| Schedule of Share Repurchase Authorized by Board of Directors |
Share Repurchase Program—During the year ended December 31, 2018 and since 2015, the Board of Directors of Lazard authorized the repurchase of Class A common stock as set forth in the table below.
|
Date |
|
Repurchase
Authorization |
|
|
|
Expiration |
|
February 2015 |
|
$ |
150,000 |
|
|
|
December 31, 2016 |
|
January 2016 |
|
$ |
200,000 |
|
|
|
December 31, 2017 |
|
April 2016 |
|
$ |
113,182 |
|
|
|
December 31, 2017 |
|
November 2016 |
|
$ |
236,000 |
|
|
|
December 31, 2018 |
|
October 2017 |
|
$ |
200,000 |
|
|
|
December 31, 2019 |
|
April 2018 |
|
$ |
300,000 |
|
|
|
December 31, 2020 |
|
October 2018 |
|
$ |
300,000 |
|
|
|
December 31, 2020 |
|
| 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, 2018, 2017 and 2016 and activity during the years then ended:
|
|
|
Currency
Translation
Adjustments |
|
|
Employee
Benefit
Plans |
|
|
Total
AOCI |
|
|
Amount
Attributable to
Noncontrolling
Interests |
|
|
Total
Lazard Ltd
AOCI |
|
|
Balance, January 1, 2018 |
|
$ |
(83,535 |
) |
|
$ |
(148,984 |
) |
|
$ |
(232,519 |
) |
|
$ |
(1 |
) |
|
$ |
(232,518 |
) |
|
Activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss before
reclassifications |
|
|
(46,602 |
) |
|
|
(5,434 |
) |
|
|
(52,036 |
) |
|
|
(1 |
) |
|
|
(52,035 |
) |
|
Adjustments for items reclassified to earnings,
net of tax |
|
|
- |
|
|
|
10,735 |
|
|
|
10,735 |
|
|
|
- |
|
|
|
10,735 |
|
|
Net other comprehensive income (loss) |
|
|
(46,602 |
) |
|
|
5,301 |
|
|
|
(41,301 |
) |
|
|
(1 |
) |
|
|
(41,300 |
) |
|
Balance, December 31, 2018 |
|
$ |
(130,137 |
) |
|
$ |
(143,683 |
) |
|
$ |
(273,820 |
) |
|
$ |
(2 |
) |
|
$ |
(273,818 |
) |
|
|
|
Currency
Translation
Adjustments |
|
|
Employee
Benefit
Plans |
|
|
Total
AOCI |
|
|
Amount
Attributable to
Noncontrolling
Interests |
|
|
Total
Lazard Ltd
AOCI |
|
|
Balance, January 1, 2017 |
|
$ |
(155,204 |
) |
|
$ |
(159,020 |
) |
|
$ |
(314,224 |
) |
|
$ |
(2 |
) |
|
$ |
(314,222 |
) |
|
Activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income before
reclassifications |
|
|
71,669 |
|
|
|
2,085 |
|
|
|
73,754 |
|
|
|
1 |
|
|
|
73,753 |
|
|
Adjustments for items reclassified to earnings,
net of tax |
|
|
- |
|
|
|
7,951 |
|
|
|
7,951 |
|
|
|
- |
|
|
|
7,951 |
|
|
Net other comprehensive income |
|
|
71,669 |
|
|
|
10,036 |
|
|
|
81,705 |
|
|
|
1 |
|
|
|
81,704 |
|
|
Balance, December 31, 2017 |
|
$ |
(83,535 |
) |
|
$ |
(148,984 |
) |
|
$ |
(232,519 |
) |
|
$ |
(1 |
) |
|
$ |
(232,518 |
) |
|
|
|
Currency
Translation
Adjustments |
|
|
Employee
Benefit
Plans |
|
|
Total
AOCI |
|
|
Amount
Attributable to
Noncontrolling
Interests |
|
|
Total
Lazard Ltd
AOCI |
|
|
Balance, January 1, 2016 |
|
$ |
(97,284 |
) |
|
$ |
(137,073 |
) |
|
$ |
(234,357 |
) |
|
$ |
(1 |
) |
|
$ |
(234,356 |
) |
|
Activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss before
reclassifications |
|
|
(57,920 |
) |
|
|
(24,473 |
) |
|
|
(82,393 |
) |
|
|
(1 |
) |
|
|
(82,392 |
) |
|
Adjustments for items reclassified to earnings,
net of tax |
|
|
- |
|
|
|
2,526 |
|
|
|
2,526 |
|
|
|
- |
|
|
|
2,526 |
|
|
Net other comprehensive loss |
|
|
(57,920 |
) |
|
|
(21,947 |
) |
|
|
(79,867 |
) |
|
|
(1 |
) |
|
|
(79,866 |
) |
|
Balance, December 31, 2016 |
|
$ |
(155,204 |
) |
|
$ |
(159,020 |
) |
|
$ |
(314,224 |
) |
|
$ |
(2 |
) |
|
$ |
(314,222 |
) |
|
| 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, 2018, 2017 and 2016:
|
|
|
Year Ended December 31, |
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
Amortization relating to employee benefit plans (a) |
|
$ |
13,070 |
|
|
$ |
10,171 |
|
|
$ |
4,283 |
|
|
Less - related income taxes |
|
|
2,335 |
|
|
|
2,220 |
|
|
|
1,757 |
|
|
Total reclassifications, net of tax |
|
$ |
10,735 |
|
|
$ |
7,951 |
|
|
$ |
2,526 |
|
|
(a) |
Included in the computation of net periodic benefit cost (see Note 16). Such amounts are included in “operating expenses –other” on the consolidated statements of operations. |
|
| Net Income Attributable to Noncontrolling Interests |
The tables below summarize net income attributable to noncontrolling interests for the years ended December 31, 2018, 2017 and 2016 and noncontrolling interests as of December 31, 2018 and 2017, in the Company’s consolidated financial statements:
|
|
|
Net Income
Attributable to Noncontrolling Interests
Year Ended December 31, |
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
Edgewater |
|
$ |
5,320 |
|
|
$ |
6,259 |
|
|
$ |
5,992 |
|
|
Other |
|
|
4 |
|
|
|
5 |
|
|
|
2 |
|
|
Total |
|
$ |
5,324 |
|
|
$ |
6,264 |
|
|
$ |
5,994 |
|
|
|
|
Noncontrolling Interests
as of December 31, |
|
|
|
|
2018 |
|
|
2017 |
|
|
Edgewater |
|
$ |
52,695 |
|
|
$ |
58,568 |
|
|
Other |
|
|
547 |
|
|
|
534 |
|
|
Total |
|
$ |
53,242 |
|
|
$ |
59,102 |
|
|