Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 03, 2014 | Jun. 30, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'VECTOR GROUP LTD | ' | ' |
Entity Central Index Key | '0000059440 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 97,482,998 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,046 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $234,466 | $405,855 |
Investment securities available for sale | 172,534 | 69,984 |
Accounts receivable — trade | 12,159 | 11,247 |
Inventories | 93,496 | 100,392 |
Deferred income taxes | 50,479 | 36,609 |
Income tax receivable, net | 0 | 6,779 |
Restricted assets | 1,785 | 2,469 |
Other current assets | 23,392 | 5,721 |
Total current assets | 588,311 | 639,056 |
Property, plant and equipment, net | 79,258 | 57,153 |
Investment in Escena, net | 20,911 | 13,295 |
Long-term investments accounted for at cost | 20,788 | 16,367 |
Long-term investments accounted for under the equity method | 8,595 | 6,432 |
Investments in non-consolidated real estate businesses | 128,202 | 119,219 |
Restricted assets | 11,981 | 9,792 |
Deferred income taxes | 51,474 | 49,142 |
Intangible asset | 11,360 | 0 |
Goodwill | 72,135 | 0 |
Trademarks | 80,000 | 0 |
Intangible asset associated with benefit under the Master Settlement Agreement | 107,511 | 107,511 |
Prepaid pension costs | 26,080 | 12,870 |
Other assets | 53,553 | 55,894 |
Total assets | 1,260,159 | 1,086,731 |
Current liabilities: | ' | ' |
Current portion of notes payable and long-term debt | 151,577 | 36,778 |
Current portion of fair value of derivatives embedded within convertible debt | 19,128 | 0 |
Current payments due under the Master Settlement Agreement | 25,348 | 32,970 |
Current portion of employee benefits | 939 | 2,824 |
Accounts payable | 26,694 | 6,099 |
Accrued promotional expenses | 18,655 | 18,730 |
Income taxes payable | 6,423 | 6,269 |
Accrued excise and payroll taxes payable, net | 11,621 | 20,419 |
Litigation accruals | 59,310 | 1,470 |
Deferred income taxes | 45,734 | 27,299 |
Accrued interest | 21,968 | 25,410 |
Other current liabilities | 17,608 | 16,891 |
Total current liabilities | 405,005 | 195,159 |
Notes payable, long-term debt and other obligations, less current portion | 540,766 | 586,946 |
Fair value of derivatives embedded within convertible debt | 92,934 | 172,128 |
Non-current employee benefits | 47,917 | 45,860 |
Deferred income taxes | 137,650 | 109,532 |
Payments due under the Master Settlement Agreement | 27,571 | 52,639 |
Litigation accruals | 27,058 | 1,862 |
Other liabilities | 2,867 | 1,857 |
Total liabilities | 1,281,768 | 1,165,983 |
Commitments and contingencies | ' | ' |
Stockholders’ deficiency: | ' | ' |
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.10 per share, 150,000,000 shares authorized, 93,658,273 and 83,022,812 shares issued and 89,898,411 and 79,441,991 shares outstanding | 9,748 | 8,989 |
Additional paid-in capital | 0 | 0 |
Accumulated deficit | -114,787 | -65,116 |
Accumulated other comprehensive loss | 22,860 | -10,268 |
Less: 3,759,862 and 3,580,821 shares of common stock in treasury, at cost | -12,857 | -12,857 |
Total stockholders’ deficiency | -95,036 | -79,252 |
Non-controlling interest | 73,427 | 0 |
Total stockholders’ deficiency | -21,609 | -79,252 |
Total liabilities and stockholders’ deficiency | $1,260,159 | $1,086,731 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common Stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 101,430,853 | 93,658,273 |
Common stock, shares outstanding (in shares) | 97,482,998 | 89,898,411 |
Common stock in treasury, shares (in shares) | 3,947,855 | 3,759,862 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Revenues | $1,056,200 | [1] | $1,084,546 | [1] | $1,133,380 | [1] |
Expenses: | ' | ' | ' | |||
Cost of goods sold | 747,186 | [1] | 823,452 | [1] | 892,883 | [1] |
Operating, selling, administrative and general expenses | 108,872 | 106,161 | 97,176 | |||
Litigation judgment expense | 88,106 | 0 | 0 | |||
Operating income | 112,036 | 154,933 | 143,321 | |||
Other income (expenses): | ' | ' | ' | |||
Interest expense | -132,147 | -110,102 | -100,706 | |||
Loss on extinguishment of debt | -21,458 | 0 | 0 | |||
Changes in fair value of derivatives embedded within convertible debt | 18,935 | -7,476 | 7,984 | |||
Acceleration of interest expense related to debt conversion | -12,414 | -14,960 | -1,217 | |||
Gain on liquidation of long-term investments | 0 | 0 | 25,832 | |||
Equity (loss) income on long-term investments | 2,066 | -1,261 | -859 | |||
Gain on sale of investment securities available for sale | 5,152 | 1,640 | 23,257 | |||
Equity income from non-consolidated real estate businesses | 22,925 | 29,764 | 19,966 | |||
Gain on townhomes | 0 | 0 | 3,843 | |||
Gain on acquisition of Douglas Elliman | 60,842 | 0 | 0 | |||
Other, net | 7,550 | 1,179 | 1,736 | |||
Income before provision for income taxes | 63,487 | 53,717 | 123,157 | |||
Income tax expense | 24,795 | 23,095 | 48,137 | |||
Net income | 38,692 | 30,622 | 75,020 | |||
Net loss attributed to non-controlling interest | 252 | 0 | 0 | |||
Net income attributed to Vector Group Ltd. | $38,944 | $30,622 | $75,020 | |||
Per basic common share: | ' | ' | ' | |||
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | $0.41 | $0.34 | $0.85 | |||
Per diluted common share: | ' | ' | ' | |||
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | $0.41 | $0.34 | $0.84 | |||
Cash distributions declared per share (in dollars per share) | $1.54 | $1.47 | $1.40 | |||
[1] | Revenues and cost of goods sold include federal excise taxes of $456,703, $508,027 and $552,965 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Tax portion of revenues and cost of goods sold | $456,703 | $508,027 | $552,965 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $38,692 | $30,622 | $75,020 |
Net unrealized gains on investment securities available for sale: | ' | ' | ' |
Change in net unrealized (losses) gains | 49,150 | -13,267 | 23,573 |
Net unrealized gains reclassified into net income | -5,152 | -1,640 | -23,257 |
Net unrealized (losses) gains on investment securities available for sale | 43,998 | -14,907 | 316 |
Net unrealized gains (losses) on long-term investments accounted for under the equity method | 98 | 1,353 | -3,596 |
Net change in forward contracts | 62 | 64 | 65 |
Net change in pension-related amounts | 11,612 | 2,394 | -10,399 |
Other comprehensive (loss) income | 55,770 | -11,096 | -13,614 |
Income tax effect on: | ' | ' | ' |
Change in net unrealized gains (losses) on investment securities | -19,955 | 5,387 | -9,789 |
Net unrealized gains reclassified into net income on investment securities | 2,092 | 665 | 9,442 |
Change in unrealized long-term investments | -40 | -549 | 1,453 |
Forward contracts | -25 | -26 | -26 |
Pension-related amounts | -4,714 | -972 | 4,401 |
Income tax benefit (provision) on other comprehensive income (loss) | -22,642 | 4,505 | 5,481 |
Other comprehensive (loss) income, net of tax | 33,128 | -6,591 | -8,133 |
Comprehensive income | 71,820 | 24,031 | 66,887 |
Comprehensive loss attributed to non-controlling interest | 252 | 0 | 0 |
Comprehensive income attributed to Vector Group Ltd. | $72,072 | $24,031 | $66,887 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Deficiency) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit [Member] | Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2010 | ($46,234) | $7,494 | $0 | ($45,327) | $4,456 | ($12,857) | $0 |
Beginning balance (in shares) at Dec. 31, 2010 | ' | 74,939,284 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 75,020 | ' | ' | 75,020 | ' | ' | ' |
Change in net loss and prior service cost, net of income taxes | -5,998 | ' | ' | ' | -5,998 | ' | ' |
Forward contract adjustments, net of income taxes | 39 | ' | ' | ' | 39 | ' | ' |
Unrealized gain on long-term investment securities accounted for under the equity method, net of income taxes | -2,143 | ' | ' | ' | -2,143 | ' | ' |
Change in net unrealized gain on investment securities, net of income taxes | 13,784 | ' | ' | ' | 13,784 | ' | ' |
Net unrealized gains reclassified into net income, net of income taxes | -13,815 | ' | ' | ' | -13,815 | ' | ' |
Unrealized gain on investment securities, net of income taxes | -31 | ' | ' | ' | ' | ' | ' |
Total other comprehensive loss | -8,133 | ' | ' | ' | ' | ' | ' |
Comprehensive income | 66,887 | ' | ' | ' | ' | ' | ' |
Distributions and dividends on common stock | -124,970 | ' | -15,215 | -109,755 | ' | ' | ' |
Restricted stock grant | 0 | 1 | -1 | ' | ' | ' | ' |
Restricted stock grant (in shares) | ' | 6,667 | ' | ' | ' | ' | ' |
Restricted stock grant canceled | 0 | -1 | 1 | ' | ' | ' | ' |
Restricted stock grant canceled (in shares) | ' | -7,350 | ' | ' | ' | ' | ' |
Surrender of shares in connection with restricted stock vesting | -1,961 | -11 | -1,950 | ' | ' | ' | ' |
Surrender of shares in connection with restricted stock vesting (in shares) | ' | -112,429 | ' | ' | ' | ' | ' |
Effect of stock dividend | 0 | 378 | ' | -378 | ' | ' | ' |
Effect of stock dividend (in shares) | ' | 3,782,308 | ' | ' | ' | ' | ' |
Note conversion, net of income taxes | 12,215 | 65 | 12,150 | ' | ' | ' | ' |
Note conversion, net of income taxes (in shares) | ' | 652,386 | ' | ' | ' | ' | ' |
Exercise of stock options | 1,029 | 18 | 1,011 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 557,887 | 181,125 | ' | ' | ' | ' | ' |
Tax benefit of options exercised | 821 | ' | 821 | ' | ' | ' | ' |
Stock based compensation | 3,183 | ' | 3,183 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | -89,030 | 7,944 | 0 | -80,440 | -3,677 | -12,857 | 0 |
Ending balance (in shares) at Dec. 31, 2011 | ' | 79,441,991 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 30,622 | ' | ' | 30,622 | ' | ' | ' |
Change in net loss and prior service cost, net of income taxes | 1,422 | ' | ' | ' | 1,422 | ' | ' |
Forward contract adjustments, net of income taxes | 38 | ' | ' | ' | 38 | ' | ' |
Unrealized gain on long-term investment securities accounted for under the equity method, net of income taxes | 804 | ' | ' | ' | 804 | ' | ' |
Change in net unrealized gain on investment securities, net of income taxes | -7,880 | ' | ' | ' | -7,880 | ' | ' |
Net unrealized gains reclassified into net income, net of income taxes | -975 | ' | ' | ' | -975 | ' | ' |
Unrealized gain on investment securities, net of income taxes | -8,855 | ' | ' | ' | ' | ' | ' |
Total other comprehensive loss | -6,591 | ' | ' | ' | ' | ' | ' |
Comprehensive income | 24,031 | ' | ' | ' | ' | ' | ' |
Distributions and dividends on common stock | -135,072 | ' | -120,188 | -14,884 | ' | ' | ' |
Surrender of shares in connection with restricted stock vesting | -3,773 | -23 | -3,750 | ' | ' | ' | ' |
Surrender of shares in connection with restricted stock vesting (in shares) | ' | -234,926 | ' | ' | ' | ' | ' |
Effect of stock dividend | 0 | 414 | ' | -414 | ' | ' | ' |
Effect of stock dividend (in shares) | ' | 4,142,378 | ' | ' | ' | ' | ' |
Note conversion, net of income taxes | 76,887 | 347 | 76,540 | ' | ' | ' | ' |
Note conversion, net of income taxes (in shares) | ' | 3,476,654 | ' | ' | ' | ' | ' |
Beneficial conversion feature of notes payable, net of income taxes | 38,135 | ' | 38,135 | ' | ' | ' | ' |
Issuance of common stock under share lending facility | 3,815 | 611 | 3,204 | ' | ' | ' | ' |
Issuance of common stock under share lending facility (in shares) | ' | 6,114,000 | ' | ' | ' | ' | ' |
Return of common stock under share lending facility | 0 | -306 | 306 | ' | ' | ' | ' |
Return of common stock under share lending facility (in shares) | ' | -3,057,000 | ' | ' | ' | ' | ' |
Exercise of stock options | 140 | 2 | 138 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 16,883 | 15,314 | ' | ' | ' | ' | ' |
Tax benefit of options exercised | 52 | ' | 52 | ' | ' | ' | ' |
Stock based compensation | 5,563 | ' | 5,563 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | -79,252 | 8,989 | 0 | -65,116 | -10,268 | -12,857 | 0 |
Ending balance (in shares) at Dec. 31, 2012 | ' | 89,898,411 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 38,692 | ' | ' | 38,944 | ' | ' | -252 |
Change in net loss and prior service cost, net of income taxes | 6,898 | ' | ' | ' | 6,898 | ' | ' |
Forward contract adjustments, net of income taxes | 37 | ' | ' | ' | 37 | ' | ' |
Unrealized gain on long-term investment securities accounted for under the equity method, net of income taxes | 58 | ' | ' | ' | 58 | ' | ' |
Change in net unrealized gain on investment securities, net of income taxes | 29,195 | ' | ' | ' | 29,195 | ' | ' |
Net unrealized gains reclassified into net income, net of income taxes | -3,060 | ' | ' | ' | -3,060 | ' | ' |
Unrealized gain on investment securities, net of income taxes | 26,135 | ' | ' | ' | ' | ' | ' |
Total other comprehensive loss | 33,128 | ' | ' | ' | ' | ' | ' |
Comprehensive income | 71,820 | ' | ' | ' | ' | ' | ' |
Distributions and dividends on common stock | -146,056 | ' | -57,891 | -88,165 | ' | ' | ' |
Restricted stock grant | ' | 77,500 | ' | ' | ' | ' | ' |
Restricted stock grant (in shares) | 0 | 8 | -8 | ' | ' | ' | ' |
Effect of stock dividend | 0 | 450 | ' | -450 | ' | ' | ' |
Effect of stock dividend (in shares) | ' | 4,498,579 | ' | ' | ' | ' | ' |
Note conversion, net of income taxes | 53,654 | 297 | 53,357 | ' | ' | ' | ' |
Note conversion, net of income taxes (in shares) | ' | 2,970,168 | ' | ' | ' | ' | ' |
Exercise of stock options | 544 | 4 | 540 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 40,175 | 38,340 | ' | ' | ' | ' | ' |
Tax benefit of options exercised | 38 | ' | 38 | ' | ' | ' | ' |
Stock based compensation | 2,519 | ' | 2,519 | ' | ' | ' | ' |
Deemed dividend from subsidiary | 0 | ' | 1,445 | ' | ' | ' | -1,445 |
Acquisition of Douglas Elliman Realty, LLC | 85,703 | ' | ' | ' | ' | ' | 85,703 |
Contributions to non-controlling interest | 1,955 | ' | ' | ' | ' | ' | 1,955 |
Distributions to non-controlling interest | -12,534 | ' | ' | ' | ' | ' | -12,534 |
Ending balance at Dec. 31, 2013 | ($21,609) | $9,748 | $0 | ($114,787) | $22,860 | ($12,857) | $73,427 |
Ending balance (in shares) at Dec. 31, 2013 | ' | 97,482,998 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficiency) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common Stock [Member] | |||
Number of shares delivered to pay exercise price (in shares) | ' | ' | 300,799 |
Income taxes on note conversion | $7,242 | $14,142 | ' |
Income taxes on beneficial conversion feature of notes payable | ' | $26,066 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $38,692 | $30,622 | $75,020 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 12,631 | 10,608 | 10,607 |
Non-cash stock-based expense | 2,519 | 5,563 | 3,183 |
Acceleration of interest expense related to debt conversion | 12,414 | 14,960 | 1,217 |
(Gain) loss on sale of assets | 170 | 0 | -43 |
Deferred income taxes | 466 | -7,336 | 9,366 |
Gain on sale of townhomes | 0 | 0 | -3,843 |
Gain on liquidation of long-term investments accounted for at cost | 0 | 0 | -25,832 |
Loss (income) on long-term investments accounted under the equity method | -2,066 | 1,261 | 859 |
Gain on sale of marketable securities | -5,152 | -1,640 | -23,257 |
Equity income in non-consolidated real estate businesses | -22,925 | -29,764 | -19,966 |
Distributions from non-consolidated real estate businesses | 4,251 | 19,169 | 9,322 |
Non-cash interest expense | 22,995 | 28,150 | 7,373 |
Loss (gain) on warrants | -1,165 | 1,193 | -700 |
Non-cash interest income | -861 | 0 | 0 |
Gain on acquisition of Douglas Elliman | -60,842 | 0 | 0 |
Changes in assets and liabilities: | ' | ' | ' |
Receivables | 5,975 | 13,622 | -23,020 |
Inventories | 6,897 | 8,837 | -2,149 |
Accounts payable and accrued liabilities | 41,047 | 4,497 | -3,216 |
Payments due under the Master Settlement Agreement | -32,690 | -14,903 | 26,419 |
Other assets and liabilities, net | 29,670 | -753 | -5,299 |
Net cash provided by operating activities | 52,026 | 84,086 | 36,041 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale or maturity of investment securities | 117,729 | 3,831 | 31,643 |
Purchase of investment securities | -170,964 | -5,647 | -5,039 |
Proceeds from sale or liquidation of long-term investments | 580 | 72 | 66,190 |
Purchase of long-term investments | -5,000 | -5,000 | -10,000 |
Proceeds from sale of townhomes, net | 0 | 0 | 19,629 |
Increase in restricted assets | 1,081 | -1,130 | -96 |
Investments in non-consolidated real estate businesses | -75,731 | -33,375 | -41,859 |
Distributions from non-consolidated real estate businesses | 3,142 | 49,221 | 8,450 |
Issuance of notes receivable | -8,600 | -383 | -15,256 |
Cash acquired in Aberdeen consolidation | 116,935 | 0 | 0 |
Proceeds from sale of businesses and assets | 48 | 444 | 205 |
Capital expenditures | -13,275 | -11,265 | -11,838 |
Increase in cash surrender value of life insurance policies | -628 | -907 | -744 |
Purchase of subsidiaries | -67,616 | 0 | 0 |
Repayment of notes receivable | 10,347 | 0 | 0 |
Net cash (used in) provided by investing activities | -91,952 | -4,139 | 41,285 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 457,767 | 244,075 | 6,419 |
Repayments of debt | -422,581 | -19,258 | -4,960 |
Deferred financing charges | -11,750 | -11,479 | 0 |
Borrowings under revolver | 978,788 | 1,074,050 | 1,064,270 |
Repayments on revolver | -977,794 | -1,066,092 | -1,078,508 |
Distributions on common stock | -144,711 | -137,114 | -125,299 |
Distributions to non-controlling interest | -11,764 | 0 | 0 |
Proceeds from the issuance of Vector stock | 0 | 611 | 0 |
Proceeds from exercise of Vector options | 544 | 140 | 1,029 |
Tax benefit of options exercised | 38 | 52 | 821 |
Net cash provided by (used in) financing activities | -131,463 | 84,985 | -136,228 |
Net increase (decrease) in cash and cash equivalents | -171,389 | 164,932 | -58,902 |
Cash and cash equivalents, beginning of year | 405,855 | 240,923 | 299,825 |
Cash and cash equivalents, end of year | $234,466 | $405,855 | $240,923 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
(a) Basis of Presentation: | ||||||||||||
The consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of VGR Holding LLC (“VGR Holding”), Liggett Group LLC (“Liggett”), Vector Tobacco Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC ("Douglas Elliman") and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. | ||||||||||||
Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. New Valley is engaged in the real estate business. | ||||||||||||
Certain reclassifications have been made to the 2011 and 2012 financial information to conform to the 2013 presentation. | ||||||||||||
(b) Estimates and Assumptions: | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include restructuring and impairment charges, inventory valuation, deferred tax assets, allowance for doubtful accounts, promotional accruals, sales returns and allowances, actuarial assumptions of pension plans, the estimated fair value of embedded derivative liabilities, settlement accruals, valuation of investments, including other than temporary impairments to such investments, accounting for investments in equity securities, and litigation and defense costs. Actual results could differ from those estimates. | ||||||||||||
(c) Cash and Cash Equivalents: | ||||||||||||
For purposes of the statements of cash flows, cash includes cash on hand, cash on deposit in banks and cash equivalents, comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation (“SIPC”) insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2013 are uninsured. | ||||||||||||
(d) Financial Instruments: | ||||||||||||
The carrying value of cash and cash equivalents, restricted assets and short-term loans approximate their fair value. | ||||||||||||
The fair value of debt for the years ended December 31, 2013 and 2012 was estimated based on current market quotations. | ||||||||||||
As required by authoritative guidance, derivatives embedded within the Company’s convertible debt are recognized on the Company’s balance sheet and are stated at estimated fair value at each reporting period. Changes in the fair value of the embedded derivatives are reflected quarterly as “Changes in fair value of derivatives embedded within convertible debt.” | ||||||||||||
The estimated fair values for financial instruments 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 values. | ||||||||||||
(e) Investment Securities: | ||||||||||||
The Company classifies investments in debt and marketable equity securities as available for sale. Investments classified as available for sale are carried at fair value, with net unrealized gains and losses included as a separate component of stockholders’ equity. The cost of securities sold is determined based on average cost. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities. | ||||||||||||
Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s marketable securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. | ||||||||||||
(f) Significant Concentrations of Credit Risk: | ||||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with what management believes are high credit quality financial institutions. | ||||||||||||
Liggett’s customers are primarily candy and tobacco distributors, the military and large grocery, drug and convenience store chains. Two customers, McLane and Core Mark, accounted for 18% and and 10%, respectively, of Liggett's revenues in 2013. One customer accounted for 17% of Liggett's revenues in each of 2012 and 2011. Concentrations of credit risk with respect to trade receivables are generally limited due to the large number of customers, located primarily throughout the United States, comprising Liggett’s customer base. Liggett's two largest customers, Mclane and Core Mark, represented approximately 5% and 1%, respectively of net accounts receivable at December 31, 2013. Liggett's largest single customer represented approximately 10% of net accounts receivable at December 31, 2012. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have generally not exceeded management’s expectations. | ||||||||||||
(g) Accounts Receivable: | ||||||||||||
Accounts receivable-trade are recorded at their net realizable value. The allowance for doubtful accounts and cash discounts was $433 and $577 at December 31, 2013 and 2012, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned. | ||||||||||||
(h) Inventories: | ||||||||||||
Tobacco inventories are stated at the lower of cost or market and are determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold within one year because of the time required for aging, they are included in current assets, which is common practice in the industry. It is not practicable to determine the amount that will not be used or sold within one year. | ||||||||||||
(i) Restricted Assets: | ||||||||||||
Current restricted assets of $1,785 and $2,469 at December 31, 2013 and 2012, respectively, consist primarily of certificates of deposits and supersedeas bonds. Long-term restricted assets of $11,981 and $9,792 at December 31, 2013 and 2012, respectively, consist primarily of certificates of deposit which collateralize letters of credit, supersedeas bonds and deposits on long-term debt. The certificates of deposit mature at various dates from March 2014 to March 2015. | ||||||||||||
(j) Property, Plant and Equipment: | ||||||||||||
Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. | ||||||||||||
Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. | ||||||||||||
The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized while expenditures for routine maintenance and repairs are charged to expense as incurred | ||||||||||||
(k) Investment in Non-Consolidated Real Estate Businesses: | ||||||||||||
In accounting for its investment in non-consolidated real estate businesses, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as entities in which the equity investors have not provided enough equity to finance its activities or the equity investors (1) cannot directly or indirectly make decisions about the entity’s activities through their voting rights or similar rights; (2) do not have the obligation to absorb the expected losses of the entity; (3) do not have the right to receive the expected residual returns of the entity; or (4) have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. | ||||||||||||
New Valley accounted for its interest in Douglas Elliman on the equity method through December 13, 2013, because the entity neither met the definition of a VIE nor was New Valley the entity’s primary beneficiary, as defined in authoritative guidance. On December 13, 2013, an affiliate of New Valley LLC acquired an additional 20.59% interest in Douglas Elliman from Prudential Real Estate Financial Services of America, Inc. for $60,000. The acquisition increased the Company's ownership from 50% to 70.59%. Consequently, after December 13, 2013, the Company consolidates the operations and financial position of Douglas Elliman. New Valley accounted for its interest in ST Portfolio and Coral Beach on the equity method. These entities did not meet the definition of a VIE. | ||||||||||||
New Valley's investments in Sesto, 1107 Broadway, The Whitman, The Marquand, 11 Beach Street, 701 Seventh Avenue, 101 Murray Street, Leroy Street, 8701 Collins Avenue, 23-10 Queens Plaza South, Maryland Portfolio, Chrystie Street, Park Lane Hotel, and Hotel Taiwana meet the definition of a VIE; however, New Valley is not the primary beneficiary of these entities, as defined in authoritative guidance. New Valley accounts for its interest in these investments on the equity method of accounting. | ||||||||||||
(l) Goodwill and Other Intangible Assets: | ||||||||||||
Goodwill on acquisitions represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets. Factors that contribute to the recognition of goodwill in the Company's acquisitions include (i) expected growth rates and profitability of the acquired companies, (ii) securing buyer-specific synergies that increase revenue and profits and are not otherwise available to market participants, (iii) significant cost savings opportunities, (iv) experienced workforce and (v) the Company's strategies for growth in sales, income and cash flows. | ||||||||||||
Goodwill and other intangible assets with indefinite useful lives are not amortized, but rather, are tested for impairment at least annually (December 31st). In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among other relevant events and circumstances that affect the fair value of reporting units, the Company considers individual factors such as macroeconomic conditions, changes in the industry and the markets in which the Company operates as well as the historical and expected future financial performance. If we conclude that it is more likely than not that fair value is less than its carrying value, recoverability of goodwill is evaluated using a two-step process. The first step involves a comparison of the fair value to the Company's carrying amount. Fair value is determined based on discounted future cash flows. If the carrying amount exceeds the fair value, the second step is performed. The second step involves a comparison of the implied fair value and carrying value of the goodwill. To the extent that the carrying amount exceeds the implied fair value of the goodwill, an impairment loss is recognized. | ||||||||||||
To determine the implied fair value of the Company's indefinite-lived intangible assets, it utilizes the relief from royalty method, pursuant to which those assets are valued by reference to the amount of royalty income they would generate if licensed in an arm’s length transaction. Under the relief from royalty method, similar to the discounted cash flow method, estimated net revenues expected to be generated by the asset during its life are multiplied by a benchmark royalty rate and then discounted by the estimated weighted average cost of capital associated with the asset. The resulting capitalized royalty stream is an indication of the value of owning the asset. Based upon management’s review of the value of the indefinite-lived intangible assets, the Company determined that the implied fair value exceeded its carrying value. | ||||||||||||
Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. | ||||||||||||
(m) Impairment of Long-Lived Assets: | ||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs undiscounted operating cash flow analyses to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. | ||||||||||||
(n) Pension, Postretirement and Postemployment Benefits Plans: | ||||||||||||
The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the balance sheet. | ||||||||||||
(o) Stock Options: | ||||||||||||
The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 1999 Plan in November 2013, February 2013, December 2009 and January 2001 provide for common stock dividend equivalents (at the same rate as paid on the common stock) with respect to the shares underlying the unexercised portion of the options. The Company recognizes payments of the dividend equivalent rights on these options as reductions in additional paid-in capital on the Company’s consolidated balance sheet ($4,007, $2,709 and $2,580 net of income taxes, for the years ended December 31, 2013, 2012 and 2011, respectively), which is included as “Distributions on common stock” in the Company’s consolidated statement of changes in stockholders’ equity. | ||||||||||||
In December 2012 and September 2012, the Company’s Chief Executive Officer delivered 162,397 and 76,155 shares of common stock, respectively, in payment of income and payroll taxes in connection with the vesting of restricted shares. In January 2011, the Company’s Chief Executive Officer delivered 384,946 shares of common stock in payment of the exercise price and income and payroll taxes in connection with the exercise of an employee stock option for 448,960 shares. In September 2011, the Company’s Chief Executive Officer delivered 67,275 shares of common stock in payment of income and payroll taxes in connection with the vesting of restricted shares. | ||||||||||||
(p) Income Taxes: | ||||||||||||
The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying currently enacted tax rates. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. | ||||||||||||
The Company follows authoritative guidance for accounting for uncertainty in income taxes which requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. | ||||||||||||
(q) Distributions and Dividends on Common Stock: | ||||||||||||
The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ equity to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented. | ||||||||||||
(r) Revenue Recognition: | ||||||||||||
Tobacco sales: Revenues from sales are recognized upon the shipment of finished goods when title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sale price is determinable and collectibility is reasonably assured. The Company provides an allowance for expected sales returns, net of any related inventory cost recoveries. Certain sales incentives, including promotional price discounts, are classified as reductions of net sales. The Company’s accounting policy is to include federal excise taxes in revenues and cost of goods sold. Since the Company’s primary line of business is tobacco, the Company’s financial position and its results of operations and cash flows have been and could continue to be materially adversely affected by significant unit sales volume declines at the Companyand industry levels, regulation, litigation and defense costs, increased tobacco costs or reductions in the selling price of cigarettes in the near term. | ||||||||||||
Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs, which were $5,559 in 2013, $5,474 in 2012 and $5,684 in 2011 are recorded as operating, selling, administrative and general expenses. | ||||||||||||
Real estate sales: Revenue is recognized only when persuasive evidence of an arrangement exists, the price is fixed or determinable, the transaction has been completed and collectibility of the resulting receivable is reasonably assured. Real estate and mortgage commissions earned by the Company’s real estate and mortgage brokerage businesses are recorded as revenue on a gross basis upon the closing of a real estate transaction as evidenced when the escrow or similar account is closed, the transaction documents have been recorded and funds are distributed to all appropriate parties. Commissions and royalties expenses are recognized concurrently with related revenues. Property management fees earned are recorded as revenue when the related services are performed. | ||||||||||||
(s) Advertising: | ||||||||||||
Advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $4,839, $4,266 and $3,099 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
(t) Comprehensive Income: | ||||||||||||
The Company presents net income and other comprehensive income in two separate, but consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income. | ||||||||||||
The components of accumulated other comprehensive (loss) income, net of income taxes, were as follows: | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Net unrealized gains on investment securities available for sale, net of income taxes of $26,749, $8,886, and $14,938, respectively | $ | 39,136 | $ | 13,001 | $ | 21,856 | ||||||
Net unrealized losses on long-term investment accounted for under the equity method, net of income tax benefits of $418, $458 and $1,007, respectively | (612 | ) | (670 | ) | (1,474 | ) | ||||||
Forward contracts adjustment, net of income taxes of $63, $88, and $114, respectively | (92 | ) | (129 | ) | (167 | ) | ||||||
Pension-related amounts, net of income taxes of $10,644, $15,358, and $16,330, respectively | (15,572 | ) | (22,470 | ) | (23,892 | ) | ||||||
Accumulated other comprehensive (loss) income | $ | 22,860 | $ | (10,268 | ) | $ | (3,677 | ) | ||||
(u) Fair Value of Derivatives Embedded within Convertible Debt: | ||||||||||||
The Company has estimated the fair market value of the embedded derivatives based principally on the results of a valuation model. The estimated fair value of the derivatives embedded within the convertible debt is based principally on the present value of future dividend payments expected to be received by the convertible debt holders over the term of the debt. The discount rate applied to the future cash flows is estimated based on a spread in the yield of the Company’s debt when compared to risk-free securities with the same duration; thus, a readily determinable fair market value of the embedded derivatives is not available. The valuation model assumes future dividend payments by the Company and utilizes interest rates and credit spreads for secured to unsecured debt, unsecured to subordinated debt and subordinated debt to preferred stock to determine the fair value of the derivatives embedded within the convertible debt. The valuation also considers other items, including current and future dividends and the volatility of Vector’s stock price. At December 31, 2013, the range of estimated fair market values of the Company’s embedded derivatives was between $110,758 and $113,392. The Company recorded the fair market value of its embedded derivatives at the midpoint of the inputs at $112,062 as of December 31, 2013. At December 31, 2012, the range of estimated fair market values of the Company’s embedded derivatives was between $169,424 and $174,909. The Company recorded the fair market value of its embedded derivatives at the midpoint of the inputs at $172,128 as of December 31, 2012. The estimated fair market value of the Company’s embedded derivatives could change significantly based on future market conditions. (See Note 9.) | ||||||||||||
(v) Capital and Credit Markets: | ||||||||||||
The Company has performed additional assessments to determine the impact, if any, of market developments, on the Company’s consolidated financial statements. The Company’s additional assessments have included a review of access to liquidity in the capital and credit markets, counterparty creditworthiness, value of the Company’s investments (including long-term investments, mortgage receivable and employee benefit plans) and macroeconomic conditions. The volatility in capital and credit markets may create additional risks in the upcoming months and possibly years and the Company will continue to perform additional assessments to determine the impact, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur. | ||||||||||||
On a quarterly basis, the Company evaluates its investments to determine whether an impairment has occurred. If so, the Company also makes a determination of whether such impairment is considered temporary or other-than-temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts and circumstances driven. However, among the matters that are considered in making such a determination are the period of time the investment has remained below its cost or carrying value, the likelihood of recovery given the reason for the decrease in market value and the Company’s original expected holding period of the investment. | ||||||||||||
(w) Contingencies: | ||||||||||||
The Company records Liggett's product liability legal expenses and other litigation costs as operating, selling, administrative and general expenses as those costs are incurred. As discussed in Note 14, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. | ||||||||||||
The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 14: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. Legal defense costs are expensed as incurred. | ||||||||||||
Adverse verdicts have been entered against Liggett in eleven state court Engle progeny cases and several of these verdicts have been affirmed on appeal. At December 31, 2013, Liggett and the Company are defendants in 2,982 state court Engle progeny cases although as a result of the Engle Progeny Settlement (discussed in Note 14) all but 400 cases have been settled. Through December 31, 2013, other than the Lukacs case, the verdicts against Liggett have ranged from $1 to $3,479. In certain cases, the judgments entered have been joint and several with the other defendants. In two of these cases, punitive damages were also awarded for $1,000 and $7,600. Our potential range of loss in the seven Engle progeny cases currently on appeal is between $0 and $18,500 in the aggregate, plus accrued interest and attorneys' fees. In determining the range of loss, we consider potential settlements as well as future appellate relief. Except as discussed in Note 14, management is unable to estimate the possible loss or range of loss from remaining Engle progeny cases as there are currently multiple defendants in each case and discovery has not occurred or is limited. As a result, the Company lacks information about whether plaintiffs are, in fact Engle, class members (non-class members' claims are generally time-barred), the relevant smoking history, the nature of the alleged injury and the availability of various defenses, among other things. Further, plaintiffs typically do not specify their demand for damages. Litigation is subject to many uncertainties, and it is possible that the Company's consolidated financial position, results of operations or cash flows could be materially adversely affected by an unfavorable outcome in any such tobacco-related litigation. | ||||||||||||
(x) Other Income: | ||||||||||||
Other income, net consists of: | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Gain (loss) on warrants | $ | 1,165 | $ | (1,193 | ) | $ | 700 | |||||
Interest income | 5,421 | 2,256 | 1,035 | |||||||||
Accretion of interest income from debt discount on notes receivable | 772 | 129 | — | |||||||||
Gain on long-term investment | 189 | 135 | — | |||||||||
Other income | 3 | (148 | ) | 1 | ||||||||
Other income, net | $ | 7,550 | $ | 1,179 | $ | 1,736 | ||||||
(y) New Accounting Pronouncements: | ||||||||||||
In July 2012, the FASB issued amendments to the indefinite-lived intangible asset impairment guidance which provides an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions are met. The amendments are effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012 (early adoption was permitted). The implementation of the amended accounting guidance did not have a material impact on the Company's consolidated financial position or results of operations. | ||||||||||||
In February 2013, the FASB issued amendments to the accounting guidance for presentation of comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income, but do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where the net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. For public companies, these amendments were effective prospectively for reporting periods beginning after December 15, 2012. This accounting guidance only impacted presentation and disclosures and did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
Information concerning the Company’s common stock has been adjusted to give effect to the 5% stock dividends paid to Company stockholders on September 27, 2013, September 28, 2012 and September 29, 2011. The dividends were recorded at par value of $450 in 2013, $414 in 2012 and $378 in 2011 since the Company did not have retained earnings in each of the aforementioned years. In connection with the 5% stock dividends, the Company increased the number of shares subject to outstanding stock options by 5% and reduced the exercise prices accordingly. | ||||||||||||
For purposes of calculating basic EPS, earnings available to common stockholders for the period are reduced by the contingent interest and the non-cash interest expense associated with the discounts created by the beneficial conversion features and embedded derivatives related to the Company’s convertible debt issued. The convertible debt issued by the Company are participating securities due to the contingent interest feature and had no impact on EPS for the years ended December 31, 2013, 2012 and 2011 as the dividends on the common stock reduced earnings available to common stockholders so there were no unallocated earnings. | ||||||||||||
As discussed in Note 13, the Company has stock option awards which provide for common stock dividend equivalents at the same rate as paid on the common stock with respect to the shares underlying the unexercised portion of the options. These outstanding options represent participating securities under authoritative guidance. The Company recognizes payments of the dividend equivalent rights ($4,007, net of income taxes of $91, $2,709, net of income taxes of $26 and $2,580, net of income taxes of $25, for the years ended December 31, 2013, 2012 and 2011, respectively) on these options as reductions in additional paid-in capital on the Company’s consolidated balance sheet. As a result, in its calculation of basic EPS for the years ended December 31, 2013, 2012 and 2011, respectively, the Company has adjusted its net income for the effect of these participating securities as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributed to Vector Group Ltd. | $ | 38,944 | $ | 30,622 | $ | 75,020 | ||||||
Income attributable to participating securities | (1,068 | ) | (608 | ) | (1,552 | ) | ||||||
Net income available to common stockholders attributed to Vector Group Ltd. | $ | 37,876 | $ | 30,014 | $ | 73,468 | ||||||
Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding, which includes vested restricted stock. | ||||||||||||
Diluted EPS includes the dilutive effect of stock options, unvested restricted stock grants and convertible securities. Diluted EPS is computed by dividing net income available to common stockholders by the diluted weighted-average number of shares outstanding, which includes dilutive non-vested restricted stock grants, stock options and convertible securities. | ||||||||||||
Basic and diluted EPS were calculated using the following shares for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted-average shares for basic EPS | 91,506,678 | 88,843,244 | 86,738,428 | |||||||||
Plus incremental shares related to stock options and warrants | 237,494 | 84,402 | 223,255 | |||||||||
Plus incremental shares related to convertible debt | — | — | — | |||||||||
Weighted-average shares for diluted EPS | 91,744,172 | 88,927,646 | 86,961,683 | |||||||||
The following stock options, non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the years ended December 31, 2013, 2012 and 2011 but were not included in the computation of diluted EPS because the exercise prices of the options and the per share expense associated with the restricted stock were greater than the average market price of the common shares during the respective periods, and the impact of common shares issuable under the convertible debt were anti-dilutive to EPS. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Number of stock options | — | — | 3,578 | |||||||||
Weighted-average exercise price | N/A | N/A | $ | 15.7 | ||||||||
Weighted-average shares of non-vested restricted stock | 27,500 | 3,675 | 7,350 | |||||||||
Weighted-average expense per share | $ | 16.65 | $ | 16.3 | $ | 16.3 | ||||||
Weighted-average number of shares issuable upon conversion of debt | 27,993,464 | 18,909,057 | 19,429,127 | |||||||||
Weighted-average conversion price | $ | 15.22 | $ | 13.67 | $ | 13.46 | ||||||
The Company’s convertible debt was anti-dilutive in 2013, 2012 and 2011. |
Investment_Securities_Availabl
Investment Securities Available for Sale | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Available-for-sale Securities [Abstract] | ' | |||||||||||||||
INVESTMENTS SECURITIES AVAILABLE FOR SALE | ' | |||||||||||||||
INVESTMENT SECURITIES AVAILABLE FOR SALE | ||||||||||||||||
The components of investment securities available for sale at December 31, 2013 and 2012 were as follows: | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gain | Loss | |||||||||||||||
2013 | ||||||||||||||||
Marketable equity securities | $ | 53,586 | $ | 65,851 | $ | (963 | ) | $ | 118,474 | |||||||
Marketable debt securities | 53,063 | 1,497 | (500 | ) | 54,060 | |||||||||||
$ | 106,649 | $ | 67,348 | $ | (1,463 | ) | $ | 172,534 | ||||||||
2012 | ||||||||||||||||
Marketable equity securities | $ | 48,097 | $ | 23,621 | $ | (1,734 | ) | $ | 69,984 | |||||||
$ | 48,097 | $ | 23,621 | $ | (1,734 | ) | $ | 69,984 | ||||||||
The table below summarizes the maturity dates of fixed income securities at December 31, 2013. | ||||||||||||||||
Investment Type: | Market Value | Under 1 Year | 1 Year up to 5 Years | More than 5 years | ||||||||||||
U.S. Government securities | $ | 13,990 | $ | 6,518 | $ | 7,472 | $ | — | ||||||||
Corporate securities | 29,923 | 808 | 22,330 | 6,785 | ||||||||||||
U.S. mortgage backed securities | 495 | — | 495 | — | ||||||||||||
Commercial mortgage-backed securities | 6,822 | — | 6,822 | — | ||||||||||||
U.S. asset backed securities | 2,081 | 300 | 1,781 | — | ||||||||||||
Index-linked U.S. bonds | 749 | — | 749 | — | ||||||||||||
Total fixed income securities by maturity dates | $ | 54,060 | $ | 7,626 | $ | 39,649 | $ | 6,785 | ||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Leaf tobacco | $ | 49,140 | $ | 59,130 | ||||
Other raw materials | 3,161 | 3,151 | ||||||
Work-in-process | 353 | 210 | ||||||
Finished goods | 68,040 | 64,396 | ||||||
Inventories at current cost | 120,694 | 126,887 | ||||||
LIFO adjustments | (27,198 | ) | (26,495 | ) | ||||
$ | 93,496 | $ | 100,392 | |||||
The Company has a leaf inventory management program whereby, among other things, it is committed to purchase certain quantities of leaf tobacco. The purchase commitments are for quantities not in excess of anticipated requirements and are at prices, including carrying costs, established at the commitment date. At December 31, 2013, Liggett had purchase commitments of approximately $29,641. The Company has a single source supply agreement for fire safe cigarette paper through 2015. | ||||||||
The Company capitalizes the incremental prepaid cost of the MSA in ending inventory. Each year the Company capitalizes in inventory that portion of its MSA liability that has been shipped to the public warehouses but not sold. The amount of capitalized MSA cost in "Finished goods" inventory was $15,464 and $13,854 at December 31, 2013 and 2012, respectively. | ||||||||
All of the Company’s inventories at December 31, 2013 and 2012 have been reported under the LIFO method |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consist of: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Land and improvements | $ | 1,418 | $ | 1,418 | ||||
Buildings | 14,950 | 14,945 | ||||||
Machinery and equipment | 161,214 | 142,826 | ||||||
Leasehold improvements | 16,614 | 3,868 | ||||||
194,196 | 163,057 | |||||||
Less accumulated depreciation and amortization | (114,938 | ) | (105,904 | ) | ||||
$ | 79,258 | $ | 57,153 | |||||
Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 was $11.063, $10,608 and $10,607, respectively. Future machinery and equipment purchase commitments at Liggett were $3,796 and $1,995 at December 31, 2013 and 2012, respectively. |
Long_Term_Investments
Long Term Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Long-term Investments [Abstract] | ' | |||||||||||||||
LONG-TERM INVESTMENTS | ' | |||||||||||||||
LONG-TERM INVESTMENTS | ||||||||||||||||
Long-term investments consist of the following investments accounted for at cost: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Investment partnerships | $ | 20,041 | $ | 24,095 | $ | 15,540 | $ | 16,962 | ||||||||
Real estate partnership | 747 | 1,067 | 827 | 1,391 | ||||||||||||
$ | 20,788 | $ | 25,162 | $ | 16,367 | $ | 18,353 | |||||||||
The principal business of these investment partnerships is investing in investment securities and real estate. The estimated fair value of the investment partnerships was provided by the partnerships based on the indicated market values of the underlying assets or investment portfolio. The investments in these investment partnerships are illiquid and the ultimate realization of these investments is subject to the performance of the underlying partnership and its management by the general partners. In the future, the Company may invest in other investments, including limited partnerships, real estate investments, equity securities, debt securities, derivatives and certificates of deposit, depending on risk factors and potential rates of return. | ||||||||||||||||
If it is determined that an other-than-temporary decline in fair value exists in long-term investments, the Company records an impairment charge with respect to such investment in its consolidated statements of operations. The Company will continue to perform additional assessments to determine the impact, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur. | ||||||||||||||||
The Company’s investments constituted greater than 5% of the invested funds of the partnerships for one partnership at December 31, 2013 and one partnership at December 31, 2012. This partnership was accounted for on the equity method. In accordance with authoritative guidance for accounting for limited partnership investments, the Company has accounted for the remaining investments using the cost method of accounting. | ||||||||||||||||
The Company had invested $50,000 in Icahn Partners, LP, a privately managed investment partnership, of which Carl Icahn was the portfolio manager and the controlling person of the general partner, and manager of the partnership. In 2011, Icahn Partners, LP was liquidated. The Company received liquidating distributions of $55,500 in 2011 and recognized a gain of $20,500 on this investment for the year ended December 31, 2011. Based on information available in public filings, affiliates of Mr. Icahn were the beneficial owners of more than 5% of Vector’s common stock prior to November 2011, but had no interest in Vector's common stock as of December 31, 2011. | ||||||||||||||||
The Company received cash distributions of $769, $207 and $608 from limited partnerships in 2013, 2012 and 2011, respectively. | ||||||||||||||||
Another of the Company’s long-term investments was liquidated in 2011. The Company received liquidating distributions of $10,082 in 2011 and recognized a gain of $5,332 for the year ended December 31, 2011. | ||||||||||||||||
The long-term investments are carried on the consolidated balance sheet at cost. The fair value determination disclosed above would be classified as Level 3 under fair value hierarchy disclosed in Note 17 if such assets were recorded on the consolidated balance sheet at fair value. The fair values were determined based on unobservable inputs and were based on company assumptions, and information obtained from the partnerships based on the indicated market values of the underlying assets of the investment portfolio. | ||||||||||||||||
The changes in the fair value of these investments were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of January 1 | $ | 18,353 | $ | 7,492 | ||||||||||||
Contributions | 5,000 | — | ||||||||||||||
Distributions | (769 | ) | (207 | ) | ||||||||||||
Reduction in partnership interest now accounted for under the cost method | — | 15,541 | ||||||||||||||
Revision for partnership now accounted for as investment securities available for sale | — | (6,122 | ) | |||||||||||||
Realized gain on liquidation of long-term investments | 189 | 135 | ||||||||||||||
Unrealized gains reclassified into net income | (189 | ) | (135 | ) | ||||||||||||
Unrealized gain on long-term investments | 2,578 | 1,649 | ||||||||||||||
Net change in long-term investments | 2,389 | 1,514 | ||||||||||||||
Balance as of December 31 | $ | 25,162 | $ | 18,353 | ||||||||||||
Long-term investments consist of the following investments accounted for under the equity method: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Investment partnerships | $ | 8,595 | $ | 6,432 | ||||||||||||
The changes in the fair value of these investments were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of January 1 | $ | 6,432 | $ | 16,499 | ||||||||||||
Contributions | — | 5,000 | ||||||||||||||
Reduction in partnership interest now accounted for under the cost method | — | (15,541 | ) | |||||||||||||
Equity income (loss) on long-term investments accounted for under the equity method | 2,066 | (1,261 | ) | |||||||||||||
Unrealized gains reclassified into net income | 97 | — | ||||||||||||||
Unrealized (loss) gain on long-term investments | — | 1,735 | ||||||||||||||
Net change in long-term investments | 97 | 1,735 | ||||||||||||||
Balance as of December 31 | $ | 8,595 | $ | 6,432 | ||||||||||||
The principal business of these investment partnerships is investing in investment securities. Fair value approximates carrying value. The estimated fair value of the investment partnerships was provided by the partnerships based on the indicated market values of the underlying assets or investment portfolio. The investments in these investment partnerships are illiquid and the ultimate realization of these investments is subject to the performance of the underlying partnership and its management by the general partners. In the future, the Company may invest in other investments, including limited partnerships, real estate investments, equity securities, debt securities, derivatives and certificates of deposit, depending on risk factors and potential rates of return. |
New_Valley_LLC
New Valley LLC | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule of Investments [Abstract] | ' | |||||||||||
NEW VALLEY LLC | ' | |||||||||||
NEW VALLEY LLC | ||||||||||||
Residential Brokerage Business Acquisition. New Valley is engaged in the real estate business and is seeking to acquire additional real estate properties and operating companies. On December 13, 2013, an affiliate of New Valley acquired an additional 20.59% interest in Douglas Elliman from Prudential Real Estate Financial Services of America, Inc. for a purchase price of $60,000 in cash. The acquisition increased the Company's ownership position in Douglas Elliman from 50% to 70.59%. | ||||||||||||
As of December 31, 2012, the Company owned a 50% interest in Douglas Elliman, and the Company accounted for its 50% using the equity method of accounting. The Company consolidated Douglas Elliman on December 13, 2013 and recognized a gain of $60,842 to account for the difference between the carrying value and the fair value of the previously held 50% interest. The fair value of the equity interest immediately prior to the acquisition was $84,859. The Company used a combination of a discounted cash flow analysis and market-based valuation methodologies, which represent Level 3 fair value measurements, to measure the fair value of Douglas Elliman and to perform its preliminary purchase price allocation. | ||||||||||||
The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and the non-controlling interest recorded for Douglas Elliman on December 13, 2013: | ||||||||||||
December 13, | ||||||||||||
2013 | ||||||||||||
Cash and cash equivalents | $ | 116,935 | ||||||||||
Other current assets | 12,647 | |||||||||||
Property, plant and equipment, net | 20,275 | |||||||||||
Goodwill | 72,103 | |||||||||||
Trademarks | 80,000 | |||||||||||
Other intangible assets, net | 12,928 | |||||||||||
Other non-current assets | 3,384 | |||||||||||
Total assets acquired | $ | 318,272 | ||||||||||
Notes payable - current | $ | 201 | ||||||||||
Other current liabilities | 26,247 | |||||||||||
Notes payable - long term | 420 | |||||||||||
Total liabilities assumed | 26,868 | |||||||||||
Net assets acquired | $ | 291,404 | ||||||||||
Non-controlling interest | $ | 85,703 | ||||||||||
The amounts are preliminary and as management is still evaluating the valuations of certain assets acquired in the acquisition. Revenues of the acquired operations from December 13, 2013 through December 31, 2013 were $20,482 and net income was $732. | ||||||||||||
The following table provides the Company's combined unaudited pro forma revenues and income from continuing operations as if the acquisitions of Douglas Elliman occurred on January 1, 2012. The pro forma results were prepared from financial information obtained from the sellers of the businesses, as well as information obtained during the due diligence processes associated with the acquisitions. The unaudited pro forma results reflect certain adjustments related to the acquisitions, such as increased depreciation and amortization expense resulting from the stepped-up basis to fair value of the assets acquired and adjustments to reflect the Company's borrowing and tax rates. This pro forma information is not necessarily indicative of either the combined results of operations that actually would have been realized by us had the acquisition of Douglas Elliman been consummated at the beginning of the period for which the pro forma information is presented, or of future results. | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Revenues | $ | 1,472,655 | $ | 1,461,364 | ||||||||
Income from continuing operations | 75,017 | 55,234 | ||||||||||
Equity Method of Accounting. New Valley accounted for its 50% interest in Douglas Elliman under the equity method of accounting. New Valley's equity income from Douglas Elliman was $22,974 for the period of January 1 through December 13, 2013 New Valley recorded income of $16,741 and $16,571 for the years ended December 31, 2012 and 2011, respectively, associated with Douglas Elliman. | ||||||||||||
Summarized financial information as of December 13, 2013 and as of December 31, 2012, for the period January 1 through December 13, 2013 and for the two years ended December 31, 2012 and 2011, respectively, for Douglas Elliman is presented below. Included in the results was a management fees of $2,204 for the period of January 1 through December 31, 2013 and $2,300 for each of the years ended December 31, 2012 and 2011. New Valley received cash distributions from Douglas Elliman of $3,286 for the period of January 1 through December 31, 2013 and $5,540 and $9,022 for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
December 13, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Cash | $ | 117,660 | $ | 78,015 | ||||||||
Other current assets | 11,922 | 8,543 | ||||||||||
Property, plant and equipment, net | 16,293 | 15,796 | ||||||||||
Trademarks | 21,663 | 21,663 | ||||||||||
Goodwill | 38,776 | 38,523 | ||||||||||
Other intangible assets, net | 431 | 897 | ||||||||||
Other non-current assets | 3,384 | 3,182 | ||||||||||
Notes payable - current | 201 | 466 | ||||||||||
Other current liabilities | 26,921 | 22,065 | ||||||||||
Notes payable - long term | 420 | 334 | ||||||||||
Other long-term liabilities | 8,862 | 9,614 | ||||||||||
Members' equity | 173,725 | 134,140 | ||||||||||
January 1 through December 31 | Year Ended December 31, | Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 416,453 | $ | 378,175 | $ | 346,309 | ||||||
Costs and expenses | 369,852 | 346,617 | 315,318 | |||||||||
Depreciation expense | 3,790 | 3,422 | 3,439 | |||||||||
Amortization expense | 213 | 242 | 253 | |||||||||
Other income | (22 | ) | 1,829 | 2,007 | ||||||||
Interest expense, net | 23 | 62 | 136 | |||||||||
Income tax expense | 996 | 780 | 946 | |||||||||
Net income | $ | 41,557 | $ | 28,881 | $ | 28,224 | ||||||
Douglas Elliman was negatively impacted in recent years by the downturn in the residential real estate market. The residential real estate market is cyclical and is affected by changes in the general economic conditions that are beyond Douglas Elliman’s control. The U.S. residential real estate market, including the market in the New York metropolitan area where Douglas Elliman operates has experienced a significant downturn due to various factors including downward pressure on housing prices, the impact of the recent contraction in the subprime and mortgage markets generally and an exceptionally large inventory of unsold homes at the same time that sales volumes are decreasing. The depth and length of the current downturn in the real estate industry has proved exceedingly difficult to predict. The Company cannot predict whether the downturn will worsen or when the market and related economic forces will return the U.S. residential real estate industry to a growth period. | ||||||||||||
All of Douglas Elliman’s current operations are located in the New York metropolitan area. Local and regional economic and general business conditions in this market could differ materially from prevailing conditions in other parts of the country. | ||||||||||||
Investments in non-consolidated real estate businesses. New Valley also holds equity investments in various real estate projects domestically and internationally. (See Note 1(k).) | ||||||||||||
The components of “Investments in non-consolidated real estate businesses” were as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Douglas Elliman | $ | — | $ | 65,171 | ||||||||
Sesto Holdings | 5,037 | 5,037 | ||||||||||
1107 Broadway | 6,579 | 5,566 | ||||||||||
The Whitman | 1,165 | 900 | ||||||||||
The Marquand | 7,000 | 7,000 | ||||||||||
11 Beach Street | 11,160 | 9,642 | ||||||||||
701 Seventh Avenue | 11,148 | 9,307 | ||||||||||
101 Murray Street | 19,256 | — | ||||||||||
Leroy Street | 1,150 | — | ||||||||||
8701 Collins Avenue | 3,794 | — | ||||||||||
23-10 Queens Plaza South | 8,058 | 7,350 | ||||||||||
Maryland Portfolio | 3,498 | 4,615 | ||||||||||
ST Portfolio | 15,984 | — | ||||||||||
Chrystie Street | 2,048 | 1,973 | ||||||||||
Park Lane Hotel | 19,514 | — | ||||||||||
Hotel Taiwana | 7,428 | 2,658 | ||||||||||
Coral Beach | 2,964 | — | ||||||||||
Other | 2,419 | — | ||||||||||
Investments in non-consolidated real estate businesses | $ | 128,202 | $ | 119,219 | ||||||||
Land Development: | ||||||||||||
Sesto Holdings. In October 2010, New Valley, through its NV Milan LLC subsidiary, acquired a 7.2% interest in Sesto Holdings S.r.l. ("Sesto") for $5,000. Sesto holds a 42% interest in an entity that has purchased a land plot of approximately 322 acres in Milan, Italy. Sesto intends to develop the land plot as a multi-parcel, multi-building mixed use urban regeneration project. Sesto is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for Sesto under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Sesto was $5,037 at December 31, 2013. | ||||||||||||
Condominium and Mixed Use Development: | ||||||||||||
Chelsea Eleven. In September 2008, a subsidiary of New Valley, New Valley Chelsea LLC, purchased for $12,000 a 40% interest in New Valley Oaktree Chelsea Eleven, LLC, which lent $29,000 and contributed $1,000 for 29% of the capital in Chelsea Eleven, LLC (“Chelsea”). Chelsea is developing a condominium project in Manhattan, New York, which consists of 54 luxury residential units and one commercial unit. New Valley Chelsea is operating as an investment vehicle for the Chelsea real estate development project. New Valley Chelsea was a variable interest entity; however, the Company was not the primary beneficiary. | ||||||||||||
