Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 218

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 218
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 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 $46,610 Other708 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 six month period ended June 30, 2025 was as follows: Accrued Compensation and BenefitsBalance, January 1, 2025$6,268 Less:Foreign currency translation and other adjustments(15)Payments and settlements5,317 Balance, June 30, 2025$966 

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 (“UBT”) attributable to its operations apportioned to New York City. The Company recorded income tax provisions of $31,764 and $24,410 for the three month and six month periods ended June 30, 2025, respectively, and $11,587 and $25,924 for the three month and six month periods ended June 30, 2024, respectively, representing effective tax rates of 34.1%, 16.5%, 18.2% and 21.9%, 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 during the second quarter of 2024 and other discrete items, (ii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iii) change in the