Vector (VGR) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 29, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VECTOR GROUP LTD
Entity Central Index Key	59,440
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		116,830,619

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 238,323	$ 326,365
Investment securities available for sale	342,577	346,043
Accounts receivable - trade, net	18,022	23,328
Inventories	98,576	90,323
Income taxes receivable, net	0	3,282
Restricted assets	2,324	2,595
Other current assets	45,236	36,718
Total current assets	745,058	828,654
Property, plant and equipment, net	79,448	84,112
Real estate held for sale, net	23,043	10,643
Long-term investments	46,219	40,292
Investments in real estate ventures	199,026	163,460
Restricted assets	20,220	12,013
Goodwill and other intangible assets, net	267,000	269,972
Prepaid pension costs	26,635	25,032
Other assets	56,194	58,893
Total assets	1,462,843	1,493,071
Current liabilities:
Current portion of notes payable and long-term debt	6,074	52,640
Current portion of fair value of derivatives embedded within convertible debt	0	884
Current payments due under the Master Settlement Agreement	62,626	26,322
Current portion of employee benefits	931	931
Income taxes payable, net	3,723	1,743
Litigation accruals	3,477	3,149
Deferred income taxes, net	28,322	28,479
Other current liabilities	125,523	126,755
Total current liabilities	230,676	240,903
Notes payable, long-term debt and other obligations, less current portion	872,999	860,711
Fair value of derivatives embedded within convertible debt	156,783	168,502
Non-current employee benefits	49,705	49,314
Deferred income taxes, net	98,180	94,510
Payments due under the Master Settlement Agreement	25,809	25,809
Litigation accruals	23,444	25,700
Other liabilities	6,913	5,570
Total liabilities	$ 1,464,509	$ 1,471,019
Commitments and contingencies (Note 7)
Stockholders' (deficiency) equity:
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized	$ 0	$ 0
Common stock, par value $0.10 per share, 250,000,000 and 250,000,000 shares authorized, 120,975,866 and 118,646,261 shares issued and 116,830,619 and 114,501,014 shares outstanding	11,683	11,450
Additional paid-in capital	0	0
Accumulated deficit	(115,570)	(90,160)
Accumulated other comprehensive income	33,758	34,540
Less: 4,145,247 and 4,145,247 shares of common stock in treasury, at cost	(12,857)	(12,857)
Total Vector Group Ltd. stockholders' deficiency	(82,986)	(57,027)
Non-controlling interest	81,320	79,079
Total stockholders' (deficiency) equity	(1,666)	22,052
Total liabilities and stockholders' (deficiency) equity	$ 1,462,843	$ 1,493,071

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Stockholders' deficiency:
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)	250,000,000	250,000,000
Common stock, shares issued (in shares)	120,975,866	118,646,261
Common stock, shares outstanding (in shares)	116,830,619	114,501,014
Common stock in treasury, shares (in shares)	4,145,247	4,415,247

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Tobacco	[1]	$ 254,890	$ 250,556	$ 482,975	$ 483,948
Real estate		161,022	153,488	293,278	261,532
E-Cigarettes		261	2,569	680	8,369
Total revenues		416,173	406,613	776,933	753,849
Cost of sales:
Tobacco	[1]	174,867	179,773	331,897	347,939
Real estate		103,870	97,763	188,228	165,087
E-Cigarettes		467	1,746	1,097	5,293
Total cost of sales		279,204	279,282	521,222	518,319
Operating, selling, administrative and general expenses		79,679	67,023	153,623	131,000
Litigation settlement and judgment expense		1,250	0	2,093	1,500
Operating income		56,040	60,308	99,995	103,030
Other income (expenses):
Interest expense		(31,761)	(44,183)	(63,507)	(79,636)
Change in fair value of derivatives embedded within convertible debt		5,256	1,970	11,716	320
Acceleration of interest expense related to debt conversion		0	(439)	0	(4,118)
Equity income (loss) from real estate ventures		1,856	(1,808)	2,194	(256)
Equity (loss) income on long-term investments		(1,657)	(273)	(1,694)	633
(Loss) gain on sale of investment securities available for sale		(190)	(18)	12,839	(71)
Other, net		1,525	3,575	3,421	5,701
Income before provision for income taxes		31,069	19,132	64,964	25,603
Income tax expense		11,364	6,101	24,043	9,043
Net income		19,705	13,031	40,921	16,560
Net income attributed to non-controlling interest		(1,837)	(5,106)	(2,097)	(6,055)
Net income attributed to Vector Group Ltd.		$ 17,868	$ 7,925	$ 38,824	$ 10,505
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)		$ 0.15	$ 0.08	$ 0.34	$ 0.10
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)		0.15	0.08	0.34	0.10
Cash distributions and dividends declared per share (in dollars per share)		$ 0.40	$ 0.38	$ 0.80	$ 0.76
[1]	Revenues and cost of sales include excise taxes of $108,912, $109,695, $206,271 and $212,108, respectively.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 108,912	$ 109,695	$ 206,271	$ 212,108

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 19,705	$ 13,031	$ 40,921	$ 16,560
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized (losses) gains	(9,623)	(2,886)	6,517	3,108
Net unrealized losses (gains) reclassified into net income	190	18	(12,839)	71
Net unrealized (losses) gains on investment securities available for sale	(9,433)	(2,868)	(6,322)	3,179
Net unrealized gains on long-term investments accounted for under the equity method:
Change in net unrealized gains	1,176	5,282	1,190	8,614
Net unrealized losses reclassified into net income	(1,624)	0	(1,624)	0
Net unrealized gains on long-term investments accounted for under the equity method	2,800	5,282	2,814	8,614
Net change in forward contracts	16	15	32	32
Net change in pension-related amounts
Net loss arising during the year	1,607	0	1,607	0
Amortization of loss	254	147	521	295
Net change in pension-related amounts	1,861	147	2,128	295
Other comprehensive (loss) income	(4,756)	2,576	(1,348)	12,120
Income tax effect on:
Change in net unrealized (losses) gains on investment securities	3,979	1,193	(2,694)	(1,780)
Net unrealized losses (gains) reclassified into net income on investment securities	(78)	(7)	5,309	(29)
Change in unrealized gains on long-term investments accounted for under the equity method	(478)	(2,184)	(484)	(3,554)
Net unrealized losses reclassified into net income on long-term investments accounted for under the equity method	(672)	0	(672)	0
Forward contracts	(7)	(6)	(13)	(12)
Pension-related amounts	(769)	(61)	(880)	74
Income tax provision on other comprehensive income	1,975	(1,065)	566	(5,301)
Other comprehensive (loss) income, net of tax	(2,781)	1,511	(782)	6,819
Comprehensive income	16,924	14,542	40,139	23,379
Comprehensive income attributed to non-controlling interest	(1,837)	(5,106)	(2,097)	(6,055)
Comprehensive income attributed to Vector Group Ltd.	$ 15,087	$ 9,436	$ 38,042	$ 17,324

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' (Deficiency) Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]	Non-controlling Interest [Member]
Beginning Balance at Dec. 31, 2014	$ 22,052	$ 11,450	$ 0	$ (90,160)	$ 34,540	$ (12,857)	$ 79,079
Beginning Balance (in shares) at Dec. 31, 2014		114,501,014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,921			38,824			2,097
Total other comprehensive loss	(782)				(782)
Comprehensive income	40,139
Distributions and dividends on common stock	(93,526)		(29,292)	(64,234)
Note conversions, net of taxes $367	25,522	$ 223	25,299
Note conversions, net of taxes $367 (in shares)		2,227,552
Exercise of stock options	1,219	$ 10	1,209
Exercise of stock options (in shares)		102,053
Tax benefit of options exercised	384		384
Stock-based compensation	2,400		2,400
Contributions made by non-controlling interest	144						144
Ending Balance at Jun. 30, 2015	$ (1,666)	$ 11,683	$ 0	$ (115,570)	$ 33,758	$ (12,857)	$ 81,320
Ending Balance (in shares) at Jun. 30, 2015		116,830,619

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Stockholders' (Deficiency) Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Statement of Stockholders' Equity [Abstract]
Tax on note conversions	$ 367

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 83,885	$ 53,995
Cash flows from investing activities:
Sale of investment securities	118,261	49,296
Maturities of investment securities	1,737	0
Purchase of investment securities	(113,595)	(110,419)
Proceeds from sale or liquidation of long-term investments	148	549
Purchase of long-term investments	(5,000)	(7,000)
Investments in real estate ventures	(34,857)	(12,534)
Distributions from investments in real estate ventures	0	3,539
Increase in cash surrender value of life insurance policies	(1,118)	(395)
Increase in restricted assets	(7,934)	(371)
Issuance of notes receivable	4,410	250
Proceeds from sale of fixed assets	3	4
Capital expenditures	(5,379)	(10,144)
Repayments of notes receivable	1,106	933
Purchase of subsidiaries	0	(250)
Pay downs of investment securities	3,530	0
Proceeds from sale of preferred securities	1,000	0
Investments in real estate held for sale	(12,502)	0
Net cash used in investing activities	(59,010)	(87,042)
Cash flows from financing activities:
Proceeds from issuance of debt	22	413,916
Deferred financing costs	(625)	(12,360)
Repayments of debt	(3,374)	(8,051)
Borrowings under revolver	126,727	429,188
Repayments on revolver	(144,492)	(437,736)
Dividends and distributions on common stock	(92,778)	(80,963)
Distributions to non-controlling interest	0	(3,075)
Proceeds from exercise of Vector options	1,219	3,405
Tax benefit of options exercised	384	680
Net cash (used in) provided by financing activities	(112,917)	305,004
Net (decrease) increase in cash and cash equivalents	(88,042)	271,957
Cash and cash equivalents, beginning of period	326,365	234,466
Cash and cash equivalents, end of period	$ 238,323	$ 506,423

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation : The condensed 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”), Zoom E-Cigs LLC (“Zoom”), 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. Zoom is engaged in the sale of electronic cigarettes in the United States. New Valley is engaged in the real estate business. The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and, in management's opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year. Revisions to December 31, 2014 Consolidated Balance Sheet. The Company has revised its December 31, 2014 Consolidated Balance Sheet, which originally presented deferred income tax assets and liabilities (current and noncurrent) on a gross basis, rather than a net basis. The revisions conform to ASC 740-10-45-6 which states all current deferred tax liabilities and assets shall be offset and presented as a single amount and all noncurrent deferred tax liabilities and assets shall be offset and presented as a single amount. The Company assessed the materiality of this error on previously issued financial statements and concluded that the error was immaterial. The revisions are presented in the table below: December 31, 2014 As Previously Reported Revision As Revised Deferred income taxes $ 29,192 $ (29,192 ) $ — Total current assets 857,846 (29,192 ) 828,654 Deferred income taxes 51,129 (51,129 ) — Total assets $ 1,573,392 $ (80,321 ) $ 1,493,071 Deferred income taxes, net $ 57,671 $ (29,192 ) $ 28,479 Total current liabilities 270,095 (29,192 ) 240,903 Deferred income taxes, net 145,639 (51,129 ) 94,510 Total liabilities 1,551,340 (80,321 ) 1,471,019 Total stockholders' equity 22,052 — 22,052 Total liabilities and stockholders' equity $ 1,573,392 $ (80,321 ) $ 1,493,071 (b) Distributions and Dividends on Common Stock : The Company records distributions on its common stock as dividends in its condensed consolidated statement of stockholders' (deficiency) equity to the extent of retained earnings and accumulated paid-in capital. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in capital. Any amounts then exceeding accumulated paid-in capital are recorded as an increase to accumulated deficit. (c) Revenue Recognition : Tobacco and E-Cigarettes 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 fixed or 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 includes federal excise taxes on tobacco sales 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 Company and industry levels, regulation, litigation and defense costs, increased tobacco costs or reductions in the selling price of cigarettes in the near term. 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. (d) Earnings Per Share (“EPS”) : Information concerning the Company's common stock has been adjusted to give retroactive effect to the 5% stock dividend paid to Company stockholders on September 26, 2014 . All per share amounts and references to share amounts have been updated to reflect the retrospective effect of the stock dividends. Net income for purposes of determining basic and diluted EPS was as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income attributed to Vector Group Ltd. $ 17,868 $ 7,925 $ 38,824 $ 10,505 Expense attributed to participating securities (529 ) (231 ) (1,151 ) (309 ) Net income attributed to Vector Group Ltd. available to common stockholders $ 17,339 $ 7,694 $ 37,673 $ 10,196 Basic and diluted EPS were calculated using the following shares: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted-average shares for basic EPS 112,337,817 101,598,939 111,881,314 100,470,719 Plus incremental shares related to stock options and non-vested restricted stock 199,112 106,321 195,488 117,908 Weighted-average shares for diluted EPS 112,536,929 101,705,260 112,076,802 100,588,627 The following were outstanding during the three and six months ended June 30, 2015 and 2014 , but were not included in the computation of diluted EPS because the effect was anti-dilutive. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted-average number of shares issuable upon conversion of debt 23,709,978 34,117,652 24,128,414 30,560,906 Weighted-average conversion price $ 20.61 $ 18.11 $ 20.45 $ 16.72 (e) 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. 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 the Company's stock price. At June 30, 2015 , the range of estimated fair market values of the Company's embedded derivatives was between $155,272 and $158,324 . The Company recorded the fair market value of its embedded derivatives at the midpoint of the range at $156,783 as of June 30, 2015 . At December 31, 2014 , the range of estimated fair market values of the Company's embedded derivatives was between $167,593 and $171,215 . The Company recorded the fair market value of its embedded derivatives at the midpoint of the range at $169,386 as of December 31, 2014 . The estimated fair market value of the Company's embedded derivatives could change significantly based on future market conditions. (See Note 6 .) (f) Other Income, Net : Other income, net consisted of: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Loss) gain on warrants $ (369 ) $ 45 $ (483 ) $ (123 ) Interest and dividend income 1,858 1,189 3,607 2,189 Accretion of interest income from debt discount on notes receivable 10 10 74 76 Gain on long-term investment 24 — 224 — Out-of-period adjustment — — — 1,231 Acceleration of closing fee related to termination of Douglas Elliman joint venture — 2,335 — 2,335 Other income (expense) 2 (4 ) (1 ) (7 ) Other income, net $ 1,525 $ 3,575 $ 3,421 $ 5,701 The out-of-period adjustment related to a non-accrual of a receivable from Douglas Elliman in the fourth quarter of 2013 and would have increased the Company's gain on acquisition of Douglas Elliman in 2013. The Company assessed the materiality of this error on all previously issued financial statements and concluded that the error was immaterial to all previously issued financial statements. The impact of correcting this error in 2014 was not material to the Company's 2014 consolidated financial statements. (g) Other Current Liabilities : Other current liabilities consisted of: June 30, 2015 December 31, 2014 Accrued promotional expenses $ 18,215 $ 20,191 Accrued excise and payroll taxes payable, net 20,885 23,172 Accrued interest 27,746 28,321 Commissions payable 13,442 9,523 Accrued salary and benefits 12,110 16,009 Other current liabilities 33,125 29,539 Total other current liabilities $ 125,523 $ 126,755 (h) Goodwill and Other Intangible Assets : The components of “Goodwill and other intangible assets, net” were as follows: June 30, December 31, Goodwill $ 70,791 $ 70,791 Indefinite life intangibles: Intangible asset associated with benefit under the MSA 107,511 107,511 Trademark - Douglas Elliman 80,000 80,000 Intangibles with a finite life, net 8,698 11,670 Total goodwill and other intangible assets, net $ 267,000 $ 269,972 (i) New Accounting Pronouncements : In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is evaluating the effect that this guidance will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (1) modify the evaluation of whether limited partnership and similar legal entities are Variable Interest Entities (“VIEs”), (2) eliminate the presumption that a general partner should consolidate a limited partnership, (3) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. The guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-9, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-9”). ASU 2014-9 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. As currently issued, the new standard is effective beginning January 1, 2019; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect of initially applying it recognized at the date of initial application. The Company has not yet selected a transition method nor has it determined the impact of the new standard on its condensed consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of: June 30, December 31, Leaf tobacco $ 57,576 $ 49,948 Other raw materials 4,041 3,532 Work-in-process 592 879 Finished goods 67,619 62,876 E-Cigarettes 243 3,079 Inventories at current cost 130,071 120,314 LIFO adjustments (31,495 ) (29,991 ) $ 98,576 $ 90,323 All of the Company's inventories at June 30, 2015 and December 31, 2014 are reported under the LIFO method. The $31,495 LIFO adjustment as of June 30, 2015 decreases the current cost of inventories by $19,821 for Leaf tobacco, $900 for Other raw materials, $41 for Work-in-Process, $10,637 for Finished goods and $96 for E-Cigarettes. The $29,991 LIFO adjustment as of December 31, 2014 decreased the current cost of inventories by $19,941 for Leaf tobacco, $861 for Other raw materials, $39 for Work-in-Process, $9,054 for Finished goods and $96 for E-Cigarettes. 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 June 30, 2015 , Liggett had tobacco purchase commitments of approximately $13,917 and E-Cigarettes purchase commitments of $300 . The Company has a single source supply agreement for fire safe cigarette paper through 2019. 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 relates to cigarettes shipped to the public warehouses but not sold. The amount of capitalized MSA cost in “Finished goods” inventory was $15,381 and $14,369 at June 30, 2015 and December 31, 2014 , respectively.

Investment Securities Available

Investment Securities Available for Sale	6 Months Ended
	Jun. 30, 2015
Available-for-sale Securities [Abstract]
Investment Securities Available for Sale	INVESTMENT SECURITIES AVAILABLE FOR SALE The components of investment securities available for sale at June 30, 2015 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 71,275 $ 88,746 $ (1,747 ) $ 158,274 Mutual funds invested in fixed income securities 62,399 — (1,958 ) 60,441 Marketable debt securities 124,019 109 (266 ) 123,862 Total investment securities available for sale $ 257,693 $ 88,855 $ (3,971 ) $ 342,577 The components of investment securities available for sale at December 31, 2014 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 63,041 $ 92,244 $ (1,093 ) $ 154,192 Mutual funds invested in fixed income securities 61,485 — (1,659 ) 59,826 Marketable debt securities 130,311 2,557 (843 ) 132,025 Total investment securities available for sale $ 254,837 $ 94,801 $ (3,595 ) $ 346,043 The table below summarizes the maturity dates of marketable debt securities at June 30, 2015 . Investment Type: Market Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 33,886 $ — $ 33,886 $ — Corporate securities 51,937 6,685 44,840 412 U.S. mortgage-backed securities 6,757 839 5,751 167 Commercial mortgage-backed securities 15,758 5,084 4,614 6,060 U.S. asset-backed securities 13,393 2,080 9,852 1,461 Index-linked U.S. bonds 2,131 — 2,131 — Total marketable debt securities by maturity dates $ 123,862 $ 14,688 $ 101,074 $ 8,100

Long Term Investments

Long Term Investments	6 Months Ended
	Jun. 30, 2015
Long-term Investments [Abstract]
Long-Term Investments	LONG-TERM INVESTMENTS Long-term investments consisted of the following: June 30, 2015 December 31, 2014 Investment partnerships $ 36,540 $ 31,541 Real estate partnership 551 698 Long-term investments at cost 37,091 32,239 Investment partnership accounted for under the equity method 9,128 8,053 $ 46,219 $ 40,292 Long-term investments consisted of the following investments accounted for at cost: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Investment partnerships $ 36,540 $ 46,093 $ 31,541 $ 38,039 Real estate partnership 551 762 698 1,108 $ 37,091 $ 46,855 $ 32,239 $ 39,147 Long-term investment partnership accounted for under the equity method: June 30, December 31, Investment partnership $ 9,128 $ 8,053 The Company recorded equity losses of $1,657 and $273 for the three months ended June 30, 2015 and June 30, 2014 , respectively. The Company recorded an equity loss of $1,694 and equity income of $633 for the six months ended June 30, 2015 and June 30, 2014 , respectively. The carrying value of the investment partnership was approximately $9,128 and $8,053 as of June 30, 2015 and December 31, 2014 , respectively, which approximated the investment's fair value.

