Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 86

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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 prior to the three-year service period.In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid. The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations. Amortization expense for the three month and nine month periods ended September 30, 2025 was $4,360 and $12,132, respectively. The remaining prepaid compensation asset was $22,843 as of September 30, 2025.

14.    EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses-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 nine month periods ended September 30, 2025 and 2024:Pension PlansThree Months Ended September 30,20252024Components of Net Periodic Benefit Cost:Service cost$193 $170 Interest cost5,791 5,345 Expected return on plan assets(6,408)(6,721)Amortization of:Prior service cost315 138 Net actuarial loss2,070 2,295 Net periodic benefit cost$1,961 $1,227 Pension PlansNine Months Ended September 30,20252024Components of Net Periodic Benefit Cost:Service cost$560 $498 Interest cost16,924 15,774 Expected return on plan assets(18,757)(19