Turning Point Brands (TPB) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Entity Information [Line Items]
Entity Registrant Name	Turning Point Brands, Inc.
Entity Central Index Key	1,290,677
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Voting Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,845,031

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 2,248	$ 2,865
Accounts receivable, net of allowances of $63 in 2017 and $35 in 2016	3,982	2,181
Inventories	60,886	62,185
Other current assets	13,045	11,625
Total current assets	80,161	78,856
Property, plant and equipment, net	7,604	7,590
Deferred income taxes	8,809	6,288
Deferred financing costs, net	745	139
Goodwill	134,303	134,390
Other intangible assets, net	26,962	27,138
Master Settlement Agreement - escrow deposits	30,541	30,410
Other assets	182	209
Total assets	289,307	285,020
Current liabilities:
Accounts payable	7,556	9,153
Accrued liabilities	10,361	15,336
Accrued interest expense	402	394
Current portion of long-term debt	5,850	1,650
Revolving credit facility	29,550	15,034
Total current liabilities	53,719	41,567
Notes payable and long-term debt	191,996	201,541
Postretirement benefits	4,439	4,407
Pension benefits	362	423
Other long-term liabilities	2,916	3,024
Total liabilities	253,432	250,962
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.01 par value; authorized shares 40,000,000; issued and outstanding shares -0-	0	0
Additional paid-in capital	104,640	104,895
Accumulated other comprehensive loss	(3,858)	(4,049)
Accumulated deficit	(65,095)	(66,972)
Total stockholders' equity	35,875	34,058
Total liabilities and stockholders' equity	289,307	285,020
Common Stock, Voting [Member]
Stockholders' equity:
Common stock	188	184
Common Stock, Nonvoting [Member]
Stockholders' equity:
Common stock	$ 0	$ 0

Consolidated Balance Sheets (u3

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Accounts receivable, allowance	$ 63	$ 35
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Voting [Member]
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	190,000,000	190,000,000
Common stock, shares issued (in shares)	18,823,935	18,402,022
Common stock, shares outstanding (in shares)	18,823,935	18,402,022
Common Stock, Nonvoting [Member]
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statements of Income (unaudited) [Abstract]
Net sales	$ 66,788	$ 49,866
Cost of sales	39,122	25,219
Gross profit	27,666	24,647
Selling, general and administrative expenses	16,909	13,738
Operating income	10,757	10,909
Interest expense	4,933	8,462
Investment income	(114)	0
Loss on extinguishment of debt	6,116	0
Income (loss) before income taxes	(178)	2,447
Income tax expense (benefit)	(2,055)	213
Net income	$ 1,877	$ 2,234
Basic earnings per common share:
Net income (in dollars per share)	$ 0.10	$ 0.31
Diluted earnings per common share:
Net income (in dollars per share)	$ 0.10	$ 0.27
Weighted average common shares outstanding:
Basic (in shares)	18,734,393	7,198,337
Diluted (in shares)	19,633,353	8,354,659

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 1,877	$ 2,234
Other comprehensive income, net of tax
Unrealized gain on investments, net of tax of $43	71	0
Other comprehensive income, net of tax	191	123
Comprehensive income	2,068	2,357
Cost of Sales [Member]
Other comprehensive income, net of tax
Pension and postretirement amortization of unrealized losses	6	6
Selling, General and Administrative Expenses [Member]
Other comprehensive income, net of tax
Pension and postretirement amortization of unrealized losses	$ 114	$ 117

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Other comprehensive income, net of tax
Unrealized gain on investments, tax	$ 43

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 1,877	$ 2,234
Adjustments to reconcile net income to net cash provided by (used) in operating activities:
Loss on extinguishment of debt	6,116	0
Depreciation expense	354	293
Amortization of deferred financing costs	294	362
Amortization of original issue discount	66	259
Amortization of other intangible assets	175	0
Interest incurred but not paid on PIK toggle notes	0	2,254
Deferred income taxes	(2,564)	41
Stock-based compensation expense	45	22
Changes in operating assets and liabilities:
Accounts receivable	(1,801)	1,291
Inventories	1,299	(3,637)
Other current assets	(1,420)	1,455
Other assets	26	416
Accounts payable	(1,597)	724
Accrued pension liabilities	60	64
Accrued postretirement liabilities	32	(28)
Accrued liabilities and other	(5,302)	(4,773)
Net cash provided by (used in) operating activities	(2,340)	977
Cash flows from investing activities:
Capital expenditures	(368)	(454)
Net cash used in investing activities	(368)	(454)
Cash flows from financing activities:
Proceeds from 2017 revolving credit facility	29,550	0
Payments of financing costs	(4,792)	0
Proceeds from (payments of) old revolving credit facility	(15,034)	1,000
Prepaid equity issuance costs	0	(268)
Exercise of options	679	0
Surrender of options	(1,000)	0
Net cash provided by (used in) financing activities	2,091	(2,418)
Net decrease in cash	(617)	(1,895)
Cash, beginning of period	2,865	4,835
Cash, end of period	2,248	2,940
Supplemental schedule of noncash financing activities:
Accrued expenses incurred for financing costs	226	0
Accrued expenses incurred for prepaid equity costs	0	84
First Lien Term Loan [Member]
Cash flows from financing activities:
Proceeds from term loans	145,000	0
Payments of term loan	(147,312)	(3,150)
Second Lien Term Loan [Member]
Cash flows from financing activities:
Proceeds from term loans	55,000	0
Payments of term loan	$ (60,000)	$ 0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Basis of Presentation [Abstract]
Basis of Presentation	Note 1. Turning Point Brands, Inc., (the “Company”) is a holding company which owns NATC Holding Company, Inc. (“NATC Holding”) and its subsidiaries and Turning Point Brands, LLC (“TPLLC”) and its subsidiary, Intrepid Brands, LLC (“Intrepid”). Except where the context otherwise requires, references to the Company include the Company, NATC Holding and its subsidiary, North Atlantic Trading Company, Inc. (“NATC”) and its subsidiaries, National Tobacco Company, L.P. ), North Atlantic Operating Company, Inc. (“NAOC”), North Atlantic Cigarette Company, Inc. (“NACC”), National Tobacco Finance Corporation (“NTFC”), Smoke Free Technologies, Inc. d/b/a VaporBeast (“VaporBeast”), Fred Stoker & Sons, Inc., RBJ Sales, Inc. and Stoker, Inc. (collectively, “Stoker”) and TPLLC and Intrepid. The accompanying interim condensed consolidated financial statements have been prepared in accordance with our accounting practices described in our audited consolidated financial statements as of and for the year ended December 31, 2016, and are unaudited. In the opinion of management, the unaudited interim condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position, results of operations and cash flows for the periods indicated. Such adjustments, other than nonrecurring adjustments that have been separately disclosed, are of a normal, recurring nature. The operating results for interim periods are not necessarily indicative of results to be expected for a full year or future interim periods. The unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2016. The accompanying interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and, accordingly, do not include all the disclosures required by generally accepted accounting principles in the United States (“GAAP”) with respect to annual financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Consolidation: Revenue Recognition: We recognize revenues, net of sales incentives and sales returns, including shipping and handling charges billed to customers, upon delivery to the customer at which time there is a transfer of title and risk of loss to the customer in accordance with the ASC 605-10-S99. We classify customer rebates as sales deductions in accordance with the requirements of ASC 605-50-25. Shipping Costs: Fair Value: The three levels of the fair value hierarchy under GAAP are described below: Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 – Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Master Settlement Agreement Escrow Account: Pursuant to the Master Settlement Agreement (the “MSA”) entered into in November 1998 by most states (represented by their attorneys general acting through the National Association of Attorneys General) and subsequent states’ statutes, a “cigarette manufacturer” (which is defined to include a manufacturer of make-your-own (“MYO”) cigarette tobacco) has the option of either becoming a signatory to the MSA or opening, funding, and maintaining an escrow account to have funds available for certain potential tobacco-related liabilities, with sub-accounts on behalf of each settling state. The Company has chosen to open and fund an escrow account as its method of compliance. It is the Company’s policy to record amounts on deposit in the escrow account for prior years as a non-current asset. Each year’s annual obligation is required to be deposited in the escrow account by April 15 of the following year. In addition to the annual deposit, many states have elected to require quarterly deposits for the previous quarter’s sales. As of March 31, 2017, the Company had on deposit approximately $32.0 million, the fair value of which was approximately $30.5 million. At December 31, 2016, the Company had on deposit approximately $31.9 million, the fair value of which was approximately $30.4 million . The Company invests a portion of the MSA escrow in U.S. Government securities including TIPS, Treasury Notes and Treasury Bonds. These investments are classified as available-for-sale and carried at fair value. Realized losses are prohibited under the MSA and thus any investment in an unrealized loss position will be held until the value is recovered or until maturity. The following shows the fair value of the MSA escrow account: March 31, 2017 December 31, 2016 Cost Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents $ 3,978 $ - $ 3,978 $ 2,786 $ - $ - $ 2,786 U.S. Governmental agency obligations 27,981 (1,418 ) 26,563 29,156 19 (1,551 ) 27,624 $ 31,959 $ (1,418 ) $ 30,541 $ 31,942 $ 19 $ (1,551 ) $ 30,410 Fair value for the U.S. Governmental agency obligations are Level 2. All investments have been in an unrealized loss position for less than 12 months. The following shows the maturities of the U.S. Governmental agency obligations: March 31, December 31, Less than five years $ 9,113 $ 9,113 Six to ten years 15,896 16,141 Greater than ten years 2,972 3,902 Total U.S. Governmental agency obligations $ 27,981 $ 29,156 The following table represents the amount of deposits by sales year for the MSA escrow account and reflects the decline in annual deposits beginning in 2009, due to the significant increase in federal excise taxes, as described above: Deposits Sales March 31, December 31, 1999 $ 211 $ 211 2000 1,017 1,017 2001 1,673 1,673 2002 2,271 2,271 2003 4,249 4,249 2004 3,715 3,715 2005 4,552 4,552 2006 3,847 3,847 2007 4,167 4,167 2008 3,364 3,364 2009 1,626 1,626 2010 406 406 2011 193 193 2012 199 199 2013 173 173 2014 142 142 2015 101 100 2016 53 37 Total $ 31,959 $ 31,942 Food and Drug Administration (“FDA”): On June 22, 2009, the Family Smoking Prevention and Tobacco Control Act (“FSPTCA”) authorized the Food and Drug Administration (“FDA”) to immediately regulate the manufacture, sale and marketing of four categories of tobacco products – cigarettes, cigarette tobacco, roll-your-own tobacco and smokeless tobacco. On August 8, 2016, the FDA deeming regulation became effective. The deeming regulation gave the FDA the authority to additionally regulate cigars, pipe tobacco, e-cigarettes, vaporizers and e-liquids. The FDA assesses tobacco product user fees on six classes of regulated tobacco products and computes user fees using a methodology similar to the methodology used by the U.S Department of Agriculture to compute the Tobacco Transition Payment Program (“TTPP”, also known as the “Tobacco Buyout”) assessment. First, the total annual congressionally established user fee assessment is allocated among the six classes of tobacco products using the federal excise tax weighted market share of tobacco products subject to regulation. Then, the assessment for each class of tobacco products is divided among individual manufacturers and importers. Prior to October 1, 2016, these FDA user fees applied only to those products then regulated by the FDA. Effective October 1, 2016, the FDA began additionally applying FDA user fees to newly deemed tobacco products subject to FDA user fees as described above, i.e., cigars and pipe tobacco. Recent Accounting Pronouncements Adopted: The Company adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The Company adopted ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory Recent Accounting Pronouncements: In May 2014, the FASB issued Accounting Standards Update (“ASU”), ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), Leases In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently evaluating the effect the adoption of this standard will have on its financial statements Subsequent Events: The Company’s management has evaluated events and transactions that occurred from April 1, 2017 through May 11, 2017, the date these unaudited condensed consolidated financial statements were issued, for subsequent events requiring recognition or disclosure in the financial statements.

