Vector (VGR) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		123,792,329

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 209,048	$ 240,368
Investment securities available for sale	152,700	181,976
Accounts receivable - trade, net	20,449	23,889
Inventories	92,451	86,516
Income taxes receivable, net	4,621	2,841
Restricted assets	9,628	9,195
Other current assets	37,748	38,954
Total current assets	526,645	583,739
Property, plant and equipment, net	73,608	75,632
Real estate held for sale, net	23,366	23,318
Long-term investments	59,488	62,726
Investments in real estate ventures	225,033	217,168
Restricted assets	14,887	12,303
Goodwill and other intangible assets, net	263,413	263,959
Prepaid pension costs	20,976	20,650
Other assets	21,373	21,120
Total assets	1,228,789	1,280,615
Current liabilities:
Current portion of notes payable and long-term debt	25,927	8,919
Current payments due under the Master Settlement Agreement	43,705	29,241
Current portion of employee benefits	914	915
Income taxes payable, net	0	96
Litigation accruals	7,686	22,904
Other current liabilities	113,085	154,217
Total current liabilities	191,317	216,292
Notes payable, long-term debt and other obligations, less current portion	864,554	856,108
Fair value of derivatives embedded within convertible debt	134,348	144,042
Non-current employee benefits	55,171	55,055
Deferred income taxes, net	85,069	79,429
Payments due under the Master Settlement Agreement	20,094	20,094
Litigation accruals	22,034	24,718
Other liabilities	10,062	7,038
Total liabilities	$ 1,382,649	$ 1,402,776
Commitments and contingencies (Note 7)
Stockholders' deficiency:
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized	$ 0	$ 0
Common stock, par value $0.10 per share, 250,000,000 shares authorized, 123,792,329 shares issued and outstanding	12,379	12,379
Accumulated deficit	(238,180)	(210,113)
Accumulated other comprehensive income	(8,270)	(8,313)
Total Vector Group Ltd. stockholders' deficiency	(234,071)	(206,047)
Non-controlling interest	80,211	83,886
Total stockholders' deficiency	(153,860)	(122,161)
Total liabilities and stockholders' deficiency	$ 1,228,789	$ 1,280,615

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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)	123,792,329	123,792,329
Common stock, shares outstanding (in shares)	123,792,329	123,792,329

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues:
Tobacco	[1]	$ 221,015	$ 228,085
Real estate		159,747	132,256
E-Cigarettes		38	419
Total revenues		380,800	360,760
Cost of sales:
Tobacco	[1]	136,738	157,030
Real estate		99,678	84,358
E-Cigarettes		6	630
Total cost of sales		236,422	242,018
Operating, selling, administrative and general expenses		79,828	74,181
Litigation settlement and judgment expense		2,350	843
Restructuring charges		41	0
Operating income		62,159	43,718
Other income (expenses):
Interest expense		(30,720)	(31,746)
Change in fair value of derivatives embedded within convertible debt		9,694	6,460
Equity in (losses) earnings from real estate ventures		(507)	338
Equity in (losses) earnings from investments		(1,671)	612
Gain on sale of investment securities available for sale		567	13,029
Impairment of investment securities available for sale		(4,813)	0
Other, net		1,047	1,937
Income before provision for income taxes		35,756	34,348
Income tax expense		14,363	12,867
Net income		21,393	21,481
Net income attributed to non-controlling interest		(2,055)	(260)
Net income attributed to Vector Group Ltd.		$ 19,338	$ 21,221
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)		$ 0.16	$ 0.18
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)		0.16	0.18
Cash distributions and dividends declared per share (in dollars per share)		$ 0.4	$ 0.38
[1]	Revenues and cost of sales include excise taxes of $90,846 and $97,359, respectively.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 90,846	$ 97,359

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 21,393	$ 21,481
Net unrealized losses on investment securities available for sale:
Change in net unrealized (losses) gains	(4,634)	20,910
Net unrealized losses (gains) reclassified into net income	4,246	(13,029)
Net unrealized (losses) gains on investment securities available for sale	(388)	7,881
Net unrealized gains on long-term investments accounted for under the equity method:
Net unrealized gains on long-term investments accounted for under the equity method	0	14
Net change in forward contracts	9	16
Net change in pension-related amounts
Amortization of loss	445	267
Net change in pension-related amounts	445	267
Other comprehensive income	66	8,178
Income tax effect on:
Change in net unrealized (losses) gains on investment securities	1,908	(8,460)
Net unrealized losses (gains) reclassified into net income on investment securities	(1,745)	5,387
Change in unrealized gains on long-term investments accounted for under the equity method	0	(6)
Forward contracts	(3)	(6)
Pension-related amounts	(183)	(111)
Income tax provision on other comprehensive income	(23)	(3,196)
Other comprehensive income, net of tax	43	4,982
Comprehensive income	21,436	26,463
Comprehensive income attributed to non-controlling interest	(2,055)	(260)
Comprehensive income attributed to Vector Group Ltd.	$ 19,381	$ 26,203

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Stockholders' Deficiency $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ (122,161)
Net income	21,393
Total other comprehensive income	43
Comprehensive income	21,436
Distributions and dividends on common stock	(49,712)
Stock-based compensation	2,307
Contributions from non-controlling interest	248
Distributions to non-controlling interest	(5,978)
Ending Balance	(153,860)
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 12,379
Beginning Balance (in shares) | shares	123,792,329
Ending Balance	$ 12,379
Ending Balance (in shares) | shares	123,792,329
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 0
Distributions and dividends on common stock	(2,307)
Stock-based compensation	2,307
Ending Balance	0
Accumulated Deficit [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(210,113)
Net income	19,338
Distributions and dividends on common stock	(47,405)
Ending Balance	(238,180)
Accumulated Other Comprehensive Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(8,313)
Total other comprehensive income	43
Ending Balance	(8,270)
Non-controlling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	83,886
Net income	2,055
Contributions from non-controlling interest	248
Distributions to non-controlling interest	(5,978)
Ending Balance	$ 80,211

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Net cash (used in) provided by operating activities	$ (4,936)	$ 7,828
Cash flows from investing activities:
Sale of investment securities	51,218	74,591
Maturities of investment securities	343	947
Purchase of investment securities	(29,112)	(67,628)
Proceeds from sale or liquidation of long-term investments	0	1,216
Purchase of long-term investments	0	(5,000)
Investments in real estate ventures	(5,795)	(7,816)
Distributions from investments in real estate ventures	12	0
Increase in cash surrender value of life insurance policies	(62)	(606)
Increase in restricted assets	(3,017)	(6,933)
Proceeds from sale of fixed assets	0	3
Capital expenditures	(3,915)	(3,156)
Pay downs of investment securities	2,174	1,594
Investments in real estate held for sale	(49)	0
Net cash provided by (used in) investing activities	11,797	(12,788)
Cash flows from financing activities:
Proceeds from issuance of debt	57	0
Deferred financing costs	0	(585)
Repayments of debt	(1,576)	(1,857)
Borrowings under revolver	59,426	107,668
Repayments on revolver	(41,482)	(110,792)
Dividends and distributions on common stock	(48,876)	(46,350)
Contributions from non-controlling interest	248	0
Distributions to non-controlling interest	(5,978)	0
Proceeds from exercise of Vector options	0	809
Tax benefit of options exercised	0	274
Net cash used in financing activities	(38,181)	(50,833)
Net decrease in cash and cash equivalents	(31,320)	(55,793)
Cash and cash equivalents, beginning of period	240,368	326,365
Cash and cash equivalents, end of period	$ 209,048	$ 270,572

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 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, 2015 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, 2015 Consolidated Balance Sheet. In April 2015, the FASB issued ASU No. 2015-03, “Interest-Imputation of Interest” (“ASU 2015-03”), which requires debt issuance costs to be reported in the balance sheet as a direct deduction from the face amount of the note. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015. This amendment must be applied retrospectively to all periods presented. The Company adopted the provisions of this ASU retrospectively in the first quarter of 2016, and adjusted all prior periods accordingly. The adoption of this ASU will simplify the presentation of debt issuance costs and reduce complexity without decreasing the usefulness of information provided to users of financial statements. The cumulative impacts of the application of the new ASU are presented in the table below: December 31, 2015 As Previously Reported ASU Adoption As Revised Other assets $ 51,261 $ (30,141 ) $ 21,120 Total assets $ 1,310,756 $ (30,141 ) 1,280,615 Notes payable, long-term debt and other obligations, less current portion $ 886,249 $ (30,141 ) $ 856,108 Total liabilities 1,432,917 (30,141 ) 1,402,776 Total stockholders' deficiency (122,161 ) — (122,161 ) Total liabilities and stockholders' deficiency $ 1,310,756 $ (30,141 ) $ 1,280,615 Adoption of Equity Method. The Company adopted the equity method of accounting for its investments in Ladenburg Thalmann Financial Services Inc. (“LTS”) and Castle Brands Inc. (“Castle”) in 2015 because the Company determined that it had significant influence due to the evolution of the relationships with each company. In accordance with ASC 323-35-33, the Company has adjusted its condensed consolidated financial statements, retrospectively, on a step-by-step basis as if the equity method had been in effect since inception. The cumulative impact of the retrospective application of the equity method of accounting for the two investments are presented in the table below: Three months ended March 31, 2015 As Previously Reported Revision As Revised Operating, selling, administrative and general expenses $ 73,944 $ 237 $ 74,181 Operating income 43,955 (237 ) 43,718 Equity in (losses) earnings from investments (37 ) 649 612 Other, net 1,896 41 1,937 Income before provision for income taxes 33,895 453 34,348 Income tax expense 12,679 188 12,867 Net income 21,216 265 21,481 Net income attributed to Vector Group Ltd. 20,956 265 21,221 Other comprehensive income (loss), net of tax 1,999 2,983 4,982 Comprehensive income 23,215 3,248 26,463 Comprehensive income attributed to Vector Group Ltd. $ 22,955 $ 3,248 $ 26,203 (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 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 to the extent paid-in-capital is available. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all periods presented. (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 (e.g. federal excise taxes). 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 commissions earned by the Company’s real estate 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 expenses are recognized concurrently with related revenues. Property management fees and rental commissions 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 29, 2015 . 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 March 31, 2016 2015 Net income attributed to Vector Group Ltd. $ 19,338 $ 21,221 Income attributed to participating securities (633 ) (630 ) Net income available to common shares attributed to Vector Group Ltd. $ 18,705 $ 20,591 Basic and diluted EPS were calculated using the following common shares: Three Months Ended March 31, 2016 2015 Weighted-average shares for basic EPS 118,058,860 116,990,724 Plus incremental shares related to stock options and non-vested restricted stock 194,424 201,456 Weighted-average shares for diluted EPS 118,253,284 117,192,180 The following were outstanding during the three months ended March 31, 2016 and 2015 , but were not included in the computation of diluted EPS because the effect was anti-dilutive. Three Months Ended March 31, 2016 2015 Weighted-average shares of non-vested restricted stock 1,200,000 — Weighted-average expense per share $ 22.75 $ — Weighted-average number of shares issuable upon conversion of debt 24,895,477 25,779,073 Weighted-average conversion price $ 19.63 $ 19.32 (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 March 31, 2016 , the range of estimated fair market values of the Company's embedded derivatives was between $133,267 and $135,403 . The Company recorded the fair market value of its embedded derivatives at the approximate midpoint of the range at $134,348 as of March 31, 2016 . At December 31, 2015 , the range of estimated fair market values of the Company's embedded derivatives was between $143,422 and $144,660 . The Company recorded the fair market value of its embedded derivatives at the midpoint of the range at $144,042 as of December 31, 2015 . The estimated fair market value of the Company's embedded derivatives could change significantly based on future market conditions. (See Note 6 .) (f) Investment in Real Estate Ventures: The Company's investment in real estate ventures are subject to evaluation under ASU No. 2015-02, "Consolidation" ("ASU 2015-02) which requires all legal entities to be evaluated as either a voting interest entity or a Variable Interest Entities ("VIE"). The guidance is effective for financial statements of public companies issued for fiscal years beginning after December 15, 2015. The Company has followed the decision tree set forth in ASC 810-10-05-6 in analyzing each of its investments in real estate ventures. The Company examines specific criteria and uses judgment when determining if the real estate venture is a VIE and then if the Company is the primary beneficiary of a VIE. Factors considered in the qualification of a VIE include sufficient equity investment at risk, disproportionate voting rights and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights, and characteristics of a controlling financial interest. Accounting guidance requires the Company to perform the VIE primary-beneficiary assessment for entities determined to be VIEs. The Company is required to consolidate all VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that a reporting entity has a controlling financial financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly affect the VIE's economic performance and (b) the obligation to absorb losses or the right to receive residual returns of the VIE that could potentially be significant to the VIE. The Company's maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs which is the carrying value. The Company's maximum exposure to loss in its investment in its consolidated VIEs is limited to its investment which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary. (g) Other Income, Net : Other income, net consisted of: Three Months Ended March 31, 2016 2015 Interest and dividend income $ 1,324 $ 1,740 Gain on long-term investment — 200 Impairment of long-term investments (282 ) — Other expense 5 (3 ) Other income, net $ 1,047 $ 1,937 (h) Other Current Liabilities : Other current liabilities consisted of: March 31, 2016 December 31, 2015 Accounts payable $ 10,865 $ 19,639 Accrued promotional expenses 20,733 24,816 Accrued excise and payroll taxes payable, net 18,690 26,556 Accrued interest 16,523 28,147 Commissions payable 8,770 11,008 Accrued salary and benefits 9,117 20,134 Other current liabilities 28,387 23,917 Total other current liabilities $ 113,085 $ 154,217 (i) Goodwill and Other Intangible Assets : The components of “Goodwill and other intangible assets, net” were as follows: March 31, 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 5,111 5,657 Total goodwill and other intangible assets, net $ 263,413 $ 263,959 (j) Commitments : Douglas Elliman Lease Extension. On March 31, 2016, Douglas Elliman extended the duration of an existing lease and entered into a sublease for additional space in New York. The agreement extended the lease term from 2018 to 2032. The new agreements could increase the Company’s lease commitments by $0 in 2016, $1,164 in 2017, $1,412 in 2018, $3,733 in 2019, $5,394 in 2020 and $69,460 thereafter. (k) New Accounting Pronouncements : In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 modifies U.S. Generally Accepted Accounting Principles ("GAAP") by requiring the following, among others: (1) all excess tax benefits and tax deficiencies are to be recognized as income tax expense or benefit on the income statement (excess tax benefits are recognized regardless of whether the benefit reduces taxes payable in the current period); (2) excess tax benefits are to be classified along with other income tax cash flows as an operating activity in the statement of cash flows; (3) in the area of forfeitures, an entity can still follow the current U.S. GAAP practice of making an entity-wide accounting policy election to estimate the number of awards that are expected to vest or may instead account for forfeitures when they occur; and (4) classification as a financing activity in the statement of cash flows of cash paid by an employer to the taxing authorities when directly withholding shares for tax withholding purposes. ASU 2016-09 is effective for the Company's fiscal year beginning January 1, 2017, including interim periods. Early application is permitted. The Company is currently assessing the impact the adoption of ASU 2016-09 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 does not change the core principle of the guidance stated in ASU 2014-09, instead, the amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. The Company is currently evaluating the method and impact the adoption of this ASU and ASU 2014-09 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will be effective for the Company’s fiscal year beginning January 1, 2017 and subsequent interim periods. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force) ("ASU 2016-06"). ASU 2016-06 clarifies the requirement for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under ASU 2016-06 is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. The amendments in ASU 2016-06 are effective for the Company's fiscal year beginning January 1, 2017, including interim periods. The Company is currently evaluating the method and impact the adoption of this ASU 2016-06 will have on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current U.S. GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning January 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements, and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-01 will have on the Company’s condensed consolidated financial statements. In May 2014, FASB issued ASU 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 amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date the new standard is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning subsequent to December 15, 2016. 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 and it has not determined the impact of the new standard on its condensed consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of: March 31, December 31, Leaf tobacco $ 51,035 $ 49,856 Other raw materials 3,423 3,578 Work-in-process 918 789 Finished goods 65,781 61,493 E-Cigarettes 74 80 Inventories at current cost 121,231 115,796 LIFO adjustments (28,780 ) (29,280 ) $ 92,451 $ 86,516 All of the Company's inventories at March 31, 2016 and December 31, 2015 are reported under the LIFO method. The $28,780 LIFO adjustment as of March 31, 2016 decreases the current cost of inventories by $19,363 for Leaf tobacco, $643 for Other raw materials, $33 for Work-in-Process, $8,736 for Finished goods and $5 for E-Cigarettes. The $29,280 LIFO adjustment as of December 31, 2015 decreased the current cost of inventories by $19,863 for Leaf tobacco, $643 for Other raw materials, $33 for Work-in-Process, $8,736 for Finished goods and $5 for E-Cigarettes. Liggett enters into purchase commitments for leaf tobacco that will be used entirely for future production. The future quantities of leaf tobacco and prices are established at the date of the commitments. At March 31, 2016 , Liggett had tobacco purchase commitments of approximately $24,397 . Liggett 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 public warehouses but not sold. The amount of capitalized MSA cost in “Finished goods” inventory was $15,390 and $15,796 at March 31, 2016 and December 31, 2015 , respectively. Federal excise tax in inventory was $25,159 and $23,455 at March 31, 2016 and December 31, 2015 ,

Investment Securities Available

Investment Securities Available for Sale	3 Months Ended
	Mar. 31, 2016
Available-for-sale Securities [Abstract]
Investment Securities Available for Sale	INVESTMENT SECURITIES AVAILABLE FOR SALE The components of investment securities available for sale at March 31, 2016 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 37,947 $ 18,822 $ (238 ) $ 56,531 Mutual funds invested in fixed income securities 20,215 77 — 20,292 Marketable debt securities 75,120 757 — 75,877 Total investment securities available for sale $ 133,282 $ 19,656 $ (238 ) $ 152,700 The components of investment securities available for sale at December 31, 2015 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 47,502 $ 19,833 $ (62 ) $ 67,273 Mutual funds invested in fixed income securities 20,126 — (15 ) 20,111 Marketable debt securities 94,540 52 — 94,592 Total investment securities available for sale $ 162,168 $ 19,885 $ (77 ) $ 181,976 The table below summarizes the maturity dates of marketable debt securities at March 31, 2016 . Investment Type: Market Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 22,730 $ — $ 22,730 $ — Corporate securities 35,592 433 35,159 — U.S. mortgage-backed securities 5,369 605 4,764 — Commercial mortgage-backed securities 5,605 4,526 1,079 — U.S. asset-backed securities 4,443 3,857 586 — Index-linked U.S. bonds 2,138 — 2,138 — Total marketable debt securities by maturity dates $ 75,877 $ 9,421 $ 66,456 $ — The available-for-sale investment securities with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: In loss position for Less than 12 months 12 months or more Fair Value Unrealized Losses Fair Value Unrealized Losses Total Fair Value Total Unrealized Losses March 31, 2016 Marketable equity securities $ 5,762 $ (238 ) $ — $ — $ 5,762 $ (238 ) $ 5,762 $ (238 ) $ — $ — $ 5,762 $ (238 ) December 31, 2015 Marketable equity securities $ 5,938 $ (62 ) $ — $ — $ 5,938 $ (62 ) Mutual funds invested in fixed income securities 10,053 (15 ) — — 10,053 (15 ) $ 15,991 $ (77 ) $ — $ — $ 15,991 $ (77 ) Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Unrealized losses from equity and debt securities are due to market price movements. The Company believes the unrealized losses associated with the Company's equity securities will be recovered in the future. Gross realized gains and losses on available-for-sale investment securities were as follows: Three Months Ended March 31, 2016 2015 Gross realized gains on sales $ 759 $ 13,564 Gross realized losses on sales (192 ) (535 ) Gains on sale of investment securities available for sale $ 567 $ 13,029 Gross realized losses on other-than-temporary impairments $ (4,813 ) $ — The Company recorded an “Other-than-temporary impairment” charge of $4,813 during the three months ended March 31, 2016 . The largest component of this charge was $4,772 related to Morgans Hotel Group Co., a company where Vector's President and Chief Executive Officer also serves as Chairman of the Board of Directors. Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company's investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. Proceeds from investment securities sales totaled $51,218 and $74,591 and proceeds from early redemptions by issuers totaled $2,517 and $2,541 in the three months ended March 31, 2016 and 2015 , respectively, mainly from sales of Corporate securities and U.S. Government securities.