In February and April 2012, Chelsea closed on the remaining utility and two residential units of the 54 unit building and the project was concluded. The Company received net distributions of $9,483 from New Valley Oaktree Chelsea Eleven LLC for the year ended December 31, 2012. New Valley accounted for its 40% interest in New Valley Oaktree Chelsea Eleven, LLC under the equity method of accounting. New Valley recorded equity income of $3,137 and $3,000 for the years ended December 31, 2012 and 2011, respectively, related to New Valley Chelsea. New Valley had no exposure to loss as a result of its investment in Chelsea as of December 31, 2013. | ||||||||||||
Fifty Third-Five Building. In September 2010, New Valley, through its NV 955 LLC subsidiary, contributed $2,500 to a joint venture, Fifty Third-Five Building LLC (“JV”), of which it owns 50%. The JV was formed for the purposes of acquiring a defaulted real estate loan, collateralized by real estate located in New York City. In October 2010, New Valley LLC contributed an additional $15,500 to the JV and the JV acquired the defaulted loan for approximately $35,500. In December 2012, all outstanding principal and interest on the loan was repaid and the defaulted note was retired. | ||||||||||||
New Valley received a liquidating distribution of $20,900 from the JV in December, 2012 and $125 in May, 2013. This investment was accounted for under the equity method of accounting. New Valley recorded equity income of $125 and $2,900 for the years ended December 31, 2013 and 2012, respectively. New Valley had no exposure to loss as a result of its investment in the JV as of December 31, 2013. | ||||||||||||
The Whitman. In February 2011, New Valley invested $900 for an approximate 12% interest in Lofts 21 LLC which was marketed as The Whitman. Lofts 21 LLC acquired an existing property in Manhattan, NY to develop into a luxury residential condominium. The property is located in the Flatiron District / NoMad neighborhood of Manhattan in New York City. Construction has been completed and three of the four units have been sold. | ||||||||||||
Lofts 21 LLC is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for Lofts 21 LLC under the equity method of accounting. New Valley received a distribution of $260 in 2013 and recorded equity income of $525 for the year ended December 31, 2013. New Valley's maximum exposure to loss as a result of this investment in Lofts 21 LLC was $1,165 at December 31, 2013. | ||||||||||||
10 Madison Square West. During 2011, New Valley invested $5,489 for an approximate indirect 5% interest in MS/WG 1107 Broadway Holdings LLC. In September 2011, MS/WG 1107 Broadway Holdings LLC acquired the 1107 Broadway property in Manhattan, NY. The joint venture is converting a 260,000-square-foot office building into a luxury residential condominium in the Flatiron District / NoMad neighborhood of Manhattan. MS/WG 1107 Broadway Holdings LLC is a variable interest entity; however, New Valley is not the primary beneficiary. During 2013, all partners in the joint venture contributed pro-rata amounts to the joint venture, and New Valley's portion was $1,013. New Valley accounts for MS/WG 1107 Broadway Holdings LLC under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in MS/WG 1107 Broadway Holdings LLC was $6,579 at December 31, 2013. | ||||||||||||
The Marquand. In December 2011, New Valley invested $7,000 for an approximate 18% interest in a condominium conversion project. The building is a 12-story, 105,000 square foot residential rental building located on 68th Street between Fifth Avenue and Madison Avenue in Manhattan, NY. The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley's maximum exposure to loss as a result of its investment in HFZ East 68th Street was $7,000 at December 31, 2012. New Valley accounts for this investment under the equity method of accounting. | ||||||||||||
11 Beach Street. NV Beach LLC, a wholly-owned subsidiary of New Valley, invested $9,642 in June 2012 and a total of $1,519 in 2013 for an approximate 49.5% interest in 11Beach Street Investor LLC (the "Beach JV"). Beach JV plans to renovate and convert an existing office building in Manhattan into a luxury residential condominium. Beach JV is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for its interest in Beach JV under the equity method of accounting. New Valley's maximum exposure to loss on its investment in Beach JV was $11,160 at December 31, 2013. | ||||||||||||
701 Seventh Avenue. In August and September 2012, New Valley invested a total of $7,800 for an approximate 11.5% interest in a joint venture that acquired property located at 701 Seventh Avenue in Times Square in Manhattan. The joint venture plans to redevelop the property for retail space and signage, as well as a site for a potential hotel. The investment closed in October 2012 and New Valley invested an additional $1,507 at closing. New Valley may have additional future capital contributions of approximately $14,000. The property, located on the northeast corner of Seventh Avenue and 47th Street, totals approximately 120,000 gross square feet and is a rectangular corner parcel currently occupied by two buildings. The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in NV 701 Seventh Avenue was $11,148 at December 31, 2013. | ||||||||||||
101 Murray Street. In May 2013, a subsidiary of New Valley acquired a 25% interest in a joint venture, which had the rights to acquire a 15-story building on a 31,000 square-foot lot in the Tribeca neighborhood of Manhattan, NY. The former owner will vacate the building by July 2014. The joint venture plans to build a 150-unit, luxury condominium building on the building's site. Development will begin in 2014 and is expected to be completed in September 2017. In July 2013, the joint venture closed on the acquisition of the property. New Valley had invested $19,256 in the joint venture as of December 31, 2013 in the form of capital contributions and a loan bearing interest at 12% per annum, compounded quarterly, to the joint venture partner. | ||||||||||||
Leroy Street. In March 2013, a subsidiary of New Valley invested $1,150 for an approximate 5% interest in a development site in the West Greenwich Village neighborhood of Manhattan. The site is being developed as a high-rise condominium that will face the Hudson River. The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Leroy Street was $1,150 at December 31, 2013. | ||||||||||||
8701 Collins Avenue. In December 2013, a subsidiary of New Valley invested $3,750 in a joint venture to acquire a 15% interest in the Howard Johnson’s Dezerland Beach hotel in Miami Beach, Florida, which will be redeveloped into modern hotel and residential condominium units. The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley recorded equity income of $44 for the year ended December 31, 2013 related to the hotel operations. New Valley's maximum exposure to loss as a result of its investment in 8701 Collins Avenue was $3,794 at December 31, 2013. | ||||||||||||
Apartment & Office Buildings: | ||||||||||||
23-10 Queens Plaza South. In December 2012 and August 2013, New Valley invested $7,350 for an approximate 45.37% interest in QPS 23-10 Venture LLC which through its affiliate owns a condominium conversion project, 23-10 Queens Plaza South, located in Queens, New York. New Valley contributed additional capital of $708 in 2013, along with contributions of additional capital by the other investment partners. New Valley's investment percentage did not change. The joint venture plans to develop a new apartment tower with 287,000 square feet of residential space and 10,000 square feet of retail space.The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Queens Plaza was $8,058 at December 31, 2013. | ||||||||||||
Maryland Portfolio. In July 2012, New Valley invested $5,000 for an approximate 30% interest in a joint venture that owns a 25% interest in a portfolio of approximately 5,500 apartment units primarily located in Baltimore County, Maryland. The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley recorded equity loss of $542 and $269 and received distributions of $575 and $117 for the year ended December 31, 2013 and 2012, respectively. New Valley's maximum exposure to loss as a result of its investment in NV Maryland was $3,498 at December 31, 2013. | ||||||||||||
ST Residential. In November 2013, New Valley invested $16,365 for an approximate 16.34% interest in a joint venture that owns four Class A multi-family rental assets in partnership with Winthrop Realty Trust. The four buildings are located in: Houston, Texas; Phoenix, Arizona; San Pedro, California; and Stamford, Connecticut. The buildings include 761 apartment units and 25,000 square feet of retail space. The investment is not a variable interest entity. New Valley accounts for this investment under the equity method of accounting. New Valley recorded an equity loss of $381 for the year ended December 31, 2013. New Valley's maximum exposure to loss as a result of its investment in ST Residential was $15,984 at December 31, 2013. | ||||||||||||
SOCAL Portfolio. On October 28, 2011, a newly-formed joint venture, between affiliates of New Valley and Winthrop Realty Trust, entered into an agreement with Wells Fargo Bank to acquire a $117,900 C-Note (the “C-Note”) for a purchase price of $96,700. The C-Note was the most junior tranche of a $796,000 first mortgage loan originated in July 2007 which was collateralized by a 31 property portfolio of office properties situated throughout southern California, consisting of approximately 4.5 million square feet. The C-Note bore interest at a rate per annum of LIBOR plus 310 basis points, required payments of interest only prior to maturity and matured on August 9, 2012. On November 3, 2011, New Valley invested $25,000 for an approximate 26% interest in the joint venture. The investment was a variable interest entity; however, New Valley was not the primary beneficiary. | ||||||||||||
The summarized financial information of the joint venture was as follows: | ||||||||||||
December 31, | ||||||||||||
2012 | ||||||||||||
Cash | $ | 11 | ||||||||||
Other current assets | 2 | |||||||||||
Net loans receivable | — | |||||||||||
Interest receivable | — | |||||||||||
Other assets | — | |||||||||||
Accrued expenses | — | |||||||||||
Members' equity | 13 | |||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||
2012 | 2011 | |||||||||||
Interest and dividend income | $ | 25,122 | $ | 635 | ||||||||
Costs and expenses | 424 | 269 | ||||||||||
Interest expense, net | 7,794 | — | ||||||||||
Income tax expense | 12 | — | ||||||||||
Net income | $ | 16,892 | $ | 366 | ||||||||
On September 28, 2012, all outstanding principal and interest was repaid and the C-Note was retired. New Valley accounted for this investment under the equity method of accounting. New Valley received a liquidating distribution of $32,275 from the joint venture on September 28, 2012. New Valley received a liquidating distribution of $4,857 related to the winding down of the joint venture. New Valley recorded equity income of $4,857, $7,180 and $95 for the years ended December 31, 2013, 2012 and 2011, respectively. New Valley had no exposure to loss as a result of its investment in NV SOCAL LLC at December 31, 2013. | ||||||||||||
Hotels: | ||||||||||||
Chrystie Street. In December 2012, New Valley invested $1,973 for an approximate 49% interest in WG Chrystie LLC ("Chrystie Street") which owns a 37.5% ownership interest in 215 Chrystie Venture LLC which, through its affiliate, owns a condominium conversion project located in Manhattan. The joint venture plans to develop the property into a 29-story mixed-use property with PUBLIC, an Ian Schrager-branded boutique hotel, and luxury condominium residences. During 2013, all partners in the joint venture contributed pro-rata amounts to the joint venture, and New Valley's portion was $75. The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Chrystie Street was $2,048 at December 31, 2013. | ||||||||||||
Park Lane Hotel. In November 2013, a subsidiary of New Valley acquired an approximate 5% interest in a joint venture that acquired the Park Lane Hotel, which is presently a 47-story, 605-room independent hotel owned and operated by the Helmsley Family Trust and Estate. The joint venture is developing plans for a hotel and luxury residential condominiums. The development is estimated to take approximately 30 months from commencement of construction. New Valley had invested $19,331 in the joint venture as of December 31, 2013. | ||||||||||||
The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley recorded equity income of $183 for the year ended December 31, 2013 related to the hotel operations. New Valley's maximum exposure to loss as a result of its investment in Park Lane Hotel was $19,514 at December 31, 2013. | ||||||||||||
Hotel Taiwana. In October 2011, New Valley invested $2,658 for an approximate 17% interest in Hill Street Partners LLP ("Hill"). Hill purchased a 37% interest in Hill Street SEP ("Hotel Taiwana") which owned a portion of a hotel located in St. Barthelemy, French West Indies. The hotel consists of 30 suites, 6 pools, a restaurant, lounge and gym. New Valley contributed additional capital of $4,770 in 2013, along with contributions of additional capital by the other investment partners of Hill Street Partners LLP ("Hill"). New Valley's investment percentage did not change. Hill used the contributions to purchase the remaining interest in Hotel Taiwana and make improvements to the property. The purpose of the investment is to renovate and the sell the hotel in its entirety or as hotel-condos. | ||||||||||||
The investment is a variable interest entity; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley’s maximum exposure to loss as a result of its investment in Hotel Taiwana was $7,428 at December 31, 2013. | ||||||||||||
Coral Beach. In December 2013, a subsidiary of New Valley invested $3,030 to acquire a 49% interest in a joint venture that acquired a 52-acre site in Bermuda. The property consists of the Horizons Hotel, which includes 56 hotel units, and Coral Beach and Tennis Club, which includes 31 hotel units, in Bermuda. The Coral Beach and Tennis Club is open while the Horizons hotel is closed. Renovation will begin on the Coral Beach and Tennis Club in 2014 and the project is expected to be completed in 2015. | ||||||||||||
The investment is not a variable interest entity. New Valley accounts for this investment under the equity method of accounting. New Valley recorded an equity loss of $66 for the year ended December 31, 2013 related to the hotel operations. New Valley's maximum exposure to loss as a result of its investment in Coral Beach was $2,964 at December 31, 2013. | ||||||||||||
Consolidated real estate investments: | ||||||||||||
The components of “Investments in consolidated real estate businesses, net” were as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Escena, net | $ | 10,625 | $ | 13,295 | ||||||||
Indian Creek | 10,286 | — | ||||||||||
Investment in consolidated real estate businesses, net | $ | 20,911 | $ | 13,295 | ||||||||
Escena. In March 2008, a subsidiary of New Valley purchased a loan collateralized by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” The loan, which was in foreclosure, was purchased for its $20,000 face value plus accrued interest and other costs of $1,445. The collateral consists of 867 residential lots with site and public infrastructure, an 18-hole golf course, a substantially completed clubhouse, and a seven-acre site approved for a 450-room hotel. | ||||||||||||
In April 2009 New Valley completed the foreclosure process and took title to the collateral. New Valley’s subsidiary also entered into a settlement agreement with Lennar Corporation, a guarantor of the loan, which required the guarantor to satisfy its obligations under a completion guaranty by completing improvements to the project in settlement, among other things, of its payment guarantees. The construction of these improvements to the project is substantially complete. In June 2009, the Company received $500 from the guarantor pursuant to the settlement agreement. | ||||||||||||
As a result of this settlement and changes in the values of real estate, the Company recorded impairment charges of $5,000 and $4,000 for the years ended December 31, 2009 and 2008, respectively. | ||||||||||||
The assets have been classified as an “Investment in Escena, net” on the Company’s consolidated balance sheet and the components are as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Land and land improvements | $ | 8,930 | $ | 11,430 | ||||||||
Building and building improvements | 1,530 | 1,530 | ||||||||||
Other | 1,577 | 1,374 | ||||||||||
12,037 | 14,334 | |||||||||||
Less accumulated depreciation | (1,412 | ) | (1,039 | ) | ||||||||
$ | 10,625 | $ | 13,295 | |||||||||
The Company recorded an operating loss of $1,184, $628 and $503 for the years ended December 31, 2013, 2012 and 2011, respectively, from Escena. | ||||||||||||
In October 2013, the Company sold 200 of the 867 residential lots for approximately $22,700, net of selling costs. The remaining project consists of 667 residential lots, consisting of both single family and multi-family lots, an 18-hole golf course, clubhouse restaurant and golf shop, and a seven-acre site approved for a 450-room hotel. | ||||||||||||
Investment in Indian Creek. In March 2013, New Valley invested $7,616 for an 80% interest in Timbo LLC ("Indian Creek") which owns a residential real estate project located on Indian Creek, Florida. As a result of the 80% ownership interest, the consolidated financial statements of the Company include the balances of Indian Creek which included land and building of approximately $9,945, a line of credit of $3,570, equity interest of $4,742 and a minority interest of $1,185 as of December 31, 2013. New Valley received a distribution of $3,080 during the twelve months ended December 31, 2013, while $770 is payable to the minority interest shareholder as of December 31, 2013. | ||||||||||||
In May 2013, Indian Creek entered into a $8,400 line of credit for a construction loan, that bears interest at the Overnight LIBOR rate plus 250 basis points, floating, per annum. A total of $3,570 was outstanding under the facility and has been classified as a component of Notes payable on the Company's Condensed Consolidated Balance Sheet as of December 31, 2013. | ||||||||||||
Aberdeen Townhomes LLC. In June 2008, a subsidiary of New Valley purchased a preferred equity interest in Aberdeen Townhomes LLC (“Aberdeen”) for $10,000. Aberdeen acquired five townhome residences located in Manhattan, New York, which it was in the process of rehabilitating and selling. | ||||||||||||
In February 2011 and June 2011, Aberdeen sold its two remaining townhomes for approximately $11,635 and $7,994, respectively, and recorded a gain on sale of townhomes of $3,843 for the year ended December 31, 2011. The project has concluded. | ||||||||||||
Real Estate Market Conditions. Because of the risks and uncertainties of the real estate markets, the Company will continue to perform additional assessments to determine the impact of the markets, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Goodwill and Intangible Assets | ' | |||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||
Goodwill & Indefinite Life Intangible Assets: The carrying amounts of goodwill and indefinite life intangible assets with changes therein were as follows: | ||||||||||
Goodwill | ||||||||||
Balance at of January 1, 2013 | $ | — | ||||||||
Acquisitions | 72,103 | |||||||||
Balance at December 31, 2013 | $ | 72,103 | ||||||||
All goodwill relates to the real estate segment and derived from the Douglas Elliman acquisition on December 13, 2013. | ||||||||||
Other Intangible Assets: The carrying amounts of other intangible assets were as follows: | ||||||||||
Useful Lives in Years | December 31, | December 31, | ||||||||
2013 | 2012 | |||||||||
Intangible asset associated with benefit under the Master Settlement Agreement | Indefinite | $ | 107,511 | $ | 107,511 | |||||
Trademark - Douglas Elliman | Indefinite | $ | 80,000 | $ | — | |||||
Favorable leases | 10-Jan | $ | 9,598 | $ | — | |||||
Other intangibles | 5-Jan | 3,330 | — | |||||||
12,928 | — | |||||||||
Less: accumulated amortization on amortizable intangibles | (1,568 | ) | — | |||||||
$ | 11,360 | $ | — | |||||||
The intangible asset associated with the benefit under the Master Settlement Agreement relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco Inc., acquired in April 2002, under the Master Settlement Agreement ("MSA"), which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future. The trademark intangible is attributed to the acquisition of the Douglas Elliman Realty brand name which the Company plans to continue using for the foreseeable future. | ||||||||||
Amortization of other intangibles was $1,568, $0, and $0 for the years ended December 31, 2013, 2012 and 2011, respectively. For the year ended December 31, 2013, $1,356 was taken as an offset to revenue, which relates to amortization of backlog intangible asset, $197 was taken as rent expense for amortization of favorable leases and $15 was taken as other amortization expense. Amortization expense is estimated to be $5,089, $3,024, $1,500, $875, and $748 during the five years ended December 31, 2014 through 2018, respectively, and $124 thereafter. |
Notes_Payable_Long_Term_Debt_a
Notes Payable, Long Term Debt and Other Obligations | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Notes Payable Long Term Debt and Other Obligations [Abstract] | ' | |||||||||||||||||||
NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS | ' | |||||||||||||||||||
NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS | ||||||||||||||||||||
Notes payable, long-term debt and other obligations consist of: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Vector: | ||||||||||||||||||||
7.75% Senior Secured Notes due 2021 | $ | 450,000 | $ | — | ||||||||||||||||
11% Senior Secured Notes due 2015, net of unamortized discount of $0 and $408 | — | 414,592 | ||||||||||||||||||
6.75% Variable Interest Senior Convertible Note due 2014, net of unamortized discount of $19,311 and $30,383* | 30,689 | 19,617 | ||||||||||||||||||
6.75% Variable Interest Senior Convertible Exchange Notes due 2014, net of unamortized discount of $25,944 and $45,038* | 81,586 | 62,492 | ||||||||||||||||||
3.875% Variable Interest Senior Convertible Debentures due 2026, net of unamortized discount of $0 and $36,107* | — | 7,115 | ||||||||||||||||||
7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $155,817 and $161,795* | 74,183 | 68,205 | ||||||||||||||||||
Liggett: | ||||||||||||||||||||
Revolving credit facility | 30,424 | 29,430 | ||||||||||||||||||
Term loan under credit facility | 3,884 | 4,179 | ||||||||||||||||||
Equipment loans | 17,252 | 17,810 | ||||||||||||||||||
Other | 4,325 | 284 | ||||||||||||||||||
Total notes payable, long-term debt and other obligations | 692,343 | 623,724 | ||||||||||||||||||
Less: | ||||||||||||||||||||
Current maturities | (151,577 | ) | (36,778 | ) | ||||||||||||||||
Amount due after one year | $ | 540,766 | $ | 586,946 | ||||||||||||||||
_____________________________ | ||||||||||||||||||||
* | The fair value of the derivatives embedded within the 6.75% Variable Interest Senior Convertible Note ($6,607 at December 31, 2013 and $11,682 at December 31, 2012, respectively), the 6.75% Variable Interest Senior Convertible Exchange Notes ($12,521 at December 31, 2013 and $22,146 at December 31, 2012, respectively), the 3.875% Variable Interest Senior Convertible Debentures ($0 at December 31, 2013 and $39,714 at December 31, 2012, respectively), and the 7.5% Variable Interest Senior Convertible Debentures ( $92,934 at December 31, 2013 and $98,586 at December 31, 2012, respectively) is separately classified as a derivative liability in the condensed consolidated balance sheets. | |||||||||||||||||||
11% Senior Secured Notes due 2015 — Vector: | ||||||||||||||||||||
On January 29, 2013, the Company announced a cash tender offer with respect to any and all of its outstanding $415,000 principal amount of its 11% Senior Secured Notes due 2015. The Company retired $336,315 of the 11% Senior Secured Notes at a premium of 104.292%, plus accrued and unpaid interest on February 12, 2013. The remaining $78,685 of the 11% Senior Secured Notes were called and retired on March 14, 2013 at a redemption price of 103.667% plus accrued and unpaid interest. The Company recorded a loss on the extinguishment of the debt of $21,458 for the year ended December 31, 2013. The loss included premium and tender costs of $17,820 and non-cash interest expense of $3,638 related to the write-off of net unamortized debt discount and deferred finance costs. | ||||||||||||||||||||
7.75% Senior Secured Notes due 2021: | ||||||||||||||||||||
In February 2013, the Company issued $450,000 of its 7.75% Senior Secured Notes due 2021 in a private offering to qualified institutional investors in accordance with Rule 144A of the Securities Act of 1933. The aggregate net proceeds from the issuance of the 7.75% Senior Secured Notes were approximately $438,250 after deducting offering expenses. The Company used the net proceeds of the issuance for a cash tender offer announced on January 29, 2013, with respect to any and all of its outstanding 11% Senior Secured Notes due 2015. | ||||||||||||||||||||
The 7.75% Senior Secured Notes pay interest on a semi-annual basis at a rate of 7.75% per year and mature on February 15, 2021. The Company may redeem some or all of the 7.75% Senior Secured Notes at any time prior to February 15, 2016 at a make-whole redemption price. On or after February 15, 2016 the Company may redeem some or all of the 7.75% Senior Secured Notes at a premium that will decrease over time, plus accrued and unpaid interest and liquidated damages, if any, to the redemption date. At any time prior to February 15, 2016, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 7.75% Senior Secured Notes with the net proceeds of certain equity offerings at 107.75% of the aggregate principal amount thereof, plus accrued and unpaid interest and liquidated damages, if any, to the redemption date. In the event of a change of control, as defined in the indenture governing the 7.75% Senior Secured Notes, each holder of the 7.75% Senior Secured Notes may require the Company to repurchase some or all of its 7.75% Senior Secured Notes at a repurchase price equal to 101% of their aggregate principal amount plus accrued and unpaid interest and liquidated damages, if any to the date of purchase. | ||||||||||||||||||||
The 7.75% Senior Secured Notes are guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the 100% owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses. (See Note 20.) In addition, some of the guarantees are collateralized by second priority or first priority security interests in certain collateral of some of the subsidiary guarantors, including their common stock, pursuant to security and pledge agreements. | ||||||||||||||||||||
In connection with the issuance of the 7.75% Senior Secured Notes, the Company entered into a Registration Rights Agreement. The Company agreed to consummate a registered exchange offer for the 7.75% Senior Secured Notes within 360 days after the date of the initial issuance of the 7.75% Senior Secured Notes. In June 2013, the Company completed an offer to exchange the 7.75% Senior Secured Notes issued in February 2013 for an equal amount of newly issued 7.75% Senior Secured Notes due 2021. The new 7.75% Senior Secured Notes have substantially the same terms as the original notes, except that the new 7.75% Senior Secured Notes have been registered under the Securities Act. | ||||||||||||||||||||
The indenture contains covenants that restrict the payment of dividends by the Company if the Company's consolidated earnings before interest, taxes, depreciation and amortization, as defined in the indenture, for the most recently ended four full quarters is less than $75,000. The indenture also restricts the incurrence of debt if the Company's Leverage Ratio and its Secured Leverage Ratio, as defined in the indenture, exceed 3.0 and 1.5, respectively. The Company's Leverage Ratio is defined in the indenture as the ratio of the Company's and the guaranteeing subsidiaries' total debt less the fair market value of the Company's cash, investments in marketable securities and long-term investments to Consolidated EBITDA, as defined in the indenture. The Company's Secured Leverage Ratio is defined in the indenture in the same manner as the Leverage Ratio, except that secured indebtedness is substituted for indebtedness. | ||||||||||||||||||||
Variable Interest Senior Convertible Debt — Vector: | ||||||||||||||||||||
Vector has outstanding three series of variable interest senior convertible debt. All three series of debt pay interest on a quarterly basis at a stated rate plus an additional amount of interest on each payment date. The additional amount is based on the amount of cash dividends paid during the prior three-month period ending on the record date for such interest payment multiplied by the total number of shares of its common stock into which the debt would be convertible on such record date (the “Additional Interest”). | ||||||||||||||||||||
6.75% Variable Interest Senior Convertible Note due 2014: | ||||||||||||||||||||
On May 11, 2009, the Company issued in a private placement the 6.75% Note in the principal amount of $50,000. The purchase price was paid in cash ($38,225) and by tendering $11,005 principal amount of the 5% Notes, valued at 107% of principal amount. The note pays interest (“Total Interest”) on a quarterly basis at a rate of 3.75% per annum plus additional interest, which is based on the amount of cash dividends paid during the prior three-month period ending on the record date for such interest payment multiplied by the total number of shares of its common stock into which the debt will be convertible on such record date. Notwithstanding the foregoing, however, the interest payable on each interest payment date shall be the higher of (i) the Total Interest and (ii) 6.75% per annum. The note is convertible into the Company’s common stock at the holder’s option. The conversion price as of December 31, 2013 of $11.784 per share (approximately 84.8591 shares of common stock per $1,000 principal amount of the note) is subject to adjustment for various events, including the issuance of stock dividends. The note will mature on November 15, 2014. The Company will redeem on May 11, 2014 and at the end of each interest accrual period thereafter an additional amount, if any, of the note necessary to prevent the note from being treated as an “Applicable High Yield Discount Obligation” under the Internal Revenue Code. If a fundamental change (as defined in the note) occurs, the Company will be required to offer to repurchase the note at 100% of its principal amount, plus accrued interest. | ||||||||||||||||||||
The purchaser of the 6.75% Note is an entity affiliated with Dr. Phillip Frost, who reported, after the consummation of the sale, beneficial ownership of approximately 11.7% of the Company’s common stock. Dr. Frost has reported that entities affiliated with him had beneficial ownership of approximately 16.7% of the Company's common stock following the purchase of additional shares in a privately-negotiated transaction with an existing stockholder. | ||||||||||||||||||||
6.75% Variable Interest Senior Convertible Exchange Notes due 2014: | ||||||||||||||||||||
In June 2009, the Company entered into agreements with certain holders of the 5% Notes to exchange their 5% Notes for the Company’s 6.75% Exchange Notes. In June 2009, certain holders of $99,944 principal amount of the 5% Notes exchanged their 5% Notes for $106,940 of the 6.75% Exchange Notes. In November 2009, certain holders of $555 of the 5% Notes exchanged their 5% Notes for $593 of the Company’s 6.75% Exchange Notes. | ||||||||||||||||||||
The Company issued its 6.75% Exchange Notes to the holders in reliance on the exemption from the registration requirements of the Securities Act afforded by Section 3(a)(9) thereof. The notes pay interest (“Total Interest”) on a quarterly basis beginning August 15, 2009 at a rate of 3.75% per annum plus additional interest, which is based on the amount of cash dividends paid during the prior three-month period ending on the record date for such interest payment multiplied by the total number of shares of its common stock into which the debt will be convertible on such record date. Notwithstanding the foregoing, however, the interest payable on each interest payment date shall be the higher of (i) the Total Interest and (ii) 6.75% per annum. The notes are convertible into the Company’s common stock at the holder’s option. The conversion price as of December 31, 2013 of $13.369 per share (approximately 74.7982 shares of common stock per $1,000 principal amount of notes) is subject to adjustment for various events, including the issuance of stock dividends. The notes will mature on November 15, 2014. The Company will redeem on June 30, 2014 and at the end of each interest accrual period thereafter an additional amount, if any, of the notes necessary to prevent the notes from being treated as an “Applicable High Yield Discount Obligation” under the Internal Revenue Code. If a fundamental change (as defined in the indenture) occurs, the Company will be required to offer to repurchase the notes at 100% of their principal amount, plus accrued interest and, under certain circumstances, a “make whole” payment. | ||||||||||||||||||||
3.875% Variable Interest Senior Convertible Debentures due 2026: | ||||||||||||||||||||
In July 2006, the Company sold $110,000 of its 3.875% variable interest senior convertible debentures due 2026 in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act. | ||||||||||||||||||||
The debentures pay interest on a quarterly basis at a rate of 3.875% per annum plus Additional Interest (the “Debenture Total Interest”). Notwithstanding the foregoing, however, the interest payable on each interest payment date shall be the higher of (i) the Debenture Total Interest and (ii) 5.75% per annum. The debentures are convertible into the Company’s common stock at the holder’s option. | ||||||||||||||||||||
The Company was required to mandatorily redeem on June 15, 2011, 10% of the total aggregate principal amount outstanding, or $11,000, of the Company's 3.875% Variable Interest Senior Convertible Debentures due 2026. Other than the holders of $7 principal amount of the debentures, who had 10% of their aggregate principal amount of debentures mandatorily redeemed, each holder of the debentures chose to convert its pro-rata portion of the $11,000 of principal amount of debentures into 755,218 shares of the Company's common stock. The Company recorded a non-cash accelerated interest expense related to the converted debt of $1,217 for the year ended December 31, 2012, on the conversion of the debentures. The debt conversion resulted in a non-cash financing transaction of $10,993. | ||||||||||||||||||||
Holders of the Debentures converted $2 principal amount of the Debentures into 131 shares of the Company's common stock in February 2012, $31,370 principal amount into 2,053,065 shares of common stock in June 2012, and $24,406 principal amount into 1,597,290 shares of common stock in September 2012. The Company recorded non-cash accelerated interest expense related to the converted debt of $14,960 for the year ended December 31, 2012. The debt conversion resulted in a reduction of debt and an increase to equity in the amount of $55,778. As of December 31, 2012, the principal amount of the Debentures outstanding was $43,222. | ||||||||||||||||||||
On October 29, 2013, the Company issued a Notice of Optional Redemption to each holder of the Debentures. Pursuant to the Notice of Optional Redemption, the Company intended to redeem all of the remaining Debentures outstanding under the Indenture on November 29, 2013. In November 3013, holders of the debentures converted an aggregate of $43,222 principal amount of the debentures into 2,970,168 shares of the Company's common stock in November 2013. The Company recorded non-cash accelerated interest expense related to the converted debt of $12,414 for the year ended December 31, 2013. The debt conversion resulted in a reduction of debt and an increase to equity in the amount of $43,222. | ||||||||||||||||||||
7.5% Variable Interest Senior Convertible Notes due 2019: | ||||||||||||||||||||
In November 2012, the Company sold $230,000 of its 7.5% variable interest senior convertible notes due 2019 interest senior convertible notes due 2019 (the "2019 Convertible Notes") in a public offering registered under the Securities Act. The 2019 Convertible Notes are our senior unsecured obligations and are effectively subordinated to any of its secured indebtedness to the extent of the assets securing such indebtedness. The 2019 Convertible Notes are also structurally subordinated to all liabilities and commitments of our subsidiaries. The aggregate net proceeds from the sale of the 2019 Convertible Notes were approximately $218,900 after deducting underwriting discounts, commissions, fees and offering expenses. | ||||||||||||||||||||
The 2019 Convertible Notes pay interest (“Total Interest”) on a quarterly basis beginning January 15, 2013 at a rate of 2.5% per annum plus additional interest, which is based on the amount of cash dividends paid during the prior three-month period ending on the record date for such interest payment multiplied by the total number of shares of its common stock into which the debt will be convertible on such record date. Notwithstanding the foregoing, however, the interest payable on each interest payment date shall be the higher of (i) the Total Interest and (ii) 7.5% per annum. The notes are convertible into the Company’s common stock at the holder’s option. The conversion price at December 31, 2013 was $17.62 per share (approximately 56.7568 shares of common stock per $1,000 principal amount of the note), is subject to adjustment for various events, including the issuance of stock dividends. The notes will mature on January 15, 2019. If a fundamental change (as defined in the indenture) occurs, the Company will be required to offer to repurchase the notes at 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | ||||||||||||||||||||
Share Lending Agreement: | ||||||||||||||||||||
In connection with the offering of its 2019 Convertible Notes in November 2012, the Company lent Jefferies & Company ("Jefferies"), the underwriter for the offering, a total of 6,419,700 shares of the Company's common stock under the Share Lending Agreement. Jefferies is entitled to offer and sell such shares and use the sale to facilitate the establishment of a hedge position by investors in the notes and will receive all proceeds from the common stock offerings and lending transactions under the Share Lending Agreement. The Company received a nominal lending fee of $0.10 per share for each share of common stock that the Company lent pursuant to the Share Lending Agreement. | ||||||||||||||||||||
The Share Lending Agreement requires that the shares borrowed be returned upon the maturity of the related debt, January 2019, or earlier, including the redemption of the notes or the conversion of the notes to shares of common stock pursuant to the terms of the indenture governing the notes. Borrowed shares are issued and outstanding for corporate law purposes and, accordingly, the holders of the borrowed shares will have all of the rights of a holder of the Company's outstanding shares. However, because the share borrower must return to the Company all borrowed shares (or identical shares), the borrowed shares are not considered outstanding for purposes of computing and reporting the Company's earnings per share in accordance with generally accepted accounting principles. Jefferies agreed to pay to the Company an amount equal to any dividends or other distributions that the Company pays on the borrowed shares. | ||||||||||||||||||||
The Company received a nominal fee for the loaned shares and determined the fair value of the Share Lending Agreement was $3,204 at the date of issuance based on the present value of the future cash flows attributed to an estimated reduction in stated interest due to the presence of the Share Lending Agreement. The $3,204 fair value was recognized as a debt financing charge and is being amortized to interest expense over the term of the notes. In November 2012, 3,209,850 shares were returned but no cash was exchanged. As of December 31, 2013, 3,209,850 shares were outstanding on the Share Lending Agreement and $118 had been amortized to interest expense. | ||||||||||||||||||||
Embedded Derivatives on the Variable Interest Senior Convertible Debt: | ||||||||||||||||||||
The portion of the interest on the Company’s convertible debt which is computed by reference to the cash dividends paid on the Company’s common stock is considered an embedded derivative within the convertible debt, which the Company is required to separately value. In accordance with authoritative guidance on accounting for derivatives and hedging, the Company has bifurcated these embedded derivatives and estimated the fair value of the embedded derivative liability including using a third party valuation. The resulting discount created by allocating a portion of the issuance proceeds to the embedded derivative is then amortized to interest expense over the term of the debt using the effective interest method. Changes to the fair value of these embedded derivatives are reflected quarterly in the Company’s consolidated statements of operations as “Change in fair value of derivatives embedded within convertible debt.” The value of the embedded derivative is contingent on changes in interest rates of debt instruments maturing over the duration of the convertible debt as well as projections of future cash and stock dividends over the term of the debt. | ||||||||||||||||||||
A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s variable interest senior convertible debt is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
6.75% note | $ | 5,914 | $ | 2,842 | $ | 1,415 | ||||||||||||||
6.75% exchange notes | 11,799 | 7,416 | 4,745 | |||||||||||||||||
3.875% convertible debentures | 155 | 57 | 195 | |||||||||||||||||
7.5% convertible notes | 3,614 | 369 | — | |||||||||||||||||
Interest expense associated with embedded derivatives | $ | 21,482 | $ | 10,684 | $ | 6,355 | ||||||||||||||
A summary of non-cash changes in fair value of derivatives embedded within convertible debt is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
6.75% note | $ | 5,075 | $ | 5,247 | $ | 3,290 | ||||||||||||||
6.75% exchange notes | 9,625 | 9,940 | 6,238 | |||||||||||||||||
3.875% convertible debentures | (1,417 | ) | (22,281 | ) | (1,544 | ) | ||||||||||||||
7.5% convertible notes | 5,652 | (382 | ) | — | ||||||||||||||||
(Loss) gain on changes in fair value of derivatives embedded within convertible debt | $ | 18,935 | $ | (7,476 | ) | $ | 7,984 | |||||||||||||
The following table reconciles the fair value of derivatives embedded within convertible debt: | ||||||||||||||||||||
6.75% | 6.75% | 3.88% | 7.50% | Total | ||||||||||||||||
Note | Exchange | Convertible | Convertible | |||||||||||||||||
Notes | Debentures | Notes | ||||||||||||||||||
Balance at January 1, 2011 | $ | 20,219 | $ | 38,324 | $ | 82,949 | $ | — | $ | 141,492 | ||||||||||
Conversion of $11,000 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2011 | — | — | (8 | ) | — | (8 | ) | |||||||||||||
(Gain) loss from changes in fair value of embedded derivatives | (3,290 | ) | (6,238 | ) | 1,544 | — | (7,984 | ) | ||||||||||||
Balance at December 31, 2011 | 16,929 | 32,086 | 84,485 | — | 133,500 | |||||||||||||||
Conversion of $55,778 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (67,052 | ) | — | (67,052 | ) | |||||||||||||
Issuance of 7.5% Note | — | — | — | 98,204 | 98,204 | |||||||||||||||
(Gain) loss from changes in fair value of embedded derivatives | (5,247 | ) | (9,940 | ) | 22,281 | 382 | 7,476 | |||||||||||||
Balance at December 31, 2012 | 11,682 | 22,146 | 39,714 | 98,586 | 172,128 | |||||||||||||||
Conversion of $43,222 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (41,131 | ) | — | (41,131 | ) | |||||||||||||
(Gain) loss from changes in fair value of embedded derivatives | (5,075 | ) | (9,625 | ) | 1,417 | (5,652 | ) | (18,935 | ) | |||||||||||
Balance at December 31, 2013 | $ | 6,607 | $ | 12,521 | $ | — | $ | 92,934 | $ | 112,062 | ||||||||||
Beneficial Conversion Feature on Variable Interest Senior Convertible Debt: | ||||||||||||||||||||
After giving effect to the recording of the embedded derivative liability as a discount to the convertible debt, the Company’s common stock had a fair value at the issuance date of the debt in excess of the conversion price resulting in a beneficial conversion feature. The accounting guidance on debt with conversion and other options requires that the intrinsic value of the beneficial conversion feature be recorded to additional paid-in capital and as a discount on the debt. The discount is then amortized to interest expense over the term of the debt using the effective interest method. The beneficial conversion feature has been recorded, net of income taxes, as an increase to stockholders’ equity. | ||||||||||||||||||||
A summary of non-cash interest expense associated with the amortization of the debt discount created by the beneficial conversion feature on the Company’s variable interest senior convertible debt is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Amortization of beneficial conversion feature: | ||||||||||||||||||||
6.75% note | $ | 5,157 | $ | 2,479 | $ | 1,234 | ||||||||||||||
6.75% exchange notes | 7,294 | 4,582 | 2,932 | |||||||||||||||||
3.875% convertible debentures | 82 | 30 | (80 | ) | ||||||||||||||||
7.5% convertible notes | 2,363 | 241 | — | |||||||||||||||||
Interest expense associated with beneficial conversion feature | $ | 14,896 | $ | 7,332 | $ | 4,086 | ||||||||||||||
Unamortized Debt Discount on Variable Interest Senior Convertible Debt: | ||||||||||||||||||||
The following table reconciles unamortized debt discount within convertible debt: | ||||||||||||||||||||
6.75% | 6.75% | 3.88% | 7.50% | Total | ||||||||||||||||
Note | Exchange | Convertible | Convertible | |||||||||||||||||
Notes | Debentures | Notes | ||||||||||||||||||
Balance at January 1, 2011 | $ | 38,353 | $ | 64,713 | $ | 83,060 | $ | — | $ | 186,126 | ||||||||||
Conversion of $11,000 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2011 | — | — | 3 | — | 3 | |||||||||||||||
Amortization of embedded derivatives | (1,415 | ) | (4,745 | ) | (195 | ) | — | (6,355 | ) | |||||||||||
Amortization of beneficial conversion feature | (1,234 | ) | (2,932 | ) | 80 | — | (4,086 | ) | ||||||||||||
Balance at December 31, 2011 | 35,704 | 57,036 | 82,948 | — | 175,688 | |||||||||||||||
Conversion of $55,778 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (46,754 | ) | — | (46,754 | ) | |||||||||||||
Issuance of convertible notes - embedded derivative | — | — | — | 98,204 | 98,204 | |||||||||||||||
Issuance of convertible notes - beneficial conversion feature | — | — | — | 64,201 | 64,201 | |||||||||||||||
Amortization of embedded derivatives | (2,842 | ) | (7,416 | ) | (57 | ) | (369 | ) | (10,684 | ) | ||||||||||
Amortization of beneficial conversion feature | (2,479 | ) | (4,582 | ) | (30 | ) | (241 | ) | (7,332 | ) | ||||||||||
Balance at December 31, 2012 | 30,383 | 45,038 | 36,107 | 161,795 | 273,323 | |||||||||||||||
Conversion of $43,222 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (35,870 | ) | — | (35,870 | ) | |||||||||||||
Amortization of embedded derivatives | (5,914 | ) | (11,799 | ) | (155 | ) | (3,614 | ) | (21,482 | ) | ||||||||||
Amortization of beneficial conversion feature | (5,157 | ) | (7,294 | ) | (82 | ) | (2,363 | ) | (14,896 | ) | ||||||||||
Balance at December 31, 2013 | $ | 19,312 | $ | 25,945 | $ | — | $ | 155,818 | $ | 201,075 | ||||||||||
Revolving Credit Facility — Liggett: | ||||||||||||||||||||
Liggett has a $50,000 credit facility (the "Credit Facility") with Wells Fargo Bank, N.A. (“Wells Fargo”). The Credit Facility is collateralized by all inventories and receivables of Liggett and a mortgage on Liggett’s manufacturing facility. The Credit Facility requires Liggett’s compliance with certain financial and other covenants including a restriction on Liggett’s ability to pay cash dividends unless Liggett’s borrowing availability, as defined, under the credit facility for the 30-day period prior to the payment of the dividend, and after giving effect to the dividend, is at least $5,000 and no event of default has occurred under the agreement, including Liggett’s compliance with the covenants in the credit facility. | ||||||||||||||||||||
The Credit Facility expires on March 8, 2015; provided that Liggett may terminate the Credit Facility prior to March 8, 2015 at any time by giving at least 30 days prior written notice to Wells Fargo, and Wells Fargo may, at Well Fargo's option, terminate the Credit Facility at any time upon the occurrence and during the continuance of an Event of Default. Prime rate loans under the facility bear interest at a rate equal to the prime rate of Wells Fargo with Eurodollar rate loans bearing interest at a rate of 2.0% above Wells Fargo's adjusted Eurodollar rate. The credit facility contains covenants that provide that Liggett’s earnings before interest, taxes, depreciation and amortization ("EBITDA"), as defined under the credit facility, on a trailing twelve month basis, shall not be less than $100,000 if Liggett’s excess availability, as defined, under the credit facility, is less than $20,000. The covenants also require that annual Capital Expenditures, as defined under the credit facility (before a maximum carryover amount of $2,500), shall not exceed $15,000 during any fiscal year except for 2010, when Liggett was permitted to incur Capital Expenditures of up to $33,000. | ||||||||||||||||||||
Term Loan under Credit Facility— Liggett: | ||||||||||||||||||||
Within the commitment under the Credit Facility, Wells Fargo holds a mortgage on Liggett's manufacturing facility through a Term Loan with 100 Maple LLC ("Maple"), a subsidiary of Liggett. The outstanding balance under the Term Loan is $3,884, and the Term Loan expires on March 1, 2015. The Term Loan bears an interest rate equal to 1.75% more than Wells Fargo's adjusted Eurodollar rate. Monthly payments of $25 are due under the Term Loan from March 1, 2012 to February 1, 2015 ($885 in total) with the balance of $3,540 due at maturity on March 1, 2015. | ||||||||||||||||||||
The Term Loan is collateralized by the existing collateral securing the Credit Facility, including, without limitation, certain real property owned by Maple. The Term Loan did not increase the $50,000 borrowing amount of the Credit Facility, but did increase the outstanding amounts under the Credit Facility by the amount of the term loan and proportionately reduces the maximum borrowing availability under the Credit Facility. | ||||||||||||||||||||
The Credit Facility permits the guaranty of the 7.75% Senior Secured Notes due 2021 by each of Liggett and Maple and the pledging of certain assets of Liggett and Maple on a subordinated basis to secure their guarantees. The credit facility also grants to Wells Fargo a blanket lien on all the assets of Liggett and Maple, excluding any equipment pledged to current or future purchase money or other financiers of such equipment and excluding any real property, other than the Mebane Property and other real property to the extent its value is in excess of $5,000. Wells Fargo, Liggett, Maple and the collateral agent for the holders of our 7.75% senior secured notes have entered into an intercreditor agreement, pursuant to which the liens of the collateral agent on the Liggett and Maple assets will be subordinated to the liens of Wells Fargo on the Liggett and Maple assets. | ||||||||||||||||||||
For purposes of the EBITDA calculation, as defined under the Credit Facility, Liggett has excluded $86,213 related to the Engle Progeny settlement further described in Note 14. | ||||||||||||||||||||
As of December 31, 2013, a total of $34,308 was outstanding under the revolving and term loan portions of the credit facility. Availability as determined under the facility was approximately $15,692 based on eligible collateral at December 31, 2013. | ||||||||||||||||||||
Equipment Loans — Liggett: | ||||||||||||||||||||
In 2011, Liggett purchased equipment for $6,342 and entered into three financing agreements for a total of $6,342 related to the equipment purchase. The weighted average interest rate of the outstanding debt is 5.66% per annum and the interest rate on the various notes ranges between 5.33% and 5.82%. Total monthly installments are $145. | ||||||||||||||||||||
In 2012, Liggett refinanced $4,452 of debt related to equipment purchased in 2010. The refinanced debt had a weighted average interest rate of 5.89% and an average remaining term of 43 months. The new debt carries an interest rate of 5.96% and a term of 36 months. Total monthly installments are $135. Liggett purchased equipment for $5,040 and entered into four financing agreements for a total of $5,040 related to the equipment purchase. The weighted average interest rate of the outstanding debt is 5.2% per annum and the interest rate on the various notes ranges between 4.72% and 5.56% and is payable in installments of 36 to 48 months. | ||||||||||||||||||||
In 2013, Liggett entered into two financing agreements for a total of $6,580 related to the purchase of equipment. The weighted average interest rate of the outstanding debt is 4.66% per annum and the interest rates on the two notes are 3.28% and 4.99%. Total monthly installments are approximately $181. | ||||||||||||||||||||
Each of these equipment loans is collateralized by the purchased equipment. | ||||||||||||||||||||
Fair Value of Notes Payable and Long-term Debt: | ||||||||||||||||||||
The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk as described in Note 1. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein are not necessarily indicative of the amount that could be realized in a current market exchange. | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
Notes payable and long-term debt | $ | 692,343 | $ | 1,006,562 | $ | 623,724 | $ | 963,672 | ||||||||||||
Notes payable and long-term debt are carried on the condensed balance sheet at amortized cost. The fair value determination disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 17 if such liabilities were recorded on the condensed balance sheet at fair value. The estimated fair value of the Company's notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company's credit risk as described in Note 1. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein are not necessarily indicative of the amount that could be realized in a current market exchange. | ||||||||||||||||||||
Scheduled Maturities: | ||||||||||||||||||||
Scheduled maturities of long-term debt are as follows: | ||||||||||||||||||||
Principal | Unamortized | Net | ||||||||||||||||||
Discount | ||||||||||||||||||||
Year Ending December 31: | ||||||||||||||||||||
2014 | $ | 196,832 | $ | 45,257 | $ | 151,575 | ||||||||||||||
2015 | 13,268 | — | 13,268 | |||||||||||||||||
2016 | 2,911 | — | 2,911 | |||||||||||||||||
2017 | 230 | — | 230 | |||||||||||||||||
2018 | 177 | — | 177 | |||||||||||||||||
Thereafter | 680,000 | 155,818 | 524,182 | |||||||||||||||||
Total | $ | 893,418 | $ | 201,075 | $ | 692,343 | ||||||||||||||
Weighted-Average Interest Rate on Current Maturities of Long-Term Debt: | ||||||||||||||||||||
The weighted-average interest rate on the Company’s total indebtedness at December 31, 2013 was approximately 9.77%. |
Commitments
Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments [Abstract] | ' | |||||||||||
Commitments | ' | |||||||||||
COMMITMENTS | ||||||||||||
Certain of the Company’s subsidiaries lease facilities and equipment used in operations under both month-to-month and fixed-term agreements. The aggregate minimum rentals under operating leases with non-cancelable terms of one year or more as of December 31, 2013 are as follows: | ||||||||||||
Lease | Sublease | Net | ||||||||||
Commitments | Rentals | |||||||||||
Year Ending December 31: | ||||||||||||
2014 | $ | 18,146 | $ | 130 | $ | 18,016 | ||||||
2015 | 16,975 | 111 | 16,864 | |||||||||
2016 | 13,762 | — | 13,762 | |||||||||
2017 | 12,007 | — | 12,007 | |||||||||
2018 | 9,999 | — | 9,999 | |||||||||
Thereafter | 26,032 | — | 26,032 | |||||||||
Total | $ | 96,921 | $ | 241 | $ | 96,680 | ||||||
The Company’s rental expense for the years ended December 31, 2013, 2012 and 2011 was $6,523, $4,100 and $4,313, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
Defined Benefit Plans and Postretirement Plans: | ||||||||||||||||||||||||
Defined Benefit Plans. The Company sponsors three defined benefit pension plans (two qualified and one non-qualified) covering virtually all individuals who were employed by Liggett on a full-time basis prior to 1994. Future accruals of benefits under these three defined benefit plans were frozen between 1993 and 1995. These benefit plans provide pension benefits for eligible employees based primarily on their compensation and length of service. Contributions are made to the two qualified pension plans in amounts necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974. The plans’ assets and benefit obligations were measured at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The Company also sponsors a Supplemental Retirement Plan (“SERP”) where the Company will pay supplemental retirement benefits to certain key employees, including certain executive officers of the Company. In January 2006, the Company amended and restated its SERP (the “Amended SERP”), effective January 1, 2005. The amendments to the plan were intended, among other things, to cause the plan to meet the applicable requirements of Section 409A of the Internal Revenue Code. The Amended SERP is intended to be unfunded for tax purposes, and payments under the Amended SERP will be made out of the general assets of the Company. Under the Amended SERP, the benefit payable to a participant at his normal retirement date is a lump sum amount which is the actuarial equivalent of a predetermined annual retirement benefit set by the Company’s board of directors. Normal retirement date is defined as the January 1 following the attainment by the participant of the latter of age 60 or the completion of eight years of employment following January 1, 2002 with the Company or a subsidiary. | ||||||||||||||||||||||||
In April 2008, the SERP was amended to provide the Company’s President and Chief Executive Officer with an additional benefit under the SERP equal to a $736 lifetime annuity beginning January 1, 2013. In addition, in the event of a termination of his employment under the circumstances where he is entitled to severance payments under his employment agreement, he will be credited with an additional 36 months of service towards vesting under the SERP. As a result of the additional benefit granted to him, the President and Chief Executive Officer will be eligible to receive a total lump sum retirement benefit of $20,546 in 2013, an increase of $7,122 over the benefit he would have been entitled to receive under the SERP prior to the amendment, assuming a January 1, 2013 retirement date. The $7,122 increase was recognized as an expense in each of the years ended December 31, 2012, 2011 and 2010. | ||||||||||||||||||||||||
At December 31, 2013, the aggregate lump sum equivalents of the annual retirement benefits payable under the Amended SERP at normal retirement dates occurring during the following years is as follows: 2014 – $0; 2015 – $0; 2016 – $0; 2017 – $0; 2018 – $29,641 and 2019 to 2023 – $12,484. In the case of a participant who becomes disabled prior to his normal retirement date or whose service is terminated without cause, the participant’s benefit consists of a pro-rata portion of the full projected retirement benefit to which he would have been entitled had he remained employed through his normal retirement date, as actuarially discounted back to the date of payment. A participant who dies while working for the Company or a subsidiary (and before becoming disabled or attaining his normal retirement date) will be paid an actuarially discounted equivalent of his projected retirement benefit; conversely, a participant who retires beyond his normal retirement date will receive an actuarially increased equivalent of his projected retirement benefit. | ||||||||||||||||||||||||
Postretirement Medical and Life Plans. The Company provides certain postretirement medical and life insurance benefits to certain employees and retirees. Substantially all of the Company’s manufacturing employees as of December 31, 2013 are eligible for postretirement medical benefits if they reach retirement age while working for Liggett or certain affiliates. Retirees are required to fund 100% of participant medical premiums and, pursuant to union contracts, Liggett reimburses approximately 271 hourly retirees, who retired prior to 1991, for Medicare Part B premiums. In addition, the Company provides life insurance benefits to approximately 183 active employees and 427 retirees who reach retirement age and are eligible to receive benefits under one of the Company’s defined benefit pension plans. The Company’s postretirement liabilities are comprised of Medicare Part B and life insurance premiums. | ||||||||||||||||||||||||
The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits: | ||||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | (153,716 | ) | $ | (151,008 | ) | $ | (10,158 | ) | $ | (9,635 | ) | ||||||||||||
Service cost | (1,170 | ) | (1,275 | ) | (16 | ) | (14 | ) | ||||||||||||||||
Interest cost | (5,518 | ) | (6,513 | ) | (418 | ) | (465 | ) | ||||||||||||||||
Plan settlement | 1,819 | — | — | — | ||||||||||||||||||||
Benefits paid | 10,510 | 12,813 | 560 | 512 | ||||||||||||||||||||
Expenses paid | 350 | 308 | — | — | ||||||||||||||||||||
Actuarial (gain) loss | (3,186 | ) | (8,041 | ) | 1,133 | (556 | ) | |||||||||||||||||
Benefit obligation at December 31 | $ | (150,911 | ) | $ | (153,716 | ) | $ | (8,899 | ) | $ | (10,158 | ) | ||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 128,060 | $ | 122,012 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 19,482 | 15,656 | — | — | ||||||||||||||||||||
Plan settlement | (1,819 | ) | — | — | — | |||||||||||||||||||
Expenses paid | (350 | ) | (308 | ) | — | — | ||||||||||||||||||
Contributions | 2,173 | 3,513 | 560 | 512 | ||||||||||||||||||||
Benefits paid | (10,510 | ) | (12,813 | ) | (560 | ) | (512 | ) | ||||||||||||||||
Fair value of plan assets at December 31 | $ | 137,036 | $ | 128,060 | $ | — | $ | — | ||||||||||||||||
Funded status at December 31 | $ | (13,875 | ) | $ | (25,656 | ) | $ | (8,899 | ) | $ | (10,158 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||
Prepaid pension costs | $ | 26,080 | $ | 12,870 | $ | — | $ | — | ||||||||||||||||
Other accrued liabilities | (342 | ) | (2,161 | ) | (597 | ) | (663 | ) | ||||||||||||||||
Non-current employee benefit liabilities | (39,613 | ) | (36,365 | ) | (8,304 | ) | (9,495 | ) | ||||||||||||||||
Net amounts recognized | $ | (13,875 | ) | $ | (25,656 | ) | $ | (8,901 | ) | $ | (10,158 | ) | ||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost — benefits earned during the period | $ | 1,170 | $ | 1,275 | $ | 1,422 | $ | 16 | $ | 14 | $ | 13 | ||||||||||||
Interest cost on projected benefit obligation | 5,518 | 6,513 | 7,481 | 418 | 465 | 500 | ||||||||||||||||||
Expected return on assets | (7,915 | ) | (8,145 | ) | (8,834 | ) | — | — | — | |||||||||||||||
Settlement loss | 244 | — | — | — | — | — | ||||||||||||||||||
Amortization of net loss (gain) | 1,918 | 3,602 | 2,807 | (64 | ) | (121 | ) | (88 | ) | |||||||||||||||
Net expense | $ | 935 | $ | 3,245 | $ | 2,876 | $ | 370 | $ | 358 | $ | 425 | ||||||||||||
The following table summarizes amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost for the year ending 2014. | ||||||||||||||||||||||||
Defined | Post- | Total | ||||||||||||||||||||||
Benefit | Retirement | |||||||||||||||||||||||
Pension Plans | Plans | |||||||||||||||||||||||
Actuarial loss (gain) | $ | 1,075 | $ | (60 | ) | $ | 1,015 | |||||||||||||||||