Initial Public Offering

Initial Public Offering	3 Months Ended
	Mar. 31, 2017
Initial Public Offering [Abstract]
Initial Public Offering	Note 3. Initial Public Offering (“IPO”): In April of 2016, the Company increased the total authorized shares of preferred and voting and non-voting common stock and effected a 10.43174381 for 1 stock split of the voting and non-voting common stock. As a result of the stock split, all previously reported share amounts (including options and warrants) in the accompanying financial statements and related notes have been retrospectively restated to reflect the stock split. In May of 2016, the Company sold 6,210,000 shares of voting common stock in its IPO (including shares sold pursuant to the underwriters’ option to purchase 810,000 shares to cover over-allotments) at a price of $10.00 per share. The gross proceeds totaled $62.1 million. Refer to the 2016 Annual Report on Form 10-K for use of the proceeds.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Acquisitions [Abstract]
Acquisitions	Note 4. Acquisitions: In November 2016 the Company purchased five chewing tobacco brands from Wind River Tobacco Company (“Wind River”) for $2.5 million. The Company paid $0.6 million at closing with the remaining $1.9 million payable quarterly through November 2019. The transaction was accounted for as an asset purchase with the fair value of the purchase price of $2.4 million assigned to trade names which have an indefinite life. In November 2016 the Company acquired the outstanding stock of VaporBeast for total consideration of $26.6 million net of working capital adjustment of $0.4 million, due from the sellers. The purchase price was satisfied through $4.0 million in cash at closing, $19.0 million in short-term notes paid in December 2016, plus $4.0 million in payments deferred for eighteen months. The Company completed the accounting for the acquisition of VaporBeast in the first quarter resulting in a decrease in goodwill of $0.1 million. The following purchase price and goodwill are based on the excess of the acquisition price over the estimated fair value of the tangible and intangible assets acquired. Purchase price: Total purchase price $ 27,000 Adjustments to purchase price: Working capital (400 ) Fair value of holdback (128 ) Adjusted purchase price $ 26,472 Assets acquired: Working capital $ 4,587 Property and equipment 7 Other intangible assets 16,272 Net assets acquired $ 20,866 Goodwill $ 5,606 The goodwill of $5.6 million consists of the synergies and scale expected from combining the operations. The goodwill is currently deductible for tax purposes.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 5. Fair Value of Financial Instruments: The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of ASC 825, Financial Instruments. The estimated fair value amounts have been determined by the Company using the methods and assumptions described below. However, considerable judgment is required to interpret market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash and Cash Equivalents: Accounts Receivable: Revolving Credit Facility: Long-Term Debt: The fair value of the Company’s long-term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. As of March 31, 2017, the fair values of the 2017 First Lien Term Loans and the 2017 Second Lien Term were $145.0 million and $55.0 million, respectively as the agreements were entered into during the first quarter of 2017. As of December 31, 2016, the fair values of the First Lien Term Loan and the Second Lien Term Loan approximate their face amounts of $147.3 million and $60.0 million, respectively as they were paid off in February 2017 at face amounts. Foreign Exchange: € The Company had forward contracts as of December 31, 2016 for the purchase of €4.9 million. liability as of March 31, 2017 and December 31, 2016

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventories [Abstract]
Inventories	Note 6. Inventories: Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (“LIFO”) method for approximately 50% of the inventories and the first-in, first out (“FIFO”) method for the remaining inventories. Leaf tobacco is presented in current assets in accordance with standard industry practice, notwithstanding the fact that such tobaccos are carried longer than one year for the purpose of curing. The components of inventories are as follows: March 31, December 31, Raw materials and work in process $ 2,652 $ 2,596 Leaf tobacco 26,295 27,391 Finished goods - smokeless products 6,010 4,789 Finished goods - smoking products 17,248 18,384 Finished goods - electronic / vaporizer products 12,912 11,993 Other 1,157 1,232 66,274 66,385 LIFO reserve (5,388 ) (4,200 ) $ 60,886 $ 62,185 The inventory valuation allowance for the three months ended March 31, 2017 and the year ended December 31, 2016 were $0.7 million and $0.6 million, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 7. Property, Plant and Equipment: Property, plant and equipment consists of: March 31, December 31, Land $ 22 $ 22 Building and improvements 1,899 1,899 Leasehold improvements 1,666 1,666 Machinery and equipment 10,898 10,532 Furniture and fixtures 3,411 3,409 17,896 17,528 Accumulated depreciation (10,292 ) (9,938 ) $ 7,604 $ 7,590

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2017
Accrued Expenses [Abstract]
Accrued Expenses	Note 8. Accrued Expenses: Accrued expenses consist of: March 31, December 31, Accrued payroll and related items $ 1,494 $ 5,331 Customer returns and allowances 2,025 2,818 Other 6,842 7,187 $ 10,361 $ 15,336

