Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 227

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 227
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 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, respectively, representing effective tax rates of 22.6%, 18.9%, 28.0% and 25.4%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation that vested principally in the first quarter, changes in uncertain tax positions and other discrete items, (ii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iii) change in the U.S. federal valuation allowance affecting the provision for income taxes and (iv) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate. Cash paid for income taxes, net of refunds for the nine month period ended September 30, 2025 was $99,262.

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