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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV

The following tables present, as of December 31, 2015 and 2014, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

 

    December 31, 2015  
    Level 1     Level 2     Level 3     NAV (a)     Total  

Assets:

          

Investments:

          

Debt

   $ 535      $ –      $ –      $ –      $ 535   

Equities

     43,558        –        1,276        –        44,834   

Funds:

          

Alternative investments

     45,135        –        –        22,465        67,600   

Debt

     67,128        –        –        6        67,134   

Equity

     197,745        –        –        42        197,787   

Private equity

     –        –        –        100,219        100,219   

Derivatives

     –        1,048        –        –        1,048   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 354,101      $ 1,048      $ 1,276      $ 122,732      $ 479,157   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities:

          

Securities sold, not yet purchased

   $ 3,239      $ –      $ –      $ –      $ 3,239   

Derivatives

     –        195,689        –        –        195,689   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 3,239      $ 195,689      $ –      $ –      $ 198,928   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    December 31, 2014 (b)  
    Level 1     Level 2     Level 3     NAV (a)     Total  

Assets:

          

Investments:

          

Debt

   $ 5,540      $ 4,886      $ –      $ –      $ 10,426   

Equities

     55,987        –        1,315        –        57,302   

Funds:

          

Alternative investments

     –        –        –        34,705        34,705   

Debt

     82,885        –        –        4        82,889   

Equity

     228,166        –        –        43        228,209   

Private equity

     –        –        –        114,470        114,470   

Derivatives

     –        2,355        –        –        2,355   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 372,578      $ 7,241      $ 1,315      $ 149,222      $ 530,356   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities:

          

Securities sold, not yet purchased

   $ 9,290      $ –      $ –      $ –      $ 9,290   

Derivatives

     –        208,093        –        –        208,093   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 9,290      $ 208,093      $ –      $ –      $ 217,383   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 3 for additional information.

 

(b) The table as of December 31, 2014 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3.
Summary of Changes in Fair Value of Company's Level 3 Assets

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2015, 2014 and 2013:

 

    Year Ended December 31, 2015 (a)  
    Beginning
Balance		     Net  Unrealized/
Realized
Gains (Losses)
Included
In Revenue-
Other (b)		     Purchases/
Acquisitions		     Sales/
Dispositions		      Foreign
Currency
Translation
Adjustments		     Ending
Balance		  
            

Investments:

             

Equities

   $ 1,315      $ 14      $ –      $ –       $ (53 )    $ 1,276   
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total Level 3 Assets

   $ 1,315      $ 14      $ –      $ –       $ (53 )    $ 1,276   
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

    Year Ended December 31, 2014 (a)  
    Beginning
Balance		     Net  Unrealized/
Realized
Gains (Losses)
Included
In Revenue-
Other (b)		     Purchases/
Acquisitions		     Sales/
Dispositions		     Foreign
Currency
Translation
Adjustments		     Ending
Balance		  
           

Investments:

            

Equities

   $ 1,340      $ 19      $ –      $ (1 )    $ (43 )    $ 1,315   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Level 3 Assets

   $ 1,340      $ 19      $ –      $ (1 )    $ (43 )    $ 1,315   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    Year Ended December 31, 2013 (a)  
    Beginning
Balance		     Net  Unrealized/
Realized
Gains (Losses)
Included
In Revenue-
Other (b)		     Purchases/
Acquisitions		     Sales/
Dispositions		      Foreign
Currency
Translation
Adjustments		     Ending
Balance		  
            

Investments:

             

Equities

   $ 190      $ 11      $ 1,095      $ –       $ 44      $ 1,340   
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total Level 3 Assets

   $ 190      $ 11      $ 1,095      $ –       $ 44      $ 1,340   
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) The tables for the years ended December 31, 2015, 2014 and 2013 reflect the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3.

 

(b) Earnings for the years ended December 31, 2015, 2014 and 2013 include net unrealized gains of $14, $19 and $11, respectively.
Financial Instruments Not Measured at Fair Value

Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2015 and 2014 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments.