Notes Payable and Long-Term Deb

Notes Payable and Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Notes Payable and Long-Term Debt [Abstract]
Notes Payable and Long-Term Debt	Note 9. Notes Payable and Long-Term Debt: Notes payable and long-term debt consists of the following: March 31, December 31, 2017 First Lien First Out Term Loan $ 110,000 $ - 2017 First Lien Second Out Term Loan 35,000 - 2017 Second Lien Term Loan 55,000 - Note payable - VaporBeast 2,000 2,000 First Lien Term Loan - 146,451 Second Lien Term Loan - 59,128 Total Notes Payable and Long-Term Debt 202,000 207,579 Less deferred finance charges (4,154 ) (4,388 ) Less current maturities (5,850 ) (1,650 ) $ 191,996 $ 201,541 Long-term Debt On February 17, 2017, the Company and NATC, entered into a new $250 million secured credit facility, comprised of (i) a First Lien Credit Facility with Fifth Third Bank, as administrative agent, and other lenders (the “2017 First Lien Credit Facility”), and (ii) a Second Lien Credit Facility with Prospect Capital Corporation, as administrative agent, and other lenders (the “2017 Second Lien Credit Facility,” and together with the 2017 First Lien Credit Facility, the “2017 Credit Facility”). The Company used the proceeds of the 2017 Credit Facility to repay in full the Company’s First Lien Term Loan, Second Lien Term Loan, Revolving Credit Facility and to pay related fees and expenses. The 2017 Credit Facility contains customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control defaults. The 2017 Credit Facility also contains certain negative covenants customary for facilities of these types including, covenants that, subject to exceptions described in the 2017 Credit Facility, restrict the ability of the Company and its subsidiary guarantors: (i) to pledge assets; (ii) to incur additional indebtedness; (iii) to pay dividends; (iv) to make distributions; (v) to sell assets; and (vi) to make investments. 2017 First Lien Credit Facility The 2017 First Lien Credit Facility consists of: (i) a $50 million revolving credit facility (the “2017 Revolving Credit Facility”); (ii) a $110 million first out term loan facility (the “2017 First Out Term Loan”), and (iii) a $35 million second out term loan facility (the “2017 Second Out Term Loan”), which will be repaid in full only after repayment in full of the 2017 First Out Term Loan. The 2017 First Lien Credit Facility also includes an accordion feature that allows the Company to borrow up to an additional $40 million upon the satisfaction of certain conditions, including obtaining commitments from one or more lenders. Borrowings under the 2017 Revolving Credit Facility may be used for general corporate purposes, including acquisitions. The 2017 First Out Term Loan and the 2017 Revolving Credit Facility have a maturity date of February 17, 2022, and the 2017 Second Out Term Loan has a maturity date of May 17, 2022. The 2017 First Out Term Loan and the 2017 Revolving Credit Facility bear interest at LIBOR plus a spread of 2.5% to 3.5% based on the Company’s senior leverage ratio. The 2017 First Out Term Loan has quarterly required payments of $1.4 million beginning June 30, 2017 increasing to $2.1 million on June 30, 2019 and increasing to $2.8 million on June 30, 2021. The 2017 Second Out Term Loan bears interest at LIBOR plus 6% (subject to a floor of 1.00%). The 2017 Second Out Term Loan has quarterly required payments of $0.1 million beginning June 30, 2017. The 2017 First Lien Credit Facility contains certain financial covenants, including maximum senior leverage ratio of 3.75x with step-downs to 3.00x, a maximum total leverage ratio of 4.75x with step-downs to 4.00x, and a minimum fixed charge coverage ratio of 1.20x. The weighted average interest rate at March 31, 2017 on the 2017 Revolving Credit Facility was 4.2%. The weighted average interest rate at March 31, 2017 on the 2017 First Term Loan was 4.4%. The weighted average interest rate at March 31, 2017 on the 2017 Second Out Term Loan was 7.0%. 2017 Second Lien Credit Facility The 2017 Second Lien Credit Facility consists of a $55 million second lien term loan (the “2017 Second Lien Term Loan”) having a maturity date of August 17, 2022. The 2017 Second Lien Term Loan bears interest at a fixed rate of 11%. The 2017 Second Lien Credit Facility contains certain financial covenants, including a maximum senior leverage ratio of 4.25x with step-downs to 3.50x, a maximum total leverage ratio of 5.25x with step-downs to 4.50x, and a minimum fixed charge coverage ratio of 1.10x. Note Payable – VaporBeast On November 30, 2016, the Company issued a note payable to VaporBeast’s shareholders (“VaporBeast Note.”) The VaporBeast Note is $2.0 million principal with 6% interest compounded monthly and matures on May 30, 2018. The VaporBeast Note may be prepaid at any time without penalty and is subject to a late payment penalty of 5% and a default rate of 13% per annum. The VaporBeast Note is subject to customary defaults, including defaults for nonpayment, nonperformance, any material breach under the purchase agreement and bankruptcy or insolvency. First Lien Term Loan All of NATC’s subsidiaries, as well as the Company and NATC Holding, were guarantors under the First Lien Term Loan. TPLLC and its subsidiary were not guarantors of the First Lien Term Loan. The First Lien Term Loan was secured by a first priority lien on substantially all of the assets of the borrowers and the guarantors thereunder, including a pledge of the capital stock of NATC and its subsidiaries held by NATC Holding, NATC or any guarantor, other than certain excluded assets (the “Collateral”). The loans designated as LIBOR rate loans bore interest at LIBOR Rate then in effect (but not less than 1.25%) plus 6.50% and the loans designated as base rate loans bore interest at the (i) highest of (A) the Prime Rate, (B) the Federal Funds Rate plus 0.50%, (C) LIBOR for an interest period of one month plus 1.00% and (D) 2.25% per year plus (ii) 5.50%. The First Lien Term Loan was paid in full with the proceeds from the February 2017 refinancing. Second Lien Term Loan The Second Lien Term Loan had the benefit of a second priority security interest in the Collateral and was guaranteed by the same entities as the First Lien Term Loan. Under the Second Lien Term Loan the loans designated as LIBOR rate loans bore interest at the LIBOR Rate then in effect (but not less than 1.25%) plus 10.25% and the loans designated as base rate loans bore interest at (i) the highest of (A) the Prime Rate, (B) the Federal Funds Rate plus 0.50%, (C) LIBOR for an interest period of one month plus 1.00% and (D) 2.25% per year plus (ii) 9.25%. The Second Lien Term Loan was paid in full with the proceeds from the February 2017 refinancing. Revolving Credit Facility The Revolving Credit Facility provided for aggregate commitments of up to $40 million, subject to a borrowing base, which is calculated as the sum of (i) 85% of eligible accounts receivable, plus (ii) the lesser of (A) the product of 70% multiplied by the value of eligible inventory and (B) the product of 85% multiplied by the net recovery percentage identified in the most recent inventory appraisal multiplied by the value of eligible inventory, plus (iii) the lesser of (A) the product of 75% multiplied by the value of eligible inventory and (B) the product of 85% multiplied by the net recovery percentage identified in the most recent inventory appraisal multiplied by the value of the eligible finished goods inventory, minus (iv) the aggregate amount of reserves established by the administrative agent. The outstanding balance on the Revolving Credit Facility was paid in full with the proceeds from the February 2017 refinancing. PIK Toggle Notes On January 13, 2014, the Company issued PIK Toggle Notes (“PIK Toggle Notes”) to Standard General Master Fund, L.P. (“Standard General”) with a principal amount of $45 million and warrants to purchase 42,424 of the Company’s common stock at $.01 per share, as adjusted for stock splits and other events specified in the agreement. After adjustment for the stock split effected in connection with the IPO of 10.43174381 to 1, the warrants were adjusted to provide for the purchase of 442,558 of the Company’s common stock. Due to the issuance of the warrants, the PIK Toggle Notes had an original issue discount of $1.7 million and were initially valued at $43.3 million. The PIK Toggle Notes were scheduled to mature and the warrants to expire on January 13, 2021. The PIK Toggle Notes accrued interest based on the LIBOR Rate then in effect (but not less than 1.25%) plus 13.75%. Interest was payable on the last day of each quarter and upon maturity. The Company had the flexibility to pay interest in kind through an increase in the principal amount at the same interest rate as the PIK Toggle Notes. The Company chose to increase the PIK Toggle Notes for all interest for the first three months of 2016. In connection with the IPO, in May of 2016, the Company redeemed and retired all of the outstanding PIK Toggle Notes in exchange for a combination of cash and shares of the Company’s voting common stock. As a result of this transaction the Company incurred a loss on extinguishment of debt of $2.8 million during the second quarter of 2016. 7% Senior Notes In January of 2014, the Company issued 7% Senior Notes to various stockholders with a principal amount of $11 million and warrants to purchase 11,000,000 units of membership interests in Intrepid, which represented 40% of the Intrepid Common Units outstanding on a fully diluted basis, at a purchase price of $1.00 per unit. Due to the issuance of the Intrepid warrants, the 7% Senior Notes had an original issue discount of $2.8 million and were initially valued at $8.2 million. The 7% Senior Notes were scheduled to mature and the warrants to expire on December 31, 2023. The 7% Senior Notes accrued interest at a fixed rate of 7% per annum. The 7% Senior Notes were general unsecured obligations of the Company and ranked equally with the Company’s other unsecured and unsubordinated debt from time to time outstanding. Redemptions of the 7% Senior Notes could be made by the Company at any time without penalty or premium. In connection with the IPO, in May of 2016, the Company redeemed and retired all of the outstanding 7% Senior Notes in exchange for shares of the Company’s voting common stock.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	Note 10. Income Taxes: The Company’s income tax benefit for the three months ended March 31, 2017 does not bear the normal relationship to loss before income taxes because of tax benefits of $2.0 million relating to stock options exercised during the quarter. The Company’s income tax expense for the three months ended March 31, 2016 does not bear the normal relationship to income before income taxes because of net operating loss carryforwards that were utilized and were partially offset by certain minimum state income taxes. The Company follows the provisions of ASC 740-10-25, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has determined that they did not have any uncertain tax positions requiring recognition under the provisions of ASC 740-10-25. The Company’s policy is to recognize interest and penalties accrued on uncertain tax positions, if any, as part of interest expense. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. In general, the Company is no longer subject to U.S. federal and state tax examinations for years prior to 2013.

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2017
Pension and Postretirement Benefit Plans [Abstract]
Pension and Postretirement Benefit Plans	Note 11. Pension and Postretirement Benefit Plans: The components of Net Periodic Benefit Cost are as follows: Pension Benefits Postretirement Benefits Three months ended Three months ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Service cost $ 26 $ 26 $ - $ - Interest cost 170 175 58 52 Expected return on plan assets (256 ) (259 ) - - Amortization of gains and losses 120 123 - - Net periodic benefit cost $ 60 $ 65 $ 58 $ 52 The Company has a defined benefit pension plan. Benefits for the hourly employees’ plan were based on a stated benefit per year of service, reduced by amounts earned in a previous plan. Benefits for the salaried employees plan were based on years of service and the employees’ final compensation. The defined benefit plan is frozen. The Company sponsored a defined benefit postretirement plan that covered hourly employees. This plan provides medical and dental benefits. This plan is contributory, with retiree contributions adjusted annually. The Company expects to contribute approximately $0.3 million to its postretirement plan in 2017 for the payment of benefits. The Company expects to make no contributions to the pension plan in the year ending December 31, 2017.

