Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 $0.10 per share | |
Trading Symbol | VGR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 155,933,020 | |
Entity Central Index Key | 0000059440 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 436,522 | $ 224,580 |
Investment securities at fair value | 128,704 | 116,436 |
Accounts receivable - trade, net | 25,026 | 40,677 |
Inventories | 89,264 | 92,448 |
Income taxes receivable, net | 2,898 | 8,454 |
Other current assets | 12,302 | 9,770 |
Total current assets | 694,716 | 492,365 |
Property, plant and equipment, net | 43,600 | 39,580 |
Long-term investments (includes $29,843 and $28,919 at fair value) | 45,743 | 44,959 |
Investments in real estate ventures | 122,172 | 121,117 |
Operating lease right-of-use assets | 8,020 | 7,742 |
Intangible assets | 107,511 | 107,511 |
Other assets | 79,259 | 95,317 |
Total assets | 1,101,021 | 908,591 |
Current liabilities: | ||
Current portion of notes payable and long-term debt | 15 | 22,065 |
Current amounts due under the Master Settlement Agreement | 205,222 | 14,838 |
Current operating lease liability | 3,854 | 3,551 |
Other current liabilities | 129,225 | 135,170 |
Total current liabilities | 338,316 | 175,624 |
Notes payable, long-term debt and other obligations, less current portion | 1,385,499 | 1,390,261 |
Non-current employee benefits | 65,509 | 63,216 |
Deferred income taxes, net | 53,063 | 51,034 |
Non-current operating lease liability | 5,147 | 5,469 |
Amounts due under the Master Settlement Agreement | 8,747 | 11,116 |
Other liabilities | 18,095 | 19,748 |
Total liabilities | 1,874,376 | 1,716,468 |
Commitments and contingencies (Note 7) | ||
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, 155,933,020 and 154,840,902 shares issued and outstanding | 15,593 | 15,484 |
Additional paid-in capital | 8,702 | 5,092 |
Accumulated deficit | (782,125) | (812,380) |
Accumulated other comprehensive loss | (15,525) | (16,073) |
Total Vector Group Ltd. stockholders' deficiency | (773,355) | (807,877) |
Total liabilities and stockholders' deficiency | $ 1,101,021 | $ 908,591 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Long-term investments, fair value | $ 29,843 | $ 28,919 |
Stockholders' deficiency: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 155,933,020 | 154,840,902 |
Common stock, shares outstanding (in shares) | 155,933,020 | 154,840,902 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues: | |||||
Total revenues | $ 364,111 | $ 377,995 | $ 1,063,918 | $ 1,077,239 | |
Cost of sales: | |||||
Total cost of sales | 245,680 | 267,023 | 726,950 | 751,076 | |
Operating, selling, administrative and general expenses | 27,512 | 27,040 | 81,734 | 76,265 | |
Litigation settlement and judgment expense | 414 | 31 | 18,789 | 160 | |
Operating income | 90,505 | 83,901 | 236,445 | 249,738 | |
Other income (expenses): | |||||
Interest expense | (27,256) | (27,598) | (81,854) | (83,420) | |
Gain (loss) on extinguishment of debt | 0 | 412 | (181) | 412 | |
Equity in losses from investments | (941) | (619) | (141) | (5,172) | |
Equity in earnings (losses) from real estate ventures | 3,739 | (1,903) | 4,800 | (4,240) | |
Other, net | 7,107 | (804) | 15,518 | (5,043) | |
Income before provision for income taxes | 73,154 | 53,389 | 174,587 | 152,275 | |
Income tax expense | 20,455 | 14,533 | 49,058 | 41,724 | |
Net income | $ 52,699 | $ 38,856 | $ 125,529 | $ 110,551 | |
Per basic common share: | |||||
Net income applicable to common shares (in dollars per share) | $ 0.33 | $ 0.25 | $ 0.80 | $ 0.70 | |
Per diluted common share: | |||||
Net income applicable to common shares (in dollars per share) | $ 0.33 | $ 0.25 | $ 0.80 | $ 0.70 | |
Tobacco | |||||
Revenues: | |||||
Total revenues | [1] | $ 364,111 | $ 377,995 | $ 1,063,918 | $ 1,061,355 |
Cost of sales: | |||||
Total cost of sales | [1] | 245,680 | 267,023 | 726,950 | 743,749 |
Real estate | |||||
Revenues: | |||||
Total revenues | 0 | 0 | 0 | 15,884 | |
Cost of sales: | |||||
Total cost of sales | $ 0 | $ 0 | $ 0 | $ 7,327 | |
[1]Revenues and cost of sales include federal excise taxes of $122,943, $138,041, $367,511, and $392,004 for the three and nine months ended September 30, 2023 and 2022, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Tax portion of revenues and cost of goods sold | $ 122,943 | $ 138,041 | $ 367,511 | $ 392,004 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 52,699 | $ 38,856 | $ 125,529 | $ 110,551 |
Net unrealized (losses) gains on investment securities available for sale: | ||||
Change in net unrealized losses | (38) | (948) | (464) | (2,841) |
Net unrealized losses reclassified into net income | 32 | 953 | 467 | 2,783 |
Net unrealized (losses) gains on investment securities available for sale | (6) | 5 | 3 | (58) |
Net change in pension-related amounts: | ||||
Amortization of loss | 245 | 403 | 735 | 1,211 |
Net change in pension-related amounts | 245 | 403 | 735 | 1,211 |
Other comprehensive income | 239 | 408 | 738 | 1,153 |
Income tax effect on: | ||||
Change in net unrealized losses on investment securities | 11 | 245 | 120 | 733 |
Net unrealized losses reclassified into net income on investment securities | (9) | (246) | (121) | (718) |
Pension-related amounts | (63) | (104) | (189) | (313) |
Income tax provision on other comprehensive income | (61) | (105) | (190) | (298) |
Other comprehensive income, net of tax | 178 | 303 | 548 | 855 |
Comprehensive income | $ 52,877 | $ 39,159 | $ 126,077 | $ 111,406 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Deficiency - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 154,840,902 | |||
Beginning Balance | $ (797,125) | $ (830,912) | $ (807,877) | $ (841,553) |
Net income | 52,699 | 38,856 | 125,529 | 110,551 |
Total other comprehensive income | 178 | 303 | 548 | 855 |
Dividends on common stock | (31,755) | (31,739) | (95,274) | (95,265) |
Restricted stock grants | 0 | 0 | ||
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting | (25) | (1,111) | (3,177) | (2,668) |
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options | (12,633) | |||
Exercise of stock options | 12,105 | |||
Stock-based compensation | $ 2,673 | 1,558 | $ 7,424 | 6,275 |
Reallocation of distribution of Douglas Elliman | 0 | |||
Other | (265) | (1,505) | ||
Ending Balance (in shares) | 155,933,020 | 155,933,020 | ||
Ending Balance | $ (773,355) | $ (823,310) | $ (773,355) | $ (823,310) |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 155,934,987 | 154,896,129 | 154,840,902 | 153,959,427 |
Beginning Balance | $ 15,593 | $ 15,490 | $ 15,484 | $ 15,396 |
Restricted stock grants (in shares) | 1,290,000 | 1,070,000 | ||
Restricted stock grants | $ 129 | $ 107 | ||
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting (in shares) | (1,967) | (100,227) | (240,948) | (233,525) |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting | $ (10) | $ (25) | $ (23) | |
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options (in shares) | (1,012,249) | |||
