054 | [1] |
Total | $ 7,733 | |
[1] | Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Business Realignment Activiti_2
Business Realignment Activities - Expenses Associated with Business Realignment Activity (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Other expenses and losses associated with business realignment | $ 11,175 | [1] |
Financial Advisory Segment [Member] | ||
Other expenses and losses associated with business realignment | 4,371 | [1] |
Financial Advisory Segment [Member] | Certain Offices [Member] | ||
Other expenses and losses associated with business realignment | $ 3,727 | |
[1] | Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment. |
Business Realignment Activiti_3
Business Realignment Activities - Activity Related to the Obligations Pursuant to Business Realignment (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Balance, January 1, 2020 | $ 25,278 |
Cash paid or otherwise settled | (23,852) |
Balance, December 31, 2020 | 1,426 |
Accrued Compensation and Benefits [Member] | |
Balance, January 1, 2020 | 20,210 |
Cash paid or otherwise settled | (18,784) |
Balance, December 31, 2020 | 1,426 |
Other Liabilities [Member] | |
Balance, January 1, 2020 | 5,068 |
Cash paid or otherwise settled | $ (5,068) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 35.00% |
Deferred tax assets, valuation allowance | $ 76,728 | $ 70,429 | $ 67,997 | $ 54,487 |
Deferred tax assets recorded due to net operating losses and tax credit carryforwards | 72,820 | |||
Indefinite-lived carryforwards | 27,000 | |||
Other certain tax credit carryforwards | $ 38,000 | |||
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 we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate. | |||
Unrecognized tax benefits, including interest and penalties recorded that may be recognized within 12 months | $ 17,600 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal, current | $ 2,207 | $ 3,871 | $ 1,569 |
Foreign, current | 44,255 | 57,220 | 91,073 |
State and local, current | 3,025 | 3,934 | 5,058 |
Total current | 49,487 | 65,025 | 97,700 |
Federal, deferred | 95 | 49 | 667 |
Foreign, deferred | 8,480 | 225 | (10,227) |
State and local, deferred | (1,498) | 1,299 | 223 |
Total deferred | 7,077 | 1,573 | (9,337) |
Total | $ 56,564 | $ 66,598 | $ 88,363 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 35.00% |
Rate benefit for U.S. Partnership operations | (21.00%) | (21.00%) | (21.00%) | |
Foreign taxes | 9.60% | 11.90% | 12.00% | |
State and local taxes | 0.50% | 0.90% | 0.50% | |
Uncertain tax positions | 0.60% | 2.90% | 0.50% | |
Other | 0.30% | 0.90% | 0.40% | |
Effective income tax rate | 11.00% | 16.60% | 13.40% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets: | ||||
Basis adjustments | $ 766 | $ 2,218 | ||
Compensation and benefits | 70,761 | 63,057 | ||
Net operating loss and tax credit carryforwards | 72,820 | 62,629 | ||
Depreciation and amortization | 6,374 | 6,028 | ||
Other | 2,936 | 5,523 | ||
Gross deferred tax assets | 153,657 | 139,455 | ||
Valuation allowance | (76,728) | (70,429) | $ (67,997) | $ (54,487) |
Deferred tax assets (net of valuation allowance) | 76,929 | 69,026 | ||
Deferred Tax Liabilities: | ||||
Depreciation and amortization | 6,506 | 6,175 | ||
Compensation and benefits | 16,979 | 7,058 | ||
Goodwill | 924 | 255 | ||
Other | 5,395 | 3,307 | ||
Deferred tax liabilities | 29,804 | 16,795 | ||
Net deferred tax assets | $ 47,125 | $ 52,231 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 70,429 | $ 67,997 | $ 54,487 |
Charged (credited) to provision for income taxes | 5,173 | 2,575 | 15,789 |
Charged (credited) to other comprehensive income and other | 1,126 | (143) | (2,279) |
Ending Balance | $ 76,728 | $ 70,429 | $ 67,997 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Balance, January 1 (excluding interest and penalties of $18,161, $15,830 and $15,136, respectively) | $ 60,838 | $ 47,674 | $ 47,426 |
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years | 1,215 | 11,764 | 652 |
Increases in gross unrecognized tax benefits relating to tax positions taken during current years | 9,516 | 16,795 | 11,960 |