Long Term Investments

Long Term Investments	3 Months Ended
	Mar. 31, 2016
Long-term Investments [Abstract]
Long-Term Investments	LONG-TERM INVESTMENTS Long-term investments consisted of the following: March 31, 2016 December 31, 2015 Investments accounted at cost $ 39,949 $ 41,231 Investments accounted for under the equity method 19,539 21,495 $ 59,488 $ 62,726 (a) Cost-Method Investments: Long-term investments accounted for at cost consisted of the following: March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Investments partnerships $ 39,448 $ 41,386 $ 40,730 $ 44,217 Real estate partnership 501 505 501 552 $ 39,949 $ 41,891 $ 41,231 $ 44,769 The principal business of the investment partnerships is investing in investment securities and real estate. The estimated fair value of the investment partnerships was provided by the partnerships based on the indicated market values of the underlying assets or investment portfolio. The investments in these investment partnerships are illiquid and the ultimate realization of these investments is subject to the performance of the underlying partnership and its management by the general partners. In the future, the Company may invest in other investments, including limited partnerships, real estate investments, equity securities, debt securities, derivatives and certificates of deposit, depending on risk factors and potential rates of return. If it is determined that an other-than-temporary decline in fair value exists in long-term investments, the Company records an impairment charge with respect to such investment in its consolidated statements of operations. The Company will continue to perform additional assessments to determine the impact, if any, on the Company’s condensed consolidated financial statements. Thus, future impairment charges may occur. The Company has accounted for these investments using the cost method of accounting because the investments did not meet the requirements for equity method accounting. The Company invested $5,000 in a reinsurance company during the the three months ended March 31, 2015. The long-term investments are carried on the consolidated balance sheet at cost. The fair value determination disclosed above would be classified as Level 3 under fair value hierarchy disclosed in Note 11 if such assets were recorded on the consolidated balance sheet at fair value. The fair value determinations disclosed above were based on company assumptions, and information obtained from the partnerships based on the indicated market values of the underlying assets of the investment portfolio. (b) Equity-Method Investments: Long-term investments accounted for under the equity method consisted of the following: March 31, December 31, 2015 Indian Creek Investors LP $ 3,780 $ 4,989 Boyar Value Fund 7,286 7,302 Ladenburg Thalmann Financial Services Inc. 8,473 9,204 Castle Brands, Inc. — — $ 19,539 $ 21,495 The Company's investments accounted for under the equity method include the following: Indian Creek Investors LP (“Indian Creek”), Boyar Value Fund (“Boyar”), Ladenburg Thalmann Financial Services Inc. (“LTS”) and Castle Brands Inc. (“Castle”). At March 31, 2016 , the Company's ownership percentages in Indian Creek, Boyar, LTS and Castle were 20.17% , 30.36% , 7.76% and 7.92% , respectively. The Company accounted for Indian Creek and Boyar interests as equity-method investments because the Company's ownership percentage meets the threshold for equity-method accounting. The Company accounted for the LTS and Castle interests as equity-method investments because the Company has the ability to exercise significant influence over their operating and financial policies. The Company's investments under the equity method include an investment in Boyar. The value of the investment based on the quoted market price as of March 31, 2016 was $7,286 , equal to its carrying value. Ladenburg Thalmann Fund Management, LLC, an indirect subsidiary of LTS, is the manager of Boyar. At March 31, 2016 , the aggregate values of the LTS and Castle investments based on the quoted market price were $35,478 and $11,911 , respectively. The principal business of Indian Creek is investing in investment securities. Fair value approximates carrying value. The estimated fair value of the investment partnership was provided by the partnership based on the indicated market values of the underlying assets or investment portfolio. The investment in the investment partnership is illiquid and the ultimate realization of the investment is subject to the performance of the underlying partnership and its management by the general partners. The Company received cash distributions of $285 and $1,433 from the Company's investments in long-term investments under the equity method for the three months ended March 31, 2016 and 2015 , respectively. The Company recognized equity in losses from long-term investments under the equity method of $1,671 for the three months ended March 31, 2016 and equity in earnings from long-term investments under the equity method of $612 for the three months ended March 31, 2015 . The Company has suspended its recognition of equity losses in Castle to the extent such losses exceed its basis. If it is determined that an other-than-temporary decline in fair value exists in long-term investments, the Company records an impairment charge with respect to such investment in its consolidated statements of operations. The Company will continue to perform additional assessments to determine the impact, if any, on the Company’s condensed consolidated financial statements. Thus, future impairment charges may occur.

New Valley LLC

New Valley LLC	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
New Valley LLC	NEW VALLEY LLC Residential Brokerage Business. 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: March 31, December 31, 10 Madison Square Park (1107 Broadway) $ 12,123 $ 11,391 The Marquand (11 East 68th Street) 13,054 13,900 11 Beach Street 13,527 13,209 20 Times Square (701 Seventh Avenue) 16,024 14,985 111 Murray Street 25,387 25,567 160 Leroy Street 4,530 3,952 215 Chrystie Street 5,666 5,592 The Dutch (25-19 43rd Avenue) 1,107 1,077 Queens Plaza (23-10 Queens Plaza South) 16,553 16,177 87 Park (8701 Collins Avenue) 8,770 8,658 125 Greenwich Street 9,870 9,750 West Hollywood Edition (9040 Sunset Boulevard) 14,416 10,510 76 Eleventh Avenue 18,487 17,967 Monad Terrace 6,849 6,608 Takanasee 4,816 4,680 Condominium and Mixed Use Development 171,179 164,023 Maryland Portfolio — — ST Portfolio 16,270 15,754 Apartment Buildings 16,270 15,754 Park Lane Hotel 19,835 19,697 Hotel Taiwana 7,451 7,069 Coral Beach and Tennis Club 2,702 3,159 Hotels 29,988 29,925 The Plaza at Harmon Meadow 5,526 5,449 Commercial 5,526 5,449 Other 2,070 2,017 Investments in real estate ventures $ 225,033 $ 217,168 Condominium and Mixed-Use Development: Condominium and mixed-use development investments range in ownership percentage from 3.1% to 49.5% . New Valley recorded net equity in losses of $1,183 for the three months ended March 31, 2016 from its condominium and mixed-used developments. New Valley recorded equity income of $536 for the three months ended March 31, 2015 . The Company recorded $300 of equity income related to its proportionate share of the Marquand’s equity earnings from the sale of two of its units during the quarter and $236 from Chelsea Eleven for a distribution of excess amounts held back in 2012 for final expenses of the investment for the three months ended March 31, 2015 . During the three months ended March 31, 2016 , New Valley made capital contributions totaling $5,077 related to ventures where New Valley previously held an investment, primarily at 20 Times Square, 160 Leroy Street, West Hollywood Edition, and Monad Terrace. For ventures where New Valley previously held an investment, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners. New Valley's direct investment percentage did not change. During the three months ended March 31, 2015 , New Valley made capital contributions totaling $1,352 primarily related to 215 Chrystie Street and the Dutch. 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 three months ended March 31, 2016 , New Valley received distributions of $258 primarily related to income from marketing fees paid by 125 Greenwich Street. During the three months ended March 31, 2015 , New Valley received distributions 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. 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 $153,669 at March 31, 2016 . New Valley capitalized $3,520 of interest expense into the carrying value of its ventures whose projects were currently under development during the three months ended March 31, 2016 . Douglas Elliman has been engaged by the developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its joint venture investments. Douglas Elliman had gross commissions of approximately $2,405 for the three months ended March 31, 2016 from these projects. Apartment Buildings: Apartment building investments range in ownership percentage from 7.6% to 16.3% . New Valley recorded equity income of $516 for the three months ended March 31, 2016 , related to the ST Portfolio apartment portfolio. New Valley recorded equity losses of $48 for the three months ended March 31, 2015 , primarily related to equity losses of the Maryland Portfolio. New Valley received distributions of $212 during the three months ended March 31, 2015 , primarily related to the Maryland Portfolio. New Valley has suspended its recognition of equity losses in Maryland Portfolio to the extent such losses exceed its basis. New Valley's maximum exposure to loss as a result of its investment in apartment buildings was $16,270 at March 31, 2016 . Hotels: Hotel investments range in ownership percentage from 5.2% to 49.0% . New Valley recorded equity losses of $655 for the three months ended March 31, 2016 , related to hotel operations. New Valley recorded equity losses of $747 for the three months ended March 31, 2015 . New Valley made capital contributions totaling $718 for the three months ended March 31, 2016 , related to the Park Lane Hotel. New Valley made capital contributions totaling $533 for the three months ended March 31, 2015 , primarily related to Coral Beach and Tennis Club. New Valley's maximum exposure to loss as a result of its investments in hotels was $29,988 at March 31, 2016 . 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. New Valley recorded equity income of $212 for the three months ended March 31, 2016 related to shopping center rental operations. New Valley received distributions totaling $135 for the three months ended March 31, 2016 , related to Harmon Meadow. New Valley's maximum exposure to loss as a result of its investments in commercial ventures was $5,526 at March 31, 2016 . Other: Other investments in real estate ventures relate to a 50% investment in an insurance consulting company owned by Douglas Elliman. Real Estate Held for Sale: The components of “Real estate held for sale, net” were as follows: March 31, December 31, Escena, net $ 10,714 $ 10,716 Sagaponack 12,652 12,602 Real estate held for sale, net $ 23,366 $ 23,318 Escena. The assets of “Escena, net” were as follows: March 31, December 31, Land and land improvements $ 8,907 $ 8,907 Building and building improvements 1,874 1,875 Other 2,004 1,923 12,785 12,705 Less accumulated depreciation (2,071 ) (1,989 ) $ 10,714 $ 10,716 New Valley recorded operating income of $508 and $725 for the three months ended March 31, 2016 and 2015 , respectively, from Escena. Investment in Sagaponack. In April 2015, New Valley has 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 condensed consolidated financial statements of the Company. As of March 31, 2016 , the assets of Sagaponack consist of land and land improvements of $12,652 .

Notes Payable, Long Term Debt a

Notes Payable, Long Term Debt and Other Obligations	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, Vector: 7.75% Senior Secured Notes due 2021, including premium of $7,685 and $8,014 $ 607,685 $ 608,014 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $127,301 and $132,119* 102,699 97,881 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $82,668 and $86,136* 176,082 172,614 Liggett: Revolving credit facility 21,157 3,213 Term loan under credit facility 3,220 3,269 Equipment loans 8,227 9,716 Other 384 461 Notes payable, long-term debt and other obligations 919,454 895,168 Less: Debt issuance costs (28,973 ) (30,141 ) Total notes payable, long-term debt and other obligations 890,481 865,027 Less: Current maturities (25,927 ) (8,919 ) Amount due after one year $ 864,554 $ 856,108 ______________________ * The fair value of the derivatives embedded within the 7.5% Variable Interest Senior Convertible Notes ( $66,558 at March 31, 2016 and $72,083 at December 31, 2015 , respectively) and the 5.5% Variable Interest Senior Convertible Debentures ( $67,790 at March 31, 2016 and $71,959 at December 31, 2015 , 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 2,338,930 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 March 31, 2016 , a total of $24,377 was outstanding under the revolving and term loan portions of the credit facility. Availability, as determined under the facility, was approximately $35,600 based on eligible collateral at March 31, 2016 . Shares of Common Stock per $1,000 Principal Amount due on Convertible Notes : The conversion rates for all convertible debt outstanding as of March 31, 2016 and December 31, 2015 , are summarized below: March 31, 2016 December 31, 2015 Conversion Price Shares per $1,000 Conversion Price Shares per $1,000 7.5% Variable Interest Senior Convertible Notes due 2019 $ 15.98 62.5743 $ 15.98 62.5743 5.5% Variable Interest Senior Convertible Debentures due 2020 $ 24.64 40.5891 $ 24.64 40.5891 Non-Cash Interest Expense - Vector : Three Months Ended March 31, 2016 2015 Amortization of debt discount, net $ 7,956 $ 5,627 Amortization of debt issuance costs 1,168 966 $ 9,124 $ 6,593 Fair Value of Notes Payable and Long-Term Debt : March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Notes payable and long-term debt $ 919,454 (1) $ 1,292,584 $ 895,168 (1) $ 1,297,875 ______________________ (1) The carrying value does not include the carrying value of the embedded derivative. See Note 11 . Notes payable and long-term debt are carried on the condensed consolidated balance sheet at amortized cost. The fair value determinations disclosed above are classified as Level 2 under the fair value hierarchy disclosed in Note 11 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. The Company used the quoted market prices as of March 31, 2016 to determine the fair value of its publicly traded notes and debentures. The carrying value of the credit facility and term loan is equal to the fair value. The fair value of the equipment loans and other obligations was determined by calculating the present value of the required future cash flows. 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and 2015 , Liggett incurred tobacco product liability legal expenses and costs totaling $4,171 and $2,555 , respectively. The tobacco product liability legal expenses and costs are included in the operating, selling, administrative and general expenses and litigation settlement and judgment expense line items in the Condensed Consolidated Statements 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 the probability of a loss being incurred and 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 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 of the Putney , Calloway , Buchanan , Lambert , Boatright and Ward cases Liggett, as of March 31, 2016 , has secured approximately $15,767 in bonds. 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 March 31, 2016 , 24 Engle progeny cases where Liggett was a defendant at trial resulted in verdicts. Fifteen 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 nine in favor of Liggett. In four of the cases, punitive damages were awarded against Liggett (although in Calloway , the punitive damages award was reversed and remanded to the trial court). In certain cases, the judgments were entered jointly and severally with other defendants and Liggett may face the risk that one or more co-defendants decline or otherwise fail to participate in the bonding required for an appeal or to pay their proportionate or jury-allocated share of a judgment. As a result, Liggett under certain circumstances may have to pay more than its proportionate share of any bonding or judgment related amounts. Several of the judgments remain on appeal. 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, however, Liggett has entered into settlement discussions in individual cases or groups of cases, where Liggett has determined it was in its best interest to do so, and it may continue to do so in the future, including the remaining Engle progeny cases. In October 2013, Liggett announced a settlement of the claims of over 4,900 Engle progeny plaintiffs (see Engle Progeny Settlement below). As of March 31, 2016 , Liggett (and in certain cases the Company) had, on an individual basis, settled 174 Engle progeny cases for approximately $5,982 in the aggregate. Three of those settlements occurred in the first quarter of 2016 . Individual Actions As of March 31, 2016 , there were 37 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 the remaining Engle progeny cases or the 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 12 Maryland 12 New York 7 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 sued 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 using an 11% annual discount rate. The Company recorded a 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 255 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 March 31, 2016 , 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 regarding the amount of the award. Both sides sought discretionary review from the Florida Supreme Court. In February 2016, the Florida Supreme Court reinstated the jury's verdict. The defendants moved for clarification of that order, which was granted in March 2016. The court clarified that it reversed the district court's decision regarding the statute of repose only, leaving the remaining portions of the decision intact. The case will be remanded to the trial court for proceedings consistent with those portions of the district court's decision that were not reversed. April 2011 Tullo v. R.J. Reynolds Palm Beach 225 — Liggett satisfied the judgment and other than an issue with respect to the calculation of interest on the judgment and the amount of costs owed by Liggett, the case is concluded. January 2012 Ward v. R.J. Reynolds Escambia 1 — Liggett satisfied the merits judgment. Subsequently, the trial court entered a final judgment on attorneys' fees and costs for $981 and defendants appealed that judgment. May 2012 Calloway v. R.J. Reynolds Broward 1,530 — A joint and several judgment for $16,100 was entered against R.J. Reynolds, Philip Morris, Lorillard and Liggett. On January 6, 2016, the Fourth District Court of Appeal reversed in part, including the $7,600 punitive damages award against Liggett, and remanded the case to the trial court for a new trial on certain issues. Both sides have moved for rehearing. December 2012 Buchanan v. R.J. Reynolds Leon 2,750 — A joint and several judgment for $5,500 was entered against Liggett and Philip Morris. The court refused to reduce the award by decedent's comparative fault. 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, which was declined in February 2016. The defendants are considering their appellate options. May 2013 Cohen v. R.J. Reynolds Palm Beach — — In May 2013, the jury awarded compensatory damages in the amount of $2,055 and apportioned 10% of the fault to Liggett ($205). Defendants' motion seeking a new trial was granted by the trial court. Plaintiff appealed and defendants cross-appealed. Oral argument is scheduled for June 7, 2016. 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 — — In August 2014, the jury awarded compensatory damages in the amount of $3,123 and apportioned 1% of the fault to Liggett ($31). In January 2015, the trial court granted defendants' motion for a new trial. Plaintiff appealed. October 2014 Lambert v. R.J. Reynolds Pinellas 3,600 9,500 Liggett satisfied the judgment and the case is concluded. 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 further entered against Liggett for $300 in punitive damages. Defendants appealed and plaintiff cross-appealed. June 2015 Caprio v. R.J. Reynolds Broward — — In February 2015, the jury answered certain questions on the verdict form, but were deadlocked as to others. The jury returned a verdict of $559 in economic damages. The court entered a partial judgment and ordered a new trial on the remaining issues, including comparative fault and punitive damages. Defendants appealed. Total Damages Awarded: 28,866 10,800 Amounts accrued, paid or compromised: (24,328) (10,500) Damages remaining on Appeal: $4,538 $300 (1) Compensatory damages are adjusted to reflect the jury's allocation of comparative fault and only include Liggett's jury allocated share, regardless of whether a judgment was joint and several. 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 March 31, 2016 , Liggett paid $ 35,416 , including interest and attorneys' fees, to satisfy the judgments in the following Engle progeny cases: Lukacs , Campbell , Douglas , Clay, Tullo, Ward, Rizzuto and Lambert . The Company’s current potential range of loss in the remaining cases on appeal is between $0 and $4,838 in the aggregate, plus interest and attorneys' fees, however, this is only an estimate and final damages in any case might increase as a result of pending appeals. 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. The Company's balance sheet as of March 31, 2016 contains an accrual of $4,323 for the Buchanan Engle progeny case . 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 Rey, 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 Douglas , a state court case, 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 state court case, in April 2015, the Florida Supreme Court held that Engle defendants cannot raise a statute of repose defense to claims for concealment or conspiracy. Defendants' motion for rehearing was denied. In April 2015, in Graham , a federal case, the Eleventh Circuit held that federal law impliedly preempts use of the res judicata Engle findings to establish claims for strict liability or negligence. In February 2016, the Eleventh Circuit Court of Appeals vacated the panel’s opinion and granted Plaintiff’s motion for rehearing en banc . Defendant's filed a motion requesting that the court enter a briefing order directing the parties to address both implied preemption and whether the application of the Engle findings violates federal due process. That motion was granted and briefing is underway. Maryland Cases Liggett is currently a defendant in 12 multi-defendant personal injury cases in Maryland that allege claims arising from asbestos and tobacco exposure. Liggett along with other tobacco defendants have moved (or are in the process of moving) to dismiss the cases. In the past, motions to dismiss have generally been successful, typically resulting in the dismissal without prejudice of the tobacco company defendants, including Liggett. Recently, however, a Maryland intermediate appellate court ruled, in Stidham, et al. v. R. J. Reynolds Tobacco Company, et al., that dismissal of tobacco company defendants may not be appropriate where injury is asserted based on both asbestos and tobacco usage. Although Stidham is subject to further appellate review, and the scope of its holding is not yet known, it is possible that Liggett and other tobacco company defendants will not be dismissed from pending synergy exposure cases, and may be named as a defendant in asbestos-related personal injury actions in Maryland going forward, including approximately 20 additional synergy exposure cases currently pending in Maryland state court. Liggett Only Cases There are currently three cases pending where Liggett is the only remaining defendant. Each of these cases is an Individual Action. In November 2015, in Hausrath (NY state court), one of the Individual Actions, the court entered a case management order providing discovery deadlines. There has been no further 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 March 31, 2016 , three actions were pending for which either a class had been certified or plaintiffs were seeking class certification where Liggett is a named defendant. 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 and that motion was granted. In February 1998, in Parsons v. AC & S Inc. , a purported class action 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. 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. Liggett was severed from trial of the consolidated action. After two mistrials, in May 2013, the jury rejected all but one of the plaintiffs' claims, finding in favor of plaintiffs on the claim that ventilated filter cigarettes between 1964 and July 1, 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 which subsequently declined review. In July 2015, the trial court ruled on the scope of the ventilated filter claim and determined that only 30 plaintiffs have potentially viable claims against the non-Liggett defendants, which may be pursued in a second phase of the trial. The court intends to try the claims of these plaintiffs in six consolidated trials, each with five plaintiffs. The trial court set the first date for the consolidated trials for January 9, 2017. 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. A hearing is scheduled for May 23, 2016. If the case proceeds against Liggett, it is estimated that Liggett could be a defendant in less than 25 of the remaining individual cases. In addition to the cases described above, numerous class actions remain certified against other cigarette manufacturers including cases alleging, among other things, that use of the terms “lights” and “ultra lights” constitutes unfair and deceptive trade practices. 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 March 31, 2016 , one Health Care Cost

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table summarizes key information related to the Company's pension plans and other postretirement benefits: Pension Benefits Other Postretirement Benefits Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost — benefits earned during the period $ 137 $ 44 $ 1 $ 2 Interest cost on projected benefit obligation 1,355 596 97 93 Expected return on assets (1,519 ) (955 ) — — Amortization of net loss (gain) 464 139 (19 ) (24 ) Net (income) expense $ 437 $ (176 ) $ 79 $ 71

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING The following table presents the activity under the Tobacco segment restructuring plan for the three months ended March 31, 2016 : Employee Severance and Benefits Contract Termination/Exit Costs Other Total Accrual balance as of January 1, 2016 $ 422 $ 48 $ 20 $ 490 Restructuring charges — 41 — 41 Utilized (191 ) (89 ) (20 ) (300 ) Accrual balance as of March 31, 2016 $ 231 $ — $ — $ 231

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Income before provision for income taxes $ 35,756 $ 34,348 Income tax expense using estimated annual effective income tax rate 14,314 12,965 Impact of discrete items, net 49 (98 ) Income tax expense $ 14,363 $ 12,867 The discrete item for the three months ended March 31, 2016 is primarily related to the results of a recent state income tax audit. The discrete item for the three months ended March 31, 2015 is primarily related to the rate differential in other comprehensive income and the results of recent state income tax audit.