New Valley LLC

New Valley LLC	6 Months Ended
	Jun. 30, 2015
New Valley LLC [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. The Company owns a 70.59% interest in Douglas Elliman and the condensed consolidated financial statements of the Company include the account balances of Douglas Elliman. Investments in real estate ventures. New Valley also holds equity investments in various real estate projects domestically and internationally. The components of “Investments in real estate ventures” were as follows: June 30, December 31, Milanosesto Holdings (Sesto Holdings) $ 5,037 $ 5,037 Land Development 5,037 5,037 10 Madison Square Park West (1107 Broadway) 7,407 6,383 The Marquand 13,500 12,000 11 Beach Street 12,004 12,328 20 Times Square (701 Seventh Avenue) 12,737 12,481 111 Murray Street 27,203 27,319 357 West (160 Leroy Street) 1,753 1,467 PUBLIC Chrystie House (Chrystie Street) 5,297 3,300 The Dutch (25-19 43rd Avenue) 980 733 Queens Plaza (23-10 Queens Plaza South) 11,146 11,082 87 Park (8701 Collins Avenue) 5,736 6,144 125 Greenwich Street 9,110 9,308 West Hollywood Edition (9040 Sunset Boulevard) 5,604 5,604 76 Eleventh Avenue 17,000 — Monad Terrace 6,200 — Condominium and Mixed Use Development 135,677 108,149 Maryland Portfolio 2,916 3,234 ST Portfolio 16,910 15,283 Apartment Buildings 19,826 18,517 Park Lane Hotel 19,529 19,341 Hotel Taiwana 8,206 7,629 Coral Beach and Tennis Club 3,025 2,816 Hotels 30,760 29,786 The Plaza at Harmon Meadow 5,958 — Commercial 5,958 — Other 1,768 1,971 Investments in real estate ventures $ 199,026 $ 163,460 Condominium and Mixed Use Development: Condominium and mixed use developments investments range in ownership percentage from 5% to 49.5% . New Valley recorded net equity income of $138 and $675 for the three and six months ended June 30, 2015 , respectively. The $675 equity income for the six months ended June 30, 2015 was primarily related to New Valley's proportionate share of three units at the Marquand offset by equity losses from the other condominiums and mixed use development projects. New Valley recorded equity income of $7 and $2,299 for the three and six months ended June 30, 2014 , respectively. The $2,299 equity income for the six months ended June 30, 2014 was primarily related to the sale of a commercial unit at 10 Madison Square Park West. During the six months ended June 30, 2015 , New Valley made capital contributions totaling $27,091 primarily related to 76 Eleventh Avenue and Monad Terrace. During the six months ended June 30, 2014 , New Valley made capital contributions totaling $10,737 related to 11 Beach Street, 111 Murray Street, PUBLIC Chrystie House, Queens Plaza and 20 Times Square. New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners. New Valley's investment percentages did not change. During the six months ended June 30, 2015 , New Valley received a distribution of $236 from its investment in Chelsea Eleven, which sold its last unit in 2012, for excess amounts held back in 2012 for final expenses of the investment. During the six months ended June 30, 2014 , New Valley received distributions of $5,189 primarily related to 10 Madison Square Park West, 11 Beach Street and 20 Times Square. New Valley's maximum exposure to loss, net of non-controlling interest, as a result of its investments in condominium and mixed use developments was $132,842 at June 30, 2015 . Apartment Buildings: Apartment buildings investments range in ownership percentage from 7.6% to 16.3% . New Valley recorded equity income of $1,848 and $1,801 for the three and six months ended June 30, 2015 , respectively, primarily related to the ST Portfolio apartment portfolio. In 2015, ST Portfolio sold one (Phoenix, Arizona) of its three remaining Class A multi-family buildings and the proceeds were used to pay down debt. New Valley recorded net equity losses of $217 and $164 for the three and six months ended June 30, 2014 , respectively, primarily related to equity losses of ST Portfolio. New Valley received distributions of $493 and $250 during the six months ended June 30, 2015 and 2014 , respectively, primarily related to NV Maryland. New Valley's maximum exposure to loss as a result of its investment in apartment buildings was $19,826 at June 30, 2015 . Hotels: Hotel investments range in ownership percentage from 5% to 49% . New Valley recorded net equity losses of $261 and $1,006 for the three and six months ended June 30, 2015 , respectively, related to hotel operations. New Valley recorded net equity losses of $857 and $2,171 for the three and six months ended June 30, 2014 , respectively. New Valley made capital contributions totaling $1,980 for the six months ended June 30, 2015 , primarily related to Coral Beach and Tennis Club and Park Lane. New Valley made capital contributions totaling $589 for the six months ended June 30, 2014 , primarily related to Coral Beach. New Valley's maximum exposure to loss as a result of its investments in hotels was $30,760 at June 30, 2015 . Commercial: Commercial ventures include a contribution by New Valley of $5,931 for a 49% interest in a joint venture which purchased a shopping center, The Plaza at Harmon Meadow, in New Jersey at the end of March 2015. The joint venture is a variable interest entity, however, New Valley is not the primary beneficiary of the joint venture. New Valley will account for its interest in the joint venture under the equity method of accounting. New Valley recorded equity income of $27 for the three and six months ended June 30, 2015 related to shopping center rental operations. New Valley's maximum exposure to loss as a result of its investments in commercial ventures was $5,958 at June 30, 2015 . Other: Other investments in real estate ventures relate to an investment in a mortgage company and an insurance company partially owned by Douglas Elliman. Real Estate Held for Sale: The components of “Real estate held for sale, net” were as follows: June 30, December 31, Escena, net $ 10,541 $ 10,643 Sagaponack 12,502 — Real estate held for sale, net $ 23,043 $ 10,643 Escena. The assets of “Escena, net” are as follows: June 30, December 31, Land and land improvements $ 8,953 $ 8,953 Building and building improvements 1,873 1,865 Other 1,575 1,568 12,401 12,386 Less accumulated depreciation (1,860 ) (1,743 ) $ 10,541 $ 10,643 New Valley recorded operating losses of $173 and $287 for the three months ended June 30, 2015 and 2014 , respectively, from Escena. New Valley recorded operating income of $552 and $233 for the six months ended June 30, 2015 and 2014 , respectively, from Escena. 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 included the balances of Indian Creek. In May 2014, the Indian Creek property was sold for $14,400 and New Valley received a distribution of approximately $7,100 . New Valley recognized income of approximately $2,400 from the sale for the three and six months ended June 30, 2014. Investment in Sagaponack. In April 2015, New Valley invested $12,502 in a residential real estate project located in Sagaponack, NY. The project is wholly owned and the balances of the project are included in the consolidated financial statements of the Company. As of June 30, 2015 , the assets of Sagaponack consist of land and land improvements of $12,502 .

Notes Payable, Long Term Debt a

Notes Payable, Long Term Debt and Other Obligations	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [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: June 30, December 31, Vector: 7.75% Senior Secured Notes due 2021, including premium of $8,656 and $9,275 $ 608,656 $ 609,275 6.75% Variable Interest Senior Convertible Note due 2015 — 25,000 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $140,259 and $146,634* 89,741 83,366 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $92,747 and $98,831* 166,003 159,919 Liggett: Revolving credit facility — 17,767 Term loan under credit facility 3,442 3,589 Equipment loans 10,873 13,966 Other 358 469 Total notes payable, long-term debt and other obligations 879,073 913,351 Less: Current maturities (6,074 ) (52,640 ) Amount due after one year $ 872,999 $ 860,711 ______________________ * The fair value of the derivatives embedded within the 6.75% Variable Interest Senior Convertible Note ( $0 at June 30, 2015 and $884 at December 31, 2014 , respectively), the 7.5% Variable Interest Senior Convertible Notes ( $80,283 at June 30, 2015 and $87,638 at December 31, 2014 , respectively) and the 5.5% Variable Interest Senior Convertible Debentures ( $76,500 at June 30, 2015 and $80,864 at December 31, 2014 , respectively), is separately classified as a derivative liability in the condensed consolidated balance sheets. 6.75% Variable Interest Senior Convertible Note due 2015 - Vector : On February 3, 2015, the holder of the 6.75% Variable Interest Senior Convertible Note due 2015, converted the remaining $25,000 principal balance of the $50,000 Note into 2,227,552 of the Company's common shares. The debt conversion resulted in a reduction of debt and an increase to equity in the amount of $25,000 . Revolving Credit Facility and Term Loan Under Credit Facility - Liggett : As of June 30, 2015 , a total of $3,442 was outstanding under the revolving and term loan portions of the credit facility. Availability, as determined under the facility, was approximately $56,558 based on eligible collateral at June 30, 2015 . Shares of Common Stock per $1,000 Principal Amount due on Convertible Notes : The conversion rates for all convertible debt outstanding as of June 30, 2015 and December 31, 2014, are summarized below: June 30, 2015 December 31, 2014 Conversion Price Shares per $1,000 Conversion Price Shares per $1,000 6.75% Variable Interest Senior Convertible Note due 2014 $ — — $ 11.22 89.1021 7.5% Variable Interest Senior Convertible Notes due 2019 $ 16.78 59.5946 $ 16.78 59.5946 5.5% Variable Interest Senior Convertible Debentures due 2020 $ 25.87 38.6563 $ 25.87 38.6563 Non-Cash Interest Expense - Vector : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Amortization of debt discount, net $ 6,213 $ 7,563 $ 11,840 $ 20,019 Amortization of deferred finance costs 1,022 1,055 1,988 1,763 Accelerated interest expense on 6.75% Variable Interest Senior Convertible Note converted — — — 3,679 Accelerated interest expense on 6.75% Variable Interest Senior Convertible Exchange Notes converted — 439 — 439 $ 7,235 $ 9,057 $ 13,828 $ 25,900 Fair Value of Notes Payable and Long-Term Debt : June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Notes payable and long-term debt $ 879,073 (1) $ 1,282,056 $ 913,351 (1) $ 1,313,711 ______________________ (1) The carrying value does not include the carrying value of the embedded derivative. See Note 9 . Notes payable and long-term debt are carried on the condensed consolidated balance sheet at amortized cost. The fair value determination disclosed above are classified as Level 2 under the fair value hierarchy disclosed in Note 9 if such liabilities were recorded on the condensed consolidated 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 the Company's Form 10-K. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [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. 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”). With the commencement of new cases, the defense costs and the risks relating to the unpredictability of litigation increase. The future financial impact of the risks and expenses of litigation are not quantifiable. For the three months ended June 30, 2015 and 2014 , respectively, Liggett incurred tobacco product liability legal expenses and other litigation costs totaling $3,158 and $1,817 . For the six months ended June 30, 2015 and 2014 , Liggett incurred tobacco product liability legal expenses and other litigation costs totaling $5,713 and $5,174 . These are included in the operating, selling, administrative and general expenses in the Condensed Statement of Operations. 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 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 $12,268 and $4,768 in bonds as of June 30, 2015 and December 31, 2014 , respectively. 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 challenged the constitutionality of the bond cap statute, but to date the courts have upheld the constitutionality of the statute. 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 7 : (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 reasonably 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. As of June 30, 2015 , 21 Engle progeny cases where Liggett was a defendant at trial resulted in verdicts. Fourteen verdicts were returned in favor of the plaintiffs (although in two of these cases ( Irimi and Cohen ), the court granted defendants' motion for a new trial and another ( Putney ) was reversed on appeal) and seven in favor of Liggett. In certain cases, the judgments entered have been joint and several with other defendants. In four of the cases, punitive damages were awarded against Liggett. Except as discussed in this Note 7 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. 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 any of the remaining 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 June 30, 2015 , Liggett (and in certain cases the Company) had, on an individual basis, settled 163 Engle progeny cases for approximately $3,456 in the aggregate. Two of those settlements occurred in the second quarter of 2015. In October 2013, Liggett announced a settlement of the claims of over 4,900 Engle progeny plaintiffs (see Engle Progeny Settlement below). Individual Actions As of June 30, 2015 , there were 52 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 approximately 300 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: State Number of Cases Florida 28 Maryland 10 New York 8 Louisiana 2 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 substantially all of the Engle progeny cases where Liggett was named as a defendant. Engle Progeny Settlement. In October 2013, the Company entered into a settlement with approximately 4,900 Engle progeny plaintiffs and their counsel. Pursuant to the terms of the settlement, Liggett agreed to pay a total of approximately $110,000 , with approximately $61,600 paid in a lump sum and the balance to be paid in installments over 14 years , starting in February 2015. In exchange, the claims of over 4,900 plaintiffs were dismissed with prejudice against the Company and Liggett. Due to the settlement, in 2013 the Company recorded a charge of $86,213 , of which $25,213 is related to certain payments discounted to their present value. The present value of the installment payments was computed using an 11% annual discount rate. The Company recorded an additional charge of $643 in the first quarter of 2015 for additional cases joining the settlement and the restructuring of certain payments related to several previously settled cases. The installment payments total approximately $48,000 on an undiscounted basis. The Company’s future payments will be approximately $3,400 per annum through 2028, with a cost of living increase beginning in 2021. Notwithstanding the comprehensive nature of the Engle Progeny Settlement, approximately 300 plaintiffs’ claims remain outstanding. 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 June 30, 2015 , the following Engle progeny cases have resulted in judgments against Liggett: Date Case Name County Liggett Compensatory (1) Liggett Punitive Damages Status (2) June 2002 Lukacs v. R.J. Reynolds Miami-Dade $12,418 $— Liggett satisfied the judgment and the case is concluded. August 2009 Campbell v. R.J. Reynolds Escambia 156 — Liggett satisfied the judgment and the case is concluded. March 2010 Douglas v. R.J. Reynolds Hillsborough 1,350 — Liggett satisfied the judgment and the case is concluded. April 2010 Clay v. R.J. Reynolds Escambia 349 1,000 Liggett satisfied the judgment and the case is concluded. April 2010 Putney v. R.J. Reynolds Broward 3,008 — 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 sought discretionary review from the Florida Supreme Court. The appeal is stayed pending the outcome of Hess. April 2011 Tullo v. R.J. Reynolds Palm Beach 225 — Liggett satisfied the judgment and the case is concluded, other than an issue with respect to the calculation of interest on the judgment and the amount of costs owed by Liggett. January 2012 Ward v. R.J. Reynolds Escambia 1 — Liggett satisfied the judgment and other than an issue regarding attorneys' fees, the case is concluded. May 2012 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. Oral argument occurred June 16, 2015. December 2012 Buchanan v. R.J. Reynolds Leon 2,035 — A joint and several judgment for $5,500 was entered against Liggett and Philip Morris. Judgment was affirmed by the First District Court of Appeal, but the court certified an issue of conflict with another case. The defendants sought discretionary review by the Florida Supreme Court. The appeal is stayed pending the outcome of Hess. May 2013 Cohen v. R.J. Reynolds Palm Beach 205 — Defendants' motion seeking a new trial was granted by the trial court. Plaintiff appealed to the Fourth District Court of Appeal. August 2013 Rizzuto v. R.J. Reynolds Hernando 3,479 — Liggett settled its portion of the judgment for $1,500 and the case is concluded as to Liggett. August 2014 Irimi v. R.J. Reynolds Broward 31 — Judgment was entered against Liggett for $31. In January 2015, the trial court granted defendants' motion for a new trial. Plaintiff appealed to the Fourth District Court of Appeal. October 2014 Lambert v. R.J. Reynolds Pinellas 3,600 9,500 A final judgment was entered against Liggett for $13,100. Liggett was the only defendant at trial. On appeal to the Second District Court of Appeal. November 2014 Boatright v. R.J. Reynolds Polk — 300 In November 2014, the jury awarded compensatory damages in the amount of $15,000 with 15% fault apportioned to plaintiff and 85% to Philip Morris. The jury further assessed punitive damages against Philip Morris for $19,700 and Liggett for $300. Post-trial motions were denied. A joint and several judgment was entered in the amount of $12,750 on the compensatory damages. Judgment was entered against Liggett for $300 in punitive damages. On appeal to the Second District Court of Appeal. June 2015 Caprio v. R.J. Reynolds Broward 28 0 In February 2015, the jury answered certain questions on the verdict form, but were deadlocked as to others. The court entered a partial judgment and ordered a new trial on the remaining issues, including comparative fault and punitive damages. On appeal to the Fourth District Court of Appeal. Total Damages Awarded: 28,832 18,400 Amounts paid or compromised: (17,978) (1,000) Damages remaining on Appeal: $10,854 $17,400 (1) Compensatory damages are adjusted to reflect the jury's allocation of comparative fault. The amounts listed above do not include attorneys' fees or statutory interest. (2) See Exhibit 99.1 for a more complete description of the cases currently on appeal. Through June 30, 2015 , Liggett paid $ 20,312 , including interest and legal fees, to satisfy the judgments in seven Engle progeny cases ( Lukacs , Campbell , Douglas , Clay, Tullo, Ward and Rizzuto ). The Company’s potential range of loss in the Putney , Calloway , Buchanan, Cohen, Irimi, Lambert, Boatright and Caprio cases is between $0 and $28,254 in the aggregate, plus 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 7 , 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 condensed 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. Appeals of Engle Progeny Judgments. In December 2010, in the Martin case, a state court case against R.J. Reynolds, the First District Court of Appeal 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 findings. 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. The Martin decision has led to additional 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. To date, the United States Supreme Court has declined to review any Engle progeny decisions. In Hess , a case pending in Broward County, the jury returned a verdict finding that decedent relied to his detriment on an omission by the defendant before May 5, 1982 ( twelve years prior to the filing of the Engle Complaint). Defendant moved for judgment as a matter of law on plaintiff’s fraudulent concealment claim on the basis that the claim was barred by Florida’s statute of repose. The trial court denied the motion and was reversed by the Fourth District Court of Appeal, which held that any Engle progeny claim for a fraud committed before May 5, 1982 is barred. In April 2015, the Florida Supreme Court reversed the Fourth District Court of Appeal decision and reinstated the jury verdict. The Florida Supreme Court held that Engle defendants cannot raise a statute of repose defense to claims for concealment or conspiracy. Defendant moved for rehearing. On April 8, 2015, in Graham v. R.J. Reynolds Tobacco Co. , the Eleventh Circuit found meritorious a defense that, in Engle progeny cases, federal law impliedly preempts use of the preserved Engle findings to establish claims for strict liability or negligence. The plaintiff moved for rehearing. Liggett Only Cases. There are currently three cases pending where Liggett is the only remaining defendant. These cases consist of three Individual Actions. 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, affirmed on appeal and remanded to the trial court for further proceedings. There has been no recent activity in the other two Individual Actions. Cases where Liggett is the only defendant could increase as a result of the remaining Engle progeny cases. Class Actions As of June 30, 2015 , 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, including Liggett, and suffered injury as a result of that exposure. The plaintiffs seek to recover an unspecified amount of compensatory and punitive damages. No class certification hearing has been held. In 2013, plaintiffs’ filed a motion to stay the case. The defendants did not oppose the motion and the stay was entered by the court. 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 due to the December 2000 bankruptcy of three of the defendants. In February 2000, in Smith v. Philip Morris, a case pending in Kansas, a class was commenced against cigarette manufacturers alleging they 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 2014, the court of appeals affirmed the lower court’s decision. In August 2014, plaintiffs filed a petition for review with the Kansas Supreme Court which was denied in June 2015. 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 1969 should have included instructions on how to use them. The issue of damages was reserved for further proceedings. The court entered judgment in October 2013, dismissing all claims except the ventilated filter claim. The judgment was affirmed on appeal and remanded to the trial court for further proceedings. In April 2015 the plaintiffs filed a petition for writ of certiorari to the United States Supreme Court and the Supreme Court declined review. On July 13, 2015, the trial court ruled on the scope of the remaining ventilated cigarette filter claim and determined that only 30 plaintiffs have viable claims against the non-Liggett defendants and the trial court set tentative dates for consolidated trials of those claims for June 13, 2016 and December 4, 2016. With respect to Liggett, the trial court requested that Liggett and plaintiffs brief whether any claims against Liggett survive given the outcome of the first phase of the trial. Briefing of that issue is underway. When the case proceeds against Liggett, it is estimated that Liggett could be a defendant in less than 25 of the remaining 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 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 June 30, 2015 , 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, but can 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

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company's provision for income taxes in interim periods is based on an estimated annual effective income tax rate derived, in part, from estimated annual pre-tax results from ordinary operations. The annual effective income tax rate is reviewed and, if necessary, adjusted on a quarterly basis. The Company's income tax expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income before provision for income taxes $ 31,069 $ 19,132 $ 64,964 $ 25,603 Income tax expense using estimated annual effective income tax rate 11,533 6,279 24,143 8,404 Changes in effective tax rates (78 ) (178 ) — — Impact of discrete items, net (91 ) — (100 ) 639 Income tax expense $ 11,364 $ 6,101 $ 24,043 $ 9,043 The discrete item for the six months ended June 30, 2015 is primarily related to the rate differential in other comprehensive income and the results of a recent state income tax audits. The discrete item for the six months ended June 30, 2014 is primarily related to an increase in the blended state tax rate that resulted in the Company's revaluation of its deferred taxes and the results of a state income tax audit.

