Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 231

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 231
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 State and local10,166 (17,345)6,769 Total deferred11,068 (81,068)42,709 Total$99,764 $(22,650)$124,365 Year Ended December 31,202420232022U.S. federal statutory income tax rate21.0 %21.0 %21.0 %Foreign source income not subject to U.S. income tax(0.1)1.0 (0.4)Change in U.S. federal valuation allowance1.5 4.3 2.0 Share-based incentive compensation0.5 (4.5)0.2 Foreign taxes2.3 (20.9)4.0 Foreign tax credits(1.4)5.0 (3.7)State and local taxes2.9 19.2 2.3 Income attributable to noncontrolling interests(0.4)5.7 (1.4)Uncertain tax positions(1.8)(0.3)(0.1)Other1.3 (2.2)0.2 Effective income tax rate25.8 %28.3 %24.1 %See Note 23 regarding “operating income (loss)” by geographic region.

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

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are as follows:December 31,20242023Gross Deferred Tax Assets:Basis adjustments (a)$74,214 $96,534 Compensation and benefits211,677 199,989 Net operating loss and tax credit carryforwards259,134 277,103 Depreciation and amortization33,816 30,530 Interest carryover - Section 163(j) limitation56,601 42,581 Other41,393 41,969 Gross deferred tax assets676,835 688,706 Valuation allowance(89,662)(99,600)Deferred tax assets (net of valuation allowance)587,173 589,106