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 were as follows: Fair Value Measurements as of March 31, 2016 Description Total Quoted Prices in Active Markets for Identical Assets Total Gains (Losses) Assets: Money market funds $ 88,888 $ 88,888 $ — $ — Certificates of deposit 3,472 — 3,472 — Bonds 15,802 15,802 — — Investment securities available for sale Equity securities 56,531 56,531 — — Mutual funds invested in fixed income securities 20,292 20,292 — — Fixed income securities U.S. government securities 22,730 — 22,730 — Corporate securities 35,592 — 35,592 — U.S. government and federal agency 5,369 — 5,369 — Commercial mortgage-backed securities 5,605 — 5,605 — U.S. asset-backed securities 4,443 — 4,443 — Index-linked U.S. bonds 2,138 — 2,138 — Total fixed income securities 75,877 — 75,877 — Total investment securities available for sale 152,700 76,823 75,877 — Total $ 260,862 $ 181,513 $ 79,349 $ — Liabilities: Fair value of derivatives embedded within convertible debt $ 134,348 $ — $ — $ 134,348 Nonrecurring fair value measurements Long-term investments (1) $ 2,844 $ 2,844 $ (282 ) (1) Long-term investments with a carrying amount of $3,126 were written down to their fair value of $2,844 , resulting in an impairment charge of $282 , which was included in earnings. Fair Value Measurements as of December 31, 2015 Description Total Quoted Prices in Active Markets for Identical Assets Total Gains (Losses) Assets: Money market funds $ 93,915 $ 93,915 $ — $ — Certificates of deposit 3,469 — 3,469 — Bonds 12,767 12,767 — — Investment securities available for sale Equity securities 67,273 67,273 — — Mutual funds invested in fixed income securities 20,111 20,111 — — Fixed income securities U.S. government securities 28,132 — 28,132 — Corporate securities 41,561 — 41,561 — U.S. government and federal agency 5,790 — 5,790 — Commercial mortgage-backed securities 8,728 — 8,728 — U.S. asset-backed securities 8,276 — 8,276 — Index-linked U.S. bonds 2,105 — 2,105 — Total fixed income securities 94,592 — 94,592 — Total investment securities available for sale 181,976 87,384 94,592 — Total $ 292,127 $ 194,066 $ 98,061 $ — Liabilities: Fair value of derivatives embedded within convertible debt $ 144,042 $ — $ — $ 144,042 Nonrecurring fair value measurements Long-term investments (1) $ 11,189 $ 11,189 $ (811 ) Real estate held for sale (2) 3,780 3,780 (230 ) $ 14,969 $ 14,969 $ (1,041 ) (1) Long-term investments with a carrying amount of $12,000 were written down to their fair value of $11,189 , resulting in an impairment charge of $811 , which was included in earnings. (2) Real estate held for sale with a carrying value of $4,010 was written down to its fair value of $3,780 , resulting in an impairment charge of $230 , which was included in earnings. The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution. 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 credit spread 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 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 unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at March 31, Valuation Technique Unobservable Input Range (Actual) Fair value of derivatives embedded within convertible debt $ 134,348 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 22.84 Convertible trading price (as a percentage of par value) 110.56 % Volatility 18.61 % Risk-free rate Term structure of US Treasury Securities Implied credit spread 6.0% - 7.0% (6.5%) The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, Valuation Technique Unobservable Input Range (Actual) Fair value of derivatives embedded within convertible debt $ 144,042 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 23.59 Convertible trading price (as a percentage of par value) 114.3 % Volatility 18.30 % Risk-free rate Term structure of US Treasury Securities Implied credit spread 5.0% - 5.5% (5.25%)

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company's significant business segments for the three months ended March 31, 2016 and 2015 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,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. Financial information for the Company’s operations before taxes and non-controlling interests for the three months ended March 31, 2016 and 2015 were as follows: Real Corporate Tobacco E-Cigarettes Estate and Other Total Three months ended March 31, 2016 Revenues $ 221,015 $ 38 $ 159,747 $ — $ 380,800 Operating income (loss) 61,483 (1) (193 ) 7,674 (6,805 ) 62,159 Equity in losses from real estate ventures — — (507 ) — (507 ) Depreciation and amortization 2,440 — 2,282 442 5,164 Capital expenditures 2,618 — 1,279 18 3,915 Three months ended March 31, 2015 Revenues $ 228,085 $ 419 $ 132,256 $ — $ 360,760 Operating income (loss) 49,670 (2) (3,164 ) 2,151 (4,939 ) 43,718 Equity in earnings from real estate ventures — — 338 — 338 Depreciation and amortization 2,936 — 2,908 437 6,281 Capital expenditures 956 — 2,200 — 3,156 (1) Operating income includes $2,350 of litigation settlement expense, and $41 of restructuring expense. (2) Operating income includes $843 of litigation settlement expense.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2016
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 (“SEC”) Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Affiliates Whose Securities Collateralize an Issue Registered or Being Registered.” Each of the subsidiary guarantors is 100% owned, directly or indirectly, by the Company, and all guarantees are full and unconditional and joint and several. The Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. The Company has outstanding $600,000 principal amount of its 7.75% Senior Secured Notes due 2021 that are guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the 100% owned domestic subsidiaries of the Company that are engaged in the conduct of its cigarette businesses. (See Note 6 ). The notes are not guaranteed by any of the Company’s subsidiaries engaged in the real estate businesses conducted through its subsidiary New Valley. Presented herein are Condensed Consolidating Balance Sheets as of March 31, 2016 and December 31, 2015 and the related Condensed Consolidating Statements of Operations and Cash Flows for the three months ended March 31, 2016 and 2015 of Vector Group. (Parent/Issuer), the guarantor subsidiaries (Subsidiary Guarantors) and the subsidiaries that are not guarantors (Subsidiary Non-Guarantors). The indenture contains covenants that restrict the payment of dividends by the Company if the Company’s consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”), as defined in the indenture, for the most recently ended four full quarters is less than $75,000 . The indenture also restricts the incurrence of debt if the Company’s Leverage Ratio and its Secured Leverage Ratio, as defined in the indenture, exceed 3.0 and 1.5 , respectively. The Company’s Leverage Ratio is defined in the indenture as the ratio of the Company’s and the guaranteeing subsidiaries’ total debt less the fair market value of the Company’s cash, investments in marketable securities and long-term investments to Consolidated EBITDA, as defined in the indenture. The Company’s Secured Leverage Ratio is defined in the indenture in the same manner as the Leverage Ratio, except that secured indebtedness is substituted for indebtedness. CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2016 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 94,637 $ 23,664 $ 90,747 $ — $ 209,048 Investment securities available for sale 111,659 41,041 — — 152,700 Accounts receivable - trade, net — 10,451 9,998 — 20,449 Intercompany receivables 14,986 — — (14,986 ) — Inventories — 92,451 — — 92,451 Deferred income taxes — — — — — Income taxes receivable, net 23,815 — — (19,194 ) 4,621 Restricted assets — 8,214 1,414 — 9,628 Other current assets 1,422 3,588 32,738 — 37,748 Total current assets 246,519 179,409 134,897 (34,180 ) 526,645 Property, plant and equipment, net 1,671 52,723 19,214 — 73,608 Real estate held for sale, net — — 23,366 — 23,366 Long-term investments 58,525 462 501 — 59,488 Investments in real estate ventures — — 225,033 — 225,033 Investments in consolidated subsidiaries 518,783 — — (518,783 ) — Restricted assets 1,716 13,171 — — 14,887 Goodwill and other intangible assets, net — 107,511 155,902 — 263,413 Prepaid pension costs — 20,976 — — 20,976 Other assets 7,332 11,817 2,224 — 21,373 Total assets $ 834,546 $ 386,069 $ 561,137 $ (552,963 ) $ 1,228,789 LIABILITIES AND STOCKHOLDERS' DEFICIENCY: Current liabilities: Current portion of notes payable and long-term debt $ — $ 25,836 $ 91 $ — $ 25,927 Current portion of employee benefits — 914 — — 914 Intercompany payables — 315 14,671 (14,986 ) — Income taxes payable, net — 18,949 245 (19,194 ) — Litigation accruals and current payments due under the Master Settlement Agreement — 51,391 — — 51,391 Other current liabilities 24,938 54,885 33,262 — 113,085 Total current liabilities 24,938 152,290 48,269 (34,180 ) 191,317 Notes payable, long-term debt and other obligations, less current portion 857,493 6,815 246 — 864,554 Fair value of derivatives embedded within convertible debt 134,348 — — — 134,348 Non-current employee benefits 39,660 15,511 — — 55,171 Deferred income taxes, net 7,167 33,493 44,409 — 85,069 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 5,011 42,279 4,900 — 52,190 Total liabilities 1,068,617 250,388 97,824 (34,180 ) 1,382,649 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (234,071 ) 135,681 383,102 (518,783 ) (234,071 ) Non-controlling interest — — 80,211 — 80,211 Total stockholders' (deficiency) equity (234,071 ) 135,681 463,313 (518,783 ) (153,860 ) Total liabilities and stockholders' deficiency $ 834,546 $ 386,069 $ 561,137 $ (552,963 ) $ 1,228,789 CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 111,470 $ 12,375 $ 116,523 $ — $ 240,368 Investment securities available for sale 131,810 50,166 — — 181,976 Accounts receivable - trade, net — 15,913 7,976 — 23,889 Intercompany receivables 11,293 — — (11,293 ) — Inventories — 86,516 — — 86,516 Income taxes receivable, net 8,213 — — (5,372 ) 2,841 Restricted assets — 7,781 1,414 — 9,195 Other current assets 575 3,747 34,632 — 38,954 Total current assets 263,361 176,498 160,545 (16,665 ) 583,739 Property, plant and equipment, net 1,711 54,097 19,824 — 75,632 Real estate held for sale, net — — 23,318 — 23,318 Long-term investments 61,747 478 501 — 62,726 Investments in real estate ventures — — 217,168 — 217,168 Investments in consolidated subsidiaries 532,501 — — (532,501 ) — Restricted assets 1,713 10,590 — — 12,303 Goodwill and other intangible assets, net — 107,511 156,448 — 263,959 Prepaid pension costs — 20,650 — — 20,650 Other assets 7,582 11,769 1,769 — 21,120 Total assets $ 868,615 $ 381,593 $ 579,573 $ (549,166 ) $ 1,280,615 LIABILITIES AND STOCKHOLDERS' DEFICIENCY: Current liabilities: Current portion of notes payable and long-term debt $ — $ 8,733 $ 186 $ — $ 8,919 Current portion of employee benefits — 915 — — 915 Intercompany payables — 586 10,707 (11,293 ) — Income taxes payable, net — 5,464 4 (5,372 ) 96 Litigation accruals and current payments due under the Master Settlement Agreement — 52,145 — — 52,145 Other current liabilities 38,140 74,083 41,994 — 154,217 Total current liabilities 38,140 141,926 52,891 (16,665 ) 216,292 Notes payable, long-term debt and other obligations, less current portion 848,368 7,519 221 — 856,108 Fair value of derivatives embedded within convertible debt 144,042 — — — 144,042 Non-current employee benefits 39,244 15,811 — — 55,055 Deferred income taxes, net 2,675 33,791 42,963 — 79,429 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 2,193 44,982 4,675 — 51,850 Total liabilities 1,074,662 244,029 100,750 (16,665 ) 1,402,776 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (206,047 ) 137,564 394,937 (532,501 ) (206,047 ) Non-controlling interest — — 83,886 — 83,886 Total stockholders' (deficiency) equity (206,047 ) 137,564 478,823 (532,501 ) (122,161 ) Total liabilities and stockholders' deficiency $ 868,615 $ 381,593 $ 579,573 $ (549,166 ) $ 1,280,615 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 221,142 $ 159,747 $ (89 ) $ 380,800 Expenses: Cost of sales — 136,744 99,678 — 236,422 Operating, selling, administrative and general expenses 9,196 18,273 52,448 (89 ) 79,828 Litigation settlement and judgment expense — 2,350 — — 2,350 Management fee expense — 2,662 — (2,662 ) — Restructuring charges — 41 — — 41 Operating (loss) income (9,196 ) 61,072 7,621 2,662 62,159 Other income (expenses): Interest expense (29,758 ) (959 ) (3 ) — (30,720 ) Change in fair value of derivatives embedded within convertible debt 9,694 — — — 9,694 Equity in losses from real estate ventures — — (507 ) — (507 ) Equity in losses from investments (1,655 ) (16 ) — — (1,671 ) Gain on sale of investment securities available for sale 176 391 — — 567 Impairment of investment securities available for sale (41 ) (4,772 ) — — (4,813 ) Equity in earnings in consolidated subsidiaries 35,610 — — (35,610 ) — Management fee income 2,662 — — (2,662 ) — Other, net 400 237 410 — 1,047 Income before provision for income taxes 7,892 55,953 7,521 (35,610 ) 35,756 Income tax benefit (expense) 11,446 (23,386 ) (2,423 ) — (14,363 ) Net income 19,338 32,567 5,098 (35,610 ) 21,393 Net income attributed to non-controlling interest — — (2,055 ) — (2,055 ) Net income attributed to Vector Group Ltd. $ 19,338 $ 32,567 $ 3,043 $ (35,610 ) $ 19,338 Comprehensive income attributed to non-controlling interest $ — $ — $ (2,055 ) $ — $ (2,055 ) Comprehensive income attributed to Vector Group Ltd. $ 19,381 $ 32,710 $ 3,043 $ (35,753 ) $ 19,381 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2015 Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 228,623 $ 132,256 $ (119 ) $ 360,760 Expenses: Cost of sales — 157,660 84,358 — 242,018 Operating, selling, administrative and general expenses 7,194 21,337 45,769 (119 ) 74,181 Litigation settlement and judgment expense — 843 — — 843 Management fee expense — 2,562 — (2,562 ) — Operating (loss) income (7,194 ) 46,221 2,129 2,562 43,718 Other income (expenses): Interest expense (30,754 ) (991 ) (1 ) — (31,746 ) Change in fair value of derivatives embedded within convertible debt 6,460 — — — 6,460 Equity in earnings from real estate ventures — — 338 — 338 (Loss) gain on sale of investment securities available for sale (146 ) 13,175 — — 13,029 Equity in earnings from investments 604 8 — — 612 Equity in earnings in consolidated subsidiaries 35,994 — — (35,994 ) — Management fee income 2,562 — — (2,562 ) — Other, net 1,065 320 552 — 1,937 Income before provision for income taxes 8,591 58,733 3,018 (35,994 ) 34,348 Income tax benefit (expense) 12,625 (24,184 ) (1,308 ) — (12,867 ) Net income 21,216 34,549 1,710 (35,994 ) 21,481 Net income attributed to non-controlling interest — — (260 ) — (260 ) Net income attributed to Vector Group Ltd. $ 21,216 $ 34,549 $ 1,450 $ (35,994 ) $ 21,221 Comprehensive income attributed to non-controlling interest $ — $ — $ (260 ) $ — $ (260 ) Comprehensive income attributed to Vector Group Ltd. $ 27,592 $ 32,267 $ 1,450 $ (35,106 ) $ 26,203 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash provided by operating activities $ 12,633 $ 30,671 $ 1,917 $ (50,157 ) $ (4,936 ) Cash flows from investing activities: Sale of investment securities 46,497 4,721 — — 51,218 Maturities of investment securities 343 — — — 343 Purchase of investment securities (29,112 ) — — — (29,112 ) Investments in real estate ventures — — (5,795 ) — (5,795 ) Distributions from investments in real estate ventures — — 12 — 12 Increase in cash surrender value of life insurance policies — (62 ) — — (62 ) Increase in restricted assets (3 ) (3,014 ) — — (3,017 ) Investments in subsidiaries (471 ) — — 471 — Capital expenditures (18 ) (2,618 ) (1,279 ) — (3,915 ) Pay downs of investment securities 2,174 — — — 2,174 Investments in real estate held for sale — — (49 ) — (49 ) Net cash provided by (used in) investing activities 19,410 (973 ) (7,111 ) 471 11,797 Cash flows from financing activities: Proceeds from issuance of debt — — 57 — 57 Repayments of debt — (1,545 ) (31 ) — (1,576 ) Borrowings under revolver — 59,426 — — 59,426 Repayments on revolver — (41,482 ) — — (41,482 ) Capital contributions received — 100 371 (471 ) — Intercompany dividends paid — (34,908 ) (15,249 ) 50,157 — Dividends and distributions on common stock (48,876 ) — — — (48,876 ) Contributions from non-controlling interest — — 248 — 248 Distributions to non-controlling interest — — (5,978 ) — (5,978 ) Net cash used in financing activities (48,876 ) (18,409 ) (20,582 ) 49,686 (38,181 ) Net (decrease) increase in cash and cash equivalents (16,833 ) 11,289 (25,776 ) — (31,320 ) Cash and cash equivalents, beginning of period 111,470 12,375 116,523 — 240,368 Cash and cash equivalents, end of period $ 94,637 $ 23,664 $ 90,747 $ — $ 209,048 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash (used in) provided by operating activities $ (1,451 ) $ 58,885 $ (4,122 ) $ (45,484 ) $ 7,828 Cash flows from investing activities: Sale of investment securities 60,176 14,415 — — 74,591 Maturities of investment securities 947 — — — 947 Purchase of investment securities (66,152 ) (1,476 ) — — (67,628 ) Proceeds from sale or liquidation of long-term investments 1,106 — 110 — 1,216 Purchase of long-term investments (5,000 ) — — — (5,000 ) Investments in real estate ventures — — (7,816 ) — (7,816 ) Increase in cash surrender value of life insurance policies (558 ) (48 ) — — (606 ) Increase in restricted assets (1 ) (6,932 ) — — (6,933 ) Pay downs of investment securities 1,594 — — — 1,594 Proceeds from sale of fixed assets — 3 — — 3 Investments in subsidiaries (1,969 ) — — 1,969 — Capital expenditures — (956 ) (2,200 ) — (3,156 ) Net cash (used in) provided by investing activities (9,857 ) 5,006 (9,906 ) 1,969 (12,788 ) Cash flows from financing activities: Deferred financing costs — (585 ) — — (585 ) Repayments of debt — (1,797 ) (60 ) — (1,857 ) Borrowings under revolver — 107,668 — — 107,668 Repayments on revolver — (110,792 ) — — (110,792 ) Capital contributions received — 1,950 19 (1,969 ) — Intercompany dividends paid — (43,955 ) (1,529 ) 45,484 — Dividends and distributions on common stock (46,350 ) — — — (46,350 ) Proceeds from exercise of Vector options 809 — — — 809 Tax benefit of options exercised 274 — — — 274 Net cash used in financing activities (45,267 ) (47,511 ) (1,570 ) 43,515 (50,833 ) Net (decrease) increase in cash and cash equivalents (56,575 ) 16,380 (15,598 ) — (55,793 ) Cash and cash equivalents, beginning of period 211,751 9,724 104,890 — 326,365 Cash and cash equivalents, end of period $ 155,176 $ 26,104 $ 89,292 $ — $ 270,572