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years | (9,814) | (19) | (699) |
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities | (904) | (7,251) | (1,218) |
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations | (5,126) | (8,125) | (10,447) |
Balance, December 31 (excluding interest and penalties of $18,745, $18,161 and $15,830, respectively) | $ 55,725 | $ 60,838 | $ 47,674 |
Income Taxes - Schedule of Gr_2
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 18,745 | $ 18,161 | $ 15,830 | $ 15,136 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 $18,745, $18,161 and $15,830, respectively) | $ 64,868 | $ 65,193 | $ 53,854 |
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate | 9,602 | 13,806 | 9,650 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,679, $3,455 and $4,889, respectively) | $ 584 | $ 2,331 | $ 694 |
Income Taxes - Schedule of Ad_2
Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Interest and penalties | $ 18,745 | $ 18,161 | $ 15,830 | $ 15,136 |
Reversal of interest and penalties | $ 3,679 | $ 3,455 | $ 4,889 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Contribution of intercompany loan | $ 55,941 | |||
Fees receivable | $ 621,880 | $ 537,342 | ||
Lazard Ltd Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Receivables related to interest-bearing loans | 86,800 | |||
Interest income related to interest-bearing loans | 91 | 90 | $ 452 | |
Notes payable related parties current and noncurrent | 50,000 | 57,160 | ||
Interest expense related to interest-bearing loans with subsidiaries | 55 | 3,573 | 3,687 | |
Sponsored Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 564,686 | $ 587,665 | $ 654,561 | |
Type of Revenue [Extensible List] | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | |
Fees receivable | $ 72,076 | $ 54,561 |
Regulatory Authorities - Additi
Regulatory Authorities - Additional Information (Detail) | Dec. 31, 2020USD ($) |
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 | 170,286,000 |
Regulatory capital in excess of minimum requirement | $ 163,005,000 |
Aggregate indebtedness to net capital ratio | 0.64 |
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 | $ 184,227,000 |
Regulatory capital in excess of minimum requirement | 160,353,000 |
CFLF [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 147,885,000 |
Regulatory capital in excess of minimum requirement | 81,871,000 |
Combined European Regulated Group [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 184,842,000 |
Regulatory capital in excess of minimum requirement | 66,782,000 |
Other U.S. and Non-U.S. Subsidiaries [Member] | |
Regulatory Requirements [Line Items] | |
Regulatory capital | 214,571,000 |
Regulatory capital in excess of minimum requirement | $ 184,977,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Individual clients did not constitute more than a specific percentage of net revenue | 10.00% | 10.00% | 10.00% |
Segment Information - Segment's
Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 2,565,540 | $ 2,562,693 | $ 2,816,861 |
Operating Expenses | 2,051,869 | 2,162,499 | 2,157,578 |
Operating Income (Loss) | 513,671 | 400,194 | 659,283 |
Total Assets | 5,515,747 | 5,051,628 | 4,389,475 |
Depreciation and amortization of property | 34,786 | 35,260 | 33,778 |
Operating Segments [Member] | Financial Advisory Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,420,042 | 1,352,168 | 1,548,918 |
Operating Expenses | 1,122,002 | 1,196,906 | 1,206,511 |
Operating Income (Loss) | 298,040 | 155,262 | 342,407 |
Total Assets | 1,157,844 | 1,113,266 | 829,898 |
Depreciation and amortization of property | 5,795 | 5,180 | 7,395 |
Operating Segments [Member] | Asset Management Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,167,466 | 1,237,390 | 1,331,801 |
Operating Expenses | 861,031 | 887,522 | 912,110 |
Operating Income (Loss) | 306,435 | 349,868 | 419,691 |
Total Assets | 958,588 | 821,641 | 728,220 |
Depreciation and amortization of property | 3,730 | 2,995 | 3,253 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | (21,968) | (26,865) | (63,858) |