Investments and Fair Value Meas

Investments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [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 June 30, 2015 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 109,209 $ 109,209 $ — $ — Certificates of deposit 4,790 — 4,790 — Bonds 12,368 12,368 — — Investment securities available for sale Equity securities 158,274 157,958 316 — Mutual funds invested in fixed income securities 60,441 60,441 — — Fixed income securities U.S. Government securities 33,886 — 33,886 — Corporate securities 51,937 — 51,937 — U.S. mortgage backed securities 6,757 — 6,757 — Commercial mortgage-backed securities 15,758 — 15,758 — U.S. asset backed securities 13,393 — 13,393 — Index-linked U.S. bonds 2,131 — 2,131 — Total fixed income securities 123,862 — 123,862 — Warrants (1) 1,859 — — 1,859 Total $ 470,803 $ 339,976 $ 128,968 $ 1,859 Liabilities: Fair value of derivatives embedded within convertible debt $ 156,783 $ — $ — $ 156,783 (1) Warrants are 1,000,000 warrants to purchase Ladenburg Thalmann Financial Services Inc. (“LTS”) common stock received on November 4, 2011 which were carried at $1,859 as of June 30, 2015 and are included in “Other assets.” The Company recognized a loss of $483 for the six months ended June 30, 2015 related to the change in fair value of the Warrants. Fair Value Measurements as of December 31, 2014 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 205,180 $ 205,180 $ — $ — Certificates of deposit 3,462 — 3,462 — Bonds 4,868 4,868 — — Investment securities available for sale Equity securities 154,192 153,666 526 — Mutual funds invested in fixed income securities 59,826 59,826 — — Fixed income securities U.S. Government securities 35,446 — 35,446 — Corporate securities 56,248 7,397 48,851 — U.S. Government and federal agency 4,770 — 4,770 — Commercial mortgage-backed securities 16,508 — 16,508 — U.S. asset-backed securities 16,955 — 16,955 — Index-linked U.S. bonds 2,098 — 2,098 — Total fixed income securities 132,025 7,397 124,628 — Warrants (1) 2,342 — — 2,342 Total $ 561,895 $ 430,937 $ 128,616 $ 2,342 Liabilities: Fair value of derivatives embedded within convertible debt $ 169,386 $ — $ — $ 169,386 (1) Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $2,342 as of December 31, 2014 and are included in “Other assets.” The Company recognized income of $584 for the year ended December 31, 2014 related to the change in fair value of the Warrants. The Company recognized a loss of $111 for the six months ended June 30, 2014 . 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 derived using a valuation model. These derivatives 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 5.50% Convertible Notes due 2020 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 2020 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 June 30, 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at June 30, Valuation Technique Unobservable Input Range (Actual) Warrant $ 1,859 Option model Stock price $ 3.50 Exercise price $ 1.68 Term (in years) 1.3 Volatility 39.30 % Dividend rate — Risk-free return 0.70 % Fair value of derivatives embedded within convertible debt $ 156,783 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 23.46 Convertible trading price 110.12 % Volatility 16 % Implied credit spread 6.0% - 7.0% (6.5%) The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2014 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, Valuation Technique Unobservable Input Range (Actual) Warrants $ 2,342 Option model Stock price $ 3.95 Exercise price $ 1.68 Term (in years) 1.8 Volatility 44.42 % Dividend rate — Risk-free return 0.70 % Fair value of derivatives embedded within convertible debt $ 169,386 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 21.31 Convertible trading price 106.8 % Volatility 16.00 % Implied credit spread 6.25% - 7.25% (6.75%) 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 June 30, 2015 and December 31, 2014 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company's significant business segments for the three and six months ended June 30, 2015 and 2014 were Tobacco, E-Cigarettes and Real Estate. The Tobacco segment consists of the manufacture and sale of conventional cigarettes. The E-Cigarettes segment includes the operations of the Company's e-cigarette business. The Real Estate segment includes the Company’s investment in New Valley LLC, which includes Douglas Elliman, Escena, Indian Creek, Sagaponack and investments in real estate ventures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. As a result of the amount of operating losses of Zoom as of September 30, 2014 when compared to the remaining components of our Corporate and Other segment, we have reevaluated our operating segments and have separated our E-Cigarettes operations from the Corporate and Other segment for previously reported periods as of and for the three and six months ended June 30, 2014 . Thus, prior period information has been recast to conform to the current presentation. This change did not have an impact to the Company's historical consolidated results. Financial information for the Company's operations before taxes for the three and six months ended June 30, 2015 and 2014 follows: Real Corporate Tobacco E-Cigarettes Estate and Other Total Three months ended June 30, 2015 Revenues $ 254,890 $ 261 $ 161,022 $ — $ 416,173 Operating income (loss) 56,215 (1) (2,400 ) 6,892 (4,667 ) 56,040 Equity income from real estate ventures — — 1,856 — 1,856 Depreciation and amortization 2,931 — 3,076 435 6,442 Three months ended June 30, 2014 Revenues $ 250,556 $ 2,569 $ 153,488 $ — $ 406,613 Operating income (loss) 51,506 (2) (3,765 ) 15,901 (3,334 ) 60,308 Equity loss from real estate ventures — — (1,808 ) — (1,808 ) Depreciation and amortization 2,588 — 2,622 252 5,462 Six months ended June 30, 2015 Revenues $ 482,975 $ 680 $ 293,278 $ — $ 776,933 Operating income (loss) 105,885 (3) (5,564 ) 9,043 (9,369 ) 99,995 Equity income from real estate ventures — — 2,194 — 2,194 Depreciation and amortization 5,867 — 5,984 872 12,723 Capital expenditures 2,350 — 3,029 — 5,379 Six months ended June 30, 2014 Revenues $ 483,948 $ 8,369 $ 261,532 $ — $ 753,849 Operating income (loss) 94,402 (4) (4,190 ) 20,645 (7,827 ) 103,030 Equity loss from real estate ventures — — (256 ) — (256 ) Depreciation and amortization 5,081 — 6,969 504 12,554 Capital expenditures 6,563 — 3,570 11 10,144 (1) Operating income includes $1,250 of litigation judgment expense and $1,607 of pension settlement expense. (2) Operating income includes $1,419 of income from NPM Settlement. (3) Operating income includes $2,093 of litigation judgment expense and $1,607 of pension settlement expense. (4) Operating income includes $1,419 of income from NPM Settlement and $1,500 of litigation judgment expense.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	CONDENSED CONSOLIDATING FINANCIAL INFORMATION The accompanying condensed consolidating financial information has been prepared and presented pursuant to Securities and Exchange Commission Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” Each of the subsidiary guarantors are 100% owned, directly or indirectly, by the Company, and all guarantees are joint and several and 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. 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 indenture of the 7.75% Senior Secured Notes 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 and 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. At June 30, 2015 , management believed that the Company was in compliance with all covenants under the indentures of the 7.75% Senior Secured Notes. CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 111,503 $ 24,020 $ 102,800 $ — $ 238,323 Investment securities available for sale 277,483 65,094 — — 342,577 Accounts receivable - trade, net — 12,471 5,551 — 18,022 Intercompany receivables 1,744 — — (1,744 ) — Inventories — 98,576 — — 98,576 Income taxes receivable, net 2,343 — — (2,343 ) — Restricted assets — 910 1,414 — 2,324 Other current assets 910 7,078 37,248 — 45,236 Total current assets 393,983 208,149 147,013 (4,087 ) 745,058 Property, plant and equipment, net 2,177 57,228 20,043 — 79,448 Real estate held for sale, net — — 23,043 — 23,043 Long-term investments 45,669 — 550 — 46,219 Investments in real estate ventures — — 199,026 — 199,026 Investments in consolidated subsidiaries 563,658 — — (563,658 ) — Restricted assets 3,034 17,186 — — 20,220 Goodwill and other intangible assets, net — 107,511 159,489 — 267,000 Prepaid pension costs — 26,635 — — 26,635 Other assets 42,810 11,701 1,683 — 56,194 Total assets $ 1,051,331 $ 428,410 $ 550,847 $ (567,745 ) $ 1,462,843 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Current portion of notes payable and long-term debt $ — $ 5,788 $ 286 $ — $ 6,074 Current portion of employee benefits — 931 — — 931 Intercompany payables — 405 1,339 (1,744 ) — Income taxes payable, net 78 5,985 3 (2,343 ) 3,723 Litigation accruals and current payments due under the Master Settlement Agreement — 66,103 — — 66,103 Deferred income taxes, net 18,734 9,588 — — 28,322 Other current liabilities 34,318 54,264 36,941 — 125,523 Total current liabilities 53,130 143,064 38,569 (4,087 ) 230,676 Notes payable, long-term debt and other obligations, less current portion 864,399 8,583 17 — 872,999 Fair value of derivatives embedded within convertible debt 156,783 — — — 156,783 Non-current employee benefits 33,381 16,324 — — 49,705 Deferred income taxes, net 24,155 34,560 39,465 — 98,180 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 2,469 49,460 4,237 — 56,166 Total liabilities 1,134,317 251,991 82,288 (4,087 ) 1,464,509 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (82,986 ) 176,419 387,239 (563,658 ) (82,986 ) Non-controlling interest — — 81,320 — 81,320 Total stockholders' (deficiency) equity (82,986 ) 176,419 468,559 (563,658 ) (1,666 ) Total liabilities and stockholders' equity $ 1,051,331 $ 428,410 $ 550,847 $ (567,745 ) $ 1,462,843 CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 211,751 $ 9,724 $ 104,890 $ — $ 326,365 Investment securities available for sale 278,010 68,033 — — 346,043 Accounts receivable - trade, net — 18,024 5,304 — 23,328 Intercompany receivables 795 267 — (1,062 ) — Inventories — 90,323 — — 90,323 Income taxes receivable, net 1,055 463 21 1,743 3,282 Restricted assets — 1,181 1,414 — 2,595 Other current assets 899 9,133 26,686 — 36,718 Total current assets 492,510 197,148 138,315 681 828,654 Property, plant and equipment, net 2,648 61,149 20,315 — 84,112 Real estate held for sale, net — — 10,643 — 10,643 Long-term investments 39,594 — 698 — 40,292 Investments in real estate ventures — — 163,460 — 163,460 Investments in consolidated subsidiaries 518,963 — — (518,963 ) — Restricted assets 1,707 10,306 — — 12,013 Goodwill and other intangible assets, net — 107,511 162,461 — 269,972 Prepaid pension costs — 25,032 — — 25,032 Other assets 45,904 10,743 2,246 — 58,893 Total assets $ 1,101,326 $ 411,889 $ 498,138 $ (518,282 ) $ 1,493,071 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Current portion of notes payable and long-term debt $ 25,000 $ 27,248 $ 392 $ — $ 52,640 Current portion of fair value of derivatives embedded within convertible debt 884 — — — 884 Current portion of employee benefits — 931 — — 931 Intercompany payables — — 1,062 (1,062 ) — Income taxes payable, net — — — 1,743 1,743 Litigation accruals and current payments due under the Master Settlement Agreement — 29,471 — — 29,471 Deferred income taxes, net 17,452 11,027 — — 28,479 Other current liabilities 36,653 58,677 31,425 — 126,755 Total current liabilities 79,989 127,354 32,879 681 240,903 Notes payable, long-term debt and other obligations, less current portion 852,560 8,120 31 — 860,711 Fair value of derivatives embedded within convertible debt 168,502 — — — 168,502 Non-current employee benefits 32,842 16,472 — — 49,314 Deferred income taxes, net 23,539 32,301 38,670 — 94,510 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 921 51,775 4,383 — 57,079 Total liabilities 1,158,353 236,022 75,963 681 1,471,019 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (57,027 ) 175,867 343,096 (518,963 ) (57,027 ) Non-controlling interest — — 79,079 — 79,079 Total stockholders' (deficiency) equity (57,027 ) 175,867 422,175 (518,963 ) 22,052 Total liabilities and stockholders' equity $ 1,101,326 $ 411,889 $ 498,138 $ (518,282 ) $ 1,493,071 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 255,291 $ 161,022 $ (140 ) $ 416,173 Expenses: Cost of sales — 175,334 103,870 — 279,204 Operating, selling, administrative and general expenses 6,937 22,555 50,327 (140 ) 79,679 Litigation settlement and judgment expense — 1,250 — — 1,250 Management fee expense — 2,563 — (2,563 ) — Operating (loss) income (6,937 ) 53,589 6,825 2,563 56,040 Other income (expenses): Interest expense (30,880 ) (879 ) (2 ) — (31,761 ) Change in fair value of derivatives embedded within convertible debt 5,256 — — — 5,256 Equity income from real estate ventures — — 1,856 — 1,856 Equity loss on long-term investments (1,657 ) — — — (1,657 ) Loss on sale of investment securities available for sale (190 ) — — — (190 ) Equity income in consolidated subsidiaries 35,754 — — (35,754 ) — Management fee income 2,563 — — (2,563 ) — Other, net 896 200 429 — 1,525 Income before provision for income taxes 4,805 52,910 9,108 (35,754 ) 31,069 Income tax benefit (expense) 13,063 (21,226 ) (3,201 ) — (11,364 ) Net income 17,868 31,684 5,907 (35,754 ) 19,705 Net income attributed to non-controlling interest — — (1,837 ) — (1,837 ) Net income attributed to Vector Group Ltd. 17,868 31,684 4,070 (35,754 ) 17,868 Comprehensive income attributed to non-controlling interest — — (1,837 ) — (1,837 ) Comprehensive income attributed to Vector Group Ltd. $ 15,087 $ 31,933 $ 4,070 $ (36,003 ) $ 15,087 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2014 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 253,125 $ 153,488 $ — $ 406,613 Expenses: Cost of sales — 181,517 97,765 — 279,282 Operating, selling, administrative and general expenses 4,933 22,190 39,900 — 67,023 Management fee expense — 2,468 — (2,468 ) — Operating (loss) income (4,933 ) 46,950 15,823 2,468 60,308 Other income (expenses): Interest expense (43,190 ) (1,284 ) (3 ) 294 (44,183 ) Change in fair value of derivatives embedded within convertible debt 1,970 — — — 1,970 Acceleration of interest expense related to debt conversion (439 ) — — — (439 ) Equity loss from real estate ventures — — (1,808 ) — (1,808 ) Equity loss on long-term investments (273 ) — — — (273 ) Loss on sale of investment securities available for sale (18 ) — — — (18 ) Equity income in consolidated subsidiaries 32,408 — — (32,408 ) — Management fee income 2,468 — — (2,468 ) — Other, net 1,068 224 2,577 (294 ) 3,575 (Loss) income before provision for income taxes (10,939 ) 45,890 16,589 (32,408 ) 19,132 Income tax benefit (expense) 18,864 (19,716 ) (5,249 ) — (6,101 ) Net income 7,925 26,174 11,340 (32,408 ) 13,031 Net income attributed to non-controlling interest — — (5,106 ) — (5,106 ) Net income attributed to Vector Group Ltd. 7,925 26,174 6,234 (32,408 ) 7,925 Comprehensive income attributed to non-controlling interest — — (5,106 ) — (5,106 ) Comprehensive income attributed to Vector Group Ltd. $ 9,436 $ 25,464 $ 6,234 $ (31,698 ) $ 9,436 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 483,914 $ 293,278 $ (259 ) $ 776,933 Expenses: Cost of sales — 332,994 188,228 — 521,222 Operating, selling, administrative and general expenses 13,894 43,892 96,096 (259 ) 153,623 Litigation settlement and judgment expense — 2,093 — — 2,093 Management fee expense — 5,125 — (5,125 ) — Operating (loss) income (13,894 ) 99,810 8,954 5,125 99,995 Other income (expenses): Interest expense (61,634 ) (1,870 ) (3 ) — (63,507 ) Change in fair value of derivatives embedded within convertible debt 11,716 — — — 11,716 Equity income from real estate ventures — — 2,194 — 2,194 Equity loss on long-term investments (1,694 ) — — — (1,694 ) (Loss) gain on sale of investment securities available for sale (336 ) 13,175 — — 12,839 Equity income in consolidated subsidiaries 71,748 — — (71,748 ) — Management fee income 5,125 — — (5,125 ) — Other, net 1,920 520 981 — 3,421 Income before provision for income taxes 12,951 111,635 12,126 (71,748 ) 64,964 Income tax benefit (expense) 25,873 (45,407 ) (4,509 ) — (24,043 ) Net income 38,824 66,228 7,617 (71,748 ) 40,921 Net income attributed to non-controlling interest — — (2,097 ) — (2,097 ) Net income attributed to Vector Group Ltd. 38,824 66,228 5,520 (71,748 ) 38,824 Comprehensive income attributed to non-controlling interest — — (2,097 ) — (2,097 ) Comprehensive income attributed to Vector Group Ltd. $ 38,042 $ 65,589 $ 5,520 $ (71,109 ) $ 38,042 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2014 Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 492,317 $ 261,532 $ — $ 753,849 Expenses: Cost of sales — 353,230 165,089 — 518,319 Operating, selling, administrative and general expenses 11,216 43,875 75,909 — 131,000 Litigation judgment expense — 1,500 — — 1,500 Management fee expense — 4,935 — (4,935 ) — Operating (loss) income (11,216 ) 88,777 20,534 4,935 103,030 Other income (expenses): Interest expense (77,972 ) (2,239 ) (37 ) 612 (79,636 ) Change in fair value of derivatives embedded within convertible debt 320 — — — 320 Acceleration of interest expense related to debt conversion (4,118 ) — — — (4,118 ) Equity loss from real estate ventures — — (256 ) — (256 ) Loss on sale of investment securities available for sale (71 ) — — — (71 ) Equity income on long-term investments 633 — — — 633 Equity income in consolidated subsidiaries 60,126 — — (60,126 ) — Management fee income 4,935 — — (4,935 ) — Other, net 1,766 484 4,063 (612 ) 5,701 (Loss) income before provision for income taxes (25,597 ) 87,022 24,304 (60,126 ) 25,603 Income tax benefit (expense) 36,102 (36,355 ) (8,790 ) — (9,043 ) Net income 10,505 50,667 15,514 (60,126 ) 16,560 Net income attributed to non-controlling interest — — (6,055 ) — (6,055 ) Net income attributed to Vector Group Ltd. 10,505 50,667 9,459 (60,126 ) 10,505 Comprehensive income attributed to non-controlling interest — — (6,055 ) — (6,055 ) Comprehensive income attributed to Vector Group Ltd. $ 17,324 $ 50,659 $ 9,459 $ (60,118 ) $ 17,324 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash provided by operating activities $ 42,679 $ 99,159 $ 13,057 $ (71,010 ) $ 83,885 Cash flows from investing activities: Sale of investment securities 103,846 14,415 — — 118,261 Maturities of investment securities 1,737 — — — 1,737 Purchase of investment securities (112,119 ) (1,476 ) — — (113,595 ) Proceeds from sale or liquidation of long-term investments — — 148 — 148 Purchase of long-term investments (5,000 ) — — — (5,000 ) Investments in real estate ventures — — (34,857 ) — (34,857 ) Increase in cash surrender value of life insurance policies (717 ) (401 ) — — (1,118 ) Increase in restricted assets (1,327 ) (6,607 ) — — (7,934 ) Issuance of notes receivable — — (4,410 ) — (4,410 ) Investments in subsidiaries (42,808 ) — — 42,808 — Proceeds from sale of fixed assets — 3 — — 3 Capital expenditures — (2,350 ) (3,029 ) — (5,379 ) Repayments of notes receivable 1,106 — — — 1,106 Pay downs of investment securities 3,530 — — — 3,530 Proceeds from sale of preferred securities — — 1,000 — 1,000 Investments in real estate held for sale, net — — (12,502 ) — (12,502 ) Net cash (used in) provided by investing activities (51,752 ) 3,584 (53,650 ) 42,808 (59,010 ) Cash flows from financing activities: Proceeds from issuance of debt — 22 — — 22 Deferred financing costs — (625 ) — — (625 ) Repayments of debt — (3,254 ) (120 ) — (3,374 ) Borrowings under revolver — 126,727 — — 126,727 Repayments on revolver — (144,492 ) — — (144,492 ) Capital contributions received — 2,250 40,558 (42,808 ) — Intercompany dividends paid — (69,075 ) (1,935 ) 71,010 — Dividends and distributions on common stock (92,778 ) — — — (92,778 ) Distributions to non-controlling interest — — — — — Proceeds from exercise of Vector options 1,219 — — — 1,219 Tax benefit of options exercised 384 — — — 384 Net cash (used in) provided by financing activities (91,175 ) (88,447 ) 38,503 28,202 (112,917 ) Net (decrease) increase in cash and cash equivalents (100,248 ) 14,296 (2,090 ) — (88,042 ) Cash and cash equivalents, beginning of period 211,751 9,724 104,890 — 326,365 Cash and cash equivalents, end of period $ 111,503 $ 24,020 $ 102,800 $ — $ 238,323 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2014 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash provided by operating activities $ 17,374 $ 46,294 $ 32,279 $ (41,952 ) $ 53,995 Cash flows from investing activities: Sale of investment securities 49,296 — — — 49,296 Purchase of investment securities (108,859 ) (1,560 ) — — (110,419 ) Proceeds from sale or liquidation of long-term investments 500 — 49 — 549 Purchase of long-term investments (7,000 ) — — — (7,000 ) Investments in real estate ventures — — (12,534 ) — (12,534 ) Purchase of subsidiaries — — (250 ) — (250 ) Distributions from investment in real estate ventures — — 3,539 — 3,539 Increase in cash surrender value of life insurance policies — (395 ) — — (395 ) Decrease (increase) in restricted assets 299 19 (689 ) — (371 ) Issuance of notes receivable (35,000 ) — (250 ) 35,000 (250 ) Repayments of notes receivable 35,933 — — (35,000 ) 933 Proceeds from sale of fixed assets — 4 — — 4 Investments in subsidiaries (25,267 ) — — 25,267 — Capital expenditures (11 ) (6,563 ) (3,570 ) — (10,144 ) Net cash used in investing activities (90,109 ) (8,495 ) (13,705 ) 25,267 (87,042 ) Cash flows from financing activities: Proceeds from issuance of debt 408,750 40,166 — (35,000 ) 413,916 Deferred financing costs (12,360 ) — — — (12,360 ) Repayments of debt — (39,293 ) (3,758 ) 35,000 (8,051 ) Borrowings under revolver — 429,188 — — 429,188 Repayments on revolver — (437,736 ) — — (437,736 ) Capital contributions received — 3,150 22,117 (25,267 ) — Intercompany dividends paid — (30,000 ) (11,952 ) 41,952 — Dividends and distributions on common stock (80,963 ) — — — (80,963 ) Distributions to non-controlling interest — — (3,075 ) — (3,075 ) Proceeds from exercise of Vector options 3,405 — — — 3,405 Tax benefit of options exercised 680 — — — 680 Net cash provided by (used in) financing activities 319,512 (34,525 ) 3,332 16,685 305,004 Net increase in cash and cash equivalents 246,777 3,274 21,906 — 271,957 Cash and cash equivalents, beginning of period 151,342 11,812 71,312 — 234,466 Cash and cash equivalents, end of period $ 398,119 $ 15,086 $ 93,218 $ — $ 506,423