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 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 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, 2015 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.
Reclassifications	Revisions to December 31, 2015 Consolidated Balance Sheet. In April 2015, the FASB issued ASU No. 2015-03, “Interest-Imputation of Interest” (“ASU 2015-03”), which requires debt issuance costs to be reported in the balance sheet as a direct deduction from the face amount of the note. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015. This amendment must be applied retrospectively to all periods presented. The Company adopted the provisions of this ASU retrospectively in the first quarter of 2016, and adjusted all prior periods accordingly. The adoption of this ASU will simplify the presentation of debt issuance costs and reduce complexity without decreasing the usefulness of information provided to users of financial statements.
Adoption of Equity Method		Adoption of Equity Method. The Company adopted the equity method of accounting for its investments in Ladenburg Thalmann Financial Services Inc. (“LTS”) and Castle Brands Inc. (“Castle”) in 2015 because the Company determined that it had significant influence due to the evolution of the relationships with each company. In accordance with ASC 323-35-33, the Company has adjusted its condensed consolidated financial statements, retrospectively, on a step-by-step basis as if the equity method had been in effect since inception.
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 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 to the extent paid-in-capital is available. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all periods presented.
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 (e.g. federal excise taxes). 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 commissions earned by the Company’s real estate 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 expenses are recognized concurrently with related revenues. Property management fees and rental commissions 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 29, 2015 . 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 March 31, 2016 , the range of estimated fair market values of the Company's embedded derivatives was between $133,267 and $135,403 . The Company recorded the fair market value of its embedded derivatives at the approximate midpoint of the range at $134,348 as of March 31, 2016 . At December 31, 2015 , the range of estimated fair market values of the Company's embedded derivatives was between $143,422 and $144,660 . The Company recorded the fair market value of its embedded derivatives at the midpoint of the range at $144,042 as of December 31, 2015 . The estimated fair market value of the Company's embedded derivatives could change significantly based on future market conditions. (See Note 6 .)
Investment in Real Estate Ventures	Investment in Real Estate Ventures: The Company's investment in real estate ventures are subject to evaluation under ASU No. 2015-02, "Consolidation" ("ASU 2015-02) which requires all legal entities to be evaluated as either a voting interest entity or a Variable Interest Entities ("VIE"). The guidance is effective for financial statements of public companies issued for fiscal years beginning after December 15, 2015. The Company has followed the decision tree set forth in ASC 810-10-05-6 in analyzing each of its investments in real estate ventures. The Company examines specific criteria and uses judgment when determining if the real estate venture is a VIE and then if the Company is the primary beneficiary of a VIE. Factors considered in the qualification of a VIE include sufficient equity investment at risk, disproportionate voting rights and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights, and characteristics of a controlling financial interest. Accounting guidance requires the Company to perform the VIE primary-beneficiary assessment for entities determined to be VIEs. The Company is required to consolidate all VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that a reporting entity has a controlling financial financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly affect the VIE's economic performance and (b) the obligation to absorb losses or the right to receive residual returns of the VIE that could potentially be significant to the VIE. The Company's maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs which is the carrying value. The Company's maximum exposure to loss in its investment in its consolidated VIEs is limited to its investment which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary.
New Accounting Pronouncements	New Accounting Pronouncements : In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 modifies U.S. Generally Accepted Accounting Principles ("GAAP") by requiring the following, among others: (1) all excess tax benefits and tax deficiencies are to be recognized as income tax expense or benefit on the income statement (excess tax benefits are recognized regardless of whether the benefit reduces taxes payable in the current period); (2) excess tax benefits are to be classified along with other income tax cash flows as an operating activity in the statement of cash flows; (3) in the area of forfeitures, an entity can still follow the current U.S. GAAP practice of making an entity-wide accounting policy election to estimate the number of awards that are expected to vest or may instead account for forfeitures when they occur; and (4) classification as a financing activity in the statement of cash flows of cash paid by an employer to the taxing authorities when directly withholding shares for tax withholding purposes. ASU 2016-09 is effective for the Company's fiscal year beginning January 1, 2017, including interim periods. Early application is permitted. The Company is currently assessing the impact the adoption of ASU 2016-09 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 does not change the core principle of the guidance stated in ASU 2014-09, instead, the amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. The Company is currently evaluating the method and impact the adoption of this ASU and ASU 2014-09 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will be effective for the Company’s fiscal year beginning January 1, 2017 and subsequent interim periods. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force) ("ASU 2016-06"). ASU 2016-06 clarifies the requirement for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under ASU 2016-06 is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. The amendments in ASU 2016-06 are effective for the Company's fiscal year beginning January 1, 2017, including interim periods. The Company is currently evaluating the method and impact the adoption of this ASU 2016-06 will have on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current U.S. GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning January 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements, and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-01 will have on the Company’s condensed consolidated financial statements. In May 2014, FASB issued ASU 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 amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date the new standard is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning subsequent to December 15, 2016. 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 and it has not determined the impact of the new standard on its condensed consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of impacts of application of new ASU	The cumulative impacts of the application of the new ASU are presented in the table below: December 31, 2015 As Previously Reported ASU Adoption As Revised Other assets $ 51,261 $ (30,141 ) $ 21,120 Total assets $ 1,310,756 $ (30,141 ) 1,280,615 Notes payable, long-term debt and other obligations, less current portion $ 886,249 $ (30,141 ) $ 856,108 Total liabilities 1,432,917 (30,141 ) 1,402,776 Total stockholders' deficiency (122,161 ) — (122,161 ) Total liabilities and stockholders' deficiency $ 1,310,756 $ (30,141 ) $ 1,280,615	The cumulative impact of the retrospective application of the equity method of accounting for the two investments are presented in the table below: Three months ended March 31, 2015 As Previously Reported Revision As Revised Operating, selling, administrative and general expenses $ 73,944 $ 237 $ 74,181 Operating income 43,955 (237 ) 43,718 Equity in (losses) earnings from investments (37 ) 649 612 Other, net 1,896 41 1,937 Income before provision for income taxes 33,895 453 34,348 Income tax expense 12,679 188 12,867 Net income 21,216 265 21,481 Net income attributed to Vector Group Ltd. 20,956 265 21,221 Other comprehensive income (loss), net of tax 1,999 2,983 4,982 Comprehensive income 23,215 3,248 26,463 Comprehensive income attributed to Vector Group Ltd. $ 22,955 $ 3,248 $ 26,203
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 March 31, 2016 2015 Net income attributed to Vector Group Ltd. $ 19,338 $ 21,221 Income attributed to participating securities (633 ) (630 ) Net income available to common shares attributed to Vector Group Ltd. $ 18,705 $ 20,591
Basic and diluted EPS calculation shares	Basic and diluted EPS were calculated using the following common shares: Three Months Ended March 31, 2016 2015 Weighted-average shares for basic EPS 118,058,860 116,990,724 Plus incremental shares related to stock options and non-vested restricted stock 194,424 201,456 Weighted-average shares for diluted EPS 118,253,284 117,192,180
Outstanding shares not included in the computation of diluted EPS	The following were outstanding during the three months ended March 31, 2016 and 2015 , but were not included in the computation of diluted EPS because the effect was anti-dilutive. Three Months Ended March 31, 2016 2015 Weighted-average shares of non-vested restricted stock 1,200,000 — Weighted-average expense per share $ 22.75 $ — Weighted-average number of shares issuable upon conversion of debt 24,895,477 25,779,073 Weighted-average conversion price $ 19.63 $ 19.32
Schedule of other income (loss), net	Other income, net consisted of: Three Months Ended March 31, 2016 2015 Interest and dividend income $ 1,324 $ 1,740 Gain on long-term investment — 200 Impairment of long-term investments (282 ) — Other expense 5 (3 ) Other income, net $ 1,047 $ 1,937
Schedule of other current liabilities	Other current liabilities consisted of: March 31, 2016 December 31, 2015 Accounts payable $ 10,865 $ 19,639 Accrued promotional expenses 20,733 24,816 Accrued excise and payroll taxes payable, net 18,690 26,556 Accrued interest 16,523 28,147 Commissions payable 8,770 11,008 Accrued salary and benefits 9,117 20,134 Other current liabilities 28,387 23,917 Total other current liabilities $ 113,085 $ 154,217
Schedule of goodwill and other intangible assets, net	The components of “Goodwill and other intangible assets, net” were as follows: March 31, 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 5,111 5,657 Total goodwill and other intangible assets, net $ 263,413 $ 263,959

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories consist of: March 31, December 31, Leaf tobacco $ 51,035 $ 49,856 Other raw materials 3,423 3,578 Work-in-process 918 789 Finished goods 65,781 61,493 E-Cigarettes 74 80 Inventories at current cost 121,231 115,796 LIFO adjustments (28,780 ) (29,280 ) $ 92,451 $ 86,516

Investment Securities Availab25

Investment Securities Available for Sale (Tables)	3 Months Ended
	Mar. 31, 2016
Available-for-sale Securities [Abstract]
Available-for-sale Securities	The components of investment securities available for sale at March 31, 2016 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 37,947 $ 18,822 $ (238 ) $ 56,531 Mutual funds invested in fixed income securities 20,215 77 — 20,292 Marketable debt securities 75,120 757 — 75,877 Total investment securities available for sale $ 133,282 $ 19,656 $ (238 ) $ 152,700 The components of investment securities available for sale at December 31, 2015 were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable equity securities $ 47,502 $ 19,833 $ (62 ) $ 67,273 Mutual funds invested in fixed income securities 20,126 — (15 ) 20,111 Marketable debt securities 94,540 52 — 94,592 Total investment securities available for sale $ 162,168 $ 19,885 $ (77 ) $ 181,976
Schedule of Maturity Dates of Fixed Income Securities	The table below summarizes the maturity dates of marketable debt securities at March 31, 2016 . Investment Type: Market Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 22,730 $ — $ 22,730 $ — Corporate securities 35,592 433 35,159 — U.S. mortgage-backed securities 5,369 605 4,764 — Commercial mortgage-backed securities 5,605 4,526 1,079 — U.S. asset-backed securities 4,443 3,857 586 — Index-linked U.S. bonds 2,138 — 2,138 — Total marketable debt securities by maturity dates $ 75,877 $ 9,421 $ 66,456 $ —
Schedule of Unrealized Loss on Investments	The available-for-sale investment securities with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: In loss position for Less than 12 months 12 months or more Fair Value Unrealized Losses Fair Value Unrealized Losses Total Fair Value Total Unrealized Losses March 31, 2016 Marketable equity securities $ 5,762 $ (238 ) $ — $ — $ 5,762 $ (238 ) $ 5,762 $ (238 ) $ — $ — $ 5,762 $ (238 ) December 31, 2015 Marketable equity securities $ 5,938 $ (62 ) $ — $ — $ 5,938 $ (62 ) Mutual funds invested in fixed income securities 10,053 (15 ) — — 10,053 (15 ) $ 15,991 $ (77 ) $ — $ — $ 15,991 $ (77 )
Schedule of Realized Gains (Losses)	Gross realized gains and losses on available-for-sale investment securities were as follows: Three Months Ended March 31, 2016 2015 Gross realized gains on sales $ 759 $ 13,564 Gross realized losses on sales (192 ) (535 ) Gains on sale of investment securities available for sale $ 567 $ 13,029 Gross realized losses on other-than-temporary impairments $ (4,813 ) $ —

Long-Term Investments (Tables)

Long-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Long-term Investments [Abstract]
Long-term investments	Long-term investments consisted of the following: March 31, 2016 December 31, 2015 Investments accounted at cost $ 39,949 $ 41,231 Investments accounted for under the equity method 19,539 21,495 $ 59,488 $ 62,726
Cost method investments	Long-term investments accounted for at cost consisted of the following: March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Investments partnerships $ 39,448 $ 41,386 $ 40,730 $ 44,217 Real estate partnership 501 505 501 552 $ 39,949 $ 41,891 $ 41,231 $ 44,769
Equity method investments	Long-term investments accounted for under the equity method consisted of the following: March 31, December 31, 2015 Indian Creek Investors LP $ 3,780 $ 4,989 Boyar Value Fund 7,286 7,302 Ladenburg Thalmann Financial Services Inc. 8,473 9,204 Castle Brands, Inc. — — $ 19,539 $ 21,495

New Valley LLC (Tables)

New Valley LLC (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [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: March 31, December 31, 10 Madison Square Park (1107 Broadway) $ 12,123 $ 11,391 The Marquand (11 East 68th Street) 13,054 13,900 11 Beach Street 13,527 13,209 20 Times Square (701 Seventh Avenue) 16,024 14,985 111 Murray Street 25,387 25,567 160 Leroy Street 4,530 3,952 215 Chrystie Street 5,666 5,592 The Dutch (25-19 43rd Avenue) 1,107 1,077 Queens Plaza (23-10 Queens Plaza South) 16,553 16,177 87 Park (8701 Collins Avenue) 8,770 8,658 125 Greenwich Street 9,870 9,750 West Hollywood Edition (9040 Sunset Boulevard) 14,416 10,510 76 Eleventh Avenue 18,487 17,967 Monad Terrace 6,849 6,608 Takanasee 4,816 4,680 Condominium and Mixed Use Development 171,179 164,023 Maryland Portfolio — — ST Portfolio 16,270 15,754 Apartment Buildings 16,270 15,754 Park Lane Hotel 19,835 19,697 Hotel Taiwana 7,451 7,069 Coral Beach and Tennis Club 2,702 3,159 Hotels 29,988 29,925 The Plaza at Harmon Meadow 5,526 5,449 Commercial 5,526 5,449 Other 2,070 2,017 Investments in real estate ventures $ 225,033 $ 217,168
Schedule of consolidated real estate investments	The components of “Real estate held for sale, net” were as follows: March 31, December 31, Escena, net $ 10,714 $ 10,716 Sagaponack 12,652 12,602 Real estate held for sale, net $ 23,366 $ 23,318
Investment in Escena	Escena. The assets of “Escena, net” were as follows: March 31, December 31, Land and land improvements $ 8,907 $ 8,907 Building and building improvements 1,874 1,875 Other 2,004 1,923 12,785 12,705 Less accumulated depreciation (2,071 ) (1,989 ) $ 10,714 $ 10,716

Notes Payable, Long-Term Debt a

Notes Payable, Long-Term Debt and Other Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes payable, long-term debt and other obligations	Notes payable, long-term debt and other obligations consist of: March 31, December 31, Vector: 7.75% Senior Secured Notes due 2021, including premium of $7,685 and $8,014 $ 607,685 $ 608,014 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $127,301 and $132,119* 102,699 97,881 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $82,668 and $86,136* 176,082 172,614 Liggett: Revolving credit facility 21,157 3,213 Term loan under credit facility 3,220 3,269 Equipment loans 8,227 9,716 Other 384 461 Notes payable, long-term debt and other obligations 919,454 895,168 Less: Debt issuance costs (28,973 ) (30,141 ) Total notes payable, long-term debt and other obligations 890,481 865,027 Less: Current maturities (25,927 ) (8,919 ) Amount due after one year $ 864,554 $ 856,108 ______________________ * The fair value of the derivatives embedded within the 7.5% Variable Interest Senior Convertible Notes ( $66,558 at March 31, 2016 and $72,083 at December 31, 2015 , respectively) and the 5.5% Variable Interest Senior Convertible Debentures ( $67,790 at March 31, 2016 and $71,959 at December 31, 2015 , 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 March 31, 2016 and December 31, 2015 , are summarized below: March 31, 2016 December 31, 2015 Conversion Price Shares per $1,000 Conversion Price Shares per $1,000 7.5% Variable Interest Senior Convertible Notes due 2019 $ 15.98 62.5743 $ 15.98 62.5743 5.5% Variable Interest Senior Convertible Debentures due 2020 $ 24.64 40.5891 $ 24.64 40.5891
Schedule of non-cash interest expense - Vector	Non-Cash Interest Expense - Vector : Three Months Ended March 31, 2016 2015 Amortization of debt discount, net $ 7,956 $ 5,627 Amortization of debt issuance costs 1,168 966 $ 9,124 $ 6,593
Schedule of fair value of notes payable and long-term debt	Fair Value of Notes Payable and Long-Term Debt : March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Notes payable and long-term debt $ 919,454 (1) $ 1,292,584 $ 895,168 (1) $ 1,297,875 ______________________ (1) The carrying value does not include the carrying value of the embedded derivative. See Note 11 .

