Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity Registrant Name | VECTOR GROUP LTD | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 1-5759 | ||
Entity Tax Identification Number | 65-0949535 | ||
Entity Address, Address Line One | 4400 Biscayne Boulevard | ||
Entity Address, City or Town | Miami | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33137 | ||
City Area Code | 305 | ||
Local Phone Number | 579-8000 | ||
Title of 12(b) Security | Common stock, par value $0.10 per share | ||
Trading Symbol | VGR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,060 | ||
Entity Common Stock, Shares Outstanding | 153,868,177 | ||
Documents Incorporated by Reference | Part III (Items 10, 11, 12, 13 and 14) from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year covered by this report. | ||
Entity Central Index Key | 0000059440 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Miami, Florida |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 193,411 | $ 258,421 |
Investment securities at fair value | 146,687 | 135,585 |
Accounts receivable - trade, net | 16,067 | 16,334 |
Inventories | 94,615 | 97,545 |
Income taxes receivable, net | 10,948 | 0 |
Other current assets | 10,075 | 7,653 |
Current assets of discontinued operations | 0 | 148,365 |
Total current assets | 471,803 | 663,903 |
Property, plant and equipment, net | 36,883 | 35,285 |
Investments in real estate, net | 9,098 | 15,631 |
Long-term investments (includes $32,089 and $33,981 at fair value) | 53,073 | 52,291 |
Investments in real estate ventures | 105,062 | 85,400 |
Operating lease right-of-use assets | 10,972 | 12,253 |
Intangible assets | 107,511 | 107,511 |
Other assets | 76,685 | 65,518 |
Long-term assets of discontinued operations | 0 | 305,617 |
Total assets | 871,087 | 1,343,409 |
Current liabilities: | ||
Current portion of notes payable and long-term debt | 79 | 57 |
Current payments due under the Master Settlement Agreement | 11,886 | 38,767 |
Current operating lease liability | 3,838 | 3,454 |
Income taxes payable, net | 0 | 5,830 |
Other current liabilities | 149,487 | 135,558 |
Current liabilities of discontinued operations | 0 | 99,649 |
Total current liabilities | 165,290 | 283,315 |
Notes payable, long-term debt and other obligations, less current portion | 1,398,591 | 1,380,809 |
Non-current employee benefits | 68,970 | 66,616 |
Deferred income taxes, net | 34,768 | 18,944 |
Non-current operating lease liability | 8,853 | 10,903 |
Payments due under the Master Settlement Agreement | 13,224 | 17,933 |
Other liabilities | 22,944 | 20,464 |
Long-term liabilities of discontinued operations | 0 | 204,112 |
Total liabilities | 1,712,640 | 2,003,096 |
Commitments and contingencies (Notes 5 and 15) | ||
Stockholders' deficiency: | ||
Preferred stock, par value $1 per share, 10,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 153,959,427 and 153,324,629 shares issued and outstanding | 15,396 | 15,332 |
Additional paid-in capital | 11,172 | 0 |
Accumulated deficit | (852,398) | (653,945) |
Accumulated other comprehensive loss | (15,723) | (21,074) |
Total Vector Group Ltd. stockholders' deficiency | (841,553) | (659,687) |
Total liabilities and stockholders' deficiency | $ 871,087 | $ 1,343,409 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Long-term investments, fair value | $ 32,089 | $ 33,981 |
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) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 153,959,427 | 153,959,427 |
Common stock, shares outstanding (in shares) | 153,324,629 | 153,324,629 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues: | ||||
Total revenues | $ 1,220,700 | $ 1,228,682 | $ 1,119,603 | |
Cost of sales: | ||||
Total cost of sales | 769,542 | 819,602 | 774,885 | |
Operating, selling, administrative and general expenses | 131,418 | 116,598 | 109,113 | |
Litigation settlement and judgment expense | 211 | 337 | 990 | |
Net gains on sales of assets | (910) | (2,283) | 0 | |
Operating income | 320,439 | 294,428 | 234,615 | |
Other income (expenses): | ||||
Interest expense | (112,728) | (121,278) | (137,543) | |
Loss on extinguishment of debt | (21,362) | 0 | (4,301) | |
Change in fair value of derivatives embedded within convertible debt | 0 | 4,999 | 26,425 | |
Equity in earnings from investments | 2,675 | 56,268 | 17,000 | |
Equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) | |
Other, net | 10,687 | (8,646) | 16,579 | |
Income before provision for income taxes | 209,961 | 181,043 | 125,015 | |
Income tax expense | 62,807 | 54,121 | 31,085 | |
Income (loss) from discontinued operations | 147,154 | 126,922 | 93,930 | |
Income (loss) from discontinued operations, net of income taxes | 72,119 | (33,984) | 7,085 | |
Net income | 219,273 | 92,938 | 101,015 | |
Net (income) from continuing operations attributed to non-controlling interest | 0 | 0 | (41) | |
Net loss from discontinued operations attributed to non-controlling interest | 190 | 0 | 0 | |
Net loss (income) attributed to non-controlling interest | 190 | 0 | (41) | |
Net income attributed to Vector Group Ltd. from continuing operations | 147,154 | 126,922 | 93,889 | |
Net income (loss) attributed to Vector Group Ltd. from discontinued operations | 72,309 | (33,984) | 7,085 | |
Net income attributed to Vector Group Ltd. | $ 219,463 | $ 92,938 | $ 100,974 | |
Per basic common share: | ||||
Net income (loss) from continued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | $ 0.94 | $ 0.83 | $ 0.59 | |
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | 0.46 | (0.23) | 0.05 | |
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | 1.40 | 0.60 | 0.64 | |
Per diluted common share: | ||||
Net income (loss) from continued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | 0.94 | 0.83 | 0.58 | |
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | 0.46 | (0.23) | 0.05 | |
Net income applicable to common share attributed to Vector Group Ltd. (in dollars per share) | $ 1.40 | $ 0.60 | $ 0.63 | |
Tobacco | ||||
Revenues: | ||||
Total revenues | [1] | $ 1,202,497 | $ 1,204,501 | $ 1,114,840 |
Cost of sales: | ||||
Total cost of sales | [1] | 758,015 | 795,904 | 771,130 |
Real Estate | ||||
Revenues: | ||||
Total revenues | 18,203 | 24,181 | 4,763 | |
Cost of sales: | ||||
Total cost of sales | $ 11,527 | $ 23,698 | $ 3,755 | |
[1] | Revenues and cost of sales include federal excise taxes of $434,695, $461,532 and $451,256 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Tax portion of revenues and cost of goods sold | $ 434,695 | $ 461,532 | $ 451,256 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 219,273 | $ 92,938 | $ 101,015 |
Net unrealized (losses) gains on investment securities available for sale: | |||
Change in net unrealized (losses) gains | (747) | (454) | 681 |
Net unrealized losses (gains) reclassified into net income | 232 | 306 | (118) |
Net unrealized (losses) gains on investment securities available for sale | (515) | (148) | 563 |
Net change in pension-related amounts: | |||
Amortization of prior service costs | (44) | 4 | (33) |
Effect of settlement | 0 | 1,805 | 0 |
Net gain (loss) arising during the year | 5,967 | (2,503) | 1,454 |
Amortization of loss | 1,921 | 1,847 | 1,961 |
Net change in pension-related amounts | 7,844 | 1,153 | 3,382 |
Other comprehensive income | 7,329 | 1,005 | 3,945 |
Income tax effect on: | |||
Change in net unrealized (losses) gains on investment securities | 202 | 123 | (187) |
Net unrealized losses (gains) reclassified into net income on investment securities | (63) | (83) | 32 |
Pension-related amounts | (2,117) | (311) | (919) |
Income tax provision on other comprehensive income | (1,978) | (271) | (1,074) |
Other comprehensive income, net of tax from continuing operations | 5,351 | 734 | 2,871 |
Other comprehensive income, net of tax from discontinued operations | 0 | 0 | 0 |
Other comprehensive income, net of tax | 5,351 | 734 | 2,871 |
Comprehensive income | 224,624 | 93,672 | 103,886 |
Comprehensive loss (income) attributed to non-controlling interest | 190 | 0 | (41) |
Comprehensive income attributed to Vector Group Ltd. | $ 224,814 | $ 93,672 | $ 103,845 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficiency - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 153,324,629 | ||
Beginning Balance | $ (659,687) | $ (685,016) | $ (547,366) |
Net income | 219,273 | 92,938 | 101,015 |
Total other comprehensive income | 5,351 | 734 | 2,871 |
Total comprehensive income | 224,624 | 93,672 | 103,886 |
Distributions and dividends on common stock | (126,371) | (125,128) | (237,339) |
Restricted stock grant | 0 | 0 | 0 |
Surrender of shares in connection with restricted stock vesting | $ (3,563) | (2,186) | (2,174) |
Surrender of shares in connection with stock option exercise | (7,357) | (19,058) | |
Issuance of common stock | $ 52,563 | ||
Effect of stock dividend | $ 0 | ||
Exercise of stock options (in shares) | 0 | 620,527 | 1,824,351 |
Exercise of stock options | $ 6,913 | $ 15,817 | |
Stock-based compensation | $ 14,799 | 9,483 | 9,469 |
Basis adjustment on non-controlling interest | (6,415) | ||
Distributions to non-controlling interest | (448) | (286) | |
Acquisition of subsidiary | 500 | ||
Contributions from non-controlling interest | 1,625 | ||
Distribution of Douglas Elliman Inc. | $ (293,480) | ||
Other | $ 80 | ||
Ending Balance (in shares) | 153,324,629 | 153,324,629 | |
Ending Balance | $ (841,553) | $ (659,687) | (685,016) |
Impact of adoption of new accounting standards | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | $ (2,263) | (1,550) | |
Ending Balance | $ (2,263) | ||
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 153,324,629 | 148,084,900 | 140,914,642 |
Beginning Balance | $ 15,332 | $ 14,808 | $ 14,092 |
Restricted stock grant (in shares) | 873,500 | 425,000 | 60,000 |
Restricted stock grant | $ 88 | $ 43 | $ 6 |
Surrender of shares in connection with restricted stock vesting (in shares) | (238,702) | (216,542) | (221,668) |
Surrender of shares in connection with restricted stock vesting | $ (24) | $ (22) | $ (22) |
Surrender of shares in connection with stock option exercise (in shares) | (589,256) | (1,529,512) | |
Surrender of shares in connection with stock option exercise | $ (59) | $ (153) | |
Issuance of common stock (in shares) | 5,000,000 | ||
Issuance of common stock | $ 500 | ||
Effect of stock dividend (in shares) | 7,037,087 | ||
Effect of stock dividend | $ 703 | ||
Exercise of stock options (in shares) | 620,527 | 1,824,351 | |
Exercise of stock options | $ 62 | $ 182 | |
Ending Balance (in shares) | 153,959,427 | 153,324,629 | 148,084,900 |
Ending Balance | $ 15,396 | $ 15,332 | $ 14,808 |
Additional Paid-In Capital | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Distributions and dividends on common stock | (58,892) | (4,041) | |
Restricted stock grant | (88) | (43) | (6) |
Surrender of shares in connection with restricted stock vesting | (3,539) | (2,164) | (2,152) |
Surrender of shares in connection with stock option exercise | (7,298) | (18,905) | |
Issuance of common stock | 52,063 | ||
Exercise of stock options | 6,851 | 15,635 | |
Stock-based compensation | 14,799 | 9,483 | 9,469 |
Ending Balance | 11,172 | 0 | 0 |
Accumulated Deficit | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (653,945) | (678,464) | (542,169) |
Net income | 219,463 | 92,938 | 100,974 |
Distributions and dividends on common stock | (126,371) | (66,236) | (233,298) |
Effect of stock dividend | (703) | ||
Basis adjustment on non-controlling interest | (6,415) | ||
Distribution of Douglas Elliman Inc. | (291,545) | ||
Other | 80 | ||
Ending Balance | (852,398) | (653,945) | (678,464) |
Accumulated Deficit | Impact of adoption of new accounting standards | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (2,263) | 3,147 | |
Ending Balance | (2,263) | ||
Accumulated Other Comprehensive Income (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (21,074) | (21,808) | (19,982) |
Total other comprehensive income | 5,351 | 734 | 2,871 |
Ending Balance | (15,723) | (21,074) | (21,808) |
Accumulated Other Comprehensive Income (Loss) | Impact of adoption of new accounting standards | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (4,697) | ||
Non-controlling Interest | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 0 | 448 | 693 |
Net income | (190) | 0 | 41 |
Distributions to non-controlling interest | (448) | (286) | |
Contributions from non-controlling interest | 1,625 | ||
Distribution of Douglas Elliman Inc. | (1,935) | ||
Ending Balance | $ 0 | $ 0 | $ 448 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Deficiency (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2018-02 [Member] | ||
Distributions and dividends on common stock (in dollars per share) | $ 0.80 | $ 0.80 | $ 1.54 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 219,273 | $ 92,938 | $ 101,015 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 16,334 | 17,629 | 17,851 |
Non-cash stock-based expense | 14,799 | 9,483 | 9,469 |
Loss on extinguishment of debt | 8,349 | 0 | 2,944 |
Impairments of goodwill and intangible assets | 0 | 58,252 | 0 |
Gain on sale of assets | (724) | (1,114) | (42) |
Deferred income taxes | 14,464 | (673) | (11,198) |
Distributions from investments | 134 | 54,004 | 17,940 |
Equity in earnings from investments | (2,675) | (56,268) | (17,000) |
Net gains on investment securities | (9,648) | (1,818) | (7,440) |
Equity in (earnings) losses from real estate ventures | (9,972) | 44,698 | 19,288 |
Distributions from real estate ventures | 25,326 | 1,933 | 7,028 |
Non-cash interest expense | 4,838 | 4,331 | 2,052 |
Non-cash lease expense | 21,941 | 20,496 | 21,088 |
Non-cash portion of restructuring charges | 0 | 1,214 | 0 |
Excess tax benefit of stock compensation | 264 | 1,488 | |
Provision for credit losses | 3,331 | 14,288 | 1,206 |
Other | 393 | (581) | 0 |
Changes in assets and liabilities: | |||
Receivables | (9,630) | (8,371) | (7,950) |
Inventories | 2,930 | 1,217 | (7,767) |
Accounts payable and accrued liabilities | 196 | 3,237 | (3,983) |
Payments due under the Master Settlement Agreement | (31,590) | 5,309 | (1,553) |
Investments in real estate, net | 5,652 | 12,449 | 0 |
Other assets and liabilities, net | (18,502) | (5,370) | (20,365) |
Net cash provided by operating activities | 255,219 | 267,547 | 124,071 |
Cash flows from investing activities: | |||
Sale of investment securities | 45,627 | 30,458 | 21,879 |
Maturities of investment securities | 71,505 | 61,230 | 68,859 |
Purchase of investment securities | (124,080) | (99,871) | (87,766) |
Proceeds from sale or liquidation of long-term investments | 11,509 | 32,572 | 8,256 |
Purchase of long-term investments | (14,316) | (9,687) | (9,223) |
(Increase) decrease in restricted assets | (5) | 436 | 994 |
Investments in real estate ventures | (49,463) | (14,922) | (52,529) |
Distributions from investments in real estate ventures | 11,936 | 18,818 | 41,300 |
Cash acquired in purchase of subsidiaries | 0 | 2,760 | 0 |
Proceeds from sale of fixed assets | 17 | 5,162 | 17 |
Capital expenditures | (13,506) | (19,063) | (12,575) |
Increase in cash surrender value of life insurance policies | (1,219) | (642) | (719) |
Purchase of subsidiaries | (500) | (722) | (380) |
Pay downs of investment securities | 525 | 812 | 1,083 |
Investments in real estate, net | 0 | 0 | (2,295) |
Net cash (used in) provided by investing activities | (61,970) | 7,341 | (23,099) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 875,000 | 0 | 230,000 |
Repayments of debt | (862,973) | (174,989) | (293,419) |
Deferred financing costs | (20,109) | 0 | (9,802) |
Borrowings under revolver | 27,892 | 130,741 | 243,688 |
Repayments on revolver | (27,868) | (165,693) | (239,526) |
Dividends and distributions on common stock | (131,798) | (128,231) | (238,249) |
Distributions to non-controlling interest | 0 | (448) | (286) |
Contributions from non-controlling interest | 1,625 | 0 | 0 |
Proceeds from the issuance of common stock | 0 | 52,563 | 0 |
Tax withholdings related to net share settlements | (13,145) | (2,630) | (5,415) |
Cash transferred to Douglas Elliman Inc. at spin-off | (212,571) | 0 | 0 |
Other | (130) | 0 | (216) |
Net cash used in financing activities | (364,077) | (288,687) | (313,225) |
Net decrease in cash, cash equivalents and restricted cash | (170,828) | (13,799) | (212,253) |
Cash, cash equivalents and restricted cash, beginning of year | 365,677 | 379,476 | 591,729 |
Cash, cash equivalents and restricted cash, end of year | $ 194,849 | $ 365,677 | $ 379,476 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation : The Consolidated Financial Statements included in this annual report present the financial position of Vector Group Ltd. as of December 31, 2021 and 2020 and the results of operations of Vector Group Ltd. for the years ended December 31, 2021, 2020 and 2019 giving effect to the spin-off of Douglas Elliman Inc. (“Douglas Elliman”) with the historical financial results of Douglas Elliman reflected as discontinued operations (See Note 6.). The cash flows and comprehensive income related to Douglas Elliman have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refer only to Vector Group’s continuing operations and do not include discussion of balances or activity of Douglas Elliman. The consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business. (b) Estimates and Assumptions : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges, valuation of intangible assets, promotional accruals, actuarial assumptions of pension plans, deferred tax liabilities, settlement accruals, valuation of investments, including other-than-temporary impairments to such investments, and litigation and defense costs. Actual results could differ from those estimates. (c) Cash and Cash Equivalents : Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents is comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2021 are uninsured. (d) Reconciliation of Cash, Cash Equivalents and Restricted Cash : Restricted cash amounts included in other current assets and other assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement. The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows: December 31, December 31, December 31, Cash and cash equivalents $ 193,411 $ 258,421 $ 299,856 Restricted cash and cash equivalents included in other assets 1,438 554 552 Cash, cash equivalents and restricted cash of discontinued operations — 106,702 79,068 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 194,849 $ 365,677 $ 379,476 (e) Investment Securities : The Company classifies investments in debt securities as available for sale. Investments classified as available for sale are carried at fair value, with net unrealized gains and losses included as a separate component of stockholders’ deficiency. The cost of securities sold is determined based on average cost. Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s debt securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. The Company classifies investments in marketable equity securities as equity securities at fair value. The Company’s marketable equity securities are measured at fair value with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities. (f) Significant Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes, high credit quality financial institutions. Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 14% and 12% of Liggett’s revenues in 2021, 18% and 12% in 2020, and 17% and 12% in 2019. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 0% and 2%, respectively, of Liggett’s net accounts receivable at December 31, 2021, and approximately 5% and 4%, respectively, at December 31, 2020. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. (g) Accounts Receivable - trade, net : Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $326 and $334 at December 31, 2021 and 2020, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned. (h) Inventories : Tobacco inventories are stated at the lower of cost and net realizable value with cost determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold within one year because of the time required for aging, they are included in current assets, which is common practice in the industry. (i) Property, Plant and Equipment : Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred. (j) Investments in Real Estate Ventures : In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s). Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling 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 impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from 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 VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in 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. On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. (k) Intangible Assets : Intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually as of December 31 and monitored for interim triggering events on an on-going basis. Our intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco LLC), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future. The fair value of the intangible asset associated with the benefit under the MSA is calculated using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized. Indefinite life intangible assets as of December 31, 2021 and 2020, were $107,511. The Company performed its impairment test for the years ended December 31, 2021, 2020 and 2019 and no impairment was noted. (l) Impairment of Long-Lived Assets : The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. (m) Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in investments in real estate, net, property, plant and equipment and current and long-term portions of notes payable and long-term debt on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and is reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term. The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to combine lease and non-lease components for all underlying asset classes. (n) Pension, Postretirement and Postemployment Benefits Plans : The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the Company’s consolidated balance sheets. (See Note 12). (o) Stock Options and Awards : The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 2014 Management Incentive Plan and under the 1999 Plan provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options. The Company recognizes payments of the dividend equivalent rights on these options on the Company’s consolidated balance sheets as reductions in additional paid-in capital until fully utilized and then accumulated deficit ($3,832, $3,684 and $8,967, net of income taxes, for the years ended December 31, 2021, 2020 and 2019, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ deficiency. (p) Income Taxes : The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. The Company accounts for uncertainty in income taxes by recognizing the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. The Company classifies all tax-related interest and penalties as income tax expense. (q) Distributions and Dividends on Common Stock : The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented. (r) Revenue Recognition : Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales. Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $7,006 in 2021, $5,602 in 2020 and $5,802 in 2019. Shipping and handling costs related to sales transactions are part of cost of sales. Real estate : Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. See Note 11 for details of the Escena investment . Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset. (s) Advertising : Tobacco advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $4,464, $4,103 and $3,751 for the years ended December 31, 2021, 2020 and 2019, respectively. (t) Comprehensive Income : The Company presents net income and other comprehensive income in two separate, but consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income. The components of accumulated other comprehensive loss, net of income taxes, were as follows: December 31, December 31, December 31, Net unrealized gains on investment securities available for sale, net of income taxes of $21, $160, and $200, respectively $ 46 $ 422 $ 530 Pension-related amounts, net of income taxes of $5,692, $7,809, and $8,120, respectively (15,769) (21,496) (22,338) Accumulated other comprehensive loss $ (15,723) $ (21,074) $ (21,808) (u) Contingencies : 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. As discussed in Note 15, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. The Company records Liggett’s product liability legal expenses as operating, selling, administrative and general expenses as those costs are incurred. (v) Other, Net : Other, net consisted of: Year Ended December 31, 2021 2020 2019 Interest and dividend income $ 1,920 $ 5,621 $ 11,085 Net gains recognized on investment securities 9,384 1,818 7,440 Net periodic benefit cost other than the service costs (975) (3,618) (2,298) Credit loss expense — (12,828) — Other income 358 361 352 Other, net $ 10,687 $ (8,646) $ 16,579 (w) Other Assets : Other assets consisted of: December 31, December 31, 2020 Restricted assets $ 1,551 $ 3,456 Prepaid pension costs 44,585 35,209 Other assets 30,549 26,853 Total other assets $ 76,685 $ 65,518 (x) Other Current Liabilities : Other current liabilities consisted of: December 31, 2021 December 31, 2020 Accounts payable $ 9,443 $ 6,509 Accrued promotional expenses 55,647 45,579 Accrued excise and payroll taxes payable, net 22,919 13,849 Accrued interest 30,676 31,624 Accrued salaries and benefits 13,982 15,066 Allowance for sales returns 6,669 7,356 Other current liabilities 10,151 15,575 Total other current liabilities $ 149,487 $ 135,558 (y) New Accounting Pronouncements : Accounting Standards Updates (“ASU”) adopted in 2021 : In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”) . This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, and clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Adoption of this update did not have a material impact on the Company’s consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”). The new standard clarifies the interaction of accounting for the transition into and out of the equity method. The new standard also clarifies the accounting for measuring certain purchased options and forward contracts to acquire investments. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption of this update did not have a material impact on the Company’s consolidated financial statements. ASUs to be adopted in future periods: In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04” ). This ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective for all entities for contract modifications beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify the scope of the guidance and allow certain aspects of Topic 848 to be applied to all derivative instruments that undergo a modification of the interest rate used for discounting, margining or contract price alignment as a result of the reference reform. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company does not anticipate an impact on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Revenue Recognition Policies Revenue is measured based on a consideration specified in a contract with a customer less any sales incentives. Revenue is recognized when (a) an enforceable contract with a customer exists, that has commercial substance, and collection of substantially all consideration for services is probable; and (b) the performance obligations to the customer are satisfied either over time or at a point in time. Tobacco sales: Revenue from cigarette sales, which include federal excise taxes billed to customers, is recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records a liability for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The liability for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales. Real estate sales: Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset. Disaggregation of Revenue In the following table, revenue is disaggregated by major product line for the Tobacco segment: Year Ended December 31, 2021 2020 2019 Tobacco Segment Revenues: Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve $ 1,139,009 $ 1,133,660 $ 1,040,419 Other Brands 63,488 70,841 74,421 Total tobacco revenues $ 1,202,497 $ 1,204,501 $ 1,114,840 In the following table, revenue is disaggregated by major services line for the Real Estate segment: Year Ended December 31, 2021 2020 2019 Real Estate Segment Revenues Sales on facilities primarily from Escena $ 5,353 $ 3,681 $ 4,763 Revenues from investments in real estate 12,850 20,500 — Total real estate revenues $ 18,203 $ 24,181 $ 4,763 |
Current Expected Credit Losses
Current Expected Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Current Expected Credit Losses | CURRENT EXPECTED CREDIT LOSSES Tobacco receivables: Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. Based on Tobacco historical and ongoing cash collections from customers, an estimated credit loss in accordance with ASU 2016-13 was not recorded for these trade receivables as of December 31, 2021 and December 31, 2020. Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the consolidated balance sheets. New Valley had two loans in maturity default at December 31, 2021, with a total amortized cost basis of $15,928, including accrued interest receivable of $6,428 at both December 31, 2021 and December 31, 2020. The loans are secured by guarantees and given their risk profiles are evaluated individually. As New Valley does not have internal historical loss information by which to evaluate the risk of credit losses, external market data measuring default risks on high yield loans as of each measurement date was utilized to estimate reserves for credit losses on these loans. Pursuant to the requirements of ASU 2016-13, New Valley’s expected credit loss estimate was $15,928 at both December 31, 2021 and December 31, 2020. The following is the rollforward of the allowance for credit losses for the year ended December 31, 2021: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses: New Valley term loan receivables 15,928 — — — 15,928 The following is the rollforward of the allowance for credit losses for the year ended December 31, 2020: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses: New Valley term loan receivables 3,100 12,828 (1) — — 15,928 _____________________________ (1) The credit losses related to the New Valley term loan receivables are included in Other, net on the consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Information concerning the Company’s common stock has been adjusted to give retroactive effect to the 5% stock dividend distributed to Company stockholders on September 29, 2019. All per share amounts and references to share amounts have been updated to reflect the retrospective effect of the stock dividend. The dividend was recorded at par value of $703 since the Company did not have retained earnings in 2019. In connection with the 5% stock dividend, the Company increased the number of shares subject to outstanding stock options by 5% and reduced the exercise prices accordingly. On November 5, 2019, the Company announced that its board of directors decided that the Company would no longer pay an annual stock dividend. As discussed in Note 14, the Company has stock option awards which provide for common stock dividend equivalents at the same rate as paid on the common stock with respect to the shares underlying the unexercised portion of the options. These outstanding options represent participating securities under authoritative guidance. The Company recognizes payments of the dividend equivalent rights ($3,832, $3,684, and $8,967, for the years ended December 31, 2021, 2020 and 2019, respectively) on these options as reductions in additional paid-in-capital on the Company’s consolidated balance sheets. The Company included the income tax benefit associated with the dividend equivalent rights as a component of income tax expense due to the adoption of ASU 2016-09. As a result, in its calculation of basic earnings per share (“EPS”) for the years ended December 31, 2021, 2020 and 2019, respectively, the Company has adjusted its net income for the effect of these participating securities as follows: Net income (loss) for purposes of determining basic EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Net income (loss) attributed to Vector Group Ltd. from discontinued operations 72,309 (33,984) 7,085 Net income attributed to Vector Group Ltd. 219,463 92,938 100,974 Income from continuing operations attributable to participating securities (5,862) (2,560) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 213,601 $ 90,378 $ 93,510 Net income for purposes of determining basic EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Income from continuing operations attributable to participating securities (3,694) (2,580) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 143,460 $ 124,342 $ 86,425 Basic EPS is computed by dividing net income available to common stockholders attributed to Vector Group Ltd. by the weighted-average number of shares outstanding, which includes vested restricted stock. Net income (loss) for purposes of determining diluted EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Net income (loss) attributed to Vector Group Ltd. from discontinued operations 72,309 (33,984) 7,085 Net income attributed to Vector Group Ltd. 219,463 92,938 100,974 Income attributable to 7.5% Variable Interest Senior Convertible Notes — — (1,255) Income from continuing operations attributable to participating securities (5,862) (2,560) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 213,601 $ 90,378 $ 92,255 Net income for purposes of determining diluted EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Income attributable to 7.5% Variable Interest Senior Convertible Notes — — (1,255) Income from continuing operations attributable to participating securities (3,694) (2,580) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 143,460 $ 124,342 $ 85,170 Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares for the years ended December 31, 2021, 2020 and 2019: For the year ended December 31, 2021 2020 2019 Weighted-average shares for basic EPS 152,403,072 150,216,141 146,633,036 Plus incremental shares related to convertible debt — — 718,918 Plus incremental shares related to stock options and non-vested restricted stock 71,777 34,812 16,509 Weighted-average shares for diluted EPS 152,474,849 150,250,953 147,368,463 It may not be possible to recalculate EPS attributable to common stockholders by adjusting EPS from continuing operations by EPS from discontinued operations as each amount is calculated independently. The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the years ended December 31, 2021, 2020 and 2019, but were not included in the computation of diluted EPS because the impact of common shares issuable under the convertible debt were anti-dilutive to EPS. Year Ended December 31, 2021 2020 2019 Weighted-average shares of non-vested restricted stock 524,606 520,936 1,207,366 Weighted-average expense per share $ 17.42 $ 19.54 $ 17.97 Weighted-average number of shares issuable upon conversion of debt — 2,423,719 11,118,139 Weighted-average conversion price $ — $ 20.27 $ 20.27 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On December 29, 2021, at 11:59 p.m., New York City time, the Company completed the distribution to its stockholders (including Vector common stock underlying outstanding stock options awards and restricted stock awards) of the common stock of Douglas Elliman (the “Spin-off”). Each holder of Vector common stock received one share of Douglas Elliman’s common stock for every two shares of Vector common stock (including Vector common stock underlying outstanding stock option awards and restricted stock awards) held of record as of the close of business, New York City time, on December 20, 2021. In the Spin-off, an aggregate of 77,720,159 shares of Douglas Elliman’s common stock were issued, with any fractional shares converted to cash and paid to applicable Vector stockholders. Prior to the Spin-off, Douglas Elliman was a component of the Real Estate segment of the Company. Following the Spin-off, Douglas Elliman is a separate public company. The Company and Douglas Elliman entered into a distribution agreement (the “Distribution Agreement”) and several ancillary agreements for the purpose of accomplishing the Spin-off. The Distribution Agreement includes an agreement that the Company and Douglas Elliman will provide each other with appropriate indemnities with respect to liabilities arising out of the business retained by Vector and the business transferred to Douglas Elliman by Vector. These agreements also govern the Company’s relationship with Douglas Elliman subsequent to the Spin-off and provide for the allocation of employee benefit, tax and some other liabilities and obligations attributable to periods prior to, at and after the Spin-off. These agreements also include arrangements with respect to transition services (the “Transition Services Agreement”). The Company entered into a Tax Disaffiliation Agreement with Douglas Elliman that governs Vector’s and Douglas Elliman’s respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the control of audits and other tax matters. Douglas Elliman will be party to other arrangements with Vector and its subsidiaries. Douglas Elliman and its eligible subsidiaries have previously joined with Vector in the filing of certain consolidated, combined, and unitary returns for state, local, and other applicable tax purposes. However, for periods (or portions thereof) beginning after the Spin-off, Douglas Elliman will not join with Vector or any of its subsidiaries (as determined after the Spin-off) in the filing of any federal, state, local or other applicable consolidated, combined or unitary tax returns. Under the Tax Disaffiliation Agreement, with certain exceptions, Vector will be generally responsible for all of Douglas Elliman’s U.S. federal, state, local and other applicable income and non-income taxes for any taxable period or portion of such period ending on or before the Spin-off date. Douglas Elliman will be generally responsible for all taxes that are attributable to it or one of its subsidiaries after the Spin-off date. Following the Spin-off, there is an overlap between certain officers of the Company and of Douglas Elliman. Howard M. Lorber serves as the President and Chief Executive Officer of the Company and of Douglas Elliman. Richard J. Lampen serves as the Chief Operating Officer of the Company and of Douglas Elliman, J. Bryant Kirkland III serves as the Chief Financial Officer and Treasurer of the Company and of Douglas Elliman, Marc N. Bell serves as the General Counsel and Secretary of the Company and of Douglas Elliman, and J. David Ballard serves as Senior Vice President, Enterprise Efficiency and Chief Technology Officer of the Company and of Douglas Elliman. Furthermore, immediately following the Spin-off, three of the members of the Board of Directors of the Company, Mr. Lorber, Mr. Lampen and Wilson L. White, will also serve as directors of Douglas Elliman. The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Douglas Elliman: December 31, December 31, ASSETS: Current assets: Cash and cash equivalents $ — $ 94,421 Accounts receivable - trade, net — 24,377 Other current assets — 29,567 Total current assets — 148,365 Property, plant and equipment, net — 42,703 Long-term investments (includes $237 at fair value) — 237 Operating lease right-of-use assets — 133,103 Goodwill and other intangible assets, net — 100,066 Other assets — 29,508 Total long-term assets — 305,617 Total assets $ — $ 453,982 LIABILITIES: Current liabilities: Current portion of notes payable and long-term debt $ — $ 12,500 Current operating lease liability — 23,753 Income taxes payable, net — 17 Other current liabilities — 63,379 Total current liabilities — 99,649 Notes payable, long-term debt and other obligations, less current portion — 12,920 Deferred income taxes, net — 13,512 Non-current operating lease liability — 143,296 Other liabilities — 34,384 Total long-term liabilities — 204,112 Total liabilities $ — $ 303,761 The financial results of Douglas Elliman through the Spin-off are presented as income (loss) from discontinued operations, net of income taxes on the Company’s consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Spin-off: Year Ended December 31, 2021 2020 2019 (Dollars in thousands, except per share amounts) Revenues: Real estate $ 1,344,825 $ 773,987 $ 784,108 Expenses: Cost of sales 989,436 547,543 526,694 Operating, selling, administrative and general expenses 253,942 212,926 260,894 Net loss on sales of asset — 1,169 — Impairments of goodwill and intangible assets — 58,252 — Restructuring charges — 3,382 — Operating income (loss) 101,447 (49,285) (3,480) Other income (expenses): Interest expense (164) (263) (905) Equity in (losses) earnings from real estate ventures (278) 30 8,472 Other, net (870) 3,190 4,726 Pretax income (loss) from discontinued operations 100,135 (46,328) 8,813 Income tax expense 28,016 (12,344) 1,728 Income (loss) from discontinued operations 72,119 (33,984) 7,085 Net loss from discontinued operations attributed to non-controlling interest 190 — — Net income (loss) from discontinued operations attributed to Vector Group Ltd. $ 72,309 $ (33,984) $ 7,085 The following table presents the information regarding certain components of cash flows from discontinued operations: Year Ended December 31, 2021 2020 2019 (Dollars in thousands, except per share amounts) Depreciation and amortization $ 8,561 $ 8,537 $ 8,638 Non-cash lease expense 18,667 17,326 17,973 Capital expenditures (4,106) (6,126) (8,079) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LEASES The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment accounted for under ASC 842. The leases have remaining lease terms of one year to five years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants. The Company has leases with variable payments, most commonly in the form of Common Area Maintenance (“CAM”) and tax charges which are based on actual costs incurred. These variable payments were excluded from the ROU asset and lease liability balances since they are not fixed or in-substance fixed payments. Variable payments are expensed as incurred. The components of lease expense were as follows: Year Ended December 31, 2021 2020 2019 Operating lease cost $ 4,578 $ 4,572 $ 4,636 Short-term lease cost 374 349 338 Variable lease cost 320 634 623 Finance lease cost: Amortization 58 111 224 Interest on lease liabilities 9 14 15 Total lease cost $ 5,339 $ 5,680 $ 5,836 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 4,961 $ 4,034 $ 4,318 Operating cash flows from finance leases 10 14 15 Financing cash flows from finance leases 57 102 217 ROU assets obtained in exchange for lease obligations: Operating leases 1,993 3,298 676 Finance leases — 60 159 Supplemental balance sheet information related to leases was as follows: December 31, December 31, 2021 2020 Finance leases: Investments in real estate, net (1) $ 30 $ 62 Property, plant and equipment, at cost $ 127 $ 127 Accumulated amortization (70) (44) Property and equipment, net $ 57 $ 83 Current portion of notes payable and long-term debt $ 55 $ 57 Notes payable, long-term debt and other obligations, less current portion 41 96 Total finance lease liabilities $ 96 $ 153 Weighted average remaining lease term in years: Operating leases 3.36 4.23 Finance leases 1.84 2.71 Weighted average discount rate: Operating leases 9.60 % 10.20 % Finance leases 8.21 % 7.82 % _____________________________ (1) Included in Investments in real estate, net on the consolidated balance sheets are finance lease equipment, at a cost of $748 and $748 and accumulated amortization of $718 and $686 as of December 31, 2021 and 2020, respectively. As of December 31, 2021, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2022 $ 4,889 $ 61 2023 4,181 35 2024 3,453 8 2025 2,086 — 2026 319 — Thereafter — — Total lease payments 14,928 104 Less imputed interest (2,237) (8) Total $ 12,691 $ 96 The Company has one lease for office space wherein the lessor is an affiliate of a significant stockholder of the Company. This lease represents $571 of the ROU asset balances and $616 of lease liability balances as of December 31, 2021. The rent expense for this lease was approximately $458 for the year ended December 31, 2021. As of December 31, 2021, the Company had no undiscounted lease payments relating to leases that have not yet commenced. The Company’s rental expense for the years ended December 31, 2021, 2020 and 2019 was $4,578, $4,572 and $4,552, respectively. Rent expense for the year ended December 31, 2021 consisted of $3,275 of amortization and $1,303 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2020 consisted of $3,170 of amortization and impairment of ROU assets and $1,402 of lease expense for interest accretion on operating lease |
