Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 41

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 41
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 and equipment3-10165,727 162,075 Computer software3-567,523 68,638 Construction in progress33,793 11,788 Total493,242 647,063 Less - Accumulated depreciation and amortization (a)332,840 414,547 Property, net$160,402 $232,516 ________________________(a)On July 22, 2024, the Company completed the sale of an owned office building, including rights to the operating lease income, for gross proceeds of $194,283. The carrying amount of the property at the time of sale was $72,594.  The asset was previously classified as property held for sale. In addition, a $6,550 receivable (included in “other assets”) related to operating lease income on the owned office building was classified as held for sale as of December 31, 2023. The sale resulted in a gain of $114,271, which has been recognized in “revenue-other” on the consolidated statements of operations for the year ended December 31, 2024 and is reported in the Corporate segment. 

In the table above, computer software is being reported separately where it was previously included as a component of furniture and equipment.  Prior year information has been recast to reflect the updated presentation. 

10.    LEASES

The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2039. 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 

100

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

determinable for any of the Company’s operating leases. The Company determines its Discount with consideration of the Company’s public debt issuances as well as publicly available