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
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 12 Maryland 12 New York 7 Louisiana 2 West Virginia 2 Missouri 1 Ohio 1
Schedule of Judgments Entered	As of March 31, 2016 , 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 regarding the amount of the award. Both sides sought discretionary review from the Florida Supreme Court. In February 2016, the Florida Supreme Court reinstated the jury's verdict. The defendants moved for clarification of that order, which was granted in March 2016. The court clarified that it reversed the district court's decision regarding the statute of repose only, leaving the remaining portions of the decision intact. The case will be remanded to the trial court for proceedings consistent with those portions of the district court's decision that were not reversed. April 2011 Tullo v. R.J. Reynolds Palm Beach 225 — Liggett satisfied the judgment and other than an issue with respect to the calculation of interest on the judgment and the amount of costs owed by Liggett, the case is concluded. January 2012 Ward v. R.J. Reynolds Escambia 1 — Liggett satisfied the merits judgment. Subsequently, the trial court entered a final judgment on attorneys' fees and costs for $981 and defendants appealed that judgment. May 2012 Calloway v. R.J. Reynolds Broward 1,530 — A joint and several judgment for $16,100 was entered against R.J. Reynolds, Philip Morris, Lorillard and Liggett. On January 6, 2016, the Fourth District Court of Appeal reversed in part, including the $7,600 punitive damages award against Liggett, and remanded the case to the trial court for a new trial on certain issues. Both sides have moved for rehearing. December 2012 Buchanan v. R.J. Reynolds Leon 2,750 — A joint and several judgment for $5,500 was entered against Liggett and Philip Morris. The court refused to reduce the award by decedent's comparative fault. 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, which was declined in February 2016. The defendants are considering their appellate options. May 2013 Cohen v. R.J. Reynolds Palm Beach — — In May 2013, the jury awarded compensatory damages in the amount of $2,055 and apportioned 10% of the fault to Liggett ($205). Defendants' motion seeking a new trial was granted by the trial court. Plaintiff appealed and defendants cross-appealed. Oral argument is scheduled for June 7, 2016. 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 — — In August 2014, the jury awarded compensatory damages in the amount of $3,123 and apportioned 1% of the fault to Liggett ($31). In January 2015, the trial court granted defendants' motion for a new trial. Plaintiff appealed. October 2014 Lambert v. R.J. Reynolds Pinellas 3,600 9,500 Liggett satisfied the judgment and the case is concluded. 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 further entered against Liggett for $300 in punitive damages. Defendants appealed and plaintiff cross-appealed. June 2015 Caprio v. R.J. Reynolds Broward — — In February 2015, the jury answered certain questions on the verdict form, but were deadlocked as to others. The jury returned a verdict of $559 in economic damages. The court entered a partial judgment and ordered a new trial on the remaining issues, including comparative fault and punitive damages. Defendants appealed. Total Damages Awarded: 28,866 10,800 Amounts accrued, paid or compromised: (24,328) (10,500) Damages remaining on Appeal: $4,538 $300 (1) Compensatory damages are adjusted to reflect the jury's allocation of comparative fault and only include Liggett's jury allocated share, regardless of whether a judgment was joint and several. 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 three months ended March 31, 2016 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, 2016 $ 29,241 $ 22,904 $ 52,145 $ 20,094 $ 24,718 $ 44,812 Expenses 14,835 2,504 17,339 — — — NPM Settlement adjustment — — — — — — Change in MSA obligations capitalized as inventory (406 ) — (406 ) — — — Payments — (21,171 ) (21,171 ) — — — Reclassification from non-current liabilities — 3,252 3,252 — (3,252 ) (3,252 ) Interest on withholding 35 197 232 — 568 568 Balance as of March 31, 2016 $ 43,705 $ 7,686 $ 51,391 $ 20,094 $ 22,034 $ 42,128 The activity in the Company's accruals for the MSA and tobacco litigation for the three months ended March 31, 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 24,760 1,115 25,875 — (195 ) (195 ) NPM Settlement adjustment — — — — — — Change in MSA obligations capitalized as inventory 445 — 445 — — — Payments — (4,295 ) (4,295 ) — — — Reclassification from non-current liabilities — 3,305 3,305 — (3,305 ) (3,305 ) Interest on withholding — 89 89 — 638 638 Balance as of March 31, 2015 $ 51,527 $ 3,363 $ 54,890 $ 25,809 $ 22,838 $ 48,647

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	The following table summarizes key information related to the Company's pension plans and other postretirement benefits: Pension Benefits Other Postretirement Benefits Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost — benefits earned during the period $ 137 $ 44 $ 1 $ 2 Interest cost on projected benefit obligation 1,355 596 97 93 Expected return on assets (1,519 ) (955 ) — — Amortization of net loss (gain) 464 139 (19 ) (24 ) Net (income) expense $ 437 $ (176 ) $ 79 $ 71

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table presents the activity under the Tobacco segment restructuring plan for the three months ended March 31, 2016 : Employee Severance and Benefits Contract Termination/Exit Costs Other Total Accrual balance as of January 1, 2016 $ 422 $ 48 $ 20 $ 490 Restructuring charges — 41 — 41 Utilized (191 ) (89 ) (20 ) (300 ) Accrual balance as of March 31, 2016 $ 231 $ — $ — $ 231

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	The Company's income tax expense consisted of the following: Three Months Ended March 31, 2016 2015 Income before provision for income taxes $ 35,756 $ 34,348 Income tax expense using estimated annual effective income tax rate 14,314 12,965 Impact of discrete items, net 49 (98 ) Income tax expense $ 14,363 $ 12,867

Investments and Fair Value Me33

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 were as follows: Fair Value Measurements as of March 31, 2016 Description Total Quoted Prices in Active Markets for Identical Assets Total Gains (Losses) Assets: Money market funds $ 88,888 $ 88,888 $ — $ — Certificates of deposit 3,472 — 3,472 — Bonds 15,802 15,802 — — Investment securities available for sale Equity securities 56,531 56,531 — — Mutual funds invested in fixed income securities 20,292 20,292 — — Fixed income securities U.S. government securities 22,730 — 22,730 — Corporate securities 35,592 — 35,592 — U.S. government and federal agency 5,369 — 5,369 — Commercial mortgage-backed securities 5,605 — 5,605 — U.S. asset-backed securities 4,443 — 4,443 — Index-linked U.S. bonds 2,138 — 2,138 — Total fixed income securities 75,877 — 75,877 — Total investment securities available for sale 152,700 76,823 75,877 — Total $ 260,862 $ 181,513 $ 79,349 $ — Liabilities: Fair value of derivatives embedded within convertible debt $ 134,348 $ — $ — $ 134,348 Nonrecurring fair value measurements Long-term investments (1) $ 2,844 $ 2,844 $ (282 ) (1) Long-term investments with a carrying amount of $3,126 were written down to their fair value of $2,844 , resulting in an impairment charge of $282 , which was included in earnings. Fair Value Measurements as of December 31, 2015 Description Total Quoted Prices in Active Markets for Identical Assets Total Gains (Losses) Assets: Money market funds $ 93,915 $ 93,915 $ — $ — Certificates of deposit 3,469 — 3,469 — Bonds 12,767 12,767 — — Investment securities available for sale Equity securities 67,273 67,273 — — Mutual funds invested in fixed income securities 20,111 20,111 — — Fixed income securities U.S. government securities 28,132 — 28,132 — Corporate securities 41,561 — 41,561 — U.S. government and federal agency 5,790 — 5,790 — Commercial mortgage-backed securities 8,728 — 8,728 — U.S. asset-backed securities 8,276 — 8,276 — Index-linked U.S. bonds 2,105 — 2,105 — Total fixed income securities 94,592 — 94,592 — Total investment securities available for sale 181,976 87,384 94,592 — Total $ 292,127 $ 194,066 $ 98,061 $ — Liabilities: Fair value of derivatives embedded within convertible debt $ 144,042 $ — $ — $ 144,042 Nonrecurring fair value measurements Long-term investments (1) $ 11,189 $ 11,189 $ (811 ) Real estate held for sale (2) 3,780 3,780 (230 ) $ 14,969 $ 14,969 $ (1,041 ) (1) Long-term investments with a carrying amount of $12,000 were written down to their fair value of $11,189 , resulting in an impairment charge of $811 , which was included in earnings. (2) Real estate held for sale with a carrying value of $4,010 was written down to its fair value of $3,780 , resulting in an impairment charge of $230 , which was included in earnings.
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 were as follows at March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at March 31, Valuation Technique Unobservable Input Range (Actual) Fair value of derivatives embedded within convertible debt $ 134,348 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 22.84 Convertible trading price (as a percentage of par value) 110.56 % Volatility 18.61 % Risk-free rate Term structure of US Treasury Securities Implied credit spread 6.0% - 7.0% (6.5%) The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, Valuation Technique Unobservable Input Range (Actual) Fair value of derivatives embedded within convertible debt $ 144,042 Discounted cash flow Assumed annual stock dividend 5 % Assumed annual cash dividend $ 1.60 Stock price $ 23.59 Convertible trading price (as a percentage of par value) 114.3 % Volatility 18.30 % Risk-free rate Term structure of US Treasury Securities Implied credit spread 5.0% - 5.5% (5.25%)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Financial information for the company's operations before taxes	Financial information for the Company’s operations before taxes and non-controlling interests for the three months ended March 31, 2016 and 2015 were as follows: Real Corporate Tobacco E-Cigarettes Estate and Other Total Three months ended March 31, 2016 Revenues $ 221,015 $ 38 $ 159,747 $ — $ 380,800 Operating income (loss) 61,483 (1) (193 ) 7,674 (6,805 ) 62,159 Equity in losses from real estate ventures — — (507 ) — (507 ) Depreciation and amortization 2,440 — 2,282 442 5,164 Capital expenditures 2,618 — 1,279 18 3,915 Three months ended March 31, 2015 Revenues $ 228,085 $ 419 $ 132,256 $ — $ 360,760 Operating income (loss) 49,670 (2) (3,164 ) 2,151 (4,939 ) 43,718 Equity in earnings from real estate ventures — — 338 — 338 Depreciation and amortization 2,936 — 2,908 437 6,281 Capital expenditures 956 — 2,200 — 3,156 (1) Operating income includes $2,350 of litigation settlement expense, and $41 of restructuring expense. (2) Operating income includes $843 of litigation settlement expense.

Condensed Consolidating Finan35

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2016 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 94,637 $ 23,664 $ 90,747 $ — $ 209,048 Investment securities available for sale 111,659 41,041 — — 152,700 Accounts receivable - trade, net — 10,451 9,998 — 20,449 Intercompany receivables 14,986 — — (14,986 ) — Inventories — 92,451 — — 92,451 Deferred income taxes — — — — — Income taxes receivable, net 23,815 — — (19,194 ) 4,621 Restricted assets — 8,214 1,414 — 9,628 Other current assets 1,422 3,588 32,738 — 37,748 Total current assets 246,519 179,409 134,897 (34,180 ) 526,645 Property, plant and equipment, net 1,671 52,723 19,214 — 73,608 Real estate held for sale, net — — 23,366 — 23,366 Long-term investments 58,525 462 501 — 59,488 Investments in real estate ventures — — 225,033 — 225,033 Investments in consolidated subsidiaries 518,783 — — (518,783 ) — Restricted assets 1,716 13,171 — — 14,887 Goodwill and other intangible assets, net — 107,511 155,902 — 263,413 Prepaid pension costs — 20,976 — — 20,976 Other assets 7,332 11,817 2,224 — 21,373 Total assets $ 834,546 $ 386,069 $ 561,137 $ (552,963 ) $ 1,228,789 LIABILITIES AND STOCKHOLDERS' DEFICIENCY: Current liabilities: Current portion of notes payable and long-term debt $ — $ 25,836 $ 91 $ — $ 25,927 Current portion of employee benefits — 914 — — 914 Intercompany payables — 315 14,671 (14,986 ) — Income taxes payable, net — 18,949 245 (19,194 ) — Litigation accruals and current payments due under the Master Settlement Agreement — 51,391 — — 51,391 Other current liabilities 24,938 54,885 33,262 — 113,085 Total current liabilities 24,938 152,290 48,269 (34,180 ) 191,317 Notes payable, long-term debt and other obligations, less current portion 857,493 6,815 246 — 864,554 Fair value of derivatives embedded within convertible debt 134,348 — — — 134,348 Non-current employee benefits 39,660 15,511 — — 55,171 Deferred income taxes, net 7,167 33,493 44,409 — 85,069 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 5,011 42,279 4,900 — 52,190 Total liabilities 1,068,617 250,388 97,824 (34,180 ) 1,382,649 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (234,071 ) 135,681 383,102 (518,783 ) (234,071 ) Non-controlling interest — — 80,211 — 80,211 Total stockholders' (deficiency) equity (234,071 ) 135,681 463,313 (518,783 ) (153,860 ) Total liabilities and stockholders' deficiency $ 834,546 $ 386,069 $ 561,137 $ (552,963 ) $ 1,228,789 CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. ASSETS: Current assets: Cash and cash equivalents $ 111,470 $ 12,375 $ 116,523 $ — $ 240,368 Investment securities available for sale 131,810 50,166 — — 181,976 Accounts receivable - trade, net — 15,913 7,976 — 23,889 Intercompany receivables 11,293 — — (11,293 ) — Inventories — 86,516 — — 86,516 Income taxes receivable, net 8,213 — — (5,372 ) 2,841 Restricted assets — 7,781 1,414 — 9,195 Other current assets 575 3,747 34,632 — 38,954 Total current assets 263,361 176,498 160,545 (16,665 ) 583,739 Property, plant and equipment, net 1,711 54,097 19,824 — 75,632 Real estate held for sale, net — — 23,318 — 23,318 Long-term investments 61,747 478 501 — 62,726 Investments in real estate ventures — — 217,168 — 217,168 Investments in consolidated subsidiaries 532,501 — — (532,501 ) — Restricted assets 1,713 10,590 — — 12,303 Goodwill and other intangible assets, net — 107,511 156,448 — 263,959 Prepaid pension costs — 20,650 — — 20,650 Other assets 7,582 11,769 1,769 — 21,120 Total assets $ 868,615 $ 381,593 $ 579,573 $ (549,166 ) $ 1,280,615 LIABILITIES AND STOCKHOLDERS' DEFICIENCY: Current liabilities: Current portion of notes payable and long-term debt $ — $ 8,733 $ 186 $ — $ 8,919 Current portion of employee benefits — 915 — — 915 Intercompany payables — 586 10,707 (11,293 ) — Income taxes payable, net — 5,464 4 (5,372 ) 96 Litigation accruals and current payments due under the Master Settlement Agreement — 52,145 — — 52,145 Other current liabilities 38,140 74,083 41,994 — 154,217 Total current liabilities 38,140 141,926 52,891 (16,665 ) 216,292 Notes payable, long-term debt and other obligations, less current portion 848,368 7,519 221 — 856,108 Fair value of derivatives embedded within convertible debt 144,042 — — — 144,042 Non-current employee benefits 39,244 15,811 — — 55,055 Deferred income taxes, net 2,675 33,791 42,963 — 79,429 Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement 2,193 44,982 4,675 — 51,850 Total liabilities 1,074,662 244,029 100,750 (16,665 ) 1,402,776 Commitments and contingencies Stockholders' (deficiency) equity attributed to Vector Group Ltd. (206,047 ) 137,564 394,937 (532,501 ) (206,047 ) Non-controlling interest — — 83,886 — 83,886 Total stockholders' (deficiency) equity (206,047 ) 137,564 478,823 (532,501 ) (122,161 ) Total liabilities and stockholders' deficiency $ 868,615 $ 381,593 $ 579,573 $ (549,166 ) $ 1,280,615
Condensed Consolidating Statements of Operations	CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 221,142 $ 159,747 $ (89 ) $ 380,800 Expenses: Cost of sales — 136,744 99,678 — 236,422 Operating, selling, administrative and general expenses 9,196 18,273 52,448 (89 ) 79,828 Litigation settlement and judgment expense — 2,350 — — 2,350 Management fee expense — 2,662 — (2,662 ) — Restructuring charges — 41 — — 41 Operating (loss) income (9,196 ) 61,072 7,621 2,662 62,159 Other income (expenses): Interest expense (29,758 ) (959 ) (3 ) — (30,720 ) Change in fair value of derivatives embedded within convertible debt 9,694 — — — 9,694 Equity in losses from real estate ventures — — (507 ) — (507 ) Equity in losses from investments (1,655 ) (16 ) — — (1,671 ) Gain on sale of investment securities available for sale 176 391 — — 567 Impairment of investment securities available for sale (41 ) (4,772 ) — — (4,813 ) Equity in earnings in consolidated subsidiaries 35,610 — — (35,610 ) — Management fee income 2,662 — — (2,662 ) — Other, net 400 237 410 — 1,047 Income before provision for income taxes 7,892 55,953 7,521 (35,610 ) 35,756 Income tax benefit (expense) 11,446 (23,386 ) (2,423 ) — (14,363 ) Net income 19,338 32,567 5,098 (35,610 ) 21,393 Net income attributed to non-controlling interest — — (2,055 ) — (2,055 ) Net income attributed to Vector Group Ltd. $ 19,338 $ 32,567 $ 3,043 $ (35,610 ) $ 19,338 Comprehensive income attributed to non-controlling interest $ — $ — $ (2,055 ) $ — $ (2,055 ) Comprehensive income attributed to Vector Group Ltd. $ 19,381 $ 32,710 $ 3,043 $ (35,753 ) $ 19,381 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2015 Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Revenues $ — $ 228,623 $ 132,256 $ (119 ) $ 360,760 Expenses: Cost of sales — 157,660 84,358 — 242,018 Operating, selling, administrative and general expenses 7,194 21,337 45,769 (119 ) 74,181 Litigation settlement and judgment expense — 843 — — 843 Management fee expense — 2,562 — (2,562 ) — Operating (loss) income (7,194 ) 46,221 2,129 2,562 43,718 Other income (expenses): Interest expense (30,754 ) (991 ) (1 ) — (31,746 ) Change in fair value of derivatives embedded within convertible debt 6,460 — — — 6,460 Equity in earnings from real estate ventures — — 338 — 338 (Loss) gain on sale of investment securities available for sale (146 ) 13,175 — — 13,029 Equity in earnings from investments 604 8 — — 612 Equity in earnings in consolidated subsidiaries 35,994 — — (35,994 ) — Management fee income 2,562 — — (2,562 ) — Other, net 1,065 320 552 — 1,937 Income before provision for income taxes 8,591 58,733 3,018 (35,994 ) 34,348 Income tax benefit (expense) 12,625 (24,184 ) (1,308 ) — (12,867 ) Net income 21,216 34,549 1,710 (35,994 ) 21,481 Net income attributed to non-controlling interest — — (260 ) — (260 ) Net income attributed to Vector Group Ltd. $ 21,216 $ 34,549 $ 1,450 $ (35,994 ) $ 21,221 Comprehensive income attributed to non-controlling interest $ — $ — $ (260 ) $ — $ (260 ) Comprehensive income attributed to Vector Group Ltd. $ 27,592 $ 32,267 $ 1,450 $ (35,106 ) $ 26,203
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash provided by operating activities $ 12,633 $ 30,671 $ 1,917 $ (50,157 ) $ (4,936 ) Cash flows from investing activities: Sale of investment securities 46,497 4,721 — — 51,218 Maturities of investment securities 343 — — — 343 Purchase of investment securities (29,112 ) — — — (29,112 ) Investments in real estate ventures — — (5,795 ) — (5,795 ) Distributions from investments in real estate ventures — — 12 — 12 Increase in cash surrender value of life insurance policies — (62 ) — — (62 ) Increase in restricted assets (3 ) (3,014 ) — — (3,017 ) Investments in subsidiaries (471 ) — — 471 — Capital expenditures (18 ) (2,618 ) (1,279 ) — (3,915 ) Pay downs of investment securities 2,174 — — — 2,174 Investments in real estate held for sale — — (49 ) — (49 ) Net cash provided by (used in) investing activities 19,410 (973 ) (7,111 ) 471 11,797 Cash flows from financing activities: Proceeds from issuance of debt — — 57 — 57 Repayments of debt — (1,545 ) (31 ) — (1,576 ) Borrowings under revolver — 59,426 — — 59,426 Repayments on revolver — (41,482 ) — — (41,482 ) Capital contributions received — 100 371 (471 ) — Intercompany dividends paid — (34,908 ) (15,249 ) 50,157 — Dividends and distributions on common stock (48,876 ) — — — (48,876 ) Contributions from non-controlling interest — — 248 — 248 Distributions to non-controlling interest — — (5,978 ) — (5,978 ) Net cash used in financing activities (48,876 ) (18,409 ) (20,582 ) 49,686 (38,181 ) Net (decrease) increase in cash and cash equivalents (16,833 ) 11,289 (25,776 ) — (31,320 ) Cash and cash equivalents, beginning of period 111,470 12,375 116,523 — 240,368 Cash and cash equivalents, end of period $ 94,637 $ 23,664 $ 90,747 $ — $ 209,048 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2015 Subsidiary Consolidated Parent/ Subsidiary Non- Consolidating Vector Group Issuer Guarantors Guarantors Adjustments Ltd. Net cash (used in) provided by operating activities $ (1,451 ) $ 58,885 $ (4,122 ) $ (45,484 ) $ 7,828 Cash flows from investing activities: Sale of investment securities 60,176 14,415 — — 74,591 Maturities of investment securities 947 — — — 947 Purchase of investment securities (66,152 ) (1,476 ) — — (67,628 ) Proceeds from sale or liquidation of long-term investments 1,106 — 110 — 1,216 Purchase of long-term investments (5,000 ) — — — (5,000 ) Investments in real estate ventures — — (7,816 ) — (7,816 ) Increase in cash surrender value of life insurance policies (558 ) (48 ) — — (606 ) Increase in restricted assets (1 ) (6,932 ) — — (6,933 ) Pay downs of investment securities 1,594 — — — 1,594 Proceeds from sale of fixed assets — 3 — — 3 Investments in subsidiaries (1,969 ) — — 1,969 — Capital expenditures — (956 ) (2,200 ) — (3,156 ) Net cash (used in) provided by investing activities (9,857 ) 5,006 (9,906 ) 1,969 (12,788 ) Cash flows from financing activities: Deferred financing costs — (585 ) — — (585 ) Repayments of debt — (1,797 ) (60 ) — (1,857 ) Borrowings under revolver — 107,668 — — 107,668 Repayments on revolver — (110,792 ) — — (110,792 ) Capital contributions received — 1,950 19 (1,969 ) — Intercompany dividends paid — (43,955 ) (1,529 ) 45,484 — Dividends and distributions on common stock (46,350 ) — — — (46,350 ) Proceeds from exercise of Vector options 809 — — — 809 Tax benefit of options exercised 274 — — — 274 Net cash used in financing activities (45,267 ) (47,511 ) (1,570 ) 43,515 (50,833 ) Net (decrease) increase in cash and cash equivalents (56,575 ) 16,380 (15,598 ) — (55,793 ) Cash and cash equivalents, beginning of period 211,751 9,724 104,890 — 326,365 Cash and cash equivalents, end of period $ 155,176 $ 26,104 $ 89,292 $ — $ 270,572