Share Incentive Plans

Share Incentive Plans	3 Months Ended
	Mar. 31, 2017
Share Incentive Plans [Abstract]
Share Incentive Plans	Note 12. Share Incentive Plans: On April 28, 2016, the Board of Directors of the Company adopted the Turning Point Brands, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) and approved a form of Restricted Stock Award Agreement (the “Form Award Agreement”) pursuant to which awards under the 2015 Plan may be granted to employees, non-employee directors and consultants. In addition, the 2015 Plan provides for the granting of nonqualified stock options to employees of the Company or any subsidiary of the Company. Pursuant to the 2015 Plan, 1,400,000 shares of common stock of the Company are reserved for issuance as awards to employees, consultants and non-employee directors as compensation for past or future services or the attainment of certain performance goals. The 2015 Plan is scheduled to terminate on April 27, 2026. The 2015 Plan is administrated by a committee (the “Committee”) of the Company’s Board of Directors. The Committee determines the criteria for the vesting period, with such criteria to be specified in the award agreement. As of March 31, 2017, 25,239 shares of restricted stock, 94,000 restricted stock units and 93,996 options have been granted to employees of the Company under the 2015 Plan. There are 1,186,765 shares available for grant under the 2015 Plan. On February 7, 2017, the Board of Directors of the Company approved stock option cash-out agreement with three Company officers and a director for the surrender of 83,400 expiring stock option in exchange for payment to the option holders of $11.99 per share which is the difference between the exercise price of $1.06 and closing stock price of $13.05, or an aggregate of $1.0 million. On February 8, 2006, the Board of Directors of the Company adopted the North Atlantic Holding Company, Inc. 2006 Equity Incentive Plan (the “2006 Plan”) and approved a form of Restricted Stock Award Agreement (the “Form Award Agreement”) pursuant to which awards under the 2006 Plan may be granted to employees. The 2006 Plan provides for the granting of nonqualified stock options and restricted stock awards. Upon the adoption of the Company’s 2015 Equity Incentive Plan in connection with its IPO the Company determined that no additional grants would be made under the 2006 Plan, however all awards issued under the plan that have not been previously terminated or forfeited remain outstanding and continue unaffected. There are no shares available for grant under the 2006 Plan. Stock option activity for the 2006 and 2015 Plans is summarized below: Incentive Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding, December 31, 2015 1,667,671 $ 2.19 $ 1.20 Granted 53,996 9.26 2.37 Exercised (73,135 ) 2.31 1.27 Forfeited (10,770 ) 3.83 2.17 Outstanding, December 31, 2016 1,637,762 2.41 1.23 Granted 40,000 13.00 3.98 Exercised (422,487 ) 1.61 0.86 Surrendered (83,400 ) 1.06 0.54 Outstanding, March 31, 2017 1,171,875 $ 3.16 $ 1.51 Under the 2006 Plan, the total intrinsic value of options exercised during the three months ended March 31, 2017 was $4.7 million. There were no options exercised during the three months ended March 31, 2016. The total intrinsic value of options surrendered during the three months ended March 31, 2017 was $1.0 million. At March 31, 2017, under the 2006 Plan, the outstanding stock options’ exercise price for 523,760 options is $1.06 per share all of which are exercisable. The outstanding stock options’ exercise price for 554,119 options is $3.83 per share all of which are exercisable. The weighted average of the remaining lives of the outstanding stock options is approximately 0.8 years for the options with the $1.06 exercise price, and 5.7 years for the options with the $3.83 exercise price. The Company estimates that the expected life of all stock options is ten years from the date of grant. For the $1.06 per share options, the weighted average fair value of options was determined using the Black-Scholes model assuming a ten-year life from grant date; a current share price and exercise price of $1.06; risk free interest rate of 4.37%; a volatility of 30%; and no assumed dividend yield. Based on these assumptions, the fair value of these options is approximately $0.54 per share option granted. For the $3.83 per share options, At March 31, 2017, under the 2015 Plan, the risk free interest rate is based on the U.S. Treasury rate for the expected life at the time of grant. The expected volatility is based on the average long-term historical volatilities of peer companies. We intend to continue to consistently use the same group of publicly traded peer companies to determine expected volatility in the future until sufficient information regarding volatility of our share price becomes available or the selected companies are no longer suitable for this purpose. Also, due to our limited trading history, we are using the “simplified method” to calculate expected holding periods, which represent the period of time that options granted are expected to be outstanding. We will continue to use this method until we have sufficient historical exercise experience to give us confidence that our calculations based on such experience will be reliable. The fair value of these options were determined using the Black-Scholes option pricing model. The following table outlines the assumptions based on the number of options granted under the 2015 Plan. 2016 Grant 2017 Grant Number of options 53,996 40,000 Number exercisable 26,998 - Exercise price $ 9.26 $ 13.00 Remaining lives 9.3 9.9 Risk free interest rate 1.159 % 1.890 % Expected volatility 25.40 % 27.44 % Expected life 5.375 6.000 Dividend yield - - Fair value $ 2.37 $ 3.98 The Company has recorded compensation expense related to the options based on the provisions of ASC 718 under which the fixed portion of such expense is determined as the fair value of the options on the date of grant and amortized over the vesting period. The Company recorded compensation expense of approximately $0.1 million and less than $0.1 million in the consolidated statements of income for the three months ended March 31, 2017 and 2016, respectively. Performance-based restricted stock units (“PRSU”) are restricted stock that are subject to both performance-based and service based vesting conditions. The number of shares of common stock that a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance metrics that relate to the Company’s performance over a five-year period. PRSUs will vest on the measurement date, which is no more than 65 days after the performance period, provided the applicable service and performance conditions are satisfied. On March 31, 2017, the Committee granted 94,000 performance-based restricted stock units (“PRSU”) to employees of the Company all of which are unvested at March 31, 2017. The fair value of each PRSU is $15.60, the closing price of the stock on March 31, 2017, the date of grant. The Company has recorded no compensation expense related to the PRSUs as they were granted on the last day of the quarter.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Contingencies [Abstract]
Contingencies	Note 13. Contingencies: The Company is involved in various claims and actions that arise in the normal course of business. While the outcome of these legal proceedings cannot be predicted with certainty, it is the opinion of management that the resolution of the proceedings should not have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note 14. Earnings Per Share: The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations of net income: Three Months Ended March 31, March 31, Income Shares Per Income Shares Per Net income $ 1,877 $ 2,234 Basic EPS: Weighted average 18,734,393 $ 0.10 7,198,337 $ 0.31 Diluted EPS: Effect of Dilutive securities: Stock options and warrants 898,960 1,156,322 19,633,353 $ 0.10 8,354,659 $ 0.27 Due to the IPO in May 2016, the Company’s weighted average shares and basic and diluted earnings per share are significantly different as of March 31, 2017 when compared to prior periods.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Segment Information	Note 15. Segment Information: In accordance with ASC 280, Segment Reporting, the Company has three reportable segments, (1) smokeless products; (2) smoking products; and (3) NewGen products. The smokeless products segment: (a) manufactures and markets moist snuff and (b) contracts for and markets chewing tobacco products. The smoking products segment: (a) imports and markets cigarette papers, tubes and related products and (b) imports and markets finished cigars and MYO cigar wraps. The NewGen products segment (a) markets e-cigarettes, e-liquids, vaporizers and other related products and (b) distributes a wide assortment of vaping products to non-traditional retail outlets via VaporBeast. The Company’s products are distributed primarily through wholesale distributors in the United States. The Other segment includes the assets of the Company not assigned to the three reportable segments and Elimination includes the elimination of intercompany accounts between segments. The accounting policies of these segments are the same as those of the Company. Segment data includes a charge allocating corporate costs to the three reportable segments based on their respective Net sales. The Company evaluates the performance of its segments and allocates resources to them based on Operating income. The tables below present financial information about reported segments: March 31, 2017 March 31, 2016 Net Sales Smokeless products $ 20,248 $ 18,339 Smoking products 27,177 27,885 NewGen products 19,363 3,642 $ 66,788 $ 49,866 Operating Income Smokeless products $ 3,437 $ 3,559 Smoking products 6,554 7,540 NewGen products 912 116 Other (1) (146 ) (306 ) $ 10,757 $ 10,909 Interest expense $ (4,933 ) $ (8,462 ) Investment income 114 Loss on extinguishment of debt (6,116 ) - Income (loss) before income taxes $ (178 ) $ 2,447 Capital Expenditures Smokeless products $ 366 $ 329 NewGen products 2 125 $ 368 $ 454 Depreciation and amortization Smokeless products $ 352 $ 293 NewGen products 177 - $ 529 $ 293 March 31, December 31, Assets Smokeless Products $ 85,748 $ 85,559 Smoking Products 149,158 150,498 NewGen Products 40,676 39,416 Other (1) 13,725 9,547 $ 289,307 $ 285,020 (1) “Other” includes our assets that are not assigned to our three reportable segments, such as deferred taxes. All goodwill has been allocated to our reportable segments. Net Sales - Domestic and Foreign The tables below present financial information about our domestic and foreign net sales: Three Months Ended March 31, March 31, Domestic $ 64,371 $ 46,974 Foreign 2,417 2,892 Net Sales $ 66,788 $ 49,866