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options | $ (101) | |||
Exercise of stock options (in shares) | 1,055,315 | |||
Exercise of stock options | $ 106 | |||
Ending Balance (in shares) | 155,933,020 | 154,795,902 | 155,933,020 | 154,795,902 |
Ending Balance | $ 15,593 | $ 15,480 | $ 15,593 | $ 15,480 |
Additional Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 6,054 | 3,066 | 5,092 | 11,172 |
Restricted stock grants | (129) | (107) | ||
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting | (25) | (1,101) | (3,152) | (2,645) |
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options | (12,532) | |||
Exercise of stock options | 11,999 | |||
Stock-based compensation | 2,673 | 1,558 | 7,424 | 6,275 |
Reallocation of distribution of Douglas Elliman | (11,172) | |||
Ending Balance | 8,702 | 3,523 | 8,702 | 3,523 |
Accumulated Deficit | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (803,069) | (834,297) | (812,380) | (852,398) |
Net income | 52,699 | 38,856 | 125,529 | 110,551 |
Dividends on common stock | (31,755) | (31,739) | (95,274) | (95,265) |
Reallocation of distribution of Douglas Elliman | 11,172 | |||
Other | (265) | (1,505) | ||
Ending Balance | (782,125) | (827,445) | (782,125) | (827,445) |
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (15,703) | (15,171) | (16,073) | (15,723) |
Total other comprehensive income | 178 | 303 | 548 | 855 |
Ending Balance | $ (15,525) | $ (14,868) | $ (15,525) | $ (14,868) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Deficiency (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Distributions and dividends on common stock (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.60 | $ 0.60 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 125,529 | $ 110,551 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,185 | 5,430 |
Non-cash stock-based expense | 7,424 | 6,275 |
Loss (gain) on extinguishment of debt | 181 | (412) |
Deferred income taxes | 1,953 | 2,724 |
Distributions from investments | 0 | 540 |
Equity in losses from investments | 141 | 5,172 |
Net (gains) losses on investment securities | (373) | 10,296 |
Equity in (earnings) losses from real estate ventures | (4,800) | 4,240 |
Distributions from real estate ventures | 4,091 | 2,986 |
Non-cash interest expense | 1,814 | 3,333 |
Non-cash lease expense | 2,597 | 2,530 |
Other | 7 | 0 |
Changes in assets and liabilities: | ||
Receivables | 15,829 | (11,519) |
Inventories | 3,184 | 8,514 |
Accounts payable and accrued liabilities | (11,198) | (21,099) |
Amounts due under the Master Settlement Agreement | 188,016 | 200,266 |
Litigation accruals | 1,260 | 0 |
Other assets and liabilities, net | 131 | (810) |
Net cash provided by operating activities | 340,971 | 329,017 |
Cash flows from investing activities: | ||
Sale of investment securities | 9,492 | 21,152 |
Maturities of investment securities | 58,563 | 49,789 |
Purchase of investment securities | (79,099) | (48,828) |
Proceeds from sale or liquidation of long-term investments | 4,062 | 4,413 |
Purchase of long-term investments | (9,361) | (4,312) |
Investments in real estate ventures | (6,632) | (19,644) |
Distributions from investments in real estate ventures | 9,273 | 3,791 |
Increase in cash surrender value of life insurance policies | (1,263) | (1,268) |
(Increase) decrease in restricted assets | (18) | 5 |
Issuance of notes receivable | (500) | 0 |
Proceeds from sale of fixed assets | 3 | 0 |
Capital expenditures | (9,067) | (8,759) |
Paydowns of investment securities | 91 | 157 |
Net cash used in investing activities | (24,456) | (3,504) |
Cash flows from financing activities: | ||
Repurchase and repayments of debt | (8,420) | (12,246) |
Borrowings under revolving credit facility | 87,497 | 67,451 |
Repayments on revolving credit facility | (109,532) | (67,453) |
Dividends on common stock | (94,716) | (96,636) |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options | (3,705) | 0 |
Other | 0 | (938) |
Net cash used in financing activities | (128,876) | (109,822) |
Net increase in cash, cash equivalents and restricted cash | 187,639 | 215,691 |
Cash, cash equivalents and restricted cash, beginning of period | 250,374 | 194,849 |
Cash, cash equivalents and restricted cash, end of period | $ 438,013 | $ 410,540 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation : The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of 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. 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. The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year. (b) Distributions and Dividends on Common Stock : The Company records distributions on its common stock as dividends in its condensed consolidated statements of stockholders’ deficiency to the extent of retained earnings and net income for the respective fiscal year. Any amounts exceeding retained earnings and net income are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit. (c) Earnings Per Share (“EPS”) : Net income for purposes of determining basic and diluted EPS applicable to common shares was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income $ 52,699 $ 38,856 $ 125,529 $ 110,551 Income attributable to participating securities (1,438) (1,180) (3,418) (3,405) Net income available to common stockholders $ 51,261 $ 37,676 $ 122,111 $ 107,146 Basic and diluted EPS were calculated using the following common shares: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares for basic EPS 153,276,443 152,859,378 153,168,872 152,716,470 Incremental shares related to stock options and non-vested restricted stock 119,660 50,802 127,385 156,452 Weighted-average shares for diluted EPS 153,396,103 152,910,180 153,296,257 152,872,922 The following non-vested restricted stock was outstanding during the three and nine months ended September 30, 2023 and 2022, respectively, and was not included in the computation of diluted EPS because the impact of the per share expense associated with the non-vested restricted stock was greater than the average market price of the common shares during the respective periods. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares of non-vested restricted stock 22,500 — — — Weighted-average expense per share $ 11.23 $ — $ — $ — (d) Other, net : Other, net consisted of: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest and dividend income $ 6,808 $ 2,406 $ 15,659 $ 3,791 Net gains (losses) recognized on investment securities 166 (3,127) 373 (10,296) Net periodic benefit cost other than the service costs (337) (236) (1,015) (709) Other income 470 153 501 2,171 Total other, net $ 7,107 $ (804) $ 15,518 $ (5,043) (e) Other Assets : Other assets consisted of: September 30, December 31, 2022 Restricted assets $ 1,604 $ 25,907 Prepaid pension costs 39,951 38,100 Other assets 37,704 31,310 Total other assets $ 79,259 $ 95,317 (f) Other Current Liabilities : Other current liabilities consisted of: September 30, December 31, 2022 Accounts payable $ 6,364 $ 6,351 Accrued promotional expenses 54,454 56,645 Accrued excise and payroll taxes payable, net 4,497 17,160 Accrued interest 31,738 30,451 Accrued salaries and benefits 8,572 9,614 Allowance for sales returns 11,468 7,526 Other current liabilities 12,132 7,423 Total other current liabilities $ 129,225 $ 135,170 (g) Reconciliation of Cash, Cash Equivalents and Restricted Cash : The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows: September 30, December 31, Cash and cash equivalents $ 436,522 $ 224,580 Restricted cash and cash equivalents included in other assets 1,491 25,794 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 438,013 $ 250,374 (h) Related Party Transactions : Agreements with Douglas Elliman. The Company received $1,050 and $3,150 under the Transition Services Agreement and $452 and $1,748 under the Aircraft Lease Agreements for the three and nine months ended September 30, 2023 and $352 and $1,529 for the three and nine months ended September 30, 2022, respectively. The Company has agreed to indemnify Douglas Elliman for certain tax matters under the Tax Disaffiliation Agreement. The Company paid Douglas Elliman $581 as of September 30, 2022 and recorded Other expense of $28 and $581 in its condensed consolidated statement of operations for the three and nine months ended September 30, 2022 related to the tax indemnification. Real estate venture investments. Douglas Elliman has been engaged by the developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. Douglas Elliman had gross commissions from these projects of approximately $104 and $946 for the three and nine months ended September 30, 2023 and $115 and $1,216 for the three and nine months ended September 30, 2022, respectively. (i) New Accounting Pronouncements : Accounting Standards Updates (“ASUs”) adopted in 2023 : In October 2021, the Financial Accounting Standards Board (“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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. SEC Proposed Rules On March 21, 2022, the SEC proposed rule changes that would require registrants to provide certain climate-related information in their registration statements and annual reports. The proposed rules would require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks would also include disclosure of a registrant's greenhouse gas emissions, which have become a commonly used metric to assess a registrant's exposure to such risks. In addition, under the proposed rules, certain climate-related financial metrics would be required in a registrant's audited financial statements. The Company is currently evaluating the impact of the proposed rule changes. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Disaggregation of Revenue The Company disaggregates revenues by segment. Tobacco . Tobacco segment revenues are not disaggregated because all revenues are generated from the discount segment of the U.S. cigarette industry. Real Estate. Real Estate segment revenues are disaggregated in the table below. The Real Estate segment includes the Company’s investment in New Valley, investments in real estate ventures and, prior to April 2022 when Escena was sold, included investments in real estate. After the sale of Escena, the Company has no revenues from its real estate segment. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Real Estate Segment Revenues Sales on facilities located on investments in real estate $ — $ — $ — $ 3,259 Revenues from investments in real estate — — — 12,625 Total real estate revenues $ — $ — $ — $ 15,884 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of: September 30, December 31, Leaf tobacco $ 40,731 $ 39,893 Other raw materials 10,915 8,808 Work-in-process 903 798 Finished goods 64,348 64,865 Inventories at current cost 116,897 114,364 LIFO adjustments: Leaf tobacco (18,249) (15,213) Other raw materials (2,520) (1,220) Work-in-process (25) (25) Finished goods (6,839) (5,458) Total LIFO adjustments (27,633) (21,916) $ 89,264 $ 92,448 All inventories as of September 30, 2023 and December 31, 2022 are reported under the LIFO method. The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $23,020 and $23,084 as of September 30, 2023 and December 31, 2022, respectively. Federal excise tax capitalized in inventory was $25,164 and $26,423 as of September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, Liggett had tobacco purchase commitments of approximately $40,210. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2025. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES Investment securities consisted of the following: September 30, December 31, 2022 Debt securities available for sale $ 92,646 $ 81,643 Equity securities at fair value: Marketable equity securities 13,351 12,724 Mutual funds invested in debt securities 22,707 22,069 Long-term investment securities at fair value (1) 29,843 28,919 Total equity securities at fair value 65,901 63,712 Total investment securities at fair value 158,547 145,355 Less: Long-term investment securities at fair value (1) 29,843 28,919 Current investment securities at fair value $ 128,704 $ 116,436 Long-term investment securities at fair value (1) $ 29,843 $ 28,919 Equity-method investments 15,900 16,040 Total long-term investments $ 45,743 $ 44,959 Equity securities and other long-term investments at cost (2) $ 7,755 $ 2,755 (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 condensed consolidated balance sheets. Net gains (losses) recognized on investment securities were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net gains (losses) recognized on equity securities $ 198 $ (2,174) $ 840 $ (7,513) Net gains (losses) recognized on debt securities available for sale 2 — (177) 6 Impairment expense (34) (953) (290) (2,789) Net gains (losses) recognized on investment securities $ 166 $ (3,127) $ 373 $ (10,296) (a) Debt Securities Available for Sale: The components of debt securities available for sale as of September 30, 2023 were as follows: Cost Gross Gross Fair Marketable debt securities $ 92,633 $ 13 $ — $ 92,646 The table below summarizes the maturity dates of debt securities available for sale as of September 30, 2023. Investment Type: Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. government securities $ 28,544 $ — $ 28,544 $ — Corporate securities 20,857 16,474 4,383 — U.S. mortgage-backed securities 24,298 20,247 4,019 32 Commercial paper 8,979 8,979 — — U.S. treasury bills 9,968 9,968 — — Total debt securities available for sale by maturity dates $ 92,646 $ 55,668 $ 36,946 $ 32 The components of debt securities available for sale at December 31, 2022 were as follows: Cost Gross Gross Fair Marketable debt securities $ 81,629 $ 14 $ — $ 81,643 There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater as of September 30, 2023 and December 31, 2022, respectively. Gross realized gains and losses on debt securities available for sale were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Gross realized gains on sales $ 2 $ — $ 7 $ 7 Gross realized losses on sales — — (184) (1) Net gains (losses) recognized on debt securities available for sale $ 2 $ — $ (177) $ 6 Impairment expense $ (34) $ (953) $ (290) $ (2,789) Although management 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 during the three and nine months ended September 30, 2023 and 2022, respectively: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net gains (losses) recognized on equity securities $ 198 $ (2,174) $ 840 $ (7,513) Less: Net gains (losses) recognized on equity securities sold 32 (16) 303 290 Net unrealized gains (losses) recognized on equity securities still held at the reporting date $ 166 $ (2,158) $ 537 $ (7,803) The Company’s investments in mutual funds that invest in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 9. 