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The condensed 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”), Zoom E-Cigs LLC (“Zoom”), 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. Zoom is engaged in the sale of electronic cigarettes in the United States. New Valley is engaged in the real estate business. The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and, in management's opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
Distributions and Dividends on Common Stock	Distributions and Dividends on Common Stock : The Company records distributions on its common stock as dividends in its condensed consolidated statement of stockholders' (deficiency) equity to the extent of retained earnings and accumulated paid-in capital. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in capital. Any amounts then exceeding accumulated paid-in capital are recorded as an increase to accumulated deficit.
Revenue Recognition	Revenue Recognition : Tobacco and E-Cigarettes 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 fixed or 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 includes federal excise taxes on tobacco sales 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 Company and industry levels, regulation, litigation and defense costs, increased tobacco costs or reductions in the selling price of cigarettes in the near term. 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.
Earnings Per Share (“EPS”)	Earnings Per Share (“EPS”) : Information concerning the Company's common stock has been adjusted to give retroactive effect to the 5% stock dividend paid to Company stockholders on September 26, 2014 . All per share amounts and references to share amounts have been updated to reflect the retrospective effect of the stock dividends.
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. 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 the Company's stock price. At June 30, 2015 , the range of estimated fair market values of the Company's embedded derivatives was between $155,272 and $158,324 . The Company recorded the fair market value of its embedded derivatives at the midpoint of the range at $156,783 as of June 30, 2015 . At December 31, 2014 , the range of estimated fair market values of the Company's embedded derivatives was between $167,593 and $171,215 . The Company recorded the fair market value of its embedded derivatives at the midpoint of the range at $169,386 as of December 31, 2014 . The estimated fair market value of the Company's embedded derivatives could change significantly based on future market conditions. (See Note 6 .)
New Accounting Pronouncements	New Accounting Pronouncements : In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is evaluating the effect that this guidance will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (1) modify the evaluation of whether limited partnership and similar legal entities are Variable Interest Entities (“VIEs”), (2) eliminate the presumption that a general partner should consolidate a limited partnership, (3) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. The guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-9, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-9”). ASU 2014-9 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. As currently issued, the new standard is effective beginning January 1, 2019; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect of initially applying it recognized at the date of initial application. The Company has not yet selected a transition method nor has it determined the impact of the new standard on its condensed consolidated financial statements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of prior period revisions	The revisions are presented in the table below: December 31, 2014 As Previously Reported Revision As Revised Deferred income taxes $ 29,192 $ (29,192 ) $ — Total current assets 857,846 (29,192 ) 828,654 Deferred income taxes 51,129 (51,129 ) — Total assets $ 1,573,392 $ (80,321 ) $ 1,493,071 Deferred income taxes, net $ 57,671 $ (29,192 ) $ 28,479 Total current liabilities 270,095 (29,192 ) 240,903 Deferred income taxes, net 145,639 (51,129 ) 94,510 Total liabilities 1,551,340 (80,321 ) 1,471,019 Total stockholders' equity 22,052 — 22,052 Total liabilities and stockholders' equity $ 1,573,392 $ (80,321 ) $ 1,493,071
Net income for purposes of determining basic and diluted EPS	Net income for purposes of determining basic and diluted EPS was as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income attributed to Vector Group Ltd. $ 17,868 $ 7,925 $ 38,824 $ 10,505 Expense attributed to participating securities (529 ) (231 ) (1,151 ) (309 ) Net income attributed to Vector Group Ltd. available to common stockholders $ 17,339 $ 7,694 $ 37,673 $ 10,196
Basic and diluted EPS calculation shares	Basic and diluted EPS were calculated using the following shares: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted-average shares for basic EPS 112,337,817 101,598,939 111,881,314 100,470,719 Plus incremental shares related to stock options and non-vested restricted stock 199,112 106,321 195,488 117,908 Weighted-average shares for diluted EPS 112,536,929 101,705,260 112,076,802 100,588,627
Outstanding shares not included in the computation of diluted EPS	The following were outstanding during the three and six months ended June 30, 2015 and 2014 , but were not included in the computation of diluted EPS because the effect was anti-dilutive. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted-average number of shares issuable upon conversion of debt 23,709,978 34,117,652 24,128,414 30,560,906 Weighted-average conversion price $ 20.61 $ 18.11 $ 20.45 $ 16.72
Schedule of other income (loss), net	Other income, net consisted of: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Loss) gain on warrants $ (369 ) $ 45 $ (483 ) $ (123 ) Interest and dividend income 1,858 1,189 3,607 2,189 Accretion of interest income from debt discount on notes receivable 10 10 74 76 Gain on long-term investment 24 — 224 — Out-of-period adjustment — — — 1,231 Acceleration of closing fee related to termination of Douglas Elliman joint venture — 2,335 — 2,335 Other income (expense) 2 (4 ) (1 ) (7 ) Other income, net $ 1,525 $ 3,575 $ 3,421 $ 5,701
Schedule of other current liabilities	Other current liabilities consisted of: June 30, 2015 December 31, 2014 Accrued promotional expenses $ 18,215 $ 20,191 Accrued excise and payroll taxes payable, net 20,885 23,172 Accrued interest 27,746 28,321 Commissions payable 13,442 9,523 Accrued salary and benefits 12,110 16,009 Other current liabilities 33,125 29,539 Total other current liabilities $ 125,523 $ 126,755
Schedule of goodwill and other intangible assets, net	The components of “Goodwill and other intangible assets, net” were as follows: June 30, December 31, Goodwill $ 70,791 $ 70,791 Indefinite life intangibles: Intangible asset associated with benefit under the MSA 107,511 107,511 Trademark - Douglas Elliman 80,000 80,000 Intangibles with a finite life, net 8,698 11,670 Total goodwill and other intangible assets, net $ 267,000 $ 269,972

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories consist of: June 30, December 31, Leaf tobacco $ 57,576 $ 49,948 Other raw materials 4,041 3,532 Work-in-process 592 879 Finished goods 67,619 62,876 E-Cigarettes 243 3,079 Inventories at current cost 130,071 120,314 LIFO adjustments (31,495 ) (29,991 ) $ 98,576 $ 90,323

Investment Securities Availab24

Investment Securities Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Available-for-sale Securities [Abstract]
Available-for-sale Securities	The components of investment securities available for sale at June 30, 2015 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 71,275 $ 88,746 $ (1,747 ) $ 158,274 Mutual funds invested in fixed income securities 62,399 — (1,958 ) 60,441 Marketable debt securities 124,019 109 (266 ) 123,862 Total investment securities available for sale $ 257,693 $ 88,855 $ (3,971 ) $ 342,577 The components of investment securities available for sale at December 31, 2014 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 63,041 $ 92,244 $ (1,093 ) $ 154,192 Mutual funds invested in fixed income securities 61,485 — (1,659 ) 59,826 Marketable debt securities 130,311 2,557 (843 ) 132,025 Total investment securities available for sale $ 254,837 $ 94,801 $ (3,595 ) $ 346,043
Schedule of Maturity Dates of Fixed Income Securities	The table below summarizes the maturity dates of marketable debt securities at June 30, 2015 . Investment Type: Market Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 33,886 $ — $ 33,886 $ — Corporate securities 51,937 6,685 44,840 412 U.S. mortgage-backed securities 6,757 839 5,751 167 Commercial mortgage-backed securities 15,758 5,084 4,614 6,060 U.S. asset-backed securities 13,393 2,080 9,852 1,461 Index-linked U.S. bonds 2,131 — 2,131 — Total marketable debt securities by maturity dates $ 123,862 $ 14,688 $ 101,074 $ 8,100

Long-Term Investments (Tables)

Long-Term Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Long-term Investments [Abstract]
Long-term investments	Long-term investments consisted of the following: June 30, 2015 December 31, 2014 Investment partnerships $ 36,540 $ 31,541 Real estate partnership 551 698 Long-term investments at cost 37,091 32,239 Investment partnership accounted for under the equity method 9,128 8,053 $ 46,219 $ 40,292 Long-term investments consisted of the following investments accounted for at cost: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Investment partnerships $ 36,540 $ 46,093 $ 31,541 $ 38,039 Real estate partnership 551 762 698 1,108 $ 37,091 $ 46,855 $ 32,239 $ 39,147
Schedule of Equity Method Investments	Long-term investment partnership accounted for under the equity method: June 30, December 31, Investment partnership $ 9,128 $ 8,053

New Valley LLC (Tables)

New Valley LLC (Tables)	6 Months Ended
	Jun. 30, 2015
New Valley LLC [Abstract]
Investments in real estate ventures	Investments in real estate ventures. New Valley also holds equity investments in various real estate projects domestically and internationally. The components of “Investments in real estate ventures” were as follows: June 30, December 31, Milanosesto Holdings (Sesto Holdings) $ 5,037 $ 5,037 Land Development 5,037 5,037 10 Madison Square Park West (1107 Broadway) 7,407 6,383 The Marquand 13,500 12,000 11 Beach Street 12,004 12,328 20 Times Square (701 Seventh Avenue) 12,737 12,481 111 Murray Street 27,203 27,319 357 West (160 Leroy Street) 1,753 1,467 PUBLIC Chrystie House (Chrystie Street) 5,297 3,300 The Dutch (25-19 43rd Avenue) 980 733 Queens Plaza (23-10 Queens Plaza South) 11,146 11,082 87 Park (8701 Collins Avenue) 5,736 6,144 125 Greenwich Street 9,110 9,308 West Hollywood Edition (9040 Sunset Boulevard) 5,604 5,604 76 Eleventh Avenue 17,000 — Monad Terrace 6,200 — Condominium and Mixed Use Development 135,677 108,149 Maryland Portfolio 2,916 3,234 ST Portfolio 16,910 15,283 Apartment Buildings 19,826 18,517 Park Lane Hotel 19,529 19,341 Hotel Taiwana 8,206 7,629 Coral Beach and Tennis Club 3,025 2,816 Hotels 30,760 29,786 The Plaza at Harmon Meadow 5,958 — Commercial 5,958 — Other 1,768 1,971 Investments in real estate ventures $ 199,026 $ 163,460
Schedule of consolidated real estate investments	The components of “Real estate held for sale, net” were as follows: June 30, December 31, Escena, net $ 10,541 $ 10,643 Sagaponack 12,502 — Real estate held for sale, net $ 23,043 $ 10,643
Investment in Escena	Escena. The assets of “Escena, net” are as follows: June 30, December 31, Land and land improvements $ 8,953 $ 8,953 Building and building improvements 1,873 1,865 Other 1,575 1,568 12,401 12,386 Less accumulated depreciation (1,860 ) (1,743 ) $ 10,541 $ 10,643

Notes Payable, Long-Term Debt a

Notes Payable, Long-Term Debt and Other Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes payable, long-term debt and other obligations	Notes payable, long-term debt and other obligations consist of: June 30, December 31, Vector: 7.75% Senior Secured Notes due 2021, including premium of $8,656 and $9,275 $ 608,656 $ 609,275 6.75% Variable Interest Senior Convertible Note due 2015 — 25,000 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $140,259 and $146,634* 89,741 83,366 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $92,747 and $98,831* 166,003 159,919 Liggett: Revolving credit facility — 17,767 Term loan under credit facility 3,442 3,589 Equipment loans 10,873 13,966 Other 358 469 Total notes payable, long-term debt and other obligations 879,073 913,351 Less: Current maturities (6,074 ) (52,640 ) Amount due after one year $ 872,999 $ 860,711 ______________________ * The fair value of the derivatives embedded within the 6.75% Variable Interest Senior Convertible Note ( $0 at June 30, 2015 and $884 at December 31, 2014 , respectively), the 7.5% Variable Interest Senior Convertible Notes ( $80,283 at June 30, 2015 and $87,638 at December 31, 2014 , respectively) and the 5.5% Variable Interest Senior Convertible Debentures ( $76,500 at June 30, 2015 and $80,864 at December 31, 2014 , respectively), is separately classified as a derivative liability in the condensed consolidated balance sheets.
Schedule of conversion rates for all convertible debt outstanding	The conversion rates for all convertible debt outstanding as of June 30, 2015 and December 31, 2014, are summarized below: June 30, 2015 December 31, 2014 Conversion Price Shares per $1,000 Conversion Price Shares per $1,000 6.75% Variable Interest Senior Convertible Note due 2014 $ — — $ 11.22 89.1021 7.5% Variable Interest Senior Convertible Notes due 2019 $ 16.78 59.5946 $ 16.78 59.5946 5.5% Variable Interest Senior Convertible Debentures due 2020 $ 25.87 38.6563 $ 25.87 38.6563
Schedule of non-cash interest expense - Vector	Non-Cash Interest Expense - Vector : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Amortization of debt discount, net $ 6,213 $ 7,563 $ 11,840 $ 20,019 Amortization of deferred finance costs 1,022 1,055 1,988 1,763 Accelerated interest expense on 6.75% Variable Interest Senior Convertible Note converted — — — 3,679 Accelerated interest expense on 6.75% Variable Interest Senior Convertible Exchange Notes converted — 439 — 439 $ 7,235 $ 9,057 $ 13,828 $ 25,900
Schedule of fair value of notes payable and long-term debt	Fair Value of Notes Payable and Long-Term Debt : June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Notes payable and long-term debt $ 879,073 (1) $ 1,282,056 $ 913,351 (1) $ 1,313,711 ______________________ (1) The carrying value does not include the carrying value of the embedded derivative. See Note 9 .

Contingencies (Tables)

Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Cases Pending by State	The following table lists the number of Individual Actions by state: State Number of Cases Florida 28 Maryland 10 New York 8 Louisiana 2 West Virginia 2 Missouri 1 Ohio 1
Schedule of Judgments Entered	As of June 30, 2015 , the following Engle progeny cases have resulted in judgments against Liggett: Date Case Name County Liggett Compensatory (1) Liggett Punitive Damages Status (2) June 2002 Lukacs v. R.J. Reynolds Miami-Dade $12,418 $— Liggett satisfied the judgment and the case is concluded. August 2009 Campbell v. R.J. Reynolds Escambia 156 — Liggett satisfied the judgment and the case is concluded. March 2010 Douglas v. R.J. Reynolds Hillsborough 1,350 — Liggett satisfied the judgment and the case is concluded. April 2010 Clay v. R.J. Reynolds Escambia 349 1,000 Liggett satisfied the judgment and the case is concluded. April 2010 Putney v. R.J. Reynolds Broward 3,008 — 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 sought discretionary review from the Florida Supreme Court. The appeal is stayed pending the outcome of Hess. April 2011 Tullo v. R.J. Reynolds Palm Beach 225 — Liggett satisfied the judgment and the case is concluded, other than an issue with respect to the calculation of interest on the judgment and the amount of costs owed by Liggett. January 2012 Ward v. R.J. Reynolds Escambia 1 — Liggett satisfied the judgment and other than an issue regarding attorneys' fees, the case is concluded. May 2012 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. Oral argument occurred June 16, 2015. December 2012 Buchanan v. R.J. Reynolds Leon 2,035 — A joint and several judgment for $5,500 was entered against Liggett and Philip Morris. Judgment was affirmed by the First District Court of Appeal, but the court certified an issue of conflict with another case. The defendants sought discretionary review by the Florida Supreme Court. The appeal is stayed pending the outcome of Hess. May 2013 Cohen v. R.J. Reynolds Palm Beach 205 — Defendants' motion seeking a new trial was granted by the trial court. Plaintiff appealed to the Fourth District Court of Appeal. August 2013 Rizzuto v. R.J. Reynolds Hernando 3,479 — Liggett settled its portion of the judgment for $1,500 and the case is concluded as to Liggett. August 2014 Irimi v. R.J. Reynolds Broward 31 — Judgment was entered against Liggett for $31. In January 2015, the trial court granted defendants' motion for a new trial. Plaintiff appealed to the Fourth District Court of Appeal. October 2014 Lambert v. R.J. Reynolds Pinellas 3,600 9,500 A final judgment was entered against Liggett for $13,100. Liggett was the only defendant at trial. On appeal to the Second District Court of Appeal. November 2014 Boatright v. R.J. Reynolds Polk — 300 In November 2014, the jury awarded compensatory damages in the amount of $15,000 with 15% fault apportioned to plaintiff and 85% to Philip Morris. The jury further assessed punitive damages against Philip Morris for $19,700 and Liggett for $300. Post-trial motions were denied. A joint and several judgment was entered in the amount of $12,750 on the compensatory damages. Judgment was entered against Liggett for $300 in punitive damages. On appeal to the Second District Court of Appeal. June 2015 Caprio v. R.J. Reynolds Broward 28 0 In February 2015, the jury answered certain questions on the verdict form, but were deadlocked as to others. The court entered a partial judgment and ordered a new trial on the remaining issues, including comparative fault and punitive damages. On appeal to the Fourth District Court of Appeal. Total Damages Awarded: 28,832 18,400 Amounts paid or compromised: (17,978) (1,000) Damages remaining on Appeal: $10,854 $17,400 (1) Compensatory damages are adjusted to reflect the jury's allocation of comparative fault. The amounts listed above do not include attorneys' fees or statutory interest. (2) See Exhibit 99.1 for a more complete description of the cases currently on appeal.
Schedule of Loss Contingencies	The activity in the Company's accruals for the MSA and tobacco litigation for the six months ended June 30, 2015 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 1, 2015 $ 26,322 $ 3,149 $ 29,471 $ 25,809 $ 25,700 $ 51,509 Expenses 53,435 2,490 55,925 — (195 ) (195 ) Change in MSA obligations capitalized as inventory 1,011 — 1,011 — — — Payments (18,142 ) (5,645 ) (23,787 ) — — — Reclassification from non-current liabilities — 3,305 3,305 — (3,305 ) (3,305 ) Interest on withholding — 178 178 — 1,244 1,244 Balance as of June 30, 2015 $ 62,626 $ 3,477 $ 66,103 $ 25,809 $ 23,444 $ 49,253 The activity in the Company's accruals for the MSA and tobacco litigation for the six months ended June 30, 2014 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 1, 2014 $ 25,348 $ 59,310 $ 84,658 $ 27,571 $ 27,058 $ 54,629 Expenses 52,510 1,769 54,279 — — — NPM Settlement adjustment — — — (1,419 ) — (1,419 ) Change in MSA obligations capitalized as inventory 151 — 151 — — — Payments (16,343 ) (60,201 ) (76,544 ) — — — Reclassification from non-current liabilities 343 3,575 3,918 (343 ) (3,575 ) (3,918 ) Interest on withholding — 83 83 — 893 893 Balance as of June 30, 2014 $ 62,009 $ 4,536 $ 66,545 $ 25,809 $ 24,376 $ 50,185

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	The Company's income tax expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income before provision for income taxes $ 31,069 $ 19,132 $ 64,964 $ 25,603 Income tax expense using estimated annual effective income tax rate 11,533 6,279 24,143 8,404 Changes in effective tax rates (78 ) (178 ) — — Impact of discrete items, net (91 ) — (100 ) 639 Income tax expense $ 11,364 $ 6,101 $ 24,043 $ 9,043

Investments and Fair Value Me30

Investments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [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 June 30, 2015 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 109,209 $ 109,209 $ — $ — Certificates of deposit 4,790 — 4,790 — Bonds 12,368 12,368 — — Investment securities available for sale Equity securities 158,274 157,958 316 — Mutual funds invested in fixed income securities 60,441 60,441 — — Fixed income securities U.S. Government securities 33,886 — 33,886 — Corporate securities 51,937 — 51,937 — U.S. mortgage backed securities 6,757 — 6,757 — Commercial mortgage-backed securities 15,758 — 15,758 — U.S. asset backed securities 13,393 — 13,393 — Index-linked U.S. bonds 2,131 — 2,131 — Total fixed income securities 123,862 — 123,862 — Warrants (1) 1,859 — — 1,859 Total $ 470,803 $ 339,976 $ 128,968 $ 1,859 Liabilities: Fair value of derivatives embedded within convertible debt $ 156,783 $ — $ — $ 156,783 (1) Warrants are 1,000,000 warrants to purchase Ladenburg Thalmann Financial Services Inc. (“LTS”) common stock received on November 4, 2011 which were carried at $1,859 as of June 30, 2015 and are included in “Other assets.” The Company recognized a loss of $483 for the six months ended June 30, 2015 related to the change in fair value of the Warrants. Fair Value Measurements as of December 31, 2014 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 205,180 $ 205,180 $ — $ — Certificates of deposit 3,462 — 3,462 — Bonds 4,868 4,868 — — Investment securities available for sale Equity securities 154,192 153,666 526 — Mutual funds invested in fixed income securities 59,826 59,826 — — Fixed income securities U.S. Government securities 35,446 — 35,446 — Corporate securities 56,248 7,397 48,851 — U.S. Government and federal agency 4,770 — 4,770 — Commercial mortgage-backed securities 16,508 — 16,508 — U.S. asset-backed securities 16,955 — 16,955 — Index-linked U.S. bonds 2,098 — 2,098 — Total fixed income securities 132,025 7,397 124,628 — Warrants (1) 2,342 — — 2,342 Total $ 561,895 $ 430,937 $ 128,616 $ 2,342 Liabilities: Fair value of derivatives embedded within convertible debt $ 169,386 $ — $ — $ 169,386 (1) Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $2,342 as of December 31, 2014 and are included in “Other assets.” The Company recognized income of $584 for the year ended December 31, 2014 related to the change in fair value of the Warrants. The Company recognized a loss of $111 for the six months ended June 30, 2014 .
Unobservable inputs related to the valuations of the Level 3 assets and liabilities	The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at June 30, 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at June 30, Valuation Technique Unobservable Input Range (Actual) Warrant $ 1,859 Option model Stock price $ 3.50 Exercise price $ 1.68 Term (in years) 1.3 Volatility 39.30 % Dividend rate — Risk-free return 0.70 % Fair value of derivatives embedded within convertible debt $ 156,783 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 23.46 Convertible trading price 110.12 % Volatility 16 % Implied credit spread 6.0% - 7.0% (6.5%) The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2014 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, Valuation Technique Unobservable Input Range (Actual) Warrants $ 2,342 Option model Stock price $ 3.95 Exercise price $ 1.68 Term (in years) 1.8 Volatility 44.42 % Dividend rate — Risk-free return 0.70 % Fair value of derivatives embedded within convertible debt $ 169,386 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 21.31 Convertible trading price 106.8 % Volatility 16.00 % Implied credit spread 6.25% - 7.25% (6.75%)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Financial information for the company's operations before taxes	Financial information for the Company's operations before taxes for the three and six months ended June 30, 2015 and 2014 follows: Real Corporate Tobacco E-Cigarettes Estate and Other Total Three months ended June 30, 2015 Revenues $ 254,890 $ 261 $ 161,022 $ — $ 416,173 Operating income (loss) 56,215 (1) (2,400 ) 6,892 (4,667 ) 56,040 Equity income from real estate ventures — — 1,856 — 1,856 Depreciation and amortization 2,931 — 3,076 435 6,442 Three months ended June 30, 2014 Revenues $ 250,556 $ 2,569 $ 153,488 $ — $ 406,613 Operating income (loss) 51,506 (2) (3,765 ) 15,901 (3,334 ) 60,308 Equity loss from real estate ventures — — (1,808 ) — (1,808 ) Depreciation and amortization 2,588 — 2,622 252 5,462 Six months ended June 30, 2015 Revenues $ 482,975 $ 680 $ 293,278 $ — $ 776,933 Operating income (loss) 105,885 (3) (5,564 ) 9,043 (9,369 ) 99,995 Equity income from real estate ventures — — 2,194 — 2,194 Depreciation and amortization 5,867 — 5,984 872 12,723 Capital expenditures 2,350 — 3,029 — 5,379 Six months ended June 30, 2014 Revenues $ 483,948 $ 8,369 $ 261,532 $ — $ 753,849 Operating income (loss) 94,402 (4) (4,190 ) 20,645 (7,827 ) 103,030 Equity loss from real estate ventures — — (256 ) — (256 ) Depreciation and amortization 5,081 — 6,969 504 12,554 Capital expenditures 6,563 — 3,570 11 10,144 (1) Operating income includes $1,250 of litigation judgment expense and $1,607 of pension settlement expense. (2) Operating income includes $1,419 of income from NPM Settlement. (3) Operating income includes $2,093 of litigation judgment expense and $1,607 of pension settlement expense. (4) Operating income includes $1,419 of income from NPM Settlement and $1,500 of litigation judgment expense.

