Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 226

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 226
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 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 nine month periods ended September 30, 2025 and 2024:Pension PlansThree Months Ended September 30,20252024Components of Net Periodic Benefit Cost:Service cost$193 $170 Interest cost5,791 5,345 Expected return on plan assets(6,408)(6,721)Amortization of:Prior service cost315 138 Net actuarial loss2,070 2,295 Net periodic benefit cost$1,961 $1,227 Pension PlansNine Months Ended September 30,20252024Components of Net Periodic Benefit Cost:Service cost$560 $498 Interest cost16,924 15,774 Expected return on plan assets(18,757)(19,797)Amortization of:Prior service cost931 402 Net actuarial loss6,187 5,828 Net periodic benefit cost$5,845 $2,705 

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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 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