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 $303 related to long-term investment securities at fair value as of September 30, 2023. The Company received $4,062 and $4,953 of cash distributions for the nine months ended September 30, 2023 and 2022, respectively. The company recorded $88 of in-transit redemptions as of September 30, 2023. The Company classified all cash distributions as investing cash inflows. (c) Equity-Method Investments: Equity-method investments consisted of the following: September 30, December 31, 2022 Mutual fund and hedge funds $ 15,900 $ 16,040 On September 30, 2023, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.40% to 38.67%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting. Equity in losses from investments were: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Mutual fund and hedge funds $ (941) $ (619) $ (141) $ (5,172) (d) Equity Securities and Other Long-Term Investments Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient |
New Valley LLC
New Valley LLC | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
NEW VALLEY LLC | NEW VALLEY LLC Investments in real estate ventures: The components of “Investments in real estate ventures” were as follows: Range of Ownership (1) September 30, 2023 December 31, 2022 Condominium and Mixed-Use Development 4.1% - 77.8% $ 98,275 $ 93,350 Apartment Buildings 15.0% - 50.0% 8,184 9,910 Hotels 0.4% - 49.0% 138 2,510 Commercial 1.6% - 49.0% 15,575 15,347 Investments in real estate ventures $ 122,172 $ 121,117 _____________________________ (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: Nine Months Ended September 30, 2023 2022 Condominium and Mixed-Use Development $ 6,484 $ 11,368 Apartment Buildings 148 — Hotels — 206 Commercial — 8,070 Total contributions $ 6,632 $ 19,644 For ventures where New Valley previously held an investment and made an additional contribution, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the nine months ended September 30, 2023 and 2022. New Valley’s direct investment percentage in its existing ventures did not significantly change. Distributions: The components of distributions received by New Valley from its investments in real estate ventures were as follows: Nine Months Ended September 30, 2023 2022 Condominium and Mixed-Use Development $ 7,798 $ 1,032 Apartment Buildings — 550 Hotels 5,164 — Commercial 402 736 Other — 4,459 Total distributions $ 13,364 $ 6,777 Of the distributions received by New Valley from its investment in real estate ventures, $4,091 and $2,986 were from distributions of earnings for the nine months ended September 30, 2023 and 2022, respectively, and $9,273 and $3,791 were a return of capital for the nine months ended September 30, 2023 and 2022, respectively. Distributions from earnings are included in cash from operations in the condensed consolidated statements of cash flows, while distributions from return of capital are included in cash flows from investing activities in the condensed 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: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Condominium and Mixed-Use Development $ (912) $ (2,142) $ 3,250 $ (5,274) Apartment Buildings (265) (450) (1,874) (1,374) Hotels 4,886 427 2,792 (620) Commercial 30 262 632 778 Other — — — 2,250 Equity in earnings (losses) from real estate ventures $ 3,739 $ (1,903) $ 4,800 $ (4,240) The Company recorded impairment expense of $0 and $1,202 for the three and nine months ended September 30, 2023, respectively. The expense related to one hotel venture. As a result of the Company recording impairment charges on certain of its investments in real estate ventures, the impaired real estate venture was recorded at fair value as of the period when the impairment charge was recorded. The impaired real estate venture was measured at fair value on a nonrecurring basis as a result of recording an other-than-temporary impairment charge. Investment in Real Estate Ventures Entered Into During the Nine Months Ended September 30, 2023: In January 2023, New Valley invested $700 for an approximate 27% interest in 353 6th LLC. The joint venture plans to develop a condominium complex. The venture is a variable interest entity (“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 353 6th LLC was $721 as of September 30, 2023. VIE Consideration: The Company has determined that the entities in the real restate ventures 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: September 30, 2023 Condominium and Mixed-Use Development $ 98,275 Apartment Buildings 8,184 Hotels 138 Commercial 15,575 Total maximum exposure to loss $ 122,172 New Valley capitalized $966 and $3,094 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2023, respectively. New Valley capitalized $1,101 and $3,152 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2022, respectively. Investments in Real Estate, net: Escena. New Valley recorded operating income of $0 and $1,316 for the three and nine months ended September 30, 2022 from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California. In April 2022, New Valley sold Escena. |
Notes Payable, Long-Term Debt a
Notes Payable, Long-Term Debt and Other Obligations | 9 Months Ended |
Sep. 30, 2023 | |