 

     December 31, 2015  
            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

    $ 1,132,083       $ 1,132,083       $ 1,132,083         $–       $ –   

Deposits with banks and short-term investments

      389,861         389,861         389,861         –         –   

Cash deposited with clearing organizations and other segregated cash

      34,948         34,948         34,948         –         –   

Interest-bearing financing receivables

      81,774         82,573         –         –         82,573   

Interest-bearing deposits (included within investments)

      54,885         54,885         54,885         –         –   

Financial Liabilities:

               

Deposits and other customer payables

    $ 506,665       $ 506,665       $ 506,665       $ –       $ –   

Senior debt

      998,350         993,999         –         993,999         –   
     December 31, 2014  
            Fair Value Measurements Using:  
     Carrying Value      Fair Value      Quoted Prices
in Active
Markets for
Identical
Assets (Level 1)		      Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Financial Assets:

               

Cash and cash equivalents

    $ 1,066,580       $ 1,066,580       $ 1,066,580       $ –       $ –   

Deposits with banks and short-term investments

      207,760         207,760         207,760         –         –   

Cash deposited with clearing organizations and other segregated cash

      43,290         43,290         43,290         –         –   

Interest-bearing financing receivables

      86,221         88,499         –         –         88,499   

Interest-bearing deposits (included within investments)

      84,575         84,575         84,575         –         –   

Financial Liabilities:

               

Deposits and other customer payables

    $ 316,601       $ 316,601       $ 316,601       $ –       $ –   

Senior debt

      1,048,350         1,134,834         –         1,134,834         –   
Fair Value of Certain Investments Based on NAV

The following tables present, at December 31, 2015 and 2014, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

 

    December 31, 2015
                % of
Fair Value
Not
Redeemable		   Estimated Liquidation Period of
Investments Not Redeemable		   Investments Redeemable
    Fair value     Unfunded
Commitments		       %
Next
5 Years		   %
5-10
Years		   %
Thereafter		   Redemption
Frequency		     Redemption
Notice Period

Alternative investment funds:

                

Hedge funds

   $ 20,410      $ –      NA   NA   NA   NA     (a)      <30-60 days

Funds of funds

     465        –      NA   NA   NA   NA     (b)      <30-90 days

Other

     1,590        –      NA   NA   NA   NA     (c)      <30-60 days

Debt funds

     6        –      NA   NA   NA   NA     (d)      30 days

Equity funds

     42        –      NA   NA   NA   NA     (e)      <30-90 days

Private equity funds:

                

Equity growth

     67,895        10,242 (f)    100%   18%   39%   43%     NA      NA

Mezzanine debt

     32,324        –      100%   –   –   100%     NA      NA
 

 

 

    

 

 

              

Total

   $ 122,732      $ 10,242               
 

 

 

    

 

 

              

 

(a) weekly (23%), monthly (69%) and quarterly (8%)
(b) monthly (98%) and quarterly (2%)
(c) daily (20%) and monthly (80%)
(d) daily (100%)
(e) daily (18%), monthly (54%) and quarterly (28%)
(f) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $5,501 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

 

    December 31, 2014
                % of
Fair Value
Not
Redeemable		   Estimated Liquidation Period of
Investments Not Redeemable		   Investments Redeemable
    Fair value     Unfunded
Commitments		       %
Next
5 Years		   %
5-10
Years		   %
Thereafter		   Redemption
Frequency		     Redemption
Notice Period

Alternative investment funds:

                

Hedge funds

   $ 31,042      $ –      NA   NA   NA   NA     (a)      <30-60 days

Funds of funds

     475        –      NA   NA   NA   NA     (b)      <30-90 days

Other

     3,188        –      NA   NA   NA   NA     (c)      <30-60 days

Debt funds

     4        –      NA   NA   NA   NA     (d)      30 days

Equity funds

     43        –      NA   NA   NA   NA     (e)      30-90 days

Private equity funds:

                

Equity growth

     75,578        18,676 (f)    100%   10%   63%   27%     NA      NA

Mezzanine debt

     38,892        –      100%   –   –   100%     NA      NA
 

 

 

    

 

 

              

Total

   $ 149,222      $ 18,676               
 

 

 

    

 

 

              

 

(a) weekly (15%), monthly (66%) and quarterly (19%)
(b) monthly (98%) and quarterly (2%)
(c) daily (11%), weekly (3%) and monthly (86%)
(d) daily (100%)
(e) daily (14%), monthly (58%) and quarterly (28%)
(f) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $6,888 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.