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Stockholders' Equity and Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity and Redeemable Noncontrolling Interests STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Share Repurchase Program—The Board of Directors of Lazard authorized the repurchase of Lazard Ltd Class A common stock (“common stock”), the only class of common stock of Lazard outstanding as set forth in the table below.
DateRepurchase
Authorization		Expiration
February 2022$300,000 December 31, 2024
July 2022$500,000 December 31, 2024
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 Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:
Year Ended December 31:Number of
Shares
Purchased		Average
Price Per
Share
20219,124,295$44.51 
202219,666,798$35.17 
20232,782,662$36.67 

There were 25,340,287 and 26,814,213 shares of our common stock held by our subsidiaries at December 31, 2023 and 2022, respectively. Such shares of common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.
During 2023, 2022 and 2021, 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, 2023, 2022 and 2021, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases in 2023, 2022 and 2021 was approximately $11,100, $16,500 and $19,800, respectively. Such shares of common stock are reported at cost, and are included in “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.
As of December 31, 2023, a total of $200,095 of share repurchase authorization remaining available under Lazard Ltd’s share repurchase program will expire on December 31, 2024.
During the year ended December 31, 2023, Lazard Ltd had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
Preferred Stock—Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of December 31, 2023, 2022 and 2021, no shares of Series A or Series B preferred stock were outstanding.
Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2023, 2022 and 2021 and activity during the years then ended:
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard Ltd
AOCI
Balance, January 1, 2023$(156,924)$(138,930)$(295,854)$– $(295,854)
Activity:
Other comprehensive income (loss) before reclassifications31,107 (32,261)(1,154)1 (1,155)
Adjustments for items reclassified to earnings, net of tax1,826 5,233 7,059 – 7,059 
Net other comprehensive income (loss)32,933 (27,028)5,905 1 5,904 
Balance, December 31, 2023$(123,991)$(165,958)$(289,949)$1 $(289,950)

Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard Ltd
AOCI
Balance, January 1, 2022$(92,178)$(131,669)$(223,847)$– $(223,847)
Activity:
Other comprehensive loss before reclassifications(64,778)(11,413)(76,191)– (76,191)
Adjustments for items reclassified to earnings, net of tax32 4,152 4,184 – 4,184 
Net other comprehensive loss(64,746)(7,261)(72,007)– (72,007)
Balance, December 31, 2022$(156,924)$(138,930)$(295,854)$– $(295,854)
Currency
Translation
Adjustments		Employee
Benefit
Plans		Total
AOCI		Amount
Attributable to
Noncontrolling
Interests		Total
Lazard Ltd
AOCI
Balance, January 1, 2021$(67,724)$(170,644)$(238,368)$– $(238,368)
Activity:
Other comprehensive income (loss) before reclassifications(48,099)33,315 (14,784)– (14,784)
Adjustments for items reclassified to earnings, net of tax23,645 5,660 29,305 – 29,305 
Net other comprehensive income (loss)(24,454)38,975 14,521 – 14,521 
Balance, December 31, 2021$(92,178)$(131,669)$(223,847)$– $(223,847)
The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
202320222021
Currency translation losses (a)$1,826 $32 $23,645 
Employee benefit plans:
Amortization relating to employee benefit plans (b)6,754 5,146 7,269 
Less - related income taxes1,521 994 1,609 
5,233 4,152 5,660 
Total reclassifications, net of tax$7,059 $4,184 $29,305 
________________________
(a)Represents currency translation losses reclassified from AOCI associated with closing certain of our offices. Such amounts are included in “revenue–other” on the consolidated statements of operations.
(b)Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the consolidated statements of operations.
Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 16), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 24).

The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 and noncontrolling interests as of December 31, 2023 and 2022 in the Company’s consolidated financial statements:
Net Income (Loss)
Attributable to Noncontrolling Interests
Year Ended December 31,
202320222021
Edgewater$6,051 $31,314 $10,466 
LFI Consolidated Funds10,150 (11,415)7,950 
LGAC1,968 15,064 (3,940)
Other3 3 5 
Total$18,172 $34,966 $14,481 
Noncontrolling Interests
as of December 31,
20232022
Edgewater$46,571 $44,681 
Profits interest participation rights11,843 10,792 
LFI Consolidated Funds– 74,164 
LGAC– (10,714)
Other14 13 
Total$58,428 $118,936 
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent LGAC interests as of December 31, 2022 (see Note 1) and consolidated VIE interests held by employees as of December 31, 2023 (see Note 24). Consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at
the option of the holder for cash, are recorded on the Company’s consolidated statements of financial position at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period.
Dividends Declared, January 31, 2024—On January 31, 2024, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on February 23, 2024, to stockholders of record on February 12, 2024.