As of December 31, 2013, current year accumulated other comprehensive income, before income taxes, consists of the following: | ||||||||||||||||||||||||
Defined | Post- | Total | ||||||||||||||||||||||
Benefit | Retirement | |||||||||||||||||||||||
Pension Plans | Plans | |||||||||||||||||||||||
Prior year accumulated other comprehensive income | $ | (37,646 | ) | $ | (182 | ) | $ | (37,828 | ) | |||||||||||||||
Amortization of prior service costs | — | — | — | |||||||||||||||||||||
Amortization of gain (loss) | 2,163 | (64 | ) | 2,099 | ||||||||||||||||||||
Net loss arising during the year | 8,381 | 1,132 | 9,513 | |||||||||||||||||||||
Current year accumulated other comprehensive loss | $ | (27,102 | ) | $ | 886 | $ | (26,216 | ) | ||||||||||||||||
As of December 31, 2012, current year accumulated other comprehensive income, before income taxes, consisted of the following: | ||||||||||||||||||||||||
Defined | Post- | Total | ||||||||||||||||||||||
Benefit | Retirement | |||||||||||||||||||||||
Pension Plans | Plans | |||||||||||||||||||||||
Prior year accumulated other comprehensive income | $ | (40,717 | ) | $ | 495 | $ | (40,222 | ) | ||||||||||||||||
Amortization of prior service costs | 2,018 | — | 2,018 | |||||||||||||||||||||
Amortization of gain (loss) | 1,584 | (121 | ) | 1,463 | ||||||||||||||||||||
Net loss arising during the year | (531 | ) | (556 | ) | (1,087 | ) | ||||||||||||||||||
Current year accumulated other comprehensive (loss) income | $ | (37,646 | ) | $ | (182 | ) | $ | (37,828 | ) | |||||||||||||||
As of December 31, 2013, two of the Company’s four defined benefit plans experienced accumulated benefit obligations in excess of plan assets, for which in the aggregate the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were $39,955, $39,955 and $0, respectively. As of December 31, 2012, three of the Company’s four defined benefit plans experienced accumulated benefit obligations in excess of plan assets, for which in the aggregate the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were $103,663, $103,663 and $65,137, respectively. | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||
Discount rates — benefit obligation | 3.00% - 4.75% | 2.25% - 4.00% | 3.75% - 4.75% | 5 | % | 4.25 | % | 5 | % | |||||||||||||||
Discount rates — service cost | 2.25% - 4.00% | 3.75% - 4.75% | 5.25% | 4.25 | % | 5 | % | 5.25 | % | |||||||||||||||
Assumed rates of return on invested assets | 6.50% | 7.00% | 7.00% | — | — | — | ||||||||||||||||||
Salary increase assumptions | N/A | N/A | N/A | 3 | % | 3 | % | 3 | % | |||||||||||||||
Discount rates were determined by a quantitative analysis examining the prevailing prices of high quality bonds to determine an appropriate discount rate for measuring obligations. The aforementioned analysis analyzes the cash flow from each of the Company’s four benefit plans as well as a separate analysis of the cash flows from the postretirement medical and life insurance plans sponsored by Liggett. The aforementioned analyses then construct a hypothetical bond portfolio whose cash flow from coupons and maturities match the year-by-year, projected benefit cash flow from the respective pension or retiree health plans. The Company uses the lower discount rate derived from the two independent analyses in the computation of the benefit obligation and service cost for each respective retirement liability. The Company uses the discount rate derived from the analysis in the computation of the benefit obligation and service cost for all the plans respective retirement liability. | ||||||||||||||||||||||||
The Company considers input from its external advisors and historical returns in developing its expected rate of return on plan assets. The expected long-term rate of return is the weighted average of the target asset allocation of each individual asset class. The Company’s actual 10-year annual rate of return on its pension plan assets was 7.2%, 7.5% and 5.2% for the years ended December 31, 2013, 2012 and 2011, respectively, and the Company’s actual five-year annual rate of return on its pension plan assets was 13.6%, 2.9% and 2.9% for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Gains and losses resulting from changes in actuarial assumptions and from differences between assumed and actual experience, including, among other items, changes in discount rates and changes in actual returns on plan assets as compared to assumed returns. These gains and losses are only amortized to the extent that they exceed 10% of the greater of Projected Benefit Obligation and the fair value of assets. For the year ended December 31, 2013, Liggett used a 15.37-year period for its Hourly Plan and a 16.28-year period for its Salaried Plan to amortize pension fund gains and losses on a straight line basis. Such amounts are reflected in the pension expense calculation beginning the year after the gains or losses occur. The amortization of deferred losses negatively impacts pension expense in the future. | ||||||||||||||||||||||||
Plan assets are invested employing multiple investment management firms. Managers within each asset class cover a range of investment styles and focus primarily on issue selection as a means to add value. Risk is controlled through a diversification among asset classes, managers, styles and securities. Risk is further controlled both at the manager and asset class level by assigning excess return and tracking error targets. Investment managers are monitored to evaluate performance against these benchmark indices and targets. | ||||||||||||||||||||||||
Allowable investment types include equity, investment grade fixed income, high yield fixed income, hedge funds and short term investments. The equity fund is comprised of common stocks and mutual funds of large, medium and small companies, which are predominantly U.S. based. The investment grade fixed income fund includes managed funds investing in fixed income securities issued or guaranteed by the U.S. government, or by its respective agencies, mortgage backed securities, including collateralized mortgage obligations, and corporate debt obligations. The high yield fixed income fund includes a fund which invests in non-investment grade corporate debt securities. The hedge funds invest in both equity, including common and preferred stock, and debt obligations, including convertible debentures, of private and public companies. The Company generally utilizes its short term investments, including interest-bearing cash, to pay benefits and to deploy in special situations. | ||||||||||||||||||||||||
Effective January 1, 2011, the Liggett Employee Benefits Committee reinstated its target assets allocation to equal 50.0% equity investments, 27.5% investment grade fixed income, 7.5% high yield fixed income, 10.0% alternative investments (including hedge funds and private equity funds) and 5.0% short-term investments, with a rebalancing range of approximately plus or minus 5% around the target asset allocations. Effective November 29, 2012, the Liggett Employee Benefits Committee revised its target assets allocation to equal 50.0% equity investments, 30.0% investment grade fixed income, 10.0% high yield fixed income, 5.0% alternative investments (including hedge funds and private equity funds) and 5.0% short-term investments, with a rebalancing range of approximately plus or minus 5% around the target asset allocations. | ||||||||||||||||||||||||
Vector’s defined benefit retirement plan allocations at December 31, 2013 and 2012, by asset category, were as follows: | ||||||||||||||||||||||||
Plan Assets at | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||
Equity securities | 50 | % | 47 | % | ||||||||||||||||||||
Investment grade fixed income securities | 28 | % | 30 | % | ||||||||||||||||||||
High yield fixed income securities | 10 | % | 10 | % | ||||||||||||||||||||
Alternative investments | 6 | % | 8 | % | ||||||||||||||||||||
Short-term investments | 6 | % | 5 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The defined benefit plans’ recurring financial assets and liabilities subject to fair value measurements and the necessary disclosures are as follows: | ||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Insurance contracts | $ | 2,396 | $ | — | $ | 2,396 | $ | — | ||||||||||||||||
Amounts in individually managed investment accounts: | ||||||||||||||||||||||||
Cash | 7,424 | 7,424 | — | — | ||||||||||||||||||||
U.S. equity securities | 46,520 | 46,520 | — | — | ||||||||||||||||||||
Common collective trusts | 57,912 | — | 57,912 | — | ||||||||||||||||||||
Investment partnership | 22,748 | — | 13,717 | 9,031 | ||||||||||||||||||||
Total | $ | 137,000 | $ | 53,944 | $ | 74,025 | $ | 9,031 | ||||||||||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Insurance contracts | $ | 2,079 | $ | — | $ | 2,079 | $ | — | ||||||||||||||||
Amounts in individually managed investment accounts: | ||||||||||||||||||||||||
Cash, mutual funds and common stock | 6,309 | 6,309 | — | — | ||||||||||||||||||||
U.S. equity securities | 43,246 | 43,246 | — | — | ||||||||||||||||||||
Common collective trusts | 65,867 | — | 52,714 | 13,153 | ||||||||||||||||||||
Investment partnership | 10,559 | — | — | 10,559 | ||||||||||||||||||||
Total | $ | 128,060 | $ | 49,555 | $ | 54,793 | $ | 23,712 | ||||||||||||||||
The fair value determination disclosed above of assets as Level 3 under the fair value hierarchy was determined based on unobservable inputs and were based on company assumptions, and information obtained from the investments based on the indicated market values of the underlying assets of the investment portfolio. The fair value of investment included in Level 1 are based on quoted market prices from various stock exchanges. The Level 2 investments are based on quoted market prices of of similar investments. | ||||||||||||||||||||||||
The changes in the fair value of these Level 3 investments as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance as of January 1 | $ | 23,712 | $ | 22,582 | ||||||||||||||||||||
Transfers | (13,153 | ) | — | |||||||||||||||||||||
Distributions | (2,669 | ) | (2,905 | ) | ||||||||||||||||||||
Contributions | — | 864 | ||||||||||||||||||||||
Unrealized loss on long-term investments | (1,779 | ) | 2,442 | |||||||||||||||||||||
Realized gain on long-term investments | 2,920 | 729 | ||||||||||||||||||||||
Balance as of December 31 | $ | 9,031 | $ | 23,712 | ||||||||||||||||||||
For 2013 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 4.25% and 7% between 2014 and 2021 and 4.5% after thereafter. For 2012 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 4.25% and 7% between 2013 and 2021 and 4.5% after 2021. | ||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1% change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 6 | $ | (6 | ) | |||||||||||||||||||
Effect on benefit obligation | 119 | (110 | ) | |||||||||||||||||||||
To comply with ERISA’s minimum funding requirements, the Company does not currently anticipate that it will be required to make any contributions to the pension plan year beginning on January 1, 2014 and ending on December 31, 2014. Any additional funding obligation that the Company may have for subsequent years is contingent on several factors and is not reasonably estimable at this time. | ||||||||||||||||||||||||
Estimated future pension and postretirement medical benefits payments are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Medical | ||||||||||||||||||||||||
2014 | $ | 10,749 | $ | 596 | ||||||||||||||||||||
2015 | 10,422 | 603 | ||||||||||||||||||||||
2016 | 10,080 | 607 | ||||||||||||||||||||||
2017 | 9,793 | 611 | ||||||||||||||||||||||
2018 | 39,101 | 615 | ||||||||||||||||||||||
2019 - 2023 | 54,013 | 3,114 | ||||||||||||||||||||||
Profit Sharing and Other Plans: | ||||||||||||||||||||||||
The Company maintains 401(k) plans for substantially all U.S. employees which allow eligible employees to invest a percentage of their pre-tax compensation. The Company contributed to the 401(k) plans and expensed $1,190, $1,161 and $1,101 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
INCOME TAXES | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
The Company files a consolidated U.S. income tax return that includes its more than 80%-owned U.S. subsidiaries. The amounts provided for income taxes are as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current: | ||||||||||||||||
U.S. Federal | $ | 20,808 | $ | 24,246 | $ | 30,458 | ||||||||||
State | 3,521 | 6,185 | 8,313 | |||||||||||||
$ | 24,329 | $ | 30,431 | $ | 38,771 | |||||||||||
Deferred: | ||||||||||||||||
U.S. Federal | $ | 596 | $ | (5,779 | ) | $ | 7,765 | |||||||||
State | (130 | ) | (1,557 | ) | 1,601 | |||||||||||
466 | (7,336 | ) | 9,366 | |||||||||||||
Total | $ | 24,795 | $ | 23,095 | $ | 48,137 | ||||||||||
The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities are as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Deferred Tax | Deferred Tax | Deferred Tax | Deferred Tax | |||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Excess of tax basis over book basis- non-consolidated entities | $ | 4,434 | $ | 3,582 | $ | 3,654 | $ | — | ||||||||
Employee benefit accruals | 19,539 | 9,378 | 17,508 | 2,383 | ||||||||||||
Book/tax differences on fixed and Intangible assets | — | 48,086 | — | 45,439 | ||||||||||||
Book/tax differences on inventory | — | 19,213 | — | 18,165 | ||||||||||||
Book/tax differences on long-term investments | — | 30,898 | 1 | — | ||||||||||||
Impact of accounting on convertible debt | 9,202 | 44,823 | 16,306 | 56,346 | ||||||||||||
Impact of timing of settlement payments | 56,551 | — | 32,113 | 706 | ||||||||||||
Various U.S. state tax loss carryforwards | 10,010 | — | 10,854 | — | ||||||||||||
Other | 8,231 | 27,404 | 11,625 | 13,792 | ||||||||||||
Valuation allowance | (6,014 | ) | — | (6,310 | ) | — | ||||||||||
$ | 101,953 | $ | 183,384 | $ | 85,751 | $ | 136,831 | |||||||||
Vector Tobacco had tax effected state and local net operating loss carryforwards of $10,010 and $10,854, respectively at December 31, 2013 and 2012, expiring through tax year 2027. The Company provides a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The valuation allowance of $6,014 and $6,310 at December 31, 2013 and 2012, respectively, consisted primarily of a reserve against Vector Tobacco's state and local net operating loss carryforwards. The valuation allowance was reduced in 2013 and 2012, respectively, as a result of changes in estimates in Vector Tobacco's ability to utilize state tax net operating losses in future years because of changes in state tax apportionment and projected taxable income. | ||||||||||||||||
The consolidated balance sheets of the Company include deferred income tax assets and liabilities, which represent temporary differences in the application of accounting rules established by generally accepted accounting principles and income tax laws. | ||||||||||||||||
Deferred federal income tax expense differs in 2013, 2012 and 2011 as a result of reclassifications between current and deferred tax liabilities. The deferred tax expense in 2013 results primarily from the utilitization of state tax net operating losses. The deferred tax benefit in 2012 results primarily from the non-cash interest charges associated with the Company's convertible debt partially offset by the recognition of temporary differences (related to depreciation and amortization) at the Liggett and Vector Tobacco segments. The deferred tax expense in 2011 results from temporary differences related primarily to bonus depreciation for federal tax purposes at the Liggett segment. | ||||||||||||||||
Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Income before income taxes | $ | 63,487 | $ | 53,717 | $ | 123,157 | ||||||||||
Federal income tax expense at statutory rate | 22,221 | 18,801 | 43,105 | |||||||||||||
Increases (decreases) resulting from: | ||||||||||||||||
State income taxes, net of federal income tax benefits | 2,204 | 3,009 | 6,444 | |||||||||||||
Impact of non-controlling interest | 88 | — | — | |||||||||||||
Non-deductible expenses | 2,698 | 3,311 | 1,974 | |||||||||||||
Impact of domestic production deduction | (1,889 | ) | (2,026 | ) | (4,256 | ) | ||||||||||
Tax credits | (433 | ) | — | — | ||||||||||||
Changes in valuation allowance, net of equity and tax audit adjustments | (94 | ) | — | 870 | ||||||||||||
Income tax expense | $ | 24,795 | $ | 23,095 | $ | 48,137 | ||||||||||
The following table summarizes the activity related to the unrecognized tax benefits: | ||||||||||||||||
Balance at January 1, 2011 | $ | 6,768 | ||||||||||||||
Additions based on tax positions related to prior years | 250 | |||||||||||||||
Expirations of the statute of limitations | (421 | ) | ||||||||||||||
Balance at December 31, 2011 | 6,597 | |||||||||||||||
Additions based on tax positions related to prior years | 588 | |||||||||||||||
Expirations of the statute of limitations | (916 | ) | ||||||||||||||
Balance at December 31, 2012 | 6,269 | |||||||||||||||
Additions based on tax positions related to prior years | 179 | |||||||||||||||
Settlements | (250 | ) | ||||||||||||||
Expirations of the statute of limitations | (3,076 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 3,122 | ||||||||||||||
In the event the unrecognized tax benefits of $3,122 and $6,269 at December 31, 2013 and 2012, respectively, were recognized, such recognition would impact the annual effective tax rates. During 2013, the accrual for potential penalties and interest related to these unrecognized tax benefits was decreased by $877, and in total, as of December 31, 2013, a liability for potential penalties and interest of $776 has been recorded. During 2012, the accrual for potential penalties and interest related to these unrecognized tax benefits was increased by $149, and in total, as of December 31, 2012, a liability for potential penalties and interest of $1,653 has been recorded. | ||||||||||||||||
It is reasonably possible the Company may recognize up to approximately $2,027 of currently unrecognized tax benefits over the next 12 months, pertaining primarily to expiration of statutes of limitations of positions reported on state and local income tax returns. The Company files U.S. and state and local income tax returns in jurisdictions with varying statutes of limitations. | ||||||||||||||||
In 2013, the Internal Revenue Service concluded an audit of the Company’s income tax return for the year ended December 31, 2009. There was no material impact on the Company’s consolidated financial statements as a result of the audit. |
Stock_Compensation
Stock Compensation | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||
STOCK COMPENSATION | ' | |||||||||||||||||||||||||
STOCK COMPENSATION | ||||||||||||||||||||||||||
The Company granted equity compensation under its Amended and Restated 1999 Long-Term Incentive Plan (the “1999 Plan”) until the 1999 Plan expired on December 31, 2013. | ||||||||||||||||||||||||||
Stock Options. The Company accounts for stock compensation by valuing unvested stock options granted prior to January 1, 2006 under the fair value method of accounting and expensing this amount in the statement of operations over the stock options’ remaining vesting period. | ||||||||||||||||||||||||||
The Company recognized compensation expense of $2,212, $1,755 and $1,715 related to stock options in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||
All awards have a contractual term of ten years and awards vest over a period of three to five years depending upon each grant. The fair value of option grants is estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including expected stock price characteristics which are significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models do not necessarily provide a reliable single measure of the fair value of stock-based compensation awards. | ||||||||||||||||||||||||||
The assumptions used under the Black-Scholes option pricing model in computing fair value of options are based on the expected option life considering both the contractual term of the option and expected employee exercise behavior, the interest rate associated with U.S. Treasury issues with a remaining term equal to the expected option life and the expected volatility of the Company’s common stock over the expected term of the option. There were no new grants in the year ended December 31, 2012. The assumptions used for grants in the years ended December 31, 2013 and 2011 were as follows: | ||||||||||||||||||||||||||
2013 | 2011 | |||||||||||||||||||||||||
Risk-free interest rate | 0.6% – 1.8% | 1.4% – 1.9% | ||||||||||||||||||||||||
Expected volatility | 20.05% – 24.08% | 24.78% – 25.02% | ||||||||||||||||||||||||
Dividend yield | 0 | % | 0.0% - 10.08% | |||||||||||||||||||||||
Expected holding period | 4.00 – 10.00 years | 4.00 – 4.75 years | ||||||||||||||||||||||||
Weighted-average grant date fair value | $2.72 – $5.80 | $0.90 – $3.81 | ||||||||||||||||||||||||
A summary of employee stock option transactions follows: | ||||||||||||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||||||||||||
Shares | Exercise Price | Remaining | Intrinsic | |||||||||||||||||||||||
Contractual Term | Value(1) | |||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||
Outstanding on January 1, 2011 | 2,664,481 | $ | 12.13 | 6 | $ | 11,208 | ||||||||||||||||||||
Granted | 529,035 | $ | 14.84 | |||||||||||||||||||||||
Exercised | (557,887 | ) | $ | 10.33 | ||||||||||||||||||||||
Canceled | (212,225 | ) | $ | — | ||||||||||||||||||||||
Outstanding on December 31, 2011 | 2,423,404 | $ | 12.48 | 7.6 | $ | 11,187 | ||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||||
Exercised | (16,883 | ) | $ | 8.25 | ||||||||||||||||||||||
Canceled | (6,599 | ) | $ | 14.35 | ||||||||||||||||||||||
Outstanding on December 31, 2012 | 2,399,922 | $ | 12.5 | 6.6 | $ | 4,371 | ||||||||||||||||||||
Granted | 787,500 | $ | 15.36 | |||||||||||||||||||||||
Exercised | (40,175 | ) | $ | 13.54 | ||||||||||||||||||||||
Canceled | (13 | ) | $ | — | ||||||||||||||||||||||
Outstanding on December 31, 2013 | 3,147,234 | $ | 13.21 | 6.5 | $ | 9,959 | ||||||||||||||||||||
Options exercisable at: | ||||||||||||||||||||||||||
December 31, 2011 | 411,452 | |||||||||||||||||||||||||
December 31, 2012 | 418,359 | |||||||||||||||||||||||||
December 31, 2013 | 1,777,158 | |||||||||||||||||||||||||
_____________________________ | ||||||||||||||||||||||||||
-1 | The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($16.37, $14.16 and $16.10 at December 31, 2013, 2012 and 2011, respectively) exceeds the option exercise price. | |||||||||||||||||||||||||
Additional information relating to options outstanding at December 31, 2013 follows: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of Exercise Prices | Outstanding | Weighted-Average | Weighted-Average | Exercisable | Weighted-Average | Weighted-Average | Aggregate Intrinsic Value | |||||||||||||||||||
as of | Remaining | Exercise Price | as of | Remaining | Exercise Price | |||||||||||||||||||||
Contractual Life | Contractual Life | |||||||||||||||||||||||||
12/31/13 | (Years) | 12/31/13 | (Years) | |||||||||||||||||||||||
$0.00 | - | $12.13 | 1,679,616 | 5.3 | $ | 11.64 | 1,679,616 | 5.3 | $ | 11.64 | $ | — | ||||||||||||||
$12.13 | - | $14.55 | 180,024 | 5.7 | $ | 13.61 | 97,542 | 5 | $ | 13.64 | — | |||||||||||||||
$15.28 | - | $16.98 | 1,287,594 | 8.3 | $ | 15.19 | — | $ | — | — | ||||||||||||||||
$17.82 | - | $19.40 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$20.37 | - | $21.83 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$22.91 | - | $24.25 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$0.00 | - | $0.00 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$0.00 | - | $0.00 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
3,147,234 | 6.5 | $ | 13.21 | 1,777,158 | 5.3 | $ | 11.75 | $ | 8,203 | |||||||||||||||||
As of December 31, 2013, there was $2,577 of total unrecognized compensation cost related to unvested stock options. The cost is expected to be recognized over a weighted-average period of approximately 2.78 years at December 31, 2013. | ||||||||||||||||||||||||||
The Company reflects the tax savings resulting from tax deductions in excess of expense reflected in its financial statements as a component of “Cash Flows from Financing Activities.” | ||||||||||||||||||||||||||
Non-qualified options for 787,500 shares of common stock were issued during 2013. The exercise price of the options granted was $15.36 in 2013. The exercise price of the options granted in 2013 were at the fair value on the date of the grants. | ||||||||||||||||||||||||||
No non-qualified options for shares of common stock were issued during 2012. | ||||||||||||||||||||||||||
Non-qualified options for 529,035 shares of common stock were issued during 2011. The exercise price of the options granted were between $13.72 and $14.90 in 2011. The exercise prices of the options granted in 2011 were at the fair value on the dates of the grants. | ||||||||||||||||||||||||||
The Company has elected to use the long-form method under which each award grant is tracked on an employee-by-employee basis and grant-by-grant basis to determine if there is a tax benefit or tax deficiency for such award. The Company then compares the fair value expense to the tax deduction received for each grant and aggregates the benefits and deficiencies to establish its hypothetical APIC Pool. | ||||||||||||||||||||||||||
The Company recognizes windfall tax benefits associated with the exercise of stock options directly to stockholders’ equity only when realized. A windfall tax benefit occurs when the actual tax benefit realized by the Company upon an employee’s disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award that the Company had recorded. | ||||||||||||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $93, $129 and $2,051, respectively. Tax benefits related to option exercises of $38, $52 and $821 were recorded as increases to stockholders’ deficiency for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||
Restricted Stock Awards. In May 2013, the Company granted 10,500 restricted shares of the Company’s common stock (the "May 2013 Grant") pursuant to the 1999 Plan to each of its five outside directors. The shares vest over three years and the Company will recognize $815 of expense over the vesting period of the May 2013 Grant. The Company recognized expense of $161 for the year ended December 31, 2013. | ||||||||||||||||||||||||||
In June 2010, the Company granted 12,155 restricted shares of the Company’s common stock (the "June 2010 Grant") pursuant to the 1999 Plan to each of its five outside directors. In November 2011, one of the outside directors resigned from the board and 8,104 of the restricted shares granted in June 2010 were forfeited and canceled. The remaining shares vested over three years and the Company recognized $749 of expense over the vesting period of the June 2010 Grant. In November 2011, the Company also granted 7,350 restricted shares of the Company's stock (the "November 2011 grant") pursuant to the 1999 Plan to the replacement director. The shares granted to the replacement director vested over approximately 19 months. The Company recognized $120 of expense over the vesting period for the November 2011 Grant. The Company recognized expense of $133 and $280 of expense for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
In October 2013, the President and Chief Executive Officer of Liggett Group LLC and Liggett Vector Brands LLC was awarded a restricted stock grant of 27,500 shares of Vector’s common stock pursuant to the 1999 Plan. The shares will vest on the earlier of March 15, 2019, contingent upon performance-based targets being achieved by the Company's tobacco segment, or October 31, 2020, if the performance-based targets are not achieved. He will receive dividends on the restricted shares as paid. In the event that his employment with the Company is terminated for any reason other than his death, his disability or a change of control (as defined in this Restricted Share Agreement) of the Company, any remaining balance of the shares not previously vested will be forfeited by him. The fair market value of the restricted shares on the date of grant was $458 and is being amortized over the vesting period as a charge to compensation expense. | ||||||||||||||||||||||||||
In April 2009, the President of the Company was awarded a restricted stock grant ("April 2009 Award Agreement") of 638,142 shares of Vector’s common stock pursuant to the 1999 Plan ("April 2009 Award Shares") . Under the terms of the April 2009 Award Agreement, one-fifth of the shares vest on September 15, 2010, with an additional one-fifth vesting on each of the four succeeding one-year anniversaries of the first vesting date through September 15, 2014. In the event that his employment with the Company is terminated for any reason other than his death, his disability or a change of control (as defined in this Restricted Share Agreement) of the Company, any remaining balance of the shares not previously vested will be forfeited by him. The fair market value of the restricted shares on the date of grant was $6,467 and was being amortized over the vesting period as a charge to compensation expense. | ||||||||||||||||||||||||||
On December 11, 2012, the Compensation Committee of the Board of Directors of the Company approved an acceleration of the vesting to December 11, 2012 of an aggregate 255,256 shares of restricted stock that were previously scheduled to vest in equal parts on September 15, 2013 and September 15, 2014. | ||||||||||||||||||||||||||
In connection with, and as a condition to, the acceleration of the vesting schedule, the President of the Company entered into an Amendment to the April 2009 Award Agreement and an Agreement (the “Agreement”) with the Company, effective as of December 11, 2012. Pursuant to the Agreement, he agreed, in the event his employment with the Company terminates prior to September 15, 2014, to repay to the Company, in either shares of the Company's common stock or cash, the fair market value on the termination date of that portion of the Award Shares that he would have otherwise had to forfeit under the April 2009 Award Agreement had the vesting of the April 2009 Award Shares not been accelerated, plus cash in the amount of any Accrued Dividends and any additional dividends declared on such shares. | ||||||||||||||||||||||||||
The Company recognized expense of $2,381 for the year ended December 31, 2012 that included additional compensation expense of $288 related to the modified requisite service period of the accelerated vesting and the recognition of the unamortized compensation costs related to the accelerated vesting of $2,093. The Company recorded an expense of $1,188 for the year ended December 31, 2011. | ||||||||||||||||||||||||||
As of December 31, 2013, there was $1,100 of total unrecognized compensation costs related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.24 years at December 31, 2013. | ||||||||||||||||||||||||||
As of December 31, 2012, there was $134 of total unrecognized compensation costs related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 0.44 years at December 31, 2012. | ||||||||||||||||||||||||||
The Company’s accounting policy is to treat dividends paid on unvested restricted stock as a reduction to additional paid-in capital on the Company’s consolidated balance sheet. |
Contingencies
Contingencies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Contingencies [Abstract] | ' | |||||||||||||||||||||||
CONTINGENCIES | ' | |||||||||||||||||||||||
CONTINGENCIES | ||||||||||||||||||||||||
Tobacco-Related Litigation: | ||||||||||||||||||||||||
Overview | ||||||||||||||||||||||||
Since 1954, Liggett and other United States cigarette manufacturers have been named as defendants in numerous direct, third-party and purported class actions predicated on the theory that cigarette manufacturers should be liable for damages alleged to have been caused by cigarette smoking or by exposure to secondary smoke from cigarettes. New cases continue to be commenced against Liggett and other cigarette manufacturers. The cases have generally fallen into the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs (“Individual Actions”); (ii) lawsuits by individuals requesting the benefit of the Engle ruling ("Engle progeny cases"); (iii) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring, as well as cases alleging that use of the terms “lights” and/or “ultra lights” constitutes a deceptive and unfair trade practice, common law fraud or violation of federal law, purporting to be brought on behalf of a class of individual plaintiffs (“Class Actions”); and (iv) health care cost recovery actions brought by various foreign and domestic governmental plaintiffs and non-governmental plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits (“Health Care Cost Recovery Actions”). As new cases are commenced, the costs associated with defending these cases and the risks relating to the inherent unpredictability of litigation continue to increase. The future financial impact of the risks and expenses of litigation are not quantifiable at this time. For the twelve months ended December 31, 2013 and 2012, Liggett incurred tobacco product liability legal expenses and other related litigation costs totaling $9,321 and $9,666, respectively. The 2013 litigation costs do not include a charge of $86,213 associated with the Engle Progeny Settlement, discussed below. | ||||||||||||||||||||||||
Litigation is subject to uncertainty and it is possible that there could be adverse developments in pending cases. Management reviews on a quarterly basis with counsel all pending litigation and evaluates whether an estimate can be made of the possible loss or range of loss that could result from an unfavorable outcome. An unfavorable outcome or settlement of pending tobacco-related or other litigation could encourage the commencement of additional litigation. Damages awarded in some tobacco-related litigation can be significant. | ||||||||||||||||||||||||
Bonds. Although Liggett has been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts are on appeal, there remains a risk that such relief may not be obtainable in all cases. This risk has been reduced given that a majority of states now limit the dollar amount of bonds or require no bond at all. To obtain stays on judgments pending current appeals, Liggett has secured approximately $5,337 in bonds as of December 31, 2013. | ||||||||||||||||||||||||
In June 2009, Florida amended its existing bond cap statute by adding a $200,000 bond cap that applies to all Engle progeny cases in the aggregate and establishes individual bond caps for individual Engle progeny cases in amounts that vary depending on the number of judgments in effect at a given time. In several cases, plaintiffs have challenged the constitutionality of the bond cap statute, but to date the courts that have addressed the issue have upheld the constitutionality of the statute. The plaintiffs have appealed some of these rulings and the Florida Supreme Court, after granting review of the Hall decision denying plaintiff's challenge to the bond cap statute, subsequently dismissed the matter prior to the scheduled argument as moot. No federal court has yet addressed the issue. Although the Company cannot predict the outcome of such challenges, it is possible that the Company's consolidated financial position, results of operations, and cash flows could be materially adversely affected by an unfavorable outcome of such challenges. | ||||||||||||||||||||||||
Accounting Policy. The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in this Note 14: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. Legal defense costs are expensed as incurred. | ||||||||||||||||||||||||
Cautionary Statement About Engle Progeny Cases. Judgments have been entered against Liggett and other industry defendants in Engle progeny cases. A number of the judgments have been affirmed on appeal and satisfied by the defendants. To date, the United States Supreme Court has declined to review these cases. As of December 31, 2013, 16 Engle progeny cases where Liggett was a defendant at trial resulted in verdicts. Eleven verdicts were returned in favor of the plaintiffs and five in favor of Liggett. Excluding the Lukacs case, which was tried in 2002, seven years before the trials of Engle progeny cases commenced, the compensatory verdicts against Liggett have ranged from $1 to $3,479. In certain cases, the judgments entered have been joint and several with other defendants. In two of the cases, punitive damages were awarded against Liggett for $1,000 and $7,600. Except as discussed in this Note 14 regarding the cases where an adverse verdict was entered against Liggett and that remain on appeal, management is unable to estimate the possible loss or range of loss from the remaining Engle progeny cases as there are currently multiple defendants in each case and, in most cases, discovery has not occurred or is limited. As a result, the Company lacks information about whether plaintiffs are in fact Engle class members (non-class members' claims are generally time-barred), the relevant smoking history, the nature of the alleged injury and the availability of various defenses, among other things. Further, plaintiffs typically do not specify their demand for damages. The Company believes that the process under which Engle progeny cases are tried is unconstitutional and continues to pursue its appellate rights in the remaining cases. | ||||||||||||||||||||||||
Although Liggett has generally been successful in managing litigation, litigation is subject to uncertainty and significant challenges remain, including with respect to the remaining Engle progeny cases. There can be no assurances that Liggett's past litigation experience will be representative of future results. Judgments have been entered against Liggett in the past, in Individual Actions and Engle progeny cases, and several of those judgments were affirmed on appeal and satisfied by Liggett. It is possible that the consolidated financial position, results of operations and cash flows of the Company could be materially adversely affected by an unfavorable outcome or settlement of certain pending smoking-related litigation. Liggett believes, and has been so advised by counsel, that it has valid defenses to the litigation pending against it, as well as valid bases for appeal of adverse verdicts. All such cases are, and will continue to be, vigorously defended. Liggett may, however, enter into settlement discussions in particular cases if it believes it is in its best interest to do so, including the remaining Engle progeny cases. As of December 31, 2013, Liggett (and in certain cases the Company), had settled 151 Engle progeny cases for approximately $1,129 in the aggregate. In addition, in October 2013, Liggett announced a global settlement of the claims of over 4,900 Engle progeny plaintiffs (see Engle Progeny Settlement, below). | ||||||||||||||||||||||||
Individual Actions | ||||||||||||||||||||||||
As of December 31, 2013, there were 59 Individual Actions pending against Liggett and, in certain cases, the Company, where one or more individual plaintiffs allege injury resulting from cigarette smoking, addiction to cigarette smoking or exposure to secondary smoke and seek compensatory and, in some cases, punitive damages. These cases do not include Engle progeny cases or the approximately 100 individual cases pending in West Virginia state court as part of a consolidated action. The following table lists the number of Individual Actions, by state, that are pending against Liggett or the Company as of December 31, 2013: | ||||||||||||||||||||||||
State | Number | |||||||||||||||||||||||
of Cases | ||||||||||||||||||||||||
Florida | 39 | |||||||||||||||||||||||
New York | 9 | |||||||||||||||||||||||
Maryland | 4 | |||||||||||||||||||||||
Louisiana | 3 | |||||||||||||||||||||||
West Virginia | 2 | |||||||||||||||||||||||
Missouri | 1 | |||||||||||||||||||||||
Ohio | 1 | |||||||||||||||||||||||
The plaintiffs' allegations of liability in cases in which individuals seek recovery for injuries allegedly caused by cigarette smoking are based on various theories of recovery, including negligence, gross negligence, breach of special duty, strict liability, fraud, concealment, misrepresentation, design defect, failure to warn, breach of express and implied warranties, conspiracy, aiding and abetting, concert of action, unjust enrichment, common law public nuisance, property damage, invasion of privacy, mental anguish, emotional distress, disability, shock, indemnity, violations of deceptive trade practice laws, the federal Racketeer Influenced and Corrupt Organizations Act (“RICO”), state RICO statutes and antitrust statutes. In many of these cases, in addition to compensatory damages, plaintiffs also seek other forms of relief including treble/multiple damages, medical monitoring, disgorgement of profits and punitive damages. Although alleged damages often are not determinable from a complaint, and the law governing the pleading and calculation of damages varies from state to state and jurisdiction to jurisdiction, compensatory and punitive damages have been specifically pleaded in a number of cases, sometimes in amounts ranging into the hundreds of millions and even billions of dollars. | ||||||||||||||||||||||||
Defenses raised in Individual Actions include lack of proximate cause, assumption of the risk, comparative fault and/or contributory negligence, lack of design defect, statute of limitations, equitable defenses such as “unclean hands” and lack of benefit, failure to state a claim and federal preemption. | ||||||||||||||||||||||||
Engle Progeny Cases | ||||||||||||||||||||||||
Engle Case. In May 1994, Engle was filed against Liggett and others in Miami-Dade County, Florida. The class consisted of all Florida residents who, by November 21, 1996, “have suffered, presently suffer or have died from diseases and medical conditions caused by their addiction to cigarette smoking.” In July 1999, after the conclusion of Phase I of the trial, the jury returned a verdict against Liggett and other cigarette manufacturers on certain issues determined by the trial court to be “common” to the causes of action of the plaintiff class. The jury made several findings adverse to the defendants including that defendants' conduct “rose to a level that would permit a potential award or entitlement to punitive damages.” Phase II of the trial was a causation and damages trial for three of the class plaintiffs and a punitive damages trial on a class-wide basis before the same jury that returned the verdict in Phase I. In April 2000, the jury awarded compensatory damages of $12,704 to the three class plaintiffs, to be reduced in proportion to the respective plaintiff’s fault. In July 2000, the jury awarded approximately $145,000,000 in punitive damages, including $790,000 against Liggett. | ||||||||||||||||||||||||
In May 2003, Florida’s Third District Court of Appeal reversed the trial court and remanded the case with instructions to decertify the class. The judgment in favor of one of the three class plaintiffs, in the amount of $5,831, was overturned as time barred and the court found that Liggett was not liable to the other two class plaintiffs. | ||||||||||||||||||||||||
In July 2006, the Florida Supreme Court affirmed the decision vacating the punitive damages award and held that the class should be decertified prospectively, but determined that the following Phase I findings are entitled to res judicata effect in Engle progeny cases: (i) that smoking causes lung cancer, among other diseases; (ii) that nicotine in cigarettes is addictive; (iii) that defendants placed cigarettes on the market that were defective and unreasonably dangerous; (iv) that defendants concealed material information knowing that the information was false or misleading or failed to disclose a material fact concerning the health effects or addictive nature of smoking; (v) that defendants agreed to conceal or omit information regarding the health effects of cigarettes or their addictive nature with the intention that smokers would rely on the information to their detriment; (vi) that defendants sold or supplied cigarettes that were defective; and (vii) that defendants were negligent. The Florida Supreme Court decision also allowed former class members to proceed to trial on individual liability issues (using the above findings) and compensatory and punitive damage issues, provided they filed their individual lawsuits by January 2008. In December 2006, the Florida Supreme Court added the finding that defendants sold or supplied cigarettes that, at the time of sale or supply, did not conform to the representations made by defendants. In October 2007, the United States Supreme Court denied defendants' petition for writ of certiorari. | ||||||||||||||||||||||||
Pursuant to the Florida Supreme Court’s July 2006 ruling in Engle, which decertified the class on a prospective basis, and affirmed the appellate court’s reversal of the punitive damages award, former class members had until January 2008 in which to file individual lawsuits. As a result, Liggett and the Company, and other cigarette manufacturers, were named defendants in thousands of Engle progeny cases in both federal and state courts in Florida. Although the Company was not named as a defendant in the Engle case, it was named as a defendant in most of the Engle progeny cases where Liggett was named as a defendant. | ||||||||||||||||||||||||
Engle Progeny Settlement | ||||||||||||||||||||||||
On October 23, 2013, a settlement was announced among the Company and approximately 4,900 Engle progeny plaintiffs and their counsel. Pursuant to the terms of the settlement, and as a result of the satisfaction of certain conditions by the participating plaintiffs and their counsel, Liggett will pay a total of approximately $110,000, with approximately $2,100 paid in December 2013, approximately $59,500 paid in February 2014 and the balance to be paid in installments over the next 14 years, with a cost of living adjustment beginning in year eight. The Company recorded a charge of $86,213 for the year ended December 31, 2013 in connection with the settlement. Of this amount, $25,213 is related to certain payments discounted to their present value because the timing and amounts of such payments are fixed and determinable. The present value of the installment payments was computed using an 11% annual discount rate. The installment payments total approximately $48,000 on an undiscounted basis. The Company’s future payments are estimated to be approximately $3,000 in 2015, $3,500, per annum in 2016 through 2018 and approximately $34,500 in the aggregate thereafter. | ||||||||||||||||||||||||
The settlement provides for a standstill precluding further litigation against the Company and Liggett by the participating plaintiffs. In December 2013, Liggett funded approximately $2,100 into the court approved qualified settlement fund with respect to the de minimis and non-use cases and those cases were dismissed with prejudice against the Company and Liggett. Notwithstanding the comprehensive nature of the Engle Progeny Settlement, approximately 400 plaintiffs did not participate in the settlement and, therefore, the Company and Liggett may still be subject to periodic adverse judgments which could have a material adverse affect on the Company's consolidated financial position, results of operations and cash flows. | ||||||||||||||||||||||||
As of December 31, 2013, the following Engle progeny cases have resulted in judgments against Liggett: | ||||||||||||||||||||||||
Date | Case Name | County | Net Compensatory | Punitive Damages | Status | |||||||||||||||||||
Damages | ||||||||||||||||||||||||
Jun-02 | Lukacs v. R.J. Reynolds | Miami-Dade | $12,418 | None | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Aug-09 | Campbell v. R.J. Reynolds | Escambia | $156 | None | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Mar-10 | Douglas v. R.J. Reynolds | Hillsborough | $1,350 | None | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Apr-10 | Clay v. R.J. Reynolds | Escambia | $349 | $1,000 | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Apr-10 | Putney v. R.J. Reynolds | Broward | $3,008 | None | On June 12, 2013, the Fourth District Court of Appeal reversed and remanded the case for further proceedings. Plaintiff filed a motion for rehearing which was denied. Both sides have sought discretionary review from the Florida Supreme Court. The appeal is stayed pending the outcome of the Hess appeal. | |||||||||||||||||||
Apr-11 | Tullo v. R.J. Reynolds | Palm Beach | $225 | None | Affirmed by the Fourth District Court of Appeal. The defendants have sought discretionary review from the Florida Supreme Court. | |||||||||||||||||||
Jan-12 | Ward v. R.J. Reynolds | Escambia | $1 | None | Affirmed by the First District Court of Appeal. Liggett satisfied the merits judgment and other than an issue regarding attorneys' fees, the case is concluded. Oral argument on the attorneys' fee appeal occurred on February 11, 2014. | |||||||||||||||||||
May-12 | Calloway v. R.J. Reynolds | Broward | $1,947 | $7,600 | A joint and several judgment for $16,100 was entered against R.J. Reynolds, Philip Morris, Lorillard and Liggett. On appeal to the Fourth District Court of Appeal. | |||||||||||||||||||
Dec-12 | Buchanan v. R.J. Reynolds | Leon | $2,035 | None | A joint and several judgment for $5,500 was entered against Liggett and Philip Morris. On appeal to the First District Court of Appeal. | |||||||||||||||||||
May-13 | Cohen v. R.J. Reynolds | Palm Beach | $205 | None | Defendants' motion seeking a new trial was granted by the trial court. Plaintiff appealed to the Fourth District Court of Appeal. | |||||||||||||||||||
Aug-13 | Rizzuto v. R.J. Reynolds | Hernando | $3,479 | None | A joint and several judgment for $11,132 was entered against Philip Morris and Liggett. The court denied defendants' request to reduce the compensatory damages by the plaintiff's comparative fault. On appeal to the Fifth District Court of Appeal. | |||||||||||||||||||
The Company's potential range of loss in the Putney, Tullo, Calloway, Buchanan, Cohen and Rizzuto cases is between $0 and $18,500 in the aggregate, plus accrued interest and legal fees. In determining the range of loss, the Company considers potential settlements as well as future appellate relief. Except as disclosed elsewhere in this Note 14, the Company is unable to determine a range of loss related to the remaining Engle progeny cases. No amounts have been expensed or accrued in the accompanying consolidated financial statements for the cases described above. However, as cases proceed through the appellate process, the Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated. | ||||||||||||||||||||||||
Federal Engle Progeny Cases. Three federal judges (in the Merlob, B. Brown and Burr cases) ruled that the findings in Phase I of the Engle proceedings could not be used to satisfy elements of plaintiffs' claims, and two of those rulings (B. Brown and Burr) were certified by the trial court for interlocutory review. The certification was granted by the United States Court of Appeals for the Eleventh Circuit and the appeals were consolidated (in February 2009, the appeal in Burr was dismissed for lack of prosecution). In July 2010, the Eleventh Circuit ruled that plaintiffs do not have an unlimited right to use the findings from the original Engle trial to meet their burden of establishing the elements of their claims at trial. Rather, plaintiffs may only use the findings to establish specific facts that they demonstrate with a reasonable degree of certainty were actually decided by the original Engle jury. The Eleventh Circuit remanded the case to the district court to determine what specific factual findings the Engle jury actually made. That determination was never undertaken. | ||||||||||||||||||||||||
Instead, in the Waggoner case, the United States District Court for the Middle District of Florida ruled that the application of the Phase I findings did not deprive defendants of any constitutional due process rights. The court ruled, however, that plaintiffs must establish legal causation to establish liability. With respect to punitive damages, the district court held that the plaintiffs could rely on the findings in support of their punitive damages claims but that, in addition, plaintiffs must demonstrate specific conduct by specific defendants, independent of the Engle findings, that satisfies the standards for awards of punitive damages. The Waggoner ruling applies to all of the cases pending in the Middle District of Florida. Subsequently, in September 2013 the United States Court of Appeals for the Eleventh Circuit affirmed the judgments in two lower court cases, holding that giving full faith and credit to the Florida Supreme Court's Engle decision would not deprive defendant R.J. Reynolds of due process of law. | ||||||||||||||||||||||||
Appeals of Engle Progeny Verdicts. In December 2010, in the Martin case, a state court case against R.J. Reynolds, the First District Court of Appeal issued the first ruling by a Florida intermediate appellate court to address the B. Brown decision discussed above. The panel held that the trial court correctly construed the Florida Supreme Court's 2006 decision in Engle in instructing the jury on the preclusive effect of the Phase I Engle proceedings, expressly disagreeing with certain aspects of the B. Brown decision. In July 2011, the Florida Supreme Court declined to review the First District Court of Appeal's decision. In March 2012, the United States Supreme Court declined to review the Martin case, along with the Campbell case and two other Engle progeny cases. This decision has led to other adverse rulings by other state appellate courts. | ||||||||||||||||||||||||
In Jimmie Lee Brown, a state court case against R.J. Reynolds, the trial court tried the case in two phases. In the first phase, the jury determined that the smoker was addicted to cigarettes that contained nicotine and that his addiction was a legal cause of his death, thereby establishing he was an Engle class member. In the second phase, the jury determined whether the plaintiff established legal cause and damages with regard to each of the underlying claims. The jury found in favor of plaintiff in both phases. In September 2011, the Fourth District Court of Appeal affirmed the judgment entered in plaintiff's favor and approved the trial court's procedure of bifurcating the trial. The Fourth District Court of Appeal agreed with Martin that individual post-Engle plaintiffs need not prove conduct elements as part of their burden of proof, but disagreed with Martin to the extent that the First District Court of Appeal only required a finding that the smoker was a class member to establish legal causation as to addiction and the underlying claims. The Fourth District Court of Appeal held that in addition to establishing class membership, Engle progeny plaintiffs must also establish legal causation and damages as to each claim asserted. In so finding, the Fourth District Court of Appeal's decision in Jimmie Lee Brown is in conflict with Martin. | ||||||||||||||||||||||||
In the Rey case, a state court case, the trial court entered final summary judgment on all claims in favor of the Company, Liggett and Lorillard based on what has been referred to in the Engle progeny litigation as the "Liggett Rule." The Liggett Rule stands for the proposition that a manufacturer cannot have liability to a smoker under any asserted claim if the smoker did not use a product manufactured by that particular defendant. The Liggett Rule is based on the entry of final judgment in favor of Liggett/Brooke Group in Engle on all of the claims asserted against them by class representatives Mary Farnan and Angie Della Vecchia, even though the Florida Supreme Court upheld, as res judicata, the generic finding that Liggett/Brooke Group engaged in a conspiracy to commit fraud by concealment. In September 2011, the Third District Court of Appeal affirmed in part and reversed in part holding that the defendants were entitled to summary judgment on all claims asserted against them other than the claim for civil conspiracy. Defendants' further appellate efforts were unsuccessful. | ||||||||||||||||||||||||
In March 2012, in Douglas, the Second District Court of Appeal issued a decision affirming the judgment of the trial court in favor of the plaintiff and upholding the use of the Engle jury findings but certified to the Florida Supreme Court the question of whether granting res judicata effect to the Engle jury findings violates defendants' federal due process rights. In March 2013, the Florida Supreme Court affirmed the use of Engle jury findings and determined that there is no violation of the defendants' due process rights. This was the first time the Florida Supreme Court addressed the merits of an Engle progeny case. In October 2013, the United States Supreme Court declined to review the decision and Liggett satisfied the judgment. | ||||||||||||||||||||||||
Liggett Only Cases. There are currently five cases pending where Liggett is the only remaining tobacco company defendant. These cases consist of three Individual Actions and two Engle progeny cases. In one of the Individual Actions, Hausrath (NY state court), plaintiff moved to restore the case to the active docket calendar after it was removed by the court. The motion was granted. There has been no recent activity in the other two Individual Actions. The two Engle progeny cases are not currently set for trial. Cases where Liggett is the only defendant could increase as a result of the remaining Engle progeny cases. | ||||||||||||||||||||||||
Class Actions | ||||||||||||||||||||||||
As of December 31, 2013, there were four actions pending for which either a class had been certified or plaintiffs were seeking class certification, where Liggett is a named defendant, including one alleged price fixing case. Other cigarette manufacturers are also named in these actions. | ||||||||||||||||||||||||
Plaintiffs' allegations of liability in class action cases are based on various theories of recovery, including negligence, gross negligence, strict liability, fraud, misrepresentation, design defect, failure to warn, nuisance, breach of express and implied warranties, breach of special duty, conspiracy, concert of action, violation of deceptive trade practice laws and consumer protection statutes and claims under the federal and state anti-racketeering statutes. Plaintiffs in the class actions seek various forms of relief, including compensatory and punitive damages, treble/multiple damages and other statutory damages and penalties, creation of medical monitoring and smoking cessation funds, disgorgement of profits, and injunctive and equitable relief. | ||||||||||||||||||||||||
Defenses raised in these cases include, among others, lack of proximate cause, individual issues predominate, assumption of the risk, comparative fault and/or contributory negligence, statute of limitations and federal preemption. | ||||||||||||||||||||||||
In November 1997, in Young v. American Tobacco Co., a purported personal injury class action was commenced on behalf of plaintiff and all similarly situated residents in Louisiana who, though not themselves cigarette smokers, allege they were exposed to secondhand smoke from cigarettes that were manufactured by the defendants and suffered injury as a result of that exposure. The plaintiffs seek to recover an unspecified amount of compensatory and punitive damages. In March 2013, the court entered an order staying this case pending the implementation of the smoking cessation program ordered by the court in Scott v. The American Tobacco Co., outcome of an appeal in another matter, which has been concluded. There has been no further activity in this case. | ||||||||||||||||||||||||
In February 1998, in Parsons v. AC & S Inc., a class was commenced on behalf of all West Virginia residents who allegedly have personal injury claims arising from exposure to cigarette smoke and asbestos fibers. The complaint seeks to recover $1,000 in compensatory and punitive damages individually and unspecified compensatory and punitive damages for the class. The case is stayed as a result of the December 2000 bankruptcy of three of the defendants. | ||||||||||||||||||||||||
In February 2000, in Smith v. Philip Morris, a case pending in Kansas, the class alleges that cigarette manufacturers conspired to fix cigarette prices in violation of antitrust laws. Plaintiffs seek to recover an unspecified amount in actual and punitive damages. Class certification was granted in November 2001. In January 2012, the trial court heard oral argument on defendants' motions for summary judgment and in March 2012, the court granted the motions and dismissed plaintiffs' claims with prejudice. In July 2012, plaintiffs noticed an appeal. Oral argument occurred on December 11, 2013. A decision is pending. | ||||||||||||||||||||||||
Although not technically a class action, in In Re: Tobacco Litigation (Personal Injury Cases), a West Virginia state court consolidated approximately 750 individual smoker actions that were pending prior to 2001 for trial of certain common issues. In January 2002, the court severed Liggett from the trial of the consolidated action. After two mistrials, on May 15, 2013, the jury rejected all but one of the plaintiffs' claims, finding for the plaintiffs on the claim that ventilated filter cigarettes, sold between 1964 and July 1, 1969, should have included instructions on how to use them. On July 15, 2013, plaintiffs filed a renewed motion for judgment as a matter of law and a motion for a new trial. Defendants filed a motion for judgment notwithstanding the verdict. All post-trial motions were denied and the issue of damages was reserved for further proceedings that have not yet been scheduled. Final judgment as to liability was issued on October 28, 2013, after which the plaintiff filed a Notice of Appeal with respect to the defense verdicts obtained on five of the six claims. The defendants did not appeal the verdict in favor of the plaintiff on the "failure to instruct" claim which impacted less than 30 of the plaintiffs. If the case were to proceed against Liggett, it is estimated that Liggett could be a defendant in approximately 100 of the individual cases. | ||||||||||||||||||||||||
Class action suits have been filed in a number of states against cigarette manufacturers, alleging, among other things, that use of the terms “lights” and “ultra lights” constitutes unfair and deceptive trade practices. In December 2008, the United States Supreme Court, in Altria Group v. Good, ruled that the Federal Cigarette Labeling and Advertising Act did not preempt the state law claims asserted by the plaintiffs and that they could proceed with their claims under the Maine Unfair Trade Practices Act. The Good decision has resulted in the filing of additional “lights” class action cases in other states against other cigarette manufacturers. Although Liggett was not a defendant in the Good case, and is not currently a defendant in any other “lights” class actions, an adverse ruling or commencement of additional “lights” related class actions could have a material adverse effect on the Company. | ||||||||||||||||||||||||
In addition to the cases described above, numerous class actions remain certified against other cigarette manufacturers. Adverse decisions in these cases could have a material adverse affect on Liggett’s sales volume, operating income and cash flows. | ||||||||||||||||||||||||
Health Care Cost Recovery Actions | ||||||||||||||||||||||||
As of December 31, 2013, there was one remaining Health Care Cost Recovery Action pending against Liggett, Crow Creek Sioux Tribe v. American Tobacco Company, a South Dakota case filed in 1997, where the plaintiff seeks to recover damages based on various theories of recovery as a result of alleged sales of tobacco products to minors. The case is inactive. Other cigarette manufacturers are also named as defendants. | ||||||||||||||||||||||||
The claims asserted in health care cost recovery actions vary. Although, typically, no specific damage amounts are pled, it is possible that requested damages might be in the billions of dollars. In these cases, plaintiffs typically assert equitable claims that the tobacco industry was “unjustly enriched” by their payment of health care costs allegedly attributable to smoking and seek reimbursement of those costs. Relief sought by some, but not all, plaintiffs include punitive damages, multiple damages and other statutory damages and penalties, injunctions prohibiting alleged marketing and sales to minors, disclosure of research, disgorgement of profits, funding of anti-smoking programs, additional disclosure of nicotine yields, and payment of attorney and expert witness fees. | ||||||||||||||||||||||||
