Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 66

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 66
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 Gross Deferred Tax Liabilities:  Depreciation and amortization8,049 9,221 Compensation and benefits31,460 22,129 Goodwill46,237 46,686 Other22,929 17,587 Gross deferred tax liabilities108,675 95,623 Net deferred tax assets$478,498 $493,483 _____________________(a)The basis adjustments recorded as of December 31, 2024 and 2023 are primarily the result of additional basis from acquisitions of interests, including the impact of the tax receivable agreement obligation.The historical profitability of each tax-paying entity is an important factor in determining whether to record a valuation allowance and when to release any such allowance. Certain of our tax-paying entities have individually experienced losses on a cumulative three year basis or have tax attributes that may expire unused. In addition, some of our tax-paying entities have recorded a valuation allowance on substantially all of their deferred tax assets due to the combined effect of operating losses in certain subsidiaries of these entities as well as foreign taxes that together limit their ability to eliminate residual U.S. tax liability. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets held by these entities will be realized. Consequently, we have recorded valuation allowances on $89,662 and $99,600 of deferred tax assets held by these entities as of December 31, 2024 and 2023, respectively.Changes in the deferred tax assets valuation allowance for the years ended December 31, 2024, 2023 and 2022 was as follows:Year Ended December 31,202420232022Beginning Balance$99,600 $88,239 $88,953 Charged (credited) to provision for income taxes(8,026)11,354 5,220 Charged (credited) to other comprehensive income and other(1,912)7 (5,934)Ending Balance$89,662 $99,600 $88,239 

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

The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $259,134 were recorded at December 31, 2024 primarily relating to:(i)indefinite-lived net operating loss carryfor