Condensed Consolidating Finan32

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Condensed Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 111,503 $ 24,020 $ 102,800 $ — $ 238,323 Investment securities available for sale 277,483 65,094 — — 342,577 Accounts receivable - trade, net — 12,471 5,551 — 18,022 Intercompany receivables 1,744 — — (1,744 ) — Inventories — 98,576 — — 98,576 Income taxes receivable, net 2,343 — — (2,343 ) — Restricted assets — 910 1,414 — 2,324 Other current assets 910 7,078 37,248 — 45,236 Total current assets 393,983 208,149 147,013 (4,087 ) 745,058 Property, plant and equipment, net 2,177 57,228 20,043 — 79,448 Real estate held for sale, net — — 23,043 — 23,043 Long-term investments 45,669 — 550 — 46,219 Investments in real estate ventures — — 199,026 — 199,026 Investments in consolidated subsidiaries 563,658 — — (563,658 ) — Restricted assets 3,034 17,186 — — 20,220 Goodwill and other intangible assets, net — 107,511 159,489 — 267,000 Prepaid pension costs — 26,635 — — 26,635 Other assets 42,810 11,701 1,683 — 56,194 Total assets $ 1,051,331 $ 428,410 $ 550,847 $ (567,745 ) $ 1,462,843 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Current portion of notes payable and long-term debt $ — $ 5,788 $ 286 $ — $ 6,074 Current portion of employee benefits — 931 — — 931 Intercompany payables — 405 1,339 (1,744 ) — Income taxes payable, net 78 5,985 3 (2,343 ) 3,723 Litigation accruals and current payments due under the Master Settlement Agreement — 66,103 — — 66,103 Deferred income taxes, net 18,734 9,588 — — 28,322 Other current liabilities 34,318 54,264 36,941 — 125,523 Total current liabilities 53,130 143,064 38,569 (4,087 ) 230,676 Notes payable, long-term debt and other obligations, less current portion 864,399 8,583 17 — 872,999 Fair value of derivatives embedded within convertible debt 156,783 — — — 156,783 Non-current employee benefits 33,381 16,324 — — 49,705 Deferred income taxes, net 24,155 34,560 39,465 — 98,180 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 2,469 49,460 4,237 — 56,166 Total liabilities 1,134,317 251,991 82,288 (4,087 ) 1,464,509 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (82,986 ) 176,419 387,239 (563,658 ) (82,986 ) Non-controlling interest — — 81,320 — 81,320 Total stockholders' (deficiency) equity (82,986 ) 176,419 468,559 (563,658 ) (1,666 ) Total liabilities and stockholders' equity $ 1,051,331 $ 428,410 $ 550,847 $ (567,745 ) $ 1,462,843 CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 211,751 $ 9,724 $ 104,890 $ — $ 326,365 Investment securities available for sale 278,010 68,033 — — 346,043 Accounts receivable - trade, net — 18,024 5,304 — 23,328 Intercompany receivables 795 267 — (1,062 ) — Inventories — 90,323 — — 90,323 Income taxes receivable, net 1,055 463 21 1,743 3,282 Restricted assets — 1,181 1,414 — 2,595 Other current assets 899 9,133 26,686 — 36,718 Total current assets 492,510 197,148 138,315 681 828,654 Property, plant and equipment, net 2,648 61,149 20,315 — 84,112 Real estate held for sale, net — — 10,643 — 10,643 Long-term investments 39,594 — 698 — 40,292 Investments in real estate ventures — — 163,460 — 163,460 Investments in consolidated subsidiaries 518,963 — — (518,963 ) — Restricted assets 1,707 10,306 — — 12,013 Goodwill and other intangible assets, net — 107,511 162,461 — 269,972 Prepaid pension costs — 25,032 — — 25,032 Other assets 45,904 10,743 2,246 — 58,893 Total assets $ 1,101,326 $ 411,889 $ 498,138 $ (518,282 ) $ 1,493,071 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Current portion of notes payable and long-term debt $ 25,000 $ 27,248 $ 392 $ — $ 52,640 Current portion of fair value of derivatives embedded within convertible debt 884 — — — 884 Current portion of employee benefits — 931 — — 931 Intercompany payables — — 1,062 (1,062 ) — Income taxes payable, net — — — 1,743 1,743 Litigation accruals and current payments due under the Master Settlement Agreement — 29,471 — — 29,471 Deferred income taxes, net 17,452 11,027 — — 28,479 Other current liabilities 36,653 58,677 31,425 — 126,755 Total current liabilities 79,989 127,354 32,879 681 240,903 Notes payable, long-term debt and other obligations, less current portion 852,560 8,120 31 — 860,711 Fair value of derivatives embedded within convertible debt 168,502 — — — 168,502 Non-current employee benefits 32,842 16,472 — — 49,314 Deferred income taxes, net 23,539 32,301 38,670 — 94,510 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 921 51,775 4,383 — 57,079 Total liabilities 1,158,353 236,022 75,963 681 1,471,019 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (57,027 ) 175,867 343,096 (518,963 ) (57,027 ) Non-controlling interest — — 79,079 — 79,079 Total stockholders' (deficiency) equity (57,027 ) 175,867 422,175 (518,963 ) 22,052 Total liabilities and stockholders' equity $ 1,101,326 $ 411,889 $ 498,138 $ (518,282 ) $ 1,493,071
Schedule of Condensed Income Statement	CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 255,291 $ 161,022 $ (140 ) $ 416,173 Expenses: Cost of sales — 175,334 103,870 — 279,204 Operating, selling, administrative and general expenses 6,937 22,555 50,327 (140 ) 79,679 Litigation settlement and judgment expense — 1,250 — — 1,250 Management fee expense — 2,563 — (2,563 ) — Operating (loss) income (6,937 ) 53,589 6,825 2,563 56,040 Other income (expenses): Interest expense (30,880 ) (879 ) (2 ) — (31,761 ) Change in fair value of derivatives embedded within convertible debt 5,256 — — — 5,256 Equity income from real estate ventures — — 1,856 — 1,856 Equity loss on long-term investments (1,657 ) — — — (1,657 ) Loss on sale of investment securities available for sale (190 ) — — — (190 ) Equity income in consolidated subsidiaries 35,754 — — (35,754 ) — Management fee income 2,563 — — (2,563 ) — Other, net 896 200 429 — 1,525 Income before provision for income taxes 4,805 52,910 9,108 (35,754 ) 31,069 Income tax benefit (expense) 13,063 (21,226 ) (3,201 ) — (11,364 ) Net income 17,868 31,684 5,907 (35,754 ) 19,705 Net income attributed to non-controlling interest — — (1,837 ) — (1,837 ) Net income attributed to Vector Group Ltd. 17,868 31,684 4,070 (35,754 ) 17,868 Comprehensive income attributed to non-controlling interest — — (1,837 ) — (1,837 ) Comprehensive income attributed to Vector Group Ltd. $ 15,087 $ 31,933 $ 4,070 $ (36,003 ) $ 15,087 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2014 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 253,125 $ 153,488 $ — $ 406,613 Expenses: Cost of sales — 181,517 97,765 — 279,282 Operating, selling, administrative and general expenses 4,933 22,190 39,900 — 67,023 Management fee expense — 2,468 — (2,468 ) — Operating (loss) income (4,933 ) 46,950 15,823 2,468 60,308 Other income (expenses): Interest expense (43,190 ) (1,284 ) (3 ) 294 (44,183 ) Change in fair value of derivatives embedded within convertible debt 1,970 — — — 1,970 Acceleration of interest expense related to debt conversion (439 ) — — — (439 ) Equity loss from real estate ventures — — (1,808 ) — (1,808 ) Equity loss on long-term investments (273 ) — — — (273 ) Loss on sale of investment securities available for sale (18 ) — — — (18 ) Equity income in consolidated subsidiaries 32,408 — — (32,408 ) — Management fee income 2,468 — — (2,468 ) — Other, net 1,068 224 2,577 (294 ) 3,575 (Loss) income before provision for income taxes (10,939 ) 45,890 16,589 (32,408 ) 19,132 Income tax benefit (expense) 18,864 (19,716 ) (5,249 ) — (6,101 ) Net income 7,925 26,174 11,340 (32,408 ) 13,031 Net income attributed to non-controlling interest — — (5,106 ) — (5,106 ) Net income attributed to Vector Group Ltd. 7,925 26,174 6,234 (32,408 ) 7,925 Comprehensive income attributed to non-controlling interest — — (5,106 ) — (5,106 ) Comprehensive income attributed to Vector Group Ltd. $ 9,436 $ 25,464 $ 6,234 $ (31,698 ) $ 9,436 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 483,914 $ 293,278 $ (259 ) $ 776,933 Expenses: Cost of sales — 332,994 188,228 — 521,222 Operating, selling, administrative and general expenses 13,894 43,892 96,096 (259 ) 153,623 Litigation settlement and judgment expense — 2,093 — — 2,093 Management fee expense — 5,125 — (5,125 ) — Operating (loss) income (13,894 ) 99,810 8,954 5,125 99,995 Other income (expenses): Interest expense (61,634 ) (1,870 ) (3 ) — (63,507 ) Change in fair value of derivatives embedded within convertible debt 11,716 — — — 11,716 Equity income from real estate ventures — — 2,194 — 2,194 Equity loss on long-term investments (1,694 ) — — — (1,694 ) (Loss) gain on sale of investment securities available for sale (336 ) 13,175 — — 12,839 Equity income in consolidated subsidiaries 71,748 — — (71,748 ) — Management fee income 5,125 — — (5,125 ) — Other, net 1,920 520 981 — 3,421 Income before provision for income taxes 12,951 111,635 12,126 (71,748 ) 64,964 Income tax benefit (expense) 25,873 (45,407 ) (4,509 ) — (24,043 ) Net income 38,824 66,228 7,617 (71,748 ) 40,921 Net income attributed to non-controlling interest — — (2,097 ) — (2,097 ) Net income attributed to Vector Group Ltd. 38,824 66,228 5,520 (71,748 ) 38,824 Comprehensive income attributed to non-controlling interest — — (2,097 ) — (2,097 ) Comprehensive income attributed to Vector Group Ltd. $ 38,042 $ 65,589 $ 5,520 $ (71,109 ) $ 38,042 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2014 Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 492,317 $ 261,532 $ — $ 753,849 Expenses: Cost of sales — 353,230 165,089 — 518,319 Operating, selling, administrative and general expenses 11,216 43,875 75,909 — 131,000 Litigation judgment expense — 1,500 — — 1,500 Management fee expense — 4,935 — (4,935 ) — Operating (loss) income (11,216 ) 88,777 20,534 4,935 103,030 Other income (expenses): Interest expense (77,972 ) (2,239 ) (37 ) 612 (79,636 ) Change in fair value of derivatives embedded within convertible debt 320 — — — 320 Acceleration of interest expense related to debt conversion (4,118 ) — — — (4,118 ) Equity loss from real estate ventures — — (256 ) — (256 ) Loss on sale of investment securities available for sale (71 ) — — — (71 ) Equity income on long-term investments 633 — — — 633 Equity income in consolidated subsidiaries 60,126 — — (60,126 ) — Management fee income 4,935 — — (4,935 ) — Other, net 1,766 484 4,063 (612 ) 5,701 (Loss) income before provision for income taxes (25,597 ) 87,022 24,304 (60,126 ) 25,603 Income tax benefit (expense) 36,102 (36,355 ) (8,790 ) — (9,043 ) Net income 10,505 50,667 15,514 (60,126 ) 16,560 Net income attributed to non-controlling interest — — (6,055 ) — (6,055 ) Net income attributed to Vector Group Ltd. 10,505 50,667 9,459 (60,126 ) 10,505 Comprehensive income attributed to non-controlling interest — — (6,055 ) — (6,055 ) Comprehensive income attributed to Vector Group Ltd. $ 17,324 $ 50,659 $ 9,459 $ (60,118 ) $ 17,324
Schedule of Condensed Cash Flow Statement	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash provided by operating activities $ 42,679 $ 99,159 $ 13,057 $ (71,010 ) $ 83,885 Cash flows from investing activities: Sale of investment securities 103,846 14,415 — — 118,261 Maturities of investment securities 1,737 — — — 1,737 Purchase of investment securities (112,119 ) (1,476 ) — — (113,595 ) Proceeds from sale or liquidation of long-term investments — — 148 — 148 Purchase of long-term investments (5,000 ) — — — (5,000 ) Investments in real estate ventures — — (34,857 ) — (34,857 ) Increase in cash surrender value of life insurance policies (717 ) (401 ) — — (1,118 ) Increase in restricted assets (1,327 ) (6,607 ) — — (7,934 ) Issuance of notes receivable — — (4,410 ) — (4,410 ) Investments in subsidiaries (42,808 ) — — 42,808 — Proceeds from sale of fixed assets — 3 — — 3 Capital expenditures — (2,350 ) (3,029 ) — (5,379 ) Repayments of notes receivable 1,106 — — — 1,106 Pay downs of investment securities 3,530 — — — 3,530 Proceeds from sale of preferred securities — — 1,000 — 1,000 Investments in real estate held for sale, net — — (12,502 ) — (12,502 ) Net cash (used in) provided by investing activities (51,752 ) 3,584 (53,650 ) 42,808 (59,010 ) Cash flows from financing activities: Proceeds from issuance of debt — 22 — — 22 Deferred financing costs — (625 ) — — (625 ) Repayments of debt — (3,254 ) (120 ) — (3,374 ) Borrowings under revolver — 126,727 — — 126,727 Repayments on revolver — (144,492 ) — — (144,492 ) Capital contributions received — 2,250 40,558 (42,808 ) — Intercompany dividends paid — (69,075 ) (1,935 ) 71,010 — Dividends and distributions on common stock (92,778 ) — — — (92,778 ) Distributions to non-controlling interest — — — — — Proceeds from exercise of Vector options 1,219 — — — 1,219 Tax benefit of options exercised 384 — — — 384 Net cash (used in) provided by financing activities (91,175 ) (88,447 ) 38,503 28,202 (112,917 ) Net (decrease) increase in cash and cash equivalents (100,248 ) 14,296 (2,090 ) — (88,042 ) Cash and cash equivalents, beginning of period 211,751 9,724 104,890 — 326,365 Cash and cash equivalents, end of period $ 111,503 $ 24,020 $ 102,800 $ — $ 238,323 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2014 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash provided by operating activities $ 17,374 $ 46,294 $ 32,279 $ (41,952 ) $ 53,995 Cash flows from investing activities: Sale of investment securities 49,296 — — — 49,296 Purchase of investment securities (108,859 ) (1,560 ) — — (110,419 ) Proceeds from sale or liquidation of long-term investments 500 — 49 — 549 Purchase of long-term investments (7,000 ) — — — (7,000 ) Investments in real estate ventures — — (12,534 ) — (12,534 ) Purchase of subsidiaries — — (250 ) — (250 ) Distributions from investment in real estate ventures — — 3,539 — 3,539 Increase in cash surrender value of life insurance policies — (395 ) — — (395 ) Decrease (increase) in restricted assets 299 19 (689 ) — (371 ) Issuance of notes receivable (35,000 ) — (250 ) 35,000 (250 ) Repayments of notes receivable 35,933 — — (35,000 ) 933 Proceeds from sale of fixed assets — 4 — — 4 Investments in subsidiaries (25,267 ) — — 25,267 — Capital expenditures (11 ) (6,563 ) (3,570 ) — (10,144 ) Net cash used in investing activities (90,109 ) (8,495 ) (13,705 ) 25,267 (87,042 ) Cash flows from financing activities: Proceeds from issuance of debt 408,750 40,166 — (35,000 ) 413,916 Deferred financing costs (12,360 ) — — — (12,360 ) Repayments of debt — (39,293 ) (3,758 ) 35,000 (8,051 ) Borrowings under revolver — 429,188 — — 429,188 Repayments on revolver — (437,736 ) — — (437,736 ) Capital contributions received — 3,150 22,117 (25,267 ) — Intercompany dividends paid — (30,000 ) (11,952 ) 41,952 — Dividends and distributions on common stock (80,963 ) — — — (80,963 ) Distributions to non-controlling interest — — (3,075 ) — (3,075 ) Proceeds from exercise of Vector options 3,405 — — — 3,405 Tax benefit of options exercised 680 — — — 680 Net cash provided by (used in) financing activities 319,512 (34,525 ) 3,332 16,685 305,004 Net increase in cash and cash equivalents 246,777 3,274 21,906 — 271,957 Cash and cash equivalents, beginning of period 151,342 11,812 71,312 — 234,466 Cash and cash equivalents, end of period $ 398,119 $ 15,086 $ 93,218 $ — $ 506,423

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Sep. 26, 2014
Summary of Investment Holdings [Line Items]
Stock dividend paid to company stockholders			5.00%
Fair market value of embedded derivatives at the midpoint of the inputs	$ 156,783	$ 169,386
Minimum [Member]
Summary of Investment Holdings [Line Items]
Fair market value of embedded derivatives at the midpoint of the inputs	155,272	167,593
Maximum [Member]
Summary of Investment Holdings [Line Items]
Fair market value of embedded derivatives at the midpoint of the inputs	$ 158,324	$ 171,215

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Schedule of prior period revisions) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred income taxes		$ 0
Total current assets	$ 745,058	828,654
Deferred income taxes		0
Total assets	1,462,843	1,493,071
Deferred income taxes, net	28,322	28,479
Total current liabilities	230,676	240,903
Deferred income taxes, net	98,180	94,510
Total liabilities	1,464,509	1,471,019
Total stockholders' equity	(1,666)	22,052
Total liabilities and stockholders' equity	$ 1,462,843	1,493,071
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred income taxes		29,192
Total current assets		857,846
Deferred income taxes		51,129
Total assets		1,573,392
Deferred income taxes, net		57,671
Total current liabilities		270,095
Deferred income taxes, net		145,639
Total liabilities		1,551,340
Total stockholders' equity		22,052
Total liabilities and stockholders' equity		1,573,392
Revision
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred income taxes		(29,192)
Total current assets		(29,192)
Deferred income taxes		(51,129)
Total assets		(80,321)
Deferred income taxes, net		(29,192)
Total current liabilities		(29,192)
Deferred income taxes, net		(51,129)
Total liabilities		(80,321)
Total stockholders' equity		0
Total liabilities and stockholders' equity		$ (80,321)

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Net Income (Loss) for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Net income attributed to Vector Group Ltd.	$ 17,868	$ 7,925	$ 38,824	$ 10,505
Expense attributed to participating securities	(529)	(231)	(1,151)	(309)
Net income attributed to Vector Group Ltd. available to common stockholders	$ 17,339	$ 7,694	$ 37,673	$ 10,196

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Weighted-average shares for basic EPS	112,337,817	101,598,939	111,881,314	100,470,719
Plus incremental shares related to stock options and non-vested restricted stock	199,112	106,320.9	195,488	117,907.65
Weighted-average shares for diluted EPS	112,536,929	101,705,260	112,076,802	100,588,627

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Antidilutive Securities Excluded from Earnings Per Share) (Details) - Weighted-average number of shares issuable upon conversion of debt - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,709,978	34,117,652	24,128,414	30,560,906
Weighted-average conversion price (dollars per share)	$ 20.61	$ 18.11	$ 20.45	$ 16.72

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Schedule of Other Income (Loss), Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
(Loss) gain on warrants	$ (369)	$ 45	$ (483)	$ (123)
Interest and dividend income	1,858	1,189	3,607	2,189
Accretion of interest income from debt discount on notes receivable	10	10	74	76
Gain on long-term investment	24	0	224	0
Out-of-period adjustment	0	0	0	1,231
Acceleration of closing fee related to termination of Douglas Elliman joint venture	0	2,335	0	2,335
Other income (expense)	2	(4)	(1)	(7)
Other income, net	$ 1,525	$ 3,575	$ 3,421	$ 5,701

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Accrued promotional expenses	$ 18,215	$ 20,191
Accrued excise and payroll taxes payable, net	20,885	23,172
Accrued interest	27,746	28,321
Commissions payable	13,442	9,523
Accrued salary and benefits	12,110	16,009
Other current liabilities	33,125	29,539
Total other current liabilities	$ 125,523	$ 126,755

