Investor Highlights
Endnotes related to non-GAAP adjustments (continued)
13
For the year ended December 31, 2013, represents charges related to the refinancing of the Company's 7.125% Senior Notes maturing on May 15, 2015 and
the issuance of $500 million of 4.25% Senior Notes maturing on November 14, 2020. The charges include a pre-tax loss on the extinguishment of $54.1 million.
For the period ended March 31, 2015, represents charges related to the extinguishment of $450 million of the 6.85% Senior Notes maturing in June 2017 and
the issuance of $400 million of 3.75% notes maturing in February 2025. The charges include a pre-tax loss on extinguishment of $60.2 million and excess
interest expense of $2.7 million (due to delay between the issuance of the 2025 notes and the settlement of the 2017 notes). For the period ended December
31, 2016, represents charges related to the extinguishment of $98 million of the Company's 6.85% Senior Notes maturing in June 2017 and the issuance of
$300 million of 3.625% notes maturing in March 2027. The charges include a pre-tax loss on the extinguishment of $3.1 million and excess interest expense of
$0.6 million (due to the delay between the issuance of the 2027 notes and the settlement of 2017 notes). For the period ended December 31, 2018, represents
charges related to the extinguishment of $250 million of the Company's 4.25% Senior Notes maturing in November 2020 and the issuance of $500 million of
4.50% notes maturing in September 2028. The charges include a pre-tax loss on the extinguishment of $6.5 million and excess interest expense of $0.3 million
(due to the period of time between the issuance of the 2028 notes and the settlement of 2020 notes). For the period ended March 31, 2019, represents charges
related to the extinguishment of $168 million of the Company's 4.25% Senior Notes maturing in November 2020 and the issuance of $500 million of 4.375%
notes maturing in March 2029. The charges include a pre-tax loss on the extinguishment of $6.5 million and excess interest expense of $0.3 million (due to the
period of time between the issuance of the 2029 notes and the settlement of 2020 notes).
14 Represents amortization of intangibles, and for 2016, 2017, 2018 and 2019, primarily relates to the change in fair value of the contingent consideration
associated with certain business acquisitions.
15
Represents amounts the Company may be required to pay LTBP Trust under the Tax Receivable Agreement based on the expected utilization of deferred tax
assets that are subject to the TRA. For the year ended December 31, 2017, as a result of the 2017 US Tax Cuts and Jobs Act, the Company incurred a charge
of approximately $420 million primarily relating to the reduction in certain deferred tax assets, with an offsetting benefit of approximately $203 million relating to
the reduction in our Tax Receivable Agreement obligation. For the year ended December 31, 2018, represents tax rate adjustment associated with the 2017 US
Tax Cuts and Jobs Act.
16 Represents (i) a charge related to the write-off of a partial prepayment of the Company's option to acquire the fund management activities of Lazard Alternative
Investment Holdings and (ii) a provision for a lease contract for the Company's leased facility in the U.K.
17
18
19
20
For the years ended December 31, 2009 and 2010, represents severance and benefit payments, acceleration of unrecognized amortization of deferred
incentive compensation previously granted to individuals terminated and other charges in connection with the reduction and realignment of staff.
Represents the tax benefit applicable to adjustments described above and for the years ended December 31, 2012 and 2013, the portion of adjustments
described above attributable to LAZ-MD Holdings.
Represents a reversal of noncontrolling interests related to LAZ-MD Holdings ownership of Lazard Group common membership interests and an adjustment for
Lazard Ltd entity-level taxes to effect a full exchange of interests.
For the year ended December 31, 2016 represents a gain relating to the Company's acquisition of MBA Lazard resulting from the increase in fair value of the
Company's investment in the business. For the year ended December 31, 2015 represents revenue relating to the Company's disposal of the Australian private
equity business adjusted for the recognition of an obligation, which was previously recognized for U.S. GAAP.
LAZARD
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