Leases | LEASES The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment accounted for under ASC 842. The leases have remaining lease terms of one year to five years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants. The Company has leases with variable payments, most commonly in the form of Common Area Maintenance (“CAM”) and tax charges which are based on actual costs incurred. These variable payments were excluded from the ROU asset and lease liability balances since they are not fixed or in-substance fixed payments. Variable payments are expensed as incurred. The components of lease expense were as follows: Year Ended December 31, 2021 2020 2019 Operating lease cost $ 4,578 $ 4,572 $ 4,636 Short-term lease cost 374 349 338 Variable lease cost 320 634 623 Finance lease cost: Amortization 58 111 224 Interest on lease liabilities 9 14 15 Total lease cost $ 5,339 $ 5,680 $ 5,836 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 4,961 $ 4,034 $ 4,318 Operating cash flows from finance leases 10 14 15 Financing cash flows from finance leases 57 102 217 ROU assets obtained in exchange for lease obligations: Operating leases 1,993 3,298 676 Finance leases — 60 159 Supplemental balance sheet information related to leases was as follows: December 31, December 31, 2021 2020 Finance leases: Investments in real estate, net (1) $ 30 $ 62 Property, plant and equipment, at cost $ 127 $ 127 Accumulated amortization (70) (44) Property and equipment, net $ 57 $ 83 Current portion of notes payable and long-term debt $ 55 $ 57 Notes payable, long-term debt and other obligations, less current portion 41 96 Total finance lease liabilities $ 96 $ 153 Weighted average remaining lease term in years: Operating leases 3.36 4.23 Finance leases 1.84 2.71 Weighted average discount rate: Operating leases 9.60 % 10.20 % Finance leases 8.21 % 7.82 % _____________________________ (1) Included in Investments in real estate, net on the consolidated balance sheets are finance lease equipment, at a cost of $748 and $748 and accumulated amortization of $718 and $686 as of December 31, 2021 and 2020, respectively. As of December 31, 2021, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2022 $ 4,889 $ 61 2023 4,181 35 2024 3,453 8 2025 2,086 — 2026 319 — Thereafter — — Total lease payments 14,928 104 Less imputed interest (2,237) (8) Total $ 12,691 $ 96 The Company has one lease for office space wherein the lessor is an affiliate of a significant stockholder of the Company. This lease represents $571 of the ROU asset balances and $616 of lease liability balances as of December 31, 2021. The rent expense for this lease was approximately $458 for the year ended December 31, 2021. As of December 31, 2021, the Company had no undiscounted lease payments relating to leases that have not yet commenced. The Company’s rental expense for the years ended December 31, 2021, 2020 and 2019 was $4,578, $4,572 and $4,552, respectively. Rent expense for the year ended December 31, 2021 consisted of $3,275 of amortization and $1,303 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2020 consisted of $3,170 of amortization and impairment of ROU assets and $1,402 of lease expense for interest accretion on operating lease |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Investment securities at fair value consisted of the following: December 31, 2021 December 31, 2020 Debt securities available for sale $ 103,906 $ 91,204 Equity securities at fair value: Marketable equity securities 19,560 21,155 Mutual funds invested in debt securities 23,221 23,226 Long-term investment securities at fair value (1) 32,089 33,981 Total equity securities at fair value 74,870 78,362 Total investment securities at fair value 178,776 169,566 Less: Long-term investment securities at fair value (1) 32,089 33,981 Current investment securities at fair value $ 146,687 $ 135,585 Long-term investment securities at fair value (1) $ 32,089 $ 33,981 Equity-method investments 20,984 18,310 Total long-term investments $ 53,073 $ 52,291 Equity securities at cost: (2) Other equity securities at cost $ 5,200 $ 5,200 (1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820. (2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the consolidated balance sheets. Net gains recognized on investment securities were as follows: Year Ended December 31, 2021 2020 2019 Net gains recognized on equity securities at fair value $ 9,615 $ 2,123 $ 7,320 Net gains recognized on debt and equity securities available for sale 45 110 135 Impairment expense (276) (415) (15) Net gains recognized on investment securities $ 9,384 $ 1,818 $ 7,440 (a) Debt Securities Available for Sale: The components of debt securities available for sale at December 31, 2021 were as follows: Cost Gross Gross Fair Marketable debt securities $ 103,838 $ 68 $ — $ 103,906 The table below summarizes the maturity dates of debt securities available for sale at December 31, 2021. Investment Type : Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 6,481 $ 5,688 $ 793 $ — Corporate securities 47,531 20,028 27,503 — U.S. mortgage-backed securities 19,572 1,824 17,748 — Commercial paper 29,103 29,103 — — Foreign fixed-income securities 1,219 1,219 — — Total debt securities available for sale by maturity dates $ 103,906 $ 57,862 $ 46,044 $ — The components of debt securities available for sale at December 31, 2020 were as follows: Cost Gross Gross Fair Marketable debt securities $ 90,621 $ 583 $ — $ 91,204 There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at December 31, 2021 and 2020, respectively. Gross realized gains and losses recognized on debt securities available for sale were as follows: Year Ended December 31, 2021 2020 2019 Gross realized gains on sales $ 108 $ 329 $ 144 Gross realized losses on sales (63) (219) (9) Net gains recognized on debt securities available for sale $ 45 $ 110 $ 135 Impairment expense $ (276) $ (415) $ (15) 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. (b) Equity Securities at Fair Value: The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value for the years ended December 31, 2021, 2020 and 2019, respectively: Year Ended December 31, 2021 2020 2019 Net gains recognized on equity securities $ 9,615 $ 2,123 $ 7,320 Less: Net gains (losses) recognized on equity securities sold 7,534 (121) 1,526 Net unrealized gains recognized on equity securities still held at the reporting date $ 2,081 $ 2,244 $ 5,794 The Company’s mutual funds invested in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 18. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. The Company has unfunded commitments of $514 related to long-term investment securities at fair value as of December 31, 2021 . The Company received cash distributions of $11,642 as of December 31, 2021, of which $11,509 were classified as investing cash inflows. The Company received cash distributions of $32,676 as of December 31, 2020, of which $32,572 were classified as investing cash inflows. The Company received cash distributions of $8,320 and recorded $8,502 of in-transit redemptions as of December 31, 2019, all of which were classified as investing cash inflows. $8,256 of total cash distributions received was classified as investing cash inflows. (c) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at December 31, 2021 and 2020, respectively. The total carrying value of these investments was $5,200 and $5,200 and was included in “Other assets” on the consolidated balance sheets at December 31, 2021 and 2020, respectively. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2021, 2020 and 2019, respectively. (d) Equity-Method Investments: Equity-method investments consisted of the following: December 31, 2021 December 31, 2020 Mutual and hedge funds $ 20,984 $ 18,310 At December 31, 2021, the Company’s ownership percentages in the mutual and hedge funds accounted for under the equity method ranged from 6.43% to 37.78%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting. On February 14, 2020, Ladenburg Thalmann Financial Services Inc. (“LTS”) was acquired pursuant to a cash tender offer of $3.50 per outstanding common share and, in connection therewith, the Company received proceeds of $53,169 in exchange for the Company’s 15,191,205 common shares of LTS. The Company also tendered 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) for redemption and received an additional $6,009 in March 2020. On October 9, 2019, Castle Brands Inc. (“Castle”) was acquired pursuant to a cash tender offer of $1.27 per outstanding common share and, in connection therewith, the Company tendered the entire amount of its 12,895,017 common shares of Castle. The Company received and recognized a gain of $16,377 from the transaction. See Note 17 Related Party Transactions for further discussion of the LTS and Castle investments. Equity in earnings from investments were: Year Ended December 31, 2021 2020 2019 Mutual fund and hedge funds $ 2,675 $ 2,844 $ 958 Ladenburg Thalmann Financial Services Inc. — 53,424 (410) Castle Brands Inc. — — 16,452 Equity in earnings from investments $ 2,675 $ 56,268 $ 17,000 The Company received $50 in dividends from one of its equity-method investments that were reinvested back into the fund in 2021. The Company received total cash distributions of $54,089 ($53,901, net of reinvested dividends) and $17,875 from the Company’s equity-method investments in 2020 and 2019, respectively. The cash distributions of $53,901 in 2020 were classified as operating cash inflows. The cash distributions of $17,875 were classified as operating cash inflows. (e) Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds. December 31, December 31, Investment securities $ 493,705 $ 486,390 Cash and cash equivalents 44,644 7,126 Other assets 14,151 41,004 Total assets $ 552,500 $ 534,520 Other liabilities $ 214,607 $ 230,237 Total liabilities 214,607 230,237 Partners’ capital 337,893 304,283 Total liabilities and partners’ capital $ 552,500 $ 534,520 Year Ended December 31, 2021 2020 2019 Investment income $ 1,574 $ 1,779 $ 2,834 Expenses 12,873 9,300 6,756 Net investment loss (11,299) (7,521) (3,922) Total net realized gain and net change in unrealized depreciation from investments 48,342 123,381 18,822 Net increase in partners’ capital resulting from operations $ 37,043 $ 115,860 $ 14,900 Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period. Three Months Ended December 31, 2019 Revenues $ 395,735 Expenses 394,992 Income before other items 743 Change in fair value of contingent consideration (374) Income from continuing operations 369 Net income $ 508 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of: December 31, December 31, Leaf tobacco $ 38,825 $ 42,988 Other raw materials 7,560 5,987 Work-in-process 2,639 520 Finished goods 64,218 68,781 Inventories at current cost 113,242 118,276 LIFO adjustments (18,627) (20,731) $ 94,615 $ 97,545 All of the Company’s inventories as of December 31, 2021 and 2020 have been reported under the LIFO method. The $18,627 LIFO adjustment as of December 31, 2021 decreases the current cost of inventories by $12,128 for Leaf tobacco, $829 for Other raw materials, $18 for Work-in-process, and $5,652 for Finished goods. The $20,731 LIFO adjustment as of December 31, 2020 decreased the current cost of inventories by $14,139 for Leaf tobacco, $474 for Other raw materials, $26 for Work-in-process, and $6,092 for Finished goods. Cost of goods sold was reduced by $330 and $1,222 for the years ended December 31, 2021 and December 31, 2020, respectively, due to liquidations of LIFO inventories. The amount of capitalized MSA cost in “Finished goods” inventory was $20,450 and $21,120 as of December 31, 2021 and 2020, respectively. Federal excise tax capitalized in inventory was $25,160 and $27,683 as of December 31, 2021 and 2020, respectively. At December 31, 2021, Liggett had tobacco purchase commitments of approximately $13,289. Liggett has a single source supply agreement for reduced ignition propensity cigarette paper through 2022. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of: December 31, December 31, Land and improvements $ 1,624 $ 1,624 Buildings 18,060 17,772 Machinery and equipment 167,713 166,156 Leasehold improvements 1,277 1,277 188,674 186,829 Less accumulated depreciation and amortization (151,791) (151,544) $ 36,883 $ 35,285 Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2021, 2020 and 2019 was $7,816, $9,092 and $9,213, respectively. The Company, through Liggett, had future machinery and equipment purchase commitments of $890 at December 31, 2021. |
New Valley LLC
New Valley LLC | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
New Valley LLC | NEW VALLEY LLC (a) Investments in real estate ventures . New Valley also holds equity investments in various real estate projects domestically and internationally. The majority of New Valley’s investment in real estate ventures were located in the New York City Standard Metropolitan Statistical Area (“SMSA”). New Valley aggregated the disclosure of its investments in real estate ventures by property type and operating characteristics. The components of “Investments in real estate ventures” were as follows: Range of Ownership (1) December 31, 2021 December 31, 2020 Condominium and Mixed Use Development: New York City SMSA 4.2%- 46.7% $ 22,654 $ 30,465 All other U.S. areas 19.6% - 89.1% 57,485 37,773 80,139 68,238 Apartment Buildings: All other U.S. areas 7.6% - 50.0% 11,900 — 11,900 — Hotels: New York City SMSA 0.4% - 12.3% 1,635 2,629 International 49.0% 1,522 1,852 3,157 4,481 Commercial: New York City SMSA 49.0% — 2,591 All other U.S. areas 1.6% 7,290 7,084 7,290 9,675 Other 15.0% - 49.0% 2,576 3,006 Investments in real estate ventures $ 105,062 $ 85,400 _____________________________ (1) The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners. Contributions The components of New Valley’s contributions to its investments in real estate ventures were as follows: December 31, 2021 December 31, 2020 Condominium and Mixed Use Development: New York City SMSA $ 396 $ 1,805 All other U.S. areas 33,719 11,140 34,115 12,945 Apartment Buildings: All other U.S. areas 11,900 284 11,900 284 Hotels: New York City SMSA 1,848 1,169 1,848 1,169 Other — 524 Total contributions $ 47,863 $ 14,922 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 during the years ended December 31, 2021 and 2020. New Valley’s direct investment percentage for these ventures did not significantly change. Distributions The components of distributions received by New Valley from its investments in real estate ventures were as follows: December 31, 2021 December 31, 2020 Condominium and Mixed Use Development: New York City SMSA $ 4,440 $ 1,819 All other U.S. areas 13,593 18,188 18,033 20,007 Apartment Buildings: All other U.S. areas 18,566 — 18,566 — Commercial: New York City SMSA — 601 All other U.S. areas 575 113 575 714 Total distributions $ 37,174 $ 20,721 Of the distributions received by New Valley from its investment in real estate ventures, $25,326 and $1,903 were from distributions of earnings and $11,848 and $18,818 were a return of capital for the years ended December 31, 2021 and 2020, respectively. Distributions from earnings are included in cash from operations in the consolidated statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the consolidated statements of cash flows. Equity in Earnings (Losses) from Real Estate Ventures New Valley recognized equity in earnings (losses) from real estate ventures as follows: Year Ended December 31, 2021 2020 2019 Condominium and Mixed Use Development: New York City SMSA $ (4,147) $ (17,167) $ (31,011) All other U.S. areas (1) (16,578) (6,467) (4,148) (33,745) (37,478) Apartment Buildings: All other U.S. areas 18,566 (284) 79 18,566 (284) 79 Hotels: New York City SMSA (1,597) (3,248) 8,081 International (330) (308) 41 (1,927) (3,556) 8,122 Commercial: New York City SMSA (2,591) 1,340 1 All other U.S. areas 780 (437) 773 (1,811) 903 774 Other (430) (8,046) 743 Total equity in earnings (losses) from real estate ventures $ 10,250 $ (44,728) $ (27,760) As part of the Company’s ongoing assessment of the carrying values of its investments in real estate ventures, the Company determined that the fair value of one of its New York City SMSA Commercial ventures was less than its carrying value for the year ended December 31, 2021. The Company determined that the impairments were other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $2,713 for the year ended December 31, 2021. During the Company’s 2020 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of five New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of December 31, 2020. The Company determined that the impairments were other than temporary. The Company recorded impairment charges of $16,513 for the year ended December 31, 2020. During the Company’s 2019 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of six New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of December 31, 2019. The Company determined that the impairments were other than temporary and recorded impairment charges of $39,757 of which $39,717 was attributed to the Company for the year ended December 31, 2019. As a result of the Company recording impairment charges on certain of its investments in real estate ventures, the impaired real estate ventures were carried at fair value as of the period when the impairment charge was recorded. The impaired real estate ventures were measured at fair value on a nonrecurring basis as a result of recording an other-than-temporary impairment charge. During the year ended 2021, New Valley’s Natura joint venture sold a parcel of land located in Miami, FL. New Valley recognized equity in earnings of $3,899 from the venture and received distributions of $5,168 for the year ended 2021. As of December 31, 2021, the venture had a carrying value of $13,009. During the year ended 2021, New Valley’s Maryland joint venture sold its apartment complexes located in Baltimore, Maryland. New Valley recognized equity in earnings of $18,566 from the venture and received distributions of $18,566 for the year ended 2021. As of December 31, 2021, the venture had a carrying value of $0. During the year ended 2019, New Valley’s Park Lane joint venture sold 80% of its interest in the Park Lane Hotel, a Hotel located in the New York City SMSA. New Valley recognized equity in earnings of $10,328 from the sale and received distributions of $20,788 for the year ended 2019. The sale reduced New Valley’s direct ownership percentage of the Park Lane Hotel from 5.20% to 1.04%. New Valley continues to account for its investment in the joint venture under the equity method of accounting because its ownership percentage in its direct investment continues to meet the threshold for equity method accounting. In 2019, the Company’s New York City SMSA Apartment Building venture sold the remaining parcel of land that was adjacent to a building that was sold the year before. The Company recognized equity in earnings from the venture of $740 and cash distributions of $2,524 for the year ended December 31, 2019. As of December 31, 2021, the venture had a carrying value of $0. Investment in Real Estate Ventures Entered Into During 2021 In October 2021, New Valley invested $11,900 for an approximate 50.0% interest in Riverchase AL JV LP. The joint venture plans to improve, renovate, and manage an apartment complex located in Hoover, AL. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Riverchase AL JV LP was $11,900 at December 31, 2021. In November 2021, New Valley invested $19,500 for an approximate 89.1% interest in 915 Division JV, LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in 915 Division JV, LLC was $19,884 at December 31, 2021. In November 2021, New Valley invested $1,882 for an approximate 50.0% interest in 2000 Atlantic LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in 2000 Atlantic LLC was $1,919 at December 31, 2021. VIE Consideration The Company has determined that New Valley is the primary beneficiary of one real estate venture because it controls the activities that most significantly impact the economic performance of the real estate venture. Consequently, New Valley consolidates this variable interest entity (“VIE”). The carrying amount of the consolidated assets of the VIE was $0 at both December 31, 2021 and December 31, 2020. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of December 31, 2021 and December 31, 2020. A VIE’s assets can only be used to settle the obligations of that VIE. The VIE is not a guarantor of the Company’s senior notes and other debts payable. For the remaining investments in real estate ventures, New Valley determined that the entities were VIEs but New Valley was not the primary beneficiary. Therefore, New Valley’s investment in such real estate ventures has been accounted for under the equity method of accounting. Maximum Exposure to Loss New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows: December 31, 2021 Condominium and Mixed Use Development: New York City SMSA $ 22,654 All other U.S. areas 57,484 80,138 Apartment Buildings: All other U.S. areas 11,900 11,900 Hotels: New York City SMSA 1,635 International 1,522 3,157 Commercial: All other U.S. areas 7,290 7,290 Other 2,576 Total maximum exposure to loss $ 105,061 New Valley capitalized $2,669 and $4,003 of interest costs into the carrying value of its ventures whose projects were currently under development during the years ended December 31, 2021 and December 31, 2020, respectively. (b) Guarantees and Commitments: The joint venture agreements through which New Valley invests in real estate ventures set forth certain conditions where New Valley or its affiliate may be required to contribute payments towards the satisfaction of liabilities of the other partners in the joint venture, or to otherwise indemnify other partners. Mostly, these contribution/indemnity requirements are triggered in the event New Valley or its affiliate commits an act that results in liability of another partner under a guarantee that the other partner has given to a lender in connection with a loan. The guarantees given in connection with the loans may include non-recourse carve-out, environmental, carry and/or completion guarantees, depending on the specific project. In some instances, New Valley or its affiliate would be proportionately liable in the event of liability under a guarantee that is not the fault of any of the partners in the joint venture. In very limited circumstances, New Valley has agreed to be a guarantor directly in connection with a loan. The Company believes that as of December 31, 2021, in the event New Valley becomes legally obligated to contribute funds or otherwise indemnify another partner due to a triggering event under a guarantee, or becomes legally obligated as a guarantor (in the limited circumstances where New Valley is a direct guarantor under the loan documents), the real estate underlying the applicable project is expected to be sufficient to largely repay any guaranteed obligation (although a lender need not necessarily resort to foreclosing on the real estate before seeking recourse under a loan guarantee). New Valley has no additional capital commitments as of December 31, 2021. (c) Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method: Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed Use Development, Apartment Buildings, Hotels, Commercial and Other. Other Condominium and Mixed Use Development: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 301,703 $ 386,859 $ 208,767 Cost of goods sold 317,894 302,234 76,162 Other expenses 117,985 270,642 149,014 Loss from continuing operations $ (134,176) $ (186,017) $ (16,409) December 31, December 31, Balance Sheets Investment in real estate $ 1,434,205 $ 4,465,118 Total assets 1,513,581 4,551,788 Total debt 1,107,366 3,569,361 Total liabilities 1,284,579 3,921,492 Non-controlling interest 63,781 83,807 Apartment Buildings: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 35,213 $ 65,808 $ 70,862 Other expenses 46,360 63,705 67,094 (Loss) income from continuing operations $ (11,147) $ 2,103 $ 3,768 December 31, December 31, Balance Sheets Investment in real estate $ — $ 544,610 Total assets 6,780 563,523 Total debt — 392,324 Total liabilities 131 399,269 Non-controlling interest 4,990 123,273 Hotels: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 42,549 $ 130,742 $ 147,446 Cost of goods sold 3,671 2,671 5,399 Other expenses 201,211 256,973 220,045 Loss from continuing operations $ (162,333) $ (128,902) $ (77,998) December 31, December 31, Balance Sheets Investment in real estate $ 1,553,911 $ 1,489,085 Total assets 1,631,664 1,575,800 Total debt 1,110,700 1,071,445 Total liabilities 1,213,044 1,143,419 Non-controlling interest 412,165 427,439 Commercial: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 1,662 $ 7,911 $ 7,821 Equity in (losses) earnings 24,383 (13,671) 24,159 Other expenses 1,412 4,740 7,724 Income (loss) from continuing operations $ 24,633 $ (10,500) $ 24,256 December 31, December 31, Balance Sheets Investment in real estate $ 51,173 $ 51,487 Total assets 71,296 70,270 Total debt 55,625 55,625 Total liabilities 55,016 55,199 Other: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 180,092 $ 571 $ 390,478 Cost of Goods Sold — — 220,316 Other expenses 303,352 48,633 155,257 (Loss) income from continuing operations $ (123,260) $ (48,062) $ 14,905 December 31, December 31, Balance Sheets Investment in real estate $ 392,754 $ 1,216,819 Total assets 444,520 1,237,794 Total debt 227,724 722,930 Total liabilities 233,329 903,196 Non-controlling interest 152,775 272,196 (d) Investments in real estate, net: The components of “Investments in real estate, net” were as follows: December 31, December 31, Escena, net $ 9,098 $ 9,735 Townhome A (11 Beach Street) — 5,896 Investment in real estate, net $ 9,098 $ 15,631 Escena. In March 2008, a wholly owned subsidiary of New Valley purchased a loan collateralized by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” In April 2009, New Valley completed the foreclosure process and took title to the collateral. The project consists of 615 residential lots with site and public infrastructure, an 18-hole golf course, a completed clubhouse, and a seven-acre site approved for a 450-room hotel. The assets have been classified as an “Investments in real estate, net” on the Company’s consolidated balance sheets and the components were as follows: December 31, December 31, Land and land improvements $ 8,520 $ 8,911 Building and building improvements 1,926 1,926 Other 1,643 1,672 12,089 12,509 Less accumulated depreciation (2,991) (2,774) $ 9,098 $ 9,735 The Company recorded operating income of $63 and operating losses of $735 and $862 for the years ended December 31, 2021, 2020 and 2019, respectively, from Escena. Investment in Sagaponack. In April 2015, New Valley invested $12,502 in a residential real estate project located in Sagaponack, NY. In August 2020, New Valley sold the project for $20,500 and recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sales were presented as revenues and the cost of the investment as cost of goods sold on the consolidated statements of operations. Townhome A (11 Beach Street). In November 2020, New Valley received, as part of a liquidating distribution from a real estate joint venture, Unit TH-A, a townhouse located in Manhattan, NY. In April 2021, New Valley sold the unit for $6,750 and recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the consolidated statements of operations. Real Estate Market Conditions. Because of the risks and uncertainties of the real estate markets, the Company will continue to perform additional assessments to determine the impact of the markets, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur. |
Notes Payable, Long-Term Debt a
Notes Payable, Long-Term Debt and Other Obligations | 12 Months Ended |
Dec. 31, 2021 | |
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 consisted of: December 31, 2021 December 31, 2020 Vector: 5.75% Senior Secured Notes due 2029 $ 875,000 $ — 6.125% Senior Secured Notes due 2025 — 850,000 10.5% Senior Notes due 2026, net of unamortized discount of $2,647 and $3,040 552,353 551,960 Liggett: Revolving credit facility 24 — Equipment loans 64 89 Other 32 64 Total notes payable, long-term debt and other obligations 1,427,473 1,402,113 Less: Debt issuance costs (28,803) (21,247) Total notes payable, long-term debt and other obligations 1,398,670 1,380,866 Less: Current maturities (79) (57) Amount due after one year $ 1,398,591 $ 1,380,809 Senior Notes - Vector: 6.125% Senior Secured Notes due 2025: On January 27, 2017, the Company sold $850,000 in aggregate principal amount of its 6.125% Senior Secured Notes due 2025 in a private offering to qualified institutional investors and non-U.S. persons pursuant to the exemptions from the registration requirements of the Securities Act of 1933 (“Securities Act”) contained in Rule 144A and Regulation S under the Securities Act. The 6.125% Senior Secured Notes due 2025 paid interest on a semi-annual basis at a rate of 6.125% per year and had a maturity date of February 1, 2025. On February 1, 2021, the 6.125% Senior Secured Notes due 2025 were redeemed in full and the Company recorded a loss on the extinguishment of debt of $21,362 in 2021, including $13,014 of premium and $8,348 of other costs and non-cash interest expense related to the recognition of previously unamortized deferred finance costs. The 6.125% Senior Secured Notes due 2025 were guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the wholly-owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses. In addition, some of the guarantees were collateralized by first priority or second priority security interests in certain assets of some of the subsidiary guarantors, including their common stock, pursuant to security and pledge agreements. 5.75% Senior Secured Notes due 2029: On January 28, 2021, the Company completed the sale of $875,000 in aggregate principal amount of its 5.75% Senior Secured Notes due 2029 (“5.75% Senior Secured Notes”) to qualified institutional buyers and non-U.S. persons in a private offering pursuant to the exemptions from the registration requirements of the Securities Act contained in Rule 144A and Regulation S under the Securities Act. The aggregate net cash proceeds from the sale of the 5.75% Senior Secured Notes were approximately $855,500 after deducting the initial purchaser’s discount and estimated expenses and fees payable by the Company in connection with the offering. The Company used the net cash proceeds from the 5.75% Senior Secured Notes offering, together with cash on hand, to redeem all of the Company’s outstanding 6.125% Senior Secured Notes due 2025, including accrued interest and any premium thereon, and to pay fees and expenses in connection with the offering of the 5.75% Senior Secured Notes. The 5.75% Senior Secured Notes pay interest on a semi-annual basis at a rate of 5.75% per year and mature on the earlier of February 1, 2029 and the date that is 91 days before November 1, 2026, the final stated maturity date of the 10.5% Senior Notes due 2026 (“10.5% Senior Notes”) if such 10.5% Senior Notes have not been repurchased and cancelled or refinanced by such date. The 5.75% Senior Secured Notes are fully and unconditionally guaranteed, subject to certain customary automatic release provisions, on a joint and several basis by all of the wholly-owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses, which subsidiaries, as of the issuance date of the 5.75% Senior Secured Notes were also guarantors under the Company’s outstanding 10.5% Senior Notes. The 5.75% Senior Secured Notes are not guaranteed by New Valley, or any of the Company’s subsidiaries engaged in the Company’s real estate business conducted through its subsidiary, New Valley. The guarantees provided by certain of the guarantors are secured by first priority or second priority security interests in certain collateral of such guarantors pursuant to security and pledge agreements, subject to certain permitted liens and exceptions as further described in the indenture and the security documents relating thereto. The Company does not provide any security for the 5.75% Senior Secured Notes. As of December 31, 2021, the Company was in compliance with all debt covenants. 10.5% Senior Notes due 2026: On November 2, 2018, the Company completed the sale of $325,000 in aggregate principal amount of its 10.5% Senior Notes to qualified institutional buyers and non-U.S. persons in a private offering pursuant to the exemptions from the registration requirements of the Securities Act contained in Rule 144A and Regulation S under the Securities Act. The aggregate net proceeds from the initial sale of the 10.5% Senior Notes were approximately $315,000 after deducting underwriting discounts, commissions, fees and offering expenses. On November 18, 2019, the Company completed the sale of an additional $230,000 in aggregate principal amount of its 10.5% Senior Notes. The Company received net proceeds of approximately $220,400 after deducting underwriting discounts, commissions, fees and offering expenses. The Company used a portion of the net cash proceeds from the offering to retire the Company’s outstanding 5.5% Variable Interest Senior Convertible Notes in April 2020. As of December 31, 2021, the Company has outstanding $555,000 aggregate principal amount of its 10.5% Senior Notes. The Company pays cash interest on the 10.5% Senior Notes at a rate of 10.5% per year, payable semi-annually on May 1 and November 1 of each year. The 10.5% Senior Notes mature on November 1, 2026. The 10.5% Senior Notes were fully and unconditionally guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the Company’s wholly-owned domestic subsidiaries that are engaged in the conduct of its cigarette businesses, and, prior to the spin-off, by DER Holdings LLC, through which the Company indirectly owned a 100% interest in Douglas Elliman as of December 31, 2021. In connection with the spin-off, the guarantee by DER Holdings LLC was released. DER Holdings LLC did not guarantee our 5.75% Senior Secured Notes. As of December 31, 2021, the Company was in compliance with all debt covenants. Variable Interest Senior Convertible Debt: 7.5% Variable Interest Senior Convertible Notes due 2019: In November 2012, the Company sold $230,000 in aggregate principal amount of its 7.5% Variable Interest Senior Convertible Notes due 2019 (the “7.5% Convertible Notes”) in a public offering registered under the Securities Act. The notes matured on January 15, 2019 and the Company paid $230,000 of principal. 