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets, net) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 70,791	$ 70,791
Intangibles with a finite life, net	8,698	11,670
Total goodwill and other intangible assets, net	267,000	269,972
Intangible asset associated with benefit under the MSA
Finite-Lived Intangible Assets [Line Items]
Indefinite life intangibles:	107,511	107,511
Trademark - Douglas Elliman
Finite-Lived Intangible Assets [Line Items]
Indefinite life intangibles:	$ 80,000	$ 80,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventories [Line Items]
Leaf tobacco	$ 57,576	$ 49,948
Other raw materials	4,041	3,532
Work-in-process	592	879
Finished goods	67,619	62,876
E-Cigarettes	243	3,079
Inventories at current cost	130,071	120,314
LIFO adjustments	(31,495)	(29,991)
Inventory, net	98,576	90,323
Capitalized MSA cost in finished goods inventory	15,381	14,369
Liggett [Member] | Leaf tobacco [Member]
Inventories [Line Items]
Purchase commitments	13,917
Liggett [Member] | E-Cigarettes [Member]
Inventories [Line Items]
Purchase commitments	300
Leaf tobacco [Member]
Inventories [Line Items]
LIFO adjustments	(19,821)	(19,941)
Other raw materials [Member]
Inventories [Line Items]
LIFO adjustments	(900)	(861)
Work-in-Process [Member]
Inventories [Line Items]
LIFO adjustments	(41)	(39)
Finished goods [Member]
Inventories [Line Items]
LIFO adjustments	(10,637)	(9,054)
E-Cigarettes [Member]
Inventories [Line Items]
LIFO adjustments	$ (96)	$ (96)

Investment Securities Availab42

Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 257,693	$ 254,837
Gross Unrealized Gains	88,855	94,801
Gross Unrealized Losses	(3,971)	(3,595)
Fair Value	342,577	346,043
Marketable equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost	71,275	63,041
Gross Unrealized Gains	88,746	92,244
Gross Unrealized Losses	(1,747)	(1,093)
Fair Value	158,274	154,192
Mutual funds invested in fixed income securities
Schedule of Available-for-sale Securities [Line Items]
Cost	62,399	61,485
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,958)	(1,659)
Fair Value	60,441	59,826
Marketable debt securities
Schedule of Available-for-sale Securities [Line Items]
Cost	124,019	130,311
Gross Unrealized Gains	109	2,557
Gross Unrealized Losses	(266)	(843)
Fair Value	$ 123,862	$ 132,025

Investment Securities Availab43

Investment Securities Available for Sale (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Market Value	$ 342,577	$ 346,043
U.S. Government securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	0
1 Year up to 5 Years	33,886
More than 5 Years	0
Market Value	33,886
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	6,685
1 Year up to 5 Years	44,840
More than 5 Years	412
Market Value	51,937
U.S. mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	839
1 Year up to 5 Years	5,751
More than 5 Years	167
Market Value	6,757
Commercial mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	5,084
1 Year up to 5 Years	4,614
More than 5 Years	6,060
Market Value	15,758
U.S. asset backed securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	2,080
1 Year up to 5 Years	9,852
More than 5 Years	1,461
Market Value	13,393
Index-linked U.S. bonds
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	0
1 Year up to 5 Years	2,131
More than 5 Years	0
Market Value	2,131
Marketable debt securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	14,688
1 Year up to 5 Years	101,074
More than 5 Years	8,100
Market Value	$ 123,862

Long-Term Investments (Details)

Long-Term Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investments at cost	$ 46,219		$ 46,219		$ 40,292
Long-term investments	46,219		46,219		40,292
Equity income (loss) from real estate ventures	1,856	$ (1,808)	2,194	$ (256)
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investments at cost	37,091		37,091		32,239
Carrying Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investments at cost	37,091		37,091		32,239
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost method investments, fair value disclosure	46,855		46,855		39,147
Real estate partnership | Carrying Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investments at cost	551		551		698
Real estate partnership | Fair Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost method investments, fair value disclosure	762		762		1,108
Investment partnerships
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment partnership accounted for under the equity method	9,128		9,128		8,053
Equity income (loss) from real estate ventures	(1,657)	$ (273)	(1,694)	$ 633
Investment partnerships | Carrying Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investments at cost	36,540		36,540		31,541
Investment partnerships | Fair Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost method investments, fair value disclosure	$ 46,093		$ 46,093		$ 38,039

New Valley LLC (Details)

New Valley LLC (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May. 31, 2014USD ($)	Jun. 30, 2015USD ($)units	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)units	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 13, 2013	Mar. 31, 2013USD ($)
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures		$ 1,856	$ (1,808)	$ 2,194	$ (256)
Distributions from non-consolidated real estate businesses				0	(3,539)
Investments in real estate ventures		199,026		199,026		$ 163,460
Operating income (loss)		56,040	60,308	99,995	103,030
New Valley LLC [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		199,026		199,026		163,460
New Valley LLC [Member] | Douglas Elliman Realty LLC [Member]
Schedule of Investments [Line Items]
Ownership percentage							70.59%
New Valley LLC [Member] | Land Development [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		5,037		5,037		5,037
New Valley LLC [Member] | Milanosesto Holdings (Sesto Holdings)
Schedule of Investments [Line Items]
Investments in real estate ventures		5,037		5,037		5,037
New Valley LLC [Member] | Condominium and Mixed Use Development [Member]
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures		$ 138	7	$ 675	2,299
Number of units in real estate property sold | units		3		3
Investments in real estate ventures		$ 135,677		$ 135,677		108,149
Maximum exposure to loss as a result of this investment		$ 132,842		$ 132,842
New Valley LLC [Member] | Condominium and Mixed Use Development [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Ownership percentage		5.00%		5.00%
New Valley LLC [Member] | Condominium and Mixed Use Development [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Ownership percentage		49.50%		49.50%
New Valley LLC [Member] | 10 Madison Square Park West (1107 Broadway)
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 7,407		$ 7,407		6,383
New Valley LLC [Member] | The Marquand
Schedule of Investments [Line Items]
Investments in real estate ventures		13,500		13,500		12,000
New Valley LLC [Member] | 11 Beach Street
Schedule of Investments [Line Items]
Investments in real estate ventures		12,004		12,004		12,328
New Valley LLC [Member] | 20 Times Square (701 Seventh Avenue)
Schedule of Investments [Line Items]
Investments in real estate ventures		12,737		12,737		12,481
New Valley LLC [Member] | 111 Murray Street
Schedule of Investments [Line Items]
Investments in real estate ventures		27,203		27,203		27,319
New Valley LLC [Member] | 357 West (160 Leroy Street)
Schedule of Investments [Line Items]
Investments in real estate ventures		1,753		1,753		1,467
New Valley LLC [Member] | PUBLIC Chrystie House (Chrystie Street)
Schedule of Investments [Line Items]
Investments in real estate ventures		5,297		5,297		3,300
New Valley LLC [Member] | The Dutch (25-19 43rd Avenue)
Schedule of Investments [Line Items]
Investments in real estate ventures		980		980		733
New Valley LLC [Member] | Queens Plaza (23-10 Queens Plaza South)
Schedule of Investments [Line Items]
Investments in real estate ventures		11,146		11,146		11,082
New Valley LLC [Member] | 87 Park (8701 Collins Avenue)
Schedule of Investments [Line Items]
Investments in real estate ventures		5,736		5,736		6,144
New Valley LLC [Member] | 125 Greenwich Street
Schedule of Investments [Line Items]
Investments in real estate ventures		9,110		9,110		9,308
New Valley LLC [Member] | West Hollywood Edition (9040 Sunset Boulevard)
Schedule of Investments [Line Items]
Investments in real estate ventures		5,604		5,604		5,604
New Valley LLC [Member] | 76 Eleventh Avenue
Schedule of Investments [Line Items]
Investments in real estate ventures		17,000		17,000		0
New Valley LLC [Member] | Monad Terrace
Schedule of Investments [Line Items]
Investments in real estate ventures		6,200		6,200		0
New Valley LLC [Member] | PUBLIC Chrystie House and 25-19 43rd Avenue [Member]
Schedule of Investments [Line Items]
Investment partnership accounted for under the equity method			27,091		27,091
New Valley LLC [Member] | 11 Beach Street, 111 Murray Street, PUBLIC Chrystie House and 20 Times Square [Member]
Schedule of Investments [Line Items]
Investment partnership accounted for under the equity method			10,737		10,737
New Valley LLC [Member] | Chelsea Eleven LLC [Member]
Schedule of Investments [Line Items]
Distributions from non-consolidated real estate businesses				(236)
New Valley LLC [Member] | 10 Madison Square Park West and 20 Times Square [Member]
Schedule of Investments [Line Items]
Distributions from non-consolidated real estate businesses					(5,189)
New Valley LLC [Member] | Apartment Buildings [Member]
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures		1,848	(217)	1,801	(164)
Distributions from non-consolidated real estate businesses				(493)	(250)
Investments in real estate ventures		19,826		19,826		18,517
Maximum exposure to loss as a result of this investment		$ 19,826		$ 19,826
New Valley LLC [Member] | Apartment Buildings [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Ownership percentage		7.60%		7.60%
New Valley LLC [Member] | Apartment Buildings [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Ownership percentage		16.30%		16.30%
New Valley LLC [Member] | Maryland Portfolio [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 2,916		$ 2,916		3,234
New Valley LLC [Member] | ST Portfolio [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		16,910		16,910		15,283
New Valley LLC [Member] | Hotels [Member]
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures		(261)	(857)	(1,006)	(2,171)
Investments in real estate ventures		30,760		30,760		29,786
Investment partnership accounted for under the equity method		1,980	589	1,980	589
Maximum exposure to loss as a result of this investment		$ 30,760		$ 30,760
New Valley LLC [Member] | Hotels [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Ownership percentage		5.00%		5.00%
New Valley LLC [Member] | Hotels [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Ownership percentage		49.00%		49.00%
New Valley LLC [Member] | Park Lane Hotel [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 19,529		$ 19,529		19,341
New Valley LLC [Member] | Hotel Taiwana [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		8,206		8,206		7,629
New Valley LLC [Member] | Coral Beach and Tennis Club [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 3,025		$ 3,025		2,816
New Valley LLC [Member] | Commercial [Member]
Schedule of Investments [Line Items]
Ownership percentage		49.00%		49.00%
Equity income (loss) from real estate ventures		$ 27		$ 27
Investments in real estate ventures		5,958		5,958		0
Investment partnership accounted for under the equity method		5,931		5,931
Maximum exposure to loss as a result of this investment		5,958		5,958
New Valley LLC [Member] | Plaza at Harmon Meadow [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		5,958		5,958		0
New Valley LLC [Member] | Other Investments [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures		1,768		1,768		$ 1,971
New Valley LLC [Member] | Escena, net
Schedule of Investments [Line Items]
Operating income (loss)		$ (173)	(287)	$ 552	233
New Valley LLC [Member] | Indian Creek [Member]
Schedule of Investments [Line Items]
Ownership percentage								80.00%
Distributions from non-consolidated real estate businesses	$ (7,100)
Investments in real estate ventures								$ 7,616
Operating income (loss)			$ 2,400		$ 2,400
Sales proceeds	$ 14,400

New Valley LLC Schedule of Real

New Valley LLC Schedule of Real estate held for sale, net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Real estate held for sale, net	$ 23,043	$ 10,643
New Valley LLC [Member]
Investment Holdings [Line Items]
Real estate held for sale, net	23,043	10,643
New Valley LLC [Member] | Sagaponack [Member]
Investment Holdings [Line Items]
Real estate held for sale, net	12,502	0
New Valley LLC [Member] | Escena, net
Investment Holdings [Line Items]
Real estate held for sale, net	$ 10,541	$ 10,643

New Valley LLC Assets of _Escen

New Valley LLC Assets of “Escena, net (Details) - Escena, net - New Valley LLC [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Land and land improvements	$ 8,953	$ 8,953
Building and building improvements	1,873	1,865
Other	1,575	1,568
Total Investment in Escena before depreciation	12,401	12,386
Less accumulated depreciation	(1,860)	(1,743)
Assets of Escena, net	$ 10,541	$ 10,643

Notes Payable, Long-Term Debt48

Notes Payable, Long-Term Debt and Other Obligations (Details) - USD ($)	Feb. 03, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 879,073,000	$ 913,351,000
Less: Current maturities		(6,074,000)	(52,640,000)
Amount due after one year		872,999,000	860,711,000
Fair value of the derivatives embedded		156,783,000	168,502,000
6.75% Variable Interest Senior Convertible Note due 2015
Debt Instrument [Line Items]
Fair value of the derivatives embedded		0	884,000
7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $140,259 and $146,634
Debt Instrument [Line Items]
Fair value of the derivatives embedded		80,283,000	87,638,000
5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $92,747 and $98,831
Debt Instrument [Line Items]
Fair value of the derivatives embedded		76,500,000	80,864,000
Secured Debt | 7.75% Senior Secured Notes due 2021, including premium of $8,656 and $9,275
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 608,656,000	609,275,000
Interest rate		7.75%
Convertible Debt
Debt Instrument [Line Items]
Conversion basis amount		$ 1,000
Convertible Debt | 7.75% Senior Secured Notes due 2021, including premium of $8,656 and $9,275
Debt Instrument [Line Items]
Premium		8,656,000	9,275,000
Convertible Debt | 6.75% Variable Interest Senior Convertible Note due 2015
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 0	$ 25,000,000
Interest rate	6.75%	6.75%
Converted amount	$ 25,000,000
Convertible principal balance	$ 50,000,000
Note conversion (in shares)	2,227,552	0	89.1021
Increase in equity from conversion	$ 25,000,000
Convertible Debt | 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $140,259 and $146,634
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 89,741,000	$ 83,366,000
Interest rate		7.50%
Unamortized discount		$ 140,259,000	146,634,000
Convertible Debt | 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $92,747 and $98,831
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 166,003,000	159,919,000
Interest rate		5.50%
Unamortized discount		$ 92,747,000	$ 98,831,000
Note conversion (in shares)		38.6563	38.6563
Line of Credit | Revolving credit facility | Liggett [Member]
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 0	$ 17,767,000
Line of Credit | Term loan under credit facility | Liggett [Member]
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		3,442,000	3,589,000
Line of Credit | Revolving Credit and Term Loan Facility | Liggett [Member]
Debt Instrument [Line Items]
Amount outstanding		3,442,000
Remaining borrowing capacity		56,558,000
Equipment loans | Liggett [Member]
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		10,873,000	13,966,000
Other
Debt Instrument [Line Items]
Total notes payable, long-term debt and other obligations		$ 358,000	$ 469,000

Notes Payable, Long-Term Debt49

Notes Payable, Long-Term Debt and Other Obligations (Convertible Notes Table) (Details) - Convertible Debt [Member] - USD ($)	Feb. 03, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Conversion basis amount		$ 1,000
6.75% Variable Interest Senior Convertible Note due 2014 - Vector
Debt Instrument [Line Items]
Conversion price		$ 0	$ 11.22
Note conversion (in shares)	2,227,552	0	89.1021
Variable Interest 7.50% Senior Convertible Debentures [Member]
Debt Instrument [Line Items]
Conversion price		$ 16.78	$ 16.78
Note conversion (in shares)		59.5946	59.5946
5.5% Variable Interest Senior Convertible Notes due 2020
Debt Instrument [Line Items]
Conversion price		$ 25.87	$ 25.87
Note conversion (in shares)		38.6563	38.6563

Notes Payable, Long-Term Debt50

Notes Payable, Long-Term Debt and Other Obligations Non Cash Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Amortization of debt discount, net	$ 6,213	$ 7,563	$ 11,840	$ 20,019
Amortization of deferred finance costs	1,022	1,055	1,988	1,763
Non-cash Interest Expense	7,235	9,057	13,828	25,900
Convertible Debt [Member] | 6.75% Variable Interest Senior Convertible Note due 2014 - Vector
Debt Instrument [Line Items]
Acceleration of interest expense	0	0	0	3,679
Convertible Debt [Member] | 6.75% Variable Interest Senior Convertible Exchange Notes
Debt Instrument [Line Items]
Acceleration of interest expense	$ 0	$ 439	$ 0	$ 439

Notes Payable, Long-Term Debt51

Notes Payable, Long-Term Debt and Other Obligations Fair Value of Notes Payable and Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,282,056	$ 1,313,711
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 879,073	$ 913,351

Contingencies (Details)