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: September 30, December 31, Vector: 5.75% Senior Secured Notes due 2029 $ 875,000 $ 875,000 10.5% Senior Notes due 2026, net of unamortized discount of $1,847 and $2,209 531,936 539,926 Liggett: Revolving credit agreement — 22,035 Equipment loans 15 37 Notes payable, long-term debt and other obligations 1,406,951 1,436,998 Less: Debt issuance costs (21,437) (24,672) Total notes payable, long-term debt and other obligations 1,385,514 1,412,326 Less: Current maturities (15) (22,065) Amount due after one year $ 1,385,499 $ 1,390,261 5.75% Senior Secured Notes due 2029 — Vector : As of September 30, 2023, the Company was in compliance with all debt covenants related to its 5.75% Senior Secured Notes due 2029. 10.5% Senior Notes due 2026 — Vector : In March 2023, the Company repurchased in the market $6,660 in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $141 associated with the repurchase. In April 2023, the Company repurchased in the market $1,692 in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $40 associated with the repurchase. In October 2023, the Company repurchased in the market $6,250 in aggregate principal amount of its 10.5% Senior Notes outstanding and will record a loss of $103 associated with the repurchase. The 10.5% Senior Notes that were repurchased have been retired. As of September 30, 2023, the Company was in compliance with all debt covenants related to its 10.5% Senior Notes due 2026. Revolving Credit Agreement — Liggett : On May 8, 2023, Liggett, 100 Maple LLC (“Maple”) and Vector Tobacco entered into Amendment No. 5 to the Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as agent and lender. The existing credit agreement was amended to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) as the applicable reference rate and to reduce the unused line fee. Following the amendment, loans under the Credit Agreement will bear interest at a rate equal to, at the borrower’s option, (a) the base rate (which is the highest of (i) 0%, (ii) the federal funds rate plus 0.50%, (iii) the prime rate of Wells Fargo or (iv) Term SOFR for a one month interest period), (b) Term SOFR for the applicable interest period plus 2.25% or (c) Daily Simple SOFR plus 2.25%. The amendment also reduced the unused line fee applicable to the average undrawn commitments to 0.25%, regardless of the amount borrowed under the facility. As of September 30, 2023, there was no outstanding balance due under the Credit Agreement. Availability, as determined under the Credit Agreement, was approximately $78,900 based on eligible collateral on September 30, 2023. As of September 30, 2023, Liggett, Maple, and Vector Tobacco were in compliance with all debt covenants under the Credit Agreement. Non-Cash Interest Expense — Vector : Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Amortization of debt discount, net $ 124 $ 111 $ 362 $ 324 Amortization of debt issuance costs 1,104 1,036 3,254 3,052 (Gain) loss on repurchase of 10.5% Senior Notes — (412) 181 (412) Total non-cash interest expense $ 1,228 $ 735 $ 3,797 $ 2,964 Fair Value of Notes Payable and Long-Term Debt : September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Value Value Value Value 5.75% Senior Secured Notes due 2029 $ 875,000 $ 742,796 $ 875,000 $ 758,993 10.5% Senior Notes due 2026 531,936 534,077 539,926 537,202 Liggett and other 15 15 22,072 22,072 Notes payable and long-term debt $ 1,406,951 $ 1,276,888 $ 1,436,998 $ 1,318,267 Notes payable and long-term debt are recorded on the condensed 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 9 if such |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022, Liggett incurred tobacco product liability legal expenses and costs totaling $6,694 and $6,035, respectively. 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 September 30, 2023, there are no litigation bonds posted. In June 2009, Florida amended its existing bond cap statute by adding a $200,000 bond cap that applies to all Florida tobacco litigation in the aggregate and establishes individual bond caps 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 7: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the condensed 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. 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. 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. 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 September 30, 2023, there were 60 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 Massachusetts 23 Illinois 16 Florida 10 Hawaii 4 Nevada 4 Louisiana 2 California 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. 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 September 30, 2023, 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 faces 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 7, 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, except as discussed herein and, in most of the remaining 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. 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 $4,000 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 213 Engle progeny cases for approximately $8,400 in the aggregate. Two of these settlements occurred in the third quarter of 2023. As of September 30, 2023, 15 Engle progeny cases remain pending in state court where Liggett is a named defendant. 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 September 30, 2023, Liggett paid $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 . Liggett Only Cases As of September 30, 2023, there were five cases pending where Liggett is the sole defendant: Cowart, Cunningham, Siler and Watson are Individual Actions and Forbing is an Engle progeny case. It is possible that cases where Liggett is the only defendant could increase. Upcoming Trials As of September 30, 2023, there were five Individual Actions ( Caravalho, Kanuha, Lane, Manious, and Silva ) scheduled for trial through September 30, 2024, where Liggett is a named defendant. Trial dates are subject to change and additional cases could be set for trial during this time. City of Baltimore In December 2022, the Mayor and City Council of Baltimore sued Liggett and others, claiming, among other things, that defendants’ failure to use biodegradable filters on their cigarette products resulted in littering by smokers of the city’s streets, sidewalks, beaches, parks, lawns and waterways, which in turn resulted in contamination of the soil and water, increased costs of clean-up and disposal of this litter, as well as the reduction of property values and tourism to the city. Plaintiffs seek compensatory damages, punitive damages, penalties, fines, disgorgement of profits and equitable relief. Class Actions As of September 30, 2023, 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. In November 1997, in Young v. American Tobacco Co., a purported class action was brought on behalf of plaintiff and all similarly situated residents in Louisiana who, though not themselves cigarette smokers, allege they were exposed to and suffered injury from secondhand smoke from cigarettes. The plaintiffs seek an unspecified amount of compensatory and punitive damages. The case has been stayed since March 2016 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 brought on behalf of plaintiff and all West Virginia residents who allegedly have claims arising from their exposure to cigarette smoke and asbestos fibers and seeks compensatory and punitive damages. The case has been stayed since December 2000 as a result of bankruptcy petitions filed by three co-defendants. 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. Health Care Cost Recovery Actions As of September 30, 2023, one Health Care Cost Recovery Action was pending against Liggett 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 have asserted 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. 