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Basis of Presentation [Abstract]
Basis of Presentation	Turning Point Brands, Inc., (the “Company”) is a holding company which owns NATC Holding Company, Inc. (“NATC Holding”) and its subsidiaries and Turning Point Brands, LLC (“TPLLC”) and its subsidiary, Intrepid Brands, LLC (“Intrepid”). Except where the context otherwise requires, references to the Company include the Company, NATC Holding and its subsidiary, North Atlantic Trading Company, Inc. (“NATC”) and its subsidiaries, National Tobacco Company, L.P. ), North Atlantic Operating Company, Inc. (“NAOC”), North Atlantic Cigarette Company, Inc. (“NACC”), National Tobacco Finance Corporation (“NTFC”), Smoke Free Technologies, Inc. d/b/a VaporBeast (“VaporBeast”), Fred Stoker & Sons, Inc., RBJ Sales, Inc. and Stoker, Inc. (collectively, “Stoker”) and TPLLC and Intrepid. The accompanying interim condensed consolidated financial statements have been prepared in accordance with our accounting practices described in our audited consolidated financial statements as of and for the year ended December 31, 2016, and are unaudited. In the opinion of management, the unaudited interim condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position, results of operations and cash flows for the periods indicated. Such adjustments, other than nonrecurring adjustments that have been separately disclosed, are of a normal, recurring nature. The operating results for interim periods are not necessarily indicative of results to be expected for a full year or future interim periods. The unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2016. The accompanying interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and, accordingly, do not include all the disclosures required by generally accepted accounting principles in the United States (“GAAP”) with respect to annual financial statements.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Consolidation	Consolidation:
Revenue Recognition	Revenue Recognition: We recognize revenues, net of sales incentives and sales returns, including shipping and handling charges billed to customers, upon delivery to the customer at which time there is a transfer of title and risk of loss to the customer in accordance with the ASC 605-10-S99. We classify customer rebates as sales deductions in accordance with the requirements of ASC 605-50-25.
Shipping Costs	Shipping Costs:
Fair Value	Fair Value: The three levels of the fair value hierarchy under GAAP are described below: Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 – Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Master Settlement Agreement Escrow Account	Master Settlement Agreement Escrow Account: Pursuant to the Master Settlement Agreement (the “MSA”) entered into in November 1998 by most states (represented by their attorneys general acting through the National Association of Attorneys General) and subsequent states’ statutes, a “cigarette manufacturer” (which is defined to include a manufacturer of make-your-own (“MYO”) cigarette tobacco) has the option of either becoming a signatory to the MSA or opening, funding, and maintaining an escrow account to have funds available for certain potential tobacco-related liabilities, with sub-accounts on behalf of each settling state. The Company has chosen to open and fund an escrow account as its method of compliance. It is the Company’s policy to record amounts on deposit in the escrow account for prior years as a non-current asset. Each year’s annual obligation is required to be deposited in the escrow account by April 15 of the following year. In addition to the annual deposit, many states have elected to require quarterly deposits for the previous quarter’s sales. As of March 31, 2017, the Company had on deposit approximately $32.0 million, the fair value of which was approximately $30.5 million. At December 31, 2016, the Company had on deposit approximately $31.9 million, the fair value of which was approximately $30.4 million . The Company invests a portion of the MSA escrow in U.S. Government securities including TIPS, Treasury Notes and Treasury Bonds. These investments are classified as available-for-sale and carried at fair value. Realized losses are prohibited under the MSA and thus any investment in an unrealized loss position will be held until the value is recovered or until maturity. The following shows the fair value of the MSA escrow account: March 31, 2017 December 31, 2016 Cost Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents $ 3,978 $ - $ 3,978 $ 2,786 $ - $ - $ 2,786 U.S. Governmental agency obligations 27,981 (1,418 ) 26,563 29,156 19 (1,551 ) 27,624 $ 31,959 $ (1,418 ) $ 30,541 $ 31,942 $ 19 $ (1,551 ) $ 30,410 Fair value for the U.S. Governmental agency obligations are Level 2. All investments have been in an unrealized loss position for less than 12 months. The following shows the maturities of the U.S. Governmental agency obligations: March 31, December 31, Less than five years $ 9,113 $ 9,113 Six to ten years 15,896 16,141 Greater than ten years 2,972 3,902 Total U.S. Governmental agency obligations $ 27,981 $ 29,156 The following table represents the amount of deposits by sales year for the MSA escrow account and reflects the decline in annual deposits beginning in 2009, due to the significant increase in federal excise taxes, as described above: Deposits Sales March 31, December 31, 1999 $ 211 $ 211 2000 1,017 1,017 2001 1,673 1,673 2002 2,271 2,271 2003 4,249 4,249 2004 3,715 3,715 2005 4,552 4,552 2006 3,847 3,847 2007 4,167 4,167 2008 3,364 3,364 2009 1,626 1,626 2010 406 406 2011 193 193 2012 199 199 2013 173 173 2014 142 142 2015 101 100 2016 53 37 Total $ 31,959 $ 31,942
Food and Drug Administration	Food and Drug Administration (“FDA”): On June 22, 2009, the Family Smoking Prevention and Tobacco Control Act (“FSPTCA”) authorized the Food and Drug Administration (“FDA”) to immediately regulate the manufacture, sale and marketing of four categories of tobacco products – cigarettes, cigarette tobacco, roll-your-own tobacco and smokeless tobacco. On August 8, 2016, the FDA deeming regulation became effective. The deeming regulation gave the FDA the authority to additionally regulate cigars, pipe tobacco, e-cigarettes, vaporizers and e-liquids. The FDA assesses tobacco product user fees on six classes of regulated tobacco products and computes user fees using a methodology similar to the methodology used by the U.S Department of Agriculture to compute the Tobacco Transition Payment Program (“TTPP”, also known as the “Tobacco Buyout”) assessment. First, the total annual congressionally established user fee assessment is allocated among the six classes of tobacco products using the federal excise tax weighted market share of tobacco products subject to regulation. Then, the assessment for each class of tobacco products is divided among individual manufacturers and importers. Prior to October 1, 2016, these FDA user fees applied only to those products then regulated by the FDA. Effective October 1, 2016, the FDA began additionally applying FDA user fees to newly deemed tobacco products subject to FDA user fees as described above, i.e., cigars and pipe tobacco.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted: The Company adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The Company adopted ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In May 2014, the FASB issued Accounting Standards Update (“ASU”), ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), Leases In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently evaluating the effect the adoption of this standard will have on its financial statements
Subsequent Events	Subsequent Events: The Company’s management has evaluated events and transactions that occurred from April 1, 2017 through May 11, 2017, the date these unaudited condensed consolidated financial statements were issued, for subsequent events requiring recognition or disclosure in the financial statements.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Fair Value of MSA Escrow Account	The following shows the fair value of the MSA escrow account: March 31, 2017 December 31, 2016 Cost Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents $ 3,978 $ - $ 3,978 $ 2,786 $ - $ - $ 2,786 U.S. Governmental agency obligations 27,981 (1,418 ) 26,563 29,156 19 (1,551 ) 27,624 $ 31,959 $ (1,418 ) $ 30,541 $ 31,942 $ 19 $ (1,551 ) $ 30,410
Maturities of U.S. Governmental Agency Obligations	The following shows the maturities of the U.S. Governmental agency obligations: March 31, December 31, Less than five years $ 9,113 $ 9,113 Six to ten years 15,896 16,141 Greater than ten years 2,972 3,902 Total U.S. Governmental agency obligations $ 27,981 $ 29,156
Deposits by Sales Year for MSA Escrow Account	The following table represents the amount of deposits by sales year for the MSA escrow account and reflects the decline in annual deposits beginning in 2009, due to the significant increase in federal excise taxes, as described above: Deposits Sales March 31, December 31, 1999 $ 211 $ 211 2000 1,017 1,017 2001 1,673 1,673 2002 2,271 2,271 2003 4,249 4,249 2004 3,715 3,715 2005 4,552 4,552 2006 3,847 3,847 2007 4,167 4,167 2008 3,364 3,364 2009 1,626 1,626 2010 406 406 2011 193 193 2012 199 199 2013 173 173 2014 142 142 2015 101 100 2016 53 37 Total $ 31,959 $ 31,942

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
Acquisitions [Abstract]
Acquisition of VaporBeast	The following purchase price and goodwill are based on the excess of the acquisition price over the estimated fair value of the tangible and intangible assets acquired. Purchase price: Total purchase price $ 27,000 Adjustments to purchase price: Working capital (400 ) Fair value of holdback (128 ) Adjusted purchase price $ 26,472 Assets acquired: Working capital $ 4,587 Property and equipment 7 Other intangible assets 16,272 Net assets acquired $ 20,866 Goodwill $ 5,606

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventories [Abstract]
Inventories	The components of inventories are as follows: March 31, December 31, Raw materials and work in process $ 2,652 $ 2,596 Leaf tobacco 26,295 27,391 Finished goods - smokeless products 6,010 4,789 Finished goods - smoking products 17,248 18,384 Finished goods - electronic / vaporizer products 12,912 11,993 Other 1,157 1,232 66,274 66,385 LIFO reserve (5,388 ) (4,200 ) $ 60,886 $ 62,185

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of: March 31, December 31, Land $ 22 $ 22 Building and improvements 1,899 1,899 Leasehold improvements 1,666 1,666 Machinery and equipment 10,898 10,532 Furniture and fixtures 3,411 3,409 17,896 17,528 Accumulated depreciation (10,292 ) (9,938 ) $ 7,604 $ 7,590