Other claims asserted include the equitable claim of indemnity, common law claims of negligence, strict liability, breach of express and implied warranty, breach of special duty, fraud, negligent misrepresentation, conspiracy, public nuisance, claims under state and federal statutes governing consumer fraud, antitrust, deceptive trade practices and false advertising, and claims under RICO. | ||||||||||||||||||||||||
Department of Justice Lawsuit. In September 1999, the United States government commenced litigation against Liggett and other cigarette manufacturers in the United States District Court for the District of Columbia. The action sought to recover an unspecified amount of health care costs paid and to be paid by the federal government for lung cancer, heart disease, emphysema and other smoking-related illnesses allegedly caused by the fraudulent and tortious conduct of defendants, to restrain defendants and co-conspirators from engaging in alleged fraud and other allegedly unlawful conduct in the future, and to compel defendants to disgorge the proceeds of their unlawful conduct. Claims were asserted under RICO. | ||||||||||||||||||||||||
In August 2006, the trial court entered a Final Judgment against each of the cigarette manufacturing defendants, except Liggett. In May 2009, the United States Court of Appeals for the District of Columbia affirmed most of the district court's decision. The United States Supreme Court denied review. As a result, the cigarette manufacturing defendants, other than Liggett, are now subject to the trial court's Final Judgment which ordered the following relief: (i) an injunction against “committing any act of racketeering” relating to the manufacturing, marketing, promotion, health consequences or sale of cigarettes in the United States; (ii) an injunction against participating directly or indirectly in the management or control of the Council for Tobacco Research, the Tobacco Institute, or the Center for Indoor Air Research, or any successor or affiliated entities of each; (iii) an injunction against “making, or causing to be made in any way, any material false, misleading, or deceptive statement or representation or engaging in any public relations or marketing endeavor that is disseminated to the United States' public and that misrepresents or suppresses information concerning cigarettes”; (iv) an injunction against conveying any express or implied health message through use of descriptors on cigarette packaging or in cigarette advertising or promotional material, including “lights,” “ultra lights,” and “low tar,” which the court found could cause consumers to believe one cigarette brand is less hazardous than another brand; (v) the issuance of “corrective statements” in various media regarding the adverse health effects of smoking, the addictiveness of smoking and nicotine, the lack of any significant health benefit from smoking “low tar” or “lights” cigarettes, defendants' manipulation of cigarette design to ensure optimum nicotine delivery and the adverse health effects of exposure to environmental tobacco smoke; (vi) the disclosure of defendants' public document websites and the production of all documents produced to the government or produced in any future court or administrative action concerning smoking and health; (vii) the disclosure of disaggregated marketing data to the government in the same form and on the same schedules as defendants now follow in disclosing such data to the Federal Trade Commission for a period of ten years; (viii) certain restrictions on the sale or transfer by defendants of any cigarette brands, brand names, formulas or cigarette business within the United States; and (ix) payment of the government's costs in bringing the action. | ||||||||||||||||||||||||
It is unclear what impact, if any, the Final Judgment will have on the cigarette industry as a whole. To the extent that the Final Judgment leads to a decline in industry-wide shipments of cigarettes in the United States or otherwise results in restrictions that adversely affect the industry, Liggett's sales volume, operating income and cash flows could be materially adversely affected. | ||||||||||||||||||||||||
Upcoming Trials | ||||||||||||||||||||||||
As of December 31, 2013, there were 26 Engle progeny cases scheduled for trial through December 31, 2014, where Liggett and/or the Company are named defendants. Thirteen of these cases will be dismissed as a result of the Engle Progeny Settlement. Beatty, an Individual Action, is set for trial on September 5, 2014. Trial dates are, however, subject to change. | ||||||||||||||||||||||||
MSA and Other State Settlement Agreements | ||||||||||||||||||||||||
In March 1996, March 1997 and March 1998, Liggett entered into settlements of smoking-related litigation with 45 states and territories. The settlements released Liggett from all smoking-related claims made by those states and territories, including claims for health care cost reimbursement and claims concerning sales of cigarettes to minors. | ||||||||||||||||||||||||
In November 1998, Philip Morris, Brown & Williamson, R.J. Reynolds and Lorillard (the “Original Participating Manufacturers” or “OPMs”) and Liggett (together with any other tobacco product manufacturer that becomes a signatory, the “Subsequent Participating Manufacturers” or “SPMs”) (the OPMs and SPMs are hereinafter referred to jointly as the “Participating Manufacturers”) entered into the Master Settlement Agreement (the “MSA”) with 46 states, the District of Columbia, Puerto Rico, Guam, the United States Virgin Islands, American Samoa and the Northern Mariana Islands (collectively, the “Settling States”) to settle the asserted and unasserted health care cost recovery and certain other claims of the Settling States. The MSA received final judicial approval in each Settling State. | ||||||||||||||||||||||||
As a result of the MSA, the Settling States released Liggett from: | ||||||||||||||||||||||||
•all claims of the Settling States and their respective political subdivisions and other recipients of state health care funds, relating to: (i) past conduct arising out of the use, sale, distribution, manufacture, development, advertising and marketing of tobacco products; (ii) the health effects of, the exposure to, or research, statements or warnings about, tobacco products; and | ||||||||||||||||||||||||
•all monetary claims of the Settling States and their respective subdivisions and other recipients of state health care funds relating to future conduct arising out of the use of, or exposure to, tobacco products that have been manufactured in the ordinary course of business. | ||||||||||||||||||||||||
The MSA restricts tobacco product advertising and marketing within the Settling States and otherwise restricts the activities of Participating Manufacturers. Among other things, the MSA prohibits the targeting of youth in the advertising, promotion or marketing of tobacco products; bans the use of cartoon characters in all tobacco advertising and promotion; limits each Participating Manufacturer to one tobacco brand name sponsorship during any 12-month period; bans all outdoor advertising, with certain limited exceptions; prohibits payments for tobacco product placement in various media; bans gift offers based on the purchase of tobacco products without sufficient proof that the intended recipient is an adult; prohibits Participating Manufacturers from licensing third parties to advertise tobacco brand names in any manner prohibited under the MSA; and prohibits Participating Manufacturers from using as a tobacco product brand name any nationally recognized non-tobacco brand or trade name or the names of sports teams, entertainment groups or individual celebrities. | ||||||||||||||||||||||||
The MSA also requires Participating Manufacturers to affirm corporate principles to comply with the MSA and to reduce underage use of tobacco products and imposes restrictions on lobbying activities conducted on behalf of Participating Manufacturers. In addition, the MSA provides for the appointment of an independent auditor to calculate and determine the amounts of payments owed pursuant to the MSA. | ||||||||||||||||||||||||
Under the payment provisions of the MSA, the Participating Manufacturers are required to make annual payments of $9,000,000 (subject to applicable adjustments, offsets and reductions). These annual payments are allocated based on unit volume of domestic cigarette shipments. The payment obligations under the MSA are the several, and not joint, obligation of each Participating Manufacturer and are not the responsibility of any parent or affiliate of a Participating Manufacturer. | ||||||||||||||||||||||||
Liggett has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of 1.63% (approximately 1.65% if the gross vs net settlement is not concluded) of total cigarettes sold in the United States. Vector Tobacco has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 0.28% of total cigarettes sold in the United States. Liggett and Vector Tobacco's domestic shipments accounted for 3.3% of the total cigarettes sold in the United States in 2013. If Liggett’s or Vector Tobacco’s market share exceeds their respective market share exemption in a given year, then on April 15 of the following year, Liggett and/or Vector Tobacco, as the case may be, must pay on each excess unit an amount equal (on a per-unit basis) to that due from the OPMs for that year. On December 31, 2013, Liggett pre-paid $95,000 of its 2013 MSA payment obligation. On April 15, 2014, Liggett and Vector Tobacco will pay the balance of their 2013 MSA obligation estimated to be approximately $16,800. | ||||||||||||||||||||||||
Certain MSA Disputes | ||||||||||||||||||||||||
NPM Adjustment. In March 2006, an economic consulting firm selected pursuant to the MSA determined that the MSA was a “significant factor contributing to” the loss of market share of Participating Manufacturers, to non-participating manufacturers, for 2003. This is known as the “NPM Adjustment.” The economic consulting firm subsequently rendered the same decision with respect to 2004 and 2005. In March 2009, a different economic consulting firm made the same determination for 2006. As a result, the manufacturers are entitled to potential NPM Adjustments to each of their 2003 - 2006 MSA payments. The Participating Manufacturers are also entitled to potential NPM Adjustments to their 2007 - 2012 payments pursuant to agreements entered into between the OPMs and the Settling States under which the OPMs agreed to make certain payments for the benefit of the Settling States, in exchange for which the Settling States stipulated that the MSA was a “significant factor contributing to” the loss of market share of Participating Manufacturers for each of those years. A Settling State that has diligently enforced its qualifying escrow statute in the year in question may be able to avoid allocation of the NPM Adjustment to the payments made by the manufacturers for the benefit of that Settling State. | ||||||||||||||||||||||||
For 2003 through 2012, Liggett and Vector Tobacco, as applicable, disputed that they owed the Settling States the NPM Adjustments as calculated by the Independent Auditor. As permitted by the MSA, Liggett and Vector Tobacco paid subject to dispute, withheld payment or paid into a disputed payment account the amounts associated with these NPM Adjustments. | ||||||||||||||||||||||||
Notwithstanding provisions in the MSA requiring arbitration, litigation was filed in 49 Settling States involving the application of the NPM Adjustment for 2003 and whether it was to be determined through litigation or arbitration. These actions related to the potential NPM Adjustment for 2003, which the independent auditor under the MSA previously determined to be as much as $1,200,000 for all Participating Manufacturers. All but one of the 48 courts that decided the issue ruled that the 2003 NPM Adjustment dispute was arbitrable. | ||||||||||||||||||||||||
In response to a proposal from the OPMs and many of the SPMs, 45 of the Settling States, representing approximately 90% of the allocable share of the Settling States, entered into an agreement providing for a nationwide arbitration of the dispute with respect to the NPM Adjustment for 2003. In June 2010, the three person arbitration panel was selected. In November 2011, the Participating Manufacturers advised the arbitration panel that they were not contesting diligent enforcement of 16 Settling States. Substantive hearings commenced in April 2012 and were completed in June 2013. | ||||||||||||||||||||||||
Effective December 17, 2012, the Participating Manufacturers entered into a “term sheet” with 20 Settling States setting out terms for settlement of the NPM Adjustment for 2003 through 2012 and addressing the NPM Adjustment with respect to those states for future years. Certain of the non-settling states objected to the settlement. In March 2013, the arbitration panel entered a Stipulated Partial Settlement and Award which, among other things, overruled the objections of the non-settling states and directed the independent auditor to implement certain terms of the term sheet effective with the April 15, 2013 MSA payments. In May 2013, two additional states joined the settlement. Several non-settling states are attempting to vacate the settlement award by filing state court actions. In Idaho, a trial court denied that state's motion to vacate, and the state noticed an appeal of that denial. Although certain terms of the settlement were implemented by the independent auditor on April 15, 2013, no assurance can be given as to the ultimate outcome of the non-settling states' challenges. It is possible that Liggett or Vector Tobacco might be required to make additional payments in connection with this dispute. | ||||||||||||||||||||||||
As a result of the settlement, in the first quarter of 2013 Liggett and Vector Tobacco recognized income of $5,602. Following the additional two states joining the settlement in May 2013, Liggett and Vector Tobacco recognized an additional $1,345 of income in the second quarter of 2013. The remaining NPM Adjustment accrual of $27,600 at December 31, 2013 relates to the disputed amounts Liggett and Vector Tobacco have withheld from the non-settling states for 2004 through 2010. Approximately $16,600 remains in the disputed payments accounts relating to the 2011 and 2012 NPM Adjustment dispute with these non-settling states. | ||||||||||||||||||||||||
In September 2013, the panel issued its decisions with respect to the 15 states that did not enter into the stipulated partial settlement and award, finding that six states did not diligently enforce their MSA escrow statutes in 2003. As a result, in April 2014, Liggett is entitled to receive a credit for the 2003 NPM Adjustment, in the amount of $5,987 including interest. This amount was recognized in the third quarter of 2013. All six of the states that were found to be non-diligent have filed motions in state court seeking to vacate the arbitration award. No assurance can be given as to the ultimate outcome of these challenges. | ||||||||||||||||||||||||
"Gross" v. "Net" Calculations. In October 2004, the independent auditor notified Liggett and all other Participating Manufacturers that their payment obligations under the MSA, dating from the agreement’s execution in late 1998, had been re-calculated using “net” units, rather than “gross” units (which had been used since 1999). Liggett objected to this retroactive change and disputed the change in methodology. | ||||||||||||||||||||||||
The change in the method of calculation could have resulted in Liggett owing as much as $38,800 of additional MSA payments for prior years, including interest, because the proposed change from “gross” to “net” units would have lowered Liggett’s grandfathered market share exemption under the MSA. The Company estimated that Liggett’s future annual MSA payments would have been at least approximately $2,500 higher under the revised method of calculation. | ||||||||||||||||||||||||
In December 2012, the parties arbitrated the dispute before a panel of three arbitrators. In February 2013, the arbitrators granted the relief sought by Liggett. The arbitrators ruled that the limitations provisions of the MSA precluded the independent auditor from recalculating Liggett's grandfathered market share exemption or Liggett's payment obligations beyond the last four years. The arbitrators further ruled that, for purposes of calculating Liggett's payment obligations for the applicable years, Liggett's market share calculated on a net basis, should be increased by a factor of 1.25%. Liggett filed a motion seeking correction of the part of the arbitrators' decision that would require the 1.25% increase in Liggett's market share. The states objected to Liggett's motion and sought additional relief from the panel declaring that any adjustment ordered by the panel is not limited by the four year limitations set forth in the MSA. If the arbitrator's ruling is not modified, Liggett would be required to pay approximately $16,200 for the previous five years. If the relief requested by the states is granted, Liggett could be required to pay up to approximately $36,200. The panel agreed to hear arguments on the motions in May 2013, but due to the conditional settlement described below, the parties agreed to adjourn the hearing. | ||||||||||||||||||||||||
In June 2013, Liggett and a negotiating group on behalf of the Settling States reached an agreement in principle to resolve all disputes regarding "gross" v. "net", subject to definitive documentation and approval thereof by each Settling State. The proposed settlement requires that Liggett pay $8,500 to the Settling States and agree to reduce its market share exemption from 1.645% to 1.63% starting in 2013 and for all years thereafter. In exchange, the Settling States will release Liggett from all claims in connection with the "gross" v. "net" dispute. The Company has fully accrued the proposed settlement payment of $8,500. There can be no assurance that the settlement will be concluded and if it is not, that Liggett will be successful in seeking modification of the award by the panel or that Liggett will not be required to make additional payments, which could adversely affect the Company’s consolidated financial position, results of operations and cash flows. | ||||||||||||||||||||||||
Litigation Challenging the MSA. Litigation challenging the validity of the MSA, including claims that the MSA violates antitrust laws, has not been successful to date, although several cases are pending. Participating Manufacturers are not typically named as defendants in these cases. | ||||||||||||||||||||||||
Other State Settlements. The MSA replaced Liggett’s prior settlements with all states and territories except for Florida, Mississippi, Texas and Minnesota. Each of these four states, prior to the effective date of the MSA, negotiated and executed settlement agreements with each of the other major tobacco companies, separate from those settlements reached previously with Liggett. Except as described below, Liggett's agreements with these states remain in full force and effect. These states' settlement agreements with Liggett contained most favored nation provisions which could reduce Liggett's payment obligations based on subsequent settlements or resolutions by those states with certain other tobacco companies. Beginning in 1999, Liggett determined that, based on each of these four states' settlements with United States Tobacco Company, Liggett's payment obligations to those states had been eliminated. With respect to all non-economic obligations under the previous settlements, Liggett believes it is entitled to the most favorable provisions as between the MSA and each state's respective settlement with the other major tobacco companies. Therefore, Liggett's non-economic obligations to all states and territories are now defined by the MSA. | ||||||||||||||||||||||||
In 2003, as a result of a dispute with Minnesota regarding its settlement agreement, Liggett agreed to pay $100 a year, in any year cigarettes manufactured by Liggett are sold in that state. In 2003 and 2004, the Attorneys General for Florida, Mississippi and Texas advised Liggett that they believed that Liggett had failed to make certain required payments under the respective settlement agreements with these states. In December 2010, Liggett settled with Florida and agreed to pay $1,200 and to make further annual payments of $250 for a period of 21 years, starting in March 2011. The payments in years 12 – 21 will be subject to an inflation adjustment. These payments are in lieu of any other payments allegedly due to Florida under the original settlement agreement. In February 2012, Mississippi provided Liggett with a 60-day notice that the state intended to pursue its remedies if Liggett did not cure the alleged defaults. Liggett responded to Mississippi's letter denying the existence of any defaults. There can be no assurance that Liggett will be able to resolve the matters with Texas and Mississippi or that Liggett will not be required to make additional payments which could adversely affect the Company's consolidated financial position, results of operations and cash flows. | ||||||||||||||||||||||||
Cautionary Statement. Management is not able to predict the outcome of the litigation pending or threatened against Liggett or the Company. Litigation is subject to many uncertainties. Through December 31, 2013, Liggett has been found liable in eleven Engle progeny cases. In five of the cases, the verdicts were affirmed on appeal and the judgments were satisfied by Liggett. Although Liggett has appealed the remaining adverse verdicts, appellate efforts to date have generally not been successful. Liggett has also had judgments entered against it in Individual Actions, which were affirmed on appeal and satisfied by Liggett. It is possible that other cases could be decided unfavorably against Liggett and that Liggett will be unsuccessful on appeal. Liggett may attempt to settle particular cases if it believes it is in its best interest to do so. | ||||||||||||||||||||||||
Management cannot predict the cash requirements related to any future defense costs, settlements or judgments, including cash required to bond any appeals, and there is a risk that those requirements will not be able to be met. An unfavorable outcome of a pending smoking-related case could encourage the commencement of additional litigation. Except as discussed in this Note 14, management is unable to estimate the loss or range of loss that could result from an unfavorable outcome of the cases pending against Liggett or the costs of defending such cases and as a result has not provided any amounts in its consolidated financial statements for unfavorable outcomes. | ||||||||||||||||||||||||
The tobacco industry is subject to a wide range of laws and regulations regarding the marketing, sale, taxation and use of tobacco products imposed by local, state and federal governments. There have been a number of restrictive regulatory actions, adverse legislative and political decisions and other unfavorable developments concerning cigarette smoking and the tobacco industry. These developments may negatively affect the perception of potential triers of fact with respect to the tobacco industry, possibly to the detriment of certain pending litigation, and may prompt the commencement of additional litigation or legislation. | ||||||||||||||||||||||||
It is possible that the Company’s consolidated financial position, results of operations and cash flows could be materially adversely affected by an unfavorable outcome in any of the smoking-related litigation. | ||||||||||||||||||||||||
The activity in the Company's accruals for the MSA and tobacco litigation for the three years ended December 31, 2013 were as follows: | ||||||||||||||||||||||||
Current Liabilities | Non-Current Liabilities | |||||||||||||||||||||||
Payments due under Master Settlement Agreement | Litigation Accruals | Total | Payments due under Master Settlement Agreement | Litigation Accruals | Total | |||||||||||||||||||
Balance at January 31, 2011 | $ | 43,888 | $ | 4,183 | $ | 48,071 | $ | 30,205 | $ | — | $ | 30,205 | ||||||||||||
Expenses | 155,707 | 885 | 156,592 | — | — | — | ||||||||||||||||||
Change in MSA obligations capitalized as inventory | (2,495 | ) | — | (2,495 | ) | — | — | — | ||||||||||||||||
Payments | (128,258 | ) | (1,917 | ) | (130,175 | ) | — | — | — | |||||||||||||||
Reclassification from non-current liabilities | (17,668 | ) | (1,600 | ) | (19,268 | ) | 17,667 | 1,600 | 19,267 | |||||||||||||||
Interest on withholding | — | — | — | 1,466 | — | 1,466 | ||||||||||||||||||
Balance at December 31, 2011 | 51,174 | 1,551 | 52,725 | 49,338 | 1,600 | 50,938 | ||||||||||||||||||
Expenses | 137,746 | 1,725 | 139,471 | — | — | — | ||||||||||||||||||
Change in MSA obligations capitalized as inventory | 49 | — | 49 | — | — | — | ||||||||||||||||||
Payments | (155,094 | ) | (2,170 | ) | (157,264 | ) | — | — | — | |||||||||||||||
Reclassification from non-current liabilities | (905 | ) | 224 | (681 | ) | 905 | (224 | ) | 681 | |||||||||||||||
Interest on withholding | — | 140 | 140 | 2,396 | 486 | 2,882 | ||||||||||||||||||
Balance at December 31, 2012 | 32,970 | 1,470 | 34,440 | 52,639 | 1,862 | 54,501 | ||||||||||||||||||
Expenses | 117,085 | 63,292 | 180,377 | — | 25,218 | 25,218 | ||||||||||||||||||
MSA settlement and arbitration adjustments | (3,928 | ) | — | (3,928 | ) | (18,138 | ) | — | (18,138 | ) | ||||||||||||||
Change in MSA obligations capitalized as inventory | 1,611 | — | 1,611 | — | — | — | ||||||||||||||||||
Payments | (129,320 | ) | (6,070 | ) | (135,390 | ) | — | — | — | |||||||||||||||
Reclassification from non-current liabilities | 6,930 | 223 | 7,153 | (6,930 | ) | (223 | ) | (7,153 | ) | |||||||||||||||
Interest on withholding | — | 395 | 395 | — | 201 | 201 | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 25,348 | $ | 59,310 | $ | 84,658 | $ | 27,571 | $ | 27,058 | $ | 54,629 | ||||||||||||
Other Matters: | ||||||||||||||||||||||||
Liggett’s and Vector Tobacco’s management are unaware of any material environmental conditions affecting their existing facilities. Liggett’s and Vector Tobacco’s management believe that current operations are conducted in material compliance with all environmental laws and regulations and other laws and regulations governing cigarette manufacturers. Compliance with federal, state and local provisions regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had a material effect on the capital expenditures, results of operations or competitive position of Liggett or Vector Tobacco. | ||||||||||||||||||||||||
In February 2004, Liggett Vector Brands entered into a five year agreement with a subsidiary of the American Wholesale Marketers Association to support a program to permit certain tobacco distributors to secure, on reasonable terms, tax stamp bonds required by state and local governments for the distribution of cigarettes. This agreement has been extended through February 2016. Under the agreement, Liggett Vector Brands has agreed to pay a portion of losses incurred by the surety under the bond program, with a maximum loss exposure of $500. To secure its potential obligations under the agreement, Liggett Vector Brands posted a $100 letter of credit and agreed to fund up to an additional $400. In the third quarter of 2013, Liggett paid $83 for obligations under this program, and therefore, is only committed to fund an additional $317 over the letter of credit. The Company believes the fair value of Liggett Vector Brands’ obligation under the agreement was immaterial at December 31, 2013. | ||||||||||||||||||||||||
There may be several other proceedings, lawsuits and claims pending against the Company and certain of its consolidated subsidiaries unrelated to tobacco or tobacco product liability. Management is of the opinion that the liabilities, if any, ultimately resulting from such other proceedings, lawsuits and claims should not materially affect the Company’s financial position, results of operations or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
I. Cash paid during the period for: | ||||||||||||
Interest | $ | 114,301 | $ | 81,821 | $ | 83,677 | ||||||
Income taxes | 17,585 | 27,693 | 53,074 | |||||||||
II. Non-cash investing and financing activities: | ||||||||||||
Issuance of stock dividend | 450 | 414 | 378 | |||||||||
Acquisitions | 84,859 | — | — | |||||||||
Non-controlling interest | 87,657 | — | — | |||||||||
Debt retired in debt conversion | 43,222 | 55,778 | 11,000 | |||||||||
Embedded derivative, net retired in debt conversion | 17,377 | 8,001 | 1,150 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
In September 2006, the Company entered into an agreement with Ladenburg Thalmann Financial Services Inc. (“LTS”) pursuant to which the Company agreed to make available to LTS the services of the Company’s Executive Vice President (the "EVP") to serve as the President and Chief Executive Officer of LTS and to provide certain other financial, accounting and tax services, including assistance with complying with Section 404 of the Sarbanes-Oxley Act of 2002. LTS paid the Company $750 for 2013, 2012 and 2011, respectively, under the agreement and pays the Company at a rate of $850 per year in 2014. These amounts are recorded as a reduction to the Company’s operating, selling, administrative and general expenses. LTS paid compensation of $1,250, $600 and $500 for 2013, 2012 and 2011, respectively, to each of the President of the Company, who serves as Vice Chairman of LTS, and to the EVP, who serves as President and CEO of LTS. | |
On November 4, 2011, Vector was part of a consortium, which included Dr. Phillip Frost, who is a beneficial owner of approximately 16.7% of the Company’s common stock and the EVP that agreed to provide a five-year loan to LTS. Vector's portion of the loan was $15,000. Interest on the loan, which is due on November 4, 2016, is payable quarterly at 11% per annum and commenced on December 31, 2011. The Company recorded interest income of $1,810 , $1,650 and $261 in 2013, 2012 and 2011, respectively. During 2013, LTS repaid the Company an aggregate of $11,257 of principal plus related interest on the loan. | |
In addition, LTS paid a one-time funding fee to the consortium of lenders and issued warrants (“LTS Warrants”) to purchase shares of LTS common stock. Vector received $75 as its portion of the funding fee and 1,000,000 of the LTS Warrants. The LTS Warrants are exercisable at any time prior to their expiration on November 4, 2016 at $1.68 per share, which was the closing price of the LTS common stock on November 4, 2011. The LTS Warrants may be exercised in cash, by net exercise or pursuant to the Company's surrender of all or a portion of the principal amount of its note. The LTS Warrants have been included in "Other assets" on the balance sheet in the amount of $1,758 and $717 as of December 31, 2013 and 2012, respectively. | |
On May 22, 2013, the Company purchased in a public offering 240,000 shares of LTS's 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) ("LTS Preferred") for $6,000. LTS will pay a monthly cumulative dividend of 8% per annum on the LTS Preferred. LTS, at its option, may redeem any or all of the LTS Preferred at $25.00 per share plus any accumulated and unpaid dividends on or after May 24, 2018. The Company recorded dividend income of $287 from the investment in 2013. | |
The Company’s President, a firm he serves as a consultant to, and affiliates of that firm received ordinary and customary insurance commissions aggregating approximately $245, $200 and $205 in 2013, 2012 and 2011, respectively, on various insurance policies issued for the Company and its subsidiaries. | |
As of December 31, 2013, the Company owned 11,428,576 common shares of Castle Brands Inc. (NYSE MKT: ROX), a publicly traded developer and importer of premium branded spirits. In October 2008, the Company entered into an agreement with Castle where the Company agreed to make available to Castle the services of the EVP to serve as the President and Chief Executive Officer of Castle and to provide other financial, accounting and tax services. The Company recognized management fees of $100 in each of 2013, 2012 and 2011, under the agreement and Castle has agreed to pay it $100 per year in 2014. | |
In December 2010, the Company participated in a consortium that lent Castle $1,000. The consortium included Dr. Frost and the EVP. The Company lent $200 of this amount and received a note bearing interest at 11% per annum. On October 14, 2011, $217 of principal and outstanding interest associated with this note was exchanged for shares of Castle's convertible preferred stock. | |
As part of the debt exchange, Castle also issued 357,796 warrants (the "Castle Warrants"). The Castle Warrants entitle Vector to purchase 357,796 shares of Castle common stock. The Castle Warrants are exercisable at any time prior to their expiration on October 14, 2016 at $0.38 per share and were exercised in February 2014. In February 2014, Castle forced a conversion of its convertible preferred stock and the Company received 884,787 additional common shares of Castle stock and the Company’s shares of Castle’s convertible preferred stock were canceled. The Company recorded the Castle convertible preferred stock in the amount of $156 in "Other assets" as of December 31, 2012. The Castle Warrants have been included in "Other assets" in the amount of $177 and $52 as of December 31, 2013 and 2012, respectively. | |
In 2013, the Company purchased in a private placement $200 of Castle's convertible debt, which bears interest at 5% per annum, is convertible into 222,222 shares of Castle common stock and is due on December 15, 2018. | |
In December 2009, Vector was part of a consortium, which included Dr. Phillip Frost and the EVP, that agreed to provide a line of credit to Castle. The three-year line was for a maximum amount of $2,500, bore interest at a rate of 11% per annum on amounts borrowed, paid a 1% annual commitment fee and was collateralized by Castle’s receivables and inventory. The Company’s commitment under the line was $900; all of which was outstanding under the credit line as of December 31, 2010. The amount was repaid with interest on October 14, 2011. | |
In addition to its investment in Castle, the Company has made investments in entities where Dr. Frost has a relationship. These include the following: (i) three investments in 2006, 2008, 2009 and 2011 totaling approximately $12,788 in common stock of OPKO Inc. (NYSE MKT: OPK) and its predecessor eXegenics Inc. and in January 2013, the Company purchased $5,000 of Opko's 3.00% convertible senior notes due 2033; (ii) a $500 investment in 2008 in Cardo Medical Inc.; and (iii) a $250 investment in 2008 in Cocrystal Discovery Inc. Dr. Frost is a director, executive officer and/or more than 10% shareholder in these entities as well as LTS. Additional investments in entities where Dr. Frost has a relationship may be made in the future. | |
In May 2009, the Company issued in a private placement the 6.75% Note in the principal amount of $50,000. The purchase price was paid in cash ($38,225) and by tendering $11,005 principal amount of the 5% Notes, valued at 107% of principal amount. The purchaser of the 6.75% Note is an entity affiliated with Dr. Frost. | |
The Company was an investor in investment partnerships affiliated with a former stockholder of the Company. (See Note 6.) | |
In September 2012, the Company entered into an office lease (the “Lease”) with Frost Real Estate Holdings, LLC (“FREH”), an entity affiliated with Dr. Frost. The Lease is for 12,390 square feet of space in an office building in Miami, Florida. The initial term of the Lease is five years, subject to two optional five-year term extensions. Payments under the lease commenced in May 2013. The Lease provides for payments of $31 per month in the first year increasing to $35 per month in the fifth year, plus applicable sales tax. The rent is inclusive of operating expenses, property taxes and parking. A $220 tenant improvement allowance will be credited to the rent pro-rata over the initial five-year term. In connection with the execution of the Lease, the Company received the advice and opinion of a commercial real estate firm that the Lease terms were fair and that the Company received terms favorable in the market. The Company recorded interest expense of $335 in 2013 associated with the lease. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ||||||||||||||||
INVESTMENTS AND FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
INVESTMENTS AND FAIR VALUE MEASUREMENTS | |||||||||||||||||
The Company's recurring financial assets and liabilities subject to fair value measurements are as follows: | |||||||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 130,733 | $ | 130,733 | $ | — | $ | — | |||||||||
Certificates of deposit | 2,961 | — | 2,961 | — | |||||||||||||
Bonds | 5,337 | 5,337 | — | — | |||||||||||||
Investment securities available for sale | |||||||||||||||||
Equity securities | 118,474 | 117,737 | 737 | — | |||||||||||||
Fixed income securities | — | ||||||||||||||||
U.S. Government securities | 13,990 | — | 13,990 | — | |||||||||||||
Corporate securities | 29,923 | 6,497 | 23,426 | — | |||||||||||||
U.S. mortgage backed securities | 495 | — | 495 | — | |||||||||||||
Commercial mortgage-backed securities | 6,822 | — | 6,822 | — | |||||||||||||
U.S. asset backed securities | 2,081 | — | 2,081 | — | |||||||||||||
Index-linked U.S. bonds | 749 | — | 749 | — | |||||||||||||
Total fixed income securities | 54,060 | 6,497 | 47,563 | — | |||||||||||||
Warrants (1) | 1,935 | — | — | 1,935 | |||||||||||||
Total | $ | 313,500 | $ | 260,304 | $ | 51,261 | $ | 1,935 | |||||||||
Liabilities: | |||||||||||||||||
Fair value of derivatives embedded within convertible debt | $ | 112,062 | $ | — | $ | — | $ | 112,062 | |||||||||
-1 | Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $1,758 as of December 31, 2013 and are included in "Other assets". The Company recognized income of $1,041 for the year ended December 31, 2013 related to the change in fair value of the Warrants. | ||||||||||||||||
Fair Value Measurements as of December 31, 2012 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 372,718 | $ | 372,718 | $ | — | $ | — | |||||||||
Certificates of deposit | 2,240 | — | 2,240 | — | |||||||||||||
Bonds | 6,306 | 6,306 | — | — | |||||||||||||
Investment securities available for sale | 69,984 | 69,107 | 877 | — | |||||||||||||
Warrants (1) | 769 | — | — | 769 | |||||||||||||
Total | $ | 452,017 | $ | 448,131 | $ | 3,117 | $ | 769 | |||||||||
Liabilities: | |||||||||||||||||
Fair value of derivatives embedded within convertible debt | $ | 172,128 | $ | — | $ | — | $ | 172,128 | |||||||||
-1 | Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $717 as of December 31, 2012 and are included in "Other assets". The Company recognized a loss of $1,174 for the year ended December 31, 2011 related to the change in fair value from receipt. (See Note 16.) | ||||||||||||||||
The fair value of the Level 2 certificates of deposit are based on prices posted by the financial institutions. The fair value of investment securities available for sale included in Level 1 are based on quoted market prices from various stock exchanges. The Level 2 investment securities available for sale are based on quoted market prices of securities that are thinly traded. | |||||||||||||||||
The fair value of derivatives embedded within convertible debt was $112,062 and $172,128 as of December 31, 2013 and 2012, respectively. The fair value of derivatives embedded within convertible debt was derived using a valuation model and have been classified as Level 3. The valuation model assumes future dividend payments by the Company and utilizes interest rates and credit spreads based upon the implied debt rate of the 7.5% Convertible Notes due 2019 to determine the fair value of the derivatives embedded within the convertible debt. The changes in fair value of derivatives embedded within convertible debt are presented on the Condensed Consolidated Statements of Operations. | |||||||||||||||||
The value of the embedded derivatives is contingent on changes in implied interest rates of the convertible debt, the Company's stock price, stock volatility as well as projections of future cash and stock dividends over the term of the debt. The interest rate component of the value of the embedded derivative is computed by calculating an equivalent non-convertible, unsecured and subordinated borrowing cost. This rate is determined by calculating the implied rate on the Company's 2019 Convertible Notes when removing the embedded option value within the convertible security. This rate is based upon market observable inputs and influenced by the Company's stock price, convertible bond trading price, risk free interest rates and stock volatility. | |||||||||||||||||
The fair value of the warrants was derived using the Black-Scholes model and has been classified as Level 3. The assumptions used under the Black-Scholes model in computing the fair value of the warrants are based on contractual term of the warrants, volatility of the underlying stock based on the historical quoted prices of the underlying stock, assumed future dividend payments and a risk-free rate of return. | |||||||||||||||||
The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2013: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | |||||||||||||||||
December 31, | Valuation Technique | Unobservable Input | Range (Actual) | ||||||||||||||
2013 | |||||||||||||||||
Warrants | $ | 1,935 | Option model | Stock price | $ | 3.13 | |||||||||||
Exercise price | $ | 1.68 | |||||||||||||||
Term (in years) | 2.8 | ||||||||||||||||
Volatility | 53.82 | % | |||||||||||||||
Dividend rate | — | ||||||||||||||||
Risk-free return | 0.72 | % | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 112,062 | Discounted cash flow | Assumed annual stock dividend | 5 | % | ||||||||||||
Assumed annual cash dividend | $ | 1.6 | |||||||||||||||
Stock price | $ | 16.37 | |||||||||||||||
Convertible trading price | 118.7 | % | |||||||||||||||
Volatility | 18 | % | |||||||||||||||
Implied credit spread | 7.5% - 8.5% (8.0%) | ||||||||||||||||
The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2012: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | |||||||||||||||||
December 31, | Valuation Technique | Unobservable Input | Range (Actual) | ||||||||||||||
2012 | |||||||||||||||||
Warrants | $ | 769 | Option model | Stock price | $ | 1.4 | |||||||||||
Exercise price | $ | 1.68 | |||||||||||||||
Term (in years) | 3.8 | ||||||||||||||||
Volatility | 76.87 | % | |||||||||||||||
Dividend rate | — | ||||||||||||||||
Risk-free return | 0.5 | % | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 172,128 | Discounted cash flow | Assumed annual stock dividend | 5 | % | ||||||||||||
Assumed annual cash dividend | $ | 1.6 | |||||||||||||||
Stock price | $ | 14.87 | |||||||||||||||
Convertible trading price | 109 | % | |||||||||||||||
Volatility | 18 | % | |||||||||||||||
Implied credit spread | 10% - 11% (10.5%) | ||||||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of December 31, 2013 and 2012, respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||
The Company’s significant business segments for the three years ended December 31, 2013 were Tobacco and Real Estate. The Tobacco segment consists of the manufacture and sale of cigarettes. The Real Estate segment includes the Company’s investment in New Valley LLC, which includes Douglas Elliman, Escena, Indian Creek and investments in non-consolidated real estate businesses. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. | ||||||||||||||||||
Financial information for the Company’s operations before taxes and minority interests for the years ended December 31, 2013, 2012 and 2011 follows: | ||||||||||||||||||
Tobacco | Real | Corporate | Total | |||||||||||||||
Estate | and Other | |||||||||||||||||
2013 | ||||||||||||||||||
Revenues | $ | 1,014,341 | $ | 41,859 | $ | — | $ | 1,056,200 | ||||||||||
Operating income (loss) | 112,020 | -1 | 15,805 | (15,789 | ) | 112,036 | ||||||||||||
Equity income from non-consolidated real estate businesses | — | 22,925 | — | 22,925 | ||||||||||||||
Total assets | 442,701 | 426,982 | -2 | 390,476 | 1,260,159 | |||||||||||||
Depreciation and amortization | 9,509 | 2,421 | 701 | 12,631 | ||||||||||||||
Capital expenditures | 9,784 | 1,194 | 2,297 | 13,275 | ||||||||||||||
2012 | ||||||||||||||||||
Revenues | $ | 1,084,546 | $ | — | $ | — | $ | 1,084,546 | ||||||||||
Operating income (loss) | 176,017 | (2,013 | ) | (19,071 | ) | 154,933 | ||||||||||||
Equity income from non-consolidated real estate businesses | — | 29,764 | — | 29,764 | ||||||||||||||
Total assets | 426,027 | 139,940 | -2 | 520,764 | 1,086,731 | |||||||||||||
Depreciation and amortization | 9,759 | 414 | 435 | 10,608 | ||||||||||||||
Capital expenditures | 9,339 | 406 | 1,520 | 11,265 | ||||||||||||||
2011 | ||||||||||||||||||
Revenues | $ | 1,133,380 | $ | — | $ | — | $ | 1,133,380 | ||||||||||
Operating income (loss) | 164,581 | (1,929 | ) | (19,331 | ) | 143,321 | ||||||||||||
Equity income from non-consolidated real estate businesses | — | 19,966 | — | 19,966 | ||||||||||||||
Total assets | 440,564 | 138,096 | -2 | 349,108 | 927,768 | |||||||||||||
Depreciation and amortization | 9,118 | 326 | 1,163 | 10,607 | ||||||||||||||
Capital expenditures | 10,725 | 252 | 861 | 11,838 | ||||||||||||||
_____________________________ | ||||||||||||||||||
-1 | Operating income includes $11,823 of income from MSA Settlements, $86,213 of Engle progeny settlement charge and $1,893 of litigation judgment expense. | |||||||||||||||||
-2 | Includes investments accounted for under the equity method of accounting of $128,202, $125,651 and $140,968 as of December 31, 2013, 2012 and 2011, respectively. |
Quarterly_Financial_Results_Un
Quarterly Financial Results (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
QUARTERLY FINANCIAL RESULTS (UNAUDITED) | ||||||||||||||||
Unaudited quarterly data for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Revenues | $ | 295,162 | $ | 271,516 | $ | 249,120 | $ | 240,402 | ||||||||
Gross Profit | 96,353 | 76,525 | 68,690 | 67,446 | ||||||||||||
Operating income | 61,985 | (37,285 | ) | 44,240 | 43,096 | |||||||||||
Net income (loss) applicable to common shares attributed to Vector Group Ltd | $ | 64,005 | $ | (36,891 | ) | $ | 13,511 | $ | (1,681 | ) | ||||||
Per basic common share(1): | ||||||||||||||||
Net income (loss) applicable to common shares attributed to Vector Group Ltd. | $ | 0.67 | $ | (0.40 | ) | $ | 0.14 | $ | (0.02 | ) | ||||||
Per diluted common share(1): | ||||||||||||||||
Net income (loss) applicable to common shares attributed to Vector Group Ltd. | $ | 0.61 | $ | (0.40 | ) | $ | 0.14 | $ | (0.02 | ) | ||||||
_____________________________ | ||||||||||||||||
-1 | Per share computations include the impact of a 5% stock dividend paid on September 27, 2013. Quarterly basic and diluted net income per common share were computed independently for each quarter and do not necessarily total to the year to date basic and diluted net income per common share. | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Revenues | $ | 277,563 | $ | 272,783 | $ | 276,594 | $ | 257,606 | ||||||||
Gross Profit | 69,793 | 69,034 | 64,842 | 57,425 | ||||||||||||
Operating income | 37,366 | 43,193 | 40,928 | 33,446 | ||||||||||||
Net income (loss) applicable to common shares | $ | 16,485 | $ | 17,932 | $ | 3,895 | $ | (7,690 | ) | |||||||
Per basic common share(1): | ||||||||||||||||
Net income applicable to common shares | $ | 0.18 | $ | 0.2 | $ | 0.04 | $ | (0.09 | ) | |||||||
Per diluted common share(1): | ||||||||||||||||
Net income applicable to common shares | $ | 0.14 | $ | 0.2 | $ | 0.04 | $ | (0.09 | ) | |||||||
_____________________________ | ||||||||||||||||
-1 | Per share computations include the impact of a 5% stock dividend paid on September 28, 2012. Quarterly basic and diluted net income per common share were computed independently for each quarter and do not necessarily total to the year to date basic and diluted net income per common share. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidated Financial Information | ' | |||||||||||||||||||
The accompanying condensed consolidating financial information has been prepared and presented pursuant to Securities and Exchange Commission ("SEC") Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Affiliates Whose Securities Collateralize an Issue Registered or Being Registered”. Each of the subsidiary guarantors is 100% owned, directly or indirectly, by the Company. The guarantees are subject to certain automatic release provisions. Relief from the financial statement requirements under Rule 3-10 is being provided because the Company's guarantee release provisions are considered customary pursuant to Section 2510.5 of the SEC Division of Corporation Finance Financial Reporting Manual. Such release provisions are as follows: | ||||||||||||||||||||
• | the sale or other disposition of all or substantially all of the assets or all of the capital stock of any subsidiary guarantor; and | |||||||||||||||||||
• | the satisfaction of the requirements for legal defeasance or the satisfaction and discharge of the indenture. | |||||||||||||||||||
The Company's investments in its consolidated subsidiaries are presented under the equity method of accounting. | ||||||||||||||||||||
The Company has outstanding $450,000 principal amount of its 7.75% Senior Secured Notes due 2021 that are guaranteed subject to certain customary automatic release provisions described above on a joint and several basis by all of the 100% owned domestic subsidiaries of the Company that are engaged in the conduct of its cigarette businesses. (See Note 9.) The notes are not guaranteed by any of the Company’s subsidiaries engaged in the real estate businesses conducted through its subsidiary New Valley LLC. | ||||||||||||||||||||
Presented herein are Condensed Consolidating Balance Sheets as of December 31, 2013 and 2012 and the related Condensed Consolidating Statements of Operations and Cash Flows for the years ended December 31, 2013, 2012 and 2011 of Vector Group Ltd. (Parent/Issuer), the guarantor subsidiaries (Subsidiary Guarantors) and the subsidiaries that are not guarantors (Subsidiary Non-Guarantors). The Company does not believe that the separate financial statements and related footnote disclosures concerning the Guarantors would provide any additional information that would be material to investors making an investment decision. | ||||||||||||||||||||
The indenture contains covenants that restrict the payment of dividends by the Company if the Company’s consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”), as defined in the indenture, for the most recently ended four full quarters is less than $75,000. The indenture also restricts the incurrence of debt if the Company’s Leverage Ratio and its Secured Leverage Ratio, as defined in the indenture, exceed 3.0 and 1.5, respectively. The Company’s Leverage Ratio is defined in the indenture as the ratio of the Company’s and the guaranteeing subsidiaries’ total debt less the fair market value of the Company’s cash, investments in marketable securities and long-term investments to Consolidated EBITDA, as defined in the indenture. The Company’s Secured Leverage Ratio is defined in the indenture in the same manner as the Leverage Ratio, except that secured indebtedness is substituted for indebtedness. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 151,342 | $ | 11,812 | $ | 71,312 | $ | — | $ | 234,466 | ||||||||||
Investment securities available for sale | 114,886 | 57,648 | — | — | 172,534 | |||||||||||||||
Accounts receivable - trade, net | — | 10,154 | 2,005 | — | 12,159 | |||||||||||||||
Intercompany receivables | 509 | — | — | (509 | ) | — | ||||||||||||||
Inventories | — | 93,496 | — | — | 93,496 | |||||||||||||||
Deferred income taxes | 45,578 | 4,901 | — | — | 50,479 | |||||||||||||||
Income taxes receivable, net | — | 10,447 | — | (10,447 | ) | — | ||||||||||||||
Restricted assets | — | 1,060 | 725 | — | 1,785 | |||||||||||||||
Other current assets | 513 | 12,579 | 10,300 | — | 23,392 | |||||||||||||||
Total current assets | 312,828 | 202,097 | 84,342 | (10,956 | ) | 588,311 | ||||||||||||||
Property, plant and equipment, net | 3,641 | 55,093 | 20,524 | — | 79,258 | |||||||||||||||
Investment in consolidated real estate businesses, net | — | — | 20,911 | — | 20,911 | |||||||||||||||
Long-term investments accounted for at cost | 20,041 | — | 747 | — | 20,788 | |||||||||||||||
Long-term investments accounted for under the equity method | 8,595 | — | — | — | 8,595 | |||||||||||||||
Investments in non-consolidated real estate businesses | — | — | 128,202 | — | 128,202 | |||||||||||||||
Investments in consolidated subsidiaries | 410,442 | — | — | (410,442 | ) | — | ||||||||||||||
Restricted assets | 1,895 | 10,086 | — | — | 11,981 | |||||||||||||||
Deferred income taxes | 35,000 | 12,766 | 3,708 | — | 51,474 | |||||||||||||||
Goodwill and other intangible assets, net | — | 107,511 | 163,495 | — | 271,006 | |||||||||||||||
Prepaid pension costs | — | 26,080 | — | — | 26,080 | |||||||||||||||
Other assets | 38,374 | 10,126 | 5,053 | — | 53,553 | |||||||||||||||
Total assets | $ | 830,816 | $ | 423,759 | $ | 426,982 | $ | (421,398 | ) | $ | 1,260,159 | |||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of notes payable and long-term debt | $ | 112,275 | $ | 39,013 | $ | 289 | $ | — | $ | 151,577 | ||||||||||
Current portion of fair value of derivatives embedded within convertible debt | 19,128 | — | — | — | 19,128 | |||||||||||||||
Current portion of employee benefits | — | 939 | — | — | 939 | |||||||||||||||
Accounts payable | 1,509 | 4,136 | 21,049 | — | 26,694 | |||||||||||||||
Intercompany payables | — | 39 | 470 | (509 | ) | — | ||||||||||||||
Accrued promotional expenses | — | 18,655 | — | — | 18,655 | |||||||||||||||
Income taxes payable, net | 16,870 | — | — | (10,447 | ) | 6,423 | ||||||||||||||
Accrued excise and payroll taxes payable, net | — | 11,621 | — | — | 11,621 | |||||||||||||||
Litigation accruals and current payments due under the Master Settlement Agreement | — | 84,658 | — | — | 84,658 | |||||||||||||||
Deferred income taxes | 32,309 | 13,425 | — | — | 45,734 | |||||||||||||||
Accrued interest | 21,968 | — | — | — | 21,968 | |||||||||||||||
Other current liabilities | 6,103 | 10,495 | 1,010 | — | 17,608 | |||||||||||||||
Total current liabilities | 210,162 | 182,981 | 22,818 | (10,956 | ) | 405,005 | ||||||||||||||
Notes payable, long-term debt and other obligations, less current portion | 524,182 | 12,573 | 4,011 | — | 540,766 | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 92,934 | — | — | — | 92,934 | |||||||||||||||
Non-current employee benefits | 31,462 | 16,455 | — | — | 47,917 | |||||||||||||||
Deferred income taxes | 65,759 | 37,602 | 34,289 | — | 137,650 | |||||||||||||||
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 1,353 | 54,924 | 1,219 | — | 57,496 | |||||||||||||||
Total liabilities | 925,852 | 304,535 | 62,337 | (10,956 | ) | 1,281,768 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' (deficiency) equity attributed to Vector Group Ltd. | (95,036 | ) | 119,224 | 291,218 | (410,442 | ) | (95,036 | ) | ||||||||||||
Non-controlling interest | — | — | 73,427 | — | 73,427 | |||||||||||||||
Total Stockholders' (deficiency) equity | (95,036 | ) | 119,224 | 364,645 | (410,442 | ) | (21,609 | ) | ||||||||||||
Total liabilities and stockholders' deficiency | $ | 830,816 | $ | 423,759 | $ | 426,982 | $ | (421,398 | ) | $ | 1,260,159 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 401,344 | $ | 3,776 | $ | 735 | $ | — | $ | 405,855 | ||||||||||
Investment securities available for sale | 35,330 | 34,654 | — | — | 69,984 | |||||||||||||||
Accounts receivable - trade, net | — | 11,183 | 64 | — | 11,247 | |||||||||||||||
Intercompany receivables | 354 | — | — | (354 | ) | — | ||||||||||||||
Inventories | — | 100,392 | — | — | 100,392 | |||||||||||||||
Deferred income taxes | 33,238 | 3,371 | — | — | 36,609 | |||||||||||||||
Income taxes receivable, net | 33,302 | — | — | (26,523 | ) | 6,779 | ||||||||||||||
Restricted assets | — | 2,469 | — | — | 2,469 | |||||||||||||||
Other current assets | 665 | 4,848 | 208 | — | 5,721 | |||||||||||||||
Total current assets | 504,233 | 160,693 | 1,007 | (26,877 | ) | 639,056 | ||||||||||||||
Property, plant and equipment, net | 2,104 | 54,810 | 239 | — | 57,153 | |||||||||||||||
Investment in consolidated real estate business, net | — | — | 13,295 | — | 13,295 | |||||||||||||||
Long-term investments accounted for at cost | 15,540 | — | 827 | — | 16,367 | |||||||||||||||
Long-term investments accounted for under the equity method | 6,432 | — | — | — | 6,432 | |||||||||||||||
Investments in non-consolidated real estate businesses | — | — | 119,219 | — | 119,219 | |||||||||||||||
Investments in consolidated subsidiaries | 210,525 | — | — | (210,525 | ) | — | ||||||||||||||
Restricted assets | 1,898 | 7,863 | 31 | — | 9,792 | |||||||||||||||
Deferred income taxes | 38,077 | 5,669 | 5,396 | — | 49,142 | |||||||||||||||
Intangible asset associated with benefit under the Master Settlement Agreement | — | 107,511 | — | — | 107,511 | |||||||||||||||
Prepaid pension costs | — | 12,870 | — | — | 12,870 | |||||||||||||||
Other assets | 39,534 | 16,144 | 216 | — | 55,894 | |||||||||||||||
Total assets | $ | 818,343 | $ | 365,560 | $ | 140,230 | $ | (237,402 | ) | $ | 1,086,731 | |||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of notes payable and long-term debt | $ | — | $ | 36,617 | $ | 161 | $ | — | $ | 36,778 | ||||||||||
Current portion of employee benefits | — | 2,824 | — | — | 2,824 | |||||||||||||||
Accounts payable | 661 | 5,173 | 265 | — | 6,099 | |||||||||||||||
Intercompany payables | — | 64 | 290 | (354 | ) | — | ||||||||||||||
Accrued promotional expenses | — | 18,730 | — | — | 18,730 | |||||||||||||||
Income taxes payable, net | — | 1,445 | 31,347 | (26,523 | ) | 6,269 | ||||||||||||||
Accrued excise and payroll taxes payable, net | — | 20,419 | — | — | 20,419 | |||||||||||||||
Litigation accruals and current payments due under the Master Settlement Agreement | — | 34,440 | — | — | 34,440 | |||||||||||||||
Deferred income taxes | 23,304 | 3,995 | — | — | 27,299 | |||||||||||||||
Accrued interest | 25,410 | — | — | — | 25,410 | |||||||||||||||
Other current liabilities | 5,545 | 9,658 | 1,688 | — | 16,891 | |||||||||||||||
Total current liabilities | 54,920 | 133,365 | 33,751 | (26,877 | ) | 195,159 | ||||||||||||||
Notes payable, long-term debt and other obligations, less current portion | 572,023 | 14,860 | 63 | — | 586,946 | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 172,128 | — | — | — | 172,128 | |||||||||||||||
Non-current employee benefits | 25,599 | 20,261 | — | — | 45,860 | |||||||||||||||
Deferred income taxes | 71,777 | 33,793 | 3,962 | — | 109,532 | |||||||||||||||
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 1,148 | 54,506 | 704 | — | 56,358 | |||||||||||||||
Total liabilities | 897,595 | 256,785 | 38,480 | (26,877 | ) | 1,165,983 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' (deficiency) equity | (79,252 | ) | 108,775 | 101,750 | (210,525 | ) | (79,252 | ) | ||||||||||||
Total liabilities and stockholders' deficiency | $ | 818,343 | $ | 365,560 | $ | 140,230 | $ | (237,402 | ) | $ | 1,086,731 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Revenues | $ | — | $ | 1,014,341 | $ | 41,859 | $ | — | $ | 1,056,200 | ||||||||||
Expenses: | ||||||||||||||||||||
Cost of goods sold | — | 729,393 | 17,793 | — | 747,186 | |||||||||||||||
Operating, selling, administrative and general expenses | 22,835 | 77,780 | 8,257 | — | 108,872 | |||||||||||||||
Litigation settlement and judgment expense | — | 88,106 | — | — | 88,106 | |||||||||||||||
Management fee expense | — | 9,508 | — | (9,508 | ) | — | ||||||||||||||
Operating (loss) income | (22,835 | ) | 109,554 | 15,809 | 9,508 | 112,036 | ||||||||||||||
Other income (expenses): | ||||||||||||||||||||
Interest expense | (130,417 | ) | (1,716 | ) | (14 | ) | — | (132,147 | ) | |||||||||||
Change in fair value of derivatives embedded within convertible debt | 18,935 | — | — | — | 18,935 | |||||||||||||||
Acceleration of interest expense related to debt conversion | (12,414 | ) | — | — | — | (12,414 | ) | |||||||||||||
Loss on extinguishment of debt | (21,458 | ) | — | — | — | (21,458 | ) | |||||||||||||
Equity income from non-consolidated real estate businesses | — | — | 22,925 | — | 22,925 | |||||||||||||||
Equity loss on long-term investments | 2,066 | — | — | — | 2,066 | |||||||||||||||
(Loss) gain on investment securities available for sale | (272 | ) | 5,424 | — | — | 5,152 | ||||||||||||||
Gain on Douglas Elliman acquisition | — | — | 60,842 | — | 60,842 | |||||||||||||||
Equity income in consolidated subsidiaries | 144,689 | — | — | (144,689 | ) | — | ||||||||||||||
Management fee income | 9,508 | — | — | (9,508 | ) | — | ||||||||||||||
Other, net | 4,439 | 2,763 | 348 | — | 7,550 | |||||||||||||||
Income before provision for income taxes | (7,759 | ) | 116,025 | 99,910 | (144,689 | ) | 63,487 | |||||||||||||
Income tax benefit (expense) | 46,703 | (30,758 | ) | (40,740 | ) | — | (24,795 | ) | ||||||||||||
Net income | 38,944 | 85,267 | 59,170 | (144,689 | ) | 38,692 | ||||||||||||||
Net loss attributed to non-controlling interest | — | — | 252 | — | 252 | |||||||||||||||
Net income attributed to Vector Group Ltd. | 38,944 | 85,267 | 59,422 | (144,689 | ) | 38,944 | ||||||||||||||
Comprehensive loss attributed to non-controlling interest | — | — | 252 | — | $ | 252 | ||||||||||||||
Comprehensive income attributed to Vector Group Ltd. | $ | 72,072 | $ | 102,344 | $ | 59,422 | $ | (161,766 | ) | $ | 72,072 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Revenues | $ | — | $ | 1,084,546 | $ | — | $ | — | $ | 1,084,546 | ||||||||||
Expenses: | ||||||||||||||||||||
Cost of goods sold | — | 823,452 | — | — | 823,452 | |||||||||||||||
Operating, selling, administrative and general expenses | 26,039 | 78,054 | 2,068 | — | 106,161 | |||||||||||||||
Management fee expense | — | 9,163 | — | (9,163 | ) | — | ||||||||||||||
Operating (loss) income | (26,039 | ) | 173,877 | (2,068 | ) | 9,163 | 154,933 | |||||||||||||
Other income (expenses): | ||||||||||||||||||||
Interest expense | (105,465 | ) | (4,614 | ) | (23 | ) | — | (110,102 | ) | |||||||||||
Change in fair value of derivatives embedded within convertible debt | (7,476 | ) | — | — | — | (7,476 | ) | |||||||||||||
Acceleration of interest expense related to debt conversion | (14,960 | ) | — | — | — | (14,960 | ) | |||||||||||||
Equity income from non-consolidated real estate businesses | — | — | 29,764 | — | 29,764 | |||||||||||||||
Gain on investment securities available for sale | — | 1,640 | — | — | 1,640 | |||||||||||||||
Equity loss on long-term investments | (1,261 | ) | — | — | — | (1,261 | ) | |||||||||||||
Equity income in consolidated subsidiaries | 120,036 | — | — | (120,036 | ) | — | ||||||||||||||
Management fee income | 9,163 | — | — | (9,163 | ) | — | ||||||||||||||
Other, net | 1,022 | 21 | 136 | — | 1,179 | |||||||||||||||
Income before provision for income taxes | (24,980 | ) | 170,924 | 27,809 | (120,036 | ) | 53,717 | |||||||||||||
Income tax benefit (expense) | 55,602 | (67,294 | ) | (11,403 | ) | — | (23,095 | ) | ||||||||||||
Net income | 30,622 | 103,630 | 16,406 | (120,036 | ) | 30,622 | ||||||||||||||
Comprehensive income | $ | 24,031 | $ | 104,520 | $ | 16,406 | $ | (120,926 | ) | $ | 24,031 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent/ | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
Issuer | Guarantors | Non- | Adjustments | Vector Group | ||||||||||||||||
Guarantors | Ltd. | |||||||||||||||||||
Revenues | $ | — | $ | 1,133,380 | $ | — | $ | — | $ | 1,133,380 | ||||||||||
Expenses: | ||||||||||||||||||||
Cost of goods sold | — | 892,883 | — | — | 892,883 | |||||||||||||||
Operating, selling, administrative and general expenses | 25,318 | 69,827 | 2,031 | — | 97,176 | |||||||||||||||
Management fee expense | — | 8,834 | — | (8,834 | ) | — | ||||||||||||||
Operating (loss) income | (25,318 | ) | 161,836 | (2,031 | ) | 8,834 | 143,321 | |||||||||||||
Other income (expenses): | ||||||||||||||||||||
