Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 74

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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 2024:Pension PlansThree Months Ended March 31,20252024Components of Net Periodic Benefit Cost:Service cost$176 $83 Interest cost5,409 5,192 Expected return on plan assets(5,972)(6,511)Amortization of:Prior service cost298 133 Net actuarial loss1,808 1,724 Net periodic benefit cost$1,719 $621 

15.    COST-SAVING INITIATIVES 

The Company conducted firm-wide cost-saving initiatives over the course of 2023, which were completed during the first quarter of 2024. Expenses and losses associated with the cost-saving initiatives for the three month period ended March 31, 2024 consisted of the following:  Three Months Ended March 31, 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 

31

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

Activity related to the obligations pursuant to the cost-saving initiatives during the three month period ended March 31, 2025 was as follows: Accrued Compensation and BenefitsBalance, January 1, 2025$6,268 Less:Foreign currency translation and other adjustments(11)Payments and settlements4,418 Balance, March 31, 2025$1,861 

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 an income tax benefit of $