Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 84

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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-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 the first quarter of 2024. Expenses and losses associated with the cost-saving initiatives for the six month period ended June 30, 2024 consisted of the following:  Six Months Ended June 30, 2024Financial AdvisoryAsset ManagementCorporateTotalSeverance and other employee    termination expenses (included    in "compensation and benefits"    expense)$32,773 $11,545 $2,292 $