5.5% Variable Interest Senior Convertible Notes due 2020: On March 24, 2014, the Company completed the sale of $258,750 in aggregate principal amount of its 5.5% Variable Interest Convertible Senior Notes due 2020 (the “5.5% Convertible Notes”). The 5.5% Convertible Notes matured on April 15, 2020 and the Company paid $169,610 of principal. Embedded Derivatives on the Variable Interest Senior Convertible Debt: The portion of the interest on the Company’s convertible debt which was computed by reference to the cash dividends paid on the Company’s common stock was considered an embedded derivative within the convertible debt, which the Company was required to separately value. In accordance with authoritative guidance on accounting for derivatives and hedging, the Company had bifurcated these embedded derivatives and estimated the fair value of the embedded derivative liability including using a third-party valuation. The resulting discount created by allocating a portion of the issuance proceeds to the embedded derivative was then amortized to interest expense over the term of the debt using the effective interest method. Changes to the fair value of these embedded derivatives were reflected quarterly in the Company’s consolidated statements of operations as “Change in fair value of derivatives embedded within convertible debt.” The value of the embedded derivative was contingent on changes in interest rates of debt instruments maturing over the duration of the convertible debt as well as projections of future cash and stock dividends over the term of the debt. A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s variable interest senior convertible debt is set forth in the following table: Year Ended December 31, 2021 2020 2019 7.5% Convertible Notes $ — $ — $ 2,031 5.5% Convertible Notes — 4,053 16,481 Interest expense associated with embedded derivatives $ — $ 4,053 $ 18,512 A summary of non-cash changes in fair value of derivatives embedded within convertible debt is set forth in the following table: Year Ended December 31, 2021 2020 2019 7.5% Convertible Notes $ — $ — $ 6,635 5.5% Convertible Notes — 4,999 19,790 Gain on changes in fair value of derivatives embedded within convertible debt $ — $ 4,999 $ 26,425 The following table reconciles the fair value of derivatives embedded within convertible debt: 7.5% Convertible Notes 5.5% Convertible Notes Total Balance at January 1, 2019 $ 6,635 $ 24,789 $ 31,424 Gain from changes in fair value of embedded derivatives (6,635) (19,790) (26,425) Balance at December 31, 2019 — 4,999 4,999 Gain from changes in fair value of embedded derivatives — (4,999) (4,999) Balance at December 31, 2020 $ — $ — $ — Beneficial Conversion Feature on Variable Interest Senior Convertible Debt: After giving effect to the recording of the embedded derivative liability as a discount to the convertible debt, the Company’s common stock had a fair value at the issuance date of the debt in excess of the conversion price resulting in a beneficial conversion feature. The accounting guidance on debt with conversion and other options requires that the intrinsic value of the beneficial conversion feature be recorded to additional paid-in capital and as a discount on the debt. The discount is then amortized to interest expense over the term of the debt using the effective interest method. The beneficial conversion feature has been recorded, net of income taxes, as an increase to stockholders’ deficiency. A summary of non-cash interest expense associated with the amortization of the debt discount created by the beneficial conversion feature on the Company’s variable interest senior convertible debt is set forth in the following table: Year Ended December 31, 2021 2020 2019 Amortization of beneficial conversion feature: 7.5% Convertible Notes $ — $ — $ 1,328 5.5% Convertible Notes — 1,223 4,973 Interest expense associated with beneficial conversion feature $ — $ 1,223 $ 6,301 Unamortized Debt Discount on Variable Interest Senior Convertible Debt: The following table reconciles unamortized debt discount within convertible debt: 7.5% Convertible Notes 5.5% Convertible Notes Total Balance at January 1, 2019 $ 3,359 $ 29,465 $ 32,824 Partial redemption of 5.5% convertible notes — (2,735) (2,735) Amortization of embedded derivatives (2,031) (16,481) (18,512) Amortization of beneficial conversion feature (1,328) (4,973) (6,301) Balance at December 31, 2019 — 5,276 5,276 Amortization of embedded derivatives — (4,053) (4,053) Amortization of beneficial conversion feature — (1,223) (1,223) Balance at December 31, 2020 $ — $ — $ — Revolving Credit Agreement — Liggett : In January, 2015, Liggett and 100 Maple LLC (“Maple”), a subsidiary of Liggett, entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), with Wells Fargo Bank, National Association (“Wells Fargo”), as agent and lender. On October 31, 2019, Liggett and Maple amended the Credit Agreement to, among other things, update the borrowing base to adjust the advance rates in respect of eligible inventory and add certain eligible real property. On March 22, 2021, Liggett, Maple and Vector Tobacco entered into Amendment No. 4 and Joinder to the Credit Agreement with Wells Fargo. The Credit Agreement was amended to, among other things, (i) add Vector Tobacco as a borrower under the Credit Agreement, (ii) extend the maturity of the Credit Agreement to March 22, 2026, and (iii) increase the amount of the maximum credit line thereunder from $60,000 to $90,000. Since October 31, 2019, all borrowings under the Credit Agreement have been limited to a borrowing base equal to the sum of (I) the lesser of 85% of eligible trade receivables less certain reserves and $15,000; plus (II) 80% of the value of eligible inventory consisting of packaged cigarettes; plus (III) the designated percentage of the value of eligible inventory consisting of leaf tobacco (i.e., 65% of Liggett’s eligible cost of inventory consisting of leaf tobacco less certain reserves or 85% of the net orderly liquidation value of eligible inventory); plus (IV) the lesser of (a) the real property subline amount or (b) 60% of the fair market value of eligible real property. The obligations under the Credit Agreement are collateralized on a first priority basis by all inventories, receivables and certain other personal property of Liggett and Maple, a mortgage on Liggett’s manufacturing facility and certain real property of Maple, subject to certain permitted liens. The term of the Credit Agreement expires on March 22, 2026. Loans under the Credit Agreement bear interest at a rate equal to LIBOR plus 2.25%. The interest rate applicable to this Credit Agreement at December 31, 2021 was 2.35%. The Credit Agreement, as amended, permitted the guaranty of the 6.125% Senior Secured Notes due 2025, and permits the guaranty of the 5.75% Senior Secured Notes and the 10.5% Senior Notes, by each of Liggett, Maple and Vector Tobacco. Wells Fargo, Liggett, Maple, Vector Tobacco and the collateral agent for the holders of the 5.75% Senior Secured Notes have entered into an intercreditor agreement, pursuant to which the liens of such collateral agent on the assets that are subject to the Credit Agreement are subordinated to the liens of Wells Fargo on such assets. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit Liggett’s, Maple’s, Vector Tobacco’s and their subsidiaries’ ability to incur, create or assume certain indebtedness, to incur or assume certain liens, to purchase, hold or acquire certain investments, to declare or make certain dividends and distributions and to engage in certain mergers, consolidations and asset sales. The Credit Agreement also requires the Company to comply with specified financial covenants, including that Liggett’s earnings before interest, taxes, depreciation and amortization, as defined under the Credit Agreement, on a trailing twelve month basis, shall not be less than $150,000 if Liggett’s excess availability, as defined under the Credit Agreement, is less than $30,000. The covenants also require that annual capital expenditures, as defined under the Credit Agreement (before a maximum carryover amount of $10,000), shall not exceed $20,000 during any fiscal year. The Credit Agreement also contains customary events of default. Liggett was in compliance with these covenants as of December 31, 2021. As of December 31, 2021, there was $24 in outstanding balance under the Credit Agreement. Availability, as determined under the Credit Agreement, was $80,771 based on eligible collateral at December 31, 2021. Fair V alue of Notes Payable and Long-Term Debt: The estimated fair value of the Company’s notes payable and long-term debt were as follows: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Senior Notes $ 1,427,353 $ 1,426,176 $ 1,401,960 $ 1,464,208 Liggett and other 120 124 153 161 Notes payable and long-term debt $ 1,427,473 $ 1,426,300 $ 1,402,113 (1) $ 1,464,369 _____________________________ (1) The carrying value does not include the carrying value of the embedded derivative. See Note 18. Notes payable and long-term debt are carried on the consolidated balance sheets at amortized cost. The fair value determinations disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 18 if such liabilities were recorded on the consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk as described in Note 1. The Company used a derived price based upon quoted market prices and trade activity as of December 31, 2021 to determine the fair value of its publicly-traded notes and debentures. The carrying value of the revolving credit facility 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. Scheduled Maturities : Scheduled maturities of notes payable and long-term debt were as follows: Principal Unamortized Net Year Ending December 31: 2022 $ 79 $ — $ 79 2023 33 — 33 2024 8 — 8 2025 — — — 2026 555,000 2,647 552,353 Thereafter 875,000 — 875,000 Total $ 1,430,120 $ 2,647 $ 1,427,473 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined Benefit Plans and Postretirement Plans : Defined Benefit Plans. The Company sponsors four defined benefit pension plans (two qualified and two non-qualified) covering virtually all individuals who were employed by Liggett on a full-time basis prior to 1994. Future accruals of benefits under these four defined benefit plans were frozen between 1993 and 1995. These benefit plans provide pension benefits for eligible employees based primarily on their compensation and length of service. Contributions are made to the two qualified pension plans in amounts necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974. The plans’ assets and benefit obligations were measured at December 31, 2021 and 2020, respectively. The Company also sponsors a Supplemental Retirement Plan (“SERP”) where the Company will pay supplemental retirement benefits to certain key employees, including certain executive officers of the Company. The plan meets the applicable requirements of Section 409A of the Internal Revenue Code and is intended to be unfunded for tax purposes. Payments under the SERP will be made out of the general assets of the Company. The SERP is a defined benefit plan. Under the SERP, the benefit payable to a participant at his normal retirement date is a lump sum amount which is the actuarial equivalent of a predetermined annual retirement benefit set by the Company’s Board of Directors. Normal retirement date is defined as the January 1 following the attainment by the participant of the latter of age 60 or the completion of eight years of employment following January 1, 2002 with the Company or a subsidiary. The SERP provides the Company’s President and Chief Executive Officer with an additional benefit paid as a lump sum under the SERP that is actuarially equivalent to a $1,788 lifetime annuity. In addition, in the event of a termination of his employment under the circumstances where he is entitled to severance payments under his employment agreement, he will be credited with an additional 36 months of service towards vesting under the SERP. At December 31, 2021, the aggregate lump sum equivalents of the annual retirement benefits payable under the Amended SERP at normal retirement dates occurring during the following years is as follows: 2022 to 2025 – none; 2026 – $59,116 and 2027 to 2031 – $6,866. In the case of a participant who becomes disabled prior to his normal retirement date or whose service is terminated without cause, the participant’s benefit consists of a pro-rata portion of the full projected retirement benefit to which he would have been entitled had he remained employed through his normal retirement date, as actuarially discounted back to the date of payment. A participant who dies while working for the Company or a subsidiary (and before becoming disabled or attaining his normal retirement date) will be paid an actuarially discounted equivalent of his projected retirement benefit; conversely, a participant who retires beyond his normal retirement date will receive an actuarially increased equivalent of his projected retirement benefit. Postretirement Medical and Life Plans. The Company provides certain postretirement medical and life insurance benefits to certain employees and retirees. Substantially all of the Company’s manufacturing employees as of December 31, 2021 are eligible for postretirement medical benefits if they reach retirement age while working for Liggett or certain affiliates. Retirees are required to fund 100% of participant medical premiums and, pursuant to union contracts, Liggett reimburses approximately 74 hourly retirees, who retired prior to 1991, for Medicare Part B premiums. In addition, the Company provides life insurance benefits to approximately 89 active employees and 349 retirees who reach retirement age and are eligible to receive benefits under two of the Company’s defined benefit pension plans. The Company’s postretirement liabilities are comprised of Medicare Part B and life insurance premiums. The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits: Pension Benefits Other 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at January 1 $ (125,842) $ (128,997) $ (9,101) $ (8,986) Service cost (415) (592) — — Interest cost (2,284) (3,545) (224) (286) Plan settlement — 7,255 — — Plan amendment — — (48) — Benefits paid 6,452 7,008 471 500 Expenses paid 291 255 — — Actuarial gain (loss) 632 (7,226) 422 (329) Benefit obligation at December 31 $ (121,166) $ (125,842) $ (8,480) $ (9,101) Change in plan assets: Fair value of plan assets at January 1 $ 102,812 $ 101,051 $ — $ — Actual return on plan assets 8,373 8,919 — — Plan settlement — (7,255) — — Expenses paid (291) (255) — — Contributions 103 7,360 471 500 Benefits paid (6,452) (7,008) (471) (500) Fair value of plan assets at December 31 $ 104,545 $ 102,812 $ — $ — Unfunded status at December 31 $ (16,621) $ (23,030) $ (8,480) $ (9,101) Amounts recognized in the consolidated balance sheets: Prepaid pension costs $ 44,585 $ 35,209 $ — $ — Other accrued liabilities (95) (100) (621) (624) Non-current employee benefit liabilities (61,111) (58,139) (7,859) (8,477) Net amounts recognized $ (16,621) $ (23,030) $ (8,480) $ (9,101) . Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Service cost — benefits earned during the period $ 415 $ 592 $ 533 $ — $ — $ 3 Interest cost on projected benefit obligation 2,284 3,545 4,860 224 286 347 Expected return on assets (3,458) (3,869) (4,874) — — — Prior service cost — — — 4 4 4 Settlement loss — 1,805 — — — — Amortization of net loss (gain) 1,835 1,836 2,001 86 11 (40) Net expense $ 1,076 $ 3,909 $ 2,520 $ 314 $ 301 $ 314 As of December 31, 2021, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive loss as of January 1, 2021 $ (28,199) $ (1,106) $ (29,305) Amortization of prior service costs — 4 4 Plan amendment — (48) (48) Amortization of loss 1,835 86 1,921 Net gain arising during the year 5,547 420 5,967 Accumulated other comprehensive loss as of December 31, 2021 $ (20,817) $ (644) $ (21,461) As of December 31, 2020, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive (loss) income as of January 1, 2020 $ (29,664) $ (794) $ (30,458) Amortization of prior service costs — 4 4 Effect of settlement 1,805 — 1,805 Amortization of loss 1,836 11 1,847 Net loss arising during the year (2,176) (327) (2,503) Accumulated other comprehensive loss as of December 31, 2020 $ (28,199) $ (1,106) $ (29,305) As of December 31, 2021, our total accumulated benefit obligations, as well as our projected benefit obligations in excess of the fair value of the related plan assets, for defined benefit pension plans were as follows: December 31, 2021 2020 Accumulated benefit obligation $ 61,206 $ 58,239 Fair value of plan assets $ — $ — December 31, 2021 2020 Projected benefit obligation $ 61,206 $ 58,239 Fair value of plan assets $ — $ — The information for other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed in the Obligations table above because all the other postretirement benefit plans are unfunded or underfunded. The assumptions used for the pension benefits and other postretirement benefits were: Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Weighted average assumptions: Discount rates — benefit obligation 1.80% - 2.70% 1.40% - 2.30% 2.55% - 3.10% 2.85% 2.55% 3.30% Discount rates — service cost 1.40% - 2.30% 2.55% - 3.10% 3.90% - 4.25% 2.55% 3.30% 4.35% Assumed rates of return on invested assets 3.50% 4.00 % 5.50% N/A N/A N/A Salary increase assumptions N/A N/A N/A 3.00% 3.00% 3.00% Discount rates were determined by a quantitative analysis examining the prevailing prices of high quality bonds to determine an appropriate discount rate for measuring obligations. The aforementioned analysis analyzes the cash flow from each of the Company’s four benefit plans as well as a separate analysis of the cash flows from the postretirement medical and life insurance plans sponsored by Liggett. The aforementioned analyses then construct a hypothetical bond portfolio whose cash flow from coupons and maturities match the year-by-year, projected benefit cash flow from the respective pension or retiree health plans. The Company uses the lower discount rate derived from the two independent analyses in the computation of the benefit obligation and service cost for each respective retirement liability. The Company considers input from its external advisors and historical returns in developing its expected rate of return on plan assets. The expected long-term rate of return is the weighted average of the target asset allocation of each individual asset class. The Company’s actual 10-year annual rate of return on its pension plan assets was 7.74%, 6.91% and 7.59% for the years ended December 31, 2021, 2020 and 2019, respectively, and the Company’s actual five-year annual rate of return on its pension plan assets was 7.86%, 7.51% and 5.41% for the years ended December 31, 2021, 2020 and 2019, respectively. Gains and losses resulted from changes in actuarial assumptions and from differences between assumed and actual experience, including, among other items, changes in discount rates and changes in actual returns on plan assets as compared to assumed returns. These gains and losses are only amortized to the extent that they exceed 10% of the greater of Projected Benefit Obligation and the fair value of assets. For the year ended December 31, 2021, Liggett used a 12.39-year period for its Hourly Plan and a 11.61-year period for its Salaried Plan to amortize pension fund gains and losses on a straight line basis. Such amounts are reflected in the pension expense calculation beginning the year after the gains or losses occur. The amortization of deferred losses negatively impacts pension expense in the future. Plan assets are invested employing multiple investment management firms. Managers within each asset class cover a range of investment styles and focus primarily on issue selection as a means to add value. Risk is controlled through a diversification among asset classes, managers, styles and securities. Risk is further controlled both at the manager and asset class level by assigning excess return and tracking error targets. Investment managers are monitored to evaluate performance against these benchmark indices and targets. Allowable investment types include equity, investment grade fixed income, high yield fixed income, hedge funds and short term investments. The equity fund is comprised of common stocks and mutual funds of large, medium and small companies, which are predominantly U.S. based. The investment grade fixed income fund includes managed funds investing in fixed income securities issued or guaranteed by the U.S. government, or by its respective agencies, mortgage backed securities, including collateralized mortgage obligations, and corporate debt obligations. The high yield fixed income fund includes a fund which invests in non-investment grade corporate debt securities. The hedge funds invest in both equity, including common and preferred stock, and debt obligations, including convertible debentures, of private and public companies. The Company generally utilizes its short-term investments, including interest-bearing cash, to pay benefits and to deploy in special situations. The Liggett Employee Benefits Committee has established the following target assets allocation to equal 35% equity investments and 65% investment grade fixed income, with a rebalancing range of approximately plus or minus 5% around the target asset allocations. Vector’s defined benefit retirement plan allocations by asset category, were as follows: Plan Assets at 2021 2020 Asset category: Equity securities 38 % 35 % Investment grade fixed income securities 62 % 65 % High yield fixed income securities — % — % Total 100 % 100 % The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows: Fair Value Measurements as of December 31, 2021 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 1,868 $ — $ 1,868 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 91 91 — — Common collective trusts at NAV (1) 102,586 — — — Total $ 104,545 $ 91 $ 1,868 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2020 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 2,236 $ — $ 2,236 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 78 78 — — Common collective trusts at NAV (1) 100,498 — — — Total $ 102,812 $ 78 $ 2,236 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. The fair value of investment included in Level 1 are based on quoted market prices from various stock exchanges. The Level 2 investments are based on quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets in markets that are not active. For 2021 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 4.21% and 7.19% between 2022 and 2029 and 4.5% thereafter. For 2020 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 2.87% and 6.06% between 2021 and 2028 and 4.5% thereafter. To comply with ERISA’s minimum funding requirements, the Company does not currently anticipate that it will be required to make any contributions to the pension plan year beginning on January 1, 2022 and ending on December 31, 2022. Any additional funding obligation that the Company may have for subsequent years is contingent on several factors and is not reasonably estimable at this time. Estimated future pension and postretirement medical benefits payments were as follows: Pension Postretirement 2022 $ 6,347 $ 621 2023 5,993 627 2024 5,648 629 2025 5,289 606 2026 64,060 590 2027 - 2031 26,666 2,596 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The amounts provided for income taxes were as follows: Year Ended December 31, 2021 2020 2019 Current: U.S. Federal $ 33,398 $ 30,583 $ 31,002 State 14,945 12,910 9,705 48,343 43,493 40,707 Deferred: U.S. Federal 11,399 7,343 (6,075) State 3,065 3,285 (3,547) 14,464 10,628 (9,622) Total $ 62,807 $ 54,121 $ 31,085 The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows: December 31, 2021 December 31, 2020 Deferred tax assets: Employee benefit accruals $ 7,828 $ 10,529 Impairment of investments 12,337 13,961 Impact of timing of settlement payments 10,854 20,137 Various U.S. federal and state tax loss carryforwards 2,378 3,123 Operating lease liabilities 3,277 3,884 Current expected credit losses 4,111 4,299 Other 3,910 2,852 44,695 58,785 Less: Valuation allowance (348) (852) Net deferred tax assets $ 44,347 $ 57,933 Deferred tax liabilities: Basis differences on non-consolidated entities $ (24,441) $ (22,809) Basis differences on fixed and intangible assets (35,154) (35,555) Basis differences on inventory (10,808) (10,698) Basis differences on long-term investments (4,383) (912) Basis differences on available for sale securities (1,490) (3,579) Operating lease right of use assets (2,839) (3,324) $ (79,115) $ (76,877) Net deferred tax liabilities $ (34,768) $ (18,944) _____________________________ The Company files a consolidated U.S. income tax return that includes its more than 80%-owned U.S. subsidiaries. Stand alone subsidiaries had tax-effected federal and state and local net operating loss (“NOL”) carryforwards of $2,378 and $3,123 at December 31, 2021 and 2020, respectively, expiring through tax year 2027. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company had valuation allowances of $348 and $852 at December 31, 2021 and 2020, respectively. The valuation allowances at December 31, 2021 and 2020 primarily related to state net operating loss carryforwards of stand alone subsidiaries. On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act into law. The Act includes several significant tax and payroll-related provisions for corporations, including the usage of net operating losses, bonus depreciation, interest expense, and certain payroll benefits. The Company determined that there was a minimal impact of the CARES Act on its financial statements and required disclosures. The consolidated balance sheets of the Company include deferred income tax assets and liabilities, which represent temporary differences in the application of accounting rules established by U.S. GAAP and income tax laws. Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows: Year Ended December 31, 2021 2020 2019 Income before provision for income taxes $ 209,961 $ 181,043 $ 125,015 Federal income tax expense at statutory rate 44,092 38,018 26,253 Increases (decreases) resulting from: State income taxes, net of federal income tax benefits 13,946 12,974 6,047 Non-deductible expenses 6,205 2,859 2,048 Excess tax benefits on stock-based compensation (561) (206) (1,488) Changes in valuation allowance, net of equity and tax audit adjustments (504) (440) (2,525) Other (371) 916 750 Income tax expense $ 62,807 $ 54,121 $ 31,085 The Company’s income tax expense is principally attributable to the Company’s federal and state income taxes based on the Company’s earnings. The non-deductible expenses presented in the table above largely relate to the Company’s non-deductible executive compensation and spin-off expenses. The federal and state NOLs and valuation allowance are decreased by the spin-off entity and NOLs expiration. The following table summarizes the activity related to the unrecognized tax benefits: Balance at January 1, 2019 $ 391 Additions based on tax positions related to prior years 1,586 Expirations of the statute of limitations (330) Balance at December 31, 2019 1,647 Additions based on tax positions related to prior years 458 Settlements (402) Expirations of the statute of limitations (50) Balance at December 31, 2020 1,653 Additions based on tax positions related to prior years 1,640 Settlements (1,065) Expirations of the statute of limitations (19) Balance at December 31, 2021 $ 2,209 In the event the unrecognized tax benefits of $2,209 at December 31, 2021 were recognized, such recognition would impact the effective tax rate. The Company classifies all tax-related interest and penalties as income tax expense. It is reasonably possible the Company may recognize up to approximately $45 of unrecognized tax benefits over the next 12 months, primarily pertaining to expiring statutes of limitations on prior state and local income tax return positions. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation | STOCK COMPENSATION The Company granted equity compensation under its Amended and Restated 1999 Long-Term Incentive Plan (the “1999 Plan”) until the 1999 Plan expired on December 31, 2013. On May 16, 2014, the Company’s stockholders approved the 2014 Management Incentive Plan (the “2014 Plan”). The 2014 Plan replaced the 1999 Plan. Like the 1999 Plan, the 2014 Plan provides for the Company to grant stock options, stock appreciation rights and restricted stock. The 2014 Plan also provides for awards based on a multi-year performance period and for annual short-term awards based on a twelve-month performance period. Shares available for issuance under the 2014 Plan are 6,377,538 shares. The Company may satisfy its obligations under any award granted under the 2014 Plan by issuing new shares. Awards previously granted under the 1999 Plan remain outstanding in accordance with their terms. Stock Options. The Company recognized compensation expense of $849, $1,428 and $1,923 related to stock options in the years ended December 31, 2021, 2020 and 2019, respectively. All awards have a contractual term of ten years and awards vest over a period of two The assumptions used under the Black-Scholes option pricing model in computing fair value of options are based on the expected option life considering both the contractual term of the option and expected employee exercise behavior, the interest rate associated with U.S. Treasury issues with a remaining term equal to the expected option life and the expected volatility of the Company’s common stock over the expected term of the option. The assumptions used for grants in the year ended December 31, 2019 were as follows: 2019 Risk-free interest rate 2.5% - 2.7% Expected volatility 20.24% - 20.45% Dividend yield 0.0 % Expected holding period 4 - 10 years Weighted-average grant date fair value (1) $2.36 - $4.08 _____________________________ (1) Per share amounts have not been adjusted to give effect to the stock dividend in 2019. A summary of employee stock option transactions follows: Number of Weighted-Average Weighted-Average Aggregate Outstanding on January 1, 2019 5,860,833 $ 13.16 4.1 $ 1,095 Granted 406,875 $ 10.92 Exercised (1,824,351) $ 8.67 Canceled (11) $ — Outstanding on December 31, 2019 4,443,346 $ 14.80 5.0 $ 4,427 Exercised (620,527) $ 11.14 Outstanding on December 31, 2020 3,822,819 $ 15.40 4.6 $ 487 Exercised — $ — Outstanding on December 31, 2021 3,822,819 $ 15.40 3.6 $ 238 Options exercisable at: December 31, 2019 2,689,673 December 31, 2020 2,540,150 December 31, 2021 2,988,727 _____________________________ (1) The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($11.48, $11.65 and $13.39 at December 31, 2021, 2020 and 2019, respectively) exceeds the option exercise price. Additional information relating to options outstanding at December 31, 2021 follows: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted-Average Weighted-Average Exercisable Weighted-Average Weighted-Average Aggregate Intrinsic Value 12/31/2021 12/31/2021 $9.86 - $11.83 1,462,190 2.8 $ 11.32 1,055,315 1.2 $ 11.47 $ — $11.83 - $13.80 — — $ — — — $ — — $13.80 - $15.77 519,278 2.4 $ 14.68 519,278 2.4 $ 14.68 — $15.77 - $17.74 — — $ — — — $ — — $17.74 - $19.71 1,841,351 4.6 $ 18.84 1,414,134 4.1 $ 18.96 — 3,822,819 3.6 $ 15.40 2,988,727 2.8 $ 15.57 $ 238 As of December 31, 2021, there was $381 of total unrecognized compensation cost related to unvested stock options. The cost is expected to be recognized over a weighted-average period of approximately 0.65 years at December 31, 2021. As a result of adopting ASU 2016-09, the Company reflects the net excess tax benefits of stock-based compensation in its consolidated financial statements as a component of “Cash Flows from Operating Activities.” The Company has elected to use the long-form method under which each award grant is tracked on an employee-by-employee basis and grant-by-grant basis to determine if there is a tax benefit or tax deficiency for such award. The Company then compares the fair value expense to the tax deduction received for each grant in order to calculate the related tax benefits and deficiencies. All excess tax benefits and deficiencies are recognized as a component of income tax expense or benefit on the income statement. The total intrinsic value of options exercised during the year ended December 31, 2020 was $835. Tax benefits related to option exercises of $104 were recorded as reductions to income tax expense for the year ended December 31, 2020. The total intrinsic value of options exercised during the year ended December 31, 2019 was $6,577. Tax benefits related to option exercises of $1,546 were recorded as reductions to income tax expense for the year ended December 31, 2019. Restricted Stock Awards. In 2021, the Company granted 623,500 restricted shares of the Company’s common stock pursuant to the 2014 Plan. The shares vest over a period of four years and the Company will recognize $8,919 of expense over the vesting period. The Company recognized expense of $4,245 for the year ended December 31, 2021. In 2021, the Company granted an award of 250,000 shares of its common stock pursuant to its 2014 Plan subject to service and performance-based vesting (and continued employment) over a period of four-years. The Company will recognize $3,578 of expense over the vesting period. The Company recognized expense of $1,699 for the year ended December 31, 2021. In 2020, the Company granted 425,000 restricted shares of the Company’s common stock pursuant to the 2014 Plan. The shares vest over a period of four years and the Company will recognize $5,041 of expense over the vesting period. The Company recognized expense of $2,271 and $747 for the years ended December 31, 2021 and 2020, respectively. In 2019, the Company granted 63,000 restricted shares of the Company’s common stock pursuant to the 2014 Plan. The shares vest over a period of three years and the Company will recognize $564 of expense over the vesting period. The Company recognized expense of $209, $188 and $124 for the years ended December 31, 2021, 2020, and 2019, respectively. The Company recognized expense of $5,525, $7,022, and $7,043 for the years ended December 31, 2021, 2020 and 2019, respectively, related to performance based restricted stock awards granted in 2013, 2014 and 2015. As of December 31, 2021, there was $10,627 of total unrecognized compensation costs related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.41 years. As of December 31, 2020, there was $12,081 of total unrecognized compensation costs related to unvested restricted stock awards. The Company’s accounting policy is to treat dividends paid on unvested restricted stock as a reduction to additional paid-in capital on the Company’s consolidated balance sheets. Included in the stock compensation costs for the year ended December 31, 2021, were expenses of $4,317 associated with the acceleration of stock compensation in connection with the Company’s spin-off of Douglas Elliman. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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”). The future financial impact of the risks and expenses of litigation are not quantifiable. For the years ended December 31, 2021, 2020, and 2019, Liggett incurred tobacco product liability legal expenses and costs totaling $6,256, $6,476, and $7,363, 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 consolidated statements of operations. Legal defense costs are expensed as incurred. Litigation is subject to uncertainty and it is possible that there could be adverse developments in pending cases. With the commencement of new cases, the defense costs and the risks relating to the unpredictability of litigation increase. 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. As of December 31, 2021, Liggett had no outstanding 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. The maximum amount of any such bond for an appeal in the Florida state courts will be no greater than $5,000. 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 discussed in this Note 15: (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. Although Liggett has generally been successful in managing the litigation filed against it, litigation is subject to uncertainty and significant challenges remain, including with respect to the remaining Engle progeny cases. There can be no assurances that Liggett’s past litigation experience will be representative of future results. Judgments have been entered against Liggett in the past, in Individual Actions and Engle progeny cases, and several of those judgments were affirmed on appeal and satisfied by Liggett. It is possible that the consolidated financial position, results of operations and cash flows of the Company could be materially adversely affected by an unfavorable outcome or settlement of any of the remaining smoking-related litigation. Liggett believes, and has been so advised by counsel, that it has valid defenses to the litigation pending against it, as well as valid bases for appeal of adverse verdicts. All such cases are and will continue to be vigorously defended. Liggett 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. 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. Individual Actions As of December 31, 2021, there were 79 Individual Actions pending against Liggett, 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. The following table lists the number of Individual Actions by state: State Number Florida 44 Illinois 19 Nevada 7 New Mexico 5 Louisiana 2 Hawaii 1 Massachusetts 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, statute of repose, equitable defenses such as “unclean hands” and lack of benefit, failure to state a claim and federal preemption. Engle Progeny Cases In May 1994, the Engle case was filed as a class action 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.” A trial was held and the jury returned a verdict adverse to the defendants (approximately $145,000,000 in punitive damages, including $790,000 against Liggett). Following an appeal to the Third District Court of Appeal, the Florida Supreme Court in July 2006 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 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. Cautionary Statement About Engle Progeny Cases . Since 2009, judgments have been entered against Liggett and other cigarette manufacturers in Engle progeny cases. A number of the judgments were affirmed on appeal and satisfied by the defendants. Many were overturned on appeal. As of December 31, 2021, 25 Engle progeny cases where Liggett was a defendant at trial resulted in verdicts. There have been 16 verdicts returned in favor of the plaintiffs and nine in favor of Liggett. In five of the cases, punitive damages were awarded against Liggett. Several of the adverse verdicts were overturned on appeal and new trials were ordered. 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, under certain circumstances, Liggett may have to pay more than its proportionate share of any bonding or judgment related amounts. Except as discussed in this Note 15, 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, 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 the amount of their demand for damages. 