Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 64

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 64
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 $200,004 Activity related to the obligations pursuant to the cost-saving initiatives during the year ended December 31, 2024 was as follows: Accrued Compensation and BenefitsOtherTotalBalance, January 1, 2024$51,346 $952 $52,298 Total expenses46,610 2,119 48,729 Less:Noncash expenses (a)9,431 3,018 12,449 Payments and settlements82,257 53 82,310 Balance, December 31, 2024$6,268 $– $6,268 ___________________________________(a)Noncash expenses reflected in “accrued compensation and benefits” activity principally represents accelerated amortization of deferred incentive compensation awards. Noncash expenses reflected in “other” activity principally relates to impairments of certain operating lease right-of-use assets and certain foreign exchange related losses.

117

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

19.    INCOME TAXES 

Following the Conversion on January 1, 2024, 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 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 is subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City. The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2024, 2023 and 2022, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below.Year Ended December 31,202420232022Current:Federal$8,693 $96 $2,081 Foreign77,840 55,513 73,410 State and local2,163 2,809 6,165 Total current88,696 58,418 81,656 Deferred:   Federal21,312 (58,600)31,980 Foreign(20,410)(5,123)3,960