Operating Expenses | 68,836 | 78,071 | 38,957 |
Operating Income (Loss) | (90,804) | (104,936) | (102,815) |
Total Assets | 3,399,315 | 3,116,721 | 2,831,357 |
Depreciation and amortization of property | $ 25,261 | $ 27,085 | $ 23,130 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 2,565,540 | $ 2,562,693 | $ 2,816,861 |
Operating Income | 513,671 | 400,194 | 659,283 |
Identifiable Assets | 5,515,747 | 5,051,628 | 4,389,475 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,529,501 | 1,519,983 | 1,606,245 |
Operating Income | 373,976 | 249,488 | 412,628 |
Identifiable Assets | 2,667,985 | 2,320,957 | 1,950,138 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 885,925 | 873,007 | 1,022,994 |
Operating Income | 109,991 | 120,481 | 206,578 |
Identifiable Assets | 2,534,172 | 2,437,804 | 2,150,597 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 150,114 | 169,703 | 187,622 |
Operating Income | 29,704 | 30,225 | 40,077 |
Identifiable Assets | $ 313,590 | $ 292,867 | $ 288,740 |
Consolidated VIEs - Summary of
Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | |||
Cash and cash equivalents | $ 1,319,712 | $ 1,164,135 | $ 1,185,040 |
Customers and other receivables | 121,261 | 125,697 | |
Investments | 658,532 | 531,995 | |
Other assets | 303,449 | 256,435 | |
Total Assets | 5,515,747 | 5,051,628 | $ 4,389,475 |
LIABILITIES | |||
Deposits and other customer payables | 1,201,150 | 1,246,200 | |
Other liabilities | 521,070 | 527,926 | |
Total Liabilities | 4,804,878 | 4,764,302 | |
Consolidated VIEs [Member] | |||
ASSETS | |||
Cash and cash equivalents | 3,558 | 3,826 | |
Customers and other receivables | 160 | 102 | |
Investments | 158,370 | 97,474 | |
Other assets | 400 | 245 | |
Total Assets | 162,488 | 101,647 | |
LIABILITIES | |||
Deposits and other customer payables | 104 | 62 | |
Other liabilities | 491 | 513 | |
Total Liabilities | $ 595 | $ 575 |
Consolidated VIEs - Summary o_2
Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Investments | $ 658,532 | $ 531,995 |
Lazard Fund Interests [Member] | Lazard Group LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 121,376 | $ 83,036 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - LGAC [Member] $ in Thousands | 1 Months Ended |
Feb. 28, 2021USD ($) | |
Subsequent Event [Line Items] | |
Consummation of initial public offering | $ 575,000 |
Underwriter’s Over-allotment Option [Member] | |
Subsequent Event [Line Items] | |
Consummation of initial public offering | $ 75,000 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and cash equivalents | $ 1,319,712 | $ 1,164,135 | $ 1,185,040 | |
Property, net | 256,908 | 218,871 | ||
Operating lease right-of-use assets | 513,616 | 551,050 | ||
Goodwill and other intangibles assets-net | 361,892 | 351,797 | ||
Other assets | 303,449 | 256,435 | ||
Total Assets | 5,515,747 | 5,051,628 | 4,389,475 | |
Liabilities: | ||||
Accrued compensation and benefits | 732,692 | 599,910 | ||
Operating lease liabilities | 606,600 | 643,808 | ||
Senior debt | 1,682,741 | 1,679,562 | ||
Other liabilities | 521,070 | 527,926 | ||
Total Liabilities | 4,804,878 | 4,764,302 | ||
Commitments and contingencies | ||||
MEMBERS’ EQUITY | ||||
Members' equity | 818,430 | 469,324 | ||
Accumulated other comprehensive loss, net of tax | (193,446) | (250,404) | ||
Total Members’ Equity | 710,869 | 287,326 | $ 582,752 | $ 906,900 |
Total Liabilities and Members’ Equity | 5,515,747 | 5,051,628 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 242,339 | 136,729 | ||
Due from subsidiaries of Lazard Ltd | 552,230 | 547,725 | ||
Other receivables, net | 582 | 2,325 | ||
Investments in subsidiaries, equity method | 1,590,023 | 1,291,168 | ||
Other investments | 326,450 | 273,689 | ||
Property, net | 100,968 | 106,170 | ||
Operating lease right-of-use assets | 334,640 | 356,299 | ||
Goodwill and other intangibles assets-net | 37,138 | 37,138 | ||
Other assets | 81,700 | 61,578 | ||
Total Assets | 3,266,070 | 2,812,821 | ||
Liabilities: | ||||
Accrued compensation and benefits | 246,823 | 176,634 | ||