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Schedule of prior period revisions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other assets			$ 21,120
Total assets	$ 1,228,789		1,280,615
Notes payable, long-term debt and other obligations, less current portion	864,554		856,108
Total liabilities	1,382,649		1,402,776
Total stockholders' equity	(153,860)		(122,161)
Total liabilities and stockholders' deficiency	1,228,789		1,280,615
Operating, selling, administrative and general expenses	79,828	$ 74,181
Operating income (loss)	62,159	43,718
Equity in (losses) earnings from investments	(1,671)	612
Other, net	1,047	1,937
Income before provision for income taxes	35,756	34,348
Income tax expense	14,363	12,867
Net income	21,393	21,481
Net income attributed to Vector Group Ltd.	19,338	21,221
Other comprehensive income (loss), net of tax	43	4,982
Comprehensive income	21,436	26,463
Comprehensive income attributed to Vector Group Ltd.	$ 19,381	26,203
Adoption of Equity Method [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating, selling, administrative and general expenses		74,181
Operating income (loss)		43,718
Equity in (losses) earnings from investments		612
Other, net		1,937
Income before provision for income taxes		34,348
Income tax expense		12,867
Net income		21,481
Net income attributed to Vector Group Ltd.		21,221
Other comprehensive income (loss), net of tax		4,982
Comprehensive income		26,463
Comprehensive income attributed to Vector Group Ltd.		26,203
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other assets			51,261
Total assets			1,310,756
Notes payable, long-term debt and other obligations, less current portion			886,249
Total liabilities			1,432,917
Total stockholders' equity			(122,161)
Total liabilities and stockholders' deficiency			1,310,756
As Previously Reported | Adoption of Equity Method [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating, selling, administrative and general expenses		73,944
Operating income (loss)		43,955
Equity in (losses) earnings from investments		(37)
Other, net		1,896
Income before provision for income taxes		33,895
Income tax expense		12,679
Net income		21,216
Net income attributed to Vector Group Ltd.		20,956
Other comprehensive income (loss), net of tax		1,999
Comprehensive income		23,215
Comprehensive income attributed to Vector Group Ltd.		22,955
Revision | Adoption of Equity Method [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating, selling, administrative and general expenses		237
Operating income (loss)		(237)
Equity in (losses) earnings from investments		649
Other, net		41
Income before provision for income taxes		453
Income tax expense		188
Net income		265
Net income attributed to Vector Group Ltd.		265
Other comprehensive income (loss), net of tax		2,983
Comprehensive income		3,248
Comprehensive income attributed to Vector Group Ltd.		$ 3,248
Revision | New Accounting Pronouncement, Early Adoption, Effect [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other assets			(30,141)
Total assets			(30,141)
Notes payable, long-term debt and other obligations, less current portion			(30,141)
Total liabilities			(30,141)
Total stockholders' equity			0
Total liabilities and stockholders' deficiency			$ (30,141)

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Sep. 29, 2015
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	$ 134,348	$ 144,042
Minimum [Member]
Summary of Investment Holdings [Line Items]
Fair market value of embedded derivatives at the midpoint of the inputs	133,267	143,422
Maximum [Member]
Summary of Investment Holdings [Line Items]
Fair market value of embedded derivatives at the midpoint of the inputs	$ 135,403	$ 144,660

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Net Income (Loss) for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Net income attributed to Vector Group Ltd.	$ 19,338	$ 21,221
Income attributed to participating securities	(633)	(630)
Net income available to common shares attributed to Vector Group Ltd.	$ 18,705	$ 20,591

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Weighted-average shares for basic EPS	118,058,860	116,990,724
Plus incremental shares related to stock options and non-vested restricted stock	194,424	201,456
Weighted-average shares for diluted EPS	118,253,284	117,192,180

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Antidilutive Securities Excluded from Earnings Per Share) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Weighted-average shares of non-vested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,200,000	0
Weighted-average expense per share (in dollars per share)	$ 22.75	$ 0
Weighted-average number of shares issuable upon conversion of debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	24,895,477	25,779,073
Weighted-average conversion price (in dollars per share)	$ 19.63	$ 19.32

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Schedule of Other Income (Loss), Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Interest and dividend income	$ 1,324	$ 1,740
Gain on long-term investment	0	200
Impairment of long-term investments	(282)	0
Other expense	5	(3)
Other income, net	$ 1,047	$ 1,937

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accounts payable	$ 10,865	$ 19,639
Accrued promotional expenses	20,733	24,816
Accrued excise and payroll taxes payable, net	18,690	26,556
Accrued interest	16,523	28,147
Commissions payable	8,770	11,008
Accrued salary and benefits	9,117	20,134
Other current liabilities	28,387	23,917
Total other current liabilities	$ 113,085	$ 154,217

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets, net) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 70,791	$ 70,791
Intangibles with a finite life, net	5,111	5,657
Total goodwill and other intangible assets, net	263,413	263,959
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

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Commitments) (Details) - Douglas Elliman [Member] - Douglas Elliman Lease Extension [Member] - Property Subject to Operating Lease [Member] $ in Thousands	Dec. 31, 2015USD ($)
Operating Leased Assets [Line Items]
Possible increase in lease commitments 2016	$ 0
Possible increase in lease commitments 2017	1,164
Possible increase in lease commitments 2018	1,412
Possible increase in lease commitments 2019	3,733
Possible increase in lease commitments 2020	5,394
Possible increase in lease commitments, thereafter	$ 69,460

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventories [Line Items]
Leaf tobacco	$ 51,035	$ 49,856
Other raw materials	3,423	3,578
Work-in-process	918	789
Finished goods	65,781	61,493
E-Cigarettes	74	80
Inventories at current cost	121,231	115,796
LIFO adjustments	(28,780)	(29,280)
Inventory, net	92,451	86,516
Capitalized MSA cost in finished goods inventory	15,390	15,796
Federal excise tax in inventory	25,159	23,455
Liggett [Member] | Leaf tobacco [Member]
Inventories [Line Items]
Purchase commitments	24,397
Leaf tobacco [Member]
Inventories [Line Items]
LIFO adjustments	(19,363)	(19,863)
Other raw materials [Member]
Inventories [Line Items]
LIFO adjustments	(643)	(643)
Work-in-Process [Member]
Inventories [Line Items]
LIFO adjustments	(33)	(33)
Finished goods [Member]
Inventories [Line Items]
LIFO adjustments	(8,736)	(8,736)
E-Cigarettes [Member]
Inventories [Line Items]
LIFO adjustments	$ (5)	$ (5)

Investment Securities Availab46

Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 133,282	$ 162,168
Gross Unrealized Gains	19,656	19,885
Gross Unrealized Losses	(238)	(77)
Fair Value	152,700	181,976
Marketable equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost	37,947	47,502
Gross Unrealized Gains	18,822	19,833
Gross Unrealized Losses	(238)	(62)
Fair Value	56,531	67,273
Mutual funds invested in fixed income securities
Schedule of Available-for-sale Securities [Line Items]
Cost	20,215	20,126
Gross Unrealized Gains	77	0
Gross Unrealized Losses	0	(15)
Fair Value	20,292	20,111
Marketable debt securities
Schedule of Available-for-sale Securities [Line Items]
Cost	75,120	94,540
Gross Unrealized Gains	757	52
Gross Unrealized Losses	0	0
Fair Value	$ 75,877	$ 94,592

Investment Securities Availab47

Investment Securities Available for Sale (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Market Value	$ 152,700		$ 181,976
In loss position for Less than 12 months, Fair Value	5,762		15,991
In loss position for Less than 12 months, Unrealized Losses	(238)		(77)
In loss position for 12 months or more, Fair Value	0		0
In loss position for 12 months or more, Unrealized Losses	0		0
Total Fair Value	5,762		15,991
Total Unrealized Losses	(238)		(77)
Gross realized gains on sales	759	$ 13,564
Gross realized losses on other-than-temporary impairments	(192)	(535)
Total net	567	13,029
Proceeds from investment securities sales	51,218	74,591
Proceeds from early redemptions by issuers	2,517	2,541
Gross realized losses on other-than-temporary impairments	(4,813)	$ 0
Marketable equity securities
Schedule of Available-for-sale Securities [Line Items]
Market Value	56,531		67,273
In loss position for Less than 12 months, Fair Value	5,762		5,938
In loss position for Less than 12 months, Unrealized Losses	(238)		(62)
In loss position for 12 months or more, Fair Value	0		0
In loss position for 12 months or more, Unrealized Losses	0		0
Total Fair Value	5,762		5,938
Total Unrealized Losses	(238)		(62)
Mutual funds invested in fixed income securities
Schedule of Available-for-sale Securities [Line Items]
Market Value	20,292		20,111
In loss position for Less than 12 months, Fair Value			10,053
In loss position for Less than 12 months, Unrealized Losses			(15)
In loss position for 12 months or more, Fair Value			0
In loss position for 12 months or more, Unrealized Losses			0
Total Fair Value			10,053
Total Unrealized Losses			$ (15)
U.S. Government securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	0
1 Year up to 5 Years	22,730
More than 5 Years	0
Market Value	22,730
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	433
1 Year up to 5 Years	35,159
More than 5 Years	0
Market Value	35,592
U.S. mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	605
1 Year up to 5 Years	4,764
More than 5 Years	0
Market Value	5,369
Commercial mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	4,526
1 Year up to 5 Years	1,079
More than 5 Years	0
Market Value	5,605
U.S. asset backed securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	3,857
1 Year up to 5 Years	586
More than 5 Years	0
Market Value	4,443
Index-linked U.S. bonds
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	0
1 Year up to 5 Years	2,138
More than 5 Years	0
Market Value	2,138
Marketable debt securities
Schedule of Available-for-sale Securities [Line Items]
Under 1 Year	9,421
1 Year up to 5 Years	66,456
More than 5 Years	0
Market Value	75,877
Chief Executive Officer [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross realized losses on other-than-temporary impairments	$ (4,772)

Long-Term Investments (Details)

Long-Term Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted for under the equity method	$ 19,539		$ 21,495
Long-term investments	59,488		62,726
Equity income (loss) from real estate ventures	(507)	$ 338
Reinsurance Company [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contributions to acquire interest		5,000
Indian Creek Investors LP [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted for under the equity method	$ 3,780		4,989
Ownership percentage	20.17%
Boyar Value Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted for under the equity method	$ 7,286		7,302
Ownership percentage	30.36%
Ladenburg Thalmann Financial Services [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted for under the equity method	$ 8,473		9,204
Ownership percentage	7.76%
Quoted market value	$ 35,478
Castle Brands [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted for under the equity method	$ 0		0
Ownership percentage	7.92%
Quoted market value	$ 11,911
Equity Method Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Distributions of equity method investment	285	1,433
Equity income (loss) from real estate ventures	(1,671)	$ 612
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted at cost	39,949		41,231
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost method investments, fair value disclosure	41,891		44,769
Real estate partnership | Carrying Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted at cost	501		501
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	505		552
Long-term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted at cost	39,949		41,231
Long-term investments | Carrying Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments accounted at cost	39,448		40,730
Long-term investments | Fair Value | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost method investments, fair value disclosure	$ 41,386		$ 44,217

New Valley LLC (Details)

New Valley LLC (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)units	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Apr. 30, 2015USD ($)
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures	$ (507)	$ 338
Distributions from non-consolidated real estate businesses	(12)	0
Investments in real estate ventures	225,033		$ 217,168
Investments accounted for under the equity method	19,539		21,495
Operating income (loss)	62,159	43,718
Escena
Schedule of Investments [Line Items]
Operating income (loss)	508	725
New Valley LLC [Member]
Schedule of Investments [Line Items]
Investments in real estate ventures	225,033		217,168
Interest costs capitalized	$ 3,520
New Valley LLC [Member] | Douglas Elliman Realty LLC [Member]
Schedule of Investments [Line Items]
Ownership percentage	70.59%
New Valley LLC [Member] | Condominium and Mixed Use Development [Member]
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures	$ (1,183)	536
Investments in real estate ventures	171,179		164,023
Maximum exposure to loss as a result of this investment	$ 153,669
New Valley LLC [Member] | Condominium and Mixed Use Development [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Ownership percentage	3.10%
New Valley LLC [Member] | Condominium and Mixed Use Development [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Ownership percentage	49.50%
New Valley LLC [Member] | 10 Madison Square Park West (1107 Broadway)
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 12,123		11,391
New Valley LLC [Member] | The Marquand
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures		300
Number of units in real estate property sold | units	2
Investments in real estate ventures	$ 13,054		13,900
New Valley LLC [Member] | 11 Beach Street
Schedule of Investments [Line Items]
Investments in real estate ventures	13,527		13,209
New Valley LLC [Member] | 20 Times Square (701 Seventh Avenue)
Schedule of Investments [Line Items]
Investments in real estate ventures	16,024		14,985
New Valley LLC [Member] | 111 Murray Street
Schedule of Investments [Line Items]
Investments in real estate ventures	25,387		25,567
New Valley LLC [Member] | 160 Leroy Street
Schedule of Investments [Line Items]
Investments in real estate ventures	4,530		3,952
New Valley LLC [Member] | 215 Chrystie Street
Schedule of Investments [Line Items]
Investments in real estate ventures	5,666		5,592
New Valley LLC [Member] | The Dutch (25-19 43rd Avenue)
Schedule of Investments [Line Items]
Investments in real estate ventures	1,107		1,077
New Valley LLC [Member] | Queens Plaza (23-10 Queens Plaza South)
Schedule of Investments [Line Items]
Investments in real estate ventures	16,553		16,177
New Valley LLC [Member] | 87 Park (8701 Collins Avenue)
Schedule of Investments [Line Items]
Investments in real estate ventures	8,770		8,658
New Valley LLC [Member] | 125 Greenwich Street
Schedule of Investments [Line Items]
Distributions from non-consolidated real estate businesses	(258)
Investments in real estate ventures	9,870		9,750
New Valley LLC [Member] | West Hollywood Edition (9040 Sunset Boulevard)
Schedule of Investments [Line Items]
Investments in real estate ventures	14,416		10,510
New Valley LLC [Member] | 76 Eleventh Avenue
Schedule of Investments [Line Items]
Investments in real estate ventures	18,487		17,967
New Valley LLC [Member] | Monad Terrace
Schedule of Investments [Line Items]
Investments in real estate ventures	6,849		6,608
New Valley LLC [Member] | Takanasee
Schedule of Investments [Line Items]
Investments in real estate ventures	4,816		4,680
New Valley LLC [Member] | Apartment Buildings
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures	516	(48)
Investments in real estate ventures	16,270		15,754
Maximum exposure to loss as a result of this investment	$ 16,270
New Valley LLC [Member] | Apartment Buildings | Minimum [Member]
Schedule of Investments [Line Items]
Ownership percentage	7.60%
New Valley LLC [Member] | Apartment Buildings | Maximum [Member]
Schedule of Investments [Line Items]
Ownership percentage	16.30%
New Valley LLC [Member] | Maryland Portfolio
Schedule of Investments [Line Items]
Distributions from non-consolidated real estate businesses		(212)
Investments in real estate ventures	$ 0		0
New Valley LLC [Member] | ST Portfolio
Schedule of Investments [Line Items]
Investments in real estate ventures	16,270		15,754
New Valley LLC [Member] | Hotels
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures	(655)	(747)
Investments in real estate ventures	29,988		29,925
Maximum exposure to loss as a result of this investment	$ 29,988
New Valley LLC [Member] | Hotels | Minimum [Member]
Schedule of Investments [Line Items]
Ownership percentage	5.20%
New Valley LLC [Member] | Hotels | Maximum [Member]
Schedule of Investments [Line Items]
Ownership percentage	49.00%
New Valley LLC [Member] | Park Lane Hotel
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 19,835		19,697
Investments accounted for under the equity method	718
New Valley LLC [Member] | Hotel Taiwana
Schedule of Investments [Line Items]
Investments in real estate ventures	7,451		7,069
New Valley LLC [Member] | Coral Beach and Tennis Club
Schedule of Investments [Line Items]
Investments in real estate ventures	2,702		3,159
Investments accounted for under the equity method		533
New Valley LLC [Member] | Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures	5,526		5,449
New Valley LLC [Member] | The Plaza at Harmon Meadow
Schedule of Investments [Line Items]
Investments in real estate ventures	5,526		5,449
New Valley LLC [Member] | Other
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 2,070		$ 2,017
New Valley LLC [Member] | Insurance consulting company
Schedule of Investments [Line Items]
Ownership percentage	50.00%
New Valley LLC [Member] | Chelsea Eleven LLC
Schedule of Investments [Line Items]
Equity income (loss) from real estate ventures		236
Distributions from non-consolidated real estate businesses		(236)
New Valley LLC [Member] | 20 Times Square, 160 Leroy Street, West Hollywood Edition, and Monad Terrace
Schedule of Investments [Line Items]
Investments accounted for under the equity method	$ 5,077
New Valley LLC [Member] | 215 Chrystie Street and the Dutch
Schedule of Investments [Line Items]
Investments accounted for under the equity method		1,352
New Valley LLC [Member] | Harmon Meadow
Schedule of Investments [Line Items]
Distributions from non-consolidated real estate businesses	(135)
Investments in real estate ventures		$ 5,931
New Valley LLC [Member] | Commercial real estate
Schedule of Investments [Line Items]
Ownership percentage		49.00%
Equity income (loss) from real estate ventures	212
Maximum exposure to loss as a result of this investment	5,526
New Valley LLC [Member] | Sagaponack
Schedule of Investments [Line Items]
Investments in consolidated real estate businesses				$ 12,502
Douglas Elliman Realty LLC [Member]
Schedule of Investments [Line Items]
Proceeds from commissions received	$ 2,405

New Valley LLC Real Estate Held

New Valley LLC Real Estate Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Real estate held for sale, net	$ 23,366	$ 23,318
New Valley LLC [Member]
Investment Holdings [Line Items]
Real estate held for sale, net	23,366	23,318
New Valley LLC [Member] | Escena
Investment Holdings [Line Items]
Real estate held for sale, net	10,714	10,716
Land and land improvements	8,907	8,907
Building and building improvements	1,874	1,875
Other	2,004	1,923
Total investment in Escena before depreciation	12,785	12,705
Less accumulated depreciation	(2,071)	(1,989)
Assets of Escena, net	10,714	10,716
New Valley LLC [Member] | Sagaponack
Investment Holdings [Line Items]
Real estate held for sale, net	$ 12,652	$ 12,602

Notes Payable, Long-Term Debt51

Notes Payable, Long-Term Debt and Other Obligations (Details) - USD ($)	Feb. 03, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		$ 919,454,000	$ 895,168,000
Less: Debt issuance costs		(28,973,000)	(30,141,000)
Total notes payable, long-term debt and other obligations		890,481,000	865,027,000
Less: Current maturities		(25,927,000)	(8,919,000)
Amount due after one year		864,554,000	856,108,000
Fair value of the derivatives embedded		134,348,000	144,042,000
7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $127,301 and $132,119
Debt Instrument [Line Items]
Fair value of the derivatives embedded		66,558,000	72,083,000
5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $82,668 and $86,136
Debt Instrument [Line Items]
Fair value of the derivatives embedded		67,790,000	71,959,000
Secured Debt | 7.75% Senior Secured Notes due 2021, including premium of $7,685 and $8,014
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		$ 607,685,000	608,014,000
Interest rate		7.75%
Premium		$ 7,685,000	8,014,000
Convertible Debt
Debt Instrument [Line Items]
Conversion basis amount		1,000
Convertible Debt | 6.75% Variable Interest Senior Convertible Note due 2015
Debt Instrument [Line Items]
Interest rate	6.75%
Converted amount	$ 25,000,000
Convertible principal balance	$ 50,000,000
Note conversion (in shares)	2,338,930
Increase in equity from conversion	$ 25,000,000
Convertible Debt | 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $127,301 and $132,119
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		$ 102,699,000	97,881,000
Interest rate		7.50%
Unamortized discount		$ 127,301,000	132,119,000
Convertible Debt | 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $82,668 and $86,136
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		$ 176,082,000	172,614,000
Interest rate		5.50%
Unamortized discount		$ 82,668,000	$ 86,136,000
Note conversion (in shares)		40.5891	40.5891
Line of Credit | Revolving credit facility | Liggett [Member]
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		$ 21,157,000	$ 3,213,000
Line of Credit | Term loan under credit facility | Liggett [Member]
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		3,220,000	3,269,000
Line of Credit | Revolving Credit and Term Loan Facility | Liggett [Member]
Debt Instrument [Line Items]
Amount outstanding		24,377,000
Remaining borrowing capacity		35,600,000
Equipment loans | Liggett [Member]
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		8,227,000	9,716,000
Other
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations		$ 384,000	$ 461,000