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. Engle Progeny Settlements. In October 2013, the Company and Liggett 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 $61,600 paid in an initial lump sum and the balance to be paid in installments over 14 years starting in February 2015. The Company’s future payments will be approximately $3,600 per annum through 2028, including an annual cost of living increase that began in 2021. In exchange, the claims of these plaintiffs were dismissed with prejudice against the Company and Liggett. Liggett subsequently entered into two separate settlement agreements with a total of 152 Engle progeny plaintiffs where Liggett paid a total of $23,150. On an individual basis, Liggett settled an additional 204 Engle progeny cases for approximately $8,100 in the aggregate. Notwithstanding the comprehensive nature of the Engle progeny settlements, 28 plaintiffs’ claims remain pending in state court. Therefore, the Company and Liggett may still be subject to periodic adverse judgments which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows. Judgments Paid in Engle Progeny Cases . As of December 31, 2021, Liggett had paid in the aggregate $40,111, including interest and attorneys’ fees, to satisfy the judgments in the following Engle progeny cases: Lukacs , Campbell , Douglas , Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan and Santoro . Maryland Cases Liggett was a defendant in 16 multi-defendant personal injury cases in Maryland alleging claims arising from asbestos and tobacco exposure (“synergy cases”). In July 2016, the Court of Appeals (Maryland’s highest court) ruled that joinder of tobacco and asbestos cases may be possible in certain circumstances, but plaintiffs must demonstrate at the trial court level how such cases may be joined while providing appropriate safeguards to prevent embarrassment, delay, expense or prejudice to defendants and “the extent to which, if at all, the special procedures applicable to asbestos cases should extend to tobacco companies.” The Court of Appeals remanded these issues to be determined at the trial court level. In June 2017, the trial court issued an order dismissing all synergy cases against the tobacco defendants, including Liggett, without prejudice. Plaintiffs may seek appellate review or file new cases against the tobacco companies. Liggett Only Cases There are currently six cases where Liggett is the sole defendant: Baluja , Cowart and Cellini are Individual Actions and Tumin , Forbing and Alvarez are Engle progeny cases. It is possible that cases where Liggett is the only defendant could increase as a result of the remaining Engle progeny cases and newly filed Individual Actions. Upcoming Trials As of December 31, 2021, there were two Engle progeny cases ( Duncan and O’Rourke ) and 12 individual Actions ( Barnes , Baron, Camacho, Clark, Cupp, Geist, Harcourt, Johnson, Lane, Mendez, Rowan and Tully ) scheduled for trial through December 31, 2022, where Liggett is a named defendant. Trial dates are subject to change and additional cases could be set for trial during this time. Class Actions As of December 31, 2021, two 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 two cases. 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. A stay order entered on March 16, 2016 stays the case pending completion of the smoking cessation program ordered by the court in Scott v. The American Tobacco Co . 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 claims arising from their exposure to cigarette smoke and asbestos fibers. The operative complaint seeks to recover unspecified compensatory and punitive damages on behalf of the putative class. The case is stayed as a result of the December 2000 bankruptcy of three of the defendants. Health Care Cost Recovery Actions As of December 31, 2021, one Health Care Cost Recovery Action was pending against Liggett, Crow Creek Sioux Tribe v. American Tobacco Company , a South Dakota case filed in 1997, where the plaintiff seeks to recover damages from Liggett and other cigarette manufacturers based on various theories of recovery as a result of alleged sales of tobacco products to minors. The case is dormant. The claims asserted in health care cost recovery actions vary, but can include the equitable claim of indemnity, common law claims of negligence, strict liability, breach of express and implied warranty, breach of special duty, fraud, negligent misrepresentation, conspiracy, public nuisance, claims under state and federal statutes governing consumer fraud, antitrust, deceptive trade practices and false advertising, and claims under RICO. Although no specific damage amounts are typically pleaded, it is possible that requested damages might be in the billions of dollars. In these cases, plaintiffs typically assert equitable claims that the tobacco industry was “unjustly enriched” by their payment of health care costs allegedly attributable to smoking and seek reimbursement of those costs. Relief sought by some, but not all, plaintiffs include punitive damages, multiple damages and other statutory damages and penalties, injunctions prohibiting alleged marketing and sales to minors, disclosure of research, disgorgement of profits, funding of anti-smoking programs, additional disclosure of nicotine yields, and payment of attorney and expert witness fees. Department of Justice Lawsuit In September 1999, the United States government commenced litigation against Liggett and other cigarette manufacturers in the United States District Court for the District of Columbia. The action sought to recover, among other things, an unspecified amount of health care costs paid and to be paid by the federal government for smoking-related illnesses allegedly caused by the fraudulent and tortious conduct of defendants. In August 2006, the trial court entered a Final Judgment against each of the cigarette manufacturing defendants, except Liggett. The judgment was affirmed on appeal. As a result, the cigarette manufacturing defendants, other than Liggett, are now subject to the trial court’s Final Judgment which ordered, among other things, the issuance of “corrective statements” in various media regarding the adverse health effects of smoking, the addictiveness of smoking and nicotine, the lack of any significant health benefit from smoking “low tar” or “lights” cigarettes, defendants’ manipulation of cigarette design to ensure optimum nicotine delivery and the adverse health effects of exposure to environmental tobacco smoke. MSA and Other State Settlement Agreements In March 1996, March 1997 and March 1998, Liggett entered into settlements of smoking-related litigation with 45 states and territories. The settlements released Liggett from all smoking-related claims made by those states and territories, including claims for health care cost reimbursement and claims concerning sales of cigarettes to minors. In November 1998, Philip Morris, R.J. Reynolds and two other companies (the “Original Participating Manufacturers” or “OPMs”) and Liggett and Vector Tobacco (together with any other tobacco product manufacturer that becomes a signatory, the “Subsequent Participating Manufacturers” or “SPMs”) (the OPMs and SPMs are hereinafter referred to jointly as “PMs”) entered into the Master Settlement Agreement (the “MSA”) with 46 states, the District of Columbia, Puerto Rico, Guam, the United States Virgin Islands, American Samoa and the Northern Mariana Islands (collectively, the “Settling States”) to settle the asserted and unasserted health care cost recovery and certain other claims of the Settling States. The MSA received final judicial approval in each Settling State. As a result of the MSA, the Settling States released Liggett and Vector Tobacco from: • all claims of the Settling States and their respective political subdivisions and other recipients of state health care funds, relating to: (i) past conduct arising out of the use, sale, distribution, manufacture, development, advertising and marketing of tobacco products; (ii) the health effects of, the exposure to, or research, statements or warnings about, tobacco products; and • all monetary claims of the Settling States and their respective subdivisions and other recipients of state health care funds relating to future conduct arising out of the use of, or exposure to, tobacco products that have been manufactured in the ordinary course of business. The MSA restricts tobacco product advertising and marketing within the Settling States and otherwise restricts the activities of PMs. Among other things, the MSA prohibits the targeting of youth in the advertising, promotion or marketing of tobacco products; bans the use of cartoon characters in all tobacco advertising and promotion; limits each PM to one tobacco brand name sponsorship during any 12-month period; bans all outdoor advertising, with certain limited exceptions; prohibits payments for tobacco product placement in various media; bans gift offers based on the purchase of tobacco products without sufficient proof that the intended recipient is an adult; prohibits PMs from licensing third parties to advertise tobacco brand names in any manner prohibited under the MSA; and prohibits PMs from using as a tobacco product brand name any nationally recognized non-tobacco brand or trade name or the names of sports teams, entertainment groups or individual celebrities. The MSA also requires PMs to affirm corporate principles to comply with the MSA and to reduce underage use of tobacco products and imposes restrictions on lobbying activities conducted on behalf of PMs. In addition, the MSA provides for the appointment of an independent auditor to calculate and determine the amounts of payments owed pursuant to the MSA. Under the payment provisions of the MSA, PMs are required to make annual payments of $9,000,000 (subject to applicable adjustments, offsets and reductions including a “Non-Participating Manufacturers Adjustment” or “NPM Adjustment”). These annual payments are allocated based on unit volume of domestic cigarette shipments. The payment obligations under the MSA are the several, and not joint, obligations of each PM and are not the responsibility of any parent or affiliate of a PM. Liggett has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 1.65% of total cigarettes sold in the United States. Vector Tobacco has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 0.28% of total cigarettes sold in the United States. Liggett and Vector Tobacco’s domestic shipments accounted for approximately 4.1% of the total cigarettes sold in the United States in 2021. If Liggett’s or Vector Tobacco’s market share exceeds their respective market share exemption in a given year, then on April 15 of the following year, Liggett and/or Vector Tobacco, as the case may be, must pay on each excess unit an amount equal (on a per-unit basis) to that due from the OPMs for that year. On December 30, 2021, Liggett and Vector Tobacco pre-paid $169,500 of their approximate $181,000 2021 MSA obligation, the balance of which will be paid in April 2022, subject to applicable disputes or adjustments. Certain MSA Disputes NPM Adjustment. Liggett and Vector Tobacco contend that they are entitled to an NPM Adjustment for each year from 2003 - 2021. The NPM Adjustment is a potential adjustment to annual MSA payments, available when PMs suffer a market share loss to NPMs for a particular year and an economic consulting firm selected pursuant to the MSA determines (or the parties agree) that the MSA was a “significant factor contributing to” that loss. A Settling State that has “diligently enforced” its qualifying escrow statute in the year in question may be able to avoid its allocable share of the NPM Adjustment. For 2003 - 2020, Liggett and Vector Tobacco, as applicable, disputed that they owed the Settling States the NPM Adjustments as calculated by the independent auditor. As permitted by the MSA, Liggett and Vector Tobacco either paid subject to dispute, withheld payment, or paid into a disputed payment account, the amounts associated with these NPM Adjustments. In June 2010, after the PMs prevailed in 48 of 49 motions to compel arbitration, the parties commenced the arbitration for the 2003 NPM Adjustment. That arbitration concluded in September 2013. It was followed by various challenges filed in state courts by states that did not prevail in the arbitration. Those challenges resulted in reductions, but not elimination of, the amounts awarded. The PMs settled most of the disputed NPM Adjustment years with 38 states representing approximately 75% of the MSA share for 2003 - 2022. The 2004 NPM Adjustment arbitration commenced in 2016, with the arbitration panel issuing interim decisions on most individual states in September 2021, finding two of them liable for the NPM Adjustment; the final individual state hearing was held in February 2022; and a second phase addressing the effect of the settlements on recovery of the NPM Adjustment to start thereafter. The parties have selected an arbitration panel to address the NPM Adjustments for 2005 - 2007, and are engaged in discovery, with a common hearing set for July 2022 and individual state hearings likely to start in the third quarter of 2022. As a result of the settlement and arbitration award described above, Liggett and Vector Tobacco reduced cost of sales for the year ended December 31, 2021 by $7,896, for an aggregate reduction in costs of sales for years 2013 - 2021 of $62,278. Liggett and Vector Tobacco may be entitled to further adjustments. As of December 31, 2021, Liggett and Vector Tobacco had accrued approximately $13,200 related to the disputed amounts withheld from the non-settling states for 2004 - 2010, which may be subject to payment, with interest, if Liggett and Vector Tobacco lose the disputes for those years. As of December 31, 2021, there remains approximately $49,800 in the disputed payments account relating to Liggett and Vector Tobacco’s 2011 - 2020 NPM Adjustment disputes with the non-settling states. If Liggett and Vector Tobacco lose the disputes for all or any of those years, pursuant to the MSA, no interest would be due on the amounts paid into the disputed payment account. Other State Settlements. The MSA replaced Liggett’s prior settlements with all states and territories except for Florida, Mississippi, Texas and Minnesota. Each of these four states, prior to the effective date of the MSA, negotiated and executed settlement agreements with each of the other major tobacco companies, separate from those settlements reached previously with Liggett. Except as described below, Liggett’s agreements with these states remain in full force and effect. These states’ settlement agreements with Liggett contained most favored nation provisions which could reduce Liggett’s payment obligations based on subsequent settlements or resolutions by those states with certain other tobacco companies. Beginning in 1999, Liggett determined that, based on settlements or resolutions with United States Tobacco Company, Liggett’s payment obligations to those four states were eliminated. With respect to all non-economic obligations under the previous settlements, Liggett believes it is entitled to the most favorable provisions as between the MSA and each state’s respective settlement with the other major tobacco companies. Therefore, Liggett’s non-economic obligations to all states and territories are now defined by the MSA. In 2003, as a result of a dispute with Minnesota regarding its settlement agreement, Liggett agreed to pay $100 a year in any year cigarettes manufactured by Liggett are sold in that state. Further, the Attorneys General for Florida, Mississippi and Texas advised Liggett that they believed Liggett had failed to make payments under the respective settlement agreements with those states. In 2010, Liggett settled with Florida and agreed to pay $1,200 and to make further annual payments of $250 for a period of 21 years, starting in March 2011, with the payments from year 12 forward being subject to an inflation adjustment. In January 2016, the Attorney General for Mississippi filed a motion in Chancery Court in Jackson County, Mississippi to enforce the March 1996 settlement agreement among Liggett, Mississippi and other states (the “1996 Agreement”) alleging that Liggett owes Mississippi at least $27,000 in compensatory damages and interest. In April 2017, the Chancery Court ruled, over Liggett’s objections, that the 1996 Agreement should be enforced as Mississippi claims and referred the matter first to arbitration and then to a Special Master for further proceedings to determine the amount of damages, if any, to be awarded. In April 2021, following confirmation of the final arbitration award, the parties stipulated that the unpaid principal (exclusive of interest) purportedly due from Liggett to Mississippi pursuant to the 1996 Agreement was approximately $16,700, subject to Liggett’s right to litigate and/or appeal the enforceability of the 1996 Agreement (and all issues other than the calculation of the principal amount allegedly due). In September 2019, the Special Master held a hearing regarding Mississippi’s claim for pre- and post-judgment interest. In August 2021, the Special Master issued a final report with proposed findings and recommendations that pre-judgment interest, in the amount of approximately $18,800, is due from Liggett from April 2005 - August 3, 2021. On November 18, 2021, a hearing was held on Liggett’s objection to the final report in Mississippi Chancery Court. A ruling is pending. If the Mississippi Chancery Court rejects Liggett’s objections and enters final judgment adopting the Special Master’s findings and recommendations, additional interest amounts will accrue if the judgment is not overturned on appeal. Liggett continues to assert that the April 2017 Chancery Court order is in error because the most favored nations provision in the 1996 Agreement eliminated all of Liggett’s payment obligations to Mississippi, and has reserved all rights to appeal this and other issues at the conclusion of the case. In the event Liggett appeals an adverse judgment, the posting of a bond will likely be required. Liggett may be required to make additional payments to Mississippi and Texas which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows. Cautionary Statement Management is not able to reasonably predict the outcome of the litigation pending or threatened against Liggett or the Company. Litigation is subject to many uncertainties. Liggett has been found liable in multiple Engle progeny cases and Individual Actions, several of which were affirmed on appeal and satisfied by Liggett. It is possible that other cases could be decided unfavorably against Liggett and that Liggett will be unsuccessful on appeal. Liggett may attempt to settle particular cases if it believes it is in its best interest to do so. Management cannot predict the cash requirements related to any future defense costs, settlements or judgments, including cash required to bond any appeals, and there is a risk that Liggett may not be able to meet those requirements. An unfavorable outcome of a pending smoking-related case could encourage the commencement of additional litigation. Except as discussed in this Note 15, management is unable to estimate the l |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2021 2020 2019 Cash paid during the period for: Interest, including interest related to finance leases $ 111,759 $ 118,807 $ 118,966 Income taxes, net 92,698 41,372 44,184 Non-cash investing and financing activities: Issuance of stock dividend — — 703 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Ladenburg Thalmann Financial Services Inc. Prior to February 14, 2020, the Company owned 15,191,205 common shares (or approximately 10.2%) of LTS, which was a publicly-traded diversified financial services company prior to its merger with Advisor Group. The Company accounted for its investment in LTS under the equity method of accounting. In connection with the merger, in February 2020, the Company received cash proceeds of $53,169. The Company recorded equity in earnings of $53,424 for the year ended December 31, 2020. The Company also received $6,009 for the redemption of its 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock. Prior to the merger, the Company and LTS were parties to a management agreement and LTS paid the Company $103 and $850 under the agreement for 2020 and 2019, respectively; these amounts were recorded as equity income. LTS paid cash compensation to the President and Chief Executive Officer of the Company, who served as Vice Chairman of LTS, prior to the merger, of $19 and $1,600 for 2020 and 2019, respectively. LTS paid cash compensation to the Company’s Executive Vice President and COO (the “Company’s COO”), who served as President and CEO of LTS, of $41 and $2,142 for 2020 and 2019, respectively. At the closing of the transaction, the Company’s COO resigned as Chairman, President and Chief Executive Officer of LTS, and the Company’s management agreement with LTS was terminated. Dr. Philip Frost, who beneficially owns more than 5% of the Company’s common stock, was a director of LTS until September 2018 and was the largest shareholder of LTS until December 2018. Castle Brands Inc. Prior to October 2019, the Company owned 12,895,017 shares (or approximately 7.6%) of Castle, which was a publicly-traded spirits company prior to its acquisition by Pernod Ricard. The Company accounted for its investment in Castle under the equity method of accounting. In connection with the acquisition, in October 2019, the Company received cash proceeds of $16,377 and recorded a pre-tax gain of $16,377. Prior to the acquisition, the Company and Castle were parties to a management agreement and Castle paid the Company $75 in 2019 under the agreement. Castle paid retention payments of $515 in 2019 to the Company’s COO who served as President and Chief Executive Officer as well as a director of Castle until October 2019. Dr. Frost was a director of Castle and was the largest shareholder of Castle until October 2019. At the closing of the transaction, the Company’s COO resigned as President and Chief Executive Officer of Castle and the Company’s management agreement with Castle was terminated. Insurance. The Company’s Chief Executive Officer, a firm in which he is a shareholder, and affiliates of that firm received insurance commissions aggregating approximately $241, $265 and $215 in 2021, 2020 and 2019, respectively, on various insurance policies issued for the Company and its subsidiaries. Consulting services. Beginning in April 2020, a director of the Company, who served as President and Chief Executive Officer of Liggett Group and Liggett Vector Brands until March 2020, has served as Non-Executive Chairman of the Board of Managers of Liggett Vector Brands and as a Senior Advisor to Liggett. The director has been receiving compensation of $60 per month for his services as well as access to an office, administrative support and reimbursement of expenses reasonably incurred in connection with the services. The director received $540 in 2021. Other . In addition, the Company had made investments in other entities where Dr. Frost has had relationships. In 2020, the Company liquidated its investments in BioCardia, Inc. (OTC: BCDA) and Cocrystal Pharma, Inc. (NASDAQ: COCP). Dr. Frost was a more than 10% shareholder of BioCardia, Inc. and a director and was a more than 5% shareholder of CoCrystal as of the date the investments were liquidated. In September 2012, the Company entered into an office lease with an entity affiliated with Dr. Frost. The lease is for space in an office building in Miami, Florida and will expire on April 20, 2023. The Lease provides for payments of $36 per month increasing to $41 per month. The Company recorded rental expense of $458 for the three years ended December 31, 2021, 2020 and 2019, associated with the lease. Douglas Elliman Inc. On December 29, 2021, the Company completed the Spin-off of Douglas Elliman, which included the real estate services and PropTech investment business formerly owned by the Company through its subsidiary, New Valley. Vector Group and Douglas Elliman entered into the Distribution Agreement and the Transition Services Agreement with respect to transition services and a number of ongoing commercial relationships. Under the Transition Services Agreement, Douglas Elliman will pay the Company $4,200 in 2022. Following the spin-off, there is an overlap between certain officers of Vector Group and Douglas Elliman. Howard M. Lorber serves as the President and Chief Executive Officer of Vector Group and of Douglas Elliman. Richard J. Lampen serves as the Chief Operating Officer of Vector Group and of Douglas Elliman, J. Bryant Kirkland III serves as the Chief Financial Officer and Treasurer of Vector Group and of Douglas Elliman, Marc N. Bell serves as the General Counsel and Secretary of Vector Group and of Douglas Elliman, and J. David Ballard serves as Senior Vice President, Enterprise Efficiency and Chief Technology Officer of Vector Group and of Douglas Elliman. Furthermore, immediately following the spin-off, three of the members of our Board of Directors, Messrs. Lorber and Lampen as well as Wilson L. White, will also serve as directors of Douglas Elliman. Douglas Elliman Realty LLC has been engaged by certain 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 real estate venture investments. Douglas Elliman had gross commissions of approximately $8,956, $10,783 and $18,952 from these projects for the years ended December 31, 2021, 2020 and 2019, respectively. A son of the Company’s President and Chief Executive Officer is an associate broker with Douglas Elliman and he received commissions and other payments of $925, $870 and $712, respectively, in accordance with brokerage activities in 2021, 2020 and 2019, respectively. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | INVESTMENTS AND FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurements were as follows: Fair Value Measurements as of December 31, 2021 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 130,583 $ 130,583 $ — $ — Commercial paper (1) 24,426 — 24,426 — Certificates of deposit (2) 110 — 110 — Investment securities at fair value Equity securities at fair value Marketable equity securities 19,560 19,560 — — Mutual funds invested in debt securities 23,221 23,221 — — Total equity securities at fair value 42,781 42,781 — — Debt securities available for sale U.S. government securities 6,481 — 6,481 — Corporate securities 47,531 — 47,531 — U.S. government and federal agency 19,572 — 19,572 — Commercial paper 29,103 — 29,103 — Foreign fixed-income securities 1,219 — 1,219 — Total debt securities available for sale 103,906 — 103,906 — Total investment securities at fair value 146,687 42,781 103,906 — Long-term investments Long-term investment securities at fair value (3) 32,089 — — — Total $ 333,895 $ 173,364 $ 128,442 $ — Liabilities: Fair value of contingent liability $ 2,646 $ — $ — $ 2,646 Total $ 2,646 $ — $ — $ 2,646 _____________________________ (1) Amounts included in Cash and cash equivalents on the consolidated balance sheets. (2) Amounts included in current restricted assets and non-current restricted assets on the consolidated balance sheets. (3) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2020 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 194,095 $ 194,095 $ — $ — Commercial paper (1) 44,397 — 44,397 — Certificates of deposit (2) 1,542 — 1,542 — Money market funds securing legal bonds (2) 535 535 — — Investment securities at fair value Equity securities at fair value Marketable equity securities 21,155 21,155 — — Mutual funds invested in debt securities 23,226 23,226 — — Total equity securities at fair value 44,381 44,381 — — Debt securities available for sale U.S. government securities 19,200 — 19,200 — Corporate securities 52,434 — 52,434 — U.S. government and federal agency 10,484 — 10,484 — Commercial paper 9,086 — 9,086 — Total debt securities available for sale 91,204 — 91,204 — Total investment securities at fair value 135,585 44,381 91,204 — Long-term investments Long-term investment securities at fair value (3) 33,981 — — — Total $ 410,135 $ 239,011 $ 137,143 $ — _____________________________ (1) Amounts included in Cash and cash equivalents on the consolidated balance sheets. (2) Amounts included in current restricted assets and non-current restricted assets on the consolidated balance sheets. (3) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. 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 at fair value included in Level 1 is based on quoted market prices from various stock exchanges. The Level 2 investment securities at fair value are based on quoted market prices of securities that are thinly traded, quoted prices for identical or similar assets in markets that are not active or inputs other than quoted prices such as interest rates and yield curves. The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient. The fair value of the Level 3 contingent liability was derived using a Monte Carlo valuation model. As part of the acquisition of the 29.41% non-controlling interest in Douglas Elliman Realty LLC, New Valley entered into a four-year payout agreement that requires it to pay the sellers a portion of the fair value in excess of the purchase price of Douglas Elliman Realty LLC should a sale of a controlling interest in Douglas Elliman Realty LLC occur. In connection with the Spin-off, Vector agreed to indemnify Douglas Elliman for this contingent liability and accordingly remains potentially liable therefor. The contingent liability is recorded within “Other liabilities” in the consolidated balance sheets, and any change in fair value will be recorded in “Other, net” within the consolidated statements of operations. The value of the contingent liability is calculated using the outstanding payable owed to the sellers and the estimated fair value of Douglas Elliman Realty LLC. The liability is contingent upon the sale of a controlling interest in Douglas Elliman Realty LLC prior to October 1, 2022. The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021: Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, Valuation Technique Unobservable Input Range (Actual) Fair value of contingent liability $ 2,646 Monte Carlo simulation model Estimated fair value of the Douglas Elliman reporting unit $ 776,351 Risk-free rate for a 0.75-year term 0.39 % Leverage-adjusted equity volatility of peer firms 26.13 % In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements except for investments in real estate ventures that were impaired as of December 31, 2021 and 2020, respectively. The Company’s investment in real estate ventures subject to nonrecurring fair value measurements are as follows: Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 2,713 $ — $ — $ — $ — The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decrease in the investments in real estate ventures was attributed to the decline in the projected sales prices and the duration of the estimated sell out of the respective real estate ventures. The $2,713 of impairment charges were included in equity in losses from real estate ventures for the year ended December 31, 2021. Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 16,513 $ — $ — $ — $ — The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decrease in the investments in real estate ventures was attributed to the decline in the projected sales prices and the duration of the estimated sell out of the respective real estate ventures. The $16,513 of impairment charges were included in equity in losses from real estate ventures for the year ended December 31, 2020. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company’s business segments were Tobacco and Real Estate. 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 years ended December 31, 2021, 2020 and 2019 was as follows: Real Corporate Tobacco Estate and Other Total 2021 Revenues $ 1,202,497 $ 18,203 $ — $ 1,220,700 Operating income (loss) 360,317 (1) 4,066 (43,944) (5) 320,439 Equity in earnings from real estate ventures — 10,250 — 10,250 Identifiable assets of continuing operations 302,051 128,256 (4) 440,780 (7) 871,087 Depreciation and amortization 6,525 249 1,042 7,816 Capital expenditures 5,827 3 3,570 9,400 2020 Revenues $ 1,204,501 $ 24,181 $ — $ 1,228,682 Operating income (loss) 319,536 (2) (610) (24,498) (6) 294,428 Equity in losses from real estate ventures — (44,728) — (44,728) Identifiable assets of continuing operations 357,518 103,523 (4) 428,386 (7) 889,427 Depreciation and amortization 7,877 337 878 9,092 Capital expenditures 4,491 100 8,346 12,937 2019 Revenues $ 1,114,840 $ 4,763 $ — $ 1,119,603 Operating income (loss) 261,630 (3) 550 (27,565) 234,615 Equity in losses from real estate ventures — (27,760) — (27,760) Identifiable assets of continuing operations 336,566 177,943 (4) 501,973 (7) 1,016,482 Depreciation and amortization 7,824 395 994 9,213 Capital expenditures 4,173 197 126 4,496 _____________________________ (1) Operating income includes $2,722 received from a litigation settlement associated with the MSA expense (which reduced cost of sales) and $211 of litigation settlement and judgment expense. (2) Operating income includes $337 of litigation settlement and judgment expense and $299 of expense from MSA settlement. (3) Operating income includes $990 of litigation settlement and judgment expense. (4) Includes real estate investments accounted for under the equity method of accounting of $105,062, $85,400 and $131,556 as of December 31, 2021, 2020 and 2019, respectively. (5) Operating loss includes includes transaction charges of $10,468 and accelerated stock compensation of $4,317 related to the spin-off of Douglas Elliman; and $910 of gain on sale of assets. (6) Operating loss includes $2,283 of gain on sale of assets. (7) Corporate and Other identifiable assets primarily includes cash of $167,383, investment securities of $146,687 and long-term investments of $53,073 as of December 31, 2021. Corporate and other identifiable assets primarily includes cash of $211,729, investment securities of $135,585, and long-term investments of $52,291 as of December 31, 2020. Corporate and other identifiable assets primarily includes cash of $272,459, investment securities of $129,641, and long-term investments of $61,723 as of December 31, 2019 . |
Quarterly Financial Results (Un
Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Results (Unaudited) | QUARTERLY FINANCIAL RESULTS (UNAUDITED) Unaudited quarterly data for the years ended December 31, 2021 and 2020 are as follows: December 31, September 30, June 30, March 31, 2021 2021 2021 2021 Revenues $ 313,673 $ 298,485 $ 337,554 $ 270,988 Gross Profit 110,373 111,041 125,148 104,596 Operating income 68,556 82,015 93,893 75,975 Net income from continuing operations 30,711 29,912 64,981 21,550 Net income from discontinued operations 14,531 18,857 28,324 10,407 Net income applicable to common shares attributed to Vector Group Ltd. $ 45,312 $ 48,889 $ 93,305 $ 31,957 Per basic common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.20 $ 0.19 $ 0.41 $ 0.14 Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.09 0.12 0.19 0.06 Net income applicable to common shares attributed to Vector Group Ltd. $ 0.29 $ 0.31 $ 0.60 $ 0.20 Per diluted common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.20 $ 0.19 $ 0.41 $ 0.14 Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.09 0.12 0.19 0.06 Net income applicable to common shares attributed to Vector Group Ltd. $ 0.29 $ 0.31 $ 0.60 $ 0.20 December 31, September 30, June 30, March 31, 2020 2020 2020 2020 Revenues $ 287,129 $ 339,835 $ 312,831 $ 288,887 Gross Profit 105,872 114,406 98,201 90,601 Operating income 74,011 84,130 71,803 64,484 Net income from continuing operations 21,839 29,387 29,762 45,934 Net income (loss) from discontinued operations 10,417 8,752 (3,988) (49,165) Net income (loss) applicable to common shares attributed to Vector Group Ltd. $ 32,256 $ 38,139 $ 25,774 $ (3,231) Per basic common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.14 $ 0.19 $ 0.20 $ 0.30 Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.07 0.06 (0.03) (0.33) Net income (loss) applicable to common shares attributed to Vector Group Ltd. $ 0.21 $ 0.25 $ 0.17 $ (0.03) Per diluted common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.14 $ 0.19 $ 0.19 $ 0.30 Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.07 0.06 (0.03) (0.33) Net income (loss) applicable to common shares attributed to Vector Group Ltd. $ 0.21 $ 0.25 $ 0.16 $ (0.03) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | VECTOR GROUP LTD. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Dollars in Thousands) Description Balance at Additions Deductions Balance Year Ended December 31, 2021 Allowances for: Cash discounts 334 28,663 28,671 326 Deferred tax valuation allowance 852 — 504 348 Sales returns 7,356 2,439 3,126 6,669 Total $ 8,542 $ 31,102 $ 32,301 $ 7,343 Year Ended December 31, 2020 Allowances for: Cash discounts 319 28,046 28,031 334 Deferred tax valuation allowance 1,292 — 440 852 Sales returns 7,785 2,617 3,046 7,356 Total $ 9,396 $ 30,663 $ 31,517 $ 8,542 Year Ended December 31, 2019 Allowances for: Cash discounts 317 25,970 25,968 319 Deferred tax valuation allowance 3,817 — 2,525 1,292 Sales returns 6,935 4,068 3,218 7,785 Total $ 11,069 $ 30,038 $ 31,711 $ 9,396 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation : The Consolidated Financial Statements included in this annual report present the financial position of Vector Group Ltd. as of December 31, 2021 and 2020 and the results of operations of Vector Group Ltd. for the years ended December 31, 2021, 2020 and 2019 giving effect to the spin-off of Douglas Elliman Inc. (“Douglas Elliman”) with the historical financial results of Douglas Elliman reflected as discontinued operations (See Note 6.). The cash flows and comprehensive income related to Douglas Elliman have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refer only to Vector Group’s continuing operations and do not include discussion of balances or activity of Douglas Elliman. The consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business. |
Estimates and Assumptions | Estimates and Assumptions : |
Cash and Cash Equivalents | Cash and Cash Equivalents : |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | Reconciliation of Cash, Cash Equivalents and Restricted Cash : |
Investment Securities | Investment Securities : The Company classifies investments in debt securities as available for sale. Investments classified as available for sale are carried at fair value, with net unrealized gains and losses included as a separate component of stockholders’ deficiency. The cost of securities sold is determined based on average cost. Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s debt securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. The Company classifies investments in marketable equity securities as equity securities at fair value. The Company’s marketable equity securities are measured at fair value with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities. |
Significant Concentrations of Credit Risk | Significant Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes, high credit quality financial institutions. Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 14% and 12% of Liggett’s revenues in 2021, 18% and 12% in 2020, and 17% and 12% in 2019. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 0% and 2%, respectively, of Liggett’s net accounts receivable at December 31, 2021, and approximately 5% and 4%, respectively, at December 31, 2020. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. |
Accounts Receivable - trade, net | Accounts Receivable - trade, net : |
Inventories | Inventories : |
Property, Plant and Equipment | Property, Plant and Equipment : Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred. |
Investment in Real Estate Ventures | Investments in Real Estate Ventures : In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s). Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling 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 impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from 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 VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in 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. |
Intangible Assets | Intangible Assets : Intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually as of December 31 and monitored for interim triggering events on an on-going basis. Our intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco LLC), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future. The fair value of the intangible asset associated with the benefit under the MSA is calculated using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized. |
Impairment Long-Lived Assets | Impairment of Long-Lived Assets : |
