Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 201

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 201
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 accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2025 and 2024:Three Months EndedMarch 31,20252024Amortization and the impact of forfeitures$18,481 $35,699 Change in the fair value of underlying investments5,243 9,373 Total$23,724 $45,072 Cash Retention AwardsDuring the year ended December 31, 2024, the Company granted and paid cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or 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 months ended March 31, 2025 was $3,693. The remaining prepaid compensation asset was $33,215 as of March 31, 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 periods ended March 31, 2025 and 2024:Pension PlansThree Months Ended March 31,20252024Components of Net Periodic Benefit Cost:Service cost$176 $83