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Expenses [Abstract]
Accrued Expenses	Accrued expenses consist of: March 31, December 31, Accrued payroll and related items $ 1,494 $ 5,331 Customer returns and allowances 2,025 2,818 Other 6,842 7,187 $ 10,361 $ 15,336

Notes Payable and Long-Term D30

Notes Payable and Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Payable and Long-Term Debt [Abstract]
Notes Payable and Long-Term Debt	Notes payable and long-term debt consists of the following: March 31, December 31, 2017 First Lien First Out Term Loan $ 110,000 $ - 2017 First Lien Second Out Term Loan 35,000 - 2017 Second Lien Term Loan 55,000 - Note payable - VaporBeast 2,000 2,000 First Lien Term Loan - 146,451 Second Lien Term Loan - 59,128 Total Notes Payable and Long-Term Debt 202,000 207,579 Less deferred finance charges (4,154 ) (4,388 ) Less current maturities (5,850 ) (1,650 ) $ 191,996 $ 201,541

Pension and Postretirement Be31

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Pension and Postretirement Benefit Plans [Abstract]
Components of Net Periodic Benefit Cost	The components of Net Periodic Benefit Cost are as follows: Pension Benefits Postretirement Benefits Three months ended Three months ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Service cost $ 26 $ 26 $ - $ - Interest cost 170 175 58 52 Expected return on plan assets (256 ) (259 ) - - Amortization of gains and losses 120 123 - - Net periodic benefit cost $ 60 $ 65 $ 58 $ 52

Share Incentive Plans (Tables)

Share Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Share Incentive Plans [Abstract]
Stock Option Activity	Stock option activity for the 2006 and 2015 Plans is summarized below: Incentive Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding, December 31, 2015 1,667,671 $ 2.19 $ 1.20 Granted 53,996 9.26 2.37 Exercised (73,135 ) 2.31 1.27 Forfeited (10,770 ) 3.83 2.17 Outstanding, December 31, 2016 1,637,762 2.41 1.23 Granted 40,000 13.00 3.98 Exercised (422,487 ) 1.61 0.86 Surrendered (83,400 ) 1.06 0.54 Outstanding, March 31, 2017 1,171,875 $ 3.16 $ 1.51
Assumptions for Options Granted Under 2015 Plan	The following table outlines the assumptions based on the number of options granted under the 2015 Plan. 2016 Grant 2017 Grant Number of options 53,996 40,000 Number exercisable 26,998 - Exercise price $ 9.26 $ 13.00 Remaining lives 9.3 9.9 Risk free interest rate 1.159 % 1.890 % Expected volatility 25.40 % 27.44 % Expected life 5.375 6.000 Dividend yield - - Fair value $ 2.37 $ 3.98

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations of net income: Three Months Ended March 31, March 31, Income Shares Per Income Shares Per Net income $ 1,877 $ 2,234 Basic EPS: Weighted average 18,734,393 $ 0.10 7,198,337 $ 0.31 Diluted EPS: Effect of Dilutive securities: Stock options and warrants 898,960 1,156,322 19,633,353 $ 0.10 8,354,659 $ 0.27

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Financial Information of Reportable Segments	The tables below present financial information about reported segments: March 31, 2017 March 31, 2016 Net Sales Smokeless products $ 20,248 $ 18,339 Smoking products 27,177 27,885 NewGen products 19,363 3,642 $ 66,788 $ 49,866 Operating Income Smokeless products $ 3,437 $ 3,559 Smoking products 6,554 7,540 NewGen products 912 116 Other (1) (146 ) (306 ) $ 10,757 $ 10,909 Interest expense $ (4,933 ) $ (8,462 ) Investment income 114 Loss on extinguishment of debt (6,116 ) - Income (loss) before income taxes $ (178 ) $ 2,447 Capital Expenditures Smokeless products $ 366 $ 329 NewGen products 2 125 $ 368 $ 454 Depreciation and amortization Smokeless products $ 352 $ 293 NewGen products 177 - $ 529 $ 293 March 31, December 31, Assets Smokeless Products $ 85,748 $ 85,559 Smoking Products 149,158 150,498 NewGen Products 40,676 39,416 Other (1) 13,725 9,547 $ 289,307 $ 285,020 (1) “Other” includes our assets that are not assigned to our three reportable segments, such as deferred taxes. All goodwill has been allocated to our reportable segments.
Net Sales - Domestic and Foreign	The tables below present financial information about our domestic and foreign net sales: Three Months Ended March 31, March 31, Domestic $ 64,371 $ 46,974 Foreign 2,417 2,892 Net Sales $ 66,788 $ 49,866

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)CategoryClass	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Shipping Costs [Abstract]
Shipping costs	$ 2,200	$ 1,500
Fair Value of MSA Escrow Account [Abstract]
Cost	31,959		$ 31,942
Gross unrealized gains			19
Gross unrealized losses	(1,418)		(1,551)
Estimated fair value	30,541		30,410
Master Settlement Agreement Escrow Account by Sales Year [Abstract]
1,999	211		211
2,000	1,017		1,017
2,001	1,673		1,673
2,002	2,271		2,271
2,003	4,249		4,249
2,004	3,715		3,715
2,005	4,552		4,552
2,006	3,847		3,847
2,007	4,167		4,167
2,008	3,364		3,364
2,009	1,626		1,626
2,010	406		406
2,011	193		193
2,012	199		199
2,013	173		173
2,014	142		142
2,015	101		100
2,016	53		37
Total	$ 31,959		31,942
Food and Drug Administration [Abstract]
Number of categories of tobacco products regulated by the FDA | Category	4
Number of classes of regulated tobacco products on which user fees are assessed by the FDA | Class	6
Cash and Cash Equivalents [Member]
Fair Value of MSA Escrow Account [Abstract]
Cost	$ 3,978		2,786
Gross unrealized gains			0
Gross unrealized losses	0		0
Estimated fair value	3,978		2,786
U. S. Governmental Agency Obligations [Member]
Fair Value of MSA Escrow Account [Abstract]
Cost	27,981		29,156
Gross unrealized gains			19
Gross unrealized losses	(1,418)		(1,551)
Estimated fair value	26,563		27,624
Maturities of U.S. Governmental Agency Obligations [Abstract]
Less than five years	9,113		9,113
Six to ten years	15,896		16,141
Greater than ten years	2,972		3,902
Total U.S. Governmental agency obligations	$ 27,981		$ 29,156

Initial Public Offering (Detail

Initial Public Offering (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	May 31, 2016USD ($)$ / sharesshares	Apr. 30, 2016
Voting Common Stock [Member]
Initial Public Offering [Abstract]
Stock split conversion ratio		10.43174381
Shares issued by the Initial Public Offering (in shares)	6,210,000
Share price (in dollars per share) | $ / shares	$ 10
Gross proceeds from sale of common stock | $	$ 62,100
Voting Common Stock [Member] | Over-Allotment Option [Member]
Initial Public Offering [Abstract]
Shares issued by the Initial Public Offering (in shares)	810,000
Nonvoting Common Stock [Member]
Initial Public Offering [Abstract]
Stock split conversion ratio		10.43174381

Acquisitions, Wind River Tobacc

Acquisitions, Wind River Tobacco Company (Details) - Wind River Tobacco Company [Member] $ in Millions	1 Months Ended
	Nov. 30, 2016USD ($)Brand
Acquisitions [Abstract]
Number of brands of chewing tobacco purchased | Brand	5
Purchase price	$ 2.5
Cash paid at closing	0.6
Note issued at closing	1.9
Trade Names [Member]
Acquisitions [Abstract]
Indefinite-lived intangible asset acquired	$ 2.4

Acquisitions, VaporBeast (Detai

Acquisitions, VaporBeast (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Dec. 31, 2016	Nov. 30, 2016	Mar. 31, 2017
Assets Acquired [Abstract]
Goodwill	$ 134,390		$ 134,303
VaporBeast [Member]
VaporBeast [Abstract]
Total consideration, net of working capital adjustment		$ 26,600
Cash paid at closing		4,000
Notes issued at closing		19,000
Short-term notes paid after closing	$ 19,000
Payments deferred at closing		4,000
Term of payment deferral at closing			18 months
Decrease in goodwill			$ (100)
Purchase Price [Abstract]
Total purchase price		27,000
Adjustments to Purchase Price [Abstract]
Working capital		(400)
Fair value of holdback		(128)
Adjusted purchase price		26,472
Assets Acquired [Abstract]
Working capital		4,587
Property and equipment		7
Other intangible assets		16,272
Net assets acquired		20,866
Goodwill		$ 5,606
Goodwill deductible for tax purposes			$ 5,606

Fair Value of Financial Instr39

Fair Value of Financial Instruments (Details) € in Millions, $ in Millions	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2016EUR (€)
Foreign Exchange Contracts [Member]
Foreign Exchange [Abstract]
Notional amount | €		€ 2.6		€ 4.9
First Lien Term Loan [Member]
Long-Term Debt [Abstract]
Face amount			$ 147.3
Second Lien Term Loan [Member]
Long-Term Debt [Abstract]
Face amount			60
Fair Value [Member] | First Lien Term Loan [Member]
Long-Term Debt [Abstract]
Long-term debt	$ 145		147.3
Fair Value [Member] | Second Lien Term Loan [Member]
Long-Term Debt [Abstract]
Long-term debt	$ 55		$ 60