Interest expense | (97,888 | ) | (2,786 | ) | (32 | ) | — | (100,706 | ) | |||||||||||
Changes in fair value of derivatives embedded within convertible debt | 7,984 | — | — | — | 7,984 | |||||||||||||||
Acceleration of interest expense related to debt conversion | (1,217 | ) | — | — | — | (1,217 | ) | |||||||||||||
Equity income from non-consolidated real estate businesses | — | — | 19,966 | — | 19,966 | |||||||||||||||
Gain on investment securities available for sale | — | 23,257 | — | — | 23,257 | |||||||||||||||
Gain on liquidation of long-term investments | 25,832 | — | — | — | 25,832 | |||||||||||||||
Gain on sale of townhomes | — | — | 3,843 | — | 3,843 | |||||||||||||||
Equity loss on long-term investments | (859 | ) | — | — | — | (859 | ) | |||||||||||||
Equity income in consolidated subsidiaries | 127,103 | — | — | (127,103 | ) | — | ||||||||||||||
Management fee income | 8,834 | — | — | (8,834 | ) | — | ||||||||||||||
Other, net | 1,675 | 61 | — | — | 1,736 | |||||||||||||||
Income before provision for income taxes | 46,146 | 182,368 | 21,746 | (127,103 | ) | 123,157 | ||||||||||||||
Income tax benefit (expense) | 28,874 | (68,182 | ) | (8,829 | ) | — | (48,137 | ) | ||||||||||||
Net income | 75,020 | 114,186 | 12,917 | (127,103 | ) | 75,020 | ||||||||||||||
Comprehensive income | $ | 66,887 | $ | 103,495 | $ | 12,917 | $ | (116,412 | ) | $ | 66,887 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 71,730 | $ | 115,829 | $ | (16,239 | ) | $ | (119,294 | ) | $ | 52,026 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of investment securities | 111,127 | 6,602 | — | — | 117,729 | |||||||||||||||
Purchase of investment securities | (159,463 | ) | (11,501 | ) | — | — | (170,964 | ) | ||||||||||||
Proceeds from sale or liquidation of long-term investments | 500 | — | 80 | — | 580 | |||||||||||||||
Purchase of long-term investments | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||||||
Investments in non-consolidated real estate businesses | — | — | (75,731 | ) | — | (75,731 | ) | |||||||||||||
Distributions from non-consolidated real estate businesses | — | — | 3,142 | — | 3,142 | |||||||||||||||
Increase in cash surrender value of life insurance policies | (144 | ) | (484 | ) | — | — | (628 | ) | ||||||||||||
Decrease (increase) in non-current restricted assets | 3 | 1,078 | — | — | 1,081 | |||||||||||||||
Issuance of notes receivable | — | — | (8,600 | ) | — | (8,600 | ) | |||||||||||||
Investments in subsidiaries | (155,961 | ) | — | — | 155,961 | — | ||||||||||||||
Proceeds from sale of fixed assets | 35 | 13 | — | — | 48 | |||||||||||||||
Cash acquired in Douglas Elliman consolidation | — | — | 116,935 | — | 116,935 | |||||||||||||||
Purchase of subsidiaries | — | — | (67,616 | ) | — | (67,616 | ) | |||||||||||||
Repayment of notes receivable | 10,347 | — | — | — | 10,347 | |||||||||||||||
Capital expenditures | (2,297 | ) | (9,784 | ) | (1,194 | ) | — | (13,275 | ) | |||||||||||
Net cash (used in) provided by investing activities | (200,853 | ) | (14,076 | ) | (32,984 | ) | 155,961 | (91,952 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from debt issuance | 450,000 | 4,687 | 3,080 | — | 457,767 | |||||||||||||||
Deferred financing costs | (11,750 | ) | — | — | — | (11,750 | ) | |||||||||||||
Repayments of debt | (415,000 | ) | (7,466 | ) | (115 | ) | — | (422,581 | ) | |||||||||||
Borrowings under revolver | — | 978,788 | — | — | 978,788 | |||||||||||||||
Repayments on revolver | — | (977,794 | ) | — | — | (977,794 | ) | |||||||||||||
Capital contributions received | — | 13,950 | 142,011 | (155,961 | ) | — | ||||||||||||||
Intercompany dividends paid | — | (105,882 | ) | (13,412 | ) | 119,294 | — | |||||||||||||
Distributions on common stock | (144,711 | ) | — | — | — | (144,711 | ) | |||||||||||||
Distributions to non-controlling interest | — | — | (11,764 | ) | — | (11,764 | ) | |||||||||||||
Proceeds from the issuance of Vector stock | — | — | — | — | — | |||||||||||||||
Proceeds from exercise of Vector options | 544 | — | — | — | 544 | |||||||||||||||
Tax benefit of options exercised | 38 | — | — | — | 38 | |||||||||||||||
Net cash provided by (used in) financing activities | (120,879 | ) | (93,717 | ) | 119,800 | (36,667 | ) | (131,463 | ) | |||||||||||
Net increase in cash and cash equivalents | (250,002 | ) | 8,036 | 70,577 | — | (171,389 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 401,344 | 3,776 | 735 | — | 405,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 151,342 | $ | 11,812 | $ | 71,312 | $ | — | $ | 234,466 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 118,399 | $ | 133,308 | $ | (2,772 | ) | $ | (164,849 | ) | $ | 84,086 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of investment securities | — | 3,831 | — | — | 3,831 | |||||||||||||||
Purchase of investment securities | — | (5,647 | ) | — | — | (5,647 | ) | |||||||||||||
Proceeds from sale of or liquidation of long-term investments | — | — | 72 | — | 72 | |||||||||||||||
Purchase of long-term investments | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||||||
Investments in non-consolidated real estate businesses | — | — | (33,375 | ) | — | (33,375 | ) | |||||||||||||
Distributions from non-consolidated real estate businesses | — | — | 49,221 | — | 49,221 | |||||||||||||||
Increase in cash surrender value of life insurance policies | (425 | ) | (482 | ) | — | — | (907 | ) | ||||||||||||
Decrease (increase) in non-current restricted assets | 263 | (1,393 | ) | — | — | (1,130 | ) | |||||||||||||
Issuance of notes receivable | (383 | ) | — | — | — | (383 | ) | |||||||||||||
Proceeds from sale of townhomes | — | — | — | — | — | |||||||||||||||
Proceeds from sale of fixed assets | 432 | 12 | — | — | 444 | |||||||||||||||
Investments in subsidiaries | (31,209 | ) | — | — | 31,209 | — | ||||||||||||||
Capital expenditures | (1,520 | ) | (9,339 | ) | (406 | ) | — | (11,265 | ) | |||||||||||
Net cash (used in) provided by investing activities | (37,842 | ) | (13,018 | ) | 15,512 | 31,209 | (4,139 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from debt issuance | 230,000 | 14,033 | 42 | — | 244,075 | |||||||||||||||
Deferred financing costs | (11,164 | ) | (315 | ) | — | — | (11,479 | ) | ||||||||||||
Repayments of debt | — | (19,125 | ) | (133 | ) | — | (19,258 | ) | ||||||||||||
Borrowings under revolver | — | 1,074,050 | — | — | 1,074,050 | |||||||||||||||
Repayments on revolver | — | (1,066,092 | ) | — | — | (1,066,092 | ) | |||||||||||||
Capital contributions received | — | 6,991 | 24,218 | (31,209 | ) | — | ||||||||||||||
Intercompany dividends paid | — | (128,544 | ) | (36,305 | ) | 164,849 | — | |||||||||||||
Dividends and distributions on common stock | (137,114 | ) | — | — | — | (137,114 | ) | |||||||||||||
Proceeds from the issuance of Vector stock | 611 | — | — | — | 611 | |||||||||||||||
Proceeds from exercise of Vector options | 140 | — | — | — | 140 | |||||||||||||||
Tax benefit of options exercised | 52 | — | — | — | 52 | |||||||||||||||
Net cash provided by (used in) financing activities | 82,525 | (119,002 | ) | (12,178 | ) | 133,640 | 84,985 | |||||||||||||
Net increase in cash and cash equivalents | 163,082 | 1,288 | 562 | — | 164,932 | |||||||||||||||
Cash and cash equivalents, beginning of period | 238,262 | 2,488 | 173 | — | 240,923 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 401,344 | $ | 3,776 | $ | 735 | $ | — | $ | 405,855 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent/ | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
Issuer | Guarantors | Non- | Adjustments | Vector Group | ||||||||||||||||
Guarantors | Ltd. | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 67,588 | $ | 101,223 | $ | 7,352 | $ | (140,122 | ) | $ | 36,041 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of investment securities | — | 31,643 | — | — | 31,643 | |||||||||||||||
Purchase of investment securities | — | (5,039 | ) | — | — | (5,039 | ) | |||||||||||||
Proceeds from sale or liquidation of long-term investments | 66,190 | — | — | — | 66,190 | |||||||||||||||
Purchase of long-term investments | (10,000 | ) | — | — | — | (10,000 | ) | |||||||||||||
Decrease (increase) in non-current restricted assets | 512 | (608 | ) | — | — | (96 | ) | |||||||||||||
Investment in non-consolidated real estate businesses | — | — | (41,859 | ) | — | (41,859 | ) | |||||||||||||
Distributions from non-consolidated real estate businesses | — | — | 8,450 | — | 8,450 | |||||||||||||||
Issuance of notes receivable | (15,256 | ) | — | — | — | (15,256 | ) | |||||||||||||
Proceeds from sale of townhomes | — | — | 19,629 | 19,629 | ||||||||||||||||
Proceeds from sale of fixed assets | — | 196 | 9 | — | 205 | |||||||||||||||
Investments in subsidiaries | (29,565 | ) | — | — | 29,565 | — | ||||||||||||||
Capital expenditures | (852 | ) | (10,725 | ) | (261 | ) | — | (11,838 | ) | |||||||||||
Increase in cash surrender value of life insurance policies | (315 | ) | (429 | ) | — | — | (744 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 10,714 | 15,038 | (14,032 | ) | 29,565 | 41,285 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of debt | — | 6,419 | — | — | 6,419 | |||||||||||||||
Repayments of debt | — | (4,838 | ) | (122 | ) | — | (4,960 | ) | ||||||||||||
Borrowings under revolver | — | 1,064,270 | — | — | 1,064,270 | |||||||||||||||
Repayments on revolver | — | (1,078,508 | ) | — | — | (1,078,508 | ) | |||||||||||||
Capital contributions received | — | 3,720 | 25,845 | (29,565 | ) | — | ||||||||||||||
Intercompany dividends paid | — | (121,050 | ) | (19,072 | ) | 140,122 | — | |||||||||||||
Dividends and distributions on common stock | (125,299 | ) | — | — | — | (125,299 | ) | |||||||||||||
Proceeds from exercise of Vector options | 1,029 | — | — | — | 1,029 | |||||||||||||||
Excess tax benefit of options exercised | 821 | — | — | — | 821 | |||||||||||||||
Net cash (used in) provided by financing activities | (123,449 | ) | (129,987 | ) | 6,651 | 110,557 | (136,228 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (45,147 | ) | (13,726 | ) | (29 | ) | — | (58,902 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 283,409 | 16,214 | 202 | — | 299,825 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 238,262 | $ | 2,488 | $ | 173 | $ | — | $ | 240,923 | ||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
VECTOR GROUP LTD. | |||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance | |||||||||||||
Beginning | Charged to | at End | |||||||||||||||
of Period | Costs and | of Period | |||||||||||||||
Expenses | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Allowances for: | |||||||||||||||||
Doubtful accounts | $ | 318 | $ | 198 | $ | 324 | $ | 192 | |||||||||
Cash discounts | 259 | 25,207 | 25,225 | 241 | |||||||||||||
Deferred tax valuation allowance | 6,310 | — | 296 | 6,014 | |||||||||||||
Sales returns | 4,067 | 4,019 | 3,666 | 4,420 | |||||||||||||
Total | $ | 10,954 | $ | 29,424 | $ | 29,511 | $ | 10,867 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Allowances for: | |||||||||||||||||
Doubtful accounts | $ | 308 | $ | 10 | $ | — | $ | 318 | |||||||||
Cash discounts | 573 | 26,620 | 26,934 | 259 | |||||||||||||
Deferred tax valuation allowance | 9,752 | — | 3,442 | 6,310 | |||||||||||||
Sales returns | 4,055 | 3,228 | 3,216 | 4,067 | |||||||||||||
Total | $ | 14,688 | $ | 29,858 | $ | 33,592 | $ | 10,954 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Allowances for: | |||||||||||||||||
Doubtful accounts | $ | 198 | $ | 115 | $ | 5 | $ | 308 | |||||||||
Cash discounts | 40 | 27,671 | 27,138 | 573 | |||||||||||||
Deferred tax valuation allowance | 10,290 | 332 | 870 | 9,752 | |||||||||||||
Sales returns | 4,235 | 2,508 | 2,688 | 4,055 | |||||||||||||
Total | $ | 14,763 | $ | 30,626 | $ | 30,701 | $ | 14,688 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of VGR Holding LLC (“VGR Holding”), Liggett Group LLC (“Liggett”), Vector Tobacco Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC ("Douglas Elliman") and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. New Valley is engaged in the real estate business. | |
Certain reclassifications have been made to the 2011 and 2012 financial information to conform to the 2013 presentation. | |
Estimates and Assumptions | ' |
Estimates and Assumptions: | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include restructuring and impairment charges, inventory valuation, deferred tax assets, allowance for doubtful accounts, promotional accruals, sales returns and allowances, actuarial assumptions of pension plans, the estimated fair value of embedded derivative liabilities, settlement accruals, valuation of investments, including other than temporary impairments to such investments, accounting for investments in equity securities, and litigation and defense costs. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: | |
For purposes of the statements of cash flows, cash includes cash on hand, cash on deposit in banks and cash equivalents, comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation (“SIPC”) insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2013 are uninsured. | |
Financial Instruments | ' |
Financial Instruments: | |
The carrying value of cash and cash equivalents, restricted assets and short-term loans approximate their fair value. | |
The fair value of debt for the years ended December 31, 2013 and 2012 was estimated based on current market quotations. | |
As required by authoritative guidance, derivatives embedded within the Company’s convertible debt are recognized on the Company’s balance sheet and are stated at estimated fair value at each reporting period. Changes in the fair value of the embedded derivatives are reflected quarterly as “Changes in fair value of derivatives embedded within convertible debt.” | |
The estimated fair values for financial instruments 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 values. | |
Investment Securities | ' |
Investment Securities: | |
The Company classifies investments in debt and marketable equity securities as available for sale. Investments classified as available for sale are carried at fair value, with net unrealized gains and losses included as a separate component of stockholders’ equity. The cost of securities sold is determined based on average cost. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities. | |
Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s marketable securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. | |
Significant Concentrations of Credit Risk | ' |
Significant Concentrations of Credit Risk: | |
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with what management believes are high credit quality financial institutions. | |
Liggett’s customers are primarily candy and tobacco distributors, the military and large grocery, drug and convenience store chains. Two customers, McLane and Core Mark, accounted for 18% and and 10%, respectively, of Liggett's revenues in 2013. One customer accounted for 17% of Liggett's revenues in each of 2012 and 2011. Concentrations of credit risk with respect to trade receivables are generally limited due to the large number of customers, located primarily throughout the United States, comprising Liggett’s customer base. Liggett's two largest customers, Mclane and Core Mark, represented approximately 5% and 1%, respectively of net accounts receivable at December 31, 2013. Liggett's largest single customer represented approximately 10% of net accounts receivable at December 31, 2012. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have generally not exceeded management’s expectations. | |
Accounts Receivable | ' |
Accounts Receivable: | |
Accounts receivable-trade are recorded at their net realizable value. The allowance for doubtful accounts and cash discounts was $433 and $577 at December 31, 2013 and 2012, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned. | |
Inventories | ' |
Inventories: | |
Tobacco inventories are stated at the lower of cost or market and are determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold within one year because of the time required for aging, they are included in current assets, which is common practice in the industry. It is not practicable to determine the amount that will not be used or sold within one year. | |
Restricted Assets | ' |
Restricted Assets: | |
Current restricted assets of $1,785 and $2,469 at December 31, 2013 and 2012, respectively, consist primarily of certificates of deposits and supersedeas bonds. Long-term restricted assets of $11,981 and $9,792 at December 31, 2013 and 2012, respectively, consist primarily of certificates of deposit which collateralize letters of credit, supersedeas bonds and deposits on long-term debt. The certificates of deposit mature at various dates from March 2014 to March 2015. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment: | |
Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. | |
Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. | |
The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized while expenditures for routine maintenance and repairs are charged to expense as incurred | |
Investment in Non-Consolidated Real Estate Businesses | ' |
Investment in Non-Consolidated Real Estate Businesses: | |
In accounting for its investment in non-consolidated real estate businesses, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as entities in which the equity investors have not provided enough equity to finance its activities or the equity investors (1) cannot directly or indirectly make decisions about the entity’s activities through their voting rights or similar rights; (2) do not have the obligation to absorb the expected losses of the entity; (3) do not have the right to receive the expected residual returns of the entity; or (4) have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. | |
New Valley accounted for its interest in Douglas Elliman on the equity method through December 13, 2013, because the entity neither met the definition of a VIE nor was New Valley the entity’s primary beneficiary, as defined in authoritative guidance. On December 13, 2013, an affiliate of New Valley LLC acquired an additional 20.59% interest in Douglas Elliman from Prudential Real Estate Financial Services of America, Inc. for $60,000. The acquisition increased the Company's ownership from 50% to 70.59%. Consequently, after December 13, 2013, the Company consolidates the operations and financial position of Douglas Elliman. New Valley accounted for its interest in ST Portfolio and Coral Beach on the equity method. These entities did not meet the definition of a VIE. | |
New Valley's investments in Sesto, 1107 Broadway, The Whitman, The Marquand, 11 Beach Street, 701 Seventh Avenue, 101 Murray Street, Leroy Street, 8701 Collins Avenue, 23-10 Queens Plaza South, Maryland Portfolio, Chrystie Street, Park Lane Hotel, and Hotel Taiwana meet the definition of a VIE; however, New Valley is not the primary beneficiary of these entities, as defined in authoritative guidance. New Valley accounts for its interest in these investments on the equity method of accounting. | |
Intangible Assets | ' |
Goodwill and Other Intangible Assets: | |
Goodwill on acquisitions represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets. Factors that contribute to the recognition of goodwill in the Company's acquisitions include (i) expected growth rates and profitability of the acquired companies, (ii) securing buyer-specific synergies that increase revenue and profits and are not otherwise available to market participants, (iii) significant cost savings opportunities, (iv) experienced workforce and (v) the Company's strategies for growth in sales, income and cash flows. | |
Goodwill and other intangible assets with indefinite useful lives are not amortized, but rather, are tested for impairment at least annually (December 31st). In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among other relevant events and circumstances that affect the fair value of reporting units, the Company considers individual factors such as macroeconomic conditions, changes in the industry and the markets in which the Company operates as well as the historical and expected future financial performance. If we conclude that it is more likely than not that fair value is less than its carrying value, recoverability of goodwill is evaluated using a two-step process. The first step involves a comparison of the fair value to the Company's carrying amount. Fair value is determined based on discounted future cash flows. If the carrying amount exceeds the fair value, the second step is performed. The second step involves a comparison of the implied fair value and carrying value of the goodwill. To the extent that the carrying amount exceeds the implied fair value of the goodwill, an impairment loss is recognized. | |
To determine the implied fair value of the Company's indefinite-lived intangible assets, it utilizes the relief from royalty method, pursuant to which those assets are valued by reference to the amount of royalty income they would generate if licensed in an arm’s length transaction. Under the relief from royalty method, similar to the discounted cash flow method, estimated net revenues expected to be generated by the asset during its life are multiplied by a benchmark royalty rate and then discounted by the estimated weighted average cost of capital associated with the asset. The resulting capitalized royalty stream is an indication of the value of owning the asset. Based upon management’s review of the value of the indefinite-lived intangible assets, the Company determined that the implied fair value exceeded its carrying value. | |
Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. | |
Impairment Long-Lived Assets | ' |
Impairment of Long-Lived Assets: | |
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs undiscounted operating cash flow analyses to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. | |
Pension, Postretirment and Postemployment Benefit Plans | ' |
Pension, Postretirement and Postemployment Benefits Plans: | |
The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the balance sheet. | |
Stock Options | ' |
Stock Options: | |
The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 1999 Plan in November 2013, February 2013, December 2009 and January 2001 provide for common stock dividend equivalents (at the same rate as paid on the common stock) with respect to the shares underlying the unexercised portion of the options. The Company recognizes payments of the dividend equivalent rights on these options as reductions in additional paid-in capital on the Company’s consolidated balance sheet ($4,007, $2,709 and $2,580 net of income taxes, for the years ended December 31, 2013, 2012 and 2011, respectively), which is included as “Distributions on common stock” in the Company’s consolidated statement of changes in stockholders’ equity. | |
In December 2012 and September 2012, the Company’s Chief Executive Officer delivered 162,397 and 76,155 shares of common stock, respectively, in payment of income and payroll taxes in connection with the vesting of restricted shares. In January 2011, the Company’s Chief Executive Officer delivered 384,946 shares of common stock in payment of the exercise price and income and payroll taxes in connection with the exercise of an employee stock option for 448,960 shares. In September 2011, the Company’s Chief Executive Officer delivered 67,275 shares of common stock in payment of income and payroll taxes in connection with the vesting of restricted shares. | |
Income Taxes | ' |
Income Taxes: | |
The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying currently enacted tax rates. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. | |
The Company follows authoritative guidance for accounting for uncertainty in income taxes which requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. | |
Distributions and Dividends on Common Stock | ' |
Distributions and Dividends on Common Stock: | |
The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ equity to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented. | |
Revenue Recognition | ' |
Revenue Recognition: | |
Tobacco sales: Revenues from sales are recognized upon the shipment of finished goods when title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sale price is determinable and collectibility is reasonably assured. The Company provides an allowance for expected sales returns, net of any related inventory cost recoveries. Certain sales incentives, including promotional price discounts, are classified as reductions of net sales. The Company’s accounting policy is to include federal excise taxes in revenues and cost of goods sold. Since the Company’s primary line of business is tobacco, the Company’s financial position and its results of operations and cash flows have been and could continue to be materially adversely affected by significant unit sales volume declines at the Companyand industry levels, regulation, litigation and defense costs, increased tobacco costs or reductions in the selling price of cigarettes in the near term. | |
Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs, which were $5,559 in 2013, $5,474 in 2012 and $5,684 in 2011 are recorded as operating, selling, administrative and general expenses. | |
Real estate sales: Revenue is recognized only when persuasive evidence of an arrangement exists, the price is fixed or determinable, the transaction has been completed and collectibility of the resulting receivable is reasonably assured. Real estate and mortgage commissions earned by the Company’s real estate and mortgage brokerage businesses are recorded as revenue on a gross basis upon the closing of a real estate transaction as evidenced when the escrow or similar account is closed, the transaction documents have been recorded and funds are distributed to all appropriate parties. Commissions and royalties expenses are recognized concurrently with related revenues. Property management fees earned are recorded as revenue when the related services are performed. | |
Shipping and Handling Fees and Costs | ' |
Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs, which were $5,559 in 2013, $5,474 in 2012 and $5,684 in 2011 are recorded as operating, selling, administrative and general expenses. | |
Advertising Costs | ' |
Advertising: | |
Advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $4,839, $4,266 and $3,099 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Comprehensive Income | ' |
Comprehensive Income: | |
The Company presents net income and other comprehensive income in two separate, but consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income. | |
Fair Value of Derivatives Embedded within Convertible Debt | ' |
Fair Value of Derivatives Embedded within Convertible Debt: | |
The Company has estimated the fair market value of the embedded derivatives based principally on the results of a valuation model. The estimated fair value of the derivatives embedded within the convertible debt is based principally on the present value of future dividend payments expected to be received by the convertible debt holders over the term of the debt. The discount rate applied to the future cash flows is estimated based on a spread in the yield of the Company’s debt when compared to risk-free securities with the same duration; thus, a readily determinable fair market value of the embedded derivatives is not available. The valuation model assumes future dividend payments by the Company and utilizes interest rates and credit spreads for secured to unsecured debt, unsecured to subordinated debt and subordinated debt to preferred stock to determine the fair value of the derivatives embedded within the convertible debt. The valuation also considers other items, including current and future dividends and the volatility of Vector’s stock price. At December 31, 2013, the range of estimated fair market values of the Company’s embedded derivatives was between $110,758 and $113,392. The Company recorded the fair market value of its embedded derivatives at the midpoint of the inputs at $112,062 as of December 31, 2013. At December 31, 2012, the range of estimated fair market values of the Company’s embedded derivatives was between $169,424 and $174,909. The Company recorded the fair market value of its embedded derivatives at the midpoint of the inputs at $172,128 as of December 31, 2012. The estimated fair market value of the Company’s embedded derivatives could change significantly based on future market conditions. (See Note 9.) | |
Capital and Credit Markets | ' |
Capital and Credit Markets: | |
The Company has performed additional assessments to determine the impact, if any, of market developments, on the Company’s consolidated financial statements. The Company’s additional assessments have included a review of access to liquidity in the capital and credit markets, counterparty creditworthiness, value of the Company’s investments (including long-term investments, mortgage receivable and employee benefit plans) and macroeconomic conditions. The volatility in capital and credit markets may create additional risks in the upcoming months and possibly years and the Company will continue to perform additional assessments to determine the impact, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur. | |
On a quarterly basis, the Company evaluates its investments to determine whether an impairment has occurred. If so, the Company also makes a determination of whether such impairment is considered temporary or other-than-temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts and circumstances driven. However, among the matters that are considered in making such a determination are the period of time the investment has remained below its cost or carrying value, the likelihood of recovery given the reason for the decrease in market value and the Company’s original expected holding period of the investment. | |
Contingencies | ' |
Contingencies: | |
The Company records Liggett's product liability legal expenses and other litigation costs as operating, selling, administrative and general expenses as those costs are incurred. As discussed in Note 14, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. | |
The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 14: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. Legal defense costs are expensed as incurred. | |
Adverse verdicts have been entered against Liggett in eleven state court Engle progeny cases and several of these verdicts have been affirmed on appeal. At December 31, 2013, Liggett and the Company are defendants in 2,982 state court Engle progeny cases although as a result of the Engle Progeny Settlement (discussed in Note 14) all but 400 cases have been settled. Through December 31, 2013, other than the Lukacs case, the verdicts against Liggett have ranged from $1 to $3,479. In certain cases, the judgments entered have been joint and several with the other defendants. In two of these cases, punitive damages were also awarded for $1,000 and $7,600. Our potential range of loss in the seven Engle progeny cases currently on appeal is between $0 and $18,500 in the aggregate, plus accrued interest and attorneys' fees. In determining the range of loss, we consider potential settlements as well as future appellate relief. Except as discussed in Note 14, management is unable to estimate the possible loss or range of loss from remaining Engle progeny cases as there are currently multiple defendants in each case and discovery has not occurred or is limited. As a result, the Company lacks information about whether plaintiffs are, in fact Engle, class members (non-class members' claims are generally time-barred), the relevant smoking history, the nature of the alleged injury and the availability of various defenses, among other things. Further, plaintiffs typically do not specify their demand for damages. Litigation is subject to many uncertainties, and it is possible that the Company's consolidated financial position, results of operations or cash flows could be materially adversely affected by an unfavorable outcome in any such tobacco-related litigation. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements: | |
In July 2012, the FASB issued amendments to the indefinite-lived intangible asset impairment guidance which provides an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions are met. The amendments are effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012 (early adoption was permitted). The implementation of the amended accounting guidance did not have a material impact on the Company's consolidated financial position or results of operations. | |
In February 2013, the FASB issued amendments to the accounting guidance for presentation of comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income, but do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where the net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. For public companies, these amendments were effective prospectively for reporting periods beginning after December 15, 2012. This accounting guidance only impacted presentation and disclosures and did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |
Earnings Per Share | ' |
Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding, which includes vested restricted stock. | |
Diluted EPS includes the dilutive effect of stock options, unvested restricted stock grants and convertible securities. Diluted EPS is computed by dividing net income available to common stockholders by the diluted weighted-average number of shares outstanding, which includes dilutive non-vested restricted stock grants, stock options and convertible securities. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Other Income | ' | |||||||||||
Other income, net consists of: | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Gain (loss) on warrants | $ | 1,165 | $ | (1,193 | ) | $ | 700 | |||||
Interest income | 5,421 | 2,256 | 1,035 | |||||||||
Accretion of interest income from debt discount on notes receivable | 772 | 129 | — | |||||||||
Gain on long-term investment | 189 | 135 | — | |||||||||
Other income | 3 | (148 | ) | 1 | ||||||||
Other income, net | $ | 7,550 | $ | 1,179 | $ | 1,736 | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The components of accumulated other comprehensive (loss) income, net of income taxes, were as follows: | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Net unrealized gains on investment securities available for sale, net of income taxes of $26,749, $8,886, and $14,938, respectively | $ | 39,136 | $ | 13,001 | $ | 21,856 | ||||||
Net unrealized losses on long-term investment accounted for under the equity method, net of income tax benefits of $418, $458 and $1,007, respectively | (612 | ) | (670 | ) | (1,474 | ) | ||||||
Forward contracts adjustment, net of income taxes of $63, $88, and $114, respectively | (92 | ) | (129 | ) | (167 | ) | ||||||
Pension-related amounts, net of income taxes of $10,644, $15,358, and $16,330, respectively | (15,572 | ) | (22,470 | ) | (23,892 | ) | ||||||
Accumulated other comprehensive (loss) income | $ | 22,860 | $ | (10,268 | ) | $ | (3,677 | ) | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net income for purpose of determining basic EPS | ' | |||||||||||
As a result, in its calculation of basic EPS for the years ended December 31, 2013, 2012 and 2011, respectively, the Company has adjusted its net income for the effect of these participating securities as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributed to Vector Group Ltd. | $ | 38,944 | $ | 30,622 | $ | 75,020 | ||||||
Income attributable to participating securities | (1,068 | ) | (608 | ) | (1,552 | ) | ||||||
Net income available to common stockholders attributed to Vector Group Ltd. | $ | 37,876 | $ | 30,014 | $ | 73,468 | ||||||
Basic and diluted EPS calculation shares | ' | |||||||||||
Basic and diluted EPS were calculated using the following shares for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted-average shares for basic EPS | 91,506,678 | 88,843,244 | 86,738,428 | |||||||||
Plus incremental shares related to stock options and warrants | 237,494 | 84,402 | 223,255 | |||||||||
Plus incremental shares related to convertible debt | — | — | — | |||||||||
Weighted-average shares for diluted EPS | 91,744,172 | 88,927,646 | 86,961,683 | |||||||||
Outstanding shares not included in the computation of diluted EPS | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Number of stock options | — | — | 3,578 | |||||||||
Weighted-average exercise price | N/A | N/A | $ | 15.7 | ||||||||
Weighted-average shares of non-vested restricted stock | 27,500 | 3,675 | 7,350 | |||||||||
Weighted-average expense per share | $ | 16.65 | $ | 16.3 | $ | 16.3 | ||||||
Weighted-average number of shares issuable upon conversion of debt | 27,993,464 | 18,909,057 | 19,429,127 | |||||||||
Weighted-average conversion price | $ | 15.22 | $ | 13.67 | $ | 13.46 | ||||||
Investment_Securities_Availabl1
Investment Securities Available for Sale (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Available-for-sale Securities [Abstract] | ' | |||||||||||||||
Schedule of Available-for-Sale Securities | ' | |||||||||||||||
The components of investment securities available for sale at December 31, 2013 and 2012 were as follows: | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gain | Loss | |||||||||||||||
2013 | ||||||||||||||||
Marketable equity securities | $ | 53,586 | $ | 65,851 | $ | (963 | ) | $ | 118,474 | |||||||
Marketable debt securities | 53,063 | 1,497 | (500 | ) | 54,060 | |||||||||||
$ | 106,649 | $ | 67,348 | $ | (1,463 | ) | $ | 172,534 | ||||||||
2012 | ||||||||||||||||
Marketable equity securities | $ | 48,097 | $ | 23,621 | $ | (1,734 | ) | $ | 69,984 | |||||||
$ | 48,097 | $ | 23,621 | $ | (1,734 | ) | $ | 69,984 | ||||||||
Schedule of Maturity Dates of Fixed Income Securities | ' | |||||||||||||||
The table below summarizes the maturity dates of fixed income securities at December 31, 2013. | ||||||||||||||||
Investment Type: | Market Value | Under 1 Year | 1 Year up to 5 Years | More than 5 years | ||||||||||||
U.S. Government securities | $ | 13,990 | $ | 6,518 | $ | 7,472 | $ | — | ||||||||
Corporate securities | 29,923 | 808 | 22,330 | 6,785 | ||||||||||||
U.S. mortgage backed securities | 495 | — | 495 | — | ||||||||||||
Commercial mortgage-backed securities | 6,822 | — | 6,822 | — | ||||||||||||
U.S. asset backed securities | 2,081 | 300 | 1,781 | — | ||||||||||||
Index-linked U.S. bonds | 749 | — | 749 | — | ||||||||||||
Total fixed income securities by maturity dates | $ | 54,060 | $ | 7,626 | $ | 39,649 | $ | 6,785 | ||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Leaf tobacco | $ | 49,140 | $ | 59,130 | ||||
Other raw materials | 3,161 | 3,151 | ||||||
Work-in-process | 353 | 210 | ||||||
Finished goods | 68,040 | 64,396 | ||||||
Inventories at current cost | 120,694 | 126,887 | ||||||
LIFO adjustments | (27,198 | ) | (26,495 | ) | ||||
$ | 93,496 | $ | 100,392 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consist of: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Land and improvements | $ | 1,418 | $ | 1,418 | ||||
Buildings | 14,950 | 14,945 | ||||||
Machinery and equipment | 161,214 | 142,826 | ||||||
Leasehold improvements | 16,614 | 3,868 | ||||||
194,196 | 163,057 | |||||||
Less accumulated depreciation and amortization | (114,938 | ) | (105,904 | ) | ||||
$ | 79,258 | $ | 57,153 | |||||
Long_Term_Investments_Tables
Long Term Investments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Long-term Investments [Abstract] | ' | |||||||||||||||
Long-term investments | ' | |||||||||||||||
Long-term investments consist of the following investments accounted for at cost: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Investment partnerships | $ | 20,041 | $ | 24,095 | $ | 15,540 | $ | 16,962 | ||||||||
Real estate partnership | 747 | 1,067 | 827 | 1,391 | ||||||||||||
$ | 20,788 | $ | 25,162 | $ | 16,367 | $ | 18,353 | |||||||||
Schedule of cost method investments | ' | |||||||||||||||
The changes in the fair value of these investments were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of January 1 | $ | 18,353 | $ | 7,492 | ||||||||||||
Contributions | 5,000 | — | ||||||||||||||
Distributions | (769 | ) | (207 | ) | ||||||||||||
Reduction in partnership interest now accounted for under the cost method | — | 15,541 | ||||||||||||||
Revision for partnership now accounted for as investment securities available for sale | — | (6,122 | ) | |||||||||||||
Realized gain on liquidation of long-term investments | 189 | 135 | ||||||||||||||
Unrealized gains reclassified into net income | (189 | ) | (135 | ) | ||||||||||||
Unrealized gain on long-term investments | 2,578 | 1,649 | ||||||||||||||
Net change in long-term investments | 2,389 | 1,514 | ||||||||||||||
Balance as of December 31 | $ | 25,162 | $ | 18,353 | ||||||||||||
Schedule of equity method investments | ' | |||||||||||||||
Long-term investments consist of the following investments accounted for under the equity method: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Investment partnerships | $ | 8,595 | $ | 6,432 | ||||||||||||
The changes in the fair value of these investments were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of January 1 | $ | 6,432 | $ | 16,499 | ||||||||||||
Contributions | — | 5,000 | ||||||||||||||
Reduction in partnership interest now accounted for under the cost method | — | (15,541 | ) | |||||||||||||
Equity income (loss) on long-term investments accounted for under the equity method | 2,066 | (1,261 | ) | |||||||||||||
Unrealized gains reclassified into net income | 97 | — | ||||||||||||||
Unrealized (loss) gain on long-term investments | — | 1,735 | ||||||||||||||
Net change in long-term investments | 97 | 1,735 | ||||||||||||||
Balance as of December 31 | $ | 8,595 | $ | 6,432 | ||||||||||||
New_Valley_LLC_Tables
New Valley LLC (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule of Investments [Abstract] | ' | |||||||||||
Investments In non-consolidated real estate businesses | ' | |||||||||||
The components of “Investments in non-consolidated real estate businesses” were as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Douglas Elliman | $ | — | $ | 65,171 | ||||||||
Sesto Holdings | 5,037 | 5,037 | ||||||||||
1107 Broadway | 6,579 | 5,566 | ||||||||||
The Whitman | 1,165 | 900 | ||||||||||
The Marquand | 7,000 | 7,000 | ||||||||||
11 Beach Street | 11,160 | 9,642 | ||||||||||
701 Seventh Avenue | 11,148 | 9,307 | ||||||||||
101 Murray Street | 19,256 | — | ||||||||||
Leroy Street | 1,150 | — | ||||||||||
8701 Collins Avenue | 3,794 | — | ||||||||||
23-10 Queens Plaza South | 8,058 | 7,350 | ||||||||||
Maryland Portfolio | 3,498 | 4,615 | ||||||||||
ST Portfolio | 15,984 | — | ||||||||||
Chrystie Street | 2,048 | 1,973 | ||||||||||
Park Lane Hotel | 19,514 | — | ||||||||||
Hotel Taiwana | 7,428 | 2,658 | ||||||||||
Coral Beach | 2,964 | — | ||||||||||
Other | 2,419 | — | ||||||||||
Investments in non-consolidated real estate businesses | $ | 128,202 | $ | 119,219 | ||||||||
Pro Forma Information | ' | |||||||||||
This pro forma information is not necessarily indicative of either the combined results of operations that actually would have been realized by us had the acquisition of Douglas Elliman been consummated at the beginning of the period for which the pro forma information is presented, or of future results. | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Revenues | $ | 1,472,655 | $ | 1,461,364 | ||||||||
Income from continuing operations | 75,017 | 55,234 | ||||||||||
Summarized financial information | ' | |||||||||||
December 13, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Cash | $ | 117,660 | $ | 78,015 | ||||||||
Other current assets | 11,922 | 8,543 | ||||||||||
Property, plant and equipment, net | 16,293 | 15,796 | ||||||||||
Trademarks | 21,663 | 21,663 | ||||||||||
Goodwill | 38,776 | 38,523 | ||||||||||
Other intangible assets, net | 431 | 897 | ||||||||||
Other non-current assets | 3,384 | 3,182 | ||||||||||
Notes payable - current | 201 | 466 | ||||||||||
Other current liabilities | 26,921 | 22,065 | ||||||||||
Notes payable - long term | 420 | 334 | ||||||||||
Other long-term liabilities | 8,862 | 9,614 | ||||||||||
Members' equity | 173,725 | 134,140 | ||||||||||
January 1 through December 31 | Year Ended December 31, | Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 416,453 | $ | 378,175 | $ | 346,309 | ||||||
Costs and expenses | 369,852 | 346,617 | 315,318 | |||||||||
Depreciation expense | 3,790 | 3,422 | 3,439 | |||||||||
Amortization expense | 213 | 242 | 253 | |||||||||
Other income | (22 | ) | 1,829 | 2,007 | ||||||||
Interest expense, net | 23 | 62 | 136 | |||||||||
Income tax expense | 996 | 780 | 946 | |||||||||
Net income | $ | 41,557 | $ | 28,881 | $ | 28,224 | ||||||
The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and the non-controlling interest recorded for Douglas Elliman on December 13, 2013: | ||||||||||||
December 13, | ||||||||||||
2013 | ||||||||||||
Cash and cash equivalents | $ | 116,935 | ||||||||||
Other current assets | 12,647 | |||||||||||
Property, plant and equipment, net | 20,275 | |||||||||||
Goodwill | 72,103 | |||||||||||
Trademarks | 80,000 | |||||||||||
Other intangible assets, net | 12,928 | |||||||||||
Other non-current assets | 3,384 | |||||||||||
Total assets acquired | $ | 318,272 | ||||||||||
Notes payable - current | $ | 201 | ||||||||||
Other current liabilities | 26,247 | |||||||||||
Notes payable - long term | 420 | |||||||||||
Total liabilities assumed | 26,868 | |||||||||||
Net assets acquired | $ | 291,404 | ||||||||||
Non-controlling interest | $ | 85,703 | ||||||||||
The summarized financial information of the joint venture was as follows: | ||||||||||||
December 31, | ||||||||||||
2012 | ||||||||||||
Cash | $ | 11 | ||||||||||
Other current assets | 2 | |||||||||||
Net loans receivable | — | |||||||||||
Interest receivable | — | |||||||||||
Other assets | — | |||||||||||
Accrued expenses | — | |||||||||||
Members' equity | 13 | |||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||
2012 | 2011 | |||||||||||
Interest and dividend income | $ | 25,122 | $ | 635 | ||||||||
Costs and expenses | 424 | 269 | ||||||||||
Interest expense, net | 7,794 | — | ||||||||||
Income tax expense | 12 | — | ||||||||||
Net income | $ | 16,892 | $ | 366 | ||||||||
Investment in Escena | ' | |||||||||||
The assets have been classified as an “Investment in Escena, net” on the Company’s consolidated balance sheet and the components are as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Land and land improvements | $ | 8,930 | $ | 11,430 | ||||||||
Building and building improvements | 1,530 | 1,530 | ||||||||||
Other | 1,577 | 1,374 | ||||||||||
12,037 | 14,334 | |||||||||||
Less accumulated depreciation | (1,412 | ) | (1,039 | ) | ||||||||
$ | 10,625 | $ | 13,295 | |||||||||
The components of “Investments in consolidated real estate businesses, net” were as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Escena, net | $ | 10,625 | $ | 13,295 | ||||||||
Indian Creek | 10,286 | — | ||||||||||
Investment in consolidated real estate businesses, net | $ | 20,911 | $ | 13,295 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Schedule of Goodwill | ' | |||||||||
Goodwill & Indefinite Life Intangible Assets: The carrying amounts of goodwill and indefinite life intangible assets with changes therein were as follows: | ||||||||||
Goodwill | ||||||||||
Balance at of January 1, 2013 | $ | — | ||||||||
Acquisitions | 72,103 | |||||||||
Balance at December 31, 2013 | $ | 72,103 | ||||||||
Schedule Intangible Assets | ' | |||||||||
Other Intangible Assets: The carrying amounts of other intangible assets were as follows: | ||||||||||
Useful Lives in Years | December 31, | December 31, | ||||||||
2013 | 2012 | |||||||||
Intangible asset associated with benefit under the Master Settlement Agreement | Indefinite | $ | 107,511 | $ | 107,511 | |||||
Trademark - Douglas Elliman | Indefinite | $ | 80,000 | $ | — | |||||
Favorable leases | 10-Jan | $ | 9,598 | $ | — | |||||
Other intangibles | 5-Jan | 3,330 | — | |||||||
12,928 | — | |||||||||
Less: accumulated amortization on amortizable intangibles | (1,568 | ) | — | |||||||
$ | 11,360 | $ | — | |||||||
Notes_Payable_Long_Term_Debt_a1
Notes Payable, Long Term Debt and Other Obligations (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Notes Payable Long Term Debt and Other Obligations [Abstract] | ' | |||||||||||||||||||
Notes payable, long-term debt and other obligations | ' | |||||||||||||||||||
Notes payable, long-term debt and other obligations consist of: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Vector: | ||||||||||||||||||||
7.75% Senior Secured Notes due 2021 | $ | 450,000 | $ | — | ||||||||||||||||
11% Senior Secured Notes due 2015, net of unamortized discount of $0 and $408 | — | 414,592 | ||||||||||||||||||
6.75% Variable Interest Senior Convertible Note due 2014, net of unamortized discount of $19,311 and $30,383* | 30,689 | 19,617 | ||||||||||||||||||
6.75% Variable Interest Senior Convertible Exchange Notes due 2014, net of unamortized discount of $25,944 and $45,038* | 81,586 | 62,492 | ||||||||||||||||||
3.875% Variable Interest Senior Convertible Debentures due 2026, net of unamortized discount of $0 and $36,107* | — | 7,115 | ||||||||||||||||||
7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $155,817 and $161,795* | 74,183 | 68,205 | ||||||||||||||||||
Liggett: | ||||||||||||||||||||
Revolving credit facility | 30,424 | 29,430 | ||||||||||||||||||
Term loan under credit facility | 3,884 | 4,179 | ||||||||||||||||||
Equipment loans | 17,252 | 17,810 | ||||||||||||||||||
Other | 4,325 | 284 | ||||||||||||||||||
Total notes payable, long-term debt and other obligations | 692,343 | 623,724 | ||||||||||||||||||
Less: | ||||||||||||||||||||
Current maturities | (151,577 | ) | (36,778 | ) | ||||||||||||||||
Amount due after one year | $ | 540,766 | $ | 586,946 | ||||||||||||||||
_____________________________ | ||||||||||||||||||||
* | The fair value of the derivatives embedded within the 6.75% Variable Interest Senior Convertible Note ($6,607 at December 31, 2013 and $11,682 at December 31, 2012, respectively), the 6.75% Variable Interest Senior Convertible Exchange Notes ($12,521 at December 31, 2013 and $22,146 at December 31, 2012, respectively), the 3.875% Variable Interest Senior Convertible Debentures ($0 at December 31, 2013 and $39,714 at December 31, 2012, respectively), and the 7.5% Variable Interest Senior Convertible Debentures ( $92,934 at December 31, 2013 and $98,586 at December 31, 2012, respectively) is separately classified as a derivative liability in the condensed consolidated balance sheets. | |||||||||||||||||||
Schedule of Amortization Of Debt Discount Created By Embedded Derivative | ' | |||||||||||||||||||
A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s variable interest senior convertible debt is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
6.75% note | $ | 5,914 | $ | 2,842 | $ | 1,415 | ||||||||||||||
6.75% exchange notes | 11,799 | 7,416 | 4,745 | |||||||||||||||||
3.875% convertible debentures | 155 | 57 | 195 | |||||||||||||||||
7.5% convertible notes | 3,614 | 369 | — | |||||||||||||||||
Interest expense associated with embedded derivatives | $ | 21,482 | $ | 10,684 | $ | 6,355 | ||||||||||||||
Schedule Of Changes In Fair Value Of Derivatives | ' | |||||||||||||||||||
A summary of non-cash changes in fair value of derivatives embedded within convertible debt is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
6.75% note | $ | 5,075 | $ | 5,247 | $ | 3,290 | ||||||||||||||
6.75% exchange notes | 9,625 | 9,940 | 6,238 | |||||||||||||||||
3.875% convertible debentures | (1,417 | ) | (22,281 | ) | (1,544 | ) | ||||||||||||||
7.5% convertible notes | 5,652 | (382 | ) | — | ||||||||||||||||
(Loss) gain on changes in fair value of derivatives embedded within convertible debt | $ | 18,935 | $ | (7,476 | ) | $ | 7,984 | |||||||||||||
The following table reconciles the fair value of derivatives embedded within convertible debt: | ||||||||||||||||||||
6.75% | 6.75% | 3.88% | 7.50% | Total | ||||||||||||||||
Note | Exchange | Convertible | Convertible | |||||||||||||||||
Notes | Debentures | Notes | ||||||||||||||||||
Balance at January 1, 2011 | $ | 20,219 | $ | 38,324 | $ | 82,949 | $ | — | $ | 141,492 | ||||||||||
Conversion of $11,000 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2011 | — | — | (8 | ) | — | (8 | ) | |||||||||||||
(Gain) loss from changes in fair value of embedded derivatives | (3,290 | ) | (6,238 | ) | 1,544 | — | (7,984 | ) | ||||||||||||
Balance at December 31, 2011 | 16,929 | 32,086 | 84,485 | — | 133,500 | |||||||||||||||
Conversion of $55,778 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (67,052 | ) | — | (67,052 | ) | |||||||||||||
Issuance of 7.5% Note | — | — | — | 98,204 | 98,204 | |||||||||||||||
(Gain) loss from changes in fair value of embedded derivatives | (5,247 | ) | (9,940 | ) | 22,281 | 382 | 7,476 | |||||||||||||
Balance at December 31, 2012 | 11,682 | 22,146 | 39,714 | 98,586 | 172,128 | |||||||||||||||
Conversion of $43,222 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (41,131 | ) | — | (41,131 | ) | |||||||||||||
(Gain) loss from changes in fair value of embedded derivatives | (5,075 | ) | (9,625 | ) | 1,417 | (5,652 | ) | (18,935 | ) | |||||||||||
Balance at December 31, 2013 | $ | 6,607 | $ | 12,521 | $ | — | $ | 92,934 | $ | 112,062 | ||||||||||
Components of non-cash interest expense | ' | |||||||||||||||||||
A summary of non-cash interest expense associated with the amortization of the debt discount created by the beneficial conversion feature on the Company’s variable interest senior convertible debt is as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Amortization of beneficial conversion feature: | ||||||||||||||||||||
6.75% note | $ | 5,157 | $ | 2,479 | $ | 1,234 | ||||||||||||||
6.75% exchange notes | 7,294 | 4,582 | 2,932 | |||||||||||||||||
3.875% convertible debentures | 82 | 30 | (80 | ) | ||||||||||||||||
7.5% convertible notes | 2,363 | 241 | — | |||||||||||||||||
Interest expense associated with beneficial conversion feature | $ | 14,896 | $ | 7,332 | $ | 4,086 | ||||||||||||||
Schedule of Unamortized Debt Discount | ' | |||||||||||||||||||
The following table reconciles unamortized debt discount within convertible debt: | ||||||||||||||||||||
6.75% | 6.75% | 3.88% | 7.50% | Total | ||||||||||||||||
Note | Exchange | Convertible | Convertible | |||||||||||||||||
Notes | Debentures | Notes | ||||||||||||||||||
Balance at January 1, 2011 | $ | 38,353 | $ | 64,713 | $ | 83,060 | $ | — | $ | 186,126 | ||||||||||
Conversion of $11,000 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2011 | — | — | 3 | — | 3 | |||||||||||||||
Amortization of embedded derivatives | (1,415 | ) | (4,745 | ) | (195 | ) | — | (6,355 | ) | |||||||||||
Amortization of beneficial conversion feature | (1,234 | ) | (2,932 | ) | 80 | — | (4,086 | ) | ||||||||||||
Balance at December 31, 2011 | 35,704 | 57,036 | 82,948 | — | 175,688 | |||||||||||||||
Conversion of $55,778 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (46,754 | ) | — | (46,754 | ) | |||||||||||||
Issuance of convertible notes - embedded derivative | — | — | — | 98,204 | 98,204 | |||||||||||||||
Issuance of convertible notes - beneficial conversion feature | — | — | — | 64,201 | 64,201 | |||||||||||||||
Amortization of embedded derivatives | (2,842 | ) | (7,416 | ) | (57 | ) | (369 | ) | (10,684 | ) | ||||||||||
Amortization of beneficial conversion feature | (2,479 | ) | (4,582 | ) | (30 | ) | (241 | ) | (7,332 | ) | ||||||||||
Balance at December 31, 2012 | 30,383 | 45,038 | 36,107 | 161,795 | 273,323 | |||||||||||||||
Conversion of $43,222 of 3.875% Variable Interest Senior Convertible Debentures due June 15, 2016 | — | — | (35,870 | ) | — | (35,870 | ) | |||||||||||||
Amortization of embedded derivatives | (5,914 | ) | (11,799 | ) | (155 | ) | (3,614 | ) | (21,482 | ) | ||||||||||
Amortization of beneficial conversion feature | (5,157 | ) | (7,294 | ) | (82 | ) | (2,363 | ) | (14,896 | ) | ||||||||||
Balance at December 31, 2013 | $ | 19,312 | $ | 25,945 | $ | — | $ | 155,818 | $ | 201,075 | ||||||||||
Fair Value of Notes Payable and Long-term Debt | ' | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||
Notes payable and long-term debt | $ | 692,343 | $ | 1,006,562 | $ | 623,724 | $ | 963,672 | ||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||
Scheduled maturities of long-term debt are as follows: | ||||||||||||||||||||
Principal | Unamortized | Net | ||||||||||||||||||
Discount | ||||||||||||||||||||
Year Ending December 31: | ||||||||||||||||||||
2014 | $ | 196,832 | $ | 45,257 | $ | 151,575 | ||||||||||||||
2015 | 13,268 | — | 13,268 | |||||||||||||||||
2016 | 2,911 | — | 2,911 | |||||||||||||||||
2017 | 230 | — | 230 | |||||||||||||||||
2018 | 177 | — | 177 | |||||||||||||||||
Thereafter | 680,000 | 155,818 | 524,182 | |||||||||||||||||
Total | $ | 893,418 | $ | 201,075 | $ | 692,343 | ||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments [Abstract] | ' | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||
The aggregate minimum rentals under operating leases with non-cancelable terms of one year or more as of December 31, 2013 are as follows: | ||||||||||||
Lease | Sublease | Net | ||||||||||
Commitments | Rentals | |||||||||||
Year Ending December 31: | ||||||||||||
2014 | $ | 18,146 | $ | 130 | $ | 18,016 | ||||||
2015 | 16,975 | 111 | 16,864 | |||||||||
2016 | 13,762 | — | 13,762 | |||||||||
2017 | 12,007 | — | 12,007 | |||||||||
2018 | 9,999 | — | 9,999 | |||||||||
Thereafter | 26,032 | — | 26,032 | |||||||||
Total | $ | 96,921 | $ | 241 | $ | 96,680 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||||||||||
The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits: | ||||||||||||||||||||||||
Pension Benefits | Other | |||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | (153,716 | ) | $ | (151,008 | ) | $ | (10,158 | ) | $ | (9,635 | ) | ||||||||||||
Service cost | (1,170 | ) | (1,275 | ) | (16 | ) | (14 | ) | ||||||||||||||||
Interest cost | (5,518 | ) | (6,513 | ) | (418 | ) | (465 | ) | ||||||||||||||||
Plan settlement | 1,819 | — | — | — | ||||||||||||||||||||
Benefits paid | 10,510 | 12,813 | 560 | 512 | ||||||||||||||||||||
Expenses paid | 350 | 308 | — | — | ||||||||||||||||||||
Actuarial (gain) loss | (3,186 | ) | (8,041 | ) | 1,133 | (556 | ) | |||||||||||||||||
Benefit obligation at December 31 | $ | (150,911 | ) | $ | (153,716 | ) | $ | (8,899 | ) | $ | (10,158 | ) | ||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 128,060 | $ | 122,012 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 19,482 | 15,656 | — | — | ||||||||||||||||||||
Plan settlement | (1,819 | ) | — | — | — | |||||||||||||||||||
Expenses paid | (350 | ) | (308 | ) | — | — | ||||||||||||||||||
Contributions | 2,173 | 3,513 | 560 | 512 | ||||||||||||||||||||
Benefits paid | (10,510 | ) | (12,813 | ) | (560 | ) | (512 | ) | ||||||||||||||||
Fair value of plan assets at December 31 | $ | 137,036 | $ | 128,060 | $ | — | $ | — | ||||||||||||||||
Funded status at December 31 | $ | (13,875 | ) | $ | (25,656 | ) | $ | (8,899 | ) | $ | (10,158 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||
Prepaid pension costs | $ | 26,080 | $ | 12,870 | $ | — | $ | — | ||||||||||||||||
Other accrued liabilities | (342 | ) | (2,161 | ) | (597 | ) | (663 | ) | ||||||||||||||||
Non-current employee benefit liabilities | (39,613 | ) | (36,365 | ) | (8,304 | ) | (9,495 | ) | ||||||||||||||||
Net amounts recognized | $ | (13,875 | ) | $ | (25,656 | ) | $ | (8,901 | ) | $ | (10,158 | ) | ||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost — benefits earned during the period | $ | 1,170 | $ | 1,275 | $ | 1,422 | $ | 16 | $ | 14 | $ | 13 | ||||||||||||
Interest cost on projected benefit obligation | 5,518 | 6,513 | 7,481 | 418 | 465 | 500 | ||||||||||||||||||
Expected return on assets | (7,915 | ) | (8,145 | ) | (8,834 | ) | — | — | — | |||||||||||||||
Settlement loss | 244 | — | — | — | — | — | ||||||||||||||||||
Amortization of net loss (gain) | 1,918 | 3,602 | 2,807 | (64 | ) | (121 | ) | (88 | ) | |||||||||||||||
Net expense | $ | 935 | $ | 3,245 | $ | 2,876 | $ | 370 | $ | 358 | $ | 425 | ||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | |||||||||||||||||||||||
The following table summarizes amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost for the year ending 2014. | ||||||||||||||||||||||||
Defined | Post- | Total | ||||||||||||||||||||||
Benefit | Retirement | |||||||||||||||||||||||
Pension Plans | Plans | |||||||||||||||||||||||
Actuarial loss (gain) | $ | 1,075 | $ | (60 | ) | $ | 1,015 | |||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
As of December 31, 2013, current year accumulated other comprehensive income, before income taxes, consists of the following: | ||||||||||||||||||||||||
Defined | Post- | Total | ||||||||||||||||||||||
Benefit | Retirement | |||||||||||||||||||||||
Pension Plans | Plans | |||||||||||||||||||||||
Prior year accumulated other comprehensive income | $ | (37,646 | ) | $ | (182 | ) | $ | (37,828 | ) | |||||||||||||||
Amortization of prior service costs | — | — | — | |||||||||||||||||||||
Amortization of gain (loss) | 2,163 | (64 | ) | 2,099 | ||||||||||||||||||||
Net loss arising during the year | 8,381 | 1,132 | 9,513 | |||||||||||||||||||||
Current year accumulated other comprehensive loss | $ | (27,102 | ) | $ | 886 | $ | (26,216 | ) | ||||||||||||||||
As of December 31, 2012, current year accumulated other comprehensive income, before income taxes, consisted of the following: | ||||||||||||||||||||||||
Defined | Post- | Total | ||||||||||||||||||||||
Benefit | Retirement | |||||||||||||||||||||||
Pension Plans | Plans | |||||||||||||||||||||||
Prior year accumulated other comprehensive income | $ | (40,717 | ) | $ | 495 | $ | (40,222 | ) | ||||||||||||||||
Amortization of prior service costs | 2,018 | — | 2,018 | |||||||||||||||||||||
Amortization of gain (loss) | 1,584 | (121 | ) | 1,463 | ||||||||||||||||||||
Net loss arising during the year | (531 | ) | (556 | ) | (1,087 | ) | ||||||||||||||||||
Current year accumulated other comprehensive (loss) income | $ | (37,646 | ) | $ | (182 | ) | $ | (37,828 | ) | |||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||
Discount rates — benefit obligation | 3.00% - 4.75% | 2.25% - 4.00% | 3.75% - 4.75% | 5 | % | 4.25 | % | 5 | % | |||||||||||||||
Discount rates — service cost | 2.25% - 4.00% | 3.75% - 4.75% | 5.25% | 4.25 | % | 5 | % | 5.25 | % | |||||||||||||||
Assumed rates of return on invested assets | 6.50% | 7.00% | 7.00% | — | — | — | ||||||||||||||||||
Salary increase assumptions | N/A | N/A | N/A | 3 | % | 3 | % | 3 | % | |||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||
Vector’s defined benefit retirement plan allocations at December 31, 2013 and 2012, by asset category, were as follows: | ||||||||||||||||||||||||
Plan Assets at | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||
Equity securities | 50 | % | 47 | % | ||||||||||||||||||||
Investment grade fixed income securities | 28 | % | 30 | % | ||||||||||||||||||||
High yield fixed income securities | 10 | % | 10 | % | ||||||||||||||||||||
Alternative investments | 6 | % | 8 | % | ||||||||||||||||||||
Short-term investments | 6 | % | 5 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The defined benefit plans’ recurring financial assets and liabilities subject to fair value measurements and the necessary disclosures are as follows: | ||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Insurance contracts | $ | 2,396 | $ | — | $ | 2,396 | $ | — | ||||||||||||||||
Amounts in individually managed investment accounts: | ||||||||||||||||||||||||
Cash | 7,424 | 7,424 | — | — | ||||||||||||||||||||
U.S. equity securities | 46,520 | 46,520 | — | — | ||||||||||||||||||||
Common collective trusts | 57,912 | — | 57,912 | — | ||||||||||||||||||||
Investment partnership | 22,748 | — | 13,717 | 9,031 | ||||||||||||||||||||
Total | $ | 137,000 | $ | 53,944 | $ | 74,025 | $ | 9,031 | ||||||||||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Insurance contracts | $ | 2,079 | $ | — | $ | 2,079 | $ | — | ||||||||||||||||
Amounts in individually managed investment accounts: | ||||||||||||||||||||||||
Cash, mutual funds and common stock | 6,309 | 6,309 | — | — | ||||||||||||||||||||
U.S. equity securities | 43,246 | 43,246 | — | — | ||||||||||||||||||||
Common collective trusts | 65,867 | — | 52,714 | 13,153 | ||||||||||||||||||||
Investment partnership | 10,559 | — | — | 10,559 | ||||||||||||||||||||
Total | $ | 128,060 | $ | 49,555 | $ | 54,793 | $ | 23,712 | ||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | ' | |||||||||||||||||||||||