Contingencies (Details)	Apr. 15, 2015USD ($)	May. 15, 2013case	Nov. 30, 2014USD ($)	Jun. 30, 2014USD ($)state	Dec. 31, 2013USD ($)	Oct. 31, 2013USD ($)case	May. 31, 2013state	Dec. 31, 2012state	Mar. 31, 2012case	Jun. 30, 2010person	May. 31, 2009	May. 31, 2003USD ($)plaintiff	Jul. 31, 2000USD ($)	Apr. 30, 2000USD ($)plaintiff	Nov. 30, 1998state	Jun. 30, 2015USD ($)case	Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)defendantsponsorshipcasestate	Jun. 30, 2014USD ($)	Sep. 30, 2013USD ($)state	Dec. 31, 2014USD ($)	Dec. 31, 2012	Dec. 31, 2010USD ($)yr	Dec. 31, 2003USD ($)state	Mar. 31, 1998state	Sep. 30, 2012state	Jul. 30, 2015USD ($)	Jul. 13, 2015case	Apr. 30, 2015USD ($)	Apr. 30, 2014USD ($)	Apr. 15, 2014USD ($)	Nov. 30, 2011state	Jun. 30, 2009USD ($)	Dec. 31, 2001case
Loss Contingencies [Line Items]
Litigation settlement and judgment expense																$ 1,250,000		$ 0	$ 2,093,000	$ 1,500,000
Loss Contingency Accrual [Roll Forward]
Payments due under Master Settlement Agreement, Current																	$ 26,322,000		26,322,000
Payments due under Master Settlement Agreement, Non-Current																	25,809,000		25,809,000
Litigation Accruals, Non-Current																	25,700,000		25,700,000
Payments due under Master Settlement Agreement, Current																62,626,000			62,626,000			$ 26,322,000
Payments due under Master Settlement Agreement, Non-Current																25,809,000			25,809,000			25,809,000
Litigation Accruals, Non-Current																23,444,000			23,444,000			25,700,000
Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Total, Current																	29,471,000		29,471,000	84,658,000		84,658,000
Expenses																			55,925,000	54,279,000
NPM Settlement Adjustment																				0
Change in MSA obligations capitalized as inventory																			1,011,000	151,000
Payments																			(23,787,000)	(76,544,000)
Reclassification to non-current liabilities																			3,305,000	3,918,000
Interest on withholding																			178,000	83,000
Total, Current				$ 66,545,000	$ 84,658,000											66,103,000		66,545,000	66,103,000	66,545,000		29,471,000
Non-Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Total, Non-Current																	51,509,000		51,509,000	54,629,000		54,629,000
Expenses																			(195,000)	0
NPM Settlement Adjustment																				(1,419,000)
Change in MSA obligations capitalized as inventory																			0	0
Payments																			0	0
Reclassification to non-current liabilities																			(3,305,000)	(3,918,000)
Interest on withholding																			1,244,000	893,000
Total, Non-Current				50,185,000	54,629,000											$ 49,253,000		50,185,000	$ 49,253,000	50,185,000		51,509,000
Liggett Only Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case																3			3
Master Settlement Agreement [Member]
Loss Contingencies [Line Items]
Brand name sponsorship period																			12 months
Master Settlement Agreement [Member] | Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Payments due under Master Settlement Agreement, Current																	26,322,000		$ 26,322,000	25,348,000		25,348,000
Expenses																			53,435,000	52,510,000
NPM Settlement Adjustment																				0
Change in MSA obligations capitalized as inventory																			1,011,000	151,000
Payments																			(18,142,000)	(16,343,000)
Reclassification to non-current liabilities																			0	343,000
Interest on withholding																			0	0
Payments due under Master Settlement Agreement, Current				62,009,000	25,348,000											$ 62,626,000		62,009,000	62,626,000	62,009,000		26,322,000
Master Settlement Agreement [Member] | Non-Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Payments due under Master Settlement Agreement, Non-Current																	25,809,000		25,809,000	27,571,000		27,571,000
Expenses																			0	0
NPM Settlement Adjustment																				(1,419,000)
Change in MSA obligations capitalized as inventory																			0	0
Payments																			0	0
Reclassification to non-current liabilities																			0	(343,000)
Interest on withholding																			0	0
Payments due under Master Settlement Agreement, Non-Current				$ 25,809,000	27,571,000											$ 25,809,000		25,809,000	$ 25,809,000	25,809,000		25,809,000
Master Settlement Agreement [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Number of brand name sponsorships allowed | sponsorship																			1
Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member]
Loss Contingencies [Line Items]
Annual payment requirement																			$ 9,000,000,000			117,800,000
NPM Adjustment [Member]
Loss Contingencies [Line Items]
Number of people on arbitration panel | person										3
Aggregate number of settling states | state																			24								49
Amounts not expensed by the Company																									$ 1,200,000,000
Courts that did not rule | state																									1
Courts that decided the issue | state																									48
Settling states | state				2			2	20																	45
Allocable share of settling states																									90.00%
Reduction of any Potential 2003 NPM Adjustment																									20.00%
Number of settling states with diligent enforcement not contested | state																																	16
Non-settling states | state																					15
Non-settling states that did not diligently enforce escrow statutes | state																					6
Engle Progeny Cases [Member]
Loss Contingencies [Line Items]
Number of cases declined for review by supreme court | case									2
Engle Case Class Action [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement													$ 145,000,000,000
Parsons v. AC & S Inc. [Member]
Loss Contingencies [Line Items]
Damages sought																			$ 1,000,000
Number of defendants | defendant																			3
Hess Case [Member]
Loss Contingencies [Line Items]
Term case tried prior to final decision																			12 years
Tobacco Litigation Personal Injury Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case																25			25																750
Tobacco Litigation Personal Injury Cases [Member] | Cases Ending in Mistrial [Member]
Loss Contingencies [Line Items]
Cases dismissed | case		2
Cases settled | case		1
Department of Justice Lawsuit [Member]
Loss Contingencies [Line Items]
Required reporting period											10 years
Pending Litigation [Member] | Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Litigation Accruals, Current																	3,149,000		$ 3,149,000	59,310,000		59,310,000
Expenses																			2,490,000	1,769,000
NPM Settlement Adjustment																				0
Change in MSA obligations capitalized as inventory																			0	0
Payments																			(5,645,000)	(60,201,000)
Reclassification to non-current liabilities																			3,305,000	3,575,000
Interest on withholding																			178,000	83,000
Litigation Accruals, Current				$ 4,536,000	59,310,000											$ 3,477,000		4,536,000	3,477,000	4,536,000		3,149,000
Pending Litigation [Member] | Non-Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Litigation Accruals, Non-Current																	25,700,000		25,700,000	27,058,000		27,058,000
Expenses																			(195,000)	0
NPM Settlement Adjustment																				0
Change in MSA obligations capitalized as inventory																			0	0
Payments																			0	0
Reclassification to non-current liabilities																			(3,305,000)	(3,575,000)
Interest on withholding																			1,244,000	893,000
Litigation Accruals, Non-Current				24,376,000	27,058,000											$ 23,444,000		24,376,000	$ 23,444,000	24,376,000		25,700,000
Liggett and Vector Tobacco [Member]
Loss Contingencies [Line Items]
Total cigarettes sold																3.40%			3.40%
Liggett and Vector Tobacco [Member] | Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement	$ 17,800,000				$ 100,000,000
Liggett and Vector Tobacco [Member] | NPM Adjustment [Member]
Loss Contingencies [Line Items]
Gain (loss) related to litigation settlement																					$ 6,947,000
Amounts expensed or accrued																$ 25,809,000			$ 25,809,000
Amount remaining in disputed payment accounts																30,100,000			30,100,000
Settlement adjustment credit																														$ 1,940,000		$ 1,733,000
Liggett [Member]
Loss Contingencies [Line Items]
Legal expenses and other litigation costs																3,158,000		1,817,000	5,713,000	5,174,000
Bonds																$ 12,268,000			12,268,000			$ 4,768,000
Amount of litigation settlement																			28,832,000
Damages paid																			(17,978,000)
Punitive damages																			18,400,000
Punitive damages paid																			$ (1,000,000)
Liggett [Member] | Florida [Member]
Loss Contingencies [Line Items]
Cases pending | case																28			28
Liggett [Member] | New York [Member]
Loss Contingencies [Line Items]
Cases pending | case																8			8
Liggett [Member] | Maryland [Member]
Loss Contingencies [Line Items]
Cases pending | case																10			10
Liggett [Member] | Louisiana [Member]
Loss Contingencies [Line Items]
Cases pending | case																2			2
Liggett [Member] | West Virginia [Member]
Loss Contingencies [Line Items]
Cases pending | case																2			2
Liggett [Member] | Missouri [Member]
Loss Contingencies [Line Items]
Cases pending | case																1			1
Liggett [Member] | Ohio [Member]
Loss Contingencies [Line Items]
Cases pending | case																1			1
Liggett [Member] | State Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case																300			300
Liggett [Member] | West Virginia State Court Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case																100			100
Liggett [Member] | Individual Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case																52			52
Liggett [Member] | Class Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case																4			4
Liggett [Member] | Price Fixing [Member]
Loss Contingencies [Line Items]
Cases pending | case																1			1
Liggett [Member] | Health Care Cost Recovery Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case																1			1
Liggett [Member] | Gross Versus Net Dispute [Member]
Loss Contingencies [Line Items]
Amounts expensed or accrued																$ 8,500,000			$ 8,500,000
Percentage of Total Cigarettes Sold That Exceeds Market Share Exemption																1.25%			1.25%
Liggett [Member] | Master Settlement Agreement [Member]
Loss Contingencies [Line Items]
Number of states not included in settlement agreement | state															4
Liggett [Member] | Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member]
Loss Contingencies [Line Items]
Number of States | state															46											45
MSA payment obligations																$ 0			$ 0
Percentage of Total Cigarettes Sold That Exceeds Market Share Exemption																1.65%			1.65%
Liggett [Member] | Minnesota Settlement [Member]
Loss Contingencies [Line Items]
Annual payment requirement																									$ 100,000
Liggett [Member] | Florida Settlement [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																								$ 1,200,000
Annual payment requirement																								$ 250,000
Years annual payments required | yr																								21
Liggett [Member] | Florida Settlement [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Years annual payments required that are subject to inflation adjustment | yr																								12
Liggett [Member] | Mississippi Settlement [Member]
Loss Contingencies [Line Items]
Term of notice from state																							60 days
Liggett [Member] | NPM Adjustment [Member]
Loss Contingencies [Line Items]
Loss Contingency, Settlement Adjustment Credit, Disputed Entitled Amount																															$ 1,315,000
Agreed additional amount funded adjusted																															521,000
Settlement adjustment credit				$ 1,400,000												$ 5,152,000		$ 1,400,000	$ 5,152,000	$ 1,400,000	$ 5,987,000										$ 6,441,000
Liggett [Member] | Engle Progeny Cases [Member]
Loss Contingencies [Line Items]
Bond cap																																		$ 200,000,000
Number of cases settled and dismissed | case						4,900													21
Number of plaintiff verdicts | case																14			14
Number of defense verdicts | case																7			7
Amount of litigation settlement						$ 110,000,000
Cases pending | case																300			300
Settlement consideration paid in lump sum						61,600,000
Settlement consideration paid in equal monthly installments over next 15 years						$ 48,000,000
Settlement consideration installment payments term						14 years
Litigation settlement and judgment expense						$ 86,213,000											$ 643,000
Litigation settlement and judgement expense, amount discounted						$ 25,213,000
Discount rate						11.00%
Expected payments yearly for 2014 through 2017						$ 3,400,000
Claims scheduled for trial | case																14			14
Liggett [Member] | Engle Progeny Cases [Member] | Cases Settled without Litigation [Member]
Loss Contingencies [Line Items]
Number of cases settled and dismissed | case						4,900										2			163
Amount of litigation settlement																			$ 3,456,000
Liggett [Member] | Irimi and Cohen [Member]
Loss Contingencies [Line Items]
Number of plaintiff verdicts | case																2			2
Liggett [Member] | Engle Progency Cases Excluding Lukacs [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Cases with punitive damages | case																			4
Liggett [Member] | Engle Case Class Action [Member]
Loss Contingencies [Line Items]
Number of plaintiff verdicts | plaintiff												1
Number of defense verdicts | plaintiff												2
Amount of litigation settlement													$ 790,000,000	$ 12,704,000
Number of plaintiffs | plaintiff														3
Over turned judgment												$ 5,831,000
Liggett [Member] | Lukacs v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			$ 12,418,000
Punitive damages																			0
Liggett [Member] | Campbell v R J Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			156,000
Punitive damages																			0
Liggett [Member] | Douglas v R J Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			1,350,000
Punitive damages																			0
Liggett [Member] | Clay v R J Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			349,000
Punitive damages																			1,000,000
Liggett [Member] | Putney v R J Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			3,008,000
Punitive damages																			0
Liggett [Member] | Tullo v R J Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			225,000
Punitive damages																			0
Liggett [Member] | Ward v R J Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			1,000
Punitive damages																			0
Liggett [Member] | Calloway v RJ Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			1,947,000
Punitive damages																			7,600,000
Liggett [Member] | Calloway v RJ Reynolds [Member] | Joint and Several Judgment [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			16,100,000
Liggett [Member] | Buchanan v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			2,035,000
Punitive damages																			0
Liggett [Member] | Buchanan v. R.J. Reynolds [Member] | Joint and Several Judgment [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			5,500,000
Liggett [Member] | Cohen v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			205,000
Punitive damages																			0
Liggett [Member] | Rizzuto v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			3,479,000
Punitive damages																			$ 0
Liggett [Member] | Lukacs, Campbell, Douglas, Clay, Tullo, Ward and Rizzuto [Member]
Loss Contingencies [Line Items]
Number of cases settled and dismissed | case																			7
Payments for legal settlements																			$ 20,312,000
Liggett [Member] | Putney, Calloway, Buchanan, Cohen, Irimi, Lambert, Boatright and Caprio [Member]
Loss Contingencies [Line Items]
Minimum loss exposure																$ 0			0
Maximum loss exposure																28,254,000			28,254,000
Amounts expensed or accrued																$ 0			0
Liggett [Member] | Irimi v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			31,000
Punitive damages																			0
Liggett [Member] | Lambert v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			3,600,000
Punitive damages																			9,500,000
Liggett [Member] | Boatright v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			0
Punitive damages			$ 300,000																300,000
Liggett [Member] | Caprio v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			28,000
Punitive damages																			0
Liggett [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			10,854,000
Punitive damages																			17,400,000
Liggett [Member] | Pending Litigation [Member] | Irimi v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			31,000
Liggett [Member] | Pending Litigation [Member] | Lambert v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			$ 13,100,000
Liggett Only Cases [Member] | Individual Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case																3			3
Liggett Only Cases [Member] | Other Individual Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case																2			2
Liggett Only Cases [Member] | Rizzuto v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																			$ 1,500,000
Liggett Only Cases [Member] | Hausrath [Member] | Individual Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case																1			1
Vector Tobacco [Member] | Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member]
Loss Contingencies [Line Items]
MSA payment obligations																$ 0			$ 0
Percentage of Total Cigarettes Sold That Exceeds Market Share Exemption																0.28%			0.28%
Liggett Vector Brands [Member]
Loss Contingencies [Line Items]
Maximum loss exposure																$ 500,000			$ 500,000
Litigation settlement and judgment expense																			83,000
Letter of credit																100,000			100,000
Agreed additional amount funded																400,000			400,000
Agreed additional amount funded adjusted																$ 317,000			$ 317,000
Phillip Morris [Member] | Boatright v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement			15,000,000
Punitive damages			19,700,000
Phillip Morris [Member] | Boatright v. R.J. Reynolds [Member] | Joint and Several Judgment [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement			$ 12,750,000
Subsequent Event [Member] | Tobacco Litigation Personal Injury Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case																													30
Subsequent Event [Member] | Liggett [Member] | Gross Versus Net Dispute [Member]
Loss Contingencies [Line Items]
Amounts expensed or accrued																												$ 16,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 31,069	$ 19,132	$ 64,964	$ 25,603
Income tax expense using estimated annual effective income tax rate	11,533	6,279	24,143	8,404
Changes in effective tax rates	(78)	(178)	0	0
Impact of discrete items, net	(91)	0	(100)	639
Income tax expense	$ 11,364	$ 6,101	$ 24,043	$ 9,043

Investments and Fair Value Me54

Investments and Fair Value Measurements (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Nov. 04, 2011
Assets:
Investment securities available for sale	$ 342,577,000		$ 346,043,000
Liabilities:
Nonrecurring nonfinancial assets subject to fair value measurements	$ 0		0
5.5% Variable Interest Senior Convertible Notes due 2020 | Convertible Debt [Member]
Liabilities:
Interest rate	5.50%
Equity securities
Assets:
Investment securities available for sale	$ 158,274,000		154,192,000
Mutual funds invested in fixed income securities
Assets:
Investment securities available for sale	60,441,000		59,826,000
U.S. Government securities
Assets:
Investment securities available for sale	33,886,000
Corporate securities
Assets:
Investment securities available for sale	51,937,000
U.S. mortgage-backed securities
Assets:
Investment securities available for sale	6,757,000
Commercial mortgage-backed securities
Assets:
Investment securities available for sale	15,758,000
U.S. asset backed securities
Assets:
Investment securities available for sale	13,393,000
Fixed income securities
Assets:
Investment securities available for sale	123,862,000
Warrants (1) | Ladenburg Thalmann Financial Services [Member] | New Valley LLC [Member]
Liabilities:
Investment (in shares)				1,000,000
Investment	1,859,000		2,342,000
Change in fair value gain (loss)	(483,000)	$ (111,000)	584,000
Fair Value, Measurements, Recurring | Total
Assets:
Money market funds	109,209,000		205,180,000
Certificates of deposit	4,790,000		3,462,000
Bonds	12,368,000		4,868,000
Warrants	1,859,000		2,342,000
Total	470,803,000		561,895,000
Liabilities:
Fair value of derivatives embedded within convertible debt	156,783,000		169,386,000
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Money market funds	109,209,000		205,180,000
Certificates of deposit	0		0
Bonds	12,368,000		4,868,000
Warrants	0		0
Total	339,976,000		430,937,000
Liabilities:
Fair value of derivatives embedded within convertible debt	0		0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Money market funds	0		0
Certificates of deposit	4,790,000		3,462,000
Bonds	0		0
Warrants	0		0
Total	128,968,000		128,616,000
Liabilities:
Fair value of derivatives embedded within convertible debt	0		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	0		0
Certificates of deposit	0		0
Bonds	0		0
Warrants	1,859,000		2,342,000
Total	1,859,000		2,342,000
Liabilities:
Fair value of derivatives embedded within convertible debt	156,783,000		169,386,000
Fair Value, Measurements, Recurring | Equity securities | Total
Assets:
Investment securities available for sale	158,274,000		154,192,000
Fair Value, Measurements, Recurring | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	157,958,000		153,666,000
Fair Value, Measurements, Recurring | Equity securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	316,000		526,000
Fair Value, Measurements, Recurring | Equity securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Mutual funds invested in fixed income securities | Total
Assets:
Investment securities available for sale	60,441,000		59,826,000
Fair Value, Measurements, Recurring | Mutual funds invested in fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	60,441,000		59,826,000
Fair Value, Measurements, Recurring | Mutual funds invested in fixed income securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Mutual funds invested in fixed income securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | U.S. Government securities | Total
Assets:
Investment securities available for sale	33,886,000		35,446,000
Fair Value, Measurements, Recurring | U.S. Government securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | U.S. Government securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	33,886,000		35,446,000
Fair Value, Measurements, Recurring | U.S. Government securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Corporate securities | Total
Assets:
Investment securities available for sale	51,937,000		56,248,000
Fair Value, Measurements, Recurring | Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		7,397,000
Fair Value, Measurements, Recurring | Corporate securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	51,937,000		48,851,000
Fair Value, Measurements, Recurring | Corporate securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | U.S. mortgage-backed securities | Total
Assets:
Investment securities available for sale	6,757,000		4,770,000
Fair Value, Measurements, Recurring | U.S. mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | U.S. mortgage-backed securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	6,757,000		4,770,000
Fair Value, Measurements, Recurring | U.S. mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Total
Assets:
Investment securities available for sale	15,758,000		16,508,000
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	15,758,000		16,508,000
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | U.S. asset backed securities | Total
Assets:
Investment securities available for sale	13,393,000		16,955,000
Fair Value, Measurements, Recurring | U.S. asset backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | U.S. asset backed securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	13,393,000		16,955,000
Fair Value, Measurements, Recurring | U.S. asset backed securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Index-linked U.S. bonds | Total
Assets:
Investment securities available for sale	2,131,000		2,098,000
Fair Value, Measurements, Recurring | Index-linked U.S. bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Index-linked U.S. bonds | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	2,131,000		2,098,000
Fair Value, Measurements, Recurring | Index-linked U.S. bonds | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0		0
Fair Value, Measurements, Recurring | Fixed income securities | Total
Assets:
Investment securities available for sale	123,862,000		132,025,000
Fair Value, Measurements, Recurring | Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0		7,397,000
Fair Value, Measurements, Recurring | Fixed income securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	123,862,000		124,628,000
Fair Value, Measurements, Recurring | Fixed income securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	$ 0		$ 0

Investments and Fair Value Me55

Investments and Fair Value Measurements Fair Value Inputs, Quantitative Information (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Measurements, Recurring - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Warrants	$ 1,859	$ 2,342
Fair value of derivatives embedded within convertible debt	156,783	169,386
Option Model [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Warrants	1,859	2,342
Discounted Cash Flow [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair value of derivatives embedded within convertible debt	$ 156,783	$ 169,386
Warrants (1) | Option Model [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Stock price (dollars per share)	$ 3.50	$ 3.95
Exercise price (dollars per share)	$ 1.68	$ 1.68
Term (in years)	1 year 4 months 6 days	1 year 10 months 2 days
Volatility	39.30%	44.42%
Dividend rate	0.00%	0.00%
Risk-free return	0.70%	0.70%
Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Stock price (dollars per share)	$ 23.46	$ 21.31
Volatility	16.00%	16.00%
Assumed annual stock dividend	5.00%	5.00%
Assumed annual cash dividend (dollars per share)	$ 1.60	$ 1.60
Convertible trading price	110.12%	106.80%
Implied credit spread	6.50%	6.75%
Minimum [Member] | Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Implied credit spread	6.00%	6.25%
Maximum [Member] | Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Implied credit spread	7.00%	7.25%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 416,173	$ 406,613	$ 776,933	$ 753,849
Operating income (loss)	56,040	60,308	99,995	103,030
Equity income (loss) from real estate ventures	1,856	(1,808)	2,194	(256)
Depreciation and amortization	6,442	5,462	12,723	12,554
Capital expenditures			5,379	10,144
Litigation settlement and judgment expense	1,250	0	2,093	1,500
Tobacco [Member]
Segment Reporting Information [Line Items]
Revenues	254,890	250,556	482,975	483,948
Operating income (loss)	56,215	51,506	105,885	94,402
Equity income (loss) from real estate ventures	0	0	0	0
Depreciation and amortization	2,931	2,588	5,867	5,081
Capital expenditures			2,350	6,563
E-Cigarettes [Member]
Segment Reporting Information [Line Items]
Revenues	261	2,569	680	8,369
Operating income (loss)	(2,400)	(3,765)	(5,564)	(4,190)
Equity income (loss) from real estate ventures	0	0	0	0
Depreciation and amortization	0	0	0	0
Capital expenditures			0	0
Real Estate [Member]
Segment Reporting Information [Line Items]
Revenues	161,022	153,488	293,278	261,532
Operating income (loss)	6,892	15,901	9,043	20,645
Equity income (loss) from real estate ventures	1,856	(1,808)	2,194	(256)
Depreciation and amortization	3,076	2,622	5,984	6,969
Capital expenditures			3,029	3,570
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(4,667)	(3,334)	(9,369)	(7,827)
Equity income (loss) from real estate ventures	0	0	0	0
Depreciation and amortization	435	252	872	504
Capital expenditures			0	11
Litigation Judgment Expense [Member]
Segment Reporting Information [Line Items]
Litigation settlement and judgment expense	1,250		2,093	1,500
Pension Settlement Expense [Member]
Segment Reporting Information [Line Items]
Litigation settlement and judgment expense	$ 1,607		$ 1,607
NPM Settlement [Member]
Segment Reporting Information [Line Items]
Litigation settlement and judgment expense		$ 1,419		$ 1,419

Condensed Consolidating Finan57

Condensed Consolidating Financial Information (Narrative) (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2013USD ($)	Jun. 30, 2015
Condensed Financial Statements, Captions [Line Items]
Subsidiary guarantors, percentage ownership		100.00%
7.75% Senior Secured Notes Due 2021 [Member] | Secured Debt [Member]
Condensed Financial Statements, Captions [Line Items]
Interest Rate		7.75%
Covenant, Indenture Threshold for Earnings for Payment of Dividends	$ 75,000
Covenant, Leverage Ratio Requirement	3
Covenant, Secured Leverage Ratio Requirement	1.5