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventories [Abstract]
Percentage of LIFO inventories	50.00%
Raw materials and work in process	$ 2,652	$ 2,596
Leaf tobacco	26,295	27,391
Other	1,157	1,232
Inventory	66,274	66,385
LIFO reserve	(5,388)	(4,200)
Inventory, net	60,886	62,185
Inventory valuation allowance	700	600
Smokeless Products [Member]
Inventories [Abstract]
Finished goods	6,010	4,789
Smoking Products [Member]
Inventories [Abstract]
Finished goods	17,248	18,384
Electronic / Vaporizer Products [Member]
Inventories [Abstract]
Finished goods	$ 12,912	$ 11,993

Property, Plant and Equipment41

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 17,896	$ 17,528
Accumulated depreciation	(10,292)	(9,938)
Property, plant and equipment, net	7,604	7,590
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	22	22
Building and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	1,899	1,899
Leasehold Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	1,666	1,666
Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	10,898	10,532
Furniture and Fixtures [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 3,411	$ 3,409

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued payroll and related items	$ 1,494	$ 5,331
Customer returns and allowances	2,025	2,818
Other	6,842	7,187
Total accrued expenses	$ 10,361	$ 15,336

Notes Payable and Long-Term D43

Notes Payable and Long-Term Debt, Summary of Notes Payable and Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Feb. 17, 2017	Dec. 31, 2016	Nov. 30, 2016
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	$ 202,000		$ 207,579
Less deferred finance charges	(4,154)		(4,388)
Less current maturities	(5,850)		(1,650)
Notes payable and long-term debt	191,996		201,541
2017 Credit Facility [Member]
Notes Payable and Long-Term Debt [Abstract]
Face amount		$ 250,000
2017 First Lien First Out Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	110,000		0
Face amount		110,000
2017 First Lien Second Out Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	35,000		0
Face amount		35,000
2017 Second Lien Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	55,000		0
Face amount		$ 55,000
Note Payable - VaporBeast [Member]
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	2,000		2,000
Face amount				$ 2,000
First Lien Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	0		146,451
Face amount			147,300
Second Lien Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Notes payable and long-term debt	$ 0		59,128
Face amount			$ 60,000

Notes Payable and Long-Term D44

Notes Payable and Long-Term Debt, 2017 First Lien Credit Facility (Details) $ in Millions	3 Months Ended	8 Months Ended	21 Months Ended		59 Months Ended
	Mar. 31, 2017	Feb. 17, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2019USD ($)	May 17, 2022USD ($)	Feb. 17, 2017USD ($)Counterparty
2017 First Lien Credit Facility [Member]
Notes Payable and Long-Term Debt [Abstract]
Additional borrowing capacity						$ 40
2017 First Lien Credit Facility [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Number of lenders that can provide additional borrowing capacity | Counterparty						1
Senior leverage ratio	3
Total leverage ratio	4
Fixed charge coverage ratio	1.20
2017 First Lien Credit Facility [Member] | Maximum [Member]
Notes Payable and Long-Term Debt [Abstract]
Senior leverage ratio	3.75
Total leverage ratio	4.75
2017 Revolving Credit Facility [Member]
Notes Payable and Long-Term Debt [Abstract]
Maximum borrowing capacity						$ 50
Maturity date	Feb. 17, 2022
Weighted average interest rate	4.20%
2017 Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	2.50%
2017 Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	3.50%
2017 First Out Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Face amount						110
Maturity date	Feb. 17, 2022
Frequency of required payment	Quarterly
Weighted average interest rate	4.40%
2017 First Out Term Loan [Member] | Forecast [Member]
Notes Payable and Long-Term Debt [Abstract]
Required payment		$ 2.8	$ 2.1	$ 1.4
2017 First Out Term Loan [Member] | LIBOR [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	2.50%
2017 First Out Term Loan [Member] | LIBOR [Member] | Maximum [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	3.50%
2017 Second Out Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Face amount						$ 35
Maturity date	May 17, 2022
Frequency of required payment	Quarterly
Weighted average interest rate	7.00%
2017 Second Out Term Loan [Member] | Forecast [Member]
Notes Payable and Long-Term Debt [Abstract]
Required payment					$ 0.1
2017 Second Out Term Loan [Member] | LIBOR [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	6.00%
Floor interest rate	1.00%

Notes Payable and Long-Term D45

Notes Payable and Long-Term Debt, 2017 Second Lien Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Feb. 17, 2017
2017 Second Lien Credit Facility [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Senior leverage ratio	3.50
Total leverage ratio	4.50
Fixed charge coverage ratio	1.10
2017 Second Lien Credit Facility [Member] | Maximum [Member]
Notes Payable and Long-Term Debt [Abstract]
Senior leverage ratio	4.25
Total leverage ratio	5.25
2017 Second Lien Term Loan [Member]
Notes Payable and Long-Term Debt [Abstract]
Face amount		$ 55
Maturity date	Aug. 17, 2022
Interest rate	11.00%

Notes Payable and Long-Term D46

Notes Payable and Long-Term Debt, Note Payable - VaporBeast (Details) - Note Payable - VaporBeast [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Nov. 30, 2016
Notes Payable and Long-Term Debt [Abstract]
Face amount		$ 2
Interest rate		6.00%
Maturity date	May 30, 2018
Late payment fee percentage		5.00%
Default interest rate		13.00%

Notes Payable and Long-Term D47

Notes Payable and Long-Term Debt, First Lien Term Loan (Details) - NATC [Member]	3 Months Ended
	Mar. 31, 2017
First Lien Term Loan LIBOR Rate Loans [Member] | LIBOR [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	6.50%
First Lien Term Loan LIBOR Rate Loans [Member] | LIBOR [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Interest rate	1.25%
First Lien Term Loan Base Rate Loans [Member]
Notes Payable and Long-Term Debt [Abstract]
Interest rate	2.25%
Margin on variable rate	5.50%
First Lien Term Loan Base Rate Loans [Member] | LIBOR [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	1.00%
Term of variable rate	1 month
First Lien Term Loan Base Rate Loans [Member] | Federal Funds Rate [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	0.50%

Notes Payable and Long-Term D48

Notes Payable and Long-Term Debt, Second Lien Term Loan (Details) - NATC [Member]	3 Months Ended
	Mar. 31, 2017
Second Lien Term Loan LIBOR Rate Loans [Member] | LIBOR [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	10.25%
Second Lien Term Loan LIBOR Rate Loans [Member] | LIBOR [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Interest rate	1.25%
Second Lien Term Loan Base Rate Loans [Member]
Notes Payable and Long-Term Debt [Abstract]
Interest rate	2.25%
Margin on variable rate	9.25%
Second Lien Term Loan Base Rate Loans [Member] | LIBOR [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	1.00%
Term of variable rate	1 month
Second Lien Term Loan Base Rate Loans [Member] | Federal Funds Rate [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate	0.50%

Notes Payable and Long-Term D49

Notes Payable and Long-Term Debt, Revolving Credit Facility (Details) - Revolving Credit Facility [Member] $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Notes Payable and Long-Term Debt [Abstract]
Maximum borrowing capacity	$ 40
NATC [Member]
Notes Payable and Long-Term Debt [Abstract]
Borrowing base	Borrowing base, which is the sum of (i) 85% of eligible accounts receivable, plus (ii) the lesser of (A) the product of 70% multiplied by the value of eligible inventory and (B) the product of 85% multiplied by the net recovery percentage identified in the most recent inventory appraisal multiplied by the value of eligible inventory, plus (iii) the lesser of (A) the product of 75% multiplied by the value of eligible inventory and (B) the product of 85% multiplied by the net recovery percentage identified in the most recent inventory appraisal multiplied by the value of the eligible finished goods inventory, minus (iv) the aggregate amount of reserves established by the administrative agent.

Notes Payable and Long-Term D50

Notes Payable and Long-Term Debt, PIK Toggle Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2016shares	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jan. 13, 2014USD ($)$ / sharesshares
Notes Payable and Long-Term Debt [Abstract]
Loss on extinguishment of debt		$ (6,116)		$ 0
PIK Toggle Notes [Member]
Notes Payable and Long-Term Debt [Abstract]
Face amount					$ 45,000
Number of shares of TPB common stock that can be purchased with warrants (in shares) | shares	442,558				42,424
Purchase price of common stock (in dollars per unit) | $ / shares					$ 0.01
Stock split conversion ratio	10.43174381
Original issue discount					$ 1,700
Issue price					$ 43,300
Loss on extinguishment of debt			$ (2,800)
PIK Toggle Notes [Member] | LIBOR [Member]
Notes Payable and Long-Term Debt [Abstract]
Margin on variable rate		13.75%
PIK Toggle Notes [Member] | LIBOR [Member] | Minimum [Member]
Notes Payable and Long-Term Debt [Abstract]
Interest rate		1.25%

Notes Payable and Long-Term D51

Notes Payable and Long-Term Debt, 7% Senior Notes (Details) $ / shares in Units, $ in Millions	Jan. 31, 2014USD ($)$ / sharesshares
Intrepid Brands, LLC [Member]
Notes Payable and Long-Term Debt [Abstract]
Number of membership units in Intrepid that can be purchased with warrants (in shares) | shares	11,000,000
Percentage of Common Units called by warrants to total Common Units outstanding	40.00%
Purchase price of common unit (in dollars per unit) | $ / shares	$ 1
7% Senior Notes [Member]
Notes Payable and Long-Term Debt [Abstract]
Interest rate	7.00%
Face amount	$ 11
Original issue discount	2.8
Issue price	$ 8.2