Notes Payable, Long-Term Debt52

Notes Payable, Long-Term Debt and Other Obligations (Convertible Notes Table) (Details) - Convertible Debt [Member] - USD ($)	Feb. 03, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Conversion basis amount		$ 1,000
6.75% Variable Interest Senior Convertible Note due 2014 - Vector
Debt Instrument [Line Items]
Note conversion (in shares)	2,338,930
Variable Interest 7.50% Senior Convertible Debentures [Member]
Debt Instrument [Line Items]
Conversion price		$ 15.98	$ 15.98
Note conversion (in shares)		62.5743	62.5743
5.5% Variable Interest Senior Convertible Notes due 2020
Debt Instrument [Line Items]
Conversion price		$ 24.64	$ 24.64
Note conversion (in shares)		40.5891	40.5891

Notes Payable, Long-Term Debt53

Notes Payable, Long-Term Debt and Other Obligations Non Cash Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Amortization of debt discount, net	$ 7,956	$ 5,627
Amortization of debt issuance costs	1,168	966
Non-cash Interest Expense	$ 9,124	$ 6,593

Notes Payable, Long-Term Debt54

Notes Payable, Long-Term Debt and Other Obligations Fair Value of Notes Payable and Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,292,584	$ 1,297,875
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 919,454	$ 895,168

Contingencies (Details)

Contingencies (Details)	Jan. 12, 2016USD ($)	Jan. 06, 2016USD ($)	Dec. 30, 2015USD ($)	Mar. 31, 2016USD ($)casestate	Feb. 29, 2016state	Jul. 31, 2015USD ($)caseplaintiffclaims	Feb. 28, 2015USD ($)	Aug. 31, 2014USD ($)	Oct. 31, 2013USD ($)case	May. 31, 2013USD ($)case	Mar. 31, 2012case	Jun. 30, 2010state	May. 31, 2009	May. 31, 2003USD ($)plaintiff	Jul. 31, 2000USD ($)	Apr. 30, 2000USD ($)plaintiff	Nov. 30, 1998state	Mar. 31, 2016USD ($)casestatedefendantsponsorship	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2003USD ($)	Mar. 31, 1998state	Dec. 31, 2012state	Sep. 30, 2013state	Jun. 30, 2013state	Jun. 30, 2009USD ($)	Dec. 31, 2001case	Jan. 01, 1999state
Loss Contingencies [Line Items]
Litigation settlement and judgment expense																		$ 2,350,000	$ 843,000
Loss Contingency Accrual [Roll Forward]
Payments due under Master Settlement Agreement, Current																		29,241,000
Payments due under Master Settlement Agreement, Non-Current																		20,094,000
Litigation Accruals, Non-Current																		24,718,000
Payments due under Master Settlement Agreement, Current				$ 43,705,000														43,705,000		$ 29,241,000
Payments due under Master Settlement Agreement, Non-Current				20,094,000														20,094,000		20,094,000
Litigation Accruals, Non-Current				22,034,000														22,034,000		24,718,000
Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Total, Current																		52,145,000	29,471,000	29,471,000
Expenses																		17,339,000	25,875,000
NPM Settlement Adjustment																		0	0
Change in MSA obligations capitalized as inventory																		(406,000)	445,000
Payments																		(21,171,000)	(4,295,000)
Reclassification to non-current liabilities																		3,252,000	3,305,000
Interest on withholding																		232,000	89,000
Total, Current				51,391,000														51,391,000	54,890,000	52,145,000
Non-Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Total, Non-Current																		44,812,000	51,509,000	51,509,000
Expenses																		0	(195,000)
NPM Settlement Adjustment																		0	0
Change in MSA obligations capitalized as inventory																		0	0
Payments																		0	0
Reclassification to non-current liabilities																		(3,252,000)	(3,305,000)
Interest on withholding																		568,000	638,000
Total, Non-Current				$ 42,128,000														$ 42,128,000	48,647,000	44,812,000
Additional Synergy Exposure Cases [Member] | Maryland [Member]
Loss Contingencies [Line Items]
Cases pending | case				20														20
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																		$ 29,241,000	26,322,000	26,322,000
Expenses																		14,835,000	24,760,000
NPM Settlement Adjustment																		0	0
Change in MSA obligations capitalized as inventory																		(406,000)	445,000
Payments																		0	0
Reclassification to non-current liabilities																		0	0
Interest on withholding																		35,000	0
Payments due under Master Settlement Agreement, Current				$ 43,705,000														43,705,000	51,527,000	29,241,000
Master Settlement Agreement [Member] | Non-Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Payments due under Master Settlement Agreement, Non-Current																		20,094,000	25,809,000	25,809,000
Expenses																		0	0
NPM Settlement Adjustment																		0	0
Change in MSA obligations capitalized as inventory																		0	0
Payments																		0	0
Reclassification to non-current liabilities																		0	0
Interest on withholding																		0	0
Payments due under Master Settlement Agreement, Non-Current				$ 20,094,000														$ 20,094,000	25,809,000	20,094,000
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		115,000,000
NPM Adjustment [Member]
Loss Contingencies [Line Items]
Aggregate number of settling states | state					25													49
Courts that decided the issue | state				48														48
Settling states | state																								22
Reduction of any Potential 2003 NPM Adjustment																						20.00%
Number of settling states with diligent enforcement not contested | state												16
Combined Allocable Share, Diligent Enforcement not Contested												14.00%
Non-settling states | state																									15
Non-settling states that did not diligently enforce escrow statutes | state																									6	4
Reduction in recovery																										50.00%
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
Irimi v. R.J. Reynolds [Member] | Compensatory Damages [Member]
Loss Contingencies [Line Items]
Damages awarded								$ 3,123,000
Tobacco Litigation Personal Injury Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case				25		30												25										750
Claims scheduled for trial | claims						6
Number of plaintiffs in each trial | plaintiff						5
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
Kentucky and Indiana Cases [Member] | NPM Adjustment [Member]
Loss Contingencies [Line Items]
Non-settling states that did not diligently enforce escrow statutes | state																										2
Missouri and New Mexico Cases [Member] | NPM Adjustment [Member]
Loss Contingencies [Line Items]
Non-settling states that did not diligently enforce escrow statutes | state																										2
Pending Litigation [Member] | Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Litigation Accruals, Current																		$ 22,904,000	3,149,000	3,149,000
Expenses																		2,504,000	1,115,000
NPM Settlement Adjustment																		0	0
Change in MSA obligations capitalized as inventory																		0	0
Payments																		(21,171,000)	(4,295,000)
Reclassification to non-current liabilities																		3,252,000	3,305,000
Interest on withholding																		197,000	89,000
Litigation Accruals, Current				$ 7,686,000														7,686,000	3,363,000	22,904,000
Pending Litigation [Member] | Non-Current Liabilities [Member]
Loss Contingency Accrual [Roll Forward]
Litigation Accruals, Non-Current																		24,718,000	25,700,000	25,700,000
Expenses																		0	(195,000)
NPM Settlement Adjustment																		0	0
Change in MSA obligations capitalized as inventory																		0	0
Payments																		0	0
Reclassification to non-current liabilities																		(3,252,000)	(3,305,000)
Interest on withholding																		568,000	638,000
Litigation Accruals, Non-Current				22,034,000														22,034,000	22,838,000	$ 24,718,000
Pending Litigation [Member] | Cohen v. R.J. Reynolds [Member] | Compensatory Damages [Member]
Loss Contingencies [Line Items]
Damages awarded										$ 2,055,000
Liggett and Vector Tobacco [Member]
Loss Contingencies [Line Items]
Total cigarettes sold																				3.30%
Liggett and Vector Tobacco [Member] | Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement			$ 100,000,000
Liggett and Vector Tobacco [Member] | NPM Adjustment [Member]
Loss Contingencies [Line Items]
Amounts expensed or accrued				20,000,000														20,000,000
Amount remaining in disputed payment accounts				23,000,000														$ 23,000,000
Liggett and Vector Tobacco [Member] | Engle Progeny Cases [Member] | Cases Settled without Litigation [Member]
Loss Contingencies [Line Items]
Number of cases settled and dismissed | case																		174
Liggett [Member]
Loss Contingencies [Line Items]
Legal expenses and other litigation costs																		$ 4,171,000	2,555,000
Bonds				$ 15,767,000														15,767,000
Amount of litigation settlement																		28,866,000
Damages paid																		(24,328,000)
Punitive damages																		10,800,000
Punitive damages paid																		$ (10,500,000)
Liggett [Member] | Florida [Member]
Loss Contingencies [Line Items]
Cases pending | case				12														12
Liggett [Member] | New York [Member]
Loss Contingencies [Line Items]
Cases pending | case				7														7
Liggett [Member] | Maryland [Member]
Loss Contingencies [Line Items]
Cases pending | case				12														12
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] | Mississippi [Member]
Loss Contingencies [Line Items]
Damages sought	$ 22,000,000
Liggett [Member] | State Cases [Member]
Loss Contingencies [Line Items]
Cases pending | case				255														255
Liggett [Member] | Individual Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case				37														37
Liggett [Member] | Class Actions [Member]
Loss Contingencies [Line Items]
Cases pending | case				3														3
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]
Damages awarded				$ 6,600,000		$ 16,000,000
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
Percentage of Total Cigarettes Sold That Exceeds Market Share Exemption																				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																					21 years
Liggett [Member] | Florida Settlement [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Years annual payments required that are subject to inflation adjustment																					12 years
Liggett [Member] | NPM Adjustment [Member]
Loss Contingencies [Line Items]
Settlement adjustment credit																				$ 22,356,000
Liggett [Member] | Engle Progeny Cases [Member]
Loss Contingencies [Line Items]
Bond cap																											$ 200,000,000
Number of cases settled and dismissed | case									4,900									24
Number of plaintiff verdicts | case				15														15
Number of defense verdicts | case				9														9
Amount of litigation settlement									$ 110,000,000
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				15														15
Liggett [Member] | Engle Progeny Cases [Member] | Cases Settled without Litigation [Member]
Loss Contingencies [Line Items]
Number of cases settled and dismissed | case									4,900									3
Amount of litigation settlement																		$ 5,982,000
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] | Ward v R J Reynolds [Member] | Attorneys' Fees and Costs [Member]
Loss Contingencies [Line Items]
Damages awarded																		981,000
Liggett [Member] | Calloway v RJ Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																		1,530,000
Punitive damages		$ 7,600,000																0
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																		2,750,000
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																		0
Punitive damages																		0
Liggett [Member] | Cohen v. R.J. Reynolds [Member] | Compensatory Damages [Member]
Loss Contingencies [Line Items]
Damages awarded										$ 205,000
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 Rizzuto, Lambert and Buchanan [Member]
Loss Contingencies [Line Items]
Payments for legal settlements																		35,416,000
Liggett [Member] | Putney, Calloway, Cohen, Irimi, Lambert, Boatright and Caprio [Member]
Loss Contingencies [Line Items]
Minimum loss exposure				$ 0														0
Maximum loss exposure				$ 4,838,000														4,838,000
Liggett [Member] | Irimi v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																		0
Punitive damages																		0
Liggett [Member] | Irimi v. R.J. Reynolds [Member] | Compensatory Damages [Member]
Loss Contingencies [Line Items]
Damages awarded								$ 31,000
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
Liggett [Member] | Caprio v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																		0
Punitive damages																		0
Liggett [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement																		4,538,000
Punitive damages																		$ 300,000
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
Vector Tobacco [Member] | Damages From Cigarette Smoking MSA and Other State Settlement Agreements [Member]
Loss Contingencies [Line Items]
MSA payment obligations																				$ 0
Percentage of Total Cigarettes Sold That Exceeds Market Share Exemption																				0.28%
Liggett Vector Brands [Member]
Loss Contingencies [Line Items]
Maximum loss exposure				$ 500,000														500,000
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
Phillip Morris [Member] | Caprio v. R.J. Reynolds [Member] | Economic Damages [Member]
Loss Contingencies [Line Items]
Amount of litigation settlement							$ 559,000
Engle Progeny Cases [Member] | Buchanan v. R.J. Reynolds [Member]
Loss Contingencies [Line Items]
Amounts expensed or accrued				$ 4,323,000														$ 4,323,000

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost — benefits earned during the period	$ 137	$ 44
Interest cost on projected benefit obligation	1,355	596
Expected return on assets	(1,519)	(955)
Amortization of net loss (gain)	464	139
Net (income) expense	437	(176)
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost — benefits earned during the period	1	2
Interest cost on projected benefit obligation	97	93
Expected return on assets	0	0
Amortization of net loss (gain)	(19)	(24)
Net (income) expense	$ 79	$ 71

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 41	$ 0
Tobacco [Member]
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2016	490
Restructuring charges	41
Utilized	(300)
March 31, 2016	231
Tobacco [Member] | Employee severance and benefits
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2016	422
Restructuring charges	0
Utilized	(191)
March 31, 2016	231
Tobacco [Member] | Lease termination costs
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2016	48
Restructuring charges	41
Utilized	(89)
March 31, 2016	0
Tobacco [Member] | Other restructuring expenses
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2016	20
Restructuring charges	0
Utilized	(20)
March 31, 2016	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 35,756	$ 34,348
Income tax expense using estimated annual effective income tax rate	14,314	12,965
Impact of discrete items, net	49	(98)
Income tax expense	$ 14,363	$ 12,867

Investments and Fair Value Me59

Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 59,488	$ 62,726
Assets:
Investment securities available for sale	152,700	181,976
Liabilities:
Real estate held for sale, net	$ 23,366	23,318
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	$ 56,531	67,273
Mutual funds invested in fixed income securities
Assets:
Investment securities available for sale	20,292	20,111
U.S. Government securities
Assets:
Investment securities available for sale	22,730
Corporate securities
Assets:
Investment securities available for sale	35,592
U.S. mortgage-backed securities
Assets:
Investment securities available for sale	5,369
Commercial mortgage-backed securities
Assets:
Investment securities available for sale	5,605
U.S. asset backed securities
Assets:
Investment securities available for sale	4,443
Fixed income securities
Assets:
Investment securities available for sale	75,877
Fair Value, Measurements, Recurring
Assets:
Money market funds	88,888	93,915
Certificates of deposit	3,472	3,469
Bonds	15,802	12,767
Investment securities available for sale	152,700	181,976
Total	260,862	292,127
Liabilities:
Fair value of derivatives embedded within convertible debt	134,348	144,042
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Money market funds	88,888	93,915
Certificates of deposit	0	0
Bonds	15,802	12,767
Investment securities available for sale	76,823	87,384
Total	181,513	194,066
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	3,472	3,469
Bonds	0	0
Investment securities available for sale	75,877	94,592
Total	79,349	98,061
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
Investment securities available for sale	0	0
Total	0	0
Liabilities:
Fair value of derivatives embedded within convertible debt	134,348	144,042
Fair Value, Measurements, Recurring | Equity securities
Assets:
Investment securities available for sale	56,531	67,273
Fair Value, Measurements, Recurring | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	56,531	67,273
Fair Value, Measurements, Recurring | Equity securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	0	0
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
Assets:
Investment securities available for sale	20,292	20,111
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	20,292	20,111
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
Assets:
Investment securities available for sale	22,730	28,132
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	22,730	28,132
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
Assets:
Investment securities available for sale	35,592	41,561
Fair Value, Measurements, Recurring | Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Corporate securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	35,592	41,561
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
Assets:
Investment securities available for sale	5,369	5,790
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	5,369	5,790
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
Assets:
Investment securities available for sale	5,605	8,728
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	5,605	8,728
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
Assets:
Investment securities available for sale	4,443	8,276
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	4,443	8,276
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
Assets:
Investment securities available for sale	2,138	2,105
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	2,138	2,105
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
Assets:
Investment securities available for sale	75,877	94,592
Fair Value, Measurements, Recurring | Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment securities available for sale	0	0
Fair Value, Measurements, Recurring | Fixed income securities | Significant Other Observable Inputs (Level 2)
Assets:
Investment securities available for sale	75,877	94,592
Fair Value, Measurements, Recurring | Fixed income securities | Significant Unobservable Inputs (Level 3)
Assets:
Investment securities available for sale	0	0
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	3,126	12,000
Liabilities:
Long-term investments, fair value	2,844	11,189
Real estate held for sale, fair value		3,780
Nonrecurring nonfinancial assets subject to fair value measurements		14,969
Gain (loss) on long-term investments	(282)	(811)
Gain (loss) on real estate		(230)
Other nonrecurring expense		(1,041)
Impairment charge	282	811
Real estate held for sale, net		4,010
Impairment of real estate		230
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3)
Liabilities:
Long-term investments, fair value	$ 2,844	11,189
Real estate held for sale, fair value		3,780
Nonrecurring nonfinancial assets subject to fair value measurements		$ 14,969

Investments and Fair Value Me60

Investments and Fair Value Measurements Fair Value Inputs, Quantitative Information (Details) - Fair Value, Measurements, Recurring - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair value of derivatives embedded within convertible debt	$ 134,348	$ 144,042
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair value of derivatives embedded within convertible debt	134,348	144,042
Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair value of derivatives embedded within convertible debt	$ 134,348	$ 144,042
Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Stock price (dollars per share)	$ 22.84	$ 23.59
Volatility	18.61%	18.30%
Assumed annual stock dividend	5.00%	5.00%
Assumed annual cash dividend (dollars per share)	$ 1.60	$ 1.60
Convertible trading price	110.56%	114.30%
Implied credit spread	6.50%	5.25%
Minimum [Member] | Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Implied credit spread	6.00%	5.00%
Maximum [Member] | Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow [Member] | Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Implied credit spread	7.00%	5.50%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 380,800	$ 360,760
Operating income (loss)	62,159	43,718
Equity income (loss) from real estate ventures	(507)	338
Depreciation and amortization	5,164	6,281
Capital expenditures	3,915	3,156
Litigation Settlement Expense [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	2,350	843
Restructuring Charges [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	41
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenues	0	0
Operating income (loss)	(6,805)	(4,939)
Equity income (loss) from real estate ventures	0	0
Depreciation and amortization	442	437
Capital expenditures	18	0
Tobacco [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	221,015	228,085
Operating income (loss)	61,483	49,670
Equity income (loss) from real estate ventures	0	0
Depreciation and amortization	2,440	2,936
Capital expenditures	2,618	956
E-Cigarettes [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	38	419
Operating income (loss)	(193)	(3,164)
Equity income (loss) from real estate ventures	0	0
Depreciation and amortization	0	0
Capital expenditures	0	0
Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	159,747	132,256
Operating income (loss)	7,674	2,151
Equity income (loss) from real estate ventures	(507)	338
Depreciation and amortization	2,282	2,908
Capital expenditures	$ 1,279	$ 2,200

Condensed Consolidating Finan62

Condensed Consolidating Financial Information (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
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]
Principal amount	$ 600,000
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 Finan63