Due to subsidiaries of Lazard Ltd | 268,902 | 262,303 | ||
Operating lease liabilities | 406,994 | 430,851 | ||
Senior debt | 1,682,741 | 1,679,562 | ||
Other liabilities | 35,626 | 44,551 | ||
Total Liabilities | 2,641,086 | 2,593,901 | ||
Commitments and contingencies | ||||
MEMBERS’ EQUITY | ||||
Members' equity | 818,430 | 469,324 | ||
Accumulated other comprehensive loss, net of tax | (193,446) | (250,404) | ||
Total Members’ Equity | 624,984 | 218,920 | ||
Total Liabilities and Members’ Equity | $ 3,266,070 | $ 2,812,821 |
Schedule I - Condensed Statem_2
Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUE | |||
Interest income | $ 5,569 | $ 15,160 | $ 13,151 |
Other | 105,416 | 99,117 | 49,858 |
Total revenue | 2,645,996 | 2,644,682 | 2,878,914 |
Interest expense | 80,456 | 81,989 | 62,053 |
Net revenue | 2,565,540 | 2,562,693 | 2,816,861 |
OPERATING EXPENSES | |||
Compensation and benefits | 1,541,228 | 1,553,875 | 1,508,813 |
Professional services | 64,168 | 69,198 | 59,124 |
Amortization and other acquisition-related benefits | 1,744 | 857 | (957) |
Other | 38,799 | 43,735 | 89,281 |
Total operating expenses | 2,051,869 | 2,162,499 | 2,157,578 |
OPERATING INCOME | 513,671 | 400,194 | 659,283 |
Provision for income taxes | 56,564 | 66,598 | 88,363 |
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | 456,876 | 322,380 | 565,597 |
Parent Company [Member] | |||
REVENUE | |||
Equity in earnings of subsidiaries | 632,560 | 500,085 | 746,962 |
Interest income | 2,095 | 6,054 | 5,226 |
Other | 21,247 | 29,772 | (2,697) |
Total revenue | 655,902 | 535,911 | 749,491 |
Interest expense | 75,142 | 75,780 | 57,546 |
Net revenue | 580,760 | 460,131 | 691,945 |
OPERATING EXPENSES | |||
Compensation and benefits | 113,347 | 109,449 | 94,471 |
Professional services | 6,328 | 8,426 | 6,423 |
Amortization and other acquisition-related benefits | (1,309) | (2,568) | |
Other | 3,151 | 20,008 | 26,290 |
Total operating expenses | 122,826 | 136,574 | 124,616 |
OPERATING INCOME | 457,934 | 323,557 | 567,329 |
Provision for income taxes | 1,058 | 1,177 | 1,732 |
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | $ 456,876 | $ 322,380 | $ 565,597 |
Schedule I - Condensed Statem_3
Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INCOME | $ 456,876 | $ 322,380 | $ 565,597 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Currency translation adjustments | 53,931 | 8,460 | (39,039) |
Employee benefit plans: | |||
Prior service costs (net of tax benefit of $17, $17 and $543 for the years ended December 31, 2020, 2019 and 2018, respectively) | (83) | (84) | (2,653) |
Actuarial loss (net of tax benefit of $2,023, $8,396 and $203 for the years ended December 31, 2020, 2019 and 2018, respectively) | (2,934) | (34,837) | (2,447) |
Adjustment for items reclassified to earnings (net of tax expense of $1,476, $1,167 and $2,335 for the years ended December 31, 2020, 2019 and 2018, respectively) | 6,046 | 4,717 | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 56,960 | (21,744) | (33,404) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | 513,834 | 300,636 | 532,193 |
Parent Company [Member] | |||
NET INCOME | 456,876 | 322,380 | 565,597 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Currency translation adjustments | 53,929 | 8,460 | (39,039) |
Employee benefit plans: | |||
Prior service costs (net of tax benefit of $17, $17 and $543 for the years ended December 31, 2020, 2019 and 2018, respectively) | (83) | (84) | (2,653) |
Actuarial loss (net of tax benefit of $2,023, $8,396 and $203 for the years ended December 31, 2020, 2019 and 2018, respectively) | (2,934) | (34,837) | (2,447) |
Adjustment for items reclassified to earnings (net of tax expense of $1,476, $1,167 and $2,335 for the years ended December 31, 2020, 2019 and 2018, respectively) | 6,046 | 4,717 | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 56,958 | (21,744) | (33,404) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC | $ 513,834 | $ 300,636 | $ 532,193 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax benefit on prior service costs, employee benefit plans | $ 17 | $ 17 | $ 543 |