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 (including Florida, Mississippi, Texas and Minnesota) 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 5.5% of the total cigarettes sold in the United States in the first nine months of 2023. 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 29, 2022, Liggett and Vector Tobacco pre-paid $268,250 of their approximate $285,000 2022 MSA obligation. The remaining balance of $16,780 was paid in April 2023. Certain MSA Disputes NPM Adjustment. Liggett and Vector Tobacco contend that they are entitled to an NPM Adjustment for 2003 - 2022. 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 - 2022, 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. To date, the PMs, have settled the NPM Adjustment dispute with 40 states representing approximately 81% of the MSA allocable share. As a result of the settlements, Liggett and Vector Tobacco reduced cost of sales for the nine months ended September 30, 2023 and 2022 by $11,270 and $9,665 , respectively. Liggett and Vector Tobacco may be entitled to further adjustments. As of September 30, 2023, Liggett and Vector Tobacco had accrued approximately $8,700 related to the disputed amounts withheld from the non-settling states for 2005 - 2010, which may be subject to payment, with interest, if Liggett and Vector Tobacco lose the disputes for those years. The 2004 NPM Adjustment arbitration with the non-settling states commenced in 2016, with the arbitration panel finding three states liable for the NPM Adjustment. Two of these states filed motions challenging these determinations and several issues remain to be resolved by the arbitration panels that will affect the final amount of the 2004 NPM Adjustment. Individual state hearings with respect to the NPM Adjustments for 2005 - 2007 are ongoing with the non-settling states. Other State Settlements. The MSA replaced Liggett’s prior settlements with all states and territories except for Florida, Mississippi, Texas and Minnesota. In 1999, Liggett ceased making payments to those four states based on the most favored nation provisions contained in the settlement agreements. Thereafter, each of the four states disputed Liggett’s determination regarding its payment obligations. In 2003, as a result of its dispute with Minnesota, Liggett agreed to pay $100 a year in any year cigarettes manufactured by Liggett are sold in that state, through 2022. In 2023, Minnesota and Liggett agreed to amend that agreement with Liggett agreeing to pay $1,000 per year for an additional ten years. In 2010, Liggett resolved the dispute with Florida and agreed to pay $1,200 and to make annual payments of $250 through 2032, with the payments in 2022 through the duration of the agreement 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 alleging that Liggett owed Mississippi at least $27,000 in compensatory damages, plus interest, attorneys’ fees and punitive damages. In August 2023, Liggett resolved the dispute with Mississippi for payment of $18,000. 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 7, management is unable to estimate the loss or range of loss that could result from an unfavorable outcome of the cases pending against Liggett or the costs of defending such cases and as a result has not provided any amounts in its condensed consolidated financial statements for unfavorable outcomes. The tobacco industry is subject to a wide range of laws and regulations regarding the marketing, sale, taxation and use of tobacco products imposed by local, state and federal governments. There have been a number of restrictive regulatory actions, adverse legislative and political decisions and other unfavorable developments concerning cigarette smoking and the tobacco industry. These developments may negatively affect the perception of potential triers of fact with respect to the tobacco industry, possibly to the detriment of certain pending litigation, and may prompt the commencement of additional litigation or legislation. It is possible that the Company’s consolidated financial position, results of operations and cash flows could be materially adversely affected by an unfavorable outcome in any of the smoking-related litigation. The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2023 was as follows: Current Liabilities Non-Current Liabilities Amounts due under Master Settlement Agreement Litigation Accruals Total Amounts due under Master Settlement Agreement Litigation Accruals Total Balance as of January 1, 2023 $ 14,838 $ 296 $ 15,134 $ 11,116 $ 16,117 $ 27,233 Expenses 205,590 18,555 224,145 — — — NPM Settlement adjustment — — — (734) — (734) Change in MSA obligations capitalized as inventory (65) — (65) — — — Payments (16,776) (18,655) (35,431) — — — Reclassification to/(from) non-current liabilities 1,635 3,707 5,342 (1,635) (3,707) (5,342) Interest on withholding — 214 214 — 1,146 1,146 Balance as of September 30, 2023 $ 205,222 $ 4,117 $ 209,339 $ 8,747 $ 13,556 $ 22,303 The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2022 was as follows: Current Liabilities Non-Current Liabilities Amounts due under Master Settlement Agreement Litigation Accruals Total Amounts due under Master Settlement Agreement Litigation Accruals Total Balance as of January 1, 2022 $ 11,886 $ 3,918 $ 15,804 $ 13,224 $ 17,680 $ 30,904 Expenses 210,714 160 210,874 — — — NPM Settlement adjustment (15) — (15) (2,108) — (2,108) Change in MSA obligations capitalized as inventory 1,419 — 1,419 — — — Payments (9,744) (4,185) (13,929) — — — Reclassification to/(from) non-current liabilities — 3,566 3,566 — (3,566) (3,566) Interest on withholding — 358 358 — 1,582 1,582 Balance as of September 30, 2022 $ 214,260 $ 3,817 $ 218,077 $ 11,116 $ 15,696 $ 26,812 Other Matters : Liggett’s and Vector Tobacco’s management are unaware of any material environmental conditions affecting their existing facilities. Liggett’s and Vector Tobacco’s management believe that current operations are conducted in material compliance with all environmental laws and regulations and other laws and regulations governing cigarette manufacturers. Compliance with federal, state and local provisions regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had a material impact on the capital expenditures, results of operations or competitive position of Liggett or Vector Tobacco. Liggett and the Company have received three separate demands for indemnification from Altria Client Services, on behalf of Philip Morris, relating to lawsuits alleging smokers’ use of L&M cigarettes. The indemnification demands are purportedly issued in connection with Eve Holdings’ 1999 sale of certain trademarks to Philip Morris. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s effective income tax rate is based on expected income, statutory rates, valuation allowances against deferred tax assets, and any tax planning opportunities available to the Company. For interim financial reporting, the Company estimates the annual effective income tax rate based on full year projections and applies the annual effective income tax rate against year-to-date pretax income to record income tax expense, adjusted for discrete items, if any. The Company refines annual estimates as new information becomes available. The Company’s tax rate does not bear a relationship to statutory tax rates due to permanent differences, which are primarily related to nondeductible compensation and state taxes. The Company’s income tax expense consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income before provision for income taxes $ 73,154 $ 53,389 $ 174,587 $ 152,275 Income tax expense using estimated annual effective income tax rate 20,556 14,629 49,058 41,724 Changes in effective tax rates (101) (96) — — Income tax expense $ 20,455 $ 14,533 $ 49,058 $ 41,724 |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 372,445 $ 372,445 $ — $ — Commercial paper (1) 47,691 — 47,691 — Investment securities at fair value Equity securities at fair value Marketable equity securities 13,351 13,351 — — Mutual funds invested in debt securities 22,707 22,707 — — Total equity securities at fair value 36,058 36,058 — — Debt securities available for sale U.S. government securities 28,544 — 28,544 — Corporate securities 20,857 — 20,857 — U.S. government and federal agency 24,298 — 24,298 — Commercial paper 8,979 — 8,979 — Index-linked U.S. bonds 9,968 — 9,968 — Total debt securities available for sale 92,646 — 92,646 — Total investment securities at fair value 128,704 36,058 92,646 — Long-term investments Long-term investment securities at fair value (2) 29,843 — — — Total $ 578,683 $ 408,503 $ 140,337 $ — (1) Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets. (2) 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, 2022 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 155,411 $ 155,411 $ — $ — Commercial paper (1) 54,526 — 54,526 — Money market funds securing legal bonds (2) 24,000 24,000 — — Investment securities at fair value Equity securities at fair value Marketable equity securities 12,724 12,724 — — Mutual funds invested in debt securities 22,069 22,069 — — Total equity securities at fair value 34,793 34,793 — — Debt securities available for sale U.S. government securities 779 — 779 — Corporate securities 53,814 — 53,814 — U.S. government and federal agency 27,050 — 27,050 — Total debt securities available for sale 81,643 — 81,643 — Total investment securities at fair value 116,436 34,793 81,643 — Long-term investments Long-term investment securities at fair value (3) 28,919 — — — Total $ 379,292 $ 214,204 $ 136,169 $ — (1) Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets. (2) Amounts included in non-current restricted assets on the condensed 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 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. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of September 30, 2023 and December 31, 2022, respectively, except for investments in real estate ventures that were impaired as of December 31, 2022. The Company’s investments 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 Impairment Charge Total Assets: Investments in real estate ventures $ 490 $ — $ — $ — $ — |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s business segments for the three and nine months ended September 30, 2023 and 2022 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 for the three and nine months ended September 30, 2023 and 2022 were as follows: Real Corporate Tobacco Estate and Other Total Three months ended September 30, 2023 Revenues $ 364,111 $ — $ — $ 364,111 Operating income (loss) 94,821 (1) 84 (4,400) 90,505 Equity in earnings from real estate ventures — 3,739 — 3,739 Depreciation and amortization 1,447 — 315 1,762 Three months ended September 30, 2022 Revenues $ 377,995 $ — $ — $ 377,995 Operating income (loss) 88,107 (2) (3) (4,203) 83,901 Equity in losses from real estate ventures — (1,903) — (1,903) Depreciation and amortization 1,474 — 313 1,787 Nine months ended September 30, 2023 Revenues $ 1,063,918 $ — $ — $ 1,063,918 Operating income (loss) 248,542 (3) 294 (12,391) 236,445 Equity in earnings from real estate ventures — 4,800 — 4,800 Depreciation and amortization 4,243 — 942 5,185 Capital expenditures 8,837 — 230 9,067 Nine months ended September 30, 2022 Revenues $ 1,061,355 $ 15,884 $ — $ 1,077,239 Operating income (loss) 254,078 (4) 7,839 (12,179) 249,738 Equity in losses from real estate ventures — (4,240) — (4,240) Depreciation and amortization 4,426 66 938 5,430 Capital expenditures 8,720 1 38 8,759 (1) Operating income includes $423 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $414 of litigation settlement and judgment expense. (2) Operating income includes $31 of litigation settlement and judgment expense. (3) Operating income includes $734 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,789 of litigation settlement and judgment expense. (4) Operating income includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $160 of litigation settlement and judgment expense. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 52,699 | $ 38,856 | $ 125,529 | $ 110,551 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation : The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of 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. 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. |
Basis of Accounting | The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year. |
Distributions and Dividends on Common Stock | Distributions and Dividends on Common Stock : |
New Accounting Pronouncements | New Accounting Pronouncements : Accounting Standards Updates (“ASUs”) adopted in 2023 : In October 2021, the Financial Accounting Standards Board (“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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. SEC Proposed Rules On March 21, 2022, the SEC proposed rule changes that would require registrants to provide certain climate-related information in their registration statements and annual reports. The proposed rules would require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks would also include disclosure of a registrant's greenhouse gas emissions, which have become a commonly used metric to assess a registrant's exposure to such risks. In addition, under the proposed rules, certain climate-related financial metrics would be required in a registrant's audited financial statements. The Company is currently evaluating the impact of the proposed rule changes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Net Income for Purposes of Determining Basic and Diluted EPS Applicable to Common Shares | Net income for purposes of determining basic and diluted EPS applicable to common shares was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income $ 52,699 $ 38,856 $ 125,529 $ 110,551 Income attributable to participating securities (1,438) (1,180) (3,418) (3,405) Net income available to common stockholders $ 51,261 $ 37,676 $ 122,111 $ 107,146 |