Leases | Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in investments in real estate, net, property, plant and equipment and current and long-term portions of notes payable and long-term debt on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and is reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term. |
Pension, Postretirement and Postemployment Benefit Plans | Pension, Postretirement and Postemployment Benefits Plans : |
Stock Options and Awards | Stock Options and Awards : |
Income Taxes | Income Taxes : The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. The Company accounts for uncertainty in income taxes by recognizing the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. The Company classifies all tax-related interest and penalties as income tax expense. |
Distributions and Dividends on Common Stock | Distributions and Dividends on Common Stock : |
Revenue Recognition | Revenue Recognition : Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales. Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $7,006 in 2021, $5,602 in 2020 and $5,802 in 2019. Shipping and handling costs related to sales transactions are part of cost of sales. Real estate : Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. See Note 11 for details of the Escena investment . Revenue is measured based on a consideration specified in a contract with a customer less any sales incentives. Revenue is recognized when (a) an enforceable contract with a customer exists, that has commercial substance, and collection of substantially all consideration for services is probable; and (b) the performance obligations to the customer are satisfied either over time or at a point in time. Tobacco sales: Revenue from cigarette sales, which include federal excise taxes billed to customers, is recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records a liability for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The liability for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales. Real estate sales: Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset. |
Advertising | Advertising : |
Comprehensive Income | Comprehensive Income : |
Contingencies | Contingencies : |
New Accounting Pronouncements | New Accounting Pronouncements : Accounting Standards Updates (“ASU”) adopted in 2021 : In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”) . This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, and clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Adoption of this update did not have a material impact on the Company’s consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”). The new standard clarifies the interaction of accounting for the transition into and out of the equity method. The new standard also clarifies the accounting for measuring certain purchased options and forward contracts to acquire investments. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption of this update did not have a material impact on the Company’s consolidated financial statements. ASUs to be adopted in future periods: In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04” ). This ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective for all entities for contract modifications beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify the scope of the guidance and allow certain aspects of Topic 848 to be applied to all derivative instruments that undergo a modification of the interest rate used for discounting, margining or contract price alignment as a result of the reference reform. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company does not anticipate an impact on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. |
Earnings Per Share | Basic EPS is computed by dividing net income available to common stockholders attributed to Vector Group Ltd. by the weighted-average number of shares outstanding, which includes vested restricted stock. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Components of Cash, Cash Equivalents and Restricted Cash | The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows: December 31, December 31, December 31, Cash and cash equivalents $ 193,411 $ 258,421 $ 299,856 Restricted cash and cash equivalents included in other assets 1,438 554 552 Cash, cash equivalents and restricted cash of discontinued operations — 106,702 79,068 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 194,849 $ 365,677 $ 379,476 |
Schedule of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes | The components of accumulated other comprehensive loss, net of income taxes, were as follows: December 31, December 31, December 31, Net unrealized gains on investment securities available for sale, net of income taxes of $21, $160, and $200, respectively $ 46 $ 422 $ 530 Pension-related amounts, net of income taxes of $5,692, $7,809, and $8,120, respectively (15,769) (21,496) (22,338) Accumulated other comprehensive loss $ (15,723) $ (21,074) $ (21,808) |
Schedule of Other Income (Loss), Net | Other, net consisted of: Year Ended December 31, 2021 2020 2019 Interest and dividend income $ 1,920 $ 5,621 $ 11,085 Net gains recognized on investment securities 9,384 1,818 7,440 Net periodic benefit cost other than the service costs (975) (3,618) (2,298) Credit loss expense — (12,828) — Other income 358 361 352 Other, net $ 10,687 $ (8,646) $ 16,579 |
Schedule of Other Assets | Other assets consisted of: December 31, December 31, 2020 Restricted assets $ 1,551 $ 3,456 Prepaid pension costs 44,585 35,209 Other assets 30,549 26,853 Total other assets $ 76,685 $ 65,518 |
Schedule of Other Current Liabilities | Other current liabilities consisted of: December 31, 2021 December 31, 2020 Accounts payable $ 9,443 $ 6,509 Accrued promotional expenses 55,647 45,579 Accrued excise and payroll taxes payable, net 22,919 13,849 Accrued interest 30,676 31,624 Accrued salaries and benefits 13,982 15,066 Allowance for sales returns 6,669 7,356 Other current liabilities 10,151 15,575 Total other current liabilities $ 149,487 $ 135,558 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | In the following table, revenue is disaggregated by major product line for the Tobacco segment: Year Ended December 31, 2021 2020 2019 Tobacco Segment Revenues: Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve $ 1,139,009 $ 1,133,660 $ 1,040,419 Other Brands 63,488 70,841 74,421 Total tobacco revenues $ 1,202,497 $ 1,204,501 $ 1,114,840 In the following table, revenue is disaggregated by major services line for the Real Estate segment: Year Ended December 31, 2021 2020 2019 Real Estate Segment Revenues Sales on facilities primarily from Escena $ 5,353 $ 3,681 $ 4,763 Revenues from investments in real estate 12,850 20,500 — Total real estate revenues $ 18,203 $ 24,181 $ 4,763 |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Schedule of Rollforward of Allowance for Credit Losses | The following is the rollforward of the allowance for credit losses for the year ended December 31, 2021: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses: New Valley term loan receivables 15,928 — — — 15,928 The following is the rollforward of the allowance for credit losses for the year ended December 31, 2020: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses: New Valley term loan receivables 3,100 12,828 (1) — — 15,928 _____________________________ (1) The credit losses related to the New Valley term loan receivables are included in Other, net on the consolidated statements of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income for Purposes of Determining Basic and Diluted EPS | As a result, in its calculation of basic earnings per share (“EPS”) for the years ended December 31, 2021, 2020 and 2019, respectively, the Company has adjusted its net income for the effect of these participating securities as follows: Net income (loss) for purposes of determining basic EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Net income (loss) attributed to Vector Group Ltd. from discontinued operations 72,309 (33,984) 7,085 Net income attributed to Vector Group Ltd. 219,463 92,938 100,974 Income from continuing operations attributable to participating securities (5,862) (2,560) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 213,601 $ 90,378 $ 93,510 Net income for purposes of determining basic EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Income from continuing operations attributable to participating securities (3,694) (2,580) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 143,460 $ 124,342 $ 86,425 Net income (loss) for purposes of determining diluted EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Net income (loss) attributed to Vector Group Ltd. from discontinued operations 72,309 (33,984) 7,085 Net income attributed to Vector Group Ltd. 219,463 92,938 100,974 Income attributable to 7.5% Variable Interest Senior Convertible Notes — — (1,255) Income from continuing operations attributable to participating securities (5,862) (2,560) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 213,601 $ 90,378 $ 92,255 Net income for purposes of determining diluted EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2021 2020 2019 Net income attributed to Vector Group Ltd. from continuing operations $ 147,154 $ 126,922 $ 93,889 Income attributable to 7.5% Variable Interest Senior Convertible Notes — — (1,255) Income from continuing operations attributable to participating securities (3,694) (2,580) (7,464) Net income available to common stockholders attributed to Vector Group Ltd. $ 143,460 $ 124,342 $ 85,170 |
Schedule of Basic and Diluted EPS Calculation Shares | Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares for the years ended December 31, 2021, 2020 and 2019: For the year ended December 31, 2021 2020 2019 Weighted-average shares for basic EPS 152,403,072 150,216,141 146,633,036 Plus incremental shares related to convertible debt — — 718,918 Plus incremental shares related to stock options and non-vested restricted stock 71,777 34,812 16,509 Weighted-average shares for diluted EPS 152,474,849 150,250,953 147,368,463 |
Schedule of Outstanding Shares Not Included in the Computation of Diluted EPS | The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the years ended December 31, 2021, 2020 and 2019, but were not included in the computation of diluted EPS because the impact of common shares issuable under the convertible debt were anti-dilutive to EPS. Year Ended December 31, 2021 2020 2019 Weighted-average shares of non-vested restricted stock 524,606 520,936 1,207,366 Weighted-average expense per share $ 17.42 $ 19.54 $ 17.97 Weighted-average number of shares issuable upon conversion of debt — 2,423,719 11,118,139 Weighted-average conversion price $ — $ 20.27 $ 20.27 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet and Income Statement | The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Douglas Elliman: December 31, December 31, ASSETS: Current assets: Cash and cash equivalents $ — $ 94,421 Accounts receivable - trade, net — 24,377 Other current assets — 29,567 Total current assets — 148,365 Property, plant and equipment, net — 42,703 Long-term investments (includes $237 at fair value) — 237 Operating lease right-of-use assets — 133,103 Goodwill and other intangible assets, net — 100,066 Other assets — 29,508 Total long-term assets — 305,617 Total assets $ — $ 453,982 LIABILITIES: Current liabilities: Current portion of notes payable and long-term debt $ — $ 12,500 Current operating lease liability — 23,753 Income taxes payable, net — 17 Other current liabilities — 63,379 Total current liabilities — 99,649 Notes payable, long-term debt and other obligations, less current portion — 12,920 Deferred income taxes, net — 13,512 Non-current operating lease liability — 143,296 Other liabilities — 34,384 Total long-term liabilities — 204,112 Total liabilities $ — $ 303,761 The financial results of Douglas Elliman through the Spin-off are presented as income (loss) from discontinued operations, net of income taxes on the Company’s consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Spin-off: Year Ended December 31, 2021 2020 2019 (Dollars in thousands, except per share amounts) Revenues: Real estate $ 1,344,825 $ 773,987 $ 784,108 Expenses: Cost of sales 989,436 547,543 526,694 Operating, selling, administrative and general expenses 253,942 212,926 260,894 Net loss on sales of asset — 1,169 — Impairments of goodwill and intangible assets — 58,252 — Restructuring charges — 3,382 — Operating income (loss) 101,447 (49,285) (3,480) Other income (expenses): Interest expense (164) (263) (905) Equity in (losses) earnings from real estate ventures (278) 30 8,472 Other, net (870) 3,190 4,726 Pretax income (loss) from discontinued operations 100,135 (46,328) 8,813 Income tax expense 28,016 (12,344) 1,728 Income (loss) from discontinued operations 72,119 (33,984) 7,085 Net loss from discontinued operations attributed to non-controlling interest 190 — — Net income (loss) from discontinued operations attributed to Vector Group Ltd. $ 72,309 $ (33,984) $ 7,085 The following table presents the information regarding certain components of cash flows from discontinued operations: Year Ended December 31, 2021 2020 2019 (Dollars in thousands, except per share amounts) Depreciation and amortization $ 8,561 $ 8,537 $ 8,638 Non-cash lease expense 18,667 17,326 17,973 Capital expenditures (4,106) (6,126) (8,079) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Expense and Supplemental Cash Flow Information | The components of lease expense were as follows: Year Ended December 31, 2021 2020 2019 Operating lease cost $ 4,578 $ 4,572 $ 4,636 Short-term lease cost 374 349 338 Variable lease cost 320 634 623 Finance lease cost: Amortization 58 111 224 Interest on lease liabilities 9 14 15 Total lease cost $ 5,339 $ 5,680 $ 5,836 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 4,961 $ 4,034 $ 4,318 Operating cash flows from finance leases 10 14 15 Financing cash flows from finance leases 57 102 217 ROU assets obtained in exchange for lease obligations: Operating leases 1,993 3,298 676 Finance leases — 60 159 |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: December 31, December 31, 2021 2020 Finance leases: Investments in real estate, net (1) $ 30 $ 62 Property, plant and equipment, at cost $ 127 $ 127 Accumulated amortization (70) (44) Property and equipment, net $ 57 $ 83 Current portion of notes payable and long-term debt $ 55 $ 57 Notes payable, long-term debt and other obligations, less current portion 41 96 Total finance lease liabilities $ 96 $ 153 Weighted average remaining lease term in years: Operating leases 3.36 4.23 Finance leases 1.84 2.71 Weighted average discount rate: Operating leases 9.60 % 10.20 % Finance leases 8.21 % 7.82 % _____________________________ (1) Included in Investments in real estate, net on the consolidated balance sheets are finance lease equipment, at a cost of $748 and $748 and accumulated amortization of $718 and $686 as of December 31, 2021 and 2020, respectively. |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2021, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2022 $ 4,889 $ 61 2023 4,181 35 2024 3,453 8 2025 2,086 — 2026 319 — Thereafter — — Total lease payments 14,928 104 Less imputed interest (2,237) (8) Total $ 12,691 $ 96 |
Schedule of Maturities of Financing Lease Liabilities | As of December 31, 2021, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2022 $ 4,889 $ 61 2023 4,181 35 2024 3,453 8 2025 2,086 — 2026 319 — Thereafter — — Total lease payments 14,928 104 Less imputed interest (2,237) (8) Total $ 12,691 $ 96 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | Investment securities at fair value consisted of the following: December 31, 2021 December 31, 2020 Debt securities available for sale $ 103,906 $ 91,204 Equity securities at fair value: Marketable equity securities 19,560 21,155 Mutual funds invested in debt securities 23,221 23,226 Long-term investment securities at fair value (1) 32,089 33,981 Total equity securities at fair value 74,870 78,362 Total investment securities at fair value 178,776 169,566 Less: Long-term investment securities at fair value (1) 32,089 33,981 Current investment securities at fair value $ 146,687 $ 135,585 Long-term investment securities at fair value (1) $ 32,089 $ 33,981 Equity-method investments 20,984 18,310 Total long-term investments $ 53,073 $ 52,291 Equity securities at cost: (2) Other equity securities at cost $ 5,200 $ 5,200 (1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820. (2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the consolidated balance sheets. The components of debt securities available for sale at December 31, 2021 were as follows: Cost Gross Gross Fair Marketable debt securities $ 103,838 $ 68 $ — $ 103,906 The components of debt securities available for sale at December 31, 2020 were as follows: Cost Gross Gross Fair Marketable debt securities $ 90,621 $ 583 $ — $ 91,204 The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value for the years ended December 31, 2021, 2020 and 2019, respectively: Year Ended December 31, 2021 2020 2019 Net gains recognized on equity securities $ 9,615 $ 2,123 $ 7,320 Less: Net gains (losses) recognized on equity securities sold 7,534 (121) 1,526 Net unrealized gains recognized on equity securities still held at the reporting date $ 2,081 $ 2,244 $ 5,794 |
Schedule of Net Gains Recognized | Net gains recognized on investment securities were as follows: Year Ended December 31, 2021 2020 2019 Net gains recognized on equity securities at fair value $ 9,615 $ 2,123 $ 7,320 Net gains recognized on debt and equity securities available for sale 45 110 135 Impairment expense (276) (415) (15) Net gains recognized on investment securities $ 9,384 $ 1,818 $ 7,440 Gross realized gains and losses recognized on debt securities available for sale were as follows: Year Ended December 31, 2021 2020 2019 Gross realized gains on sales $ 108 $ 329 $ 144 Gross realized losses on sales (63) (219) (9) Net gains recognized on debt securities available for sale $ 45 $ 110 $ 135 Impairment expense $ (276) $ (415) $ (15) |
Schedule of Maturity Dates of Fixed Income Securities | The table below summarizes the maturity dates of debt securities available for sale at December 31, 2021. Investment Type : Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 6,481 $ 5,688 $ 793 $ — Corporate securities 47,531 20,028 27,503 — U.S. mortgage-backed securities 19,572 1,824 17,748 — Commercial paper 29,103 29,103 — — Foreign fixed-income securities 1,219 1,219 — — Total debt securities available for sale by maturity dates $ 103,906 $ 57,862 $ 46,044 $ — |
Schedule of Equity Method Investments | Equity-method investments consisted of the following: December 31, 2021 December 31, 2020 Mutual and hedge funds $ 20,984 $ 18,310 Equity in earnings from investments were: Year Ended December 31, 2021 2020 2019 Mutual fund and hedge funds $ 2,675 $ 2,844 $ 958 Ladenburg Thalmann Financial Services Inc. — 53,424 (410) Castle Brands Inc. — — 16,452 Equity in earnings from investments $ 2,675 $ 56,268 $ 17,000 Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds. December 31, December 31, Investment securities $ 493,705 $ 486,390 Cash and cash equivalents 44,644 7,126 Other assets 14,151 41,004 Total assets $ 552,500 $ 534,520 Other liabilities $ 214,607 $ 230,237 Total liabilities 214,607 230,237 Partners’ capital 337,893 304,283 Total liabilities and partners’ capital $ 552,500 $ 534,520 Year Ended December 31, 2021 2020 2019 Investment income $ 1,574 $ 1,779 $ 2,834 Expenses 12,873 9,300 6,756 Net investment loss (11,299) (7,521) (3,922) Total net realized gain and net change in unrealized depreciation from investments 48,342 123,381 18,822 Net increase in partners’ capital resulting from operations $ 37,043 $ 115,860 $ 14,900 Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period. Three Months Ended December 31, 2019 Revenues $ 395,735 Expenses 394,992 Income before other items 743 Change in fair value of contingent consideration (374) Income from continuing operations 369 Net income $ 508 Other Condominium and Mixed Use Development: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 301,703 $ 386,859 $ 208,767 Cost of goods sold 317,894 302,234 76,162 Other expenses 117,985 270,642 149,014 Loss from continuing operations $ (134,176) $ (186,017) $ (16,409) December 31, December 31, Balance Sheets Investment in real estate $ 1,434,205 $ 4,465,118 Total assets 1,513,581 4,551,788 Total debt 1,107,366 3,569,361 Total liabilities 1,284,579 3,921,492 Non-controlling interest 63,781 83,807 Apartment Buildings: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 35,213 $ 65,808 $ 70,862 Other expenses 46,360 63,705 67,094 (Loss) income from continuing operations $ (11,147) $ 2,103 $ 3,768 December 31, December 31, Balance Sheets Investment in real estate $ — $ 544,610 Total assets 6,780 563,523 Total debt — 392,324 Total liabilities 131 399,269 Non-controlling interest 4,990 123,273 Hotels: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 42,549 $ 130,742 $ 147,446 Cost of goods sold 3,671 2,671 5,399 Other expenses 201,211 256,973 220,045 Loss from continuing operations $ (162,333) $ (128,902) $ (77,998) December 31, December 31, Balance Sheets Investment in real estate $ 1,553,911 $ 1,489,085 Total assets 1,631,664 1,575,800 Total debt 1,110,700 1,071,445 Total liabilities 1,213,044 1,143,419 Non-controlling interest 412,165 427,439 Commercial: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 1,662 $ 7,911 $ 7,821 Equity in (losses) earnings 24,383 (13,671) 24,159 Other expenses 1,412 4,740 7,724 Income (loss) from continuing operations $ 24,633 $ (10,500) $ 24,256 December 31, December 31, Balance Sheets Investment in real estate $ 51,173 $ 51,487 Total assets 71,296 70,270 Total debt 55,625 55,625 Total liabilities 55,016 55,199 Other: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 180,092 $ 571 $ 390,478 Cost of Goods Sold — — 220,316 Other expenses 303,352 48,633 155,257 (Loss) income from continuing operations $ (123,260) $ (48,062) $ 14,905 December 31, December 31, Balance Sheets Investment in real estate $ 392,754 $ 1,216,819 Total assets 444,520 1,237,794 Total debt 227,724 722,930 Total liabilities 233,329 903,196 Non-controlling interest 152,775 272,196 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of: December 31, December 31, Leaf tobacco $ 38,825 $ 42,988 Other raw materials 7,560 5,987 Work-in-process 2,639 520 Finished goods 64,218 68,781 Inventories at current cost 113,242 118,276 LIFO adjustments (18,627) (20,731) $ 94,615 $ 97,545 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of: December 31, December 31, Land and improvements $ 1,624 $ 1,624 Buildings 18,060 17,772 Machinery and equipment 167,713 166,156 Leasehold improvements 1,277 1,277 188,674 186,829 Less accumulated depreciation and amortization (151,791) (151,544) $ 36,883 $ 35,285 |
New Valley LLC (Tables)
New Valley LLC (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Investments in Real Estate Ventures | The components of “Investments in real estate ventures” were as follows: Range of Ownership (1) December 31, 2021 December 31, 2020 Condominium and Mixed Use Development: New York City SMSA 4.2%- 46.7% $ 22,654 $ 30,465 All other U.S. areas 19.6% - 89.1% 57,485 37,773 80,139 68,238 Apartment Buildings: All other U.S. areas 7.6% - 50.0% 11,900 — 11,900 — Hotels: New York City SMSA 0.4% - 12.3% 1,635 2,629 International 49.0% 1,522 1,852 3,157 4,481 Commercial: New York City SMSA 49.0% — 2,591 All other U.S. areas 1.6% 7,290 7,084 7,290 9,675 Other 15.0% - 49.0% 2,576 3,006 Investments in real estate ventures $ 105,062 $ 85,400 _____________________________ (1) The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners. The components of New Valley’s contributions to its investments in real estate ventures were as follows: December 31, 2021 December 31, 2020 Condominium and Mixed Use Development: New York City SMSA $ 396 $ 1,805 All other U.S. areas 33,719 11,140 34,115 12,945 Apartment Buildings: All other U.S. areas 11,900 284 11,900 284 Hotels: New York City SMSA 1,848 1,169 1,848 1,169 Other — 524 Total contributions $ 47,863 $ 14,922 The components of distributions received by New Valley from its investments in real estate ventures were as follows: December 31, 2021 December 31, 2020 Condominium and Mixed Use Development: New York City SMSA $ 4,440 $ 1,819 All other U.S. areas 13,593 18,188 18,033 20,007 Apartment Buildings: All other U.S. areas 18,566 — 18,566 — Commercial: New York City SMSA — 601 All other U.S. areas 575 113 575 714 Total distributions $ 37,174 $ 20,721 New Valley recognized equity in earnings (losses) from real estate ventures as follows: Year Ended December 31, 2021 2020 2019 Condominium and Mixed Use Development: New York City SMSA $ (4,147) $ (17,167) $ (31,011) All other U.S. areas (1) (16,578) (6,467) (4,148) (33,745) (37,478) Apartment Buildings: All other U.S. areas 18,566 (284) 79 18,566 (284) 79 Hotels: New York City SMSA (1,597) (3,248) 8,081 International (330) (308) 41 (1,927) (3,556) 8,122 Commercial: New York City SMSA (2,591) 1,340 1 All other U.S. areas 780 (437) 773 (1,811) 903 774 Other (430) (8,046) 743 Total equity in earnings (losses) from real estate ventures $ 10,250 $ (44,728) $ (27,760) December 31, 2021 Condominium and Mixed Use Development: New York City SMSA $ 22,654 All other U.S. areas 57,484 80,138 Apartment Buildings: All other U.S. areas 11,900 11,900 Hotels: New York City SMSA 1,635 International 1,522 3,157 Commercial: All other U.S. areas 7,290 7,290 Other 2,576 Total maximum exposure to loss $ 105,061 |
Schedule of Equity Method Investments | Equity-method investments consisted of the following: December 31, 2021 December 31, 2020 Mutual and hedge funds $ 20,984 $ 18,310 Equity in earnings from investments were: Year Ended December 31, 2021 2020 2019 Mutual fund and hedge funds $ 2,675 $ 2,844 $ 958 Ladenburg Thalmann Financial Services Inc. — 53,424 (410) Castle Brands Inc. — — 16,452 Equity in earnings from investments $ 2,675 $ 56,268 $ 17,000 Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds. December 31, December 31, Investment securities $ 493,705 $ 486,390 Cash and cash equivalents 44,644 7,126 Other assets 14,151 41,004 Total assets $ 552,500 $ 534,520 Other liabilities $ 214,607 $ 230,237 Total liabilities 214,607 230,237 Partners’ capital 337,893 304,283 Total liabilities and partners’ capital $ 552,500 $ 534,520 Year Ended December 31, 2021 2020 2019 Investment income $ 1,574 $ 1,779 $ 2,834 Expenses 12,873 9,300 6,756 Net investment loss (11,299) (7,521) (3,922) Total net realized gain and net change in unrealized depreciation from investments 48,342 123,381 18,822 Net increase in partners’ capital resulting from operations $ 37,043 $ 115,860 $ 14,900 Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period. Three Months Ended December 31, 2019 Revenues $ 395,735 Expenses 394,992 Income before other items 743 Change in fair value of contingent consideration (374) Income from continuing operations 369 Net income $ 508 Other Condominium and Mixed Use Development: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 301,703 $ 386,859 $ 208,767 Cost of goods sold 317,894 302,234 76,162 Other expenses 117,985 270,642 149,014 Loss from continuing operations $ (134,176) $ (186,017) $ (16,409) December 31, December 31, Balance Sheets Investment in real estate $ 1,434,205 $ 4,465,118 Total assets 1,513,581 4,551,788 Total debt 1,107,366 3,569,361 Total liabilities 1,284,579 3,921,492 Non-controlling interest 63,781 83,807 Apartment Buildings: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 35,213 $ 65,808 $ 70,862 Other expenses 46,360 63,705 67,094 (Loss) income from continuing operations $ (11,147) $ 2,103 $ 3,768 December 31, December 31, Balance Sheets Investment in real estate $ — $ 544,610 Total assets 6,780 563,523 Total debt — 392,324 Total liabilities 131 399,269 Non-controlling interest 4,990 123,273 Hotels: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 42,549 $ 130,742 $ 147,446 Cost of goods sold 3,671 2,671 5,399 Other expenses 201,211 256,973 220,045 Loss from continuing operations $ (162,333) $ (128,902) $ (77,998) December 31, December 31, Balance Sheets Investment in real estate $ 1,553,911 $ 1,489,085 Total assets 1,631,664 1,575,800 Total debt 1,110,700 1,071,445 Total liabilities 1,213,044 1,143,419 Non-controlling interest 412,165 427,439 Commercial: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 1,662 $ 7,911 $ 7,821 Equity in (losses) earnings 24,383 (13,671) 24,159 Other expenses 1,412 4,740 7,724 Income (loss) from continuing operations $ 24,633 $ (10,500) $ 24,256 December 31, December 31, Balance Sheets Investment in real estate $ 51,173 $ 51,487 Total assets 71,296 70,270 Total debt 55,625 55,625 Total liabilities 55,016 55,199 Other: Year Ended December 31, 2021 2020 2019 Income Statements Revenue $ 180,092 $ 571 $ 390,478 Cost of Goods Sold — — 220,316 Other expenses 303,352 48,633 155,257 (Loss) income from continuing operations $ (123,260) $ (48,062) $ 14,905 December 31, December 31, Balance Sheets Investment in real estate $ 392,754 $ 1,216,819 Total assets 444,520 1,237,794 Total debt 227,724 722,930 Total liabilities 233,329 903,196 Non-controlling interest 152,775 272,196 |
Schedule of Investments in Real Estate, net | The components of “Investments in real estate, net” were as follows: December 31, December 31, Escena, net $ 9,098 $ 9,735 Townhome A (11 Beach Street) — 5,896 Investment in real estate, net $ 9,098 $ 15,631 The assets have been classified as an “Investments in real estate, net” on the Company’s consolidated balance sheets and the components were as follows: December 31, December 31, Land and land improvements $ 8,520 $ 8,911 Building and building improvements 1,926 1,926 Other 1,643 1,672 12,089 12,509 Less accumulated depreciation (2,991) (2,774) $ 9,098 $ 9,735 |
Notes Payable, Long-Term Debt_2
Notes Payable, Long-Term Debt and Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable, Long-term Debt and Other Obligations | Notes payable, long-term debt and other obligations consisted of: December 31, 2021 December 31, 2020 Vector: 5.75% Senior Secured Notes due 2029 $ 875,000 $ — 6.125% Senior Secured Notes due 2025 — 850,000 10.5% Senior Notes due 2026, net of unamortized discount of $2,647 and $3,040 552,353 551,960 Liggett: Revolving credit facility 24 — Equipment loans 64 89 Other 32 64 Total notes payable, long-term debt and other obligations 1,427,473 1,402,113 Less: Debt issuance costs (28,803) (21,247) Total notes payable, long-term debt and other obligations 1,398,670 1,380,866 Less: Current maturities (79) (57) Amount due after one year $ 1,398,591 $ 1,380,809 |
Schedule of Non-cash Interest Expense | A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s variable interest senior convertible debt is set forth in the following table: Year Ended December 31, 2021 2020 2019 7.5% Convertible Notes $ — $ — $ 2,031 5.5% Convertible Notes — 4,053 16,481 Interest expense associated with embedded derivatives $ — $ 4,053 $ 18,512 A summary of non-cash changes in fair value of derivatives embedded within convertible debt is set forth in the following table: Year Ended December 31, 2021 2020 2019 7.5% Convertible Notes $ — $ — $ 6,635 5.5% Convertible Notes — 4,999 19,790 Gain on changes in fair value of derivatives embedded within convertible debt $ — $ 4,999 $ 26,425 |
Schedule of Convertible Debt | The following table reconciles the fair value of derivatives embedded within convertible debt: 7.5% Convertible Notes 5.5% Convertible Notes Total Balance at January 1, 2019 $ 6,635 $ 24,789 $ 31,424 Gain from changes in fair value of embedded derivatives (6,635) (19,790) (26,425) Balance at December 31, 2019 — 4,999 4,999 Gain from changes in fair value of embedded derivatives — (4,999) (4,999) Balance at December 31, 2020 $ — $ — $ — A summary of non-cash interest expense associated with the amortization of the debt discount created by the beneficial conversion feature on the Company’s variable interest senior convertible debt is set forth in the following table: Year Ended December 31, 2021 2020 2019 Amortization of beneficial conversion feature: 7.5% Convertible Notes $ — $ — $ 1,328 5.5% Convertible Notes — 1,223 4,973 Interest expense associated with beneficial conversion feature $ — $ 1,223 $ 6,301 The following table reconciles unamortized debt discount within convertible debt: 7.5% Convertible Notes 5.5% Convertible Notes Total Balance at January 1, 2019 $ 3,359 $ 29,465 $ 32,824 Partial redemption of 5.5% convertible notes — (2,735) (2,735) Amortization of embedded derivatives (2,031) (16,481) (18,512) Amortization of beneficial conversion feature (1,328) (4,973) (6,301) Balance at December 31, 2019 — 5,276 5,276 Amortization of embedded derivatives — (4,053) (4,053) Amortization of beneficial conversion feature — (1,223) (1,223) Balance at December 31, 2020 $ — $ — $ — |
Schedule of Fair Value of Notes Payable and Long-term Debt | The estimated fair value of the Company’s notes payable and long-term debt were as follows: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Senior Notes $ 1,427,353 $ 1,426,176 $ 1,401,960 $ 1,464,208 Liggett and other 120 124 153 161 Notes payable and long-term debt $ 1,427,473 $ 1,426,300 $ 1,402,113 (1) $ 1,464,369 _____________________________ (1) The carrying value does not include the carrying value of the embedded derivative. See Note 18. |
Schedule of Scheduled Maturities | Scheduled maturities of notes payable and long-term debt were as follows: Principal Unamortized Net Year Ending December 31: 2022 $ 79 $ — $ 79 2023 33 — 33 2024 8 — 8 2025 — — — 2026 555,000 2,647 552,353 Thereafter 875,000 — 875,000 Total $ 1,430,120 $ 2,647 $ 1,427,473 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits: Pension Benefits Other 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at January 1 $ (125,842) $ (128,997) $ (9,101) $ (8,986) Service cost (415) (592) — — Interest cost (2,284) (3,545) (224) (286) Plan settlement — 7,255 — — Plan amendment — — (48) — Benefits paid 6,452 7,008 471 500 Expenses paid 291 255 — — Actuarial gain (loss) 632 (7,226) 422 (329) Benefit obligation at December 31 $ (121,166) $ (125,842) $ (8,480) $ (9,101) Change in plan assets: Fair value of plan assets at January 1 $ 102,812 $ 101,051 $ — $ — Actual return on plan assets 8,373 8,919 — — Plan settlement — (7,255) — — Expenses paid (291) (255) — — Contributions 103 7,360 471 500 Benefits paid (6,452) (7,008) (471) (500) Fair value of plan assets at December 31 $ 104,545 $ 102,812 $ — $ — Unfunded status at December 31 $ (16,621) $ (23,030) $ (8,480) $ (9,101) Amounts recognized in the consolidated balance sheets: Prepaid pension costs $ 44,585 $ 35,209 $ — $ — Other accrued liabilities (95) (100) (621) (624) Non-current employee benefit liabilities (61,111) (58,139) (7,859) (8,477) Net amounts recognized $ (16,621) $ (23,030) $ (8,480) $ (9,101) . |
Schedule of Net Benefit Costs | Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Service cost — benefits earned during the period $ 415 $ 592 $ 533 $ — $ — $ 3 Interest cost on projected benefit obligation 2,284 3,545 4,860 224 286 347 Expected return on assets (3,458) (3,869) (4,874) — — — Prior service cost — — — 4 4 4 Settlement loss — 1,805 — — — — Amortization of net loss (gain) 1,835 1,836 2,001 86 11 (40) Net expense $ 1,076 $ 3,909 $ 2,520 $ 314 $ 301 $ 314 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | As of December 31, 2021, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive loss as of January 1, 2021 $ (28,199) $ (1,106) $ (29,305) Amortization of prior service costs — 4 4 Plan amendment — (48) (48) Amortization of loss 1,835 86 1,921 Net gain arising during the year 5,547 420 5,967 Accumulated other comprehensive loss as of December 31, 2021 $ (20,817) $ (644) $ (21,461) As of December 31, 2020, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive (loss) income as of January 1, 2020 $ (29,664) $ (794) $ (30,458) Amortization of prior service costs — 4 4 Effect of settlement 1,805 — 1,805 Amortization of loss 1,836 11 1,847 Net loss arising during the year (2,176) (327) (2,503) Accumulated other comprehensive loss as of December 31, 2020 $ (28,199) $ (1,106) $ (29,305) |
Schedule of Accumulated Benefit Obligations | As of December 31, 2021, our total accumulated benefit obligations, as well as our projected benefit obligations in excess of the fair value of the related plan assets, for defined benefit pension plans were as follows: December 31, 2021 2020 Accumulated benefit obligation $ 61,206 $ 58,239 Fair value of plan assets $ — $ — December 31, 2021 2020 Projected benefit obligation $ 61,206 $ 58,239 Fair value of plan assets $ — $ — |
Schedule of Assumptions Used | The assumptions used for the pension benefits and other postretirement benefits were: Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Weighted average assumptions: Discount rates — benefit obligation 1.80% - 2.70% 1.40% - 2.30% 2.55% - 3.10% 2.85% 2.55% 3.30% Discount rates — service cost 1.40% - 2.30% 2.55% - 3.10% 3.90% - 4.25% 2.55% 3.30% 4.35% Assumed rates of return on invested assets 3.50% 4.00 % 5.50% N/A N/A N/A Salary increase assumptions N/A N/A N/A 3.00% 3.00% 3.00% |
Schedule of Allocation of Plan Assets | Vector’s defined benefit retirement plan allocations by asset category, were as follows: Plan Assets at 2021 2020 Asset category: Equity securities 38 % 35 % Investment grade fixed income securities 62 % 65 % High yield fixed income securities — % — % Total 100 % 100 % The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows: Fair Value Measurements as of December 31, 2021 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 1,868 $ — $ 1,868 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 91 91 — — Common collective trusts at NAV (1) 102,586 — — — Total $ 104,545 $ 91 $ 1,868 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2020 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 2,236 $ — $ 2,236 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 78 78 — — Common collective trusts at NAV (1) 100,498 — — — Total $ 102,812 $ 78 $ 2,236 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Schedule of Expected Benefit Payments | Estimated future pension and postretirement medical benefits payments were as follows: Pension Postretirement 2022 $ 6,347 $ 621 2023 5,993 627 2024 5,648 629 2025 5,289 606 2026 64,060 590 2027 - 2031 26,666 2,596 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The amounts provided for income taxes were as follows: Year Ended December 31, 2021 2020 2019 Current: U.S. Federal $ 33,398 $ 30,583 $ 31,002 State 14,945 12,910 9,705 48,343 43,493 40,707 Deferred: U.S. Federal 11,399 7,343 (6,075) State 3,065 3,285 (3,547) 14,464 10,628 (9,622) Total $ 62,807 $ 54,121 $ 31,085 |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows: December 31, 2021 December 31, 2020 Deferred tax assets: Employee benefit accruals $ 7,828 $ 10,529 Impairment of investments 12,337 13,961 Impact of timing of settlement payments 10,854 20,137 Various U.S. federal and state tax loss carryforwards 2,378 3,123 Operating lease liabilities 3,277 3,884 Current expected credit losses 4,111 4,299 Other 3,910 2,852 44,695 58,785 Less: Valuation allowance (348) (852) Net deferred tax assets $ 44,347 $ 57,933 Deferred tax liabilities: Basis differences on non-consolidated entities $ (24,441) $ (22,809) Basis differences on fixed and intangible assets (35,154) (35,555) Basis differences on inventory (10,808) (10,698) Basis differences on long-term investments (4,383) (912) Basis differences on available for sale securities (1,490) (3,579) Operating lease right of use assets (2,839) (3,324) $ (79,115) $ (76,877) Net deferred tax liabilities $ (34,768) $ (18,944) _____________________________ |