The changes in the fair value of these Level 3 investments as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance as of January 1 | $ | 23,712 | $ | 22,582 | ||||||||||||||||||||
Transfers | (13,153 | ) | — | |||||||||||||||||||||
Distributions | (2,669 | ) | (2,905 | ) | ||||||||||||||||||||
Contributions | — | 864 | ||||||||||||||||||||||
Unrealized loss on long-term investments | (1,779 | ) | 2,442 | |||||||||||||||||||||
Realized gain on long-term investments | 2,920 | 729 | ||||||||||||||||||||||
Balance as of December 31 | $ | 9,031 | $ | 23,712 | ||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
A 1% change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 6 | $ | (6 | ) | |||||||||||||||||||
Effect on benefit obligation | 119 | (110 | ) | |||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||
Estimated future pension and postretirement medical benefits payments are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Medical | ||||||||||||||||||||||||
2014 | $ | 10,749 | $ | 596 | ||||||||||||||||||||
2015 | 10,422 | 603 | ||||||||||||||||||||||
2016 | 10,080 | 607 | ||||||||||||||||||||||
2017 | 9,793 | 611 | ||||||||||||||||||||||
2018 | 39,101 | 615 | ||||||||||||||||||||||
2019 - 2023 | 54,013 | 3,114 | ||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||
The amounts provided for income taxes are as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current: | ||||||||||||||||
U.S. Federal | $ | 20,808 | $ | 24,246 | $ | 30,458 | ||||||||||
State | 3,521 | 6,185 | 8,313 | |||||||||||||
$ | 24,329 | $ | 30,431 | $ | 38,771 | |||||||||||
Deferred: | ||||||||||||||||
U.S. Federal | $ | 596 | $ | (5,779 | ) | $ | 7,765 | |||||||||
State | (130 | ) | (1,557 | ) | 1,601 | |||||||||||
466 | (7,336 | ) | 9,366 | |||||||||||||
Total | $ | 24,795 | $ | 23,095 | $ | 48,137 | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||||
The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities are as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Deferred Tax | Deferred Tax | Deferred Tax | Deferred Tax | |||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Excess of tax basis over book basis- non-consolidated entities | $ | 4,434 | $ | 3,582 | $ | 3,654 | $ | — | ||||||||
Employee benefit accruals | 19,539 | 9,378 | 17,508 | 2,383 | ||||||||||||
Book/tax differences on fixed and Intangible assets | — | 48,086 | — | 45,439 | ||||||||||||
Book/tax differences on inventory | — | 19,213 | — | 18,165 | ||||||||||||
Book/tax differences on long-term investments | — | 30,898 | 1 | — | ||||||||||||
Impact of accounting on convertible debt | 9,202 | 44,823 | 16,306 | 56,346 | ||||||||||||
Impact of timing of settlement payments | 56,551 | — | 32,113 | 706 | ||||||||||||
Various U.S. state tax loss carryforwards | 10,010 | — | 10,854 | — | ||||||||||||
Other | 8,231 | 27,404 | 11,625 | 13,792 | ||||||||||||
Valuation allowance | (6,014 | ) | — | (6,310 | ) | — | ||||||||||
$ | 101,953 | $ | 183,384 | $ | 85,751 | $ | 136,831 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||
Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Income before income taxes | $ | 63,487 | $ | 53,717 | $ | 123,157 | ||||||||||
Federal income tax expense at statutory rate | 22,221 | 18,801 | 43,105 | |||||||||||||
Increases (decreases) resulting from: | ||||||||||||||||
State income taxes, net of federal income tax benefits | 2,204 | 3,009 | 6,444 | |||||||||||||
Impact of non-controlling interest | 88 | — | — | |||||||||||||
Non-deductible expenses | 2,698 | 3,311 | 1,974 | |||||||||||||
Impact of domestic production deduction | (1,889 | ) | (2,026 | ) | (4,256 | ) | ||||||||||
Tax credits | (433 | ) | — | — | ||||||||||||
Changes in valuation allowance, net of equity and tax audit adjustments | (94 | ) | — | 870 | ||||||||||||
Income tax expense | $ | 24,795 | $ | 23,095 | $ | 48,137 | ||||||||||
Summary of Income Tax Contingencies | ' | |||||||||||||||
The following table summarizes the activity related to the unrecognized tax benefits: | ||||||||||||||||
Balance at January 1, 2011 | $ | 6,768 | ||||||||||||||
Additions based on tax positions related to prior years | 250 | |||||||||||||||
Expirations of the statute of limitations | (421 | ) | ||||||||||||||
Balance at December 31, 2011 | 6,597 | |||||||||||||||
Additions based on tax positions related to prior years | 588 | |||||||||||||||
Expirations of the statute of limitations | (916 | ) | ||||||||||||||
Balance at December 31, 2012 | 6,269 | |||||||||||||||
Additions based on tax positions related to prior years | 179 | |||||||||||||||
Settlements | (250 | ) | ||||||||||||||
Expirations of the statute of limitations | (3,076 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 3,122 | ||||||||||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||||||
The assumptions used for grants in the years ended December 31, 2013 and 2011 were as follows: | ||||||||||||||||||||||||||
2013 | 2011 | |||||||||||||||||||||||||
Risk-free interest rate | 0.6% – 1.8% | 1.4% – 1.9% | ||||||||||||||||||||||||
Expected volatility | 20.05% – 24.08% | 24.78% – 25.02% | ||||||||||||||||||||||||
Dividend yield | 0 | % | 0.0% - 10.08% | |||||||||||||||||||||||
Expected holding period | 4.00 – 10.00 years | 4.00 – 4.75 years | ||||||||||||||||||||||||
Weighted-average grant date fair value | $2.72 – $5.80 | $0.90 – $3.81 | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||||||
A summary of employee stock option transactions follows: | ||||||||||||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||||||||||||
Shares | Exercise Price | Remaining | Intrinsic | |||||||||||||||||||||||
Contractual Term | Value(1) | |||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||
Outstanding on January 1, 2011 | 2,664,481 | $ | 12.13 | 6 | $ | 11,208 | ||||||||||||||||||||
Granted | 529,035 | $ | 14.84 | |||||||||||||||||||||||
Exercised | (557,887 | ) | $ | 10.33 | ||||||||||||||||||||||
Canceled | (212,225 | ) | $ | — | ||||||||||||||||||||||
Outstanding on December 31, 2011 | 2,423,404 | $ | 12.48 | 7.6 | $ | 11,187 | ||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||||
Exercised | (16,883 | ) | $ | 8.25 | ||||||||||||||||||||||
Canceled | (6,599 | ) | $ | 14.35 | ||||||||||||||||||||||
Outstanding on December 31, 2012 | 2,399,922 | $ | 12.5 | 6.6 | $ | 4,371 | ||||||||||||||||||||
Granted | 787,500 | $ | 15.36 | |||||||||||||||||||||||
Exercised | (40,175 | ) | $ | 13.54 | ||||||||||||||||||||||
Canceled | (13 | ) | $ | — | ||||||||||||||||||||||
Outstanding on December 31, 2013 | 3,147,234 | $ | 13.21 | 6.5 | $ | 9,959 | ||||||||||||||||||||
Options exercisable at: | ||||||||||||||||||||||||||
December 31, 2011 | 411,452 | |||||||||||||||||||||||||
December 31, 2012 | 418,359 | |||||||||||||||||||||||||
December 31, 2013 | 1,777,158 | |||||||||||||||||||||||||
_____________________________ | ||||||||||||||||||||||||||
-1 | The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($16.37, $14.16 and $16.10 at December 31, 2013, 2012 and 2011, respectively) exceeds the option exercise price. | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||||||||||||
Additional information relating to options outstanding at December 31, 2013 follows: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of Exercise Prices | Outstanding | Weighted-Average | Weighted-Average | Exercisable | Weighted-Average | Weighted-Average | Aggregate Intrinsic Value | |||||||||||||||||||
as of | Remaining | Exercise Price | as of | Remaining | Exercise Price | |||||||||||||||||||||
Contractual Life | Contractual Life | |||||||||||||||||||||||||
12/31/13 | (Years) | 12/31/13 | (Years) | |||||||||||||||||||||||
$0.00 | - | $12.13 | 1,679,616 | 5.3 | $ | 11.64 | 1,679,616 | 5.3 | $ | 11.64 | $ | — | ||||||||||||||
$12.13 | - | $14.55 | 180,024 | 5.7 | $ | 13.61 | 97,542 | 5 | $ | 13.64 | — | |||||||||||||||
$15.28 | - | $16.98 | 1,287,594 | 8.3 | $ | 15.19 | — | $ | — | — | ||||||||||||||||
$17.82 | - | $19.40 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$20.37 | - | $21.83 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$22.91 | - | $24.25 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$0.00 | - | $0.00 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
$0.00 | - | $0.00 | — | — | $ | — | — | $ | — | — | ||||||||||||||||
3,147,234 | 6.5 | $ | 13.21 | 1,777,158 | 5.3 | $ | 11.75 | $ | 8,203 | |||||||||||||||||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Contingencies [Abstract] | ' | |||||||||||||||||||||||
Cases Pending by State | ' | |||||||||||||||||||||||
The following table lists the number of Individual Actions, by state, that are pending against Liggett or the Company as of December 31, 2013: | ||||||||||||||||||||||||
State | Number | |||||||||||||||||||||||
of Cases | ||||||||||||||||||||||||
Florida | 39 | |||||||||||||||||||||||
New York | 9 | |||||||||||||||||||||||
Maryland | 4 | |||||||||||||||||||||||
Louisiana | 3 | |||||||||||||||||||||||
West Virginia | 2 | |||||||||||||||||||||||
Missouri | 1 | |||||||||||||||||||||||
Ohio | 1 | |||||||||||||||||||||||
Schedule of Judgments Entered | ' | |||||||||||||||||||||||
As of December 31, 2013, the following Engle progeny cases have resulted in judgments against Liggett: | ||||||||||||||||||||||||
Date | Case Name | County | Net Compensatory | Punitive Damages | Status | |||||||||||||||||||
Damages | ||||||||||||||||||||||||
Jun-02 | Lukacs v. R.J. Reynolds | Miami-Dade | $12,418 | None | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Aug-09 | Campbell v. R.J. Reynolds | Escambia | $156 | None | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Mar-10 | Douglas v. R.J. Reynolds | Hillsborough | $1,350 | None | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Apr-10 | Clay v. R.J. Reynolds | Escambia | $349 | $1,000 | Liggett satisfied the judgment and the case is concluded. | |||||||||||||||||||
Apr-10 | Putney v. R.J. Reynolds | Broward | $3,008 | None | On June 12, 2013, the Fourth District Court of Appeal reversed and remanded the case for further proceedings. Plaintiff filed a motion for rehearing which was denied. Both sides have sought discretionary review from the Florida Supreme Court. The appeal is stayed pending the outcome of the Hess appeal. | |||||||||||||||||||
Apr-11 | Tullo v. R.J. Reynolds | Palm Beach | $225 | None | Affirmed by the Fourth District Court of Appeal. The defendants have sought discretionary review from the Florida Supreme Court. | |||||||||||||||||||
Jan-12 | Ward v. R.J. Reynolds | Escambia | $1 | None | Affirmed by the First District Court of Appeal. Liggett satisfied the merits judgment and other than an issue regarding attorneys' fees, the case is concluded. Oral argument on the attorneys' fee appeal occurred on February 11, 2014. | |||||||||||||||||||
May-12 | Calloway v. R.J. Reynolds | Broward | $1,947 | $7,600 | A joint and several judgment for $16,100 was entered against R.J. Reynolds, Philip Morris, Lorillard and Liggett. On appeal to the Fourth District Court of Appeal. | |||||||||||||||||||
Dec-12 | Buchanan v. R.J. Reynolds | Leon | $2,035 | None | A joint and several judgment for $5,500 was entered against Liggett and Philip Morris. On appeal to the First District Court of Appeal. | |||||||||||||||||||
May-13 | Cohen v. R.J. Reynolds | Palm Beach | $205 | None | Defendants' motion seeking a new trial was granted by the trial court. Plaintiff appealed to the Fourth District Court of Appeal. | |||||||||||||||||||
Aug-13 | Rizzuto v. R.J. Reynolds | Hernando | $3,479 | None | A joint and several judgment for $11,132 was entered against Philip Morris and Liggett. The court denied defendants' request to reduce the compensatory damages by the plaintiff's comparative fault. On appeal to the Fifth District Court of Appeal. | |||||||||||||||||||
Schedule of Loss Contingencies | ' | |||||||||||||||||||||||
The activity in the Company's accruals for the MSA and tobacco litigation for the three years ended December 31, 2013 were as follows: | ||||||||||||||||||||||||
Current Liabilities | Non-Current Liabilities | |||||||||||||||||||||||
Payments due under Master Settlement Agreement | Litigation Accruals | Total | Payments due under Master Settlement Agreement | Litigation Accruals | Total | |||||||||||||||||||
Balance at January 31, 2011 | $ | 43,888 | $ | 4,183 | $ | 48,071 | $ | 30,205 | $ | — | $ | 30,205 | ||||||||||||
Expenses | 155,707 | 885 | 156,592 | — | — | — | ||||||||||||||||||
Change in MSA obligations capitalized as inventory | (2,495 | ) | — | (2,495 | ) | — | — | — | ||||||||||||||||
Payments | (128,258 | ) | (1,917 | ) | (130,175 | ) | — | — | — | |||||||||||||||
Reclassification from non-current liabilities | (17,668 | ) | (1,600 | ) | (19,268 | ) | 17,667 | 1,600 | 19,267 | |||||||||||||||
Interest on withholding | — | — | — | 1,466 | — | 1,466 | ||||||||||||||||||
Balance at December 31, 2011 | 51,174 | 1,551 | 52,725 | 49,338 | 1,600 | 50,938 | ||||||||||||||||||
Expenses | 137,746 | 1,725 | 139,471 | — | — | — | ||||||||||||||||||
Change in MSA obligations capitalized as inventory | 49 | — | 49 | — | — | — | ||||||||||||||||||
Payments | (155,094 | ) | (2,170 | ) | (157,264 | ) | — | — | — | |||||||||||||||
Reclassification from non-current liabilities | (905 | ) | 224 | (681 | ) | 905 | (224 | ) | 681 | |||||||||||||||
Interest on withholding | — | 140 | 140 | 2,396 | 486 | 2,882 | ||||||||||||||||||
Balance at December 31, 2012 | 32,970 | 1,470 | 34,440 | 52,639 | 1,862 | 54,501 | ||||||||||||||||||
Expenses | 117,085 | 63,292 | 180,377 | — | 25,218 | 25,218 | ||||||||||||||||||
MSA settlement and arbitration adjustments | (3,928 | ) | — | (3,928 | ) | (18,138 | ) | — | (18,138 | ) | ||||||||||||||
Change in MSA obligations capitalized as inventory | 1,611 | — | 1,611 | — | — | — | ||||||||||||||||||
Payments | (129,320 | ) | (6,070 | ) | (135,390 | ) | — | — | — | |||||||||||||||
Reclassification from non-current liabilities | 6,930 | 223 | 7,153 | (6,930 | ) | (223 | ) | (7,153 | ) | |||||||||||||||
Interest on withholding | — | 395 | 395 | — | 201 | 201 | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 25,348 | $ | 59,310 | $ | 84,658 | $ | 27,571 | $ | 27,058 | $ | 54,629 | ||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Schedule of Supplemental Cash Flow Information | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
I. Cash paid during the period for: | ||||||||||||
Interest | $ | 114,301 | $ | 81,821 | $ | 83,677 | ||||||
Income taxes | 17,585 | 27,693 | 53,074 | |||||||||
II. Non-cash investing and financing activities: | ||||||||||||
Issuance of stock dividend | 450 | 414 | 378 | |||||||||
Acquisitions | 84,859 | — | — | |||||||||
Non-controlling interest | 87,657 | — | — | |||||||||
Debt retired in debt conversion | 43,222 | 55,778 | 11,000 | |||||||||
Embedded derivative, net retired in debt conversion | 17,377 | 8,001 | 1,150 | |||||||||
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ||||||||||||||||
Company's recurring financial assets and liabilities subject to fair value measurements | ' | ||||||||||||||||
The Company's recurring financial assets and liabilities subject to fair value measurements are as follows: | |||||||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 130,733 | $ | 130,733 | $ | — | $ | — | |||||||||
Certificates of deposit | 2,961 | — | 2,961 | — | |||||||||||||
Bonds | 5,337 | 5,337 | — | — | |||||||||||||
Investment securities available for sale | |||||||||||||||||
Equity securities | 118,474 | 117,737 | 737 | — | |||||||||||||
Fixed income securities | — | ||||||||||||||||
U.S. Government securities | 13,990 | — | 13,990 | — | |||||||||||||
Corporate securities | 29,923 | 6,497 | 23,426 | — | |||||||||||||
U.S. mortgage backed securities | 495 | — | 495 | — | |||||||||||||
Commercial mortgage-backed securities | 6,822 | — | 6,822 | — | |||||||||||||
U.S. asset backed securities | 2,081 | — | 2,081 | — | |||||||||||||
Index-linked U.S. bonds | 749 | — | 749 | — | |||||||||||||
Total fixed income securities | 54,060 | 6,497 | 47,563 | — | |||||||||||||
Warrants (1) | 1,935 | — | — | 1,935 | |||||||||||||
Total | $ | 313,500 | $ | 260,304 | $ | 51,261 | $ | 1,935 | |||||||||
Liabilities: | |||||||||||||||||
Fair value of derivatives embedded within convertible debt | $ | 112,062 | $ | — | $ | — | $ | 112,062 | |||||||||
-1 | Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $1,758 as of December 31, 2013 and are included in "Other assets". The Company recognized income of $1,041 for the year ended December 31, 2013 related to the change in fair value of the Warrants. | ||||||||||||||||
Fair Value Measurements as of December 31, 2012 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 372,718 | $ | 372,718 | $ | — | $ | — | |||||||||
Certificates of deposit | 2,240 | — | 2,240 | — | |||||||||||||
Bonds | 6,306 | 6,306 | — | — | |||||||||||||
Investment securities available for sale | 69,984 | 69,107 | 877 | — | |||||||||||||
Warrants (1) | 769 | — | — | 769 | |||||||||||||
Total | $ | 452,017 | $ | 448,131 | $ | 3,117 | $ | 769 | |||||||||
Liabilities: | |||||||||||||||||
Fair value of derivatives embedded within convertible debt | $ | 172,128 | $ | — | $ | — | $ | 172,128 | |||||||||
-1 | Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $717 as of December 31, 2012 and are included in "Other assets". The Company recognized a loss of $1,174 for the year ended December 31, 2011 related to the change in fair value from receipt. (See Note 16.) | ||||||||||||||||
Fair value inputs, assets and liabilities, quantitative information | ' | ||||||||||||||||
The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2013: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | |||||||||||||||||
December 31, | Valuation Technique | Unobservable Input | Range (Actual) | ||||||||||||||
2013 | |||||||||||||||||
Warrants | $ | 1,935 | Option model | Stock price | $ | 3.13 | |||||||||||
Exercise price | $ | 1.68 | |||||||||||||||
Term (in years) | 2.8 | ||||||||||||||||
Volatility | 53.82 | % | |||||||||||||||
Dividend rate | — | ||||||||||||||||
Risk-free return | 0.72 | % | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 112,062 | Discounted cash flow | Assumed annual stock dividend | 5 | % | ||||||||||||
Assumed annual cash dividend | $ | 1.6 | |||||||||||||||
Stock price | $ | 16.37 | |||||||||||||||
Convertible trading price | 118.7 | % | |||||||||||||||
Volatility | 18 | % | |||||||||||||||
Implied credit spread | 7.5% - 8.5% (8.0%) | ||||||||||||||||
The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2012: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | |||||||||||||||||
December 31, | Valuation Technique | Unobservable Input | Range (Actual) | ||||||||||||||
2012 | |||||||||||||||||
Warrants | $ | 769 | Option model | Stock price | $ | 1.4 | |||||||||||
Exercise price | $ | 1.68 | |||||||||||||||
Term (in years) | 3.8 | ||||||||||||||||
Volatility | 76.87 | % | |||||||||||||||
Dividend rate | — | ||||||||||||||||
Risk-free return | 0.5 | % | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 172,128 | Discounted cash flow | Assumed annual stock dividend | 5 | % | ||||||||||||
Assumed annual cash dividend | $ | 1.6 | |||||||||||||||
Stock price | $ | 14.87 | |||||||||||||||
Convertible trading price | 109 | % | |||||||||||||||
Volatility | 18 | % | |||||||||||||||
Implied credit spread | 10% - 11% (10.5%) | ||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Financial information for the company's operations before taxes | ' | |||||||||||||||||
Financial information for the Company’s operations before taxes and minority interests for the years ended December 31, 2013, 2012 and 2011 follows: | ||||||||||||||||||
Tobacco | Real | Corporate | Total | |||||||||||||||
Estate | and Other | |||||||||||||||||
2013 | ||||||||||||||||||
Revenues | $ | 1,014,341 | $ | 41,859 | $ | — | $ | 1,056,200 | ||||||||||
Operating income (loss) | 112,020 | -1 | 15,805 | (15,789 | ) | 112,036 | ||||||||||||
Equity income from non-consolidated real estate businesses | — | 22,925 | — | 22,925 | ||||||||||||||
Total assets | 442,701 | 426,982 | -2 | 390,476 | 1,260,159 | |||||||||||||
Depreciation and amortization | 9,509 | 2,421 | 701 | 12,631 | ||||||||||||||
Capital expenditures | 9,784 | 1,194 | 2,297 | 13,275 | ||||||||||||||
2012 | ||||||||||||||||||
Revenues | $ | 1,084,546 | $ | — | $ | — | $ | 1,084,546 | ||||||||||
Operating income (loss) | 176,017 | (2,013 | ) | (19,071 | ) | 154,933 | ||||||||||||
Equity income from non-consolidated real estate businesses | — | 29,764 | — | 29,764 | ||||||||||||||
Total assets | 426,027 | 139,940 | -2 | 520,764 | 1,086,731 | |||||||||||||
Depreciation and amortization | 9,759 | 414 | 435 | 10,608 | ||||||||||||||
Capital expenditures | 9,339 | 406 | 1,520 | 11,265 | ||||||||||||||
2011 | ||||||||||||||||||
Revenues | $ | 1,133,380 | $ | — | $ | — | $ | 1,133,380 | ||||||||||
Operating income (loss) | 164,581 | (1,929 | ) | (19,331 | ) | 143,321 | ||||||||||||
Equity income from non-consolidated real estate businesses | — | 19,966 | — | 19,966 | ||||||||||||||
Total assets | 440,564 | 138,096 | -2 | 349,108 | 927,768 | |||||||||||||
Depreciation and amortization | 9,118 | 326 | 1,163 | 10,607 | ||||||||||||||
Capital expenditures | 10,725 | 252 | 861 | 11,838 | ||||||||||||||
_____________________________ | ||||||||||||||||||
-1 | Operating income includes $11,823 of income from MSA Settlements, $86,213 of Engle progeny settlement charge and $1,893 of litigation judgment expense. | |||||||||||||||||
-2 | Includes investments accounted for under the equity method of accounting of $128,202, $125,651 and $140,968 as of December 31, 2013, 2012 and 2011, respectively. |
Quarterly_Financial_Results_Un1
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Unaudited quarterly data for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Revenues | $ | 295,162 | $ | 271,516 | $ | 249,120 | $ | 240,402 | ||||||||
Gross Profit | 96,353 | 76,525 | 68,690 | 67,446 | ||||||||||||
Operating income | 61,985 | (37,285 | ) | 44,240 | 43,096 | |||||||||||
Net income (loss) applicable to common shares attributed to Vector Group Ltd | $ | 64,005 | $ | (36,891 | ) | $ | 13,511 | $ | (1,681 | ) | ||||||
Per basic common share(1): | ||||||||||||||||
Net income (loss) applicable to common shares attributed to Vector Group Ltd. | $ | 0.67 | $ | (0.40 | ) | $ | 0.14 | $ | (0.02 | ) | ||||||
Per diluted common share(1): | ||||||||||||||||
Net income (loss) applicable to common shares attributed to Vector Group Ltd. | $ | 0.61 | $ | (0.40 | ) | $ | 0.14 | $ | (0.02 | ) | ||||||
_____________________________ | ||||||||||||||||
-1 | Per share computations include the impact of a 5% stock dividend paid on September 27, 2013. Quarterly basic and diluted net income per common share were computed independently for each quarter and do not necessarily total to the year to date basic and diluted net income per common share. | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Revenues | $ | 277,563 | $ | 272,783 | $ | 276,594 | $ | 257,606 | ||||||||
Gross Profit | 69,793 | 69,034 | 64,842 | 57,425 | ||||||||||||
Operating income | 37,366 | 43,193 | 40,928 | 33,446 | ||||||||||||
Net income (loss) applicable to common shares | $ | 16,485 | $ | 17,932 | $ | 3,895 | $ | (7,690 | ) | |||||||
Per basic common share(1): | ||||||||||||||||
Net income applicable to common shares | $ | 0.18 | $ | 0.2 | $ | 0.04 | $ | (0.09 | ) | |||||||
Per diluted common share(1): | ||||||||||||||||
Net income applicable to common shares | $ | 0.14 | $ | 0.2 | $ | 0.04 | $ | (0.09 | ) | |||||||
_____________________________ | ||||||||||||||||
-1 | Per share computations include the impact of a 5% stock dividend paid on September 28, 2012. Quarterly basic and diluted net income per common share were computed independently for each quarter and do not necessarily total to the year to date basic and diluted net income per common share. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Consolidated Balance Sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 151,342 | $ | 11,812 | $ | 71,312 | $ | — | $ | 234,466 | ||||||||||
Investment securities available for sale | 114,886 | 57,648 | — | — | 172,534 | |||||||||||||||
Accounts receivable - trade, net | — | 10,154 | 2,005 | — | 12,159 | |||||||||||||||
Intercompany receivables | 509 | — | — | (509 | ) | — | ||||||||||||||
Inventories | — | 93,496 | — | — | 93,496 | |||||||||||||||
Deferred income taxes | 45,578 | 4,901 | — | — | 50,479 | |||||||||||||||
Income taxes receivable, net | — | 10,447 | — | (10,447 | ) | — | ||||||||||||||
Restricted assets | — | 1,060 | 725 | — | 1,785 | |||||||||||||||
Other current assets | 513 | 12,579 | 10,300 | — | 23,392 | |||||||||||||||
Total current assets | 312,828 | 202,097 | 84,342 | (10,956 | ) | 588,311 | ||||||||||||||
Property, plant and equipment, net | 3,641 | 55,093 | 20,524 | — | 79,258 | |||||||||||||||
Investment in consolidated real estate businesses, net | — | — | 20,911 | — | 20,911 | |||||||||||||||
Long-term investments accounted for at cost | 20,041 | — | 747 | — | 20,788 | |||||||||||||||
Long-term investments accounted for under the equity method | 8,595 | — | — | — | 8,595 | |||||||||||||||
Investments in non-consolidated real estate businesses | — | — | 128,202 | — | 128,202 | |||||||||||||||
Investments in consolidated subsidiaries | 410,442 | — | — | (410,442 | ) | — | ||||||||||||||
Restricted assets | 1,895 | 10,086 | — | — | 11,981 | |||||||||||||||
Deferred income taxes | 35,000 | 12,766 | 3,708 | — | 51,474 | |||||||||||||||
Goodwill and other intangible assets, net | — | 107,511 | 163,495 | — | 271,006 | |||||||||||||||
Prepaid pension costs | — | 26,080 | — | — | 26,080 | |||||||||||||||
Other assets | 38,374 | 10,126 | 5,053 | — | 53,553 | |||||||||||||||
Total assets | $ | 830,816 | $ | 423,759 | $ | 426,982 | $ | (421,398 | ) | $ | 1,260,159 | |||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of notes payable and long-term debt | $ | 112,275 | $ | 39,013 | $ | 289 | $ | — | $ | 151,577 | ||||||||||
Current portion of fair value of derivatives embedded within convertible debt | 19,128 | — | — | — | 19,128 | |||||||||||||||
Current portion of employee benefits | — | 939 | — | — | 939 | |||||||||||||||
Accounts payable | 1,509 | 4,136 | 21,049 | — | 26,694 | |||||||||||||||
Intercompany payables | — | 39 | 470 | (509 | ) | — | ||||||||||||||
Accrued promotional expenses | — | 18,655 | — | — | 18,655 | |||||||||||||||
Income taxes payable, net | 16,870 | — | — | (10,447 | ) | 6,423 | ||||||||||||||
Accrued excise and payroll taxes payable, net | — | 11,621 | — | — | 11,621 | |||||||||||||||
Litigation accruals and current payments due under the Master Settlement Agreement | — | 84,658 | — | — | 84,658 | |||||||||||||||
Deferred income taxes | 32,309 | 13,425 | — | — | 45,734 | |||||||||||||||
Accrued interest | 21,968 | — | — | — | 21,968 | |||||||||||||||
Other current liabilities | 6,103 | 10,495 | 1,010 | — | 17,608 | |||||||||||||||
Total current liabilities | 210,162 | 182,981 | 22,818 | (10,956 | ) | 405,005 | ||||||||||||||
Notes payable, long-term debt and other obligations, less current portion | 524,182 | 12,573 | 4,011 | — | 540,766 | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 92,934 | — | — | — | 92,934 | |||||||||||||||
Non-current employee benefits | 31,462 | 16,455 | — | — | 47,917 | |||||||||||||||
Deferred income taxes | 65,759 | 37,602 | 34,289 | — | 137,650 | |||||||||||||||
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 1,353 | 54,924 | 1,219 | — | 57,496 | |||||||||||||||
Total liabilities | 925,852 | 304,535 | 62,337 | (10,956 | ) | 1,281,768 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' (deficiency) equity attributed to Vector Group Ltd. | (95,036 | ) | 119,224 | 291,218 | (410,442 | ) | (95,036 | ) | ||||||||||||
Non-controlling interest | — | — | 73,427 | — | 73,427 | |||||||||||||||
Total Stockholders' (deficiency) equity | (95,036 | ) | 119,224 | 364,645 | (410,442 | ) | (21,609 | ) | ||||||||||||
Total liabilities and stockholders' deficiency | $ | 830,816 | $ | 423,759 | $ | 426,982 | $ | (421,398 | ) | $ | 1,260,159 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 401,344 | $ | 3,776 | $ | 735 | $ | — | $ | 405,855 | ||||||||||
Investment securities available for sale | 35,330 | 34,654 | — | — | 69,984 | |||||||||||||||
Accounts receivable - trade, net | — | 11,183 | 64 | — | 11,247 | |||||||||||||||
Intercompany receivables | 354 | — | — | (354 | ) | — | ||||||||||||||
Inventories | — | 100,392 | — | — | 100,392 | |||||||||||||||
Deferred income taxes | 33,238 | 3,371 | — | — | 36,609 | |||||||||||||||
Income taxes receivable, net | 33,302 | — | — | (26,523 | ) | 6,779 | ||||||||||||||
Restricted assets | — | 2,469 | — | — | 2,469 | |||||||||||||||
Other current assets | 665 | 4,848 | 208 | — | 5,721 | |||||||||||||||
Total current assets | 504,233 | 160,693 | 1,007 | (26,877 | ) | 639,056 | ||||||||||||||
Property, plant and equipment, net | 2,104 | 54,810 | 239 | — | 57,153 | |||||||||||||||
Investment in consolidated real estate business, net | — | — | 13,295 | — | 13,295 | |||||||||||||||
Long-term investments accounted for at cost | 15,540 | — | 827 | — | 16,367 | |||||||||||||||
Long-term investments accounted for under the equity method | 6,432 | — | — | — | 6,432 | |||||||||||||||
Investments in non-consolidated real estate businesses | — | — | 119,219 | — | 119,219 | |||||||||||||||
Investments in consolidated subsidiaries | 210,525 | — | — | (210,525 | ) | — | ||||||||||||||
Restricted assets | 1,898 | 7,863 | 31 | — | 9,792 | |||||||||||||||
Deferred income taxes | 38,077 | 5,669 | 5,396 | — | 49,142 | |||||||||||||||
Intangible asset associated with benefit under the Master Settlement Agreement | — | 107,511 | — | — | 107,511 | |||||||||||||||
Prepaid pension costs | — | 12,870 | — | — | 12,870 | |||||||||||||||
Other assets | 39,534 | 16,144 | 216 | — | 55,894 | |||||||||||||||
Total assets | $ | 818,343 | $ | 365,560 | $ | 140,230 | $ | (237,402 | ) | $ | 1,086,731 | |||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of notes payable and long-term debt | $ | — | $ | 36,617 | $ | 161 | $ | — | $ | 36,778 | ||||||||||
Current portion of employee benefits | — | 2,824 | — | — | 2,824 | |||||||||||||||
Accounts payable | 661 | 5,173 | 265 | — | 6,099 | |||||||||||||||
Intercompany payables | — | 64 | 290 | (354 | ) | — | ||||||||||||||
Accrued promotional expenses | — | 18,730 | — | — | 18,730 | |||||||||||||||
Income taxes payable, net | — | 1,445 | 31,347 | (26,523 | ) | 6,269 | ||||||||||||||
Accrued excise and payroll taxes payable, net | — | 20,419 | — | — | 20,419 | |||||||||||||||
Litigation accruals and current payments due under the Master Settlement Agreement | — | 34,440 | — | — | 34,440 | |||||||||||||||
Deferred income taxes | 23,304 | 3,995 | — | — | 27,299 | |||||||||||||||
Accrued interest | 25,410 | — | — | — | 25,410 | |||||||||||||||
Other current liabilities | 5,545 | 9,658 | 1,688 | — | 16,891 | |||||||||||||||
Total current liabilities | 54,920 | 133,365 | 33,751 | (26,877 | ) | 195,159 | ||||||||||||||
Notes payable, long-term debt and other obligations, less current portion | 572,023 | 14,860 | 63 | — | 586,946 | |||||||||||||||
Fair value of derivatives embedded within convertible debt | 172,128 | — | — | — | 172,128 | |||||||||||||||
Non-current employee benefits | 25,599 | 20,261 | — | — | 45,860 | |||||||||||||||
Deferred income taxes | 71,777 | 33,793 | 3,962 | — | 109,532 | |||||||||||||||
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 1,148 | 54,506 | 704 | — | 56,358 | |||||||||||||||
Total liabilities | 897,595 | 256,785 | 38,480 | (26,877 | ) | 1,165,983 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' (deficiency) equity | (79,252 | ) | 108,775 | 101,750 | (210,525 | ) | (79,252 | ) | ||||||||||||
Total liabilities and stockholders' deficiency | $ | 818,343 | $ | 365,560 | $ | 140,230 | $ | (237,402 | ) | $ | 1,086,731 | |||||||||
Schedule of Condensed Consolidating Statemetns of Operations | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Revenues | $ | — | $ | 1,014,341 | $ | 41,859 | $ | — | $ | 1,056,200 | ||||||||||
Expenses: | ||||||||||||||||||||
Cost of goods sold | — | 729,393 | 17,793 | — | 747,186 | |||||||||||||||
Operating, selling, administrative and general expenses | 22,835 | 77,780 | 8,257 | — | 108,872 | |||||||||||||||
Litigation settlement and judgment expense | — | 88,106 | — | — | 88,106 | |||||||||||||||
Management fee expense | — | 9,508 | — | (9,508 | ) | — | ||||||||||||||
Operating (loss) income | (22,835 | ) | 109,554 | 15,809 | 9,508 | 112,036 | ||||||||||||||
Other income (expenses): | ||||||||||||||||||||
Interest expense | (130,417 | ) | (1,716 | ) | (14 | ) | — | (132,147 | ) | |||||||||||
Change in fair value of derivatives embedded within convertible debt | 18,935 | — | — | — | 18,935 | |||||||||||||||
Acceleration of interest expense related to debt conversion | (12,414 | ) | — | — | — | (12,414 | ) | |||||||||||||
Loss on extinguishment of debt | (21,458 | ) | — | — | — | (21,458 | ) | |||||||||||||
Equity income from non-consolidated real estate businesses | — | — | 22,925 | — | 22,925 | |||||||||||||||
Equity loss on long-term investments | 2,066 | — | — | — | 2,066 | |||||||||||||||
(Loss) gain on investment securities available for sale | (272 | ) | 5,424 | — | — | 5,152 | ||||||||||||||
Gain on Douglas Elliman acquisition | — | — | 60,842 | — | 60,842 | |||||||||||||||
Equity income in consolidated subsidiaries | 144,689 | — | — | (144,689 | ) | — | ||||||||||||||
Management fee income | 9,508 | — | — | (9,508 | ) | — | ||||||||||||||
Other, net | 4,439 | 2,763 | 348 | — | 7,550 | |||||||||||||||
Income before provision for income taxes | (7,759 | ) | 116,025 | 99,910 | (144,689 | ) | 63,487 | |||||||||||||
Income tax benefit (expense) | 46,703 | (30,758 | ) | (40,740 | ) | — | (24,795 | ) | ||||||||||||
Net income | 38,944 | 85,267 | 59,170 | (144,689 | ) | 38,692 | ||||||||||||||
Net loss attributed to non-controlling interest | — | — | 252 | — | 252 | |||||||||||||||
Net income attributed to Vector Group Ltd. | 38,944 | 85,267 | 59,422 | (144,689 | ) | 38,944 | ||||||||||||||
Comprehensive loss attributed to non-controlling interest | — | — | 252 | — | $ | 252 | ||||||||||||||
Comprehensive income attributed to Vector Group Ltd. | $ | 72,072 | $ | 102,344 | $ | 59,422 | $ | (161,766 | ) | $ | 72,072 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Revenues | $ | — | $ | 1,084,546 | $ | — | $ | — | $ | 1,084,546 | ||||||||||
Expenses: | ||||||||||||||||||||
Cost of goods sold | — | 823,452 | — | — | 823,452 | |||||||||||||||
Operating, selling, administrative and general expenses | 26,039 | 78,054 | 2,068 | — | 106,161 | |||||||||||||||
Management fee expense | — | 9,163 | — | (9,163 | ) | — | ||||||||||||||
Operating (loss) income | (26,039 | ) | 173,877 | (2,068 | ) | 9,163 | 154,933 | |||||||||||||
Other income (expenses): | ||||||||||||||||||||
Interest expense | (105,465 | ) | (4,614 | ) | (23 | ) | — | (110,102 | ) | |||||||||||
Change in fair value of derivatives embedded within convertible debt | (7,476 | ) | — | — | — | (7,476 | ) | |||||||||||||
Acceleration of interest expense related to debt conversion | (14,960 | ) | — | — | — | (14,960 | ) | |||||||||||||
Equity income from non-consolidated real estate businesses | — | — | 29,764 | — | 29,764 | |||||||||||||||
Gain on investment securities available for sale | — | 1,640 | — | — | 1,640 | |||||||||||||||
Equity loss on long-term investments | (1,261 | ) | — | — | — | (1,261 | ) | |||||||||||||
Equity income in consolidated subsidiaries | 120,036 | — | — | (120,036 | ) | — | ||||||||||||||
Management fee income | 9,163 | — | — | (9,163 | ) | — | ||||||||||||||
Other, net | 1,022 | 21 | 136 | — | 1,179 | |||||||||||||||
Income before provision for income taxes | (24,980 | ) | 170,924 | 27,809 | (120,036 | ) | 53,717 | |||||||||||||
Income tax benefit (expense) | 55,602 | (67,294 | ) | (11,403 | ) | — | (23,095 | ) | ||||||||||||
Net income | 30,622 | 103,630 | 16,406 | (120,036 | ) | 30,622 | ||||||||||||||
Comprehensive income | $ | 24,031 | $ | 104,520 | $ | 16,406 | $ | (120,926 | ) | $ | 24,031 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent/ | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
Issuer | Guarantors | Non- | Adjustments | Vector Group | ||||||||||||||||
Guarantors | Ltd. | |||||||||||||||||||
Revenues | $ | — | $ | 1,133,380 | $ | — | $ | — | $ | 1,133,380 | ||||||||||
Expenses: | ||||||||||||||||||||
Cost of goods sold | — | 892,883 | — | — | 892,883 | |||||||||||||||
Operating, selling, administrative and general expenses | 25,318 | 69,827 | 2,031 | — | 97,176 | |||||||||||||||
Management fee expense | — | 8,834 | — | (8,834 | ) | — | ||||||||||||||
Operating (loss) income | (25,318 | ) | 161,836 | (2,031 | ) | 8,834 | 143,321 | |||||||||||||
Other income (expenses): | ||||||||||||||||||||
Interest expense | (97,888 | ) | (2,786 | ) | (32 | ) | — | (100,706 | ) | |||||||||||
Changes in fair value of derivatives embedded within convertible debt | 7,984 | — | — | — | 7,984 | |||||||||||||||
Acceleration of interest expense related to debt conversion | (1,217 | ) | — | — | — | (1,217 | ) | |||||||||||||
Equity income from non-consolidated real estate businesses | — | — | 19,966 | — | 19,966 | |||||||||||||||
Gain on investment securities available for sale | — | 23,257 | — | — | 23,257 | |||||||||||||||
Gain on liquidation of long-term investments | 25,832 | — | — | — | 25,832 | |||||||||||||||
Gain on sale of townhomes | — | — | 3,843 | — | 3,843 | |||||||||||||||
Equity loss on long-term investments | (859 | ) | — | — | — | (859 | ) | |||||||||||||
Equity income in consolidated subsidiaries | 127,103 | — | — | (127,103 | ) | — | ||||||||||||||
Management fee income | 8,834 | — | — | (8,834 | ) | — | ||||||||||||||
Other, net | 1,675 | 61 | — | — | 1,736 | |||||||||||||||
Income before provision for income taxes | 46,146 | 182,368 | 21,746 | (127,103 | ) | 123,157 | ||||||||||||||
Income tax benefit (expense) | 28,874 | (68,182 | ) | (8,829 | ) | — | (48,137 | ) | ||||||||||||
Net income | 75,020 | 114,186 | 12,917 | (127,103 | ) | 75,020 | ||||||||||||||
Comprehensive income | $ | 66,887 | $ | 103,495 | $ | 12,917 | $ | (116,412 | ) | $ | 66,887 | |||||||||
Schedule of Condensed Consolidating Cash Flow Statement | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 71,730 | $ | 115,829 | $ | (16,239 | ) | $ | (119,294 | ) | $ | 52,026 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of investment securities | 111,127 | 6,602 | — | — | 117,729 | |||||||||||||||
Purchase of investment securities | (159,463 | ) | (11,501 | ) | — | — | (170,964 | ) | ||||||||||||
Proceeds from sale or liquidation of long-term investments | 500 | — | 80 | — | 580 | |||||||||||||||
Purchase of long-term investments | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||||||
Investments in non-consolidated real estate businesses | — | — | (75,731 | ) | — | (75,731 | ) | |||||||||||||
Distributions from non-consolidated real estate businesses | — | — | 3,142 | — | 3,142 | |||||||||||||||
Increase in cash surrender value of life insurance policies | (144 | ) | (484 | ) | — | — | (628 | ) | ||||||||||||
Decrease (increase) in non-current restricted assets | 3 | 1,078 | — | — | 1,081 | |||||||||||||||
Issuance of notes receivable | — | — | (8,600 | ) | — | (8,600 | ) | |||||||||||||
Investments in subsidiaries | (155,961 | ) | — | — | 155,961 | — | ||||||||||||||
Proceeds from sale of fixed assets | 35 | 13 | — | — | 48 | |||||||||||||||
Cash acquired in Douglas Elliman consolidation | — | — | 116,935 | — | 116,935 | |||||||||||||||
Purchase of subsidiaries | — | — | (67,616 | ) | — | (67,616 | ) | |||||||||||||
Repayment of notes receivable | 10,347 | — | — | — | 10,347 | |||||||||||||||
Capital expenditures | (2,297 | ) | (9,784 | ) | (1,194 | ) | — | (13,275 | ) | |||||||||||
Net cash (used in) provided by investing activities | (200,853 | ) | (14,076 | ) | (32,984 | ) | 155,961 | (91,952 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from debt issuance | 450,000 | 4,687 | 3,080 | — | 457,767 | |||||||||||||||
Deferred financing costs | (11,750 | ) | — | — | — | (11,750 | ) | |||||||||||||
Repayments of debt | (415,000 | ) | (7,466 | ) | (115 | ) | — | (422,581 | ) | |||||||||||
Borrowings under revolver | — | 978,788 | — | — | 978,788 | |||||||||||||||
Repayments on revolver | — | (977,794 | ) | — | — | (977,794 | ) | |||||||||||||
Capital contributions received | — | 13,950 | 142,011 | (155,961 | ) | — | ||||||||||||||
Intercompany dividends paid | — | (105,882 | ) | (13,412 | ) | 119,294 | — | |||||||||||||
Distributions on common stock | (144,711 | ) | — | — | — | (144,711 | ) | |||||||||||||
Distributions to non-controlling interest | — | — | (11,764 | ) | — | (11,764 | ) | |||||||||||||
Proceeds from the issuance of Vector stock | — | — | — | — | — | |||||||||||||||
Proceeds from exercise of Vector options | 544 | — | — | — | 544 | |||||||||||||||
Tax benefit of options exercised | 38 | — | — | — | 38 | |||||||||||||||
Net cash provided by (used in) financing activities | (120,879 | ) | (93,717 | ) | 119,800 | (36,667 | ) | (131,463 | ) | |||||||||||
Net increase in cash and cash equivalents | (250,002 | ) | 8,036 | 70,577 | — | (171,389 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 401,344 | 3,776 | 735 | — | 405,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 151,342 | $ | 11,812 | $ | 71,312 | $ | — | $ | 234,466 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Subsidiary | Consolidated | |||||||||||||||||||
Parent/ | Subsidiary | Non- | Consolidating | Vector Group | ||||||||||||||||
Issuer | Guarantors | Guarantors | Adjustments | Ltd. | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 118,399 | $ | 133,308 | $ | (2,772 | ) | $ | (164,849 | ) | $ | 84,086 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of investment securities | — | 3,831 | — | — | 3,831 | |||||||||||||||
Purchase of investment securities | — | (5,647 | ) | — | — | (5,647 | ) | |||||||||||||
Proceeds from sale of or liquidation of long-term investments | — | — | 72 | — | 72 | |||||||||||||||
Purchase of long-term investments | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||||||
Investments in non-consolidated real estate businesses | — | — | (33,375 | ) | — | (33,375 | ) | |||||||||||||
Distributions from non-consolidated real estate businesses | — | — | 49,221 | — | 49,221 | |||||||||||||||
Increase in cash surrender value of life insurance policies | (425 | ) | (482 | ) | — | — | (907 | ) | ||||||||||||
Decrease (increase) in non-current restricted assets | 263 | (1,393 | ) | — | — | (1,130 | ) | |||||||||||||
Issuance of notes receivable | (383 | ) | — | — | — | (383 | ) | |||||||||||||
Proceeds from sale of townhomes | — | — | — | — | — | |||||||||||||||
Proceeds from sale of fixed assets | 432 | 12 | — | — | 444 | |||||||||||||||
Investments in subsidiaries | (31,209 | ) | — | — | 31,209 | — | ||||||||||||||
Capital expenditures | (1,520 | ) | (9,339 | ) | (406 | ) | — | (11,265 | ) | |||||||||||
Net cash (used in) provided by investing activities | (37,842 | ) | (13,018 | ) | 15,512 | 31,209 | (4,139 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from debt issuance | 230,000 | 14,033 | 42 | — | 244,075 | |||||||||||||||
Deferred financing costs | (11,164 | ) | (315 | ) | — | — | (11,479 | ) | ||||||||||||
Repayments of debt | — | (19,125 | ) | (133 | ) | — | (19,258 | ) | ||||||||||||
Borrowings under revolver | — | 1,074,050 | — | — | 1,074,050 | |||||||||||||||
Repayments on revolver | — | (1,066,092 | ) | — | — | (1,066,092 | ) | |||||||||||||
Capital contributions received | — | 6,991 | 24,218 | (31,209 | ) | — | ||||||||||||||
Intercompany dividends paid | — | (128,544 | ) | (36,305 | ) | 164,849 | — | |||||||||||||
Dividends and distributions on common stock | (137,114 | ) | — | — | — | (137,114 | ) | |||||||||||||
Proceeds from the issuance of Vector stock | 611 | — | — | — | 611 | |||||||||||||||
Proceeds from exercise of Vector options | 140 | — | — | — | 140 | |||||||||||||||
Tax benefit of options exercised | 52 | — | — | — | 52 | |||||||||||||||
Net cash provided by (used in) financing activities | 82,525 | (119,002 | ) | (12,178 | ) | 133,640 | 84,985 | |||||||||||||
Net increase in cash and cash equivalents | 163,082 | 1,288 | 562 | — | 164,932 | |||||||||||||||
Cash and cash equivalents, beginning of period | 238,262 | 2,488 | 173 | — | 240,923 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 401,344 | $ | 3,776 | $ | 735 | $ | — | $ | 405,855 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent/ | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
Issuer | Guarantors | Non- | Adjustments | Vector Group | ||||||||||||||||
Guarantors | Ltd. | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 67,588 | $ | 101,223 | $ | 7,352 | $ | (140,122 | ) | $ | 36,041 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of investment securities | — | 31,643 | — | — | 31,643 | |||||||||||||||
Purchase of investment securities | — | (5,039 | ) | — | — | (5,039 | ) | |||||||||||||
Proceeds from sale or liquidation of long-term investments | 66,190 | — | — | — | 66,190 | |||||||||||||||
Purchase of long-term investments | (10,000 | ) | — | — | — | (10,000 | ) | |||||||||||||
Decrease (increase) in non-current restricted assets | 512 | (608 | ) | — | — | (96 | ) | |||||||||||||
Investment in non-consolidated real estate businesses | — | — | (41,859 | ) | — | (41,859 | ) | |||||||||||||
Distributions from non-consolidated real estate businesses | — | — | 8,450 | — | 8,450 | |||||||||||||||
Issuance of notes receivable | (15,256 | ) | — | — | — | (15,256 | ) | |||||||||||||
Proceeds from sale of townhomes | — | — | 19,629 | 19,629 | ||||||||||||||||
Proceeds from sale of fixed assets | — | 196 | 9 | — | 205 | |||||||||||||||
Investments in subsidiaries | (29,565 | ) | — | — | 29,565 | — | ||||||||||||||
Capital expenditures | (852 | ) | (10,725 | ) | (261 | ) | — | (11,838 | ) | |||||||||||
Increase in cash surrender value of life insurance policies | (315 | ) | (429 | ) | — | — | (744 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 10,714 | 15,038 | (14,032 | ) | 29,565 | 41,285 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of debt | — | 6,419 | — | — | 6,419 | |||||||||||||||
Repayments of debt | — | (4,838 | ) | (122 | ) | — | (4,960 | ) | ||||||||||||
Borrowings under revolver | — | 1,064,270 | — | — | 1,064,270 | |||||||||||||||
Repayments on revolver | — | (1,078,508 | ) | — | — | (1,078,508 | ) | |||||||||||||
Capital contributions received | — | 3,720 | 25,845 | (29,565 | ) | — | ||||||||||||||
Intercompany dividends paid | — | (121,050 | ) | (19,072 | ) | 140,122 | — | |||||||||||||
Dividends and distributions on common stock | (125,299 | ) | — | — | — | (125,299 | ) | |||||||||||||
Proceeds from exercise of Vector options | 1,029 | — | — | — | 1,029 | |||||||||||||||
Excess tax benefit of options exercised | 821 | — | — | — | 821 | |||||||||||||||
Net cash (used in) provided by financing activities | (123,449 | ) | (129,987 | ) | 6,651 | 110,557 | (136,228 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (45,147 | ) | (13,726 | ) | (29 | ) | — | (58,902 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 283,409 | 16,214 | 202 | — | 299,825 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 238,262 | $ | 2,488 | $ | 173 | $ | — | $ | 240,923 | ||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrealized gains on investment securities available for sale, net of income taxes of $26,749, $8,886, and $14,938, respectively | $39,136 | $13,001 | $21,856 |
Net unrealized losses on long-term investment accounted for under the equity method, net of income tax benefits of $418, $458 and $1,007, respectively | -612 | -670 | -1,474 |
Forward contracts adjustment, net of income taxes of $63, $88, and $114, respectively | -92 | -129 | -167 |
Pension-related amounts, net of income taxes of $10,644, $15,358, and $16,330, respectively | -15,572 | -22,470 | -23,892 |
Accumulated other comprehensive (loss) income | 22,860 | -10,268 | -3,677 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive (loss) income, tax effect | 26,749 | 8,886 | 14,938 |
Accumulated Net Unrealized Long-Term Equity Method Investment Gain (Loss) [Member] | ' | ' | ' |
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive (loss) income, tax effect | 418 | 458 | 1,007 |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive (loss) income, tax effect | 63 | 88 | 114 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive (loss) income, tax effect | $10,644 | $15,358 | $16,330 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Other Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2013 | Dec. 31, 2013 |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | ||||||||
New Valley LLC [Member] | New Valley LLC [Member] | ||||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalent, maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' |
Marketable securities, ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Allowance for doubtful accounts and cash discounts | $577 | ' | ' | ' | $433 | $577 | ' | ' | ' | ' | ' | ' | ' |
Inventory classification of current asset, range | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' |
Current restricted assets | 2,469 | ' | ' | ' | 1,785 | 2,469 | ' | ' | ' | ' | ' | ' | ' |
Long-term restricted assets | 9,792 | ' | ' | ' | 11,981 | 9,792 | ' | ' | ' | ' | ' | ' | ' |
Additional interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.59% | ' |
Ownership percentage in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Ownership percentage in affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.59% |
Payments to acquire additional interest | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 60,000 | ' |
Indefinite life intangible assets | 0 | ' | ' | ' | 11,360 | 0 | ' | ' | ' | ' | ' | ' | ' |
Tax on payments of dividend equivalent rights | ' | ' | ' | ' | 4,007 | 2,709 | 2,580 | ' | ' | ' | ' | ' | ' |
Shares paid for exercise of options and tax withholding for share based compensation (in shares) | ' | ' | ' | 384,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares paid for exercise of other than options and tax withholding for share based compensation (in shares) | 162,397 | 76,155 | 67,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | 448,960 | 40,175 | 16,883 | 557,887 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, recognition of tax positions, likelihood of being realized upon settlement | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Shipping and handling fees and costs | ' | ' | ' | ' | 5,559 | 5,474 | 5,684 | ' | ' | ' | ' | ' | ' |
Advertising costs | ' | ' | ' | ' | 4,839 | 4,266 | 3,099 | ' | ' | ' | ' | ' | ' |
Fair market value of embedded derivatives at the midpoint of the inputs | $172,128 | ' | ' | ' | $112,062 | $172,128 | ' | $110,758 | $169,424 | $113,392 | $174,909 | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Concentration of Credit Risk Narrative) (Details) (Customer Concentration Risk [Member]) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
customers | customers | customers | ||
Sales Revenue [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, number of customers | ' | 2 | 1 | 1 |
Concentration risk, percent | 17.00% | ' | ' | 17.00% |
Sales Revenue [Member] | First Largest Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percent | ' | 18.00% | ' | ' |
Sales Revenue [Member] | Second Largest Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percent | ' | 10.00% | ' | ' |
Accounts Receivable [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, number of customers | ' | 2 | ' | ' |
Concentration risk, percent | ' | ' | 10.00% | ' |
Accounts Receivable [Member] | First Largest Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percent | ' | 5.00% | ' | ' |
Accounts Receivable [Member] | Second Largest Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percent | ' | 1.00% | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Property, Plant and Equipment Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated usefule life | '20 years |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated usefule life | '30 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated usefule life | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated usefule life | '10 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Contingencies Narrative) (Details) (USD $) | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jul. 31, 2000 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Engle Progeny Cases [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Minimum [Member] | Maximum [Member] | |
State Cases [Member] | Cases Not Settled [Member] | Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | Clay v R J Reynolds [Member] | Calloway v RJ Reynolds [Member] | Engle Progency Cases Excluding Lukacs [Member] | Liggett [Member] | Liggett [Member] | |||
cases | cases | plaintiffs | cases | cases | Engle Progency Cases Excluding Lukacs [Member] | Engle Progency Cases Excluding Lukacs [Member] | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiffs' verdicts (in cases) | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' |
Cases pending (in cases) | ' | ' | 2,982 | 400 | 400 | ' | ' | ' | ' | ' | ' |
Damages awarded | $145,000,000 | ' | ' | ' | $110,000 | $1,129 | $349 | $1,947 | ' | $1 | $3,479 |
Cases including punitive damages (in cases) | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Punitive damages | ' | ' | ' | ' | ' | ' | 1,000 | 7,600 | ' | ' | ' |
Cases with adverse verdicts (in cases) | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Maximum loss exposure | ' | $36,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Other Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Gain (loss) on warrants | $1,165 | ($1,193) | $700 |
Interest income | 5,421 | 2,256 | 1,035 |
Accretion of interest income from debt discount on notes receivable | 772 | 129 | 0 |
Gain on long-term investment | 189 | 135 | 0 |
Other income | 3 | -148 | 1 |
Other, net | $7,550 | $1,179 | $1,736 |
Earnings_Per_Share_Narrative_D
Earnings Per Share Narrative (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2012 | Sep. 29, 2011 | Sep. 29, 2010 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Effect of stock dividend | $0 | $0 | $0 | ' | ' | ' |
Increase in number of shares subject to outstanding stock options | 5.00% | 5.00% | ' | ' | ' | ' |
Dividend equivalent rights | 4,007 | 2,709 | 2,580 | ' | ' | ' |
Tax on payments of dividend equivalent rights | 91 | 26 | 25 | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Stock dividend paid to company stockholders | ' | ' | ' | 5.00% | 5.00% | 5.00% |
Effect of stock dividend | $450 | $414 | $378 | ' | ' | ' |
Increase in number of shares subject to outstanding stock options | 5.00% | 5.00% | 5.00% | ' | ' | ' |
Earnings_Per_Share_Basic_Earni
Earnings Per Share Basic Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic, by Common Class [Line Items] | ' | ' | ' |
Net income (loss) | $38,944 | $30,622 | $75,020 |
Income attributable to participating securities | -1,068 | -608 | -1,552 |
Net income available to common stockholders | $37,876 | $30,014 | $73,468 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share Basic and Diluted Earnings Per Share, Shares (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average shares for basic EPS (in shares) | 91,506,678 | 88,843,244 | 86,738,428 |
Plus incremental shares related to stock options and warrants (in shares) | 237,494 | 84,402 | 223,255 |
Plus incremental shares related to convertible debt (in shares) | 0 | 0 | 0 |
Weighted-average shares for diluted EPS (in shares) | 91,744,172 | 88,927,646 | 86,961,683 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Securities Excluded from Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of stock options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of EPS (in shares) | 0 | 0 | 3,578 |
Weighted-average exercise price (in dollars per share) | ' | ' | $15.70 |
Weighted-average shares of non-vested restricted stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of EPS (in shares) | 27,500 | 3,675 | 7,350 |
Weighted-average expense per share (in dollars per share) | 16.65 | 16.3 | $16.30 |
Weighted-average number of shares issuable upon conversion of debt [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of EPS (in shares) | 27,993,464 | 18,909,057 | 19,429,127 |
Weighted-average conversion price (in dollars per share) | 15.22 | 13.67 | $13.46 |
Investment_Securities_Availabl2
Investment Securities Available for Sale (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $106,649 | $48,097 |
Gross Unrealized Gain | 67,348 | 23,621 |
Gross Unrealized Loss | -1,463 | -1,734 |
Fair / Market Value | 172,534 | 69,984 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 13,990 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 6,518 | ' |
1 Year up to 5 Years | 7,472 | ' |
More than 5 years | 0 | ' |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 53,586 | 48,097 |
Gross Unrealized Gain | 65,851 | 23,621 |
Gross Unrealized Loss | -963 | -1,734 |
Fair / Market Value | 118,474 | 69,984 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 53,063 | ' |
Gross Unrealized Gain | 1,497 | ' |
Gross Unrealized Loss | -500 | ' |
Fair / Market Value | 54,060 | ' |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 29,923 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 808 | ' |
1 Year up to 5 Years | 22,330 | ' |
More than 5 years | 6,785 | ' |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 495 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 0 | ' |
1 Year up to 5 Years | 495 | ' |
More than 5 years | 0 | ' |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 6,822 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 0 | ' |
1 Year up to 5 Years | 6,822 | ' |
More than 5 years | 0 | ' |
Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 2,081 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 300 | ' |
1 Year up to 5 Years | 1,781 | ' |
More than 5 years | 0 | ' |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 749 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 0 | ' |
1 Year up to 5 Years | 749 | ' |
More than 5 years | 0 | ' |
Fixed Income Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair / Market Value | 54,060 | ' |
Maturity dates of fixed income securities | ' | ' |
Under 1 Year | 7,626 | ' |
1 Year up to 5 Years | 39,649 | ' |
More than 5 years | $6,785 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Inventory [Line Items] | ' | ' |
Leaf tobacco | $49,140 | $59,130 |
Other raw materials | 3,161 | 3,151 |
Work-in-process | 353 | 210 |
Finished goods | 68,040 | 64,396 |
Inventories at current cost | 120,694 | 126,887 |
LIFO adjustments | -27,198 | -26,495 |
Inventory, Net | 93,496 | 100,392 |
Leaf tobacco purchase commitments | 3,796 | 1,995 |
Leaf tobacco [Member] | ' | ' |
Schedule of Inventory [Line Items] | ' | ' |
Leaf tobacco purchase commitments | 29,641 | ' |
Master Settlement Agreement [Member] | ' | ' |
Schedule of Inventory [Line Items] | ' | ' |
Capitalized MSA cost in finished goods inventory | $15,464 | $13,854 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $194,196 | $163,057 | ' |
Less accumulated depreciation | -114,938 | -105,904 | ' |
Property, plant and equipment, net | 79,258 | 57,153 | ' |
Depreciation and amortization expense | 11,063 | ' | ' |
Depreciation and amortization | 12,631 | 10,608 | 10,607 |
Future machinery and equipment purchase commitments | 3,796 | 1,995 | ' |
Land and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 1,418 | 1,418 | ' |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 14,950 | 14,945 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 161,214 | 142,826 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $16,614 | $3,868 | ' |
Long_Term_Investments_Textuals
Long Term Investments Textuals (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Dec. 31, 2011 |
partnerships | partnerships | Icahn Partners Lp [Member] | Limited Partnership [Member] | Limited Partnership [Member] | Limited Partnership [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Hedge Funds [Member] | |
Icahn Partners Lp [Member] | Long Term Investment [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of invested funds invested in partnerships not accounted for on equity method | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' |
Partnerships accounted for on equity method | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire investments | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' |
Distributions from liquidation of long-term investments | ' | ' | 55,500 | ' | ' | ' | ' | ' | ' | 10,082 |
Gain recognized | ' | ' | 20,500 | ' | ' | ' | ' | ' | ' | 5,332 |
Percentage ownership of company stock prior to liquidation | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Percentage ownership of company stock subsequent to liquidation | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from limited partnership investments | ' | ' | ' | $769 | $207 | $608 | ' | ' | ' | ' |
Long_Term_Investments_Details
Long Term Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Value | $20,788 | $16,367 | ' |
Fair Value | 25,162 | 18,353 | 7,492 |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Value | 20,788 | 16,367 | ' |
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair Value | 25,162 | 18,353 | ' |
Real Estate Investment [Member] | Carrying Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Value | 747 | 827 | ' |
Real Estate Investment [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair Value | 1,067 | 1,391 | ' |
Investment partnerships [Member] | Carrying Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Value | 20,041 | 15,540 | ' |
Investment partnerships [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair Value | $24,095 | $16,962 | ' |
Long_Term_Investments_Cost_Met
Long Term Investments Cost Method Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cost Method Investments [Roll Forward] | ' | ' |
Cost Method Investments, Beginning Balance | $18,353 | $7,492 |
Contributions | 5,000 | 0 |
Distributions | -769 | -207 |
Reduction in partnership interest now accounted for under the cost method | 0 | 15,541 |
Revision for partnership now accounted for as investment securities available for sale | 0 | -6,122 |
Realized gain on liquidation of long-term investments | 189 | 135 |
Unrealized gains reclassified into net income | -189 | -135 |
Unrealized gain on long-term investments | 2,578 | 1,649 |
Net change in long-term investments | 2,389 | 1,514 |
Cost Method Investments, Ending Balance | $25,162 | $18,353 |
Long_Term_Investments_Equity_M
Long Term Investments Equity Method Investments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investments | $8,595 | $6,432 | ' |
Equity Method Investments [Roll Forward] | ' | ' | ' |
Reduction in partnership interest now accounted for under the cost method | 0 | -15,541 | ' |
Equity loss on long-term investments accounted for under the equity method | 22,925 | 29,764 | 19,966 |
Hedge Funds [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investments | 8,595 | 6,432 | ' |
Equity Method Investments [Roll Forward] | ' | ' | ' |
Equity Method Investments, Beginning Balance | 6,432 | 16,499 | ' |
Contributions | 0 | 5,000 | ' |
Reduction in partnership interest now accounted for under the cost method | 0 | -15,541 | ' |
Equity loss on long-term investments accounted for under the equity method | 2,066 | -1,261 | ' |
Unrealized gains reclassified into net income | 97 | 0 | ' |
Unrealized (loss) gain on long-term investments | 0 | 1,735 | ' |
Net change in long-term investments | 97 | 1,735 | ' |
Equity Method Investments, Ending Balance | $8,595 | $6,432 | ' |
New_Valley_LLC_Details
New Valley LLC (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Jun. 30, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2008 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2012 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Dec. 31, 2013 | Oct. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2012 | Oct. 31, 2010 | Sep. 30, 2008 | Apr. 30, 2012 | Sep. 30, 2008 | Sep. 30, 2008 | Oct. 28, 2011 | Oct. 28, 2011 | |
sqft | Douglas Elliman Realty LLC [Member] | 11 Beach Street [Member] | Coral Beach [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | Hill Street Partners LLP [Member] | Chrystie Street [Member] | Sesto Holdings S.r.l. [Member] | New Valley Chelsea LLC [Member] | Chelsea Eleven LLC [Member] | Chelsea Eleven LLC [Member] | New Valley Oaktree Chelsea Eleven LLC [Member] | New Valley and Winthrop Realty Trust [Member] | New Valley and Winthrop Realty Trust [Member] | ||||