Condensed Consolidating Finan58

Condensed Consolidating Financial Information Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 238,323	$ 326,365	$ 506,423	$ 234,466
Investment securities available for sale	342,577	346,043
Accounts receivable - trade, net	18,022	23,328
Intercompany receivables	0	0
Inventories	98,576	90,323
Income taxes receivable, net	0	3,282
Restricted assets	2,324	2,595
Other current assets	45,236	36,718
Total current assets	745,058	828,654
Property, plant and equipment, net	79,448	84,112
Real estate held for sale, net	23,043	10,643
Long-term investments at cost	46,219	40,292
Investments in real estate ventures	199,026	163,460
Investments in consolidated subsidiaries	0	0
Restricted assets	20,220	12,013
Goodwill and other intangible assets, net	267,000	269,972
Prepaid pension costs	26,635	25,032
Other assets	56,194	58,893
Total assets	1,462,843	1,493,071
Current liabilities:
Current portion of notes payable and long-term debt	6,074	52,640
Current portion of fair value of derivatives embedded within convertible debt	0	884
Current portion of employee benefits	931	931
Intercompany payables	0	0
Income taxes payable, net	3,723	1,743
Litigation accruals and current payments due under the Master Settlement Agreement	66,103	29,471
Deferred income taxes, net	28,322	28,479
Other current liabilities	125,523	126,755
Total current liabilities	230,676	240,903
Notes payable, long-term debt and other obligations, less current portion	872,999	860,711
Fair value of derivatives embedded within convertible debt	156,783	168,502
Non-current employee benefits	49,705	49,314
Deferred income taxes, net	98,180	94,510
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	56,166	57,079
Total liabilities	$ 1,464,509	$ 1,471,019
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ (82,986)	$ (57,027)
Non-controlling interest	81,320	79,079
Total stockholders' (deficiency) equity	(1,666)	22,052
Total liabilities and stockholders' (deficiency) equity	1,462,843	1,493,071
Parent/Issuer [Member]
Current assets:
Cash and cash equivalents	111,503	211,751	398,119	151,342
Investment securities available for sale	277,483	278,010
Accounts receivable - trade, net	0	0
Intercompany receivables	1,744	795
Inventories	0	0
Income taxes receivable, net	2,343	1,055
Restricted assets	0	0
Other current assets	910	899
Total current assets	393,983	492,510
Property, plant and equipment, net	2,177	2,648
Real estate held for sale, net	0	0
Long-term investments at cost	45,669	39,594
Investments in real estate ventures	0	0
Investments in consolidated subsidiaries	563,658	518,963
Restricted assets	3,034	1,707
Goodwill and other intangible assets, net	0	0
Prepaid pension costs	0	0
Other assets	42,810	45,904
Total assets	1,051,331	1,101,326
Current liabilities:
Current portion of notes payable and long-term debt	0	25,000
Current portion of fair value of derivatives embedded within convertible debt		884
Current portion of employee benefits	0	0
Intercompany payables	0	0
Income taxes payable, net	78	0
Litigation accruals and current payments due under the Master Settlement Agreement	0	0
Deferred income taxes, net	18,734	17,452
Other current liabilities	34,318	36,653
Total current liabilities	53,130	79,989
Notes payable, long-term debt and other obligations, less current portion	864,399	852,560
Fair value of derivatives embedded within convertible debt	156,783	168,502
Non-current employee benefits	33,381	32,842
Deferred income taxes, net	24,155	23,539
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	2,469	921
Total liabilities	$ 1,134,317	$ 1,158,353
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ (82,986)	$ (57,027)
Non-controlling interest	0	0
Total stockholders' (deficiency) equity	(82,986)	(57,027)
Total liabilities and stockholders' (deficiency) equity	1,051,331	1,101,326
Subsidiary Guarantors [Member]
Current assets:
Cash and cash equivalents	24,020	9,724	15,086	11,812
Investment securities available for sale	65,094	68,033
Accounts receivable - trade, net	12,471	18,024
Intercompany receivables	0	267
Inventories	98,576	90,323
Income taxes receivable, net	0	463
Restricted assets	910	1,181
Other current assets	7,078	9,133
Total current assets	208,149	197,148
Property, plant and equipment, net	57,228	61,149
Real estate held for sale, net	0	0
Long-term investments at cost	0	0
Investments in real estate ventures	0	0
Investments in consolidated subsidiaries	0	0
Restricted assets	17,186	10,306
Goodwill and other intangible assets, net	107,511	107,511
Prepaid pension costs	26,635	25,032
Other assets	11,701	10,743
Total assets	428,410	411,889
Current liabilities:
Current portion of notes payable and long-term debt	5,788	27,248
Current portion of fair value of derivatives embedded within convertible debt		0
Current portion of employee benefits	931	931
Intercompany payables	405	0
Income taxes payable, net	5,985	0
Litigation accruals and current payments due under the Master Settlement Agreement	66,103	29,471
Deferred income taxes, net	9,588	11,027
Other current liabilities	54,264	58,677
Total current liabilities	143,064	127,354
Notes payable, long-term debt and other obligations, less current portion	8,583	8,120
Fair value of derivatives embedded within convertible debt	0	0
Non-current employee benefits	16,324	16,472
Deferred income taxes, net	34,560	32,301
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	49,460	51,775
Total liabilities	$ 251,991	$ 236,022
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ 176,419	$ 175,867
Non-controlling interest	0	0
Total stockholders' (deficiency) equity	176,419	175,867
Total liabilities and stockholders' (deficiency) equity	428,410	411,889
Subsidiary Non-Guarantors [Member]
Current assets:
Cash and cash equivalents	102,800	104,890	93,218	71,312
Investment securities available for sale	0	0
Accounts receivable - trade, net	5,551	5,304
Intercompany receivables	0	0
Inventories	0	0
Income taxes receivable, net	0	21
Restricted assets	1,414	1,414
Other current assets	37,248	26,686
Total current assets	147,013	138,315
Property, plant and equipment, net	20,043	20,315
Real estate held for sale, net	23,043	10,643
Long-term investments at cost	550	698
Investments in real estate ventures	199,026	163,460
Investments in consolidated subsidiaries	0	0
Restricted assets	0	0
Goodwill and other intangible assets, net	159,489	162,461
Prepaid pension costs	0	0
Other assets	1,683	2,246
Total assets	550,847	498,138
Current liabilities:
Current portion of notes payable and long-term debt	286	392
Current portion of fair value of derivatives embedded within convertible debt		0
Current portion of employee benefits	0	0
Intercompany payables	1,339	1,062
Income taxes payable, net	3	0
Litigation accruals and current payments due under the Master Settlement Agreement	0	0
Deferred income taxes, net	0	0
Other current liabilities	36,941	31,425
Total current liabilities	38,569	32,879
Notes payable, long-term debt and other obligations, less current portion	17	31
Fair value of derivatives embedded within convertible debt	0	0
Non-current employee benefits	0	0
Deferred income taxes, net	39,465	38,670
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	4,237	4,383
Total liabilities	$ 82,288	$ 75,963
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ 387,239	$ 343,096
Non-controlling interest	81,320	79,079
Total stockholders' (deficiency) equity	468,559	422,175
Total liabilities and stockholders' (deficiency) equity	550,847	498,138
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	(1,744)	(1,062)
Inventories	0	0
Income taxes receivable, net	(2,343)	1,743
Restricted assets	0	0
Other current assets	0	0
Total current assets	(4,087)	681
Property, plant and equipment, net	0	0
Real estate held for sale, net	0	0
Long-term investments at cost	0	0
Investments in real estate ventures	0	0
Investments in consolidated subsidiaries	(563,658)	(518,963)
Restricted assets	0	0
Goodwill and other intangible assets, net	0	0
Prepaid pension costs	0	0
Other assets	0	0
Total assets	(567,745)	(518,282)
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
Intercompany payables	(1,744)	(1,062)
Income taxes payable, net	(2,343)	1,743
Litigation accruals and current payments due under the Master Settlement Agreement	0	0
Deferred income taxes, net	0	0
Other current liabilities	0	0
Total current liabilities	(4,087)	681
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, net	0	0
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	0	0
Total liabilities	$ (4,087)	$ 681
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ (563,658)	$ (518,963)
Non-controlling interest	0	0
Total stockholders' (deficiency) equity	(563,658)	(518,963)
Total liabilities and stockholders' (deficiency) equity	$ (567,745)	$ (518,282)

Condensed Consolidating Finan59

Condensed Consolidating Financial Information Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 416,173	$ 406,613	$ 776,933	$ 753,849
Expenses:
Cost of sales	279,204	279,282	521,222	518,319
Operating, selling, administrative and general expenses	79,679	67,023	153,623	131,000
Litigation settlement and judgment expense	1,250	0	2,093	1,500
Management fee expense	0	0	0	0
Operating income	56,040	60,308	99,995	103,030
Other income (expenses):
Interest expense	(31,761)	(44,183)	(63,507)	(79,636)
Change in fair value of derivatives embedded within convertible debt	5,256	1,970	11,716	320
Acceleration of interest expense related to debt conversion	0	(439)	0	(4,118)
Equity income (loss) from real estate ventures	1,856	(1,808)	2,194	(256)
(Loss) gain on sale of investment securities available for sale	(190)	(18)	12,839	(71)
Equity (loss) income on long-term investments	(1,657)	(273)	(1,694)	633
Equity income in consolidated subsidiaries	0	0	0	0
Management fee income	0	0	0	0
Other, net	1,525	3,575	3,421	5,701
Income before provision for income taxes	31,069	19,132	64,964	25,603
Income tax benefit (expense)	(11,364)	(6,101)	(24,043)	(9,043)
Net income	19,705	13,031	40,921	16,560
Net income attributed to non-controlling interest	(1,837)	(5,106)	(2,097)	(6,055)
Net income attributed to Vector Group Ltd.	17,868	7,925	38,824	10,505
Comprehensive income attributed to non-controlling interest	(1,837)	(5,106)	(2,097)	(6,055)
Comprehensive income attributed to Vector Group Ltd.	15,087	9,436	38,042	17,324
Parent/Issuer [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Expenses:
Cost of sales	0	0	0	0
Operating, selling, administrative and general expenses	6,937	4,933	13,894	11,216
Litigation settlement and judgment expense	0		0	0
Management fee expense	0	0	0	0
Operating income	(6,937)	(4,933)	(13,894)	(11,216)
Other income (expenses):
Interest expense	(30,880)	(43,190)	(61,634)	(77,972)
Change in fair value of derivatives embedded within convertible debt	5,256	1,970	11,716	320
Acceleration of interest expense related to debt conversion		(439)		(4,118)
Equity income (loss) from real estate ventures	0	0	0	0
(Loss) gain on sale of investment securities available for sale	(190)	(18)	(336)	(71)
Equity (loss) income on long-term investments	(1,657)	(273)	(1,694)	633
Equity income in consolidated subsidiaries	35,754	32,408	71,748	60,126
Management fee income	2,563	2,468	5,125	4,935
Other, net	896	1,068	1,920	1,766
Income before provision for income taxes	4,805	(10,939)	12,951	(25,597)
Income tax benefit (expense)	13,063	18,864	25,873	36,102
Net income	17,868	7,925	38,824	10,505
Net income attributed to non-controlling interest	0	0	0	0
Net income attributed to Vector Group Ltd.	17,868	7,925	38,824	10,505
Comprehensive income attributed to non-controlling interest	0	0	0	0
Comprehensive income attributed to Vector Group Ltd.	15,087	9,436	38,042	17,324
Subsidiary Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	255,291	253,125	483,914	492,317
Expenses:
Cost of sales	175,334	181,517	332,994	353,230
Operating, selling, administrative and general expenses	22,555	22,190	43,892	43,875
Litigation settlement and judgment expense	1,250		2,093	1,500
Management fee expense	2,563	2,468	5,125	4,935
Operating income	53,589	46,950	99,810	88,777
Other income (expenses):
Interest expense	(879)	(1,284)	(1,870)	(2,239)
Change in fair value of derivatives embedded within convertible debt	0	0	0	0
Acceleration of interest expense related to debt conversion		0		0
Equity income (loss) from real estate ventures	0	0	0	0
(Loss) gain on sale of investment securities available for sale	0	0	13,175	0
Equity (loss) income on long-term investments	0	0	0	0
Equity income in consolidated subsidiaries	0	0	0	0
Management fee income	0	0	0	0
Other, net	200	224	520	484
Income before provision for income taxes	52,910	45,890	111,635	87,022
Income tax benefit (expense)	(21,226)	(19,716)	(45,407)	(36,355)
Net income	31,684	26,174	66,228	50,667
Net income attributed to non-controlling interest	0	0	0	0
Net income attributed to Vector Group Ltd.	31,684	26,174	66,228	50,667
Comprehensive income attributed to non-controlling interest	0	0	0	0
Comprehensive income attributed to Vector Group Ltd.	31,933	25,464	65,589	50,659
Subsidiary Non-Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	161,022	153,488	293,278	261,532
Expenses:
Cost of sales	103,870	97,765	188,228	165,089
Operating, selling, administrative and general expenses	50,327	39,900	96,096	75,909
Litigation settlement and judgment expense	0		0	0
Management fee expense	0	0	0	0
Operating income	6,825	15,823	8,954	20,534
Other income (expenses):
Interest expense	(2)	(3)	(3)	(37)
Change in fair value of derivatives embedded within convertible debt	0	0	0	0
Acceleration of interest expense related to debt conversion		0		0
Equity income (loss) from real estate ventures	1,856	(1,808)	2,194	(256)
(Loss) gain on sale of investment securities available for sale	0	0	0	0
Equity (loss) income on long-term investments	0	0	0	0
Equity income in consolidated subsidiaries	0	0	0	0
Management fee income	0	0	0	0
Other, net	429	2,577	981	4,063
Income before provision for income taxes	9,108	16,589	12,126	24,304
Income tax benefit (expense)	(3,201)	(5,249)	(4,509)	(8,790)
Net income	5,907	11,340	7,617	15,514
Net income attributed to non-controlling interest	(1,837)	(5,106)	(2,097)	(6,055)
Net income attributed to Vector Group Ltd.	4,070	6,234	5,520	9,459
Comprehensive income attributed to non-controlling interest	(1,837)	(5,106)	(2,097)	(6,055)
Comprehensive income attributed to Vector Group Ltd.	4,070	6,234	5,520	9,459
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	(140)	0	(259)	0
Expenses:
Cost of sales	0	0	0	0
Operating, selling, administrative and general expenses	(140)	0	(259)	0
Litigation settlement and judgment expense	0		0	0
Management fee expense	(2,563)	(2,468)	(5,125)	(4,935)
Operating income	2,563	2,468	5,125	4,935
Other income (expenses):
Interest expense	0	294	0	612
Change in fair value of derivatives embedded within convertible debt	0	0	0	0
Acceleration of interest expense related to debt conversion		0		0
Equity income (loss) from real estate ventures	0	0	0	0
(Loss) gain on sale of investment securities available for sale	0	0	0	0
Equity (loss) income on long-term investments	0	0	0	0
Equity income in consolidated subsidiaries	(35,754)	(32,408)	(71,748)	(60,126)
Management fee income	(2,563)	(2,468)	(5,125)	(4,935)
Other, net	0	(294)	0	(612)
Income before provision for income taxes	(35,754)	(32,408)	(71,748)	(60,126)
Income tax benefit (expense)	0	0	0	0
Net income	(35,754)	(32,408)	(71,748)	(60,126)
Net income attributed to non-controlling interest	0	0	0	0
Net income attributed to Vector Group Ltd.	(35,754)	(32,408)	(71,748)	(60,126)
Comprehensive income attributed to non-controlling interest	0	0	0	0
Comprehensive income attributed to Vector Group Ltd.	$ (36,003)	$ (31,698)	$ (71,109)	$ (60,118)

Condensed Consolidating Finan60

Condensed Consolidating Financial Information Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 83,885	$ 53,995
Cash flows from investing activities:
Sale of investment securities	118,261	49,296
Maturities of investment securities	1,737	0
Purchase of investment securities	(113,595)	(110,419)
Proceeds from sale or liquidation of long-term investments	148	549
Purchase of long-term investments	(5,000)	(7,000)
Investments in real estate ventures	(34,857)	(12,534)
Purchase of subsidiaries	0	(250)
Distributions from investments in real estate ventures	0	3,539
Increase in cash surrender value of life insurance policies	(1,118)	(395)
Increase in restricted assets	(7,934)	(371)
Issuance of notes receivable	(4,410)	(250)
Investments in subsidiaries	0	0
Proceeds from sale of fixed assets	3	4
Capital expenditures	(5,379)	(10,144)
Repayments of notes receivable	1,106	933
Pay downs of investment securities	3,530	0
Proceeds from sale of preferred securities	1,000	0
Investments in real estate held for sale	(12,502)	0
Net cash used in investing activities	(59,010)	(87,042)
Cash flows from financing activities:
Proceeds from issuance of debt	22	413,916
Deferred financing costs	(625)	(12,360)
Repayments of debt	(3,374)	(8,051)
Borrowings under revolver	126,727	429,188
Repayments on revolver	(144,492)	(437,736)
Capital contributions received	0	0
Intercompany dividends paid	0	0
Dividends and distributions on common stock	(92,778)	(80,963)
Distributions to non-controlling interest	0	(3,075)
Proceeds from exercise of Vector options	1,219	3,405
Tax benefit of options exercised	384	680
Net cash (used in) provided by financing activities	(112,917)	305,004
Net (decrease) increase in cash and cash equivalents	(88,042)	271,957
Cash and cash equivalents, beginning of period	326,365	234,466
Cash and cash equivalents, end of period	238,323	506,423
Parent/Issuer [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	42,679	17,374
Cash flows from investing activities:
Sale of investment securities	103,846	49,296
Maturities of investment securities	1,737
Purchase of investment securities	(112,119)	(108,859)
Proceeds from sale or liquidation of long-term investments	0	500
Purchase of long-term investments	(5,000)	(7,000)
Investments in real estate ventures	0	0
Purchase of subsidiaries		0
Distributions from investments in real estate ventures		0
Increase in cash surrender value of life insurance policies	(717)	0
Increase in restricted assets	(1,327)	299
Issuance of notes receivable	0	(35,000)
Investments in subsidiaries	(42,808)	(25,267)
Proceeds from sale of fixed assets	0	0
Capital expenditures	0	(11)
Repayments of notes receivable	1,106	35,933
Pay downs of investment securities	3,530
Proceeds from sale of preferred securities	0
Investments in real estate held for sale	0
Net cash used in investing activities	(51,752)	(90,109)
Cash flows from financing activities:
Proceeds from issuance of debt	0	408,750
Deferred financing costs	0	(12,360)
Repayments of debt	0	0
Borrowings under revolver	0	0
Repayments on revolver	0	0
Capital contributions received	0	0
Intercompany dividends paid	0	0
Dividends and distributions on common stock	(92,778)	(80,963)
Distributions to non-controlling interest	0	0
Proceeds from exercise of Vector options	1,219	3,405
Tax benefit of options exercised	384	680
Net cash (used in) provided by financing activities	(91,175)	319,512
Net (decrease) increase in cash and cash equivalents	(100,248)	246,777
Cash and cash equivalents, beginning of period	211,751	151,342
Cash and cash equivalents, end of period	111,503	398,119
Subsidiary Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	99,159	46,294
Cash flows from investing activities:
Sale of investment securities	14,415	0
Maturities of investment securities	0
Purchase of investment securities	(1,476)	(1,560)
Proceeds from sale or liquidation of long-term investments	0	0
Purchase of long-term investments	0	0
Investments in real estate ventures	0	0
Purchase of subsidiaries		0
Distributions from investments in real estate ventures		0
Increase in cash surrender value of life insurance policies	(401)	(395)
Increase in restricted assets	(6,607)	19
Issuance of notes receivable	0	0
Investments in subsidiaries	0	0
Proceeds from sale of fixed assets	3	4
Capital expenditures	(2,350)	(6,563)
Repayments of notes receivable	0	0
Pay downs of investment securities	0
Proceeds from sale of preferred securities	0
Investments in real estate held for sale	0
Net cash used in investing activities	3,584	(8,495)
Cash flows from financing activities:
Proceeds from issuance of debt	22	40,166
Deferred financing costs	(625)	0
Repayments of debt	(3,254)	(39,293)
Borrowings under revolver	126,727	429,188
Repayments on revolver	(144,492)	(437,736)
Capital contributions received	2,250	3,150
Intercompany dividends paid	(69,075)	(30,000)
Dividends and distributions on common stock	0	0
Distributions to non-controlling interest	0	0
Proceeds from exercise of Vector options	0	0
Tax benefit of options exercised	0	0
Net cash (used in) provided by financing activities	(88,447)	(34,525)
Net (decrease) increase in cash and cash equivalents	14,296	3,274
Cash and cash equivalents, beginning of period	9,724	11,812
Cash and cash equivalents, end of period	24,020	15,086
Subsidiary Non-Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	13,057	32,279
Cash flows from investing activities:
Sale of investment securities	0	0
Maturities of investment securities	0
Purchase of investment securities	0	0
Proceeds from sale or liquidation of long-term investments	148	49
Purchase of long-term investments	0	0
Investments in real estate ventures	(34,857)	(12,534)
Purchase of subsidiaries		(250)
Distributions from investments in real estate ventures		3,539
Increase in cash surrender value of life insurance policies	0	0
Increase in restricted assets	0	(689)
Issuance of notes receivable	(4,410)	(250)
Investments in subsidiaries	0	0
Proceeds from sale of fixed assets	0	0
Capital expenditures	(3,029)	(3,570)
Repayments of notes receivable	0	0
Pay downs of investment securities	0
Proceeds from sale of preferred securities	1,000
Investments in real estate held for sale	(12,502)
Net cash used in investing activities	(53,650)	(13,705)
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Deferred financing costs	0	0
Repayments of debt	(120)	(3,758)
Borrowings under revolver	0	0
Repayments on revolver	0	0
Capital contributions received	40,558	22,117
Intercompany dividends paid	(1,935)	(11,952)
Dividends and distributions on common stock	0	0
Distributions to non-controlling interest	0	(3,075)
Proceeds from exercise of Vector options	0	0
Tax benefit of options exercised	0	0
Net cash (used in) provided by financing activities	38,503	3,332
Net (decrease) increase in cash and cash equivalents	(2,090)	21,906
Cash and cash equivalents, beginning of period	104,890	71,312
Cash and cash equivalents, end of period	102,800	93,218
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	(71,010)	(41,952)
Cash flows from investing activities:
Sale of investment securities	0	0
Maturities of investment securities	0
Purchase of investment securities	0	0
Proceeds from sale or liquidation of long-term investments	0	0
Purchase of long-term investments	0	0
Investments in real estate ventures	0	0
Purchase of subsidiaries		0
Distributions from investments in real estate ventures		0
Increase in cash surrender value of life insurance policies	0	0
Increase in restricted assets	0	0
Issuance of notes receivable	0	35,000
Investments in subsidiaries	42,808	25,267
Proceeds from sale of fixed assets	0	0
Capital expenditures	0	0
Repayments of notes receivable	0	(35,000)
Pay downs of investment securities	0
Proceeds from sale of preferred securities	0
Investments in real estate held for sale	0
Net cash used in investing activities	42,808	25,267
Cash flows from financing activities:
Proceeds from issuance of debt	0	(35,000)
Deferred financing costs	0	0
Repayments of debt	0	35,000
Borrowings under revolver	0	0
Repayments on revolver	0	0
Capital contributions received	(42,808)	(25,267)
Intercompany dividends paid	71,010	41,952
Dividends and distributions on common stock	0	0
Distributions to non-controlling interest	0	0
Proceeds from exercise of Vector options	0	0
Tax benefit of options exercised	0	0
Net cash (used in) provided by financing activities	28,202	16,685
Net (decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0