Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 60

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 60
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 and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $248, $(8,652) and $(4,984) during the years ended December 31, 2024, 2023 and 2022, respectively):Net actuarial (gain) loss$641 $23,521 $31,174 Prior service cost11,147 10,172 – Reclassification of prior service (cost) credit to earnings(536)(107)(106)Reclassification of actuarial gain (loss) to earnings(7,969)(6,647)(5,040)Currency translation and other adjustments(3,601)8,740 (13,783)Total recognized in AOCI$(318)$35,679 $12,245 Net amount recognized in total periodic benefit cost and AOCI$3,484 $39,759 $4,582 The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2024, 2023 and 2022 are set forth below:Pension Plans December 31, 202420232022Weighted average assumptions used to determine benefit obligations:Discount rate5.2 %4.4 %4.7 %Weighted average assumptions used to determine net periodic benefit cost:Discount rate4.0 %4.3 %2.1 %Expected long-term rate of return on plan assets5.4 %5.1 %3.4 %

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

Generally, the Company determined the discount rates for its defined benefit plans by utilizing indices for long-term, high-quality bonds and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities.In selecting the expected long-term rate of return on plan assets, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan, giving consideration to expected returns on different asset classes held by the plans in light of prevailing economic conditions as well as historical returns. This basis is consistent for all years presented.Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five