Schedule of Basic and Diluted EPS | Basic and diluted EPS were calculated using the following common shares: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares for basic EPS 153,276,443 152,859,378 153,168,872 152,716,470 Incremental shares related to stock options and non-vested restricted stock 119,660 50,802 127,385 156,452 Weighted-average shares for diluted EPS 153,396,103 152,910,180 153,296,257 152,872,922 |
Schedule of Computation of Diluted EPS Expense Associated With Non-vested Restricted Stock of the Common Shares | The following non-vested restricted stock was outstanding during the three and nine months ended September 30, 2023 and 2022, respectively, and was not included in the computation of diluted EPS because the impact of the per share expense associated with the non-vested restricted stock was greater than the average market price of the common shares during the respective periods. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares of non-vested restricted stock 22,500 — — — Weighted-average expense per share $ 11.23 $ — $ — $ — |
Schedule of Other, Net | Other, net consisted of: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest and dividend income $ 6,808 $ 2,406 $ 15,659 $ 3,791 Net gains (losses) recognized on investment securities 166 (3,127) 373 (10,296) Net periodic benefit cost other than the service costs (337) (236) (1,015) (709) Other income 470 153 501 2,171 Total other, net $ 7,107 $ (804) $ 15,518 $ (5,043) |
Schedule of Other Assets | Other assets consisted of: September 30, December 31, 2022 Restricted assets $ 1,604 $ 25,907 Prepaid pension costs 39,951 38,100 Other assets 37,704 31,310 Total other assets $ 79,259 $ 95,317 |
Schedule of Other Current Liabilities | Other current liabilities consisted of: September 30, December 31, 2022 Accounts payable $ 6,364 $ 6,351 Accrued promotional expenses 54,454 56,645 Accrued excise and payroll taxes payable, net 4,497 17,160 Accrued interest 31,738 30,451 Accrued salaries and benefits 8,572 9,614 Allowance for sales returns 11,468 7,526 Other current liabilities 12,132 7,423 Total other current liabilities $ 129,225 $ 135,170 |
Schedule of Cash and Cash Equivalents | The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows: September 30, December 31, Cash and cash equivalents $ 436,522 $ 224,580 Restricted cash and cash equivalents included in other assets 1,491 25,794 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 438,013 $ 250,374 |
Schedule of Restricted Cash | The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows: September 30, December 31, Cash and cash equivalents $ 436,522 $ 224,580 Restricted cash and cash equivalents included in other assets 1,491 25,794 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 438,013 $ 250,374 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Real Estate Segment Revenues Disaggregated | Real Estate. Real Estate segment revenues are disaggregated in the table below. The Real Estate segment includes the Company’s investment in New Valley, investments in real estate ventures and, prior to April 2022 when Escena was sold, included investments in real estate. After the sale of Escena, the Company has no revenues from its real estate segment. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Real Estate Segment Revenues Sales on facilities located on investments in real estate $ — $ — $ — $ 3,259 Revenues from investments in real estate — — — 12,625 Total real estate revenues $ — $ — $ — $ 15,884 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of: September 30, December 31, Leaf tobacco $ 40,731 $ 39,893 Other raw materials 10,915 8,808 Work-in-process 903 798 Finished goods 64,348 64,865 Inventories at current cost 116,897 114,364 LIFO adjustments: Leaf tobacco (18,249) (15,213) Other raw materials (2,520) (1,220) Work-in-process (25) (25) Finished goods (6,839) (5,458) Total LIFO adjustments (27,633) (21,916) $ 89,264 $ 92,448 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | Investment securities consisted of the following: September 30, December 31, 2022 Debt securities available for sale $ 92,646 $ 81,643 Equity securities at fair value: Marketable equity securities 13,351 12,724 Mutual funds invested in debt securities 22,707 22,069 Long-term investment securities at fair value (1) 29,843 28,919 Total equity securities at fair value 65,901 63,712 Total investment securities at fair value 158,547 145,355 Less: Long-term investment securities at fair value (1) 29,843 28,919 Current investment securities at fair value $ 128,704 $ 116,436 Long-term investment securities at fair value (1) $ 29,843 $ 28,919 Equity-method investments 15,900 16,040 Total long-term investments $ 45,743 $ 44,959 Equity securities and other long-term investments at cost (2) $ 7,755 $ 2,755 (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 condensed consolidated balance sheets. The components of debt securities available for sale as of September 30, 2023 were as follows: Cost Gross Gross Fair Marketable debt securities $ 92,633 $ 13 $ — $ 92,646 The components of debt securities available for sale at December 31, 2022 were as follows: Cost Gross Gross Fair Marketable debt securities $ 81,629 $ 14 $ — $ 81,643 The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value during the three and nine months ended September 30, 2023 and 2022, respectively: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net gains (losses) recognized on equity securities $ 198 $ (2,174) $ 840 $ (7,513) Less: Net gains (losses) recognized on equity securities sold 32 (16) 303 290 Net unrealized gains (losses) recognized on equity securities still held at the reporting date $ 166 $ (2,158) $ 537 $ (7,803) |
Schedule of Net Gains (Losses) Recognized on Investment Securities | Net gains (losses) recognized on investment securities were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net gains (losses) recognized on equity securities $ 198 $ (2,174) $ 840 $ (7,513) Net gains (losses) recognized on debt securities available for sale 2 — (177) 6 Impairment expense (34) (953) (290) (2,789) Net gains (losses) recognized on investment securities $ 166 $ (3,127) $ 373 $ (10,296) Gross realized gains and losses on debt securities available for sale were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Gross realized gains on sales $ 2 $ — $ 7 $ 7 Gross realized losses on sales — — (184) (1) Net gains (losses) recognized on debt securities available for sale $ 2 $ — $ (177) $ 6 Impairment expense $ (34) $ (953) $ (290) $ (2,789) |
Schedule of Maturity Dates of Debt Securities | The table below summarizes the maturity dates of debt securities available for sale as of September 30, 2023. Investment Type: Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. government securities $ 28,544 $ — $ 28,544 $ — Corporate securities 20,857 16,474 4,383 — U.S. mortgage-backed securities 24,298 20,247 4,019 32 Commercial paper 8,979 8,979 — — U.S. treasury bills 9,968 9,968 — — Total debt securities available for sale by maturity dates $ 92