Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 67

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 67
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wards (subject to various limitations) of approximately $91,000 in Brazil, Germany, Hong Kong, Saudi Arabia and the U.S.; and(ii)carryforwards of approximately $151,000 that expire in different periods, including U.S. foreign tax credits of  which $19,000, if unused, will expire in 2028 and are fully offset by a valuation allowance.With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2018. While the Company is under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate.A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2024, 2023 and 2022 is as follows:Year Ended December 31,202420232022Balance, January 1 (excluding interest and penalties of $18,501, $17,992 and $18,579, respectively)$79,580 $77,701 $77,617 Increases in gross unrecognized tax benefits relating to tax positions taken during:   Prior years– 615 341 Current year16,229 18,604 19,193 Decreases in gross unrecognized tax benefits relating to:   Tax positions taken during prior years(9,382)(836)(2,052)Settlements with tax authorities– (243)(43)Lapse of the applicable statute of limitations(17,801)(16,261)(17,355)Balance, December 31 (excluding interest and penalties of $20,348, $18,501 and $17,992, respectively)$68,626 $79,580 $77,701 Additional information with respect to unrecognized tax benefits is as follows:Year Ended December 31,202420232022Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $20,348, $18,501 and $17,992, respectively)$73,195 $80,346 $80,094 Unrecognized tax benefits that, if recognized, would not affect the