Condensed Consolidating Financial Information Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 209,048	$ 240,368	$ 270,572	$ 326,365
Investment securities available for sale	152,700	181,976
Accounts receivable - trade, net	20,449	23,889
Intercompany receivables	0	0
Inventories	92,451	86,516
Deferred income taxes	0
Income taxes receivable, net	4,621	2,841
Restricted assets	9,628	9,195
Other current assets	37,748	38,954
Total current assets	526,645	583,739
Property, plant and equipment, net	73,608	75,632
Real estate held for sale, net	23,366	23,318
Long-term investments	59,488	62,726
Investments in real estate ventures	225,033	217,168
Investments in consolidated subsidiaries	0	0
Restricted assets	14,887	12,303
Goodwill and other intangible assets, net	263,413	263,959
Prepaid pension costs	20,976	20,650
Other assets	21,373	21,120
Total assets	1,228,789	1,280,615
Current liabilities:
Current portion of notes payable and long-term debt	25,927	8,919
Current portion of employee benefits	914	915
Intercompany payables	0	0
Income taxes payable, net	0	96
Litigation accruals and current payments due under the Master Settlement Agreement	51,391	52,145
Other current liabilities	113,085	154,217
Total current liabilities	191,317	216,292
Notes payable, long-term debt and other obligations, less current portion	864,554	856,108
Fair value of derivatives embedded within convertible debt	134,348	144,042
Non-current employee benefits	55,171	55,055
Deferred income taxes, net	85,069	79,429
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	52,190	51,850
Total liabilities	$ 1,382,649	$ 1,402,776
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ (234,071)	$ (206,047)
Non-controlling interest	80,211	83,886
Total stockholders' deficiency	(153,860)	(122,161)
Total liabilities and stockholders' deficiency	1,228,789	1,280,615
Parent/Issuer [Member]
Current assets:
Cash and cash equivalents	94,637	111,470	155,176	211,751
Investment securities available for sale	111,659	131,810
Accounts receivable - trade, net	0	0
Intercompany receivables	14,986	11,293
Inventories	0	0
Deferred income taxes	0
Income taxes receivable, net	23,815	8,213
Restricted assets	0	0
Other current assets	1,422	575
Total current assets	246,519	263,361
Property, plant and equipment, net	1,671	1,711
Real estate held for sale, net	0	0
Long-term investments	58,525	61,747
Investments in real estate ventures	0	0
Investments in consolidated subsidiaries	518,783	532,501
Restricted assets	1,716	1,713
Goodwill and other intangible assets, net	0	0
Prepaid pension costs	0	0
Other assets	7,332	7,582
Total assets	834,546	868,615
Current liabilities:
Current portion of notes payable and long-term debt	0	0
Current portion of employee benefits	0	0
Intercompany payables	0	0
Income taxes payable, net	0	0
Litigation accruals and current payments due under the Master Settlement Agreement	0	0
Other current liabilities	24,938	38,140
Total current liabilities	24,938	38,140
Notes payable, long-term debt and other obligations, less current portion	857,493	848,368
Fair value of derivatives embedded within convertible debt	134,348	144,042
Non-current employee benefits	39,660	39,244
Deferred income taxes, net	7,167	2,675
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	5,011	2,193
Total liabilities	$ 1,068,617	$ 1,074,662
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ (234,071)	$ (206,047)
Non-controlling interest	0	0
Total stockholders' deficiency	(234,071)	(206,047)
Total liabilities and stockholders' deficiency	834,546	868,615
Subsidiary Guarantors [Member]
Current assets:
Cash and cash equivalents	23,664	12,375	26,104	9,724
Investment securities available for sale	41,041	50,166
Accounts receivable - trade, net	10,451	15,913
Intercompany receivables	0	0
Inventories	92,451	86,516
Deferred income taxes	0
Income taxes receivable, net	0	0
Restricted assets	8,214	7,781
Other current assets	3,588	3,747
Total current assets	179,409	176,498
Property, plant and equipment, net	52,723	54,097
Real estate held for sale, net	0	0
Long-term investments	462	478
Investments in real estate ventures	0	0
Investments in consolidated subsidiaries	0	0
Restricted assets	13,171	10,590
Goodwill and other intangible assets, net	107,511	107,511
Prepaid pension costs	20,976	20,650
Other assets	11,817	11,769
Total assets	386,069	381,593
Current liabilities:
Current portion of notes payable and long-term debt	25,836	8,733
Current portion of employee benefits	914	915
Intercompany payables	315	586
Income taxes payable, net	18,949	5,464
Litigation accruals and current payments due under the Master Settlement Agreement	51,391	52,145
Other current liabilities	54,885	74,083
Total current liabilities	152,290	141,926
Notes payable, long-term debt and other obligations, less current portion	6,815	7,519
Fair value of derivatives embedded within convertible debt	0	0
Non-current employee benefits	15,511	15,811
Deferred income taxes, net	33,493	33,791
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	42,279	44,982
Total liabilities	$ 250,388	$ 244,029
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ 135,681	$ 137,564
Non-controlling interest	0	0
Total stockholders' deficiency	135,681	137,564
Total liabilities and stockholders' deficiency	386,069	381,593
Subsidiary Non-Guarantors [Member]
Current assets:
Cash and cash equivalents	90,747	116,523	89,292	104,890
Investment securities available for sale	0	0
Accounts receivable - trade, net	9,998	7,976
Intercompany receivables	0	0
Inventories	0	0
Deferred income taxes	0
Income taxes receivable, net	0	0
Restricted assets	1,414	1,414
Other current assets	32,738	34,632
Total current assets	134,897	160,545
Property, plant and equipment, net	19,214	19,824
Real estate held for sale, net	23,366	23,318
Long-term investments	501	501
Investments in real estate ventures	225,033	217,168
Investments in consolidated subsidiaries	0	0
Restricted assets	0	0
Goodwill and other intangible assets, net	155,902	156,448
Prepaid pension costs	0	0
Other assets	2,224	1,769
Total assets	561,137	579,573
Current liabilities:
Current portion of notes payable and long-term debt	91	186
Current portion of employee benefits	0	0
Intercompany payables	14,671	10,707
Income taxes payable, net	245	4
Litigation accruals and current payments due under the Master Settlement Agreement	0	0
Other current liabilities	33,262	41,994
Total current liabilities	48,269	52,891
Notes payable, long-term debt and other obligations, less current portion	246	221
Fair value of derivatives embedded within convertible debt	0	0
Non-current employee benefits	0	0
Deferred income taxes, net	44,409	42,963
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	4,900	4,675
Total liabilities	$ 97,824	$ 100,750
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ 383,102	$ 394,937
Non-controlling interest	80,211	83,886
Total stockholders' deficiency	463,313	478,823
Total liabilities and stockholders' deficiency	561,137	579,573
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	(14,986)	(11,293)
Inventories	0	0
Deferred income taxes	0
Income taxes receivable, net	(19,194)	(5,372)
Restricted assets	0	0
Other current assets	0	0
Total current assets	(34,180)	(16,665)
Property, plant and equipment, net	0	0
Real estate held for sale, net	0	0
Long-term investments	0	0
Investments in real estate ventures	0	0
Investments in consolidated subsidiaries	(518,783)	(532,501)
Restricted assets	0	0
Goodwill and other intangible assets, net	0	0
Prepaid pension costs	0	0
Other assets	0	0
Total assets	(552,963)	(549,166)
Current liabilities:
Current portion of notes payable and long-term debt	0	0
Current portion of employee benefits	0	0
Intercompany payables	(14,986)	(11,293)
Income taxes payable, net	(19,194)	(5,372)
Litigation accruals and current payments due under the Master Settlement Agreement	0	0
Other current liabilities	0	0
Total current liabilities	(34,180)	(16,665)
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	$ (34,180)	$ (16,665)
Commitments and contingencies (Note 7)
Total Vector Group Ltd. stockholders' deficiency	$ (518,783)	$ (532,501)
Non-controlling interest	0	0
Total stockholders' deficiency	(518,783)	(532,501)
Total liabilities and stockholders' deficiency	$ (552,963)	$ (549,166)

Condensed Consolidating Finan64

Condensed Consolidating Financial Information Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 380,800	$ 360,760
Expenses:
Cost of sales	236,422	242,018
Operating, selling, administrative and general expenses	79,828	74,181
Litigation settlement and judgment expense	2,350	843
Management fee expense	0	0
Restructuring charges	41	0
Operating income	62,159	43,718
Other income (expenses):
Interest expense	(30,720)	(31,746)
Change in fair value of derivatives embedded within convertible debt	9,694	6,460
Equity income (loss) from real estate ventures	(507)	338
Equity in (losses) earnings from investments	(1,671)	612
Gain on sale of investment securities available for sale	567	13,029
Impairment of investment securities available for sale	(4,813)	0
Equity income in consolidated subsidiaries	0	0
Management fee income	0	0
Other, net	1,047	1,937
Income before provision for income taxes	35,756	34,348
Income tax benefit (expense)	(14,363)	(12,867)
Net income	21,393	21,481
Net income attributed to non-controlling interest	(2,055)	(260)
Net income attributed to Vector Group Ltd.	19,338	21,221
Comprehensive income attributed to non-controlling interest	(2,055)	(260)
Comprehensive income attributed to Vector Group Ltd.	19,381	26,203
Parent/Issuer [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Expenses:
Cost of sales	0	0
Operating, selling, administrative and general expenses	9,196	7,194
Litigation settlement and judgment expense	0	0
Management fee expense	0	0
Restructuring charges	0
Operating income	(9,196)	(7,194)
Other income (expenses):
Interest expense	(29,758)	(30,754)
Change in fair value of derivatives embedded within convertible debt	9,694	6,460
Equity income (loss) from real estate ventures	0	0
Equity in (losses) earnings from investments	(1,655)	604
Gain on sale of investment securities available for sale	176	(146)
Impairment of investment securities available for sale	(41)
Equity income in consolidated subsidiaries	35,610	35,994
Management fee income	2,662	2,562
Other, net	400	1,065
Income before provision for income taxes	7,892	8,591
Income tax benefit (expense)	11,446	12,625
Net income	19,338	21,216
Net income attributed to non-controlling interest	0	0
Net income attributed to Vector Group Ltd.	19,338	21,216
Comprehensive income attributed to non-controlling interest	0	0
Comprehensive income attributed to Vector Group Ltd.	19,381	27,592
Subsidiary Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	221,142	228,623
Expenses:
Cost of sales	136,744	157,660
Operating, selling, administrative and general expenses	18,273	21,337
Litigation settlement and judgment expense	2,350	843
Management fee expense	2,662	2,562
Restructuring charges	41
Operating income	61,072	46,221
Other income (expenses):
Interest expense	(959)	(991)
Change in fair value of derivatives embedded within convertible debt	0	0
Equity income (loss) from real estate ventures	0	0
Equity in (losses) earnings from investments	(16)	8
Gain on sale of investment securities available for sale	391	13,175
Impairment of investment securities available for sale	(4,772)
Equity income in consolidated subsidiaries	0	0
Management fee income	0	0
Other, net	237	320
Income before provision for income taxes	55,953	58,733
Income tax benefit (expense)	(23,386)	(24,184)
Net income	32,567	34,549
Net income attributed to non-controlling interest	0	0
Net income attributed to Vector Group Ltd.	32,567	34,549
Comprehensive income attributed to non-controlling interest	0	0
Comprehensive income attributed to Vector Group Ltd.	32,710	32,267
Subsidiary Non-Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	159,747	132,256
Expenses:
Cost of sales	99,678	84,358
Operating, selling, administrative and general expenses	52,448	45,769
Litigation settlement and judgment expense	0	0
Management fee expense	0	0
Restructuring charges	0
Operating income	7,621	2,129
Other income (expenses):
Interest expense	(3)	(1)
Change in fair value of derivatives embedded within convertible debt	0	0
Equity income (loss) from real estate ventures	(507)	338
Equity in (losses) earnings from investments	0	0
Gain on sale of investment securities available for sale	0	0
Impairment of investment securities available for sale	0
Equity income in consolidated subsidiaries	0	0
Management fee income	0	0
Other, net	410	552
Income before provision for income taxes	7,521	3,018
Income tax benefit (expense)	(2,423)	(1,308)
Net income	5,098	1,710
Net income attributed to non-controlling interest	(2,055)	(260)
Net income attributed to Vector Group Ltd.	3,043	1,450
Comprehensive income attributed to non-controlling interest	(2,055)	(260)
Comprehensive income attributed to Vector Group Ltd.	3,043	1,450
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	(89)	(119)
Expenses:
Cost of sales	0	0
Operating, selling, administrative and general expenses	(89)	(119)
Litigation settlement and judgment expense	0	0
Management fee expense	(2,662)	(2,562)
Restructuring charges	0
Operating income	2,662	2,562
Other income (expenses):
Interest expense	0	0
Change in fair value of derivatives embedded within convertible debt	0	0
Equity income (loss) from real estate ventures	0	0
Equity in (losses) earnings from investments	0	0
Gain on sale of investment securities available for sale	0	0
Impairment of investment securities available for sale	0
Equity income in consolidated subsidiaries	(35,610)	(35,994)
Management fee income	(2,662)	(2,562)
Other, net	0	0
Income before provision for income taxes	(35,610)	(35,994)
Income tax benefit (expense)	0	0
Net income	(35,610)	(35,994)
Net income attributed to non-controlling interest	0	0
Net income attributed to Vector Group Ltd.	(35,610)	(35,994)
Comprehensive income attributed to non-controlling interest	0	0
Comprehensive income attributed to Vector Group Ltd.	$ (35,753)	$ (35,106)

Condensed Consolidating Finan65

Condensed Consolidating Financial Information Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (4,936)	$ 7,828
Cash flows from investing activities:
Sale of investment securities	51,218	74,591
Maturities of investment securities	343	947
Purchase of investment securities	(29,112)	(67,628)
Proceeds from sale or liquidation of long-term investments	0	1,216
Purchase of long-term investments	0	(5,000)
Investments in real estate ventures	(5,795)	(7,816)
Distributions from investments in real estate ventures	12	0
Increase in cash surrender value of life insurance policies	(62)	(606)
Increase in restricted assets	(3,017)	(6,933)
Investments in subsidiaries	0	0
Proceeds from sale of fixed assets	0	3
Capital expenditures	(3,915)	(3,156)
Pay downs of investment securities	2,174	1,594
Investments in real estate held for sale	(49)	0
Net cash provided by (used in) investing activities	11,797	(12,788)
Cash flows from financing activities:
Proceeds from issuance of debt	57	0
Deferred financing costs	0	(585)
Repayments of debt	(1,576)	(1,857)
Borrowings under revolver	59,426	107,668
Repayments on revolver	(41,482)	(110,792)
Capital contributions received	0	0
Intercompany dividends paid	0	0
Dividends and distributions on common stock	(48,876)	(46,350)
Contributions from non-controlling interest	248	0
Distributions to non-controlling interest	(5,978)	0
Proceeds from exercise of Vector options	0	809
Tax benefit of options exercised	0	274
Net cash used in financing activities	(38,181)	(50,833)
Net decrease in cash and cash equivalents	(31,320)	(55,793)
Cash and cash equivalents, beginning of period	240,368	326,365
Cash and cash equivalents, end of period	209,048	270,572
Parent/Issuer [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	12,633	(1,451)
Cash flows from investing activities:
Sale of investment securities	46,497	60,176
Maturities of investment securities	343	947
Purchase of investment securities	(29,112)	(66,152)
Proceeds from sale or liquidation of long-term investments		1,106
Purchase of long-term investments		(5,000)
Investments in real estate ventures	0	0
Distributions from investments in real estate ventures	0
Increase in cash surrender value of life insurance policies	0	(558)
Increase in restricted assets	(3)	(1)
Investments in subsidiaries	(471)	(1,969)
Proceeds from sale of fixed assets		0
Capital expenditures	(18)	0
Pay downs of investment securities	2,174	1,594
Investments in real estate held for sale	0
Net cash provided by (used in) investing activities	19,410	(9,857)
Cash flows from financing activities:
Proceeds from issuance of debt	0
Deferred financing costs		0
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	(48,876)	(46,350)
Contributions from non-controlling interest	0
Distributions to non-controlling interest	0
Proceeds from exercise of Vector options		809
Tax benefit of options exercised		274
Net cash used in financing activities	(48,876)	(45,267)
Net decrease in cash and cash equivalents	(16,833)	(56,575)
Cash and cash equivalents, beginning of period	111,470	211,751
Cash and cash equivalents, end of period	94,637	155,176
Subsidiary Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	30,671	58,885
Cash flows from investing activities:
Sale of investment securities	4,721	14,415
Maturities of investment securities	0	0
Purchase of investment securities	0	(1,476)
Proceeds from sale or liquidation of long-term investments		0
Purchase of long-term investments		0
Investments in real estate ventures	0	0
Distributions from investments in real estate ventures	0
Increase in cash surrender value of life insurance policies	(62)	(48)
Increase in restricted assets	(3,014)	(6,932)
Investments in subsidiaries	0	0
Proceeds from sale of fixed assets		3
Capital expenditures	(2,618)	(956)
Pay downs of investment securities	0	0
Investments in real estate held for sale	0
Net cash provided by (used in) investing activities	(973)	5,006
Cash flows from financing activities:
Proceeds from issuance of debt	0
Deferred financing costs		(585)
Repayments of debt	(1,545)	(1,797)
Borrowings under revolver	59,426	107,668
Repayments on revolver	(41,482)	(110,792)
Capital contributions received	100	1,950
Intercompany dividends paid	(34,908)	(43,955)
Dividends and distributions on common stock	0	0
Contributions from non-controlling interest	0
Distributions to non-controlling interest	0
Proceeds from exercise of Vector options		0
Tax benefit of options exercised		0
Net cash used in financing activities	(18,409)	(47,511)
Net decrease in cash and cash equivalents	11,289	16,380
Cash and cash equivalents, beginning of period	12,375	9,724
Cash and cash equivalents, end of period	23,664	26,104
Subsidiary Non-Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	1,917	(4,122)
Cash flows from investing activities:
Sale of investment securities	0	0
Maturities of investment securities	0	0
Purchase of investment securities	0	0
Proceeds from sale or liquidation of long-term investments		110
Purchase of long-term investments		0
Investments in real estate ventures	(5,795)	(7,816)
Distributions from investments in real estate ventures	12
Increase in cash surrender value of life insurance policies	0	0
Increase in restricted assets	0	0
Investments in subsidiaries	0	0
Proceeds from sale of fixed assets		0
Capital expenditures	(1,279)	(2,200)
Pay downs of investment securities	0	0
Investments in real estate held for sale	(49)
Net cash provided by (used in) investing activities	(7,111)	(9,906)
Cash flows from financing activities:
Proceeds from issuance of debt	57
Deferred financing costs		0
Repayments of debt	(31)	(60)
Borrowings under revolver	0	0
Repayments on revolver	0	0
Capital contributions received	371	19
Intercompany dividends paid	(15,249)	(1,529)
Dividends and distributions on common stock	0	0
Contributions from non-controlling interest	248
Distributions to non-controlling interest	(5,978)
Proceeds from exercise of Vector options		0
Tax benefit of options exercised		0
Net cash used in financing activities	(20,582)	(1,570)
Net decrease in cash and cash equivalents	(25,776)	(15,598)
Cash and cash equivalents, beginning of period	116,523	104,890
Cash and cash equivalents, end of period	90,747	89,292
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(50,157)	(45,484)
Cash flows from investing activities:
Sale of investment securities	0	0
Maturities of investment securities	0	0
Purchase of investment securities	0	0
Proceeds from sale or liquidation of long-term investments		0
Purchase of long-term investments		0
Investments in real estate ventures	0	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
Investments in subsidiaries	471	1,969
Proceeds from sale of fixed assets		0
Capital expenditures	0	0
Pay downs of investment securities	0	0
Investments in real estate held for sale	0
Net cash provided by (used in) investing activities	471	1,969
Cash flows from financing activities:
Proceeds from issuance of debt	0
Deferred financing costs		0
Repayments of debt	0	0
Borrowings under revolver	0	0
Repayments on revolver	0	0
Capital contributions received	(471)	(1,969)
Intercompany dividends paid	50,157	45,484
Dividends and distributions on common stock	0	0
Contributions from non-controlling interest	0
Distributions to non-controlling interest	0
Proceeds from exercise of Vector options		0
Tax benefit of options exercised		0
Net cash used in financing activities	49,686	43,515
Net decrease 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