Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 87

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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,797)Amortization of:Prior service cost931 402 Net actuarial loss6,187 5,828 Net periodic benefit cost$5,845 $2,705 

37

LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

15.    COST-SAVING INITIATIVES 

The Company conducted firm-wide cost-saving initiatives over the course of 2023, which were completed during the first quarter of 2024. Expenses and losses associated with the cost-saving initiatives for the nine month period ended September 30, 2024 consisted of the following:  Nine Months Ended September 30, 2024Financial AdvisoryAsset ManagementCorporateTotalSeverance and other employee    termination expenses (included    in "compensation and benefits"    expense)$32,773 $11,545 $2,292 $46,610 Other708 14 1,397 2,119 Total$33,481 $11,559 $3,689 $48,729 Activity related to the obligations pursuant to the cost-saving initiatives during the nine month period ended September 30, 2025 was as follows: Accrued Compensation and BenefitsBalance, January 1, 2025$6,268 Less:  Foreign currency translation       and other adjustments(16)  Payments and settlements5,351 Balance, September 30, 2025$933 

16.    INCOME TAXES 

Lazard, Inc. is subject to U.S. federal income taxes on all its income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions. Lazard Group LLC operates principally through subsidiary corporations including those domiciled outside the U.S. that are subject to local income taxes in foreign jurisdictions. In addition, Lazard Group LLC is subject to Unincorporated Business Tax attributable to its operations apportioned to New York City. The Company recorded income tax provisions of $21,430 and $45,840 for the three month and nine month periods ended September 30, 2025, respectively, and $45,052 and $70,976 for the three month and nine month periods ended September 30, 2024