Schedule of Effective Income Tax Rate Reconciliation | Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows: Year Ended December 31, 2021 2020 2019 Income before provision for income taxes $ 209,961 $ 181,043 $ 125,015 Federal income tax expense at statutory rate 44,092 38,018 26,253 Increases (decreases) resulting from: State income taxes, net of federal income tax benefits 13,946 12,974 6,047 Non-deductible expenses 6,205 2,859 2,048 Excess tax benefits on stock-based compensation (561) (206) (1,488) Changes in valuation allowance, net of equity and tax audit adjustments (504) (440) (2,525) Other (371) 916 750 Income tax expense $ 62,807 $ 54,121 $ 31,085 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits: Balance at January 1, 2019 $ 391 Additions based on tax positions related to prior years 1,586 Expirations of the statute of limitations (330) Balance at December 31, 2019 1,647 Additions based on tax positions related to prior years 458 Settlements (402) Expirations of the statute of limitations (50) Balance at December 31, 2020 1,653 Additions based on tax positions related to prior years 1,640 Settlements (1,065) Expirations of the statute of limitations (19) Balance at December 31, 2021 $ 2,209 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions used for grants in the year ended December 31, 2019 were as follows: 2019 Risk-free interest rate 2.5% - 2.7% Expected volatility 20.24% - 20.45% Dividend yield 0.0 % Expected holding period 4 - 10 years Weighted-average grant date fair value (1) $2.36 - $4.08 _____________________________ |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of employee stock option transactions follows: Number of Weighted-Average Weighted-Average Aggregate Outstanding on January 1, 2019 5,860,833 $ 13.16 4.1 $ 1,095 Granted 406,875 $ 10.92 Exercised (1,824,351) $ 8.67 Canceled (11) $ — Outstanding on December 31, 2019 4,443,346 $ 14.80 5.0 $ 4,427 Exercised (620,527) $ 11.14 Outstanding on December 31, 2020 3,822,819 $ 15.40 4.6 $ 487 Exercised — $ — Outstanding on December 31, 2021 3,822,819 $ 15.40 3.6 $ 238 Options exercisable at: December 31, 2019 2,689,673 December 31, 2020 2,540,150 December 31, 2021 2,988,727 _____________________________ (1) The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($11.48, $11.65 and $13.39 at December 31, 2021, 2020 and 2019, respectively) exceeds the option exercise price. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information relating to options outstanding at December 31, 2021 follows: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted-Average Weighted-Average Exercisable Weighted-Average Weighted-Average Aggregate Intrinsic Value 12/31/2021 12/31/2021 $9.86 - $11.83 1,462,190 2.8 $ 11.32 1,055,315 1.2 $ 11.47 $ — $11.83 - $13.80 — — $ — — — $ — — $13.80 - $15.77 519,278 2.4 $ 14.68 519,278 2.4 $ 14.68 — $15.77 - $17.74 — — $ — — — $ — — $17.74 - $19.71 1,841,351 4.6 $ 18.84 1,414,134 4.1 $ 18.96 — 3,822,819 3.6 $ 15.40 2,988,727 2.8 $ 15.57 $ 238 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingencies | The following table lists the number of Individual Actions by state: State Number Florida 44 Illinois 19 Nevada 7 New Mexico 5 Louisiana 2 Hawaii 1 Massachusetts 1 The activity in the Company’s accruals for the MSA and tobacco litigation for the three years ended December 31, 2021 was 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 as of January 1, 2019 $ 36,561 $ 310 $ 36,871 $ 16,383 $ 21,794 $ 38,177 Expenses 165,471 990 166,461 — — — Change in MSA obligations capitalized as inventory 4,936 — 4,936 — — — Payments (171,960) (670) (172,630) — — — Reclassification to/(from) non-current liabilities (892) 3,338 2,446 892 (3,338) (2,446) Interest on withholding — 281 281 — 2,138 2,138 Balance as of December 31, 2019 34,116 4,249 38,365 17,275 20,594 37,869 Expenses 175,538 312 175,850 — — — NPM Settlement adjustment 299 — 299 — — — Change in MSA obligations capitalized as inventory 182 — 182 — — — Payments, net of credits received (170,513) (4,334) (174,847) (197) — (197) Reclassification to/(from) non-current liabilities (855) 3,252 2,397 855 (3,252) (2,397) Interest on withholding — 488 488 — 1,926 1,926 Balance as of December 31, 2020 38,767 3,967 42,734 17,933 19,268 37,201 Expenses 173,786 211 173,997 — — — Change in MSA obligations capitalized as inventory (670) — (670) — — — Payments, net of credits received (204,706) (4,091) (208,797) — — — Reclassification to/(from) non-current liabilities 4,709 3,351 8,060 (4,709) (3,351) (8,060) Interest on withholding — 480 480 — 1,763 1,763 Balance as of December 31, 2021 $ 11,886 $ 3,918 $ 15,804 $ 13,224 $ 17,680 $ 30,904 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Year Ended December 31, 2021 2020 2019 Cash paid during the period for: Interest, including interest related to finance leases $ 111,759 $ 118,807 $ 118,966 Income taxes, net 92,698 41,372 44,184 Non-cash investing and financing activities: Issuance of stock dividend — — 703 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Recurring Financial Assets and Liabilities Subject to Fair Value Measurements | The Company’s financial assets and liabilities subject to fair value measurements were as follows: Fair Value Measurements as of December 31, 2021 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 130,583 $ 130,583 $ — $ — Commercial paper (1) 24,426 — 24,426 — Certificates of deposit (2) 110 — 110 — Investment securities at fair value Equity securities at fair value Marketable equity securities 19,560 19,560 — — Mutual funds invested in debt securities 23,221 23,221 — — Total equity securities at fair value 42,781 42,781 — — Debt securities available for sale U.S. government securities 6,481 — 6,481 — Corporate securities 47,531 — 47,531 — U.S. government and federal agency 19,572 — 19,572 — Commercial paper 29,103 — 29,103 — Foreign fixed-income securities 1,219 — 1,219 — Total debt securities available for sale 103,906 — 103,906 — Total investment securities at fair value 146,687 42,781 103,906 — Long-term investments Long-term investment securities at fair value (3) 32,089 — — — Total $ 333,895 $ 173,364 $ 128,442 $ — Liabilities: Fair value of contingent liability $ 2,646 $ — $ — $ 2,646 Total $ 2,646 $ — $ — $ 2,646 _____________________________ (1) Amounts included in Cash and cash equivalents on the consolidated balance sheets. (2) Amounts included in current restricted assets and non-current restricted assets on the consolidated balance sheets. (3) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2020 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 194,095 $ 194,095 $ — $ — Commercial paper (1) 44,397 — 44,397 — Certificates of deposit (2) 1,542 — 1,542 — Money market funds securing legal bonds (2) 535 535 — — Investment securities at fair value Equity securities at fair value Marketable equity securities 21,155 21,155 — — Mutual funds invested in debt securities 23,226 23,226 — — Total equity securities at fair value 44,381 44,381 — — Debt securities available for sale U.S. government securities 19,200 — 19,200 — Corporate securities 52,434 — 52,434 — U.S. government and federal agency 10,484 — 10,484 — Commercial paper 9,086 — 9,086 — Total debt securities available for sale 91,204 — 91,204 — Total investment securities at fair value 135,585 44,381 91,204 — Long-term investments Long-term investment securities at fair value (3) 33,981 — — — Total $ 410,135 $ 239,011 $ 137,143 $ — _____________________________ (1) Amounts included in Cash and cash equivalents on the consolidated balance sheets. (2) Amounts included in current restricted assets and non-current restricted assets on the consolidated balance sheets. (3) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities | The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021: Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, Valuation Technique Unobservable Input Range (Actual) Fair value of contingent liability $ 2,646 Monte Carlo simulation model Estimated fair value of the Douglas Elliman reporting unit $ 776,351 Risk-free rate for a 0.75-year term 0.39 % Leverage-adjusted equity volatility of peer firms 26.13 % |
Schedule of Investment in Real Estate Ventures Subject to Nonrecurring Fair Value Measurements | The Company’s investment in real estate ventures subject to nonrecurring fair value measurements are as follows: Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 2,713 $ — $ — $ — $ — Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 16,513 $ — $ — $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information for the Company’s Operations Before Taxes and Non-controlling Interests | Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2021, 2020 and 2019 was as follows: Real Corporate Tobacco Estate and Other Total 2021 Revenues $ 1,202,497 $ 18,203 $ — $ 1,220,700 Operating income (loss) 360,317 (1) 4,066 (43,944) (5) 320,439 Equity in earnings from real estate ventures — 10,250 — 10,250 Identifiable assets of continuing operations 302,051 128,256 (4) 440,780 (7) 871,087 Depreciation and amortization 6,525 249 1,042 7,816 Capital expenditures 5,827 3 3,570 9,400 2020 Revenues $ 1,204,501 $ 24,181 $ — $ 1,228,682 Operating income (loss) 319,536 (2) (610) (24,498) (6) 294,428 Equity in losses from real estate ventures — (44,728) — (44,728) Identifiable assets of continuing operations 357,518 103,523 (4) 428,386 (7) 889,427 Depreciation and amortization 7,877 337 878 9,092 Capital expenditures 4,491 100 8,346 12,937 2019 Revenues $ 1,114,840 $ 4,763 $ — $ 1,119,603 Operating income (loss) 261,630 (3) 550 (27,565) 234,615 Equity in losses from real estate ventures — (27,760) — (27,760) Identifiable assets of continuing operations 336,566 177,943 (4) 501,973 (7) 1,016,482 Depreciation and amortization 7,824 395 994 9,213 Capital expenditures 4,173 197 126 4,496 _____________________________ (1) Operating income includes $2,722 received from a litigation settlement associated with the MSA expense (which reduced cost of sales) and $211 of litigation settlement and judgment expense. (2) Operating income includes $337 of litigation settlement and judgment expense and $299 of expense from MSA settlement. (3) Operating income includes $990 of litigation settlement and judgment expense. (4) Includes real estate investments accounted for under the equity method of accounting of $105,062, $85,400 and $131,556 as of December 31, 2021, 2020 and 2019, respectively. (5) Operating loss includes includes transaction charges of $10,468 and accelerated stock compensation of $4,317 related to the spin-off of Douglas Elliman; and $910 of gain on sale of assets. (6) Operating loss includes $2,283 of gain on sale of assets. (7) Corporate and Other identifiable assets primarily includes cash of $167,383, investment securities of $146,687 and long-term investments of $53,073 as of December 31, 2021. Corporate and other identifiable assets primarily includes cash of $211,729, investment securities of $135,585, and long-term investments of $52,291 as of December 31, 2020. Corporate and other identifiable assets primarily includes cash of $272,459, investment securities of $129,641, and long-term investments of $61,723 as of December 31, 2019 . |
Quarterly Financial Results (_2
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Unaudited quarterly data for the years ended December 31, 2021 and 2020 are as follows: December 31, September 30, June 30, March 31, 2021 2021 2021 2021 Revenues $ 313,673 $ 298,485 $ 337,554 $ 270,988 Gross Profit 110,373 111,041 125,148 104,596 Operating income 68,556 82,015 93,893 75,975 Net income from continuing operations 30,711 29,912 64,981 21,550 Net income from discontinued operations 14,531 18,857 28,324 10,407 Net income applicable to common shares attributed to Vector Group Ltd. $ 45,312 $ 48,889 $ 93,305 $ 31,957 Per basic common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.20 $ 0.19 $ 0.41 $ 0.14 Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.09 0.12 0.19 0.06 Net income applicable to common shares attributed to Vector Group Ltd. $ 0.29 $ 0.31 $ 0.60 $ 0.20 Per diluted common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.20 $ 0.19 $ 0.41 $ 0.14 Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.09 0.12 0.19 0.06 Net income applicable to common shares attributed to Vector Group Ltd. $ 0.29 $ 0.31 $ 0.60 $ 0.20 December 31, September 30, June 30, March 31, 2020 2020 2020 2020 Revenues $ 287,129 $ 339,835 $ 312,831 $ 288,887 Gross Profit 105,872 114,406 98,201 90,601 Operating income 74,011 84,130 71,803 64,484 Net income from continuing operations 21,839 29,387 29,762 45,934 Net income (loss) from discontinued operations 10,417 8,752 (3,988) (49,165) Net income (loss) applicable to common shares attributed to Vector Group Ltd. $ 32,256 $ 38,139 $ 25,774 $ (3,231) Per basic common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.14 $ 0.19 $ 0.20 $ 0.30 Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.07 0.06 (0.03) (0.33) Net income (loss) applicable to common shares attributed to Vector Group Ltd. $ 0.21 $ 0.25 $ 0.17 $ (0.03) Per diluted common share: Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. $ 0.14 $ 0.19 $ 0.19 $ 0.30 Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd. 0.07 0.06 (0.03) (0.33) Net income (loss) applicable to common shares attributed to Vector Group Ltd. $ 0.21 $ 0.25 $ 0.16 $ (0.03) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Components of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 193,411 | $ 258,421 | $ 299,856 |
Restricted cash and cash equivalents included in other assets | 1,438 | 554 | 552 |
Cash, cash equivalents and restricted cash of discontinued operations | 0 | 106,702 | 79,068 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ 194,849 | $ 365,677 | $ 379,476 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Concentration of Credit Risk Narrative) (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Revenue | First Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.00% | 18.00% | 17.00% |
Sales Revenue | Second Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.00% | 12.00% | 12.00% |
Accounts Receivable | First Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 5.00% | |
Accounts Receivable | Second Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 2.00% | 4.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts and cash discounts | $ 326 | $ 334 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Property, Plant and Equipment and Intangible Assets Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Indefinite life intangibles | $ 107,511 | $ 107,511 |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Stock Options and Awards and Revenue Recognition and Advertising Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Tax on payments of dividend equivalent rights | $ 3,832 | $ 3,684 | $ 8,967 |
Segment Reporting Information [Line Items] | |||
Timing of revenue and collections | Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. | ||
Shipping and handling fees and costs | $ 769,542 | 819,602 | 774,885 |
Tobacco and E-Cigarettes | |||
Segment Reporting Information [Line Items] | |||
Advertising costs | 4,464 | 4,103 | 3,751 |
Shipping and Handling | |||
Segment Reporting Information [Line Items] | |||
Shipping and handling fees and costs | $ 7,006 | $ 5,602 | $ 5,802 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss | $ (15,723) | $ (21,074) | $ (21,808) |
Accumulated Net Unrealized Investment Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss | 46 | 422 | 530 |
Accumulated other comprehensive loss, tax effect | 21 | 160 | 200 |
Accumulated Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss | (15,769) | (21,496) | (22,338) |
Accumulated other comprehensive loss, tax effect | $ (5,692) | $ (7,809) | $ (8,120) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Schedule of Other, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Interest and dividend income | $ 1,920 | $ 5,621 | $ 11,085 |
Net gains recognized on investment securities | 9,384 | 1,818 | 7,440 |
Net periodic benefit cost other than the service costs | (975) | (3,618) | (2,298) |
Credit loss expense | 0 | (12,828) | 0 |
Other income | 358 | 361 | 352 |
Other, net | $ 10,687 | $ (8,646) | $ 16,579 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Restricted assets | $ 1,551 | $ 3,456 |
Prepaid pension costs | 44,585 | 35,209 |
Other assets | 30,549 | 26,853 |
Total other assets | $ 76,685 | $ 65,518 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Accounts payable | $ 9,443 | $ 6,509 |
Accrued promotional expenses | 55,647 | 45,579 |
Accrued excise and payroll taxes payable, net | 22,919 | 13,849 |
Accrued interest | 30,676 | 31,624 |
Accrued salaries and benefits | 13,982 | 15,066 |
Allowance for sales returns | 6,669 | 7,356 |
Other current liabilities | 10,151 | 15,575 |
Total other current liabilities | $ 149,487 | $ 135,558 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 313,673 | $ 298,485 | $ 337,554 | $ 270,988 | $ 287,129 | $ 339,835 | $ 312,831 | $ 288,887 | $ 1,220,700 | $ 1,228,682 | $ 1,119,603 |
Tobacco | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,202,497 | 1,204,501 | 1,114,840 | ||||||||
Tobacco | Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,139,009 | 1,133,660 | 1,040,419 | ||||||||
Tobacco | Other Brands | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 63,488 | 70,841 | 74,421 | ||||||||
Real Estate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 18,203 | 24,181 | 4,763 | ||||||||
Real Estate | Sales on facilities primarily from Escena | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 5,353 | 3,681 | 4,763 | ||||||||
Real Estate | Revenues from investments in real estate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 12,850 | $ 20,500 | $ 0 |
Current Expected Credit Losse_2
Current Expected Credit Losses (Narrative) (Details) - New Valley $ in Thousands | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of loans | loan | 2 | ||
Total amortized cost basis | $ 15,928 | ||
Interest receivable | 6,428 | ||
Affiliated Entity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses | $ 15,928 | $ 15,928 | $ 3,100 |
Current Expected Credit Losse_3
Current Expected Credit Losses (Rollforward) (Details) - Affiliated Entity - New Valley - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 15,928 | $ 3,100 |
Current Period Provision | 0 | 12,828 |
Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | $ 15,928 | $ 15,928 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||
Stock dividend paid to company stockholders | 5.00% | |||
Effect of stock dividend | $ 0 | |||
Increase in number of shares subject to outstanding stock options | 5.00% | |||
Dividend equivalent rights | $ 3,832 | $ 3,684 | 8,967 | |
Common Stock | ||||
Class of Stock [Line Items] | ||||
Effect of stock dividend | $ 703 | $ 703 |
Earnings Per Share (Net Income
Earnings Per Share (Net Income (Loss) for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 15, 2019 | |
Debt Instrument [Line Items] | ||||||||||||
Net income attributed to Vector Group Ltd. from continuing operations | $ 147,154 | $ 126,922 | $ 93,889 | |||||||||
Net income (loss) attributed to Vector Group Ltd. from discontinued operations | 72,309 | (33,984) | 7,085 | |||||||||
Net income attributed to Vector Group Ltd. | $ 45,312 | $ 48,889 | $ 93,305 | $ 31,957 | $ 32,256 | $ 38,139 | $ 25,774 | $ (3,231) | 219,463 | 92,938 | 100,974 | |
Income from continuing operations attributable to participating securities | (5,862) | (2,560) | (7,464) | |||||||||
Net income available to common stockholders attributed to Vector Group Ltd., basic EPS for discontinued operations | 213,601 | 90,378 | 93,510 | |||||||||
Income from continuing operations attributable to participating securities | (3,694) | (2,580) | (7,464) | |||||||||
Net income available to common stockholders attributed to Vector Group Ltd., basic EPS for continuing operations | 143,460 | 124,342 | 86,425 | |||||||||
Net income available to common stockholders attributed to Vector Group Ltd., diluted EPS for discontinued operations | 213,601 | 90,378 | 92,255 | |||||||||
Net income available to common stockholders attributed to Vector Group Ltd., diluted EPS for continuing operations | $ 143,460 | 124,342 | 85,170 | |||||||||
7.5% Convertible Notes | Variable Interest Senior Convertible Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 7.50% | 7.50% | 7.50% | |||||||||
Income attributable to 7.5% Variable Interest Senior Convertible Notes | $ 0 | $ 0 | $ (1,255) |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares for basic EPS | 152,403,072 | 150,216,141 | 146,633,036 |
Plus incremental shares related to convertible debt | 0 | 0 | 718,918 |
Plus incremental shares related to stock options and non-vested restricted stock | 71,777 | 34,812 | 16,509 |
Weighted-average shares for diluted EPS | 152,474,849 | 150,250,953 | 147,368,463 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities Excluded from Earnings Per Share) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 524,606 | 520,936 | 1,207,366 |
Weighted-average expense per share (in dollars per share) | $ 17.42 | $ 19.54 | $ 17.97 |
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 (in shares) | 0 | 2,423,719 | 11,118,139 |
Weighted-average conversion price (in dollars per share) | $ 0 | $ 20.27 | $ 20.27 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) | Dec. 29, 2021shares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Shares issued ratio | 2 |
Douglas Elliman | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Shares issued ratio | 1 |
Distribution | Douglas Elliman | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Shares issued ratio | 0.5 |
Shares issued (in shares) | 77,720,159 |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities Of Discontinued Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Total current assets | $ 0 | $ 148,365 |
Long-term assets of discontinued operations | 0 | 305,617 |
Current liabilities: | ||
Total current liabilities | 0 | 99,649 |
Long-term liabilities of discontinued operations | 0 | 204,112 |
Distribution | Douglas Elliman | ||
Current assets: | ||
Cash and cash equivalents | 0 | 94,421 |
Accounts receivable - trade, net | 0 | 24,377 |
Other current assets | 0 | 29,567 |
Total current assets | 0 | 148,365 |
Property, plant and equipment, net | 0 | 42,703 |
Long-term investments (includes $237 at fair value) | 0 | 237 |
Operating lease right-of-use assets | 0 | 133,103 |
Goodwill and other intangible assets, net | 0 | 100,066 |
Other assets | 0 | 29,508 |
Long-term assets of discontinued operations | 0 | 305,617 |
Total assets | 0 | 453,982 |
Current liabilities: | ||
Current portion of notes payable and long-term debt | 0 | 12,500 |
Current operating lease liability | 0 | 23,753 |
Income taxes payable, net | 0 | 17 |
Other current liabilities | 0 | 63,379 |
Total current liabilities | 0 | 99,649 |
Notes payable, long-term debt and other obligations, less current portion | 0 | 12,920 |
Deferred income taxes, net | 0 | 13,512 |
Non-current operating lease liability | 0 | 143,296 |
Other liabilities | 0 | 34,384 |
Long-term liabilities of discontinued operations | 0 | 204,112 |
Total liabilities | $ 0 | $ 303,761 |
Discontinued Operations (Income
Discontinued Operations (Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income (expenses): | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ 14,531 | $ 18,857 | $ 28,324 | $ 10,407 | $ 10,417 | $ 8,752 | $ (3,988) | $ (49,165) | $ 72,119 | $ (33,984) | $ 7,085 |
Net loss from discontinued operations attributed to non-controlling interest | 190 | 0 | 0 | ||||||||
Net income (loss) from discontinued operations attributed to Vector Group Ltd. | 72,309 | (33,984) | 7,085 | ||||||||
Distribution | Douglas Elliman | |||||||||||
Revenues: | |||||||||||
Revenues | 1,344,825 | 773,987 | 784,108 | ||||||||
Expenses: | |||||||||||
Cost of sales | 989,436 | 547,543 | 526,694 | ||||||||
Operating, selling, administrative and general expenses | 253,942 | 212,926 | 260,894 | ||||||||
Net loss on sales of asset | 0 | 1,169 | 0 | ||||||||
Impairments of goodwill and intangible assets | 0 | 58,252 | 0 | ||||||||
Restructuring charges | 0 | 3,382 | 0 | ||||||||
Operating income (loss) | 101,447 | (49,285) | (3,480) | ||||||||
Other income (expenses): | |||||||||||
Interest expense | (164) | (263) | (905) | ||||||||
Equity in (losses) earnings from real estate ventures | (278) | 30 | 8,472 | ||||||||
Other, net | (870) | 3,190 | 4,726 | ||||||||
Pretax income (loss) from discontinued operations | 100,135 | (46,328) | 8,813 | ||||||||
Income tax expense | 28,016 | (12,344) | 1,728 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 72,119 | (33,984) | 7,085 | ||||||||
Net loss from discontinued operations attributed to non-controlling interest | 190 | 0 | 0 | ||||||||
Net income (loss) from discontinued operations attributed to Vector Group Ltd. | $ 72,309 | $ (33,984) | $ 7,085 |
Discontinued Operations (Cash F
Discontinued Operations (Cash Flow From Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Depreciation and amortization | $ 8,561 | $ 8,537 | $ 8,638 |
Non-cash lease expense | 18,667 | 17,326 | 17,973 |
Capital expenditures | $ (4,106) | $ (6,126) | $ (8,079) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)lease | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 5 years | ||
Lease termination term | 1 year | ||
Operating lease liabilities | $ 12,691,000 | ||
Number of leases | lease | 1 | ||
Operating lease right-of-use assets | $ 10,972,000 | $ 12,253,000 | |
Rent expense | 4,578,000 | 4,572,000 | $ 4,552,000 |
Lease not yet commenced | 0 | ||
Amortization and impairment | 3,275,000 | 3,170,000 | 3,033,000 |
Interest accretion | 1,303,000 | $ 1,402,000 | $ 1,519,000 |
Lessor Is An Affiliate Of A Significant Stockholder | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | 616,000 | ||
Operating lease right-of-use assets | 571,000 | ||
Rent expense | $ 458,000 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 5 years |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 4,578 | $ 4,572 | $ 4,636 |
Short-term lease cost | 374 | 349 | 338 |
Variable lease cost | 320 | 634 | 623 |
Amortization | 58 | 111 | 224 |
Interest on lease liabilities | 9 | 14 | 15 |
Total lease cost | 5,339 | 5,680 | 5,836 |
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating cash flows from operating leases | 4,961 | 4,034 | 4,318 |
Operating cash flows from finance leases | 10 | 14 | 15 |
Financing cash flows from finance leases | 57 | 102 | 217 |
ROU assets obtained in exchange for lease obligations: | |||
Operating leases | 1,993 | 3,298 | 676 |
Finance leases | $ 0 | $ 60 | $ 159 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance leases: | ||
Property, plant and equipment, at cost | $ 127 | $ 127 |
Accumulated amortization | (70) | (44) |
Property and equipment, net | 57 | 83 |
Current portion of notes payable and long-term debt | 55 | 57 |
Notes payable, long-term debt and other obligations, less current portion | 41 | 96 |
Total finance lease liabilities | $ 96 | $ 153 |
Weighted average remaining lease term in years: | ||
Operating leases | 3 years 4 months 9 days | 4 years 2 months 23 days |
Finance leases | 1 year 10 months 2 days | 2 years 8 months 15 days |
Weighted average discount rate: | ||
Operating leases | 9.60% | 10.20% |
Finance leases | 8.21% | 7.82% |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Notes payable, long-term debt and other obligations, less current portion | Notes payable, long-term debt and other obligations, less current portion |
Financing lease equipment | ||
Finance leases: | ||
Property, plant and equipment, at cost | $ 748 | $ 748 |
Accumulated amortization | (718) | (686) |
Property and equipment, net | $ 30 | $ 62 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 4,889 | |
2023 | 4,181 | |
2024 | 3,453 | |
2025 | 2,086 | |
2026 | 319 | |
Thereafter | 0 | |
Total lease payments | 14,928 | |
Less imputed interest | (2,237) | |
Total | 12,691 | |
Finance Leases | ||
2022 | 61 | |
2023 | 35 | |
2024 | 8 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total lease payments | 104 | |
Less imputed interest | (8) | |
Total | $ 96 | $ 153 |
Investment Securities (Componen
Investment Securities (Components of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities available for sale | $ 103,906 | $ 91,204 |
Long-term investment securities at fair value | 33,981 | |
Total equity securities at fair value | 74,870 | 78,362 |
Fair Value | 178,776 | 169,566 |
Long-term investment securities at fair value | 32,089 | 33,981 |
Current investment securities at fair value | 146,687 | 135,585 |
Equity-method investments | 20,984 | 18,310 |
Total long-term investments | 53,073 | 52,291 |
Other equity securities at cost | 5,200 | 5,200 |
Marketable equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Current | 19,560 | 21,155 |
Mutual funds invested in debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Current | $ 23,221 | $ 23,226 |
Investment Securities (Schedule
Investment Securities (Schedule of Net Gains Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net gains recognized on equity securities at fair value | $ 9,615 | $ 2,123 | $ 7,320 |
Net gains recognized on debt and equity securities available for sale | 45 | 110 | 135 |
Impairment expense | (276) | (415) | (15) |
Net gains recognized on investment securities | $ 9,384 | $ 1,818 | $ 7,440 |
Investment Securities (Compon_2
Investment Securities (Components of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 178,776 | $ 169,566 |
Marketable debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 103,838 | 90,621 |
Gross Unrealized Gains | 68 | 583 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 103,906 | $ 91,204 |
Investment Securities (Maturity
Investment Securities (Maturity Dates of Marketable Debt Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 103,906 | $ 91,204 |
U.S. Government securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 6,481 | |
Under 1 Year | 5,688 | |
1 Year up to 5 Years | 793 | |
More than 5 Years | 0 | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 47,531 | |
Under 1 Year | 20,028 | |
1 Year up to 5 Years | 27,503 | |
More than 5 Years | 0 | |
U.S. mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 19,572 | |
Under 1 Year | 1,824 | |
1 Year up to 5 Years | 17,748 | |
More than 5 Years | 0 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 29,103 | |
Under 1 Year | 29,103 | |
1 Year up to 5 Years | 0 | |
More than 5 Years | 0 | |
Foreign fixed-income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 1,219 | |
Under 1 Year | 1,219 | |
1 Year up to 5 Years | 0 | |
More than 5 Years | 0 | |
Total debt securities available for sale by maturity dates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 103,906 | |
Under 1 Year | 57,862 | |
1 Year up to 5 Years | 46,044 | |
More than 5 Years | $ 0 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains and Losses on Investment Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains on sales | $ 108 | $ 329 | $ 144 |
Gross realized losses on sales | (63) | (219) | (9) |
Net gains recognized on debt securities available for sale | 45 | 110 | 135 |
Impairment expense | (276) | (415) | (15) |
Net gains recognized on equity securities | 9,615 | 2,123 | 7,320 |
Less: Net gains (losses) recognized on equity securities sold | 7,534 | (121) | 1,526 |
Net unrealized gains recognized on equity securities still held at the reporting date | $ 2,081 | $ 2,244 | $ 5,794 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | Feb. 14, 2020 | Oct. 09, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 11, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Long-term investments | $ 53,073,000 | $ 52,291,000 | ||||
Dividends received | 50,000 | |||||
Proceeds from long-term equity method investment | 53,901,000 | $ 17,875,000 | ||||
Proceeds from sale or liquidation of long-term investments | 11,509,000 | 32,572,000 | 8,256,000 | |||
Other equity securities at cost | 5,200,000 | 5,200,000 | ||||
Impairment or other adjustments related to observable price changes | 0 | 0 | 0 | |||
Proceeds from long-term equity method investment, gross | 54,089,000 | |||||
Distributions from real estate ventures | 25,326,000 | 1,933,000 | 7,028,000 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Long-term investments | 514,000 | |||||
NAV | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from long-term equity method investment | 11,642,000 | 32,676,000 | 8,256,000 | |||
Proceeds from sale or liquidation of long-term investments | $ 11,509,000 | 32,572,000 | 8,320,000 | |||
In-transit redemptions | $ 8,502,000 | |||||
Castle Brands Inc. | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cash tender offer (in dollars per share) | $ 1.27 | |||||
Tendered common shares (in shares) | 12,895,017 | |||||
Gain on sale of investment | $ 16,377,000 | |||||
Ladenburg Thalmann Financial Services Inc. | LTS Common Stock | Equity Method Investee | Common Stock | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity method ownership percentage | 10.20% | |||||
Cash tender offer (in dollars per share) | $ 3.50 | |||||
Proceeds from common shares of LTS | $ 53,169,000 | |||||
Investment owned (in shares) | 15,191,205 | |||||
Ladenburg Thalmann Financial Services Inc. | LTS Preferred | Equity Method Investee | Series A Cumulative Redeemable Preferred Stock | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from common shares of LTS | $ 6,009,000 | |||||
Investment owned (in shares) | 240,000 | |||||
Preferred stock dividend rate | 8.00% | |||||
Liquidation preference (in dollars per share) | $ 25 | |||||
Mutual fund and hedge funds | Minimum | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity method ownership percentage | 6.43% | |||||
Mutual fund and hedge funds | Maximum | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity method ownership percentage | 37.78% |
Investment Securities (Equity-M
Investment Securities (Equity-Method Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Equity-method investments | $ 20,984 | $ 18,310 |
Mutual fund and hedge funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity-method investments | $ 20,984 | $ 18,310 |
Investment Securities (Equity i
Investment Securities (Equity in Earnings of Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings from investments | $ 2,675 | $ 56,268 | $ 17,000 |
Mutual fund and hedge funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings from investments | 2,675 | 2,844 | 958 |
Ladenburg Thalmann Financial Services Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings from investments | 0 | 53,424 | (410) |
Castle Brands Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings from investments | $ 0 | $ 0 | $ 16,452 |
Investment Securities (Combined
Investment Securities (Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment securities at fair value | $ 178,776 | $ 169,566 | $ 178,776 | $ 169,566 | ||||||||
Cash and cash equivalents | 193,411 | 258,421 | $ 299,856 | 193,411 | 258,421 | $ 299,856 | ||||||
Total assets | 871,087 | 1,343,409 | 871,087 | 1,343,409 | ||||||||
Total liabilities | 1,712,640 | 2,003,096 | 1,712,640 | 2,003,096 | ||||||||
Total liabilities and stockholders' deficiency | 871,087 | 1,343,409 | 871,087 | 1,343,409 | ||||||||
Total revenues | 313,673 | $ 298,485 | $ 337,554 | $ 270,988 | 287,129 | $ 339,835 | $ 312,831 | $ 288,887 | 1,220,700 | 1,228,682 | 1,119,603 | |
Total cost of sales | 769,542 | 819,602 | 774,885 | |||||||||
Net investment loss | 68,556 | 82,015 | 93,893 | 75,975 | 74,011 | 84,130 | 71,803 | 64,484 | 320,439 | 294,428 | 234,615 | |
Net income | 219,273 | 92,938 | 101,015 | |||||||||
Income before provision for income taxes | 209,961 | 181,043 | 125,015 | |||||||||
Income (loss) from discontinued operations | 30,711 | $ 29,912 | $ 64,981 | $ 21,550 | 21,839 | $ 29,387 | $ 29,762 | $ 45,934 | 147,154 | 126,922 | 93,930 | |
Indian Creek, Boyar Value and Optika | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment securities at fair value | 493,705 | 486,390 | 493,705 | 486,390 | ||||||||
Cash and cash equivalents | 44,644 | 7,126 | 44,644 | 7,126 | ||||||||
Other assets | 14,151 | 41,004 | 14,151 | 41,004 | ||||||||
Total assets | 552,500 | 534,520 | 552,500 | 534,520 | ||||||||
Other liabilities | 214,607 | 230,237 | 214,607 | 230,237 | ||||||||
Total liabilities | 214,607 | 230,237 | 214,607 | 230,237 | ||||||||
Partners’ capital | 337,893 | 304,283 | 337,893 | 304,283 | ||||||||
Total liabilities and stockholders' deficiency | $ 552,500 | $ 534,520 | 552,500 | 534,520 | ||||||||
Total revenues | 1,574 | 1,779 | 2,834 | |||||||||
Total cost of sales | 12,873 | 9,300 | 6,756 | |||||||||
Net investment loss | (11,299) | (7,521) | (3,922) | |||||||||
Total net realized gain (loss) and net change in unrealized depreciation from investments | 48,342 | 123,381 | 18,822 | |||||||||
Net income | $ 37,043 | $ 115,860 | $ 14,900 | |||||||||
Ladenburg Thalmann Financial Services | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Total revenues | 395,735 | |||||||||||
Total cost of sales | 394,992 | |||||||||||
Net income | 508 | |||||||||||
Income before provision for income taxes | 743 | |||||||||||
Change in fair value of contingent consideration | (374) | |||||||||||
Income (loss) from discontinued operations | $ 369 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Leaf tobacco | $ 38,825 | $ 42,988 |
Other raw materials | 7,560 | 5,987 |
Work-in-process | 2,639 | 520 |
Finished goods | 64,218 | 68,781 |
Inventories at current cost | 113,242 | 118,276 |
LIFO adjustments | (18,627) | (20,731) |
Inventory, net | $ 94,615 | $ 97,545 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | ||
LIFO adjustments | $ 18,627 | $ 20,731 |
Effect of liquidations of LIFO inventory | 330 | 1,222 |
Capitalized MSA cost in finished goods inventory | 20,450 | 21,120 |
Federal excise tax in inventory | 25,160 | 27,683 |
Inventories | Liggett | ||
Inventory [Line Items] | ||
Purchase commitments | 13,289 | |
Leaf tobacco | ||
Inventory [Line Items] | ||
LIFO adjustments | 12,128 | 14,139 |
Other raw materials | ||
Inventory [Line Items] | ||
LIFO adjustments | 829 | 474 |
Work-in-process | ||
Inventory [Line Items] | ||
LIFO adjustments | 18 | 26 |
Finished goods | ||
Inventory [Line Items] | ||
LIFO adjustments | $ 5,652 | $ 6,092 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 188,674 | $ 186,829 | |
Less accumulated depreciation and amortization | (151,791) | (151,544) | |
Property, plant and equipment, net | 36,883 | 35,285 | |
Depreciation and amortization expense | 7,816 | 9,092 | $ 9,213 |
Liggett | Purchase commitments | |||
Property, Plant and Equipment [Line Items] | |||
Future machinery and equipment purchase commitments | 890 | ||
Land and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,624 | 1,624 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,060 | 17,772 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 167,713 | 166,156 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,277 | $ 1,277 |
New Valley LLC (Investment in R
New Valley LLC (Investment in Real Estate Ventures Schedules) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 105,062 | $ 85,400 | |
Total contributions | 49,463 | 14,922 | $ 52,529 |
Total equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) |
New Valley | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 105,062 | 85,400 | |
Total contributions | 47,863 | 14,922 | |
Total distributions | 37,174 | 20,721 | |
Total equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) |
Total maximum exposure to loss | 105,061 | ||
New Valley | Condominium and Mixed Use Development: | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 80,139 | 68,238 | |
Total contributions | 34,115 | 12,945 | |
Total distributions | 18,033 | 20,007 | |
Total equity in earnings (losses) from real estate ventures | (4,148) | (33,745) | (37,478) |
Total maximum exposure to loss | 80,138 | ||
New Valley | Condominium and Mixed Use Development: | New York City SMSA | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 22,654 | 30,465 | |
Total contributions | 396 | 1,805 | |
Total distributions | 4,440 | 1,819 | |
