Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 217

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 217
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14.    EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses-other” for the other components of benefit costs on the condensed consolidated statements of operations.

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

Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.The following table summarizes the components of net periodic benefit cost related to the Company’s pension plans for the three month and six month periods ended June 30, 2025 and 2024:Pension PlansThree Months Ended June 30,20252024Components of Net Periodic Benefit Cost:Service cost$191 $245 Interest cost5,724 5,237 Expected return on plan assets(6,377)(6,565)Amortization of:Prior service cost318 131 Net actuarial loss2,309 1,809 Net periodic benefit cost$2,165 $857 Pension PlansSix Months Ended June 30,20252024Components of Net Periodic Benefit Cost:Service cost$367 $328 Interest cost11,133 10,429 Expected return on plan assets(12,349)(13,076)Amortization of:Prior service cost616 264 Net actuarial loss4,117 3,533 Net periodic benefit cost$3,884 $1,478 

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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