Tax benefit on actuarial loss, employee benefit plans | 2,023 | 8,396 | 203 |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | 1,476 | 1,167 | 2,335 |
Parent Company [Member] | |||
Tax benefit on prior service costs, employee benefit plans | 17 | 17 | 543 |
Tax benefit on actuarial loss, employee benefit plans | 2,023 | 8,396 | 203 |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 1,476 | $ 1,167 | $ 2,335 |
Schedule I - Condensed Statem_5
Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $ 457,107 | $ 333,596 | $ 570,920 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred tax provision (benefit) | 7,077 | 1,573 | (9,337) |
Loss on extinguishment of debt | 6,505 | 6,523 | |
Amortization of deferred expenses and share-based incentive compensation | 345,458 | 364,447 | 369,888 |
Depreciation and amortization of property | 34,786 | 35,260 | 33,778 |
Noncash lease expense | 64,566 | 59,929 | |
Amortization and other acquisition-related benefits | 1,744 | 857 | (957) |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Net cash provided by operating activities | 551,869 | 657,634 | 707,126 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (64,237) | (42,753) | (49,390) |
Net cash used in investing activities | (62,922) | (42,244) | (46,006) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | 490,970 | |
Other financing activities | 25 | 925 | 25 |
Payments for: | |||
Senior debt | (255,746) | (255,543) | |
Distribution to members | (201,019) | (263,935) | (448,912) |
Settlement of share-based incentive compensation | (72,636) | (99,960) | (110,361) |
Purchase of Class A common stock | (95,227) | (494,687) | (552,872) |
Other financing activities | (11,962) | (7,592) | (6,407) |
Net cash used in financing activities | (526,318) | (429,361) | (782,237) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 110,562 | 157,713 | (210,878) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 2,388,101 | 2,230,388 | 2,441,266 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31 | 2,498,663 | 2,388,101 | 2,230,388 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | 456,876 | 322,380 | 565,597 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries | (632,560) | (500,085) | (746,962) |
Deferred tax provision (benefit) | (324) | 709 | 84 |
Loss on extinguishment of debt | 6,505 | 6,523 | |
Amortization of deferred expenses and share-based incentive compensation | 308,306 | 337,615 | 337,872 |
Depreciation and amortization of property | 10,435 | 11,626 | 12,200 |
Noncash lease expense | 22,514 | 20,289 | |
Amortization and other acquisition-related benefits | (1,309) | (2,568) | |
Distributions received from subsidiaries | 458,821 | 549,211 | 676,061 |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||
Due to/from subsidiaries | 51,271 | (86,074) | 117,393 |
Other investments | (137,685) | 73,118 | (205,201) |
Other operating assets and liabilities | 15,243 | (90,389) | (64,787) |
Net cash provided by operating activities | 552,897 | 643,596 | 696,212 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property | (6,383) | (15,553) | (23,904) |
Capital contribution to subsidiaries | (65,023) | (20,953) | (4,914) |
Net cash used in investing activities | (71,406) | (36,506) | (28,818) |
Proceeds from: | |||
Issuance of senior debt, net of expenses | 492,032 | 490,970 | |
Other financing activities | 25 | 925 | 25 |
Payments for: | |||
Senior debt | (255,746) | (255,543) | |
Distribution to members | (201,019) | (263,935) | (448,912) |
Settlement of share-based incentive compensation | (72,636) | (99,960) | (110,361) |
Purchase of Class A common stock | (95,227) | (494,687) | (552,872) |
Other financing activities | (7,024) | (6,388) | (6,339) |
Net cash used in financing activities | (375,881) | (627,759) | (883,032) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 105,610 | (20,669) | (215,638) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | 136,729 | 157,398 | 373,036 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31 | $ 242,339 | $ 136,729 | $ 157,398 |