Aberdeen Townhomes LLC [Member] | Aberdeen Townhomes LLC [Member] | Aberdeen Townhomes LLC [Member] | New Valley Chelsea LLC [Member] | New Valley Chelsea LLC [Member] | Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Sesto Holdings S r. l. [Member] | Sesto Holdings S r. l. [Member] | Sesto Holdings S r. l. [Member] | 1107 Broadway [Member] | 1107 Broadway [Member] | 1107 Broadway [Member] | The Whitman [Member] | The Whitman [Member] | The Whitman [Member] | The Marquand [Member] | The Marquand [Member] | The Marquand [Member] | 11 Beach Street [Member] | 11 Beach Street [Member] | 11 Beach Street [Member] | 701 Seventh Avenue [Member] | 701 Seventh Avenue [Member] | 701 Seventh Avenue [Member] | 701 Seventh Avenue [Member] | 101 Murray Street [Member] | 101 Murray Street [Member] | 101 Murray Street [Member] | Leroy Street [Member] | Leroy Street [Member] | Leroy Street [Member] | 8701 Collins Avenue [Member] | 8701 Collins Avenue [Member] | 8701 Collins Avenue [Member] | 23-10 Queens Plaza South [Member] | 23-10 Queens Plaza South [Member] | 23-10 Queens Plaza South [Member] | 23-10 Queens Plaza South [Member] | Maryland Portfolio [Member] | Maryland Portfolio [Member] | Maryland Portfolio [Member] | ST Portfolio [Member] | ST Portfolio [Member] | ST Portfolio [Member] | NV Socal LLC [Member] | NV Socal LLC [Member] | NV Socal LLC [Member] | NV Socal LLC [Member] | NV Socal LLC [Member] | Chrystie Street [Member] | Chrystie Street [Member] | Park Lane Hotel [Member] | Park Lane Hotel [Member] | Park Lane Hotel [Member] | Hotel Taiwana [Member] | Hotel Taiwana [Member] | Coral Beach [Member] | Coral Beach [Member] | Coral Beach [Member] | Coral Beach [Member] | Other [Member] | Other [Member] | New Valley Oaktree Chelsea Eleven LLC [Member] | Fifty Third-Five Building LLC [Member] | Fifty Third-Five Building LLC [Member] | Fifty Third-Five Building LLC [Member] | Fifty Third-Five Building LLC [Member] | Fifty Third-Five Building LLC [Member] | Fifty Third-Five Building LLC [Member] | Hill Street Partners LLP [Member] | Hill Street Partners LLP [Member] | Hotel Taiwana [Member] | Chrystie Venture LLC [Member] | acre | New Valley Oaktree Chelsea Eleven LLC [Member] | residential_unit | commerical_units | Chelsea Eleven LLC [Member] | NV Socal LLC [Member] | NV Socal LLC [Member] | ||||||||||
residential_unit | residential_unit | acre | acre | spft | residential_unit | spft | spft | sqft | Residential Real Estate [Member] | Retail Site [Member] | units | spft | room | Hotel One [Member] | Hotel Two [Member] | pool | story | properties | Class C [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
units | story | story | residential_unit | story | acre | units | units | spft | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
residential_unit | units | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | ' |
Ownership percentage in affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 | ' | ' | ' | ' | ' | ' |
Investments in non-consolidated real estate businesses | $128,202,000 | $119,219,000 | ' | ' | $84,859,000 | $1,519,000 | $3,030,000 | $128,202,000 | $119,219,000 | ' | ' | $10,000,000 | ' | ' | $60,842,000 | $0 | $65,171,000 | ' | ' | ' | ' | ' | ' | $5,037,000 | $5,037,000 | $6,579,000 | $5,566,000 | $5,489,000 | $1,165,000 | $900,000 | $900,000 | $7,000,000 | $7,000,000 | $7,000,000 | $11,160,000 | $9,642,000 | $9,642,000 | $11,148,000 | $9,307,000 | $1,507,000 | $7,800,000 | $19,256,000 | ' | $0 | $1,150,000 | $1,150,000 | $0 | $3,794,000 | $3,750,000 | $0 | $8,058,000 | $7,350,000 | ' | ' | $5,000,000 | $3,498,000 | $4,615,000 | $15,984,000 | $16,365,000 | $0 | ' | ' | ' | ' | $25,000,000 | $2,048,000 | $1,973,000 | $19,514,000 | $19,331,000 | $0 | $7,428,000 | $2,658,000 | $2,964,000 | $0 | ' | ' | $2,419,000 | $0 | ' | ' | ' | $15,500,000 | ' | ' | $2,500,000 | ' | $2,658,000 | ' | ' | ' | ' | ' | ' | ' | $96,700,000 | ' |
Ownership percentage in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | 7.20% | ' | ' | ' | ' | 5.00% | ' | ' | 12.00% | ' | ' | 18.00% | ' | ' | 49.50% | ' | ' | ' | 11.50% | ' | 25.00% | ' | ' | 5.00% | ' | ' | 15.00% | ' | ' | 45.37% | ' | ' | 30.00% | ' | ' | ' | 16.34% | ' | ' | ' | ' | ' | 26.00% | ' | 49.00% | ' | 5.00% | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | 50.00% | ' | 17.00% | 37.00% | 37.50% | 42.00% | 40.00% | ' | ' | 29.00% | ' | ' |
Additional interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire additional interest | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Equity income (loss) from non-consolidated real estate businesses | 22,925,000 | 29,764,000 | 19,966,000 | ' | ' | ' | ' | ' | ' | 3,843,000 | ' | ' | 3,137,000 | ' | ' | 22,974,000 | 16,741,000 | 16,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' | ' | ' | ' | ' | ' | ' | -542,000 | -269,000 | -381,000 | ' | ' | ' | 4,857,000 | 7,180,000 | 95,000 | ' | ' | ' | 183,000 | ' | ' | ' | ' | -66,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee income | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,204,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions from non-consolidated real estate businesses | 3,142,000 | 49,221,000 | 8,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | 3,286,000 | 5,540,000 | 9,022,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000 | 117,000 | ' | ' | ' | 32,275,000 | ' | 4,857,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,483,000 | 125,000 | 20,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to acquire interest in equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' |
Amount loaned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000,000 | 796,000,000 | 117,900,000 |
Number of units in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500 | ' | ' | ' | 761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 605 | ' | ' | ' | ' | ' | 56 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | 54 | 1 | ' | ' | ' |
Maximum exposure to loss as a result of this investment | ' | ' | ' | ' | ' | ' | ' | 1,013,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,579,000 | ' | ' | 1,165,000 | ' | ' | ' | 7,000,000 | ' | 11,160,000 | ' | ' | 11,148,000 | ' | ' | ' | ' | ' | ' | ' | 1,150,000 | ' | ' | 3,794,000 | ' | 8,058,000 | ' | ' | ' | ' | 3,498,000 | ' | 15,984,000 | ' | ' | ' | 0 | ' | ' | ' | 2,048,000 | ' | 19,514,000 | ' | ' | 7,428,000 | ' | 2,964,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire defaulted real estate loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stories in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | ' | ' |
Possible additional future capital contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | 19,256,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,770,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in consolidated subsidiaries | $0 | $0 | ' | ' | ' | ' | ' | $20,911,000 | $13,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,625,000 | ' | $13,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture, percentage of ownership in real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pools (in pools) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' |
Collateralized property portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' |
Square Footage of Real Estate | ' | ' | ' | 12,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000 | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,000 | 10,000 | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' |
New_Valley_LLC_Summarized_Fina
New Valley LLC (Summarized Financial Information) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | ||||||
Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | Douglas Elliman Realty LLC [Member] | NV Socal LLC [Member] | NV Socal LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $234,466 | $234,466 | $405,855 | $240,923 | $299,825 | $117,660 | $78,015 | ' | $116,935 | ' | ' |
Other current assets | 23,392 | 23,392 | 5,721 | ' | ' | 11,922 | 8,543 | ' | 12,647 | ' | ' |
Property, plant and equipment, net | 79,258 | 79,258 | 57,153 | ' | ' | 16,293 | 15,796 | ' | 20,275 | ' | ' |
Trademarks | ' | ' | ' | ' | ' | 21,663 | 21,663 | ' | 80,000 | ' | ' |
Goodwill | 72,103 | 72,103 | 0 | ' | ' | 38,776 | 38,523 | ' | 72,103 | ' | ' |
Other intangible assets, net | 11,360 | 11,360 | 0 | ' | ' | 431 | 897 | ' | 12,928 | ' | ' |
Other assets | 53,553 | 53,553 | 55,894 | ' | ' | 3,384 | 3,182 | ' | 3,384 | ' | ' |
Total assets | 1,260,159 | 1,260,159 | 1,086,731 | 927,768 | ' | ' | ' | ' | 318,272 | ' | ' |
Notes payable - current | ' | ' | ' | ' | ' | 201 | 466 | ' | 201 | ' | ' |
Other current liabilities | 17,608 | 17,608 | 16,891 | ' | ' | 26,921 | 22,065 | ' | 26,247 | ' | ' |
Notes payable - long term | ' | ' | ' | ' | ' | 420 | 334 | ' | 420 | ' | ' |
Other long-term liabilities | 2,867 | 2,867 | 1,857 | ' | ' | 8,862 | 9,614 | ' | ' | ' | ' |
Members' equity | ' | ' | ' | ' | ' | 173,725 | 134,140 | ' | ' | 13 | ' |
Revenues | ' | ' | ' | ' | ' | 416,453 | 378,175 | 346,309 | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | 1,472,655 | 1,461,364 | ' | ' | ' | ' | ' | ' | ' | ' |
Costs and expenses | ' | ' | ' | ' | ' | 369,852 | 346,617 | 315,318 | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | 3,790 | 3,422 | 3,439 | ' | ' | ' |
Amortization expense | ' | 1,568 | 0 | 0 | ' | 213 | 242 | 253 | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | -22 | 1,829 | 2,007 | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | 23 | 62 | 136 | ' | ' | ' |
Income tax expense | ' | 24,795 | 23,095 | 48,137 | ' | 996 | 780 | 946 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | 41,557 | 28,881 | 28,224 | ' | 16,892 | 366 |
Total liabilities | 1,281,768 | 1,281,768 | 1,165,983 | ' | ' | ' | ' | ' | 26,868 | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | -291,404 | ' | ' |
Non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 85,703 | ' | ' |
Revenue since acquisition | 20,482 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income since acquisition | 732 | 75,017 | 55,234 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Net loans receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Interest receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,122 | 635 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 424 | 269 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,794 | 0 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | $0 |
Consolidated_Real_Estate_Inves
(Consolidated Real Estate Investments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2008 | Oct. 31, 2013 | Jun. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 30, 2013 | Mar. 31, 2008 | Dec. 31, 2013 | 31-May-13 | Mar. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Jun. 30, 2011 | Feb. 28, 2011 | Jun. 30, 2008 | |
New Valley LLC [Member] | New Valley LLC [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Escena [Member] | Indian Creek [Member] | Indian Creek [Member] | Indian Creek [Member] | Indian Creek [Member] | Indian Creek [Member] | Indian Creek [Member] | Aberdeen Townhomes LLC [Member] | Aberdeen Townhomes LLC [Member] | Aberdeen Townhomes LLC [Member] | |||||||||||||
New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | Noncontrolling Interest [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | |||||||||||||||||
acre | Acre | London Interbank Offered Rate (LIBOR) [Member] | residential_unit | residential_unit | ||||||||||||||||||||||||||||
lots | ||||||||||||||||||||||||||||||||
units | ||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in consolidated subsidiaries | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' | ' | $20,911,000 | $13,295,000 | ' | ' | ' | ' | $10,625,000 | $13,295,000 | ' | ' | ' | $10,286,000 | ' | ' | $0 | ' | ' | ' | ' | ' |
Land and land improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,930,000 | 11,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Building and building improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,530,000 | 1,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,577,000 | 1,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Investment in Escena before depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,037,000 | 14,334,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,412,000 | -1,039,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Escena, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,625,000 | 13,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | 61,985,000 | -37,285,000 | 44,240,000 | 43,096,000 | 37,366,000 | 43,193,000 | 40,928,000 | 33,446,000 | 112,036,000 | 154,933,000 | 143,321,000 | ' | ' | ' | ' | ' | ' | ' | -1,184,000 | 628,000 | -503,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest and other costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Residential Lots | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Holes in Golf Course | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Acres Approved, Pledged as Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 5 |
Proceeds from Guarantor Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Residential Lots Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,994,000 | 11,635,000 | ' |
Number of Residential Lots Remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 128,202,000 | ' | ' | ' | 119,219,000 | ' | ' | ' | 128,202,000 | 119,219,000 | ' | ' | 128,202,000 | 119,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,616,000 | ' | ' | ' | ' | ' | 10,000,000 |
Ownership percentage in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,945,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,570,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total stockholders’ deficiency | -21,609,000 | ' | ' | ' | -79,252,000 | ' | ' | ' | -21,609,000 | -79,252,000 | -89,030,000 | -46,234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,742,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-controlling interest | 73,427,000 | ' | ' | ' | 0 | ' | ' | ' | 73,427,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,185,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 3,142,000 | 49,221,000 | 8,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,080,000 | ' | ' | ' | ' | 770,000 | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,400,000 | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' |
Balance at of January 1, 2013 | $0 |
Acquisitions | 72,103 |
Balance at December 31, 2013 | $72,103 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Indefinite-lived intangible assets, net | $80,000 | $0 | ' | ' |
Finite-lived intangible assets, gross | 12,928 | 0 | ' | ' |
Less: accumulated amortization on amortizable intangibles | -1,568 | 0 | ' | ' |
Finite-lived intangible assets, net | 11,360 | 0 | ' | ' |
Amortization expense | 1,568 | 0 | 0 | ' |
Rental expense | 6,523 | 4,100 | 4,313 | ' |
Amortization of other intangibles | 15 | ' | ' | ' |
Amortization expense, 2014 | 5,089 | ' | ' | ' |
Amortization expense, 2015 | 3,024 | ' | ' | ' |
Amortization expense, 2016 | 1,500 | ' | ' | ' |
Amortization expense, 2017 | 875 | ' | ' | ' |
Amortization expense, 2018 | 748 | ' | ' | ' |
Amortization expense, thereafter | 124 | ' | ' | ' |
Douglas Elliman Realty LLC [Member] | New Valley LLC [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible assets, net | 431 | 897 | ' | 12,928 |
Amortization expense | 213 | 242 | 253 | ' |
Favorable leases | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 9,598 | 0 | ' | ' |
Other intangibles | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 3,330 | 0 | ' | ' |
Backlog Intangible Asset | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 1,356 | ' | ' | ' |
Rental expense | 197 | ' | ' | ' |
Intangible asset associated with benefit under the Master Settlement Agreement | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Indefinite-lived intangible assets, net | $107,511 | $107,511 | ' | ' |
Notes_Payable_Long_Term_Debt_a2
Notes Payable, Long Term Debt and Other Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Excluded from EBITDA Calculation | $86,213 | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 692,343,000 | 623,724,000 | ' | ' |
Less: Current maturities | -151,577,000 | -36,778,000 | ' | ' |
Amount due after one year | 540,766,000 | 586,946,000 | ' | ' |
Unamortized discount | 201,075,000 | ' | ' | ' |
Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Less: Current maturities | -112,275,000 | 0 | ' | ' |
Amount due after one year | 524,182,000 | 572,023,000 | ' | ' |
Secured Debt [Member] | 7.75% Senior Secured Notes Due 2021 [Member] | Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 450,000,000 | 0 | ' | ' |
Secured Debt [Member] | 11% Senior Secured Notes Due 2015 [Member] | Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 0 | 414,592,000 | ' | ' |
Unamortized discount | 0 | 408,000 | ' | ' |
Convertible Debt [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Unamortized discount | 201,075,000 | 273,323,000 | 175,688,000 | 186,126,000 |
Convertible Debt [Member] | 6.75% Variable Interest Senior Convertible Note Due 2014 | Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 30,689,000 | 19,617,000 | ' | ' |
Unamortized discount | 19,311,000 | 30,383,000 | ' | ' |
Convertible Debt [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 81,586,000 | 62,492,000 | ' | ' |
Unamortized discount | 25,944,000 | 45,038,000 | ' | ' |
Convertible Debt [Member] | Variable Interest 3.875% Senior Convertible Debentures Due 2026 [Member] | Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 0 | 7,115,000 | ' | ' |
Unamortized discount | 0 | 36,107,000 | ' | ' |
Convertible Debt [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Vector [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 74,183,000 | 68,205,000 | ' | ' |
Unamortized discount | 155,817,000 | 161,795,000 | ' | ' |
Line of Credit [Member] | Revolving Credit Facility [Member] | Liggett [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 30,424,000 | 29,430,000 | ' | ' |
Line of Credit [Member] | Term Loan Under Credit Facility [Member] | Liggett [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 3,884,000 | 4,179,000 | ' | ' |
Loans Payable [Member] | Liggett [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | 17,252,000 | 17,810,000 | ' | ' |
Other [Member] | Liggett [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total notes payable, long - term debt and other obligations | $4,325,000 | $284,000 | ' | ' |
Notes_Payable_Long_Term_Debt_a3
Notes Payable, Long Term Debt and Other Obligations - Textuals (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 11-May-09 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | 11-May-09 | Dec. 31, 2013 | Nov. 30, 2009 | Jun. 30, 2009 | 11-May-09 | Dec. 31, 2013 | Jul. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Nov. 30, 2009 | Jun. 30, 2009 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 04, 2011 | 11-May-09 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Feb. 13, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
6.75% Variable Interest Senior Convertible Note Due 2014 | 6.75% Variable Interest Senior Convertible Note Due 2014 | 6.75% Variable Interest Senior Convertible Note Due 2014 | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Secured Debt [Member] | Secured Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Executive Vice President [Member] | Executive Vice President [Member] | Jefferies & Company Inc. [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Vector [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||||
11% Senior Secured Notes Due 2015 [Member] | 11% Senior Secured Notes Due 2015 [Member] | 5% Variable Interest Senior Convertible Notes due November 15, 2011 [Member] | 5% Variable Interest Senior Convertible Notes due November 15, 2011 [Member] | 5% Variable Interest Senior Convertible Notes due November 15, 2011 [Member] | 5% Variable Interest Senior Convertible Notes due November 15, 2011 [Member] | 6.75% Variable Interest Senior Convertible Note Due 2014 | 6.75% Variable Interest Senior Convertible Note Due 2014 | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Convertible Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Refinanced Financing Agreements [Member] | Refinanced Financing Agreements [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | |||||||||||||||||||
6.75% Variable Interest Senior Convertible Note Due 2014 | 11% Senior Secured Notes Due 2015 [Member] | 11% Senior Secured Notes Due 2015 [Member] | 11% Senior Secured Notes Due 2015 [Member] | 11% Senior Secured Notes Due 2015 [Member] | 11% Senior Secured Notes Due 2015 [Member] | 7.75% Senior Secured Notes Due 2021 [Member] | 7.75% Senior Secured Notes Due 2021 [Member] | 7.75% Senior Secured Notes Due 2021 [Member] | 6.75% Variable Interest Senior Convertible Note Due 2014 | 6.75% Variable Interest Senior Convertible Note Due 2014 | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Four Financing Arrangements [Member] | Four Financing Arrangements [Member] | Three Financing Arrangements [Member] | Three Financing Arrangements [Member] | Financing Arrangement 5 Point 96 Percent [Member] | Financing Arrangement 5 Point 96 Percent [Member] | Term Loan Under Credit Facility [Member] | Term Loan Under Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | |||||||||||||||||||||||||||||||||||||
financingagreements | financingagreements | financingagreements | Four Financing Arrangements [Member] | Four Financing Arrangements [Member] | Three Financing Arrangements [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Agreements Entered Into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 4 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate effective percentage | ' | ' | ' | 6.75% | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | 3.88% | ' | ' | 6.75% | ' | ' | ' | 7.50% | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivatives embedded within convertible debt | $92,934,000 | $172,128,000 | ' | $6,607,000 | $11,682,000 | ' | $0 | $39,714,000 | $12,521,000 | $22,146,000 | $92,934,000 | $98,586,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $92,934,000 | $172,128,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | 7.75% | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.28% | 5.96% | ' | ' | ' | ' | 4.99% | 4.72% | 5.33% |
Face amount | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | 415,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,685,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,222,000 | 24,406,000 | 31,370,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,970,168 | 1,597,290 | 2,053,065 | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement debt offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary Guarantors, Percentage Ownership | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Amount Of Debt Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,005,000 | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | 457,767,000 | 244,075,000 | 6,419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218,900,000 | ' | ' | ' | ' | 450,000,000 | 230,000,000 | 0 | ' | ' | ' | ' | ' | 438,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 336,315,000 | 17,820,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated Interest Expense on Senior Convertible Debentures Mandatorily Redeemed Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, premium percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Redemption Price as a Percentage of Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.67% | ' | 107.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Redemption Percent In Event Of Change In Control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Term to Consummate Registered Exchange Offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '360 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indenture Threshold for Earnings for Payment of Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Leverage Ratio Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Before Record Date to Determine Additional Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Interest Rate of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | 5.75% | 3.75% | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for Prior Cash Dividend Paids | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.78 | ' | ' | ' | ' | $13.37 | ' | ' | ' | $17.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.8591 | ' | ' | ' | ' | 74.7982 | ' | ' | ' | 56.7568 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Basis Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Percent of Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Ownership In Company Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.70% | 11.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Amount of Debt Held By Third Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 555,000 | 99,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | 593,000 | 106,940,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Redemption, Settlement Term, Percent of Principal Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Held By Third Party Who Had 10 Percent Mandatorily Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 755,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | -21,458,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,217,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,458,000 | ' | ' | ' | -21,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acceleration of interest expense related to debt conversion | 12,414,000 | 14,960,000 | 1,217,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,414,000 | 14,960,000 | 1,217,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,414,000 | 14,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share Lending Arrangement, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,419,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share Lending Arrangement, Nominal Lending Fee Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share Lending Arrangement, Shares, Outstanding, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,204,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share Lending Arrangement, Shares Returned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,209,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share Lending Arrangement, Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,209,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share Lending Arrangement, Amount Amoritized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Reclassified from Debt to Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,778,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,222,000 | 43,222,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 893,418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly Repayments Of Long Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,000 | 145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $692,343,000 | $623,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $414,592,000 | ' | $450,000,000 | $0 | $30,689,000 | $19,617,000 | $0 | $7,115,000 | ' | ' | ' | ' | $81,586,000 | $62,492,000 | $74,183,000 | $68,205,000 | ' | $5,040,000 | ' | $6,342,000 | $6,580,000 | $4,452,000 | $3,884,000 | $4,179,000 | $30,424,000 | $29,430,000 | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% | ' | 5.66% | 4.66% | 5.89% | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Long_Term_Debt_a4
Notes Payable, Long Term Debt and Other Obligations Non Cash Interest Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of Debt Discount (Premium) | $21,482 | $10,684 | $6,355 |
Fair Value Of Derivatives [Roll Forward] | ' | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Beginning balance | 172,128 | 133,500 | 141,492 |
Conversion of Variable Interest Senior Convertible Debenture | -41,131 | -67,052 | -8 |
Issuance of Note | ' | 98,204 | ' |
(Gain) loss from changes in fair value of embedded derivatives | -18,935 | 7,476 | -7,984 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Ending Balance | 112,062 | 172,128 | 133,500 |
Unamortized Debt Discount [Roll Forward] | ' | ' | ' |
Amortization of beneficial conversion feature | -14,896 | -7,332 | -4,086 |
Unamortized Discount Ending Balance | 201,075 | ' | ' |
Convertible Debt [Member] | ' | ' | ' |
Unamortized Debt Discount [Roll Forward] | ' | ' | ' |
Unamortized Discount Beginning Balance | 273,323 | 175,688 | 186,126 |
Conversion of Variable Interest Senior Convertible Debentures | -35,870 | -46,754 | 3 |
Issuance of convertible notes - embedded derivative | ' | 98,204 | ' |
Increase of convertible notes - beneficial conversion feature | ' | 64,201 | ' |
Amortization of embedded derivatives | -21,482 | -10,684 | -6,355 |
Amortization of beneficial conversion feature | -14,896 | -7,332 | -4,086 |
Unamortized Discount Ending Balance | 201,075 | 273,323 | 175,688 |
Convertible Debt [Member] | Variable Interest 6.75% Senior Convertible Debentures [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of Debt Discount (Premium) | 5,914 | 2,842 | 1,415 |
Convertible Debt [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of Debt Discount (Premium) | 11,799 | 7,416 | 4,745 |
Convertible Debt [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of Debt Discount (Premium) | 155 | 57 | 195 |
Convertible Debt [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of Debt Discount (Premium) | 3,614 | 369 | 0 |
Interest Rate Risk [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | 18,935 | -7,476 | 7,984 |
Interest Rate Risk [Member] | Convertible Debt [Member] | Variable Interest 6.75% Senior Convertible Debentures [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | 5,075 | 5,247 | 3,290 |
Fair Value Of Derivatives [Roll Forward] | ' | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Beginning balance | 11,682 | 16,929 | 20,219 |
Conversion of Variable Interest Senior Convertible Debenture | 0 | 0 | 0 |
Issuance of Note | ' | 0 | ' |
(Gain) loss from changes in fair value of embedded derivatives | -5,075 | -5,247 | -3,290 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Ending Balance | 6,607 | 11,682 | 16,929 |
Unamortized Debt Discount [Roll Forward] | ' | ' | ' |
Unamortized Discount Beginning Balance | 30,383 | 35,704 | 38,353 |
Conversion of Variable Interest Senior Convertible Debentures | 0 | 0 | 0 |
Issuance of convertible notes - embedded derivative | ' | 0 | ' |
Increase of convertible notes - beneficial conversion feature | ' | 0 | ' |
Amortization of embedded derivatives | -5,914 | -2,842 | -1,415 |
Amortization of beneficial conversion feature | -5,157 | -2,479 | -1,234 |
Unamortized Discount Ending Balance | 19,312 | 30,383 | 35,704 |
Interest Rate Risk [Member] | Convertible Debt [Member] | Variable Interest 6.75% Senior Convertible Exchange Notes 2014 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | 9,625 | 9,940 | 6,238 |
Fair Value Of Derivatives [Roll Forward] | ' | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Beginning balance | 22,146 | 32,086 | 38,324 |
Conversion of Variable Interest Senior Convertible Debenture | 0 | 0 | 0 |
Issuance of Note | ' | 0 | ' |
(Gain) loss from changes in fair value of embedded derivatives | -9,625 | -9,940 | -6,238 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Ending Balance | 12,521 | 22,146 | 32,086 |
Unamortized Debt Discount [Roll Forward] | ' | ' | ' |
Unamortized Discount Beginning Balance | 45,038 | 57,036 | 64,713 |
Conversion of Variable Interest Senior Convertible Debentures | 0 | 0 | 0 |
Issuance of convertible notes - embedded derivative | ' | 0 | ' |
Increase of convertible notes - beneficial conversion feature | ' | 0 | ' |
Amortization of embedded derivatives | -11,799 | -7,416 | -4,745 |
Amortization of beneficial conversion feature | -7,294 | -4,582 | -2,932 |
Unamortized Discount Ending Balance | 25,945 | 45,038 | 57,036 |
Interest Rate Risk [Member] | Convertible Debt [Member] | Variable Interest 3.875% Senior Convertible Debentures [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | -1,417 | -22,281 | -1,544 |
Fair Value Of Derivatives [Roll Forward] | ' | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Beginning balance | 39,714 | 84,485 | 82,949 |
Conversion of Variable Interest Senior Convertible Debenture | -41,131 | -67,052 | -8 |
Issuance of Note | ' | 0 | ' |
(Gain) loss from changes in fair value of embedded derivatives | 1,417 | 22,281 | 1,544 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Ending Balance | 0 | 39,714 | 84,485 |
Unamortized Debt Discount [Roll Forward] | ' | ' | ' |
Unamortized Discount Beginning Balance | 36,107 | 82,948 | 83,060 |
Conversion of Variable Interest Senior Convertible Debentures | -35,870 | -46,754 | 3 |
Issuance of convertible notes - embedded derivative | ' | 0 | ' |
Increase of convertible notes - beneficial conversion feature | ' | 0 | ' |
Amortization of embedded derivatives | -155 | -57 | -195 |
Amortization of beneficial conversion feature | -82 | -30 | 80 |
Unamortized Discount Ending Balance | 0 | 36,107 | 82,948 |
Interest Rate Risk [Member] | Convertible Debt [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | 5,652 | -382 | 0 |
Fair Value Of Derivatives [Roll Forward] | ' | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Beginning balance | 98,586 | 0 | 0 |
Conversion of Variable Interest Senior Convertible Debenture | 0 | 0 | 0 |
Issuance of Note | ' | 98,204 | ' |
(Gain) loss from changes in fair value of embedded derivatives | -5,652 | 382 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure Ending Balance | 92,934 | 98,586 | 0 |
Unamortized Debt Discount [Roll Forward] | ' | ' | ' |
Unamortized Discount Beginning Balance | 161,795 | 0 | 0 |
Conversion of Variable Interest Senior Convertible Debentures | 0 | 0 | 0 |
Issuance of convertible notes - embedded derivative | ' | 98,204 | ' |
Increase of convertible notes - beneficial conversion feature | ' | 64,201 | ' |
Amortization of embedded derivatives | -3,614 | -369 | 0 |
Amortization of beneficial conversion feature | -2,363 | -241 | 0 |
Unamortized Discount Ending Balance | $155,818 | $161,795 | $0 |
Notes_Payable_Long_Term_Debt_a5
Notes Payable, Long Term Debt and Other Obligations Liggett Debt and Committments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | ||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Financing Agreements [Member] | Refinanced Financing Agreements [Member] | Refinanced Financing Agreements [Member] | Wells Fargo Adjusted Eurodollar Rate [Member] | Wells Fargo Adjusted Eurodollar Rate [Member] | |||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit and Term Loan Facility [Member] | Term Loan Under Credit Facility [Member] | Term Loan Under Credit Facility [Member] | Three Financing Arrangements [Member] | Three Financing Arrangements [Member] | Four Financing Arrangements [Member] | Four Financing Arrangements [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Financing Arrangement 5 Point 96 Percent [Member] | Financing Arrangement 5 Point 96 Percent [Member] | Line of Credit [Member] | |||||||
financingagreements | financingagreements | financingagreements | Three Financing Arrangements [Member] | Four Financing Arrangements [Member] | Four Financing Arrangements [Member] | Three Financing Arrangements [Member] | Four Financing Arrangements [Member] | Term Loan Under Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | $50,000 | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, covenant term restriction prior to payment of dividend | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required minimum borrowning availability 30 days prior to payment of dividend | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days of notice required to terminate credit facility | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.75% |
Credit Facility, Covenant measurement trailing period | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Ebitda Ratio On Trailing Twelve Month Basis If Excess Availability Is Less Than 20000 Thousand | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, excess availability in credit facility threshold | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, Excess Property Value | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, capital expenditure requirement, maximum carryover amount | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Capital Expenditures Allowed Before Maximum Carryover Amount of 2500 Thousand | ' | ' | 15,000 | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 692,343 | 623,724 | ' | ' | ' | 30,424 | 29,430 | ' | ' | 3,884 | 4,179 | ' | 6,342 | ' | 5,040 | ' | ' | ' | ' | ' | 4,452 | 6,580 | ' | ' |
Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Periodic Payments Over The Term Of the Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 885 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Principal After Total Future Periodic Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,540 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 34,308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability as determined under the facility | ' | ' | ' | ' | ' | ' | ' | ' | 15,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Agreements Entered Into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.66% | ' | 5.20% | ' | ' | ' | ' | ' | 5.89% | 4.66% | ' | ' |
Number of months loans are paid over | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | '48 months | ' | ' | ' | ' |
Average Number of Months Loans Are Paid Over | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '43 months | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.33% | 4.72% | 4.99% | 5.82% | 5.56% | 5.96% | 3.28% | ' | ' |
Monthly Repayments Of Long Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181 | 145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,342 | ' | 5,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' |
Monthly Installment Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $135 | ' | ' | ' |
Notes_Payable_Long_Term_Debt_a6
Notes Payable, Long Term Debt and Other Obligations Fair Value of Notes Payable and Long Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of long-term debt | $692,343 | $623,724 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of long-term debt | $1,006,562 | $963,672 |
Notes_Payable_Long_Term_Debt_a7
Notes Payable, Long Term Debt and Other Obligations Schedule of Maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ' | ' |
2013 Principal | $196,832 | ' |
2013 Unamortized Discount | 45,257 | ' |
2013 Net | 151,575 | ' |
2014 Principal | 13,268 | ' |
2014 Unamortized Discount | 0 | ' |
2014 Net | 13,268 | ' |
2015 Principal | 2,911 | ' |
2015 Unamortized Discount | 0 | ' |
2015 Net | 2,911 | ' |
2016 Principal | 230 | ' |
2016 Unamortized Discount | 0 | ' |
2016 Net | 230 | ' |
2017 Principal | 177 | ' |
2017 Unamortized Discount | 0 | ' |
2017 Net | 177 | ' |
Thereafter Principal | 680,000 | ' |
Thereafter Unamortized Discount | 155,818 | ' |
Thereafter Net | 524,182 | ' |
Long-term Debt, Gross | 893,418 | ' |
Unamortized Discount | 201,075 | ' |
Total notes payable, long - term debt and other obligations | $692,343 | $623,724 |
Short-term Debt, Weighted Average Interest Rate | 9.77% | ' |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2000 | Dec. 31, 2013 | Oct. 23, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | |
Minimum [Member] | Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | ||||
Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | |||||||
cases | cases | |||||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements / dismissal of litigation | ' | ' | ' | ' | ' | ' | ' | ' | 4,900 | 151 |
Operating lease term | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Lease Commitments, 2013 | $18,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Commitments, 2014 | 16,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Commitments, 2015 | 13,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Commitments, 2016 | 12,007,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Commitments, 2017 | 9,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Commitments, Thereafter | 26,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Commitments, Total | 96,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, 2013 | 130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, 2014 | 111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, 2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, 2016 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, 2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, Thereafter | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease Rentals, Total | 241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, 2013 | 18,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, 2014 | 16,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, 2015 | 13,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, 2016 | 12,007,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, 2017 | 9,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, Thereafter | 26,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net, Total | 96,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense | 6,523,000 | 4,100,000 | 4,313,000 | ' | ' | ' | ' | ' | ' | ' |
Damages awarded | ' | ' | ' | ' | 145,000,000,000 | ' | 110,000,000 | ' | ' | 1,129,000 |
Settlement Fund Amount | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Paid Lump Sum | ' | ' | ' | ' | ' | ' | 59,500,000 | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Installment Payments Term | ' | ' | ' | ' | ' | ' | '14 years | ' | ' | ' |
Litigation judgment expense | 88,106,000 | 0 | 0 | ' | ' | 1,893,000 | ' | ' | ' | 86,213,000 |
Litigation Settlement Expense Amount Discounted | ' | ' | ' | ' | ' | ' | 25,213,000 | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration, Paid in Equal Installments over Term | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Expected in Next Fiscal Year | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Expected Yearly Next Five Years | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Expected in Year Five and After | ' | ' | ' | ' | ' | ' | $34,500,000 | ' | ' | ' |
Employee_Benefit_Plans_Textual
Employee Benefit Plans Textuals (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2008 | Dec. 31, 2013 |
plans | plans | Qualified Defined Benefit Pension Plan [Member] | Non-qualified Defined Benefit Pension Plan [Member] | Supplemental Employee Retirement Plans [Member] | Postretirement Medical [Member] | Life Insurance Benefit [Member] | Postretirement Life Insurance [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Houly Pension Plan [Member] | Salaried Pension Plan [Member] | Minimum [Member] | Minimum [Member] | Ten Year Rate of Return [Member] | Ten Year Rate of Return [Member] | Ten Year Rate of Return [Member] | Five Year Rate of Return [Member] | Five Year Rate of Return [Member] | Five Year Rate of Return [Member] | President and Chief Executive Officer [Member] | President and Chief Executive Officer [Member] | ||
plans | plans | employees | employees | employees | plans | Supplemental Employee Retirement Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Supplemental Employee Retirement Plans [Member] | Supplemental Employee Retirement Plans [Member] | |||||||||||||
Y | |||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defined benefit plans | 4 | 4 | ' | 2 | 1 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Age Requirement For Plant Participation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' |
Required employment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' |
Additional SERP Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $736 | ' |
Service Period Credit Upon Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months |
Total Eligible Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,546 |
Increase in SERP Annuity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,122 |
Number Of Participating Employees | ' | ' | ' | ' | ' | ' | 271 | 183 | 427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Contribution Percentage | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | 26,216 | 37,828 | 40,222 | ' | ' | ' | ' | ' | ' | 27,102 | 37,646 | 40,717 | -886 | 182 | -495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligations in excess of aggregate projected benefit obligation | 39,955 | 103,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligations in excess of aggregate accumulated benefit obligation | 39,955 | 103,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligations in excess of aggregate fair value of plan assets | 0 | 65,137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual Rate of Return Period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | '5 years | ' | ' | ' | ' |
Actual Rate of Return On Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.20% | 7.50% | 5.20% | 13.60% | 2.90% | 2.90% | ' | ' |
Percentage of Excess in Projected Benefit Obligation and Fair Value Assets To Be Amortized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period For Amortization of Benefit Plan Gains and Losses (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years 4 months 13 days | '16 years 3 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | ' | ' | ' | ' | 0 | 596 | ' | ' | 10,749 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | 0 | 603 | ' | ' | 10,422 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | 0 | 607 | ' | ' | 10,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | 0 | 611 | ' | ' | 9,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | 29,641 | 615 | ' | ' | 39,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 — 2022 | ' | ' | ' | ' | ' | 12,484 | 3,114 | ' | ' | 54,013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $1,190 | $1,161 | $1,101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans Schedule of Defined Benefit Plan Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts recognized in the consolidated balance sheets: | ' | ' | ' |
Prepaid pension costs | $26,080 | $12,870 | ' |
Non-current employee benefits | -47,917 | -45,860 | ' |
Pension Plans [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | -153,716 | -151,008 | ' |
Service cost | -1,170 | -1,275 | -1,422 |
Interest cost | -5,518 | -6,513 | -7,481 |
Plan settlement | 1,819 | 0 | ' |
Benefits paid | 10,510 | 12,813 | ' |
Expenses paid | 350 | 308 | ' |
Actuarial (gain) loss | -3,186 | -8,041 | ' |
Benefit obligation at December 31 | -150,911 | -153,716 | -151,008 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at January 1 | 128,060 | 122,012 | ' |
Actual return on plan assets | 19,482 | 15,656 | ' |
Plan settlement | -1,819 | 0 | ' |
Expenses paid | -350 | -308 | ' |
Contributions | 2,173 | 3,513 | ' |
Benefits paid | -10,510 | -12,813 | ' |
Fair value of plan assets at December 31 | 137,036 | 128,060 | 122,012 |
Funded status at December 31 | -13,875 | -25,656 | ' |
Amounts recognized in the consolidated balance sheets: | ' | ' | ' |
Prepaid pension costs | 26,080 | 12,870 | ' |
Other accrued liabilities | -342 | -2,161 | ' |
Non-current employee benefits | -39,613 | -36,365 | ' |
Net amounts recognized | -13,875 | -25,656 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | -10,158 | -9,635 | ' |
Service cost | -16 | -14 | -13 |
Interest cost | -418 | -465 | -500 |
Plan settlement | 0 | 0 | ' |
Benefits paid | 560 | 512 | ' |
Expenses paid | 0 | 0 | ' |
Actuarial (gain) loss | 1,133 | -556 | ' |
Benefit obligation at December 31 | -8,899 | -10,158 | -9,635 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at January 1 | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Plan settlement | 0 | 0 | ' |
Expenses paid | 0 | 0 | ' |
Contributions | 560 | 512 | ' |
Benefits paid | -560 | -512 | ' |
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Funded status at December 31 | -8,899 | -10,158 | ' |
Amounts recognized in the consolidated balance sheets: | ' | ' | ' |
Prepaid pension costs | 0 | 0 | ' |
Other accrued liabilities | -597 | -663 | ' |
Non-current employee benefits | -8,304 | -9,495 | ' |
Net amounts recognized | ($8,901) | ($10,158) | ' |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans Net Periodic Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost — benefits earned during the period | $1,170 | $1,275 | $1,422 |
Interest cost on projected benefit obligation | 5,518 | 6,513 | 7,481 |
Expected return on assets | -7,915 | -8,145 | -8,834 |
Settlement loss | 244 | 0 | 0 |
Amortization of net loss (gain) | 1,918 | 3,602 | 2,807 |
Net expense | 935 | 3,245 | 2,876 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost — benefits earned during the period | 16 | 14 | 13 |
Interest cost on projected benefit obligation | 418 | 465 | 500 |
Expected return on assets | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Amortization of net loss (gain) | -64 | -121 | -88 |
Net expense | $370 | $358 | $425 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans Accumulated Other Comprehensive Income Next Fixal Year (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | ' |
Actuarial loss (gain) | $1,015 |
Pension Plans [Member] | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | ' |
Actuarial loss (gain) | 1,075 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | ' |
Actuarial loss (gain) | ($60) |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans Amounts Recognized Accumlated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior year accumulated other comprehensive income | ($37,828) | ($40,222) |
Amortization of prior service costs | 0 | 2,018 |
Amortization of gain (loss) | 2,099 | 1,463 |
Net (loss) gain arising during the year | 9,513 | -1,087 |
Current year accumulated other comprehensive (loss) income | -26,216 | -37,828 |
Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior year accumulated other comprehensive income | -37,646 | -40,717 |
Amortization of prior service costs | 0 | 2,018 |
Amortization of gain (loss) | 2,163 | 1,584 |
Net (loss) gain arising during the year | 8,381 | -531 |
Current year accumulated other comprehensive (loss) income | -27,102 | -37,646 |
Other Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior year accumulated other comprehensive income | -182 | 495 |
Amortization of prior service costs | 0 | 0 |
Amortization of gain (loss) | -64 | -121 |
Net (loss) gain arising during the year | 1,132 | -556 |
Current year accumulated other comprehensive (loss) income | $886 | ($182) |
Employee_Benefit_Plans_Defined
Employee Benefit Plans Defined Benefit Plan Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates — service cost | ' | ' | 5.25% |
Assumed rates of return on invested assets | 6.50% | 7.00% | 7.00% |
Pension Plans [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates - benefit obligation | 3.00% | 2.25% | 3.75% |
Discount rates — service cost | 2.25% | 3.75% | ' |
Pension Plans [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates - benefit obligation | 4.75% | 4.00% | 4.75% |
Discount rates — service cost | 4.00% | 4.75% | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates - benefit obligation | 5.00% | 4.25% | 5.00% |
Discount rates — service cost | 4.25% | 5.00% | 5.25% |
Assumed rates of return on invested assets | 0.00% | 0.00% | 0.00% |
Salary increase assumptions | 3.00% | 3.00% | 3.00% |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans Plan Asset Allocation (Details) | 1 Months Ended | 23 Months Ended | |
Dec. 31, 2012 | Nov. 28, 2012 | Dec. 31, 2013 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Target Allocation Percentage of Assets, Rebalacing Allocation | 5.00% | 5.00% | ' |
Actual Allocation | 100.00% | ' | 100.00% |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Target Allocation Percentage of Assets | 50.00% | 50.00% | ' |
Actual Allocation | 47.00% | ' | 50.00% |
Investment Grade Fixed Income Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Target Allocation Percentage of Assets | 30.00% | 27.50% | ' |
Actual Allocation | 30.00% | ' | 28.00% |
High Yield Fixed Income Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Target Allocation Percentage of Assets | 10.00% | 7.50% | ' |
Actual Allocation | 10.00% | ' | 10.00% |
Alternative Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Target Allocation Percentage of Assets | 5.00% | 10.00% | ' |
Actual Allocation | 8.00% | ' | 6.00% |
Short-term Investments [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Target Allocation Percentage of Assets | 5.00% | 5.00% | ' |
Actual Allocation | 5.00% | ' | 6.00% |
Employee_Benefit_Plans_Pension
Employee Benefit Plans Pension Plan Assets Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $137,000 | $128,060 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 53,944 | 49,555 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 74,025 | 54,793 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,031 | 23,712 | 22,582 |
Insurance contracts [Member] | Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,396 | 2,079 | ' |
Insurance contracts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Insurance contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 2,396 | 2,079 | ' |
Insurance contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Cash [Member] | Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 7,424 | ' | ' |
Cash [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 7,424 | ' | ' |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Cash [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Cash, mutual funds, and common stock [Member] | Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 6,309 | ' |
Cash, mutual funds, and common stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 6,309 | ' |
Cash, mutual funds, and common stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
Cash, mutual funds, and common stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
U.S. equity securities [Member] | Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 46,520 | 43,246 | ' |
U.S. equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 46,520 | 43,246 | ' |
U.S. equity securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
U.S. equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Common collective trusts [Member] | Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 57,912 | 65,867 | ' |
Common collective trusts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 57,912 | 52,714 | ' |
Common collective trusts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 13,153 | ' |
Investment partnership [Member] | Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 22,748 | 10,559 | ' |
Investment partnership [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Investment partnership [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 13,717 | 0 | ' |
Investment partnership [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $9,031 | $10,559 | ' |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans Employee Benefit Plans Pension Plan Assets Fair Value Measurement Reconciliation of Unobservable Inputs (Details) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Change in plan assets: | ' | ' |
Fair value of plan assets at January 1 | $23,712 | $22,582 |
Transfers | -13,153 | 0 |
Distributions | -2,669 | -2,905 |
Contributions | 0 | 864 |
Unrealized loss on long-term investments | -1,779 | 2,442 |
Realized gain on long-term investments | 2,920 | 729 |
Fair value of plan assets at December 31 | $9,031 | $23,712 |
Employee_Benefit_Plans_Employe2
Employee Benefit Plans Employee Benefit Plans Assumed Health Care Cost Trend Rates (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Effect on total of service and interest cost components, 1% Increase | 6 | ' |
Effect on total of service and interest cost components, 1% Decrease | -6 | ' |
Effect on benefit obligation, 1% Increase | 119 | ' |
Effect on benefit obligation, 1% Decrease | -110 | ' |
Health Trend Rates For the Subsequent Tenth Year [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.50% | 4.50% |
Minimum [Member] | Health Trend Rates For the Subsequent Nine Years [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.25% | 4.25% |
Maximum [Member] | Health Trend Rates For the Subsequent Nine Years [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.00% | 7.00% |
Employee_Benefit_Plans_Future_
Employee Benefit Plans Future Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | $10,749 |
2014 | 10,422 |
2015 | 10,080 |
2016 | 9,793 |
2017 | 39,101 |
2018 — 2022 | 54,013 |
Postretirement Medical [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | 596 |
2014 | 603 |
2015 | 607 |
2016 | 611 |
2017 | 615 |
2018 — 2022 | $3,114 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax loss carryforwards | $10,010 | $10,854 | ' | ' |
Valuation allowance | 6,014 | 6,310 | ' | ' |
Unrecognized tax benefits | 3,122 | 6,269 | 6,597 | 6,768 |
Unrecognized tax benefits, penalties and interest expense | -877 | 149 | ' | ' |
Unrecognized tax benefits, penalties and interest accrued | 776 | 1,653 | ' | ' |
Reasonably possible amount recognized over next 12 months | $2,027 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Minimum owenership percentage of subsidiaries included in tax return | 80.00% | ' | ' | ' |
Income_Taxes_Income_Taxes_Comp
Income Taxes Income Taxes (Components of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. Federal | $20,808 | $24,246 | $30,458 |
State | 3,521 | 6,185 | 8,313 |
Current Total | 24,329 | 30,431 | 38,771 |
Deferred: | ' | ' | ' |
U.S. Federal | 596 | -5,779 | 7,765 |
State | -130 | -1,557 | 1,601 |
Deferred Total | 466 | -7,336 | 9,366 |
Income tax expense | $24,795 | $23,095 | $48,137 |
Income_Taxes_Income_Taxes_Defe
Income Taxes Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets | ' | ' |
Deferred Tax Assets, Excess of tax basis over book basis- non-consolidated entities | $4,434,000 | $3,654,000 |
Employee benefit accruals | 19,539,000 | 17,508,000 |
Book/tax differences on long-term investments | 0 | 1,000 |
Impact of timing of settlement payments | 56,551,000 | 32,113,000 |
Tax loss carryforwards | 10,010,000 | 10,854,000 |
Other | 8,231,000 | 11,625,000 |
Valuation allowance | -6,014,000 | -6,310,000 |
Deferred Tax Assets, Net | 101,953,000 | 85,751,000 |
Deferred Tax Liabilities | ' | ' |
Excess of tax basis over book basis- non-consolidated entities | 3,582,000 | 0 |
Employee benefit accruals | 9,378,000 | 2,383,000 |
Book/tax differences on fixed and Intangible assets | 48,086,000 | 45,439,000 |
Book/tax differences on inventory | 19,213,000 | 18,165,000 |
Book/tax differences on long-term investments | 30,898,000 | 0 |
Deferred Tax Assets. Impact of Accounting on Convertible Debt | 9,202,000 | 16,306,000 |
Impact of accounting on convertible debt | 44,823,000 | 56,346,000 |
Impact of timing of settlement payments | 0 | 706,000 |
Other | 27,404,000 | 13,792,000 |
Deferred Tax Liabilities, Net | $183,384,000 | $136,831,000 |
Income_Taxes_Income_Taxes_Inco
Income Taxes Income Taxes (Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income before income taxes | $63,487 | $53,717 | $123,157 |
Federal income tax expense at statutory rate | 22,221 | 18,801 | 43,105 |
Increases (decreases) resulting from: | ' | ' | ' |
State income taxes, net of federal income tax benefits | 2,204 | 3,009 | 6,444 |
Impact of non-controlling interest | 88 | 0 | 0 |
Non-deductible expenses | 2,698 | 3,311 | 1,974 |
Impact of domestic production deduction | -1,889 | -2,026 | -4,256 |
Tax credits | -433 | 0 | 0 |
Changes in valuation allowance, net of equity and tax audit adjustments | -94 | 0 | 870 |
Income tax expense | $24,795 | $23,095 | $48,137 |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance | $6,269 | $6,597 | $6,768 |
Additions based on tax positions related to prior years | 179 | 588 | 250 |
Expirations of the statute of limitations | -3,076 | -916 | -421 |
Settlements | 250 | ' | ' |
Balance | $3,122 | $6,269 | $6,597 |
Stock_Compensation_Stock_Compe
Stock Compensation Stock Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Weighted Average Exercise Price (in dollars per share) | $15.36 | $0 | $14.84 |
Option exercises in period, intrinsic value | $93 | $129 | $2,051 |
Tax benefit of options exercised | 38 | 52 | 821 |
Exercised, Weighted Average Exercise Price (in dollars per share) | $13.54 | $8.25 | $10.33 |
Exercise of stock options | 544 | 140 | 1,029 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 2,212 | 1,755 | 1,715 |
Total compensation cost not yet recognized | $2,577 | ' | ' |
Contractual term | '10 years | ' | ' |
Total compensation cost not yet recognized, period for recognition | '2 years 9 months 11 days | ' | ' |
Stock Options [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Non-Qualfied Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Issued in Period | 787,500 | 0 | 529,035 |
Granted, Weighted Average Exercise Price (in dollars per share) | $15.36 | ' | ' |
Non-Qualfied Options [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Weighted Average Exercise Price (in dollars per share) | ' | ' | $13.72 |
Non-Qualfied Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Weighted Average Exercise Price (in dollars per share) | ' | ' | $14.90 |
Stock_Compensation_Stock_Compe1
Stock Compensation Stock Compensation Fair Value Assumptions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate, Minimum | 0.60% | 1.40% |
Risk-free interest rate, Maximum | 1.80% | 1.90% |
Expected volatility, Minimum | 20.05% | 24.78% |
Expected volatility, Maximum | 24.08% | 25.02% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected holding period | '4 years | '4 years |
Weighted-average grant date fair value | 2.72 | 0.9 |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Dividend yield | ' | 10.08% |
Expected holding period | '10 years | '4 years 9 months |
Weighted-average grant date fair value | 5.8 | 3.81 |
Stock_Compensation_Stock_Compe2
Stock Compensation Stock Compensation Stock Option Activity (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' |
Outstanding (in shares) | 2,664,481 | 2,399,922 | 2,423,404 | 2,664,481 | ' | ' |
Granted (in shares) | ' | 787,500 | 0 | 529,035 | ' | ' |
Exercised (in shares) | -448,960 | -40,175 | -16,883 | -557,887 | ' | ' |
Canceled (in shares) | ' | -13 | -6,599 | -212,225 | ' | ' |
Outstanding (in shares) | ' | 3,147,234 | 2,399,922 | 2,423,404 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $12.13 | $12.50 | $12.48 | $12.13 | ' | ' |
Granted, Weighted Average Exercise Price (in dollars per share) | ' | $15.36 | $0 | $14.84 | ' | ' |
Exercised, Weighted Average Exercise Price (in dollars per share) | ' | $13.54 | $8.25 | $10.33 | ' | ' |
Cancelled, Weighted Average Exercise Price (in dollars per share) | ' | $0 | $14.35 | $0 | ' | ' |
Outstanding, Weighted Average Exercise Price (in dollars per share) | ' | $13.21 | $12.50 | $12.48 | ' | ' |
Outstanding, Weighted Average Remaining Contractual Term | ' | '6 years 6 months 18 days | '6 years 7 months 6 days | '7 years 7 months 6 days | '6 years | ' |
Outstanding, Aggregate Intrinsic Value | ' | $9,959 | $4,371 | $11,187 | ' | $11,208 |
Options exercisable (in shares) | ' | 1,777,158 | 418,359 | 411,452 | ' | ' |
Common stock fair value | ' | $16.37 | $14.16 | $16.10 | ' | ' |
Stock_Compensation_Stock_Compe3
Stock Compensation Stock Compensation Shares Authorized under Stock Option Plans by Exercise Price Range (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Exercise Price Range One [Member] | Exercise Price Range Two [Member] | Exercise Price Range Three [Member] | Exercise Price Range Four [Member] | Exercise Price Range Four [Member] | Exercise Price Range Five [Member] | Exercise Price Range Five [Member] | Exercise Price Range Six [Member] | Exercise Price Range Six [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, Minimum (in dollars per share) | ' | ' | ' | ' | ' | $0 | $12.13 | $15.28 | ' | $17.82 | ' | $20.37 | ' | $22.91 |
Range of Exercise Prices, Maximum (in dollars per share) | ' | ' | ' | ' | ' | $12.13 | $14.55 | $16.98 | ' | $19.40 | ' | $21.83 | ' | $24.25 |
Options Outstanding (in shares) | 3,147,234 | 2,399,922 | 2,423,404 | ' | 2,664,481 | 1,679,616 | 180,024 | 1,287,594 | ' | 0 | ' | 0 | ' | 0 |
Outstanding, Weighted Average Remaining Contractual Term | '6 years 6 months 18 days | '6 years 7 months 6 days | '7 years 7 months 6 days | '6 years | ' | '5 years 3 months 7 days | '5 years 8 months 13 days | '8 years 4 months 1 day | '0 years | ' | '0 years | ' | '0 years | ' |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $13.21 | $12.50 | $12.48 | ' | $12.13 | $11.64 | $13.61 | $15.19 | ' | $0 | ' | $0 | ' | $0 |
Options exercisable (in shares) | 1,777,158 | 418,359 | 411,452 | ' | ' | 1,679,616 | 97,542 | 0 | ' | 0 | ' | 0 | ' | 0 |
Exercisable, Weighted-Average Remaining Contractual Life (Years) | ' | ' | ' | ' | ' | '5 years 3 months 7 days | '5 years 0 months 8 days | ' | ' | ' | ' | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $11.75 | ' | ' | ' | ' | $11.64 | $13.64 | $0 | ' | $0 | ' | $0 | ' | $0 |
Options Exercisable, Weighted Aggregate Intrinsic Value | $8,203 | ' | ' | ' | ' | $0 | $0 | $0 | ' | $0 | ' | $0 | ' | $0 |
Stock_Compensation_Stock_Compe4