Total equity in earnings (losses) from real estate ventures | (4,147) | (17,167) | (31,011) |
Total maximum exposure to loss | $ 22,654 | ||
New Valley | Condominium and Mixed Use Development: | New York City SMSA | Minimum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 4.20% | ||
New Valley | Condominium and Mixed Use Development: | New York City SMSA | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 46.70% | ||
New Valley | Condominium and Mixed Use Development: | All other U.S. areas | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 57,485 | 37,773 | |
Total contributions | 33,719 | 11,140 | |
Total distributions | 13,593 | 18,188 | |
Total equity in earnings (losses) from real estate ventures | (1) | (16,578) | (6,467) |
Total maximum exposure to loss | $ 57,484 | ||
New Valley | Condominium and Mixed Use Development: | All other U.S. areas | Minimum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 19.60% | ||
New Valley | Condominium and Mixed Use Development: | All other U.S. areas | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 89.10% | ||
New Valley | Apartment Buildings: | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 11,900 | 0 | |
Total contributions | 11,900 | 284 | |
Total distributions | 18,566 | 0 | |
Total equity in earnings (losses) from real estate ventures | 18,566 | (284) | 79 |
Total maximum exposure to loss | 11,900 | ||
New Valley | Apartment Buildings: | All other U.S. areas | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 11,900 | 0 | |
Total contributions | 11,900 | 284 | |
Total distributions | 18,566 | 0 | |
Total equity in earnings (losses) from real estate ventures | 18,566 | (284) | 79 |
Total maximum exposure to loss | $ 11,900 | ||
New Valley | Apartment Buildings: | All other U.S. areas | Minimum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 7.60% | ||
New Valley | Apartment Buildings: | All other U.S. areas | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 50.00% | ||
New Valley | Hotels: | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 3,157 | 4,481 | |
Total contributions | 1,848 | 1,169 | |
Total equity in earnings (losses) from real estate ventures | (1,927) | (3,556) | 8,122 |
Total maximum exposure to loss | 3,157 | ||
New Valley | Hotels: | New York City SMSA | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 1,635 | 2,629 | |
Total contributions | 1,848 | 1,169 | |
Total equity in earnings (losses) from real estate ventures | (1,597) | (3,248) | 8,081 |
Total maximum exposure to loss | $ 1,635 | ||
New Valley | Hotels: | New York City SMSA | Minimum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 0.40% | ||
New Valley | Hotels: | New York City SMSA | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 12.30% | ||
New Valley | Hotels: | International | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 49.00% | ||
Investments in real estate ventures | $ 1,522 | 1,852 | |
Total equity in earnings (losses) from real estate ventures | (330) | (308) | 41 |
Total maximum exposure to loss | 1,522 | ||
New Valley | Commercial: | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 7,290 | 9,675 | |
Total distributions | 575 | 714 | |
Total equity in earnings (losses) from real estate ventures | (1,811) | 903 | 774 |
Total maximum exposure to loss | $ 7,290 | ||
New Valley | Commercial: | New York City SMSA | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 49.00% | ||
Investments in real estate ventures | $ 0 | 2,591 | |
Total distributions | 0 | 601 | |
Total equity in earnings (losses) from real estate ventures | $ (2,591) | 1,340 | 1 |
New Valley | Commercial: | All other U.S. areas | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 1.60% | ||
Investments in real estate ventures | $ 7,290 | 7,084 | |
Total distributions | 575 | 113 | |
Total equity in earnings (losses) from real estate ventures | 780 | (437) | 773 |
Total maximum exposure to loss | 7,290 | ||
New Valley | Other | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 2,576 | 3,006 | |
Total contributions | 0 | 524 | |
Total equity in earnings (losses) from real estate ventures | (430) | $ (8,046) | $ 743 |
Total maximum exposure to loss | $ 2,576 | ||
New Valley | Other | Minimum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 15.00% | ||
New Valley | Other | Maximum | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 49.00% |
New Valley LLC (Investment in_2
New Valley LLC (Investment in Real Estate Ventures Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)investmentventure | Dec. 31, 2020USD ($)investment | Dec. 31, 2019USD ($)investment | Nov. 30, 2021USD ($) | Oct. 31, 2021USD ($) | |
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures, return on capital | $ 25,326 | $ 1,933 | $ 7,028 | ||
Distributions from real estate ventures | 11,936 | 18,818 | 41,300 | ||
Total equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) | ||
Investment in real estate | 105,062 | 85,400 | |||
Total assets | 871,087 | 1,343,409 | |||
New Valley | |||||
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures, return on capital | 25,326 | 1,903 | |||
Distributions from real estate ventures | 11,848 | 18,818 | |||
Impairment of real estate, net | 2,713 | 16,513 | 39,757 | ||
Total equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) | ||
Investment in real estate | 105,062 | 85,400 | |||
Total maximum exposure to loss | 105,061 | ||||
Interest costs capitalized | $ 2,669 | 4,003 | |||
New Valley | VIE | |||||
Schedule of Investments [Line Items] | |||||
Number of variable interest entities | venture | 1 | ||||
Total assets | $ 0 | 0 | |||
New Valley | Riverchase AL JV LP | |||||
Schedule of Investments [Line Items] | |||||
Investment in real estate | $ 11,900 | ||||
Equity method ownership percentage | 50.00% | ||||
Total maximum exposure to loss | 11,900 | ||||
New Valley | 915 Division JV, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment in real estate | $ 19,500 | ||||
Equity method ownership percentage | 89.10% | ||||
Total maximum exposure to loss | 19,884 | ||||
New Valley | 2000 Atlantic LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment in real estate | $ 1,882 | ||||
Equity method ownership percentage | 50.00% | ||||
Total maximum exposure to loss | 1,919 | ||||
New Valley | Commercial: | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | (1,811) | 903 | $ 774 | ||
Investment in real estate | 7,290 | $ 9,675 | |||
Total maximum exposure to loss | $ 7,290 | ||||
New Valley | Commercial: | New York City SMSA | |||||
Schedule of Investments [Line Items] | |||||
Number of impaired real estate properties | investment | 1 | 5 | 6 | ||
Total equity in earnings (losses) from real estate ventures | $ (2,591) | $ 1,340 | $ 1 | ||
Investment in real estate | $ 0 | 2,591 | |||
Equity method ownership percentage | 49.00% | ||||
New Valley | Commercial: | All other U.S. areas | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | $ 780 | (437) | 773 | ||
Investment in real estate | $ 7,290 | 7,084 | |||
Equity method ownership percentage | 1.60% | ||||
Total maximum exposure to loss | $ 7,290 | ||||
New Valley | Condominium and Mixed Use Development: | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | (4,148) | (33,745) | (37,478) | ||
Investment in real estate | 80,139 | 68,238 | |||
Total maximum exposure to loss | 80,138 | ||||
New Valley | Condominium and Mixed Use Development: | New York City SMSA | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | (4,147) | (17,167) | $ (31,011) | ||
Investment in real estate | 22,654 | $ 30,465 | |||
Total maximum exposure to loss | $ 22,654 | ||||
New Valley | Condominium and Mixed Use Development: | New York City SMSA | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 4.20% | ||||
New Valley | Condominium and Mixed Use Development: | New York City SMSA | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 46.70% | ||||
New Valley | Condominium and Mixed Use Development: | All other U.S. areas | |||||
Schedule of Investments [Line Items] | |||||
Number of impaired real estate properties | investment | 1 | 1 | |||
Impairment of real estate, net | $ 39,717 | ||||
Total equity in earnings (losses) from real estate ventures | $ (1) | $ (16,578) | (6,467) | ||
Investment in real estate | 57,485 | 37,773 | |||
Total maximum exposure to loss | $ 57,484 | ||||
New Valley | Condominium and Mixed Use Development: | All other U.S. areas | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 19.60% | ||||
New Valley | Condominium and Mixed Use Development: | All other U.S. areas | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 89.10% | ||||
New Valley | Apartment Buildings: | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | $ 18,566 | (284) | 79 | ||
Investment in real estate | 11,900 | 0 | |||
Total maximum exposure to loss | 11,900 | ||||
New Valley | Apartment Buildings: | All other U.S. areas | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | 18,566 | (284) | 79 | ||
Investment in real estate | 11,900 | 0 | |||
Total maximum exposure to loss | $ 11,900 | ||||
New Valley | Apartment Buildings: | All other U.S. areas | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 7.60% | ||||
New Valley | Apartment Buildings: | All other U.S. areas | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 50.00% | ||||
New Valley | Hotels: | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | $ (1,927) | (3,556) | 8,122 | ||
Investment in real estate | 3,157 | 4,481 | |||
Total maximum exposure to loss | 3,157 | ||||
New Valley | Hotels: | New Valley’s Natura joint venture | |||||
Schedule of Investments [Line Items] | |||||
Investment in real estate | 13,009 | ||||
New Valley | Hotels: | New Valley’s Maryland joint venture | |||||
Schedule of Investments [Line Items] | |||||
Investment in real estate | 0 | ||||
New Valley | Hotels: | New York City SMSA | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | (1,597) | (3,248) | 8,081 | ||
Investment in real estate | 1,635 | $ 2,629 | |||
Total maximum exposure to loss | $ 1,635 | ||||
New Valley | Hotels: | New York City SMSA | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 0.40% | ||||
New Valley | Hotels: | New York City SMSA | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 12.30% | ||||
New Valley | Hotels: | New York City SMSA | Park Lane Hotel | |||||
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures, return on capital | 20,788 | ||||
Total equity in earnings (losses) from real estate ventures | $ 10,328 | ||||
Percent of interest in real estate venture sold | 80.00% | ||||
Equity method ownership percentage | 1.04% | 5.20% | |||
New Valley | Hotels: | International | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | $ (330) | $ (308) | $ 41 | ||
Investment in real estate | $ 1,522 | 1,852 | |||
Equity method ownership percentage | 49.00% | ||||
Total maximum exposure to loss | $ 1,522 | ||||
New Valley | Hotels: | Manhattan, NY | New Valley’s Natura joint venture | |||||
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures, return on capital | 5,168 | ||||
Total equity in earnings (losses) from real estate ventures | 3,899 | ||||
New Valley | Hotels: | Manhattan, NY | New Valley’s Maryland joint venture | |||||
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures, return on capital | 18,566 | ||||
Total equity in earnings (losses) from real estate ventures | 18,566 | ||||
New Valley | Other | |||||
Schedule of Investments [Line Items] | |||||
Total equity in earnings (losses) from real estate ventures | (430) | (8,046) | 743 | ||
Investment in real estate | 2,576 | $ 3,006 | |||
Total maximum exposure to loss | $ 2,576 | ||||
New Valley | Other | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 15.00% | ||||
New Valley | Other | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Equity method ownership percentage | 49.00% | ||||
New Valley | Other | One New York SMSA Venture | |||||
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures | 2,524 | ||||
Total equity in earnings (losses) from real estate ventures | $ 740 | ||||
Investment in real estate | $ 0 |
New Valley LLC (Combined Financ
New Valley LLC (Combined Financial Statements for Unconsolidated Subsidiaries) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement | |||||||||||
Total revenues | $ 313,673 | $ 298,485 | $ 337,554 | $ 270,988 | $ 287,129 | $ 339,835 | $ 312,831 | $ 288,887 | $ 1,220,700 | $ 1,228,682 | $ 1,119,603 |
Equity in (losses) earnings | 2,675 | 56,268 | 17,000 | ||||||||
Cost of sales | 769,542 | 819,602 | 774,885 | ||||||||
Income (loss) from discontinued operations | 30,711 | $ 29,912 | $ 64,981 | $ 21,550 | 21,839 | $ 29,387 | $ 29,762 | $ 45,934 | 147,154 | 126,922 | 93,930 |
Balance Sheets | |||||||||||
Investment in real estate | 105,062 | 85,400 | 105,062 | 85,400 | |||||||
Total assets | 871,087 | 1,343,409 | 871,087 | 1,343,409 | |||||||
Total liabilities | 1,712,640 | 2,003,096 | 1,712,640 | 2,003,096 | |||||||
New Valley | |||||||||||
Balance Sheets | |||||||||||
Investment in real estate | 105,062 | 85,400 | 105,062 | 85,400 | |||||||
New Valley | Condominium and Mixed Use Development: | |||||||||||
Balance Sheets | |||||||||||
Investment in real estate | 80,139 | 68,238 | 80,139 | 68,238 | |||||||
New Valley | Apartment Buildings: | |||||||||||
Balance Sheets | |||||||||||
Investment in real estate | 11,900 | 0 | 11,900 | 0 | |||||||
New Valley | Hotels: | |||||||||||
Balance Sheets | |||||||||||
Investment in real estate | 3,157 | 4,481 | 3,157 | 4,481 | |||||||
New Valley | Commercial: | |||||||||||
Balance Sheets | |||||||||||
Investment in real estate | 7,290 | 9,675 | 7,290 | 9,675 | |||||||
New Valley | Other | |||||||||||
Balance Sheets | |||||||||||
Investment in real estate | 2,576 | 3,006 | 2,576 | 3,006 | |||||||
New Valley | Unconsolidated Properties | Condominium and Mixed Use Development: | |||||||||||
Income Statement | |||||||||||
Total revenues | 301,703 | 386,859 | 208,767 | ||||||||
Cost of sales | 317,894 | 302,234 | 76,162 | ||||||||
Other expenses | 117,985 | 270,642 | 149,014 | ||||||||
Income (loss) from discontinued operations | (134,176) | (186,017) | (16,409) | ||||||||
Balance Sheets | |||||||||||
Investment in real estate | 1,434,205 | 4,465,118 | 1,434,205 | 4,465,118 | |||||||
Total assets | 1,513,581 | 4,551,788 | 1,513,581 | 4,551,788 | |||||||
Total debt | 1,107,366 | 3,569,361 | 1,107,366 | 3,569,361 | |||||||
Total liabilities | 1,284,579 | 3,921,492 | 1,284,579 | 3,921,492 | |||||||
Non-controlling interest | 63,781 | 83,807 | 63,781 | 83,807 | |||||||
New Valley | Unconsolidated Properties | Apartment Buildings: | |||||||||||
Income Statement | |||||||||||
Total revenues | 35,213 | 65,808 | 70,862 | ||||||||
Other expenses | 46,360 | 63,705 | 67,094 | ||||||||
Income (loss) from discontinued operations | (11,147) | 2,103 | 3,768 | ||||||||
Balance Sheets | |||||||||||
Investment in real estate | 0 | 544,610 | 0 | 544,610 | |||||||
Total assets | 6,780 | 563,523 | 6,780 | 563,523 | |||||||
Total debt | 0 | 392,324 | 0 | 392,324 | |||||||
Total liabilities | 131 | 399,269 | 131 | 399,269 | |||||||
Non-controlling interest | 4,990 | 123,273 | 4,990 | 123,273 | |||||||
New Valley | Unconsolidated Properties | Hotels: | |||||||||||
Income Statement | |||||||||||
Total revenues | 42,549 | 130,742 | 147,446 | ||||||||
Cost of sales | 3,671 | 2,671 | 5,399 | ||||||||
Other expenses | 201,211 | 256,973 | 220,045 | ||||||||
Income (loss) from discontinued operations | (162,333) | (128,902) | (77,998) | ||||||||
Balance Sheets | |||||||||||
Investment in real estate | 1,553,911 | 1,489,085 | 1,553,911 | 1,489,085 | |||||||
Total assets | 1,631,664 | 1,575,800 | 1,631,664 | 1,575,800 | |||||||
Total debt | 1,110,700 | 1,071,445 | 1,110,700 | 1,071,445 | |||||||
Total liabilities | 1,213,044 | 1,143,419 | 1,213,044 | 1,143,419 | |||||||
Non-controlling interest | 412,165 | 427,439 | 412,165 | 427,439 | |||||||
New Valley | Unconsolidated Properties | Commercial: | |||||||||||
Income Statement | |||||||||||
Total revenues | 1,662 | 7,911 | 7,821 | ||||||||
Equity in (losses) earnings | 24,383 | (13,671) | 24,159 | ||||||||
Other expenses | 1,412 | 4,740 | 7,724 | ||||||||
Income (loss) from discontinued operations | 24,633 | (10,500) | 24,256 | ||||||||
Balance Sheets | |||||||||||
Investment in real estate | 51,173 | 51,487 | 51,173 | 51,487 | |||||||
Total assets | 71,296 | 70,270 | 71,296 | 70,270 | |||||||
Total debt | 55,625 | 55,625 | 55,625 | 55,625 | |||||||
Total liabilities | 55,016 | 55,199 | 55,016 | 55,199 | |||||||
New Valley | Unconsolidated Properties | Other | |||||||||||
Income Statement | |||||||||||
Total revenues | 180,092 | 571 | 390,478 | ||||||||
Cost of sales | 0 | 0 | 220,316 | ||||||||
Other expenses | 303,352 | 48,633 | 155,257 | ||||||||
Income (loss) from discontinued operations | (123,260) | (48,062) | $ 14,905 | ||||||||
Balance Sheets | |||||||||||
Investment in real estate | 392,754 | 1,216,819 | 392,754 | 1,216,819 | |||||||
Total assets | 444,520 | 1,237,794 | 444,520 | 1,237,794 | |||||||
Total debt | 227,724 | 722,930 | 227,724 | 722,930 | |||||||
Total liabilities | 233,329 | 903,196 | 233,329 | 903,196 | |||||||
Non-controlling interest | $ 152,775 | $ 272,196 | $ 152,775 | $ 272,196 |
New Valley LLC (Investments in
New Valley LLC (Investments in Real Estate, net Schedules) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Investment in real estate, net | $ 9,098 | $ 15,631 |
Real estate investment, net | 9,098 | 15,631 |
New Valley | ||
Schedule of Investments [Line Items] | ||
Investment in real estate, net | 9,098 | 15,631 |
Real estate investment, net | 9,098 | 15,631 |
New Valley | Escena | ||
Schedule of Investments [Line Items] | ||
Investment in real estate, net | 9,098 | 9,735 |
Land and land improvements | 8,520 | 8,911 |
Building and building improvements | 1,926 | 1,926 |
Other | 1,643 | 1,672 |
Investments in real estate, gross | 12,089 | 12,509 |
Less accumulated depreciation | (2,991) | (2,774) |
Real estate investment, net | 9,098 | 9,735 |
New Valley | Townhome A | ||
Schedule of Investments [Line Items] | ||
Investment in real estate, net | 0 | 5,896 |
Real estate investment, net | $ 0 | $ 5,896 |
New Valley LLC (Investments i_2
New Valley LLC (Investments in Real Estate, net Narrative) (Details) - New Valley $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2021USD ($) | Aug. 31, 2020USD ($) | Apr. 30, 2015USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2009aroomholelot | Mar. 31, 2008a | |
Escena | ||||||||
Schedule of Investments [Line Items] | ||||||||
Area of real estate property | a | 450 | |||||||
Number of real estate properties | lot | 615 | |||||||
Number of holes in golf course | hole | 18 | |||||||
Area of land | a | 7 | |||||||
Number of units in real estate property | room | 450 | |||||||
Operating losses | $ (63) | $ 735 | $ 862 | |||||
Sagaponack | ||||||||
Schedule of Investments [Line Items] | ||||||||
Payments to acquire real estate | $ 12,502 | |||||||
Sale of project | $ 20,500 | |||||||
Manhattan, NY | ||||||||
Schedule of Investments [Line Items] | ||||||||
Sale of project | $ 6,750 |
Notes Payable, Long-Term Debt_3
Notes Payable, Long-Term Debt and Other Obligations (Schedule of Components of Debt and Other Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 01, 2021 | Jan. 28, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 28,803 | $ 21,247 | ||
Notes payable, long-term debt and other obligations | 1,427,473 | 1,402,113 | ||
Debt issuance costs | (28,803) | (21,247) | ||
Total notes payable, long-term debt and other obligations | 1,398,670 | 1,380,866 | ||
Current maturities | (79) | (57) | ||
Notes payable, long-term debt and other obligations, less current portion | 1,398,591 | 1,380,809 | ||
Senior Notes | 5.75% Senior Secured Notes due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.75% | |||
Notes payable, long-term debt and other obligations | 875,000 | 0 | ||
Senior Notes | 6.125% Senior Secured Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.125% | |||
Debt issuance costs | 8,348 | |||
Notes payable, long-term debt and other obligations | 0 | 850,000 | ||
Debt issuance costs | $ (8,348) | |||
Senior Notes | 10.5% Senior Notes due 2026, net of unamortized discount of $2,647 and $3,040 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.50% | |||
Debt issuance costs | $ 2,647 | 3,040 | ||
Notes payable, long-term debt and other obligations | 552,353 | 551,960 | ||
Debt issuance costs | (2,647) | (3,040) | ||
Revolving credit facility | Revolving credit facility | Liggett | ||||
Debt Instrument [Line Items] | ||||
Notes payable, long-term debt and other obligations | 24 | 0 | ||
Equipment loans | Liggett | ||||
Debt Instrument [Line Items] | ||||
Notes payable, long-term debt and other obligations | 64 | 89 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Notes payable, long-term debt and other obligations | $ 32 | $ 64 |
Notes Payable, Long-Term Debt_4
Notes Payable, Long-Term Debt and Other Obligations (Notes Payable Narrative) (Details) - USD ($) | Jan. 28, 2021 | Nov. 18, 2019 | Nov. 02, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 01, 2021 | Jan. 31, 2019 | Jan. 15, 2019 | Jan. 27, 2017 | Mar. 24, 2014 |
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment of debt | $ 21,362,000 | $ 0 | $ 4,301,000 | ||||||||
Other costs and non-cash interest expense | 28,803,000 | 21,247,000 | |||||||||
Douglas Elliman Realty, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity method ownership percentage | 100.00% | ||||||||||
6.125% Senior Secured Notes due 2025 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 6.125% | ||||||||||
Principal amount | $ 850,000,000 | ||||||||||
Loss on extinguishment of debt | 21,362,000 | ||||||||||
Premium | 13,014,000 | ||||||||||
Other costs and non-cash interest expense | $ 8,348,000 | ||||||||||
5.75% Senior Secured Notes due 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | $ 875,000,000 | ||||||||||
Net proceeds from issuance of debt | $ 855,500,000 | ||||||||||
5.75% Senior Secured Notes due 2029 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.75% | ||||||||||
10.5% Senior Notes due 2026 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 10.50% | ||||||||||
Principal amount | $ 230,000,000 | $ 325,000,000 | |||||||||
Other costs and non-cash interest expense | $ 2,647,000 | $ 3,040,000 | |||||||||
Net proceeds from issuance of debt | $ 220,400,000 | $ 315,000,000 | |||||||||
Notes payable, long-term debt and other obligations, less current portion | $ 555,000,000 | ||||||||||
5.5% Convertible Notes | Variable Interest Senior Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.50% | ||||||||||
Principal amount | $ 258,750,000 | ||||||||||
Notes payable, long-term debt and other obligations, less current portion | $ 169,610,000 | ||||||||||
7.5% Convertible Notes | Variable Interest Senior Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 7.50% | 7.50% | |||||||||
Principal amount | $ 230,000,000 |
Notes Payable, Long-Term Debt_5
Notes Payable, Long-Term Debt and Other Obligations (Other Schedules) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 15, 2019 | |
Fair Value Of Derivatives [Roll Forward] | ||||
Interest expense associated with beneficial conversion feature | $ 0 | $ 1,223 | $ 6,301 | |
Unamortized Debt Discount Reconciliation [Roll Forward] | ||||
Amortization of beneficial conversion feature | 0 | (1,223) | (6,301) | |
Variable Interest Senior Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Interest expense associated with embedded derivatives | 0 | 4,053 | 18,512 | |
Gain on changes in fair value of derivatives embedded within convertible debt | 0 | 4,999 | 26,425 | |
Fair Value Of Derivatives [Roll Forward] | ||||
Gain from changes in fair value of embedded derivatives | 0 | (4,999) | (26,425) | |
Interest expense associated with beneficial conversion feature | 1,223 | 6,301 | ||
Unamortized Debt Discount Reconciliation [Roll Forward] | ||||
Beginning balance of unamortized discount | 0 | 5,276 | 32,824 | |
Amortization of embedded derivatives | (4,053) | (18,512) | ||
Amortization of beneficial conversion feature | (1,223) | (6,301) | ||
Ending balance of unamortized discount | 0 | 5,276 | ||
Variable Interest Senior Convertible Debt | Embedded Derivatives | ||||
Debt Instrument [Line Items] | ||||
Gain on changes in fair value of derivatives embedded within convertible debt | 4,999 | 26,425 | ||
Fair Value Of Derivatives [Roll Forward] | ||||
Beginning balance of derivative liability fair value | $ 0 | 4,999 | 31,424 | |
Gain from changes in fair value of embedded derivatives | (4,999) | (26,425) | ||
Beginning balance of derivative liability fair value | 0 | 4,999 | ||
Variable Interest Senior Convertible Debt | 7.5% Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.50% | 7.50% | ||
Interest expense associated with embedded derivatives | $ 0 | 0 | 2,031 | |
Gain on changes in fair value of derivatives embedded within convertible debt | 0 | 0 | 6,635 | |
Fair Value Of Derivatives [Roll Forward] | ||||
Gain from changes in fair value of embedded derivatives | 0 | 0 | (6,635) | |
Interest expense associated with beneficial conversion feature | 0 | 0 | 1,328 | |
Unamortized Debt Discount Reconciliation [Roll Forward] | ||||
Beginning balance of unamortized discount | 0 | 0 | 3,359 | |
Amortization of embedded derivatives | 0 | (2,031) | ||
Amortization of beneficial conversion feature | 0 | 0 | (1,328) | |
Ending balance of unamortized discount | 0 | 0 | ||
Variable Interest Senior Convertible Debt | 7.5% Convertible Notes | Embedded Derivatives | ||||
Debt Instrument [Line Items] | ||||
Gain on changes in fair value of derivatives embedded within convertible debt | 0 | 6,635 | ||
Fair Value Of Derivatives [Roll Forward] | ||||
Beginning balance of derivative liability fair value | $ 0 | 0 | 6,635 | |
Gain from changes in fair value of embedded derivatives | 0 | (6,635) | ||
Beginning balance of derivative liability fair value | 0 | 0 | ||
Variable Interest Senior Convertible Debt | 5.5% Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.50% | |||
Interest expense associated with embedded derivatives | $ 0 | 4,053 | 16,481 | |
Gain on changes in fair value of derivatives embedded within convertible debt | 0 | 4,999 | 19,790 | |
Fair Value Of Derivatives [Roll Forward] | ||||
Gain from changes in fair value of embedded derivatives | 0 | (4,999) | (19,790) | |
Interest expense associated with beneficial conversion feature | 0 | 1,223 | 4,973 | |
Unamortized Debt Discount Reconciliation [Roll Forward] | ||||
Beginning balance of unamortized discount | 0 | 5,276 | 29,465 | |
Amortization of embedded derivatives | (4,053) | (16,481) | ||
Amortization of beneficial conversion feature | 0 | (1,223) | (4,973) | |
Ending balance of unamortized discount | 0 | 5,276 | ||
Variable Interest Senior Convertible Debt | 5.5% Convertible Notes | Interest Rate Risk | ||||
Unamortized Debt Discount Reconciliation [Roll Forward] | ||||
Partial redemption of 5.5% convertible notes | (2,735) | |||
Variable Interest Senior Convertible Debt | 5.5% Convertible Notes | Embedded Derivatives | ||||
Debt Instrument [Line Items] | ||||
Gain on changes in fair value of derivatives embedded within convertible debt | 4,999 | 19,790 | ||
Fair Value Of Derivatives [Roll Forward] | ||||
Beginning balance of derivative liability fair value | $ 0 | 4,999 | 24,789 | |
Gain from changes in fair value of embedded derivatives | (4,999) | (19,790) | ||
Beginning balance of derivative liability fair value | $ 0 | $ 4,999 |
Notes Payable, Long-Term Debt_6
Notes Payable, Long-Term Debt and Other Obligations (Revolving Credit and Other Narrative) (Details) - USD ($) | Oct. 31, 2019 | Jan. 14, 2015 | Dec. 31, 2021 | Mar. 22, 2021 | Mar. 21, 2021 | Feb. 01, 2021 | Jan. 28, 2021 |
Senior Notes | 6.125% Senior Secured Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.125% | ||||||
Senior Notes | 5.75% Senior Secured Notes due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.75% | ||||||
Senior Notes | 10.5% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 10.50% | ||||||
Liggett, Maple and Vector Tobacco | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | $ 90,000,000 | $ 60,000,000 | |||||
Liggett | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Eligible trade receivables percent | 85.00% | ||||||
Covenant, capital expenditure requirement, maximum carryover amount | $ 15,000,000 | $ 10,000,000 | |||||
Eligible inventory percent | 80.00% | ||||||
Inventory multiplier percent | 65.00% | ||||||
Appraised liquidation of inventory percent | 85.00% | ||||||
Fair market value of eligible real property percent | 60.00% | ||||||
Interest rate at end of period | 2.35% | ||||||
Minimum EBITDA ratio on trailing 12-month basis | 150,000,000 | ||||||
Covenant, excess availability in credit facility threshold | 30,000,000 | ||||||
Maximum capital expenditures allowed before maximum carryover amount of $10,000 | $ 20,000,000 | ||||||
Amount outstanding | $ 24,000 | ||||||
Current borrowing capacity | $ 80,771,000 | ||||||
Liggett | Revolving credit facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% |
Notes Payable, Long-Term Debt_7
Notes Payable, Long-Term Debt and Other Obligations (Fair Value of Notes Payable and Long Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | $ 1,427,473 | $ 1,402,113 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 1,426,300 | 1,464,369 |
Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 1,427,353 | 1,401,960 |
Senior Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 1,426,176 | 1,464,208 |
Liggett and other | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 120 | 153 |
Liggett and other | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | $ 124 | $ 161 |
Notes Payable, Long-Term Debt_8
Notes Payable, Long-Term Debt and Other Obligations (Schedule of Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Principal | ||
2022 | $ 79 | |
2023 | 33 | |
2024 | 8 | |
2025 | 0 | |
2026 | 555,000 | |
Thereafter | 875,000 | |
Total | 1,430,120 | |
Unamortized Discount/ (Premium) | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 2,647 | |
Thereafter | 0 | |
Total | 2,647 | |
Net | ||
2022 | 79 | |
2023 | 33 | |
2024 | 8 | |
2025 | 0 | |
2026 | 552,353 | |
Thereafter | 875,000 | |
Total | $ 1,427,473 | $ 1,402,113 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)employeeplan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 4 | ||
401 (k) plan cost recognized | $ 1,473 | $ 1,465 | $ 1,350 |
Hourly Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period for amortization of benefit plan gains and losses | 12 years 4 months 20 days | ||
Salaried Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period for amortization of benefit plan gains and losses | 11 years 7 months 9 days | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 4 | ||
2022 | $ 6,347 | ||
2023 | 5,993 | ||
2024 | 5,648 | ||
2025 | 5,289 | ||
2026 | 64,060 | ||
2027 - 2031 | $ 26,666 | ||
Ten-year rate of return | 7.74% | 6.91% | 7.59% |
Five-year rate of return | 7.86% | 7.51% | 5.41% |
Pension Benefits | Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
Pension Benefits | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Age requirement for participant | 60 years | ||
Required employment period | 8 years | ||
2022 | $ 0 | ||
2023 | 0 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 59,116 | ||
2027 - 2031 | 6,866 | ||
Supplemental Employee Retirement Plan | President and Chief Executive Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional benefit | $ 1,788 | ||
Service period credit upon termination | 36 months | ||
Postretirement Medical | |||
Defined Benefit Plan Disclosure [Line Items] | |||
2022 | $ 621 | ||
2023 | 627 | ||
2024 | 629 | ||
2025 | 606 | ||
2026 | 590 | ||
2027 - 2031 | $ 2,596 | ||
Employee contribution percentage | 100.00% | ||
Number of retired employees | employee | 74 | ||
Postretirement Life Insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of retired employees | employee | 349 | ||
Number of active employees | employee | 89 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plan Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amounts recognized in the consolidated balance sheets: | |||
Prepaid pension costs | $ 44,585 | $ 35,209 | |
Non-current employee benefit liabilities | (68,970) | (66,616) | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | (125,842) | (128,997) | |
Service cost | (415) | (592) | $ (533) |
Interest cost | (2,284) | (3,545) | (4,860) |
Plan settlement | 0 | 7,255 | |
Plan amendment | 0 | 0 | |
Benefits paid | 6,452 | 7,008 | |
Expenses paid | 291 | 255 | |
Actuarial gain (loss) | 632 | (7,226) | |
Benefit obligation at December 31 | (121,166) | (125,842) | (128,997) |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 102,812 | 101,051 | |
Actual return on plan assets | 8,373 | 8,919 | |
Plan settlement | 0 | (7,255) | |
Expenses paid | (291) | (255) | |
Contributions | 103 | 7,360 | |
Benefits paid | (6,452) | (7,008) | |
Fair value of plan assets at December 31 | 104,545 | 102,812 | 101,051 |
Unfunded status at December 31 | (16,621) | (23,030) | |
Amounts recognized in the consolidated balance sheets: | |||
Prepaid pension costs | 44,585 | 35,209 | |
Other accrued liabilities | (95) | (100) | |
Non-current employee benefit liabilities | (61,111) | (58,139) | |
Net amounts recognized | (16,621) | (23,030) | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | (9,101) | (8,986) | |
Service cost | 0 | 0 | (3) |
Interest cost | (224) | (286) | (347) |
Plan settlement | 0 | 0 | |
Plan amendment | (48) | 0 | |
Benefits paid | 471 | 500 | |
Expenses paid | 0 | 0 | |
Actuarial gain (loss) | 422 | (329) | |
Benefit obligation at December 31 | (8,480) | (9,101) | (8,986) |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Plan settlement | 0 | 0 | |
Expenses paid | 0 | 0 | |
Contributions | 471 | 500 | |
Benefits paid | (471) | (500) | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Unfunded status at December 31 | (8,480) | (9,101) | |
Amounts recognized in the consolidated balance sheets: | |||
Prepaid pension costs | 0 | 0 | |
Other accrued liabilities | (621) | (624) | |
Non-current employee benefit liabilities | (7,859) | (8,477) | |
Net amounts recognized | $ (8,480) | $ (9,101) |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost — benefits earned during the period | $ 415 | $ 592 | $ 533 |
Interest cost on projected benefit obligation | 2,284 | 3,545 | 4,860 |
Expected return on assets | (3,458) | (3,869) | (4,874) |
Prior service cost | 0 | 0 | 0 |
Settlement loss | 0 | 1,805 | 0 |
Amortization of net loss (gain) | 1,835 | 1,836 | 2,001 |
Net expense | 1,076 | 3,909 | 2,520 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost — benefits earned during the period | 0 | 0 | 3 |
Interest cost on projected benefit obligation | 224 | 286 | 347 |
Expected return on assets | 0 | 0 | 0 |
Prior service cost | 4 | 4 | 4 |
Settlement loss | 0 | 0 | 0 |
Amortization of net loss (gain) | 86 | 11 | (40) |
Net expense | $ 314 | $ 301 | $ 314 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward] | |||
Accumulated other comprehensive income (loss) | $ (29,305) | $ (30,458) | |
Amortization of prior service costs | 4 | 4 | |
Plan amendment | (48) | ||
Effect of settlement | 0 | 1,805 | $ 0 |
Amortization of loss | 1,921 | 1,847 | |
Net gain (loss) arising during the year | 5,967 | (2,503) | 1,454 |
Accumulated other comprehensive income (loss) | (21,461) | (29,305) | (30,458) |
Pension Benefits | |||
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward] | |||
Accumulated other comprehensive income (loss) | (28,199) | (29,664) | |
Amortization of prior service costs | 0 | 0 | |
Plan amendment | 0 | ||
Effect of settlement | 1,805 | ||
Amortization of loss | 1,835 | 1,836 | |
Net gain (loss) arising during the year | 5,547 | (2,176) | |
Accumulated other comprehensive income (loss) | (20,817) | (28,199) | (29,664) |
Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward] | |||
Accumulated other comprehensive income (loss) | (1,106) | (794) | |
Amortization of prior service costs | 4 | 4 | |
Plan amendment | (48) | ||
Effect of settlement | 0 | ||
Amortization of loss | 86 | 11 | |
Net gain (loss) arising during the year | 420 | (327) | |
Accumulated other comprehensive income (loss) | $ (644) | $ (1,106) | $ (794) |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 61,206 | $ 58,239 |
Fair value of plan assets | 0 | 0 |
Projected benefit obligation | $ 61,206 | $ 58,239 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plan Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rates of return on invested assets | 3.50% | 4.00% | 5.50% |
Pension Benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates — benefit obligation | 1.80% | 1.40% | 2.55% |
Discount rates — service cost | 1.40% | 2.55% | 3.90% |
Pension Benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates — benefit obligation | 2.70% | 2.30% | 3.10% |
Discount rates — service cost | 2.30% | 3.10% | 4.25% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates — benefit obligation | 2.85% | 2.55% | 3.30% |
Discount rates — service cost | 2.55% | 3.30% | 4.35% |
Salary increase assumptions | 3.00% | 3.00% | 3.00% |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Asset Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Target allocation, rebalancing range | 5.00% | |
Actual allocation | 100.00% | 100.00% |
U.S. equity securities | ||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Target allocation | 35.00% | |
Actual allocation | 38.00% | 35.00% |
Investment grade fixed income securities | ||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Target allocation | 65.00% | |
Actual allocation | 62.00% | 65.00% |
High yield fixed income securities | ||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Actual allocation | 0.00% | 0.00% |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Plan Assets Fair Value Measurements) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 104,545 | $ 102,812 | $ 101,051 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91 | 78 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,868 | 2,236 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,868 | 2,236 | |
Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,868 | 2,236 | |
Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash, mutual funds and common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91 | 78 | |
Cash, mutual funds and common stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91 | 78 | |
Cash, mutual funds and common stock | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash, mutual funds and common stock | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trusts at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 102,586 | 100,498 | |
Common collective trusts at NAV | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trusts at NAV | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trusts at NAV | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Assumed
Employee Benefit Plans (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed annual increases in Medicare Part B trends after eight years | 4.50% | 4.50% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed annual increases in Medicare Part B trends for next eight years | 4.21% | 2.87% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed annual increases in Medicare Part B trends for next eight years | 7.19% | 6.06% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 6,347 |
2023 | 5,993 |
2024 | 5,648 |
2025 | 5,289 |
2026 | 64,060 |
2027 - 2031 | 26,666 |
Postretirement Medical | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 621 |
2023 | 627 |
2024 | 629 |
2025 | 606 |
2026 | 590 |
2027 - 2031 | $ 2,596 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
U.S. Federal | $ 33,398 | $ 30,583 | $ 31,002 |
State | 14,945 | 12,910 | 9,705 |
Current Total | 48,343 | 43,493 | 40,707 |
Deferred: | |||
U.S. Federal | 11,399 | 7,343 | (6,075) |
State | 3,065 | 3,285 | (3,547) |
Deferred Total | 14,464 | 10,628 | (9,622) |
Income tax expense | $ 62,807 | $ 54,121 | $ 31,085 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Employee benefit accruals | $ 7,828 | $ 10,529 |