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Income Taxes [Abstract]
Tax benefits relating to stock options exercised	$ 2

Pension and Postretirement Be53

Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Benefits [Member]
Net Periodic Benefit Cost [Abstract]
Service cost	$ 26	$ 26
Interest cost	170	175
Expected return on plan assets	(256)	(259)
Amortization of gains and losses	120	123
Net periodic benefit cost	60	65
Pension Benefits [Member] | NATC [Member]
Plan Contributions [Abstract]
Expected contributions in 2017	0
Postretirement Benefits [Member]
Net Periodic Benefit Cost [Abstract]
Service cost	0	0
Interest cost	58	52
Expected return on plan assets	0	0
Amortization of gains and losses	0	0
Net periodic benefit cost	58	$ 52
Postretirement Benefits [Member] | NATC [Member]
Plan Contributions [Abstract]
Expected contributions in 2017	$ 300

Share Incentive Plans, Equity I

Share Incentive Plans, Equity Incentive Plans (Details) $ / shares in Units, $ in Thousands	Feb. 07, 2017USD ($)Individual$ / sharesshares	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)	Apr. 28, 2016shares
Share Incentive Plans [Abstract]
Surrender of options | $		$ 1,000	$ 0
Officer [Member]
Share Incentive Plans [Abstract]
Number of individuals receiving cash-out agreements for surrender of expiring stock options | Individual	3
Director [Member]
Share Incentive Plans [Abstract]
Number of individuals receiving cash-out agreements for surrender of expiring stock options | Individual	1
Stock Options [Member]
Share Incentive Plans [Abstract]
Options surrendered (in shares)	83,400
Surrender price (in dollars per share) | $ / shares	$ 11.99
Exercise price (in dollars per share) | $ / shares	1.06
Share price (in dollars per share) | $ / shares	$ 13.05
Surrender of options | $	$ 1,000
2015 Plan [Member]
Share Incentive Plans [Abstract]
Number of shares authorized for issuance (in shares)				1,400,000
Number of shares available for grant (in shares)		1,186,765
2015 Plan [Member] | Restricted Stock [Member]
Share Incentive Plans [Abstract]
Number of awards granted (in shares)		25,239
2015 Plan [Member] | Restricted Stock Units [Member]
Share Incentive Plans [Abstract]
Number of awards granted (in shares)		94,000
2015 Plan [Member] | Stock Options [Member]
Share Incentive Plans [Abstract]
Number of awards granted (in shares)		93,996
2006 Plan [Member]
Share Incentive Plans [Abstract]
Number of shares available for grant (in shares)		0

Share Incentive Plans, Stock Op

Share Incentive Plans, Stock Option Activity (Details) - Stock Options [Member] - $ / shares	Feb. 07, 2017	Mar. 31, 2017	Dec. 31, 2016
Incentive Shares [Roll Forward]
Surrendered (in shares)	(83,400)
2006 and 2015 Plans [Member]
Incentive Shares [Roll Forward]
Outstanding, beginning balance (in shares)		1,637,762	1,667,671
Granted (in shares)		40,000	53,996
Exercised (in shares)		(422,487)	(73,135)
Forfeited (in shares)			(10,770)
Surrendered (in shares)		(83,400)
Outstanding, ending balance (in shares)		1,171,875	1,637,762
Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)		$ 2.41	$ 2.19
Granted (in dollars per share)		13	9.26
Exercised (in dollars per share)		1.61	2.31
Forfeited (in dollars per share)			3.83
Surrendered (in dollars per share)		1.06
Outstanding, ending balance (in dollars per share)		3.16	2.41
Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)		1.23	1.20
Granted (in dollars per share)		3.98	2.37
Exercised (in dollars per share)		0.86	1.27
Forfeited (in dollars per share)			2.17
Surrendered (in dollars per share)		0.54
Outstanding, ending balance (in dollars per share)		$ 1.51	$ 1.23

Share Incentive Plans, Assumpti

Share Incentive Plans, Assumptions for Options Granted Under 2006 Plan (Details) - 2006 Plan [Member] - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share Incentive Plans [Abstract]
Intrinsic value of options exercised	$ 4.7
Options exercised (in shares)		0
Intrinsic value of options surrendered	$ 1
Expected life	10 years
Exercise Price $1.06 [Member]
Share Incentive Plans [Abstract]
Number of options (in shares)	523,760
Exercise price (in dollars per share)	$ 1.06
Number exercisable (in shares)	523,760
Remaining lives	9 months 18 days
Expected life	10 years
Exercise price (in dollars per share)	$ 1.06
Risk free interest rate	4.37%
Expected volatility	30.00%
Dividend yield	0.00%
Fair value (in dollars per share)	$ 0.54
Exercise Price $3.83 [Member]
Share Incentive Plans [Abstract]
Number of options (in shares)	554,119
Exercise price (in dollars per share)	$ 3.83
Number exercisable (in shares)	554,119
Remaining lives	5 years 8 months 12 days
Expected life	10 years
Exercise price (in dollars per share)	$ 3.83
Risk free interest rate	3.57%
Expected volatility	40.00%
Dividend yield	0.00%
Fair value (in dollars per share)	$ 2.17

Share Incentive Plans, Assump57

Share Incentive Plans, Assumptions for Options Granted Under 2015 Plan (Details) - 2015 Plan [Member] - Stock Options [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
2016 Grant [Member]
Share Incentive Plans [Abstract]
Number of options (in shares) | shares	53,996
Number exercisable (in shares) | shares	26,998
Exercise price (in dollars per share) | $ / shares	$ 9.26
Remaining lives	9 years 3 months 18 days
Risk free interest rate	1.159%
Expected volatility	25.40%
Expected life	5 years 4 months 15 days
Dividend yield	0.00%
Fair value (in dollars per share) | $ / shares	$ 2.37
2017 Grant [Member]
Share Incentive Plans [Abstract]
Number of options (in shares) | shares	40,000
Number exercisable (in shares) | shares	0
Exercise price (in dollars per share) | $ / shares	$ 13
Remaining lives	9 years 10 months 24 days
Risk free interest rate	1.89%
Expected volatility	27.44%
Expected life	6 years
Dividend yield	0.00%
Fair value (in dollars per share) | $ / shares	$ 3.98

Share Incentive Plans, Compensa

Share Incentive Plans, Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Compensation Expense [Abstract]
Compensation expense related to options	$ 0.1
Maximum [Member]
Compensation Expense [Abstract]
Compensation expense related to options		$ 0.1

Share Incentive Plans, Performa

Share Incentive Plans, Performance-Based Restricted Stock Units (Details) - Performance-Based Restricted Stock Units [Member]	Mar. 31, 2017$ / sharesshares	Mar. 31, 2017USD ($)shares
Share Incentive Plans [Abstract]
Performance period		5 years
Period between performance period and measurement date for vesting		65 days
Number of units granted (in shares)	94,000
Unvested units outstanding (in shares)	94,000	94,000
Fair value (in dollars per share) | $ / shares	$ 15.6
Compensation expense related to PRSUs | $		$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 1,877	$ 2,234
Basic EPS [Abstract]
Basic weighted average shares (in shares)	18,734,393	7,198,337
Basic EPS (in dollars per share)	$ 0.10	$ 0.31
Effect of Dilutive securities [Abstract]
Stock options and warrants (in shares)	898,960	1,156,322
Diluted weighted average shares (in shares)	19,633,353	8,354,659
Diluted EPS (in dollars per share)	$ 0.10	$ 0.27

Segment Information, Financial

Segment Information, Financial Information of Reportable Segments (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2017USD ($)Segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment		3
Segment Information [Abstract]
Net sales		$ 66,788	$ 49,866
Operating income		10,757	10,909
Interest expense		(4,933)	(8,462)
Investment income		114	0
Loss on extinguishment of debt		(6,116)	0
Income (loss) before income taxes		(178)	2,447
Capital expenditures		368	454
Depreciation and amortization		529	293
Assets		289,307	285,020	$ 285,020
Other [Member]
Segment Information [Abstract]
Operating income	[1]	(146)	(306)
Assets	[1]	13,725	9,547
Reportable Segments [Member] | Smokeless Products [Member]
Segment Information [Abstract]
Net sales		20,248	18,339
Operating income		3,437	3,559
Capital expenditures		366	329
Depreciation and amortization		352	293
Assets		85,748	85,559
Reportable Segments [Member] | Smoking Products [Member]
Segment Information [Abstract]
Net sales		27,177	27,885
Operating income		6,554	7,540
Assets		149,158	150,498
Reportable Segments [Member] | NewGen Products [Member]
Segment Information [Abstract]
Net sales		19,363	3,642
Operating income		912	116
Capital expenditures		2	125
Depreciation and amortization		177	0
Assets		$ 40,676	$ 39,416
[1]	"Other" includes our assets that are not assigned to our three reportable segments, such as intercompany transfers and investments in subsidiaries. All goodwill has been allocated to our reportable segments.

Segment Information, Net Sales

Segment Information, Net Sales - Domestic and Foreign (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Information [Abstract]
Net sales	$ 66,788	$ 49,866
Reportable Geographical Component [Member] | Domestic [Member]
Segment Information [Abstract]
Net sales	64,371	46,974
Reportable Geographical Component [Member] | Foreign [Member]
Segment Information [Abstract]
Net sales	$ 2,417	$ 2,892