Stock Compensation Stock Compensation Restricted Stock Activity (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Oct. 31, 2013 | Apr. 30, 2009 | Oct. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | President [Member] | President [Member] | Exercise Price Range Four [Member] | Exercise Price Range Five [Member] | Exercise Price Range Six [Member] | |||||
Restricted Stock Granted During June 2010 [Member] | Restricted Stock Granted During June 2010 [Member] | Restricted Stock Granted During June 2010 [Member] | Restricted Stock Granted During November 2011 [Member] | Restricted Stock Granted During November 2011 [Member] | Restricted Stock Granted During November 2011 [Member] | Restricted Stock Granted During April 2009 [Member] | Restricted Stock Granted During April 2009 [Member] | Restricted Stock Granted During April 2009 [Member] | Restricted Stock Granted During May 2013 [Member] | Restricted Stock Granted During May 2013 [Member] | Restricted Stock Granted During October 2013 [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||
directors | directors | Restricted Stock Granted During April 2009 [Member] | Restricted Stock Granted During October 2013 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in period (shares) | ' | ' | ' | ' | ' | ' | ' | 12,155 | ' | 7,350 | ' | ' | ' | ' | ' | 10,500 | ' | ' | 638,142 | 27,500 | ' | ' | ' |
Number of directors (in directors) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' |
Number of directors resigned (in directors) | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | $2,519 | $5,563 | $3,183 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited in the period (shares) | ' | ' | ' | ' | ' | ' | 8,104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Share Based Compensation Over Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | 749 | ' | 120 | ' | ' | 6,467 | ' | ' | 815 | 458 | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | 161 | ' | ' | ' | ' | ' | 133 | 280 | ' | 2,381 | 1,188 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Compensation Costs Related to Accelerated Vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 288 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,093 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested in period (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost not yet recognized | ' | ' | ' | ' | $1,100 | $134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost not yet recognized, period for recognition | ' | ' | ' | ' | '1 year 2 months 25 days | '0 years 5 months 9 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '19 months | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 6 months 18 days | '6 years 7 months 6 days | '7 years 7 months 6 days | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years | '0 years | '0 years |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 78 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 25 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2000 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2003 | Sep. 30, 2012 | Dec. 17, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | 31-May-03 | Jul. 31, 2000 | Apr. 30, 2000 | Dec. 31, 2013 | Oct. 23, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 1998 | Dec. 31, 2013 | Nov. 30, 1998 | Mar. 31, 1998 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2003 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Liggett Only Cases [Member] | Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | Class Actions [Member] | Parsons v. AC & S Inc. [Member] | Tobacco Litigation Personal Injury Cases [Member] | Master Settlement Agreement [Member] | Master Settlement Agreement [Member] | Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member] | NPM Adjustment [Member] | NPM Adjustment [Member] | NPM Adjustment [Member] | NPM Adjustment [Member] | NPM Adjustment [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett [Member] | Liggett Only Cases [Member] | Liggett Only Cases [Member] | Liggett Vector Brands [Member] | Liggett Vector Brands [Member] | Vector Tobacco [Member] | Liggett and Vector Tobacco [Member] | Liggett and Vector Tobacco [Member] | Liggett and Vector Tobacco [Member] | Liggett and Vector Tobacco [Member] | Liggett and Vector Tobacco [Member] | ||||
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sponsorships | states | cases | cases | cases | cases | cases | cases | cases | plaintiffs | plaintiffs | cases | plaintiffs | cases | cases | cases | cases | cases | Minimum [Member] | Maximum [Member] | cases | cases | cases | states | cases | states | states | Minimum [Member] | Maximum [Member] | years | Minimum [Member] | Maximum [Member] | cases | cases | |||||||||||||||||||||||||||||||||||||||||||||||
cases | years | years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Expected in Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cases pending (in cases) | ' | ' | ' | 5 | ' | ' | 4 | ' | 750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 9 | 4 | 3 | 2 | 1 | 1 | ' | ' | ' | ' | 100 | 400 | ' | ' | ' | ' | 2,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59 | ' | 1 | 100 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Cases including punitive damages (in cases) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cases with adverse verdicts (in cases) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Over Turned Judgment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,831,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of plaintiffs (in palintiffs) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages awarded | ' | ' | ' | ' | 145,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 790,000,000 | 12,704,000 | ' | 110,000,000 | ' | ' | 1,129,000 | ' | ' | ' | 1,000 | 3,479,000 | ' | 12,418,000 | 156,000 | 1,350,000 | 349,000 | 3,008,000 | 225,000 | 1,000 | 1,947,000 | ' | 2,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | 205,000 | 3,479,000 | ' | ' | ' | ' | ' | ' | 95,000,000 | ' | ' | ' |
Settlement Accruals | 59,310,000 | 1,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,800,000 | ' | ' |
Punitive damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements / dismissal of litigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900 | 151 | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiff legal fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,321,000 | 9,666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation judgment expense | 88,106,000 | 0 | 0 | ' | ' | 1,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,213,000 | ' | 86,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,000 | ' | ' | ' | ' | ' | ' |
Previously accrued expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,600,000 |
Minimum loss exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum loss exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,800,000 | ' | ' | 16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Proposed Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plaintiffs' verdicts (in cases) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 11 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defense verdicts (in cases) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Case Tried Prior to Final Decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) related to litigation settlement | ' | ' | ' | ' | ' | 86,213,000 | ' | ' | ' | ' | ' | ' | 11,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,602,000 | 1,345,000 |
Settlement Fund Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of Defendants | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Brand Name Sponsorship Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Bond Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Agreed additional amount funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Number of brand name sponsorships allowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual payment requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MSA Payment Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Payment obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.63% | 1.25% | 1.63% | 1.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.28% | ' | ' | ' | ' | ' |
Total cigarettes sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | ' | ' | ' | ' |
Amounts not expensed by the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Aggregate Number of Settling States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Courts that decided the issue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Courts That Did Not Rule | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settling States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocable Share of Settling States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future MSA payments if method of calculation is changed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of States Not Included in Settlement Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Years Annual Payments Required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Years Annual Payments Required That Are Subject To Inflation Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Notice from State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Claims Scheduled For Trial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of Settling States With Diligent Enforcement Not Contested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Paid Lump Sum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Installment Payments Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '14 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement Expense Amount Discounted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration, Paid in Equal Installments over Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Expected Yearly Next Five Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration Expected in Year Five and After | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Remaining in Disputed Payment Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,600,000 |
Loss Contingency, Number of Non-Settling States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of Non-Settling States that Did not Diligently Enforce Escrow Statutes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Adjsutment Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Possible Loss Additional Amount, Adjusted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $317,000 | ' | ' | ' | ' | ' | ' |
Contingencies_Contingencies_Li
Contingencies Contingencies Litigation Accrual Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Payments due under Master Settlement Agreement, Current | $25,348 | $32,970 | ' |
Payments due under Master Settlement Agreement, Non-Current | 27,571 | 52,639 | ' |
Litigation Accruals, Non-Current | 27,058 | 1,862 | ' |
Total, Non-Current | 54,629 | 54,501 | ' |
Current Liabilities [Member] | ' | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Total, Current | 34,440 | 52,725 | 48,071 |
Expenses | 180,377 | 139,471 | 156,592 |
MSA settlement and arbitration adjustments | -3,928 | ' | ' |
Change in MSA obligations capitalized as inventory | 1,611 | 49 | -2,495 |
Payments | -135,390 | -157,264 | -130,175 |
Reclassification to non-current liabilities | 7,153 | -681 | -19,268 |
Interest on withholding | 395 | 140 | 0 |
Total, Current | 84,658 | 34,440 | 52,725 |
Current Liabilities [Member] | Master Settlement Agreement [Member] | ' | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Payments due under Master Settlement Agreement, Current | 32,970 | 51,174 | 43,888 |
Expenses | 117,085 | 137,746 | 155,707 |
MSA settlement and arbitration adjustments | -3,928 | ' | ' |
Change in MSA obligations capitalized as inventory | 1,611 | 49 | -2,495 |
Payments | -129,320 | -155,094 | -128,258 |
Reclassification to non-current liabilities | 6,930 | -905 | -17,668 |
Interest on withholding | 0 | 0 | 0 |
Payments due under Master Settlement Agreement, Current | 25,348 | 32,970 | 51,174 |
Current Liabilities [Member] | Pending Litigation [Member] | ' | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Litigation Accruals, Current | 1,470 | 1,551 | 4,183 |
Expenses | 63,292 | 1,725 | 885 |
MSA settlement and arbitration adjustments | 0 | ' | ' |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments | -6,070 | -2,170 | -1,917 |
Reclassification to non-current liabilities | 223 | 224 | -1,600 |
Interest on withholding | 395 | 140 | 0 |
Litigation Accruals, Current | 59,310 | 1,470 | 1,551 |
Non-Current Liabilities [Member] | ' | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Total, Non-Current | ' | 50,938 | 30,205 |
Expenses | 25,218 | 0 | 0 |
MSA settlement and arbitration adjustments | -18,138 | ' | ' |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments | 0 | 0 | 0 |
Reclassification to non-current liabilities | -7,153 | 681 | 19,267 |
Interest on withholding | 201 | 2,882 | 1,466 |
Total, Non-Current | ' | ' | 50,938 |
Non-Current Liabilities [Member] | Master Settlement Agreement [Member] | ' | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Payments due under Master Settlement Agreement, Non-Current | 52,639 | 49,338 | 30,205 |
Expenses | 0 | 0 | 0 |
MSA settlement and arbitration adjustments | -18,138 | ' | ' |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments | 0 | 0 | 0 |
Reclassification to non-current liabilities | -6,930 | 905 | 17,667 |
Interest on withholding | 0 | 2,396 | 1,466 |
Payments due under Master Settlement Agreement, Non-Current | 27,571 | 52,639 | 49,338 |
Non-Current Liabilities [Member] | Pending Litigation [Member] | ' | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' | ' |
Litigation Accruals, Non-Current | 1,862 | 1,600 | 0 |
Expenses | 25,218 | 0 | 0 |
MSA settlement and arbitration adjustments | 0 | ' | ' |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments | 0 | 0 | 0 |
Reclassification to non-current liabilities | -223 | -224 | 1,600 |
Interest on withholding | 201 | 486 | 0 |
Litigation Accruals, Non-Current | $27,058 | $1,862 | $1,600 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
I. Cash paid during the period for: | ' | ' | ' |
Interest | $114,301 | $81,821 | $83,677 |
Income taxes | 17,585 | 27,693 | 53,074 |
II. Non-cash investing and financing activities: | ' | ' | ' |
Issuance of stock dividend | 450 | 414 | 378 |
Transfer from Investments | 84,859 | 0 | 0 |
Non-controlling interest | 87,657 | 0 | 0 |
Debt retired in debt conversion | 43,222 | 55,778 | 11,000 |
Embedded derivative, net retired in debt conversion | $17,377 | $8,001 | $1,150 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 48 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 10, 2012 | 22-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 04, 2011 | 11-May-09 | Nov. 04, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2011 | Oct. 14, 2011 | Dec. 31, 2010 | Dec. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | 11-May-09 | 11-May-09 | 11-May-09 | 11-May-09 | 11-May-09 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 28, 2014 | |
extension | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Executive Vice President [Member] | Executive Vice President [Member] | Castle Brands [Member] | Castle Brands [Member] | Castle Brands [Member] | Castle Brands [Member] | Castle Brands [Member] | Castle Brands [Member] | Frost Real Estate Holdings, LLC [Member] | Management Fees [Member] | Management Fees [Member] | Management Fees [Member] | Management Fees [Member] | Management Fees [Member] | Management Fee Increase [Member] | Management Fee Increase [Member] | Aggregate Funding Fee [Member] | Insurance Commissions [Member] | Insurance Commissions [Member] | Insurance Commissions [Member] | Investment [Member] | Investment [Member] | Investment [Member] | Investment [Member] | Investment [Member] | Minimum [Member] | 6.75% Variable Interest Senior Convertible Note Due 2014 | 6.75% Variable Interest Senior Convertible Note Due 2014 | 6.75% Variable Interest Senior Convertible Note Due 2014 | 5% Variable Interest Senior Convertible Notes due November 15, 2011 [Member] | 5% Variable Interest Senior Convertible Notes due November 15, 2011 [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Preferred Stock [Member] | Subsequent Event [Member] | ||||
sqft | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Castle Brands [Member] | Castle Brands [Member] | Castle Brands [Member] | Ladenburg Thalmann Financial Services [Member] | Castle Brands [Member] | Ladenburg Thalmann Financial Services [Member] | President [Member] | President [Member] | President [Member] | OPKO Inc. [Member] | OPKO Inc. [Member] | OPKO Inc. [Member] | Cardo Medical Inc. [Member] | Cocrystal Discovery Inc. [Member] | Executive Vice President [Member] | Executive Vice President [Member] | Private Placement Purchase Price [Member] | Executive Vice President [Member] | Private Placement Tender Offer [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | Castle Brands [Member] | |||||||||||||||||||
investments | Executive Vice President [Member] | Executive Vice President [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Castle Brands [Member] | Castle Brands [Member] | Castle Brands [Member] | |||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Other Revenues from Transactions with Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $750,000 | $750,000 | $100,000 | $100,000 | $100,000 | $850,000 | $100,000 | $75,000 | $245,000 | $200,000 | $205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in equity securities, shares held | ' | ' | ' | ' | 240,000 | ' | ' | ' | ' | ' | ' | ' | 11,428,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Related Party Transaction, Warrant Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 357,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Warrants Convertible to Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,222 | ' | 357,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 884,787 |
Related Party Transaction, Warrant Exercisable Price | ' | ' | ' | ' | ' | $1.68 | ' | ' | ' | ' | ' | ' | $0.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment owned at cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,758,000 | 717,000 | ' | 177,000 | 52,000 | 156,000 | ' |
Related Party Transaction, Number of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Other Revenues from Transactions with Related Party, President Compensation | ' | ' | ' | ' | ' | 1,250,000 | 600,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Ownership In Company Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Management Loan Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Principal and Interest Exchanged For Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Management Loan Agreement Portion Attributable to Company | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | 900,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Debt Interest Rate | ' | ' | ' | ' | 8.00% | 11.00% | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | 6.75% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Dividend | ' | ' | ' | ' | 287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire investments | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions, Principal Premium Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions, Line of Credit, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Interest Income From Management Loan | ' | ' | ' | ' | ' | 1,810,000 | 1,650,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Credit Facility Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | 11,257,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 12,788,000 | ' | 500,000 | 250,000 | ' | ' | ' | 38,225,000 | ' | 11,005,000 | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions, Percentage Ownership Of Investments By Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Square Footage of Real Estate | ' | ' | ' | 12,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Term of Lease | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Lease Extensions | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Lease Extensions | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions, Lease Payments Per Month in Year One | ' | ' | ' | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transactions, Lease Payments Per Month in Year Five | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Tenant Improvement Allowance | ' | ' | ' | 220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | $132,147,000 | $110,102,000 | $100,706,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_and_Fair_Value_Mea2
Investments and Fair Value Measurements (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 22-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2012 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Ladenburg Thalmann Financial Services [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Commodity Index Linked Notes [Member] | Commodity Index Linked Notes [Member] | Commodity Index Linked Notes [Member] | Commodity Index Linked Notes [Member] | Fixed Income Securities [Member] | Fixed Income Securities [Member] | Fixed Income Securities [Member] | Fixed Income Securities [Member] | Fixed Income Securities [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | Variable Interest 7.5% Senior Convertible Debentures [Member] | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Ladenburg Thalmann Financial Services [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Convertible Debt [Member] | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | New Valley LLC [Member] | New Valley LLC [Member] | New Valley LLC [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||||||||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Money market funds | ' | ' | ' | $130,733 | $372,718 | $130,733 | $372,718 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certificates of deposit | ' | ' | ' | 2,961 | 2,240 | 0 | 0 | 2,961 | 2,240 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bonds | ' | ' | ' | 5,337 | 6,306 | 5,337 | 6,306 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment securities available for sale | 172,534 | 69,984 | ' | ' | 69,984 | ' | 69,107 | ' | 877 | ' | 0 | ' | 118,474 | 69,984 | 118,474 | 117,737 | 737 | 0 | ' | ' | ' | 13,990 | 13,990 | 0 | 13,990 | 0 | 29,923 | 29,923 | 6,497 | 23,426 | 0 | 495 | 495 | 0 | 495 | 0 | 6,822 | 6,822 | 0 | 6,822 | 0 | 2,081 | 2,081 | 0 | 2,081 | 0 | 749 | 0 | 749 | 0 | 54,060 | ' | ' | ' | ' | ' | ' | ' | ' |
Bonds available for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,060 | 6,497 | 47,563 | 0 | ' | ' | ' | ' |
Warrants | ' | ' | ' | 1,935 | 769 | 0 | 0 | 0 | 0 | 1,935 | 769 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | 313,500 | 452,017 | 260,304 | 448,131 | 51,261 | 3,117 | 1,935 | 769 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivatives embedded within convertible debt | ' | ' | ' | 112,062 | 172,128 | 0 | 0 | 0 | 0 | 112,062 | 172,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in equity securities, shares held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment owned at cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,758 | 717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in fair value, gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,041 | -1,174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivatives embedded within covertible debt | 19,128 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,062 | 172,128 | ' | ' |
Income (charges) from embedded derivatives | 18,935 | -7,476 | 7,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonrecurring nonfinancial assets subject to fair value measurements | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 7.50% |
Investments_and_Fair_Value_Mea3
Investments and Fair Value Measurements Fair Value Inputs, Quantitative Information (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
years | years | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Warrants | $1,935 | $769 |
Fair value of derivatives embedded within convertible debt | 112,062 | 172,128 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Warrants | 1,935 | 769 |
Fair value of derivatives embedded within convertible debt | 112,062 | 172,128 |
Option Model [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Warrants | 1,935 | 769 |
Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Fair value of derivatives embedded within convertible debt | $112,062 | $172,128 |
Warrant [Member] | Option Model [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Stock price (dollars per share) | $3.13 | $1.40 |
Exercise price (dollars per share) | $1.68 | $1.68 |
Term (in years) | 2.8 | 3.8 |
Volatility | 53.82% | 76.87% |
Dividend rate | 0.00% | 0.00% |
Risk-free return | 0.72% | 0.50% |
Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Stock price (dollars per share) | $16.37 | $14.87 |
Volatility | 18.00% | ' |
Dividend rate | ' | 18.00% |
Assumed annual stock dividend | 5.00% | 5.00% |
Assumed annual cash dividend (dollars per share) | $1.60 | $1.60 |
Convertible trading price | 118.70% | ' |
Average spread of unsecured debt | ' | 109.00% |
Implied credit spread | ' | 10.50% |
Discount rate | 8.00% | ' |
Minimum [Member] | Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Implied credit spread | ' | 10.00% |
Discount rate | 7.50% | ' |
Maximum [Member] | Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | ' |
Implied credit spread | ' | 11.00% |
Discount rate | 8.50% | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2000 | Dec. 31, 2013 | |||
Tobacco [Member] | Tobacco [Member] | Tobacco [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | NPM Adjustment [Member] | Engle Progeny Cases [Member] | Engle Progeny Cases [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $295,162 | $271,516 | $249,120 | $240,402 | $277,563 | $272,783 | $276,594 | $257,606 | $1,056,200 | [1] | $1,084,546 | [1] | $1,133,380 | [1] | $1,014,341 | $1,084,546 | $1,133,380 | $41,859 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' |
Operating income (loss) | 61,985 | -37,285 | 44,240 | 43,096 | 37,366 | 43,193 | 40,928 | 33,446 | 112,036 | 154,933 | 143,321 | 112,020 | 176,017 | 164,581 | 15,805 | -2,013 | -1,929 | -15,789 | -19,071 | -19,331 | ' | ' | ' | |||
Equity income from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 22,925 | 29,764 | 19,966 | 0 | 0 | 0 | 22,925 | 29,764 | 19,966 | 0 | 0 | 0 | ' | ' | ' | |||
Identifiable assets | 1,260,159 | ' | ' | ' | 1,086,731 | ' | ' | ' | 1,260,159 | 1,086,731 | 927,768 | 442,701 | 426,027 | 440,564 | 426,982 | 139,940 | 138,096 | 390,476 | 520,764 | 349,108 | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,631 | 10,608 | 10,607 | 9,509 | 9,759 | 9,118 | 2,421 | 414 | 326 | 701 | 435 | 1,163 | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 13,275 | 11,265 | 11,838 | 9,784 | 9,339 | 10,725 | 1,194 | 406 | 252 | 2,297 | 1,520 | 861 | ' | ' | ' | |||
Litigation judgment expense | ' | ' | ' | ' | ' | ' | ' | ' | 88,106 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,893 | |||
Non-recurring settlement charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | |||
Equity method investments | 8,595 | ' | ' | ' | 6,432 | ' | ' | ' | 8,595 | 6,432 | ' | ' | ' | ' | 128,202 | 125,651 | 140,968 | ' | ' | ' | ' | ' | ' | |||
Gain (loss) related to litigation settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,823 | ' | $86,213 | |||
[1] | Revenues and cost of goods sold include federal excise taxes of $456,703, $508,027 and $552,965 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Quarterly_Financial_Results_Un2
Quarterly Financial Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2012 | Sep. 29, 2011 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $295,162 | $271,516 | $249,120 | $240,402 | $277,563 | $272,783 | $276,594 | $257,606 | $1,056,200 | [1] | $1,084,546 | [1] | $1,133,380 | [1] | ' | ' |
Gross Profit | 96,353 | 76,525 | 68,690 | 67,446 | 69,793 | 69,034 | 64,842 | 57,425 | ' | ' | ' | ' | ' | |||
Operating income | 61,985 | -37,285 | 44,240 | 43,096 | 37,366 | 43,193 | 40,928 | 33,446 | 112,036 | 154,933 | 143,321 | ' | ' | |||
Net income (loss) applicable to common shares | $64,005 | ($36,891) | $13,511 | ($1,681) | $16,485 | $17,932 | $3,895 | ($7,690) | $38,692 | $30,622 | $75,020 | ' | ' | |||
Per basic common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income applicable to common shares (in dollars per share) | $0.67 | ($0.40) | $0.14 | ($0.02) | $0.18 | $0.20 | $0.04 | ($0.09) | $0.41 | $0.34 | $0.85 | ' | ' | |||
Per diluted common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income applicable to common shares (in dollars per share) | $0.61 | ($0.40) | $0.14 | ($0.02) | $0.14 | $0.20 | $0.04 | ($0.09) | $0.41 | $0.34 | $0.84 | ' | ' | |||
Stock dividend paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | |||
[1] | Revenues and cost of goods sold include federal excise taxes of $456,703, $508,027 and $552,965 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information Textuals (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Secured Debt [Member] | Secured Debt [Member] | Maximum [Member] | Leverage Ratio [Member] | Secured Leverage Ratio [Member] | Tobacco [Member] | ||
11% Senior Secured Notes Due 2015 [Member] | 11% Senior Secured Notes Due 2015 [Member] | Maximum [Member] | Maximum [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Subsidiary Guarantors, Percentage Ownership | 100.00% | ' | ' | ' | ' | ' | ' |
Amount loaned | ' | $415,000,000 | $450,000,000 | ' | ' | ' | ' |
Interest Rate | ' | 11.00% | 7.75% | ' | ' | ' | ' |
Percentage Guaranteed by Domestic Subsidiaries, Cigarette Business | ' | ' | ' | ' | ' | ' | 100.00% |
EBITA Requirements for Dividend Payments | ' | ' | ' | $75,000,000 | ' | ' | ' |
Leverage Ratio Requirement | ' | ' | ' | ' | 3 | 1.5 | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $234,466 | $405,855 | $240,923 | $299,825 |
Investment securities available for sale | 172,534 | 69,984 | ' | ' |
Accounts receivable - trade, net | 12,159 | 11,247 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 93,496 | 100,392 | ' | ' |
Deferred income taxes | 50,479 | 36,609 | ' | ' |
Income tax receivable, net | 0 | 6,779 | ' | ' |
Restricted assets | 1,785 | 2,469 | ' | ' |
Other current assets | 23,392 | 5,721 | ' | ' |
Total current assets | 588,311 | 639,056 | ' | ' |
Property, plant and equipment, net | 79,258 | 57,153 | ' | ' |
Investment in Escena, net | 20,911 | 13,295 | ' | ' |
Long-term investments accounted for at cost | 20,788 | 16,367 | ' | ' |
Long-term investments accounted for under the equity method | 8,595 | 6,432 | ' | ' |
Investments in non-consolidated real estate businesses | 128,202 | 119,219 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Restricted assets | 11,981 | 9,792 | ' | ' |
Deferred income taxes | 51,474 | 49,142 | ' | ' |
Goodwill and Other Intangible Assets | 271,006 | ' | ' | ' |
Intangible asset associated with benefit under the Master Settlement Agreement | 107,511 | 107,511 | ' | ' |
Intangible asset | 11,360 | 0 | ' | ' |
Prepaid pension costs | 26,080 | 12,870 | ' | ' |
Other assets | 53,553 | 55,894 | ' | ' |
Total assets | 1,260,159 | 1,086,731 | 927,768 | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of notes payable and long-term debt | 151,577 | 36,778 | ' | ' |
Current portion of fair value of derivatives embedded within convertible debt | 19,128 | 0 | ' | ' |
Current portion of employee benefits | 939 | 2,824 | ' | ' |
Accounts payable | 26,694 | 6,099 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accrued promotional expenses | 18,655 | 18,730 | ' | ' |
Income taxes payable | 6,423 | 6,269 | ' | ' |
Accrued excise and payroll taxes payable, net | 11,621 | 20,419 | ' | ' |
Litigation accruals and current payments due under the Master Settlement Agreement | 84,658 | 34,440 | ' | ' |
Deferred income taxes | 45,734 | 27,299 | ' | ' |
Accrued interest | 21,968 | 25,410 | ' | ' |
Other current liabilities | 17,608 | 16,891 | ' | ' |
Total current liabilities | 405,005 | 195,159 | ' | ' |
Notes payable, long-term debt and other obligations, less current portion | 540,766 | 586,946 | ' | ' |
Fair value of derivatives embedded within convertible debt | 92,934 | 172,128 | ' | ' |
Non-current employee benefits | 47,917 | 45,860 | ' | ' |
Deferred income taxes | 137,650 | 109,532 | ' | ' |
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 57,496 | 56,358 | ' | ' |
Total liabilities | 1,281,768 | 1,165,983 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' deficiency | -95,036 | -79,252 | ' | ' |
Non-controlling interest | 73,427 | 0 | ' | ' |
Total stockholders’ deficiency | -21,609 | -79,252 | -89,030 | -46,234 |
Total liabilities and stockholders’ deficiency | 1,260,159 | 1,086,731 | ' | ' |
Parent/Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 151,342 | 401,344 | 238,262 | 283,409 |
Investment securities available for sale | 114,886 | 35,330 | ' | ' |
Accounts receivable - trade, net | 0 | 0 | ' | ' |
Intercompany receivables | 509 | 354 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 45,578 | 33,238 | ' | ' |
Income tax receivable, net | 0 | 33,302 | ' | ' |
Restricted assets | 0 | 0 | ' | ' |
Other current assets | 513 | 665 | ' | ' |
Total current assets | 312,828 | 504,233 | ' | ' |
Property, plant and equipment, net | 3,641 | 2,104 | ' | ' |
Investment in Escena, net | 0 | 0 | ' | ' |
Long-term investments accounted for at cost | 20,041 | 15,540 | ' | ' |
Long-term investments accounted for under the equity method | 8,595 | 6,432 | ' | ' |
Investments in non-consolidated real estate businesses | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 410,442 | 210,525 | ' | ' |
Restricted assets | 1,895 | 1,898 | ' | ' |
Deferred income taxes | 35,000 | 38,077 | ' | ' |
Goodwill and Other Intangible Assets | 0 | ' | ' | ' |
Intangible asset associated with benefit under the Master Settlement Agreement | ' | 0 | ' | ' |
Prepaid pension costs | 0 | 0 | ' | ' |
Other assets | 38,374 | 39,534 | ' | ' |
Total assets | 830,816 | 818,343 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of notes payable and long-term debt | 112,275 | 0 | ' | ' |
Current portion of fair value of derivatives embedded within convertible debt | 19,128 | ' | ' | ' |
Current portion of employee benefits | 0 | 0 | ' | ' |
Accounts payable | 1,509 | 661 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accrued promotional expenses | 0 | 0 | ' | ' |
Income taxes payable | 16,870 | 0 | ' | ' |
Accrued excise and payroll taxes payable, net | 0 | 0 | ' | ' |
Litigation accruals and current payments due under the Master Settlement Agreement | 0 | 0 | ' | ' |
Deferred income taxes | 32,309 | 23,304 | ' | ' |
Accrued interest | 21,968 | 25,410 | ' | ' |
Other current liabilities | 6,103 | 5,545 | ' | ' |
Total current liabilities | 210,162 | 54,920 | ' | ' |
Notes payable, long-term debt and other obligations, less current portion | 524,182 | 572,023 | ' | ' |
Fair value of derivatives embedded within convertible debt | 92,934 | 172,128 | ' | ' |
Non-current employee benefits | 31,462 | 25,599 | ' | ' |
Deferred income taxes | 65,759 | 71,777 | ' | ' |
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 1,353 | 1,148 | ' | ' |
Total liabilities | 925,852 | 897,595 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' deficiency | -95,036 | -79,252 | ' | ' |
Non-controlling interest | 0 | ' | ' | ' |
Total stockholders’ deficiency | -95,036 | ' | ' | ' |
Total liabilities and stockholders’ deficiency | 830,816 | 818,343 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 11,812 | 3,776 | 2,488 | 16,214 |
Investment securities available for sale | 57,648 | 34,654 | ' | ' |
Accounts receivable - trade, net | 10,154 | 11,183 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 93,496 | 100,392 | ' | ' |
Deferred income taxes | 4,901 | 3,371 | ' | ' |
Income tax receivable, net | 10,447 | 0 | ' | ' |
Restricted assets | 1,060 | 2,469 | ' | ' |
Other current assets | 12,579 | 4,848 | ' | ' |
Total current assets | 202,097 | 160,693 | ' | ' |
Property, plant and equipment, net | 55,093 | 54,810 | ' | ' |
Investment in Escena, net | 0 | 0 | ' | ' |
Long-term investments accounted for at cost | 0 | 0 | ' | ' |
Long-term investments accounted for under the equity method | 0 | 0 | ' | ' |
Investments in non-consolidated real estate businesses | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Restricted assets | 10,086 | 7,863 | ' | ' |
Deferred income taxes | 12,766 | 5,669 | ' | ' |
Goodwill and Other Intangible Assets | 107,511 | ' | ' | ' |
Intangible asset associated with benefit under the Master Settlement Agreement | ' | 107,511 | ' | ' |
Prepaid pension costs | 26,080 | 12,870 | ' | ' |
Other assets | 10,126 | 16,144 | ' | ' |
Total assets | 423,759 | 365,560 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of notes payable and long-term debt | 39,013 | 36,617 | ' | ' |
Current portion of fair value of derivatives embedded within convertible debt | 0 | ' | ' | ' |
Current portion of employee benefits | 939 | 2,824 | ' | ' |
Accounts payable | 4,136 | 5,173 | ' | ' |
Intercompany payables | 39 | 64 | ' | ' |
Accrued promotional expenses | 18,655 | 18,730 | ' | ' |
Income taxes payable | 0 | 1,445 | ' | ' |
Accrued excise and payroll taxes payable, net | 11,621 | 20,419 | ' | ' |
Litigation accruals and current payments due under the Master Settlement Agreement | 84,658 | 34,440 | ' | ' |
Deferred income taxes | 13,425 | 3,995 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 10,495 | 9,658 | ' | ' |
Total current liabilities | 182,981 | 133,365 | ' | ' |
Notes payable, long-term debt and other obligations, less current portion | 12,573 | 14,860 | ' | ' |
Fair value of derivatives embedded within convertible debt | 0 | 0 | ' | ' |
Non-current employee benefits | 16,455 | 20,261 | ' | ' |
Deferred income taxes | 37,602 | 33,793 | ' | ' |
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 54,924 | 54,506 | ' | ' |
Total liabilities | 304,535 | 256,785 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' deficiency | 119,224 | 108,775 | ' | ' |
Non-controlling interest | 0 | ' | ' | ' |
Total stockholders’ deficiency | 119,224 | ' | ' | ' |
Total liabilities and stockholders’ deficiency | 423,759 | 365,560 | ' | ' |
Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 71,312 | 735 | 173 | 202 |
Investment securities available for sale | 0 | 0 | ' | ' |
Accounts receivable - trade, net | 2,005 | 64 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income tax receivable, net | 0 | 0 | ' | ' |
Restricted assets | 725 | 0 | ' | ' |
Other current assets | 10,300 | 208 | ' | ' |
Total current assets | 84,342 | 1,007 | ' | ' |
Property, plant and equipment, net | 20,524 | 239 | ' | ' |
Investment in Escena, net | 20,911 | 13,295 | ' | ' |
Long-term investments accounted for at cost | 747 | 827 | ' | ' |
Long-term investments accounted for under the equity method | 0 | 0 | ' | ' |
Investments in non-consolidated real estate businesses | 128,202 | 119,219 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Restricted assets | 0 | 31 | ' | ' |
Deferred income taxes | 3,708 | 5,396 | ' | ' |
Goodwill and Other Intangible Assets | 163,495 | ' | ' | ' |
Intangible asset associated with benefit under the Master Settlement Agreement | ' | 0 | ' | ' |
Prepaid pension costs | 0 | 0 | ' | ' |
Other assets | 5,053 | 216 | ' | ' |
Total assets | 426,982 | 140,230 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of notes payable and long-term debt | 289 | 161 | ' | ' |
Current portion of fair value of derivatives embedded within convertible debt | 0 | ' | ' | ' |
Current portion of employee benefits | 0 | 0 | ' | ' |
Accounts payable | 21,049 | 265 | ' | ' |
Intercompany payables | 470 | 290 | ' | ' |
Accrued promotional expenses | 0 | 0 | ' | ' |
Income taxes payable | 0 | 31,347 | ' | ' |
Accrued excise and payroll taxes payable, net | 0 | 0 | ' | ' |
Litigation accruals and current payments due under the Master Settlement Agreement | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 1,010 | 1,688 | ' | ' |
Total current liabilities | 22,818 | 33,751 | ' | ' |
Notes payable, long-term debt and other obligations, less current portion | 4,011 | 63 | ' | ' |
Fair value of derivatives embedded within convertible debt | 0 | 0 | ' | ' |
Non-current employee benefits | 0 | 0 | ' | ' |
Deferred income taxes | 34,289 | 3,962 | ' | ' |
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 1,219 | 704 | ' | ' |
Total liabilities | 62,337 | 38,480 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' deficiency | 291,218 | 101,750 | ' | ' |
Non-controlling interest | 73,427 | ' | ' | ' |
Total stockholders’ deficiency | 364,645 | ' | ' | ' |
Total liabilities and stockholders’ deficiency | 426,982 | 140,230 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Investment securities available for sale | 0 | 0 | ' | ' |
Accounts receivable - trade, net | 0 | 0 | ' | ' |
Intercompany receivables | -509 | -354 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income tax receivable, net | -10,447 | -26,523 | ' | ' |
Restricted assets | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | -10,956 | -26,877 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investment in Escena, net | 0 | 0 | ' | ' |
Long-term investments accounted for at cost | 0 | 0 | ' | ' |
Long-term investments accounted for under the equity method | 0 | 0 | ' | ' |
Investments in non-consolidated real estate businesses | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | -410,442 | -210,525 | ' | ' |
Restricted assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill and Other Intangible Assets | 0 | ' | ' | ' |
Intangible asset associated with benefit under the Master Settlement Agreement | ' | 0 | ' | ' |
Prepaid pension costs | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -421,398 | -237,402 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of notes payable and long-term debt | 0 | 0 | ' | ' |
Current portion of fair value of derivatives embedded within convertible debt | 0 | ' | ' | ' |
Current portion of employee benefits | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Intercompany payables | -509 | -354 | ' | ' |
Accrued promotional expenses | 0 | 0 | ' | ' |
Income taxes payable | -10,447 | -26,523 | ' | ' |
Accrued excise and payroll taxes payable, net | 0 | 0 | ' | ' |
Litigation accruals and current payments due under the Master Settlement Agreement | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | -10,956 | -26,877 | ' | ' |
Notes payable, long-term debt and other obligations, less current portion | 0 | 0 | ' | ' |
Fair value of derivatives embedded within convertible debt | 0 | 0 | ' | ' |
Non-current employee benefits | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement | 0 | 0 | ' | ' |
Total liabilities | -10,956 | -26,877 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' deficiency | -410,442 | -210,525 | ' | ' |
Non-controlling interest | 0 | ' | ' | ' |
Total stockholders’ deficiency | -410,442 | ' | ' | ' |
Total liabilities and stockholders’ deficiency | ($421,398) | ($237,402) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $295,162 | $271,516 | $249,120 | $240,402 | $277,563 | $272,783 | $276,594 | $257,606 | $1,056,200 | [1] | $1,084,546 | [1] | $1,133,380 | [1] |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 747,186 | [1] | 823,452 | [1] | 892,883 | [1] |
Operating, selling, administrative and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 108,872 | 106,161 | 97,176 | |||
Litigation judgment expense | ' | ' | ' | ' | ' | ' | ' | ' | 88,106 | 0 | 0 | |||
Management fee expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating income | 61,985 | -37,285 | 44,240 | 43,096 | 37,366 | 43,193 | 40,928 | 33,446 | 112,036 | 154,933 | 143,321 | |||
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -132,147 | -110,102 | -100,706 | |||
Changes in fair value of derivatives embedded within convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 18,935 | -7,476 | 7,984 | |||
Acceleration of interest expense related to debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | -12,414 | -14,960 | -1,217 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 21,458 | 0 | 0 | |||
Equity income from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 22,925 | 29,764 | 19,966 | |||
Gain on sale of investment securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 5,152 | 1,640 | 23,257 | |||
Gain on liquidation of long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 25,832 | |||
Gain on acquisition of Douglas Elliman | ' | ' | ' | ' | ' | ' | ' | ' | 60,842 | 0 | 0 | |||
Gain on townhomes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,843 | |||
Equity (loss) income on long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 2,066 | -1,261 | -859 | |||
Equity income in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 7,550 | 1,179 | 1,736 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63,487 | 53,717 | 123,157 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -24,795 | -23,095 | -48,137 | |||
Net income | 64,005 | -36,891 | 13,511 | -1,681 | 16,485 | 17,932 | 3,895 | -7,690 | 38,692 | 30,622 | 75,020 | |||
Net loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 252 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 38,944 | 30,622 | 75,020 | |||
Comprehensive loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 252 | 0 | 0 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 71,820 | 24,031 | 66,887 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 72,072 | 24,031 | 66,887 | |||
Parent/Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating, selling, administrative and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 22,835 | 26,039 | 25,318 | |||
Litigation judgment expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Management fee expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -22,835 | -26,039 | -25,318 | |||
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -130,417 | -105,465 | -97,888 | |||
Changes in fair value of derivatives embedded within convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 18,935 | -7,476 | 7,984 | |||
Acceleration of interest expense related to debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | -12,414 | -14,960 | -1,217 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 21,458 | ' | ' | |||
Equity income from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gain on sale of investment securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | -272 | 0 | 0 | |||
Gain on liquidation of long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,832 | |||
Gain on acquisition of Douglas Elliman | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Gain on townhomes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Equity (loss) income on long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 2,066 | -1,261 | -859 | |||
Equity income in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 144,689 | 120,036 | 127,103 | |||
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 9,508 | 9,163 | 8,834 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 4,439 | 1,022 | 1,675 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7,759 | -24,980 | 46,146 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 46,703 | 55,602 | 28,874 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 38,944 | 30,622 | 75,020 | |||
Net loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 38,944 | ' | ' | |||
Comprehensive loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,031 | 66,887 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 72,072 | ' | ' | |||
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,014,341 | 1,084,546 | 1,133,380 | |||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 729,393 | 823,452 | 892,883 | |||
Operating, selling, administrative and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 77,780 | 78,054 | 69,827 | |||
Litigation judgment expense | ' | ' | ' | ' | ' | ' | ' | ' | 88,106 | ' | ' | |||
Management fee expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,508 | 9,163 | 8,834 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 109,554 | 173,877 | 161,836 | |||
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,716 | -4,614 | -2,786 | |||
Changes in fair value of derivatives embedded within convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Acceleration of interest expense related to debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Equity income from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gain on sale of investment securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 5,424 | 1,640 | 23,257 | |||
Gain on liquidation of long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Gain on acquisition of Douglas Elliman | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Gain on townhomes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Equity (loss) income on long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity income in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,763 | 21 | 61 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 116,025 | 170,924 | 182,368 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -30,758 | -67,294 | -68,182 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 85,267 | 103,630 | 114,186 | |||
Net loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 85,267 | ' | ' | |||
Comprehensive loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,520 | 103,495 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 102,344 | ' | ' | |||
Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 41,859 | 0 | 0 | |||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 17,793 | 0 | 0 | |||
Operating, selling, administrative and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,257 | 2,068 | 2,031 | |||
Litigation judgment expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Management fee expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 15,809 | -2,068 | -2,031 | |||
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -14 | -23 | -32 | |||
Changes in fair value of derivatives embedded within convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Acceleration of interest expense related to debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Equity income from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 22,925 | 29,764 | 19,966 | |||
Gain on sale of investment securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gain on liquidation of long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Gain on acquisition of Douglas Elliman | ' | ' | ' | ' | ' | ' | ' | ' | 60,842 | ' | ' | |||
Gain on townhomes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,843 | |||
Equity (loss) income on long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity income in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 348 | 136 | 0 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 99,910 | 27,809 | 21,746 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -40,740 | -11,403 | -8,829 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 59,170 | 16,406 | 12,917 | |||
Net loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 252 | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 59,422 | ' | ' | |||
Comprehensive loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 252 | ' | ' | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,406 | 12,917 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 59,422 | ' | ' | |||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating, selling, administrative and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Litigation judgment expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Management fee expense | ' | ' | ' | ' | ' | ' | ' | ' | -9,508 | -9,163 | -8,834 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 9,508 | 9,163 | 8,834 | |||
Other income (expenses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Changes in fair value of derivatives embedded within convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Acceleration of interest expense related to debt conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Equity income from non-consolidated real estate businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gain on sale of investment securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gain on liquidation of long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Gain on acquisition of Douglas Elliman | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Gain on townhomes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Equity (loss) income on long-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity income in consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -144,689 | -120,036 | -127,103 | |||
Management fee income | ' | ' | ' | ' | ' | ' | ' | ' | -9,508 | -9,163 | -8,834 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -144,689 | -120,036 | -127,103 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -144,689 | -120,036 | -127,103 | |||
Net loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -144,689 | ' | ' | |||
Comprehensive loss attributed to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -120,926 | -116,412 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ($161,766) | ' | ' | |||
[1] | Revenues and cost of goods sold include federal excise taxes of $456,703, $508,027 and $552,965 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | $52,026 | $84,086 | $36,041 |
Cash flows from investing activities: | ' | ' | ' |
Sale of investment securities | 117,729 | 3,831 | 31,643 |
Purchase of investment securities | -170,964 | -5,647 | -5,039 |
Proceeds from sale or liquidation of long-term investments | 580 | 72 | 66,190 |
Purchase of long-term investments | -5,000 | -5,000 | -10,000 |
Investments in non-consolidated real estate businesses | -75,731 | -33,375 | -41,859 |
Distributions from non-consolidated real estate businesses | 3,142 | 49,221 | 8,450 |
Proceeds from sale of townhomes, net | 0 | 0 | 19,629 |
Increase in cash surrender value of life insurance policies | -628 | -907 | -744 |
Decrease (increase) in non-current restricted assets | 1,081 | -1,130 | -96 |
Issuance of notes receivable | -8,600 | -383 | -15,256 |
Investments in subsidiaries | 0 | ' | ' |
Cash acquired in Aberdeen consolidation | 116,935 | 0 | 0 |
Investments in subsidiaries | -67,616 | 0 | 0 |
Proceeds from sale of fixed assets | 48 | 444 | 205 |
Purchase of subsidiaries | -67,616 | ' | ' |
Repayment of notes receivable | 10,347 | ' | ' |
Capital expenditures | -13,275 | -11,265 | -11,838 |
Net cash (used in) provided by investing activities | -91,952 | -4,139 | 41,285 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 457,767 | 244,075 | 6,419 |
Deferred financing charges | -11,750 | -11,479 | 0 |
Repayments of debt | -422,581 | -19,258 | -4,960 |
Borrowings under revolver | 978,788 | 1,074,050 | 1,064,270 |
Repayments on revolver | -977,794 | -1,066,092 | -1,078,508 |
Capital contributions received | 0 | 0 | 0 |
Intercompany dividends paid | 0 | 0 | 0 |
Dividends and distributions on common stock | -144,711 | -137,114 | -125,299 |
Payments of Distributions to Affiliates | -11,764 | ' | ' |
Proceeds from the issuance of Vector stock | 0 | 611 | 0 |
Proceeds from exercise of Vector options | 544 | 140 | 1,029 |
Tax benefit of options exercised | 38 | 52 | 821 |
Net cash provided by (used in) financing activities | -131,463 | 84,985 | -136,228 |
Net increase (decrease) in cash and cash equivalents | -171,389 | 164,932 | -58,902 |
Cash and cash equivalents, beginning of year | 405,855 | 240,923 | 299,825 |
Cash and cash equivalents, end of year | 234,466 | 405,855 | 240,923 |
Parent/Issuer [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | 71,730 | 118,399 | 67,588 |
Cash flows from investing activities: | ' | ' | ' |
Sale of investment securities | 111,127 | 0 | 0 |
Purchase of investment securities | -159,463 | 0 | 0 |
Proceeds from sale or liquidation of long-term investments | 500 | 0 | 66,190 |
Purchase of long-term investments | -5,000 | -5,000 | -10,000 |
Investments in non-consolidated real estate businesses | 0 | 0 | 0 |
Distributions from non-consolidated real estate businesses | 0 | 0 | 0 |
Proceeds from sale of townhomes, net | ' | 0 | 0 |
Increase in cash surrender value of life insurance policies | -144 | -425 | -315 |
Decrease (increase) in non-current restricted assets | 3 | 263 | 512 |
Issuance of notes receivable | 0 | -383 | -15,256 |
Investments in subsidiaries | -155,961 | ' | ' |
Cash acquired in Aberdeen consolidation | 0 | ' | ' |
Investments in subsidiaries | ' | -31,209 | -29,565 |
Proceeds from sale of fixed assets | 35 | 432 | 0 |
Purchase of subsidiaries | 0 | ' | ' |
Repayment of notes receivable | 10,347 | ' | ' |
Capital expenditures | -2,297 | -1,520 | -852 |
Net cash (used in) provided by investing activities | -200,853 | -37,842 | 10,714 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 450,000 | 230,000 | 0 |
Deferred financing charges | -11,750 | -11,164 | ' |
Repayments of debt | -415,000 | 0 | 0 |
Borrowings under revolver | 0 | 0 | 0 |
Repayments on revolver | 0 | 0 | 0 |
Capital contributions received | 0 | 0 | 0 |
Intercompany dividends paid | 0 | 0 | 0 |
Dividends and distributions on common stock | -144,711 | -137,114 | -125,299 |
Payments of Distributions to Affiliates | 0 | ' | ' |
Proceeds from the issuance of Vector stock | 0 | 611 | ' |
Proceeds from exercise of Vector options | 544 | 140 | 1,029 |
Tax benefit of options exercised | 38 | 52 | 821 |
Net cash provided by (used in) financing activities | -120,879 | 82,525 | -123,449 |
Net increase (decrease) in cash and cash equivalents | -250,002 | 163,082 | -45,147 |
Cash and cash equivalents, beginning of year | 401,344 | 238,262 | 283,409 |
Cash and cash equivalents, end of year | 151,342 | 401,344 | 238,262 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | 115,829 | 133,308 | 101,223 |
Cash flows from investing activities: | ' | ' | ' |
Sale of investment securities | 6,602 | 3,831 | 31,643 |
Purchase of investment securities | -11,501 | -5,647 | -5,039 |
Proceeds from sale or liquidation of long-term investments | 0 | 0 | 0 |
Purchase of long-term investments | 0 | 0 | 0 |
Investments in non-consolidated real estate businesses | 0 | 0 | 0 |
Distributions from non-consolidated real estate businesses | 0 | 0 | 0 |
Proceeds from sale of townhomes, net | ' | 0 | 0 |
Increase in cash surrender value of life insurance policies | -484 | -482 | -429 |
Decrease (increase) in non-current restricted assets | 1,078 | -1,393 | -608 |
Issuance of notes receivable | 0 | 0 | 0 |
Investments in subsidiaries | 0 | ' | ' |
Cash acquired in Aberdeen consolidation | 0 | ' | ' |
Investments in subsidiaries | ' | 0 | 0 |
Proceeds from sale of fixed assets | 13 | 12 | 196 |
Purchase of subsidiaries | 0 | ' | ' |
Repayment of notes receivable | 0 | ' | ' |
Capital expenditures | -9,784 | -9,339 | -10,725 |
Net cash (used in) provided by investing activities | -14,076 | -13,018 | 15,038 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 4,687 | 14,033 | 6,419 |
Deferred financing charges | 0 | -315 | ' |
Repayments of debt | -7,466 | -19,125 | -4,838 |
Borrowings under revolver | 978,788 | 1,074,050 | 1,064,270 |
Repayments on revolver | -977,794 | -1,066,092 | -1,078,508 |
Capital contributions received | 13,950 | 6,991 | 3,720 |
Intercompany dividends paid | -105,882 | -128,544 | -121,050 |
Dividends and distributions on common stock | 0 | 0 | 0 |
Payments of Distributions to Affiliates | 0 | ' | ' |
Proceeds from the issuance of Vector stock | 0 | 0 | ' |
Proceeds from exercise of Vector options | 0 | 0 | 0 |
Tax benefit of options exercised | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -93,717 | -119,002 | -129,987 |
Net increase (decrease) in cash and cash equivalents | 8,036 | 1,288 | -13,726 |
Cash and cash equivalents, beginning of year | 3,776 | 2,488 | 16,214 |
Cash and cash equivalents, end of year | 11,812 | 3,776 | 2,488 |
Subsidiary Non-Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | -16,239 | -2,772 | 7,352 |
Cash flows from investing activities: | ' | ' | ' |
Sale of investment securities | 0 | 0 | 0 |
Purchase of investment securities | 0 | 0 | 0 |
Proceeds from sale or liquidation of long-term investments | 80 | 72 | 0 |
Purchase of long-term investments | 0 | 0 | 0 |
Investments in non-consolidated real estate businesses | -75,731 | -33,375 | -41,859 |
Distributions from non-consolidated real estate businesses | 3,142 | 49,221 | 8,450 |
Proceeds from sale of townhomes, net | ' | 0 | 19,629 |
Increase in cash surrender value of life insurance policies | 0 | 0 | 0 |
Decrease (increase) in non-current restricted assets | 0 | 0 | 0 |
Issuance of notes receivable | -8,600 | 0 | 0 |
Investments in subsidiaries | 0 | ' | ' |
Cash acquired in Aberdeen consolidation | 116,935 | ' | ' |
Investments in subsidiaries | ' | 0 | 0 |
Proceeds from sale of fixed assets | 0 | 0 | 9 |
Purchase of subsidiaries | -67,616 | ' | ' |
Repayment of notes receivable | 0 | ' | ' |
Capital expenditures | -1,194 | -406 | -261 |
Net cash (used in) provided by investing activities | -32,984 | 15,512 | -14,032 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 3,080 | 42 | 0 |
Deferred financing charges | 0 | 0 | ' |
Repayments of debt | -115 | -133 | -122 |
Borrowings under revolver | 0 | 0 | 0 |
Repayments on revolver | 0 | 0 | 0 |
Capital contributions received | 142,011 | 24,218 | 25,845 |
Intercompany dividends paid | -13,412 | -36,305 | -19,072 |
Dividends and distributions on common stock | 0 | 0 | 0 |
Payments of Distributions to Affiliates | -11,764 | ' | ' |
Proceeds from the issuance of Vector stock | 0 | 0 | ' |
Proceeds from exercise of Vector options | 0 | 0 | 0 |
Tax benefit of options exercised | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 119,800 | -12,178 | 6,651 |
Net increase (decrease) in cash and cash equivalents | 70,577 | 562 | -29 |
Cash and cash equivalents, beginning of year | 735 | 173 | 202 |
Cash and cash equivalents, end of year | 71,312 | 735 | 173 |
Consolidating Adjustments [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) operating activities | -119,294 | -164,849 | -140,122 |
Cash flows from investing activities: | ' | ' | ' |
Sale of investment securities | 0 | 0 | 0 |
Purchase of investment securities | 0 | 0 | 0 |
Proceeds from sale or liquidation of long-term investments | 0 | 0 | 0 |
Purchase of long-term investments | 0 | 0 | 0 |
Investments in non-consolidated real estate businesses | 0 | 0 | 0 |
Distributions from non-consolidated real estate businesses | 0 | 0 | 0 |
Proceeds from sale of townhomes, net | ' | 0 | ' |
Increase in cash surrender value of life insurance policies | 0 | 0 | 0 |
Decrease (increase) in non-current restricted assets | 0 | 0 | 0 |
Issuance of notes receivable | 0 | 0 | 0 |
Investments in subsidiaries | 155,961 | ' | ' |
Cash acquired in Aberdeen consolidation | 0 | ' | ' |
Investments in subsidiaries | ' | 31,209 | 29,565 |
Proceeds from sale of fixed assets | 0 | 0 | 0 |
Purchase of subsidiaries | 0 | ' | ' |
Repayment of notes receivable | 0 | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | 155,961 | 31,209 | 29,565 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of debt | 0 | 0 | 0 |
Deferred financing charges | 0 | 0 | ' |
Repayments of debt | 0 | 0 | 0 |
Borrowings under revolver | 0 | 0 | 0 |
Repayments on revolver | 0 | 0 | 0 |
Capital contributions received | -155,961 | -31,209 | -29,565 |
Intercompany dividends paid | 119,294 | 164,849 | 140,122 |
Dividends and distributions on common stock | 0 | 0 | 0 |
Payments of Distributions to Affiliates | 0 | ' | ' |
Proceeds from the issuance of Vector stock | 0 | 0 | ' |
Proceeds from exercise of Vector options | 0 | 0 | 0 |
Tax benefit of options exercised | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -36,667 | 133,640 | 110,557 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | $0 | $0 | $0 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $10,954 | $14,688 | $14,763 |
Additions Charged to Costs and Expenses | 29,424 | 29,858 | 30,626 |
Deductions | 29,511 | 33,592 | 30,701 |
Balance at End of Period | 10,867 | 10,954 | 14,688 |
Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 318 | 308 | 198 |
Additions Charged to Costs and Expenses | 198 | 10 | 115 |
Deductions | 324 | 0 | 5 |
Balance at End of Period | 192 | 318 | 308 |
Cash Discounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 259 | 573 | 40 |
Additions Charged to Costs and Expenses | 25,207 | 26,620 | 27,671 |
Deductions | 25,225 | 26,934 | 27,138 |
Balance at End of Period | 241 | 259 | 573 |
Deferred Tax Valuation Allowance [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 6,310 | 9,752 | 10,290 |
Additions Charged to Costs and Expenses | 0 | 0 | 332 |
Deductions | 296 | 3,442 | 870 |
Balance at End of Period | 6,014 | 6,310 | 9,752 |
Sales Returns [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 4,067 | 4,055 | 4,235 |
Additions Charged to Costs and Expenses | 4,019 | 3,228 | 2,508 |
Deductions | 3,666 | 3,216 | 2,688 |
Balance at End of Period | $4,420 | $4,067 | $4,055 |