Impairment of investments | 12,337 | 13,961 |
Impact of timing of settlement payments | 10,854 | 20,137 |
Various U.S. federal and state tax loss carryforwards | 2,378 | 3,123 |
Operating lease liabilities | 3,277 | 3,884 |
Current expected credit losses | 4,111 | 4,299 |
Other | 3,910 | 2,852 |
Deferred tax assets | 44,695 | 58,785 |
Less: Valuation allowance | (348) | (852) |
Net deferred tax assets | 44,347 | 57,933 |
Deferred tax liabilities: | ||
Basis differences on non-consolidated entities | (24,441) | (22,809) |
Basis differences on fixed and intangible assets | (35,154) | (35,555) |
Basis differences on inventory | (10,808) | (10,698) |
Basis differences on long-term investments | (4,383) | (912) |
Basis differences on available for sale securities | (1,490) | (3,579) |
Operating lease right of use assets | (2,839) | (3,324) |
Deferred tax liabilities | (79,115) | (76,877) |
Net deferred tax liabilities | $ (34,768) | $ (18,944) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Ownership percentage of subsidiaries included in tax return (more than 80%) | 80.00% | |||
Various U.S. federal and state tax loss carryforwards | $ 2,378 | $ 3,123 | ||
Valuation allowance | 348 | 852 | ||
Unrecognized tax benefits | 2,209 | $ 1,653 | $ 1,647 | $ 391 |
Reasonably possible amount recognized over next 12 months | $ 45 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income before provision for income taxes | $ 209,961 | $ 181,043 | $ 125,015 |
Federal income tax expense at statutory rate | 44,092 | 38,018 | 26,253 |
Increases (decreases) resulting from: | |||
State income taxes, net of federal income tax benefits | 13,946 | 12,974 | 6,047 |
Non-deductible expenses | 6,205 | 2,859 | 2,048 |
Excess tax benefits on stock-based compensation | (561) | (206) | (1,488) |
Changes in valuation allowance, net of equity and tax audit adjustments | (504) | (440) | (2,525) |
Other | (371) | 916 | 750 |
Income tax expense | $ 62,807 | $ 54,121 | $ 31,085 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance | $ 1,653 | $ 1,647 | $ 391 |
Additions based on tax positions related to prior years | 1,640 | 458 | 1,586 |
Settlements | (1,065) | (402) | |
Expirations of the statute of limitations | (19) | (50) | (330) |
Balance | $ 2,209 | $ 1,653 | $ 1,647 |
Stock Compensation (Narrative)
Stock Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 24, 2021 | May 02, 2019 | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation cost not yet recognized | $ 381 | |||||
Granted (in shares) | 406,875 | |||||
Exercise price of options (in dollars per share) | $ 10.92 | |||||
Option exercises in period, intrinsic value | $ 835 | $ 6,577 | ||||
Tax benefit of options exercised | $ 104 | $ 1,546 | ||||
Exercise of stock options (in shares) | 0 | 620,527 | 1,824,351 | |||
Corporate and Other | Spin-off of Douglas Elliman | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Accelerated stock compensation | $ 4,317 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 849 | $ 1,428 | $ 1,923 | |||
Contractual term | 10 years | |||||
Total compensation cost not yet recognized, period for recognition | 7 months 24 days | |||||
Stock Options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Stock Options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 7 years | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation cost not yet recognized, period for recognition | 1 year 4 months 28 days | |||||
Total compensation cost not yet recognized | $ 10,627 | 12,081 | ||||
Restricted Stock | July 2020 | Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | 2,271 | 747 | ||||
Award vesting period | 4 years | |||||
Other than options, grants in period (shares) | 425,000 | |||||
Total compensation cost not yet recognized | $ 5,041 | |||||
Restricted Stock | May 2, 2019 | Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | 209 | 188 | 124 | |||
Award vesting period | 3 years | |||||
Other than options, grants in period (shares) | 63,000 | |||||
Total compensation cost not yet recognized | $ 564 | |||||
Restricted Stock | February 24, 2021 | President and Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | 1,699 | |||||
Award vesting period | 4 years | |||||
Other than options, grants in period (shares) | 250,000 | |||||
Total compensation cost not yet recognized | $ 3,578 | |||||
Restricted Stock | July 23, 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 5,525 | $ 7,022 | $ 7,043 | |||
2014 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 12 months | |||||
Shares available for issuance | 6,377,538 |
Stock Compensation (Fair Value
Stock Compensation (Fair Value Assumptions) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, Minimum | 250.00% |
Risk-free interest rate, Maximum | 270.00% |
Expected volatility, Minimum | 20.24% |
Expected volatility, Maximum | 20.45% |
Dividend yield | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected holding period | 4 years |
Weighted-average grant date fair value (in dollars per share) | $ 2.36 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected holding period | 10 years |
Weighted-average grant date fair value (in dollars per share) | $ 4.08 |
Stock Compensation (Stock Optio
Stock Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||||
Outstanding (in shares) | 3,822,819 | 4,443,346 | 5,860,833 | |
Granted (in shares) | 406,875 | |||
Exercised (in shares) | 0 | (620,527) | (1,824,351) | |
Canceled (in shares) | (11) | |||
Outstanding (in shares) | 3,822,819 | 3,822,819 | 4,443,346 | 5,860,833 |
Options exercisable (in shares) | 2,988,727 | 2,540,150 | 2,689,673 | |
Weighted-Average Exercise Price | ||||
Outstanding (in dollars per share) | $ 15.40 | $ 14.80 | $ 13.16 | |
Granted (in dollars per share) | 10.92 | |||
Exercised (in dollars per share) | 0 | 11.14 | 8.67 | |
Cancelled (in dollars per share) | 0 | |||
Outstanding (in dollars per share) | $ 15.40 | $ 14.80 | $ 13.16 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.40 | |||
Weighted-Average Remaining Contractual Term (Years) | 4 years 7 months 6 days | 5 years | 4 years 1 month 6 days | |
Outstanding, Weighted Average Remaining Contractual Life | 3 years 7 months 6 days | |||
Outstanding, Aggregate Intrinsic Value | $ 238 | $ 487 | $ 4,427 | $ 1,095 |
Common stock fair value (in dollars per share) | $ 11.48 | $ 11.65 | $ 13.39 |
Stock Compensation (Shares Auth
Stock Compensation (Shares Authorized under Stock Option Plans by Exercise Price Range) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding (in shares) | shares | 3,822,819 |
Outstanding, Weighted Average Remaining Contractual Life | 3 years 7 months 6 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.40 |
Options Exercisable (in shares) | shares | 2,988,727 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 9 months 18 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.57 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 238 |
Exercise Price Range One | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 9.86 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 11.83 |
Options Outstanding (in shares) | shares | 1,462,190 |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 9 months 18 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.32 |
Options Exercisable (in shares) | shares | 1,055,315 |
Options Exercisable, Weighted Average Remaining Contractual Life | 1 year 2 months 12 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 11.47 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Two | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 11.83 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 13.80 |
Options Outstanding (in shares) | shares | 0 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable (in shares) | shares | 0 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Three | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 13.80 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 15.77 |
Options Outstanding (in shares) | shares | 519,278 |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 4 months 24 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 14.68 |
Options Exercisable (in shares) | shares | 519,278 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 4 months 24 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 14.68 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Four | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 15.77 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 17.74 |
Options Outstanding (in shares) | shares | 0 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable (in shares) | shares | 0 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Five | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 17.74 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 19.71 |
Options Outstanding (in shares) | shares | 1,841,351 |
Outstanding, Weighted Average Remaining Contractual Life | 4 years 7 months 6 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 18.84 |
Options Exercisable (in shares) | shares | 1,414,134 |
Options Exercisable, Weighted Average Remaining Contractual Life | 4 years 1 month 6 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 18.96 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Stock Compensation (Restricted
Stock Compensation (Restricted Stock Activity) (Details) - Restricted Stock - USD ($) $ in Thousands | May 02, 2019 | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation cost not yet recognized | $ 10,627 | $ 12,081 | |||
Total compensation cost not yet recognized, period for recognition | 1 year 4 months 28 days | ||||
February 2021 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other than options, grants in period (shares) | 623,500 | ||||
Award vesting period | 4 years | ||||
Total compensation cost not yet recognized | $ 8,919 | ||||
Share-based compensation expense | 4,245 | ||||
July 23, 2014 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 5,525 | 7,022 | $ 7,043 | ||
Directors | May 2, 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other than options, grants in period (shares) | 63,000 | ||||
Award vesting period | 3 years | ||||
Total compensation cost not yet recognized | $ 564 | ||||
Share-based compensation expense | 209 | 188 | $ 124 | ||
Executive Officer | July 2020 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other than options, grants in period (shares) | 425,000 | ||||
Award vesting period | 4 years | ||||
Total compensation cost not yet recognized | $ 5,041 | ||||
Share-based compensation expense | $ 2,271 | $ 747 |
Contingencies (Overview and Bon
Contingencies (Overview and Bonds) (Details) - Liggett - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2009 | |
Loss Contingencies [Line Items] | ||||
Tobacco product liability legal expenses and costs | $ 6,256,000 | $ 6,476,000 | $ 7,363,000 | |
Engle Progeny Cases | Florida | ||||
Loss Contingencies [Line Items] | ||||
Maximum bond required | $ 200,000,000 | |||
Maximum Bond for Appeal | $ 5,000,000 | |||
Bonds | ||||
Loss Contingencies [Line Items] | ||||
Security posted for appeal of judgment | $ 0 |
Contingencies (Individual Actio
Contingencies (Individual Actions) (Details) - Liggett | Dec. 31, 2021case |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 6 |
Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 79 |
Individual Actions Cases | Florida | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 44 |
Individual Actions Cases | Illinois | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 19 |
Individual Actions Cases | Nevada | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 7 |
Individual Actions Cases | New Mexico | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 5 |
Individual Actions Cases | Louisiana | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 2 |
Individual Actions Cases | Hawaii | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
Individual Actions Cases | Massachusetts | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
Contingencies (Engle Progeny Ca
Contingencies (Engle Progeny Cases and Cautionary Statement About Engle Progeny Cases) (Details) - Engle Progeny Cases $ in Thousands | Nov. 21, 1996USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2013USD ($) | Dec. 31, 2021case |
Loss Contingencies [Line Items] | ||||
Amount of litigation settlement awarded to other party | $ | $ 145,000,000 | |||
Liggett | ||||
Loss Contingencies [Line Items] | ||||
Amount of litigation settlement awarded to other party | $ | $ 790,000 | $ 23,150 | $ 110,000 | |
Cases with verdicts | 25 | |||
Plaintiffs' verdicts (in cases) | 16 | |||
Cases with verdicts in favor of defendants | 9 | |||
Cases including punitive damages (in cases) | 5 |
Contingencies (Engle Progeny _2
Contingencies (Engle Progeny Cases and Settlements) (Details) $ in Thousands | Nov. 21, 1996USD ($) | Dec. 31, 2016USD ($)case | Feb. 28, 2015 | Oct. 31, 2013USD ($)case | Dec. 31, 2021USD ($)agreementcase |
Engle Progeny Cases | |||||
Loss Contingencies [Line Items] | |||||
Amount of litigation settlement awarded to other party | $ | $ 145,000,000 | ||||
Liggett | |||||
Loss Contingencies [Line Items] | |||||
Cases pending (in cases) | 6 | ||||
Liggett | Engle Progeny Cases | |||||
Loss Contingencies [Line Items] | |||||
Amount of litigation settlement awarded to other party | $ | $ 790,000 | $ 23,150 | $ 110,000 | ||
Cases with verdicts | 25 | ||||
Plaintiffs' verdicts (in cases) | 16 | ||||
Cases with verdicts in favor of defendants | 9 | ||||
Cases including punitive damages (in cases) | 5 | ||||
Cases settled | 152 | 4,900 | |||
Litigation settlement amount paid in lump sum | $ | $ 61,600 | ||||
Litigation settlement, installment term | 14 years | ||||
Litigation settlement amount of estimated future payments per annum | $ | $ 3,600 | ||||
Payments for legal settlements | $ | $ 8,100 | ||||
Liggett | Engle Progeny Cases, Settled Separate | |||||
Loss Contingencies [Line Items] | |||||
Cases settled | agreement | 2 | ||||
Liggett and Vector Tobacco | Engle Progeny Cases | |||||
Loss Contingencies [Line Items] | |||||
Cases settled | 204 | ||||
Cases pending (in cases) | 28 |
Contingencies (Judgments Paid M
Contingencies (Judgments Paid Maryland and Liggett Only Cases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)case | |
Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Pending claims scheduled for trial | 12 |
Engle Progeny Cases | |
Loss Contingencies [Line Items] | |
Pending claims scheduled for trial | 2 |
Liggett | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 6 |
Liggett | Lukacs, Campbell, Douglas, Clay, Tullo, Ward Rizzuto, Lambert and Buchanan | |
Loss Contingencies [Line Items] | |
Payments for legal settlements | $ | $ 40,111 |
Liggett | Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 79 |
Liggett | Engle Progeny Cases | |
Loss Contingencies [Line Items] | |
Payments for legal settlements | $ | $ 8,100 |
Liggett | Maryland | Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 16 |
Contingencies (Upcoming Trials,
Contingencies (Upcoming Trials, Class Actions and Health Care Cost Recovery Actions) (Details) | Dec. 31, 2021casedefendant |
Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Pending claims scheduled for trial | 12 |
Parsons v. AC & S Inc. | |
Loss Contingencies [Line Items] | |
Number of defendants in bankruptcy | defendant | 3 |
Liggett | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 6 |
Liggett | Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 79 |
Liggett | Class Actions | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 2 |
Liggett | Crow Creek Sioux Tribe v. American Tobacco Company | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
Liggett and Other Cigarette Manufacturers | Class Actions | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 2 |
Contingencies (MSA and Other St
Contingencies (MSA and Other State Settlement Agreements) (Details) | Dec. 30, 2021USD ($) | Dec. 31, 2021USD ($)sponsorship | Mar. 31, 1998USD ($)state |
Health Care Cost Recovery Actions | |||
Loss Contingencies [Line Items] | |||
Number of states with settled litigation | state | 46 | ||
Number of brand name sponsorships allowed | sponsorship | 1 | ||
Brand name sponsorship period | 12 months | ||
Annual payment requirement | $ 9,000,000,000 | ||
Liggett | |||
Loss Contingencies [Line Items] | |||
Number of states with settled litigation | state | 45 | ||
Liggett | Health Care Cost Recovery Actions | |||
Loss Contingencies [Line Items] | |||
Estimated litigation liability | $ 0 | ||
Percentage of cigarettes sales exceeds market share exemption | 1.65% | ||
Vector Tobacco | Health Care Cost Recovery Actions | |||
Loss Contingencies [Line Items] | |||
Estimated litigation liability | $ 0 | ||
Percentage of cigarettes sales exceeds market share exemption | 0.28% | ||
Liggett and Vector Tobacco | Product Concentration Risk | Sales Revenue | |||
Loss Contingencies [Line Items] | |||
Concentration risk percentage | 4.10% | ||
Liggett and Vector Tobacco | Health Care Cost Recovery Actions | |||
Loss Contingencies [Line Items] | |||
Estimated litigation liability | $ 181,000,000 | ||
Payments for legal settlements | $ 169,500,000 |
Contingencies (Certain MSA Disp
Contingencies (Certain MSA Disputes) (Details) $ in Thousands | 12 Months Ended | 108 Months Ended |
Dec. 31, 2021USD ($)state | Dec. 31, 2021USD ($)state | |
2003 NPM Adjustment | ||
Loss Contingencies [Line Items] | ||
Number of states agreed to single arbitration | state | 48 | |
Aggregate number of settling states | state | 49 | |
Number of settling states with diligent enforcement not contested | state | 38 | 38 |
Combined allocable share, percentage | 75.00% | |
Liggett and Vector Tobacco | 2004-2010 NPM Adjustment | ||
Loss Contingencies [Line Items] | ||
Amounts accrued | $ 13,200 | $ 13,200 |
Liggett and Vector Tobacco | Cost of Sales | Health Care Cost Recovery Actions | ||
Loss Contingencies [Line Items] | ||
Settlement adjustment credit | 7,896 | |
Liggett and Vector Tobacco | Cost of Sales | Health Care Cost Recovery Actions, NPM Adjustment | ||
Loss Contingencies [Line Items] | ||
Settlement adjustment credit | 62,278 | |
Liggett | 2011-2020 NPM Adjustment | ||
Loss Contingencies [Line Items] | ||
Amounts accrued | $ 49,800 | $ 49,800 |
Contingencies (Other State Sett
Contingencies (Other State Settlements) (Details) - Health Care Cost Recovery Actions | 1 Months Ended | 12 Months Ended | 25 Months Ended | |||
Aug. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Jan. 31, 2016USD ($) | Mar. 31, 2011USD ($) | Dec. 31, 2003USD ($) | Mar. 31, 1998USD ($)state | |
Loss Contingencies [Line Items] | ||||||
Annual payment requirement | $ 9,000,000,000 | |||||
Liggett | ||||||
Loss Contingencies [Line Items] | ||||||
Number of states not included in settlement agreement | state | 4 | |||||
Liggett | Minnesota | ||||||
Loss Contingencies [Line Items] | ||||||
Annual payment requirement | $ 100,000 | |||||
Liggett | Florida | ||||||
Loss Contingencies [Line Items] | ||||||
Annual payment requirement | $ 250,000 | |||||
Amount of litigation settlement awarded to other party | $ 1,200,000 | |||||
Years annual payments required | 21 years | |||||
Years annual payments required that are subject to inflation adjustment | 12 years | |||||
Liggett | Mississippi | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought | $ 18,800,000 | $ 16,700,000 | $ 27,000,000 |
Contingencies (Activity in Accr
Contingencies (Activity in Accruals for MSA and Tobacco Litigation Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingency, Current [Abstract] | |||
Current liabilities, beginning balance | $ 42,734 | $ 38,365 | $ 36,871 |
Expenses | 173,997 | 175,850 | 166,461 |
NPM Settlement adjustment | 299 | ||
Change in MSA obligations capitalized as inventory | (670) | 182 | 4,936 |
Payments | (208,797) | (174,847) | (172,630) |
Reclassification to/(from) non-current liabilities | 8,060 | 2,397 | 2,446 |
Interest on withholding | 480 | 488 | 281 |
Current liabilities, ending balance | 15,804 | 42,734 | 38,365 |
Loss Contingency, Noncurrent [Abstract] | |||
Noncurrent liabilities, beginning balance | 37,201 | 37,869 | 38,177 |
Expenses | 0 | 0 | 0 |
NPM Settlement adjustment | 0 | ||
Payments, net of credits received | 0 | (197) | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Reclassification to/(from) non-current liabilities | (8,060) | (2,397) | (2,446) |
Interest on withholding | 1,763 | 1,926 | 2,138 |
Noncurrent liabilities, ending balance | 30,904 | 37,201 | 37,869 |
Payments due under Master Settlement Agreement | |||
Loss Contingency, Current [Abstract] | |||
Current liabilities, beginning balance | 38,767 | 34,116 | 36,561 |
Expenses | 173,786 | 175,538 | 165,471 |
NPM Settlement adjustment | 299 | ||
Change in MSA obligations capitalized as inventory | (670) | 182 | 4,936 |
Payments | (204,706) | (170,513) | (171,960) |
Reclassification to/(from) non-current liabilities | 4,709 | (855) | (892) |
Interest on withholding | 0 | 0 | 0 |
Current liabilities, ending balance | 11,886 | 38,767 | 34,116 |
Loss Contingency, Noncurrent [Abstract] | |||
Noncurrent liabilities, beginning balance | 17,933 | 17,275 | 16,383 |
Expenses | 0 | 0 | 0 |
NPM Settlement adjustment | 0 | ||
Payments, net of credits received | 0 | (197) | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Reclassification to/(from) non-current liabilities | (4,709) | 855 | 892 |
Interest on withholding | 0 | 0 | 0 |
Noncurrent liabilities, ending balance | 13,224 | 17,933 | 17,275 |
Litigation Accruals | |||
Loss Contingency, Current [Abstract] | |||
Current liabilities, beginning balance | 3,967 | 4,249 | 310 |
Expenses | 211 | 312 | 990 |
NPM Settlement adjustment | 0 | ||
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments | (4,091) | (4,334) | (670) |
Reclassification to/(from) non-current liabilities | 3,351 | 3,252 | 3,338 |
Interest on withholding | 480 | 488 | 281 |
Current liabilities, ending balance | 3,918 | 3,967 | 4,249 |
Loss Contingency, Noncurrent [Abstract] | |||
Noncurrent liabilities, beginning balance | 19,268 | 20,594 | 21,794 |
Expenses | 0 | 0 | 0 |
NPM Settlement adjustment | 0 | ||
Payments, net of credits received | 0 | 0 | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Reclassification to/(from) non-current liabilities | (3,351) | (3,252) | (3,338) |
Interest on withholding | 1,763 | 1,926 | 2,138 |
Noncurrent liabilities, ending balance | $ 17,680 | $ 19,268 | $ 20,594 |
Contingencies (Other Matters) (
Contingencies (Other Matters) (Details) | 12 Months Ended |
Dec. 31, 2021indemnity_demand | |
Altria Client Services | |
Loss Contingencies [Line Items] | |
Indemnification Demands | 3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid during the period for: | |||
Interest, including interest related to finance leases | $ 111,759 | $ 118,807 | $ 118,966 |
Income taxes, net | 92,698 | 41,372 | 44,184 |
Non-cash investing and financing activities: | |||
Issuance of stock dividend | $ 0 | $ 0 | $ 703 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Feb. 14, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ||||||||
Pre-tax gain | $ 2,675 | $ 56,268 | $ 17,000 | |||||
LTS | ||||||||
Related Party Transaction [Line Items] | ||||||||
Pre-tax gain | 0 | 53,424 | (410) | |||||
Equity Method Investee | Castle Brands Management Agreement | Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment owned (in shares) | 12,895,017 | |||||||
Equity method ownership percentage | 7.60% | |||||||
Proceeds from common shares of LTS | $ 16,377 | |||||||
Pre-tax gain | $ 16,377 | |||||||
Equity Method Investee | LTS | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 103 | $ 850 | ||||||
Equity Method Investee | LTS | LTS Common Stock | Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment owned (in shares) | 15,191,205 | |||||||
Equity method ownership percentage | 10.20% | |||||||
Proceeds from common shares of LTS | $ 53,169 | |||||||
Pre-tax gain | $ 53,424 | |||||||
Equity Method Investee | LTS | LTS Preferred | Series A Cumulative Redeemable Preferred Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment owned (in shares) | 240,000 | |||||||
Proceeds from common shares of LTS | $ 6,009 | |||||||
Preferred stock dividend rate | 8.00% | |||||||
Equity Method Investee | Castle Brands Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 75 | |||||||
President and Chief Executive Officer | Insurance Commissions | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of transaction | $ 241 | $ 265 | 215 | |||||
President and Chief Executive Officer | LTS | Compensation Paid to Vice Chairman of LTS | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of transaction | 19 | 1,600 | ||||||
President and Chief Executive Officer | Castle Brands Inc. | Compensation Paid to President and CEO of Castle | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of transaction | 515 | |||||||
Executive Vice President | LTS | Compensation Paid to President and CEO of LTS | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of transaction | $ 41 | 2,142 | ||||||
Directors | LTS Common Stock | Dr. Phillip Frost | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percent of ownership by management (more than 10%) | 5.00% | |||||||
Directors | Compensation Paid to Director of Liggett | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of transaction | $ 540 | |||||||
Compensation received per month | $ 60 | |||||||
Beneficial Owner | Dr. Phillip Frost | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percent of ownership by management (more than 10%) | 10.00% | |||||||
Beneficial Owner | CoCrystal | Dr. Phillip Frost | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percent of ownership by management (more than 10%) | 5.00% | |||||||
Affiliated Entity | Frost Real Estate Holdings, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Monthly lease payments, initial | $ 36 | |||||||
Monthly lease payments, increase | $ 41 | |||||||
Expenses from transactions with related party | 458 | $ 458 | 458 | |||||
Son of Company's President and Chief Executive Officer | Douglas Elliman Realty, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | 925 | 870 | 712 | |||||
Subsidiaries | Douglas Elliman Realty, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Gross commissions | 8,956 | $ 10,783 | $ 18,952 | |||||
Subsidiaries | Transition Services Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Current receivables | $ 4,200 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements (Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assets: | ||
Debt securities available for sale | $ 103,906 | $ 91,204 |
Total investment securities at fair value | $ 146,687 | 135,585 |
Long-term investment securities at fair value | 33,981 | |
Douglas Elliman | ||
Liabilities: | ||
Voting interest acquired | 29.41% | |
Payout agreement period (in years) | 4 years | |
Marketable equity securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | $ 19,560 | 21,155 |
Mutual funds invested in debt securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 23,221 | 23,226 |
U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 6,481 | |
Corporate securities | ||
Assets: | ||
Debt securities available for sale | 47,531 | |
U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 19,572 | |
Commercial paper | ||
Assets: | ||
Debt securities available for sale | 29,103 | |
Foreign fixed-income securities | ||
Assets: | ||
Debt securities available for sale | 1,219 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 0 | |
Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 9,086 | |
Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | ||
Assets: | ||
Total investment securities at fair value | 146,687 | 135,585 |
Long-term investment securities at fair value | 32,089 | 33,981 |
Total | 333,895 | 410,135 |
Liabilities: | ||
Fair value of contingent liability | 2,646 | |
Total | 2,646 | |
Recurring | Marketable equity securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 19,560 | 21,155 |
Recurring | Mutual funds invested in debt securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 23,221 | 23,226 |
Recurring | Total equity securities at fair value | ||
Assets: | ||
Equity Securities, FV-NI, Current | 42,781 | 44,381 |
Recurring | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 6,481 | 19,200 |
Recurring | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 47,531 | 52,434 |
Recurring | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 19,572 | 10,484 |
Recurring | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 29,103 | 9,086 |
Recurring | Foreign fixed-income securities | ||
Assets: | ||
Debt securities available for sale | 1,219 | |
Recurring | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 103,906 | 91,204 |
Recurring | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 130,583 | 194,095 |
Recurring | Commercial paper | ||
Assets: | ||
Cash and cash equivalents | 24,426 | 44,397 |
Recurring | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 110 | 1,542 |
Recurring | Bonds | ||
Assets: | ||
Cash and cash equivalents | 535 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total investment securities at fair value | 42,781 | 44,381 |
Long-term investment securities at fair value | 0 | |
Total | 173,364 | 239,011 |
Liabilities: | ||
Fair value of contingent liability | 0 | |
Total | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 19,560 | 21,155 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds invested in debt securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 23,221 | 23,226 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total equity securities at fair value | ||
Assets: | ||
Equity Securities, FV-NI, Current | 42,781 | 44,381 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign fixed-income securities | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 130,583 | 194,095 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Bonds | ||
Assets: | ||
Cash and cash equivalents | 535 | |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total investment securities at fair value | 103,906 | 91,204 |
Long-term investment securities at fair value | 0 | |
Total | 128,442 | 137,143 |
Liabilities: | ||
Fair value of contingent liability | 0 | |
Total | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Marketable equity securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Mutual funds invested in debt securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Total equity securities at fair value | ||
Assets: | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 6,481 | 19,200 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 47,531 | 52,434 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 19,572 | 10,484 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 29,103 | |
Recurring | Significant Other Observable Inputs (Level 2) | Foreign fixed-income securities | ||
Assets: | ||
Debt securities available for sale | 1,219 | |
Recurring | Significant Other Observable Inputs (Level 2) | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 103,906 | 91,204 |
Recurring | Significant Other Observable Inputs (Level 2) | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Cash and cash equivalents | 24,426 | 44,397 |
Recurring | Significant Other Observable Inputs (Level 2) | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 110 | 1,542 |
Recurring | Significant Other Observable Inputs (Level 2) | Bonds | ||
Assets: | ||
Cash and cash equivalents | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total investment securities at fair value | 0 | 0 |
Long-term investment securities at fair value | 0 | |
Total | 0 | 0 |
Liabilities: | ||
Fair value of contingent liability | 2,646 | |
Total | 2,646 | |
Recurring | Significant Unobservable Inputs (Level 3) | Marketable equity securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds invested in debt securities | ||
Assets: | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Total equity securities at fair value | ||
Assets: | ||
Equity Securities, FV-NI, Current | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Foreign fixed-income securities | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | $ 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Bonds | ||
Assets: | ||
Cash and cash equivalents | $ 0 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements (Quantitative Information about Level 3 Fair Value Measurements) (Details) - Recurring $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration liability | $ 2,646 |
Significant Unobservable Inputs (Level 3) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration liability | 2,646 |
Significant Unobservable Inputs (Level 3) | Monte Carlo simulation model | Estimated fair value of the Douglas Elliman reporting unit | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Estimated fair value of the Douglas Elliman reporting unit | $ 776,351 |
Significant Unobservable Inputs (Level 3) | Monte Carlo simulation model | Risk-free rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value of contingent liability, measurement input term | 9 months |
Measurement input | 0.0039 |
Significant Unobservable Inputs (Level 3) | Monte Carlo simulation model | Leverage-adjusted equity volatility of peer firms | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.2613 |
Investments and Fair Value Me_5
Investments and Fair Value Measurements (Investments in Real Estate Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in real estate ventures | $ 105,062 | $ 85,400 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of real estate, net | 2,713 | $ 16,513 | |
Investments in real estate ventures | 0 | 0 | |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in real estate ventures | 0 | 0 | |
Nonrecurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in real estate ventures | 0 | 0 | |
Nonrecurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in real estate ventures | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,220,700 | $ 1,228,682 | $ 1,119,603 | ||||||||
Operating income (loss) | $ 68,556 | $ 82,015 | $ 93,893 | $ 75,975 | $ 74,011 | $ 84,130 | $ 71,803 | $ 64,484 | 320,439 | 294,428 | 234,615 |
Equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) | ||||||||
Identifiable assets of continuing operations | 871,087 | 889,427 | 871,087 | 889,427 | 1,016,482 | ||||||
Depreciation and amortization | 7,816 | 9,092 | 9,213 | ||||||||
Capital expenditures | 9,400 | 12,937 | 4,496 | ||||||||
Litigation settlement and judgment expense | 211 | 337 | 990 | ||||||||
Current investment securities at fair value | 146,687 | 135,585 | 146,687 | 135,585 | |||||||
Long-term investments | 53,073 | 52,291 | 53,073 | 52,291 | |||||||
Investment securities at fair value | 178,776 | 169,566 | 178,776 | 169,566 | |||||||
Equity-method investments | 20,984 | 18,310 | 20,984 | 18,310 | |||||||
Operating Segments | Tobacco | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,202,497 | 1,204,501 | 1,114,840 | ||||||||
Operating income (loss) | 360,317 | 319,536 | 261,630 | ||||||||
Equity in earnings (losses) from real estate ventures | 0 | 0 | 0 | ||||||||
Identifiable assets of continuing operations | 302,051 | 357,518 | 302,051 | 357,518 | 336,566 | ||||||
Depreciation and amortization | 6,525 | 7,877 | 7,824 | ||||||||
Capital expenditures | 5,827 | 4,491 | 4,173 | ||||||||
Litigation settlement and judgment expense | 211 | 337 | 990 | ||||||||
Operating Segments | Tobacco | Health Care Cost Recovery Actions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Litigation settlement, amount awarded from other party | (2,722) | ||||||||||
Litigation settlement and judgment expense | 299 | ||||||||||
Operating Segments | Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 18,203 | 24,181 | 4,763 | ||||||||
Operating income (loss) | 4,066 | (610) | 550 | ||||||||
Equity in earnings (losses) from real estate ventures | 10,250 | (44,728) | (27,760) | ||||||||
Identifiable assets of continuing operations | 128,256 | 103,523 | 128,256 | 103,523 | 177,943 | ||||||
Depreciation and amortization | 249 | 337 | 395 | ||||||||
Capital expenditures | 3 | 100 | 197 | ||||||||
Investments in real estate ventures | 105,062 | 85,400 | 105,062 | 85,400 | 131,556 | ||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating income (loss) | (43,944) | (24,498) | (27,565) | ||||||||
Equity in earnings (losses) from real estate ventures | 0 | 0 | 0 | ||||||||
Identifiable assets of continuing operations | 440,780 | 428,386 | 440,780 | 428,386 | 501,973 | ||||||
Depreciation and amortization | 1,042 | 878 | 994 | ||||||||
Capital expenditures | 3,570 | 8,346 | 126 | ||||||||
Gain on sale of assets | (910) | (2,283) | |||||||||
Cash | 167,383 | 211,729 | 167,383 | 211,729 | 272,459 | ||||||
Current investment securities at fair value | 146,687 | 146,687 | |||||||||
Long-term investments | $ 53,073 | 52,291 | 53,073 | 52,291 | |||||||
Investment securities at fair value | $ 135,585 | $ 135,585 | 129,641 | ||||||||
Equity-method investments | $ 61,723 | ||||||||||
Corporate and Other | Spin-off of Douglas Elliman | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Transaction charges | 10,468 | ||||||||||
Accelerated stock compensation | $ 4,317 |
Quarterly Financial Results (_3
Quarterly Financial Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 313,673 | $ 298,485 | $ 337,554 | $ 270,988 | $ 287,129 | $ 339,835 | $ 312,831 | $ 288,887 | $ 1,220,700 | $ 1,228,682 | $ 1,119,603 |
Gross Profit | 110,373 | 111,041 | 125,148 | 104,596 | 105,872 | 114,406 | 98,201 | 90,601 | |||
Operating income | 68,556 | 82,015 | 93,893 | 75,975 | 74,011 | 84,130 | 71,803 | 64,484 | 320,439 | 294,428 | 234,615 |
Income from continuing operations | 30,711 | 29,912 | 64,981 | 21,550 | 21,839 | 29,387 | 29,762 | 45,934 | 147,154 | 126,922 | 93,930 |
Net income from discontinued operations | 14,531 | 18,857 | 28,324 | 10,407 | 10,417 | 8,752 | (3,988) | (49,165) | 72,119 | (33,984) | 7,085 |
Net income (loss) applicable to common shares attributed to Vector Group Ltd. | $ 45,312 | $ 48,889 | $ 93,305 | $ 31,957 | $ 32,256 | $ 38,139 | $ 25,774 | $ (3,231) | $ 219,463 | $ 92,938 | $ 100,974 |
Per basic common share: | |||||||||||
Net income from continued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | $ 0.20 | $ 0.19 | $ 0.41 | $ 0.14 | $ 0.14 | $ 0.19 | $ 0.20 | $ 0.30 | $ 0.94 | $ 0.83 | $ 0.59 |
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | 0.09 | 0.12 | 0.19 | 0.06 | 0.07 | 0.06 | (0.03) | (0.33) | 0.46 | (0.23) | 0.05 |
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | 0.29 | 0.31 | 0.60 | 0.20 | 0.21 | 0.25 | 0.17 | (0.03) | 1.40 | 0.60 | 0.64 |
Per diluted common share: | |||||||||||
Net income from continued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | 0.20 | 0.19 | 0.41 | 0.14 | 0.14 | 0.19 | 0.19 | 0.30 | 0.94 | 0.83 | 0.58 |
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share) | 0.09 | 0.12 | 0.19 | 0.06 | 0.07 | 0.06 | (0.03) | (0.33) | 0.46 | (0.23) | 0.05 |
Net income applicable to common share attributed to Vector Group Ltd. (in dollars per share) | $ 0.29 | $ 0.31 | $ 0.60 | $ 0.20 | $ 0.21 | $ 0.25 | $ 0.16 | $ (0.03) | $ 1.40 | $ 0.60 | $ 0.63 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 8,542 | $ 9,396 | $ 11,069 |
Additions Charged to Costs and Expenses | 31,102 | 30,663 | 30,038 |
Deductions | 32,301 | 31,517 | 31,711 |
Balance at End of Period | 7,343 | 8,542 | 9,396 |
Cash discounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 334 | 319 | 317 |
Additions Charged to Costs and Expenses | 28,663 | 28,046 | 25,970 |
Deductions | 28,671 | 28,031 | 25,968 |
Balance at End of Period | 326 | 334 | 319 |
Deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 852 | 1,292 | 3,817 |
Additions Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions | 504 | 440 | 2,525 |
Balance at End of Period | 348 | 852 | 1,292 |
Sales returns | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 7,356 | 7,785 | 6,935 |
Additions Charged to Costs and Expenses | 2,439 | 2,617 | 4,068 |
Deductions | 3,126 | 3,046 | 3,218 |
Balance at End of Period | $ 6,669 | $ 7,356 | $ 7,785 |