Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 42

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 42
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 data for instruments with similar characteristics. For office space and equipment leases, the Company accounts for the lease and non-lease components as a single lease component. In addition to rent payments, operating leases for office space generally contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include them in the lease component. There are certain office leases outside of the U.S. that have annual rent increases based on a year-over-year change in an index that are also accounted for as variable payments and are excluded from the lease component. The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022:Year Ended December 31,202420232022Operating lease cost$87,257 $80,257 $78,482 Variable lease cost22,632 23,521 21,086 Sublease income(950)(934)(4,969)Total$108,939 $102,844 $94,599 The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2024 and 2023:Year Ended December 31,20242023Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows paid for operating leases$89,677$81,737Operating lease right-of-use assets obtained in exchange for operating lease liabilities$101,787$35,282Weighted average remaining lease term9 years8 yearsWeighted average discount rate4.3 %3.9 %Maturities of the operating lease liabilities outstanding at December 31, 2024 for each of the years in the period ending December 31, 2029 and thereafter are set forth in the table below.Year Ending December 31,2025$77,455 202670,680 202771,529 202871,980 202968,409 Thereafter263,263 Total lease payments623,316 Less - Discount117,833 Operating lease liabilities$505,483 

101

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

In addition to the table above, the Company signed a lease agreement for additional office facilities, with lease commencement anticipated