Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 229

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 229
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 or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. The fair value of plan investments measured at NAV or its equivalent as a practical expedient is determined based on information provided by external fund administrators and such investments are redeemable in the near term.Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $21,136, $22,190 and $19,692 for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations.

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

18.    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 years ended December 31, 2024 and 2023 consisted of the following:  Year Ended December 31, 2024Financial AdvisoryAsset ManagementCorporateTotalSeverance and other employee    termination expenses (included    in "compensation and benefits"    expense)$32,773 $11,545 $2,292 46,610 Other708 14 1,397 2,119 Total$33,481 $11,559 $3,689 $48,729 Year Ended December 31, 2023Financial AdvisoryAsset ManagementCorporateTotalSeverance and other employee    termination expenses (included    in "compensation and benefits"    expense)$98,219 $49,152 $34,732 $182,103 Technology asset impairments    (included in "technology and    information services")144 7,877 – 8,021 Foreign exchange related losses    associated with closing    of certain offices (included in    "revenue-other")1,824 – 3,054 4,878 Other2,241 470 2,291 5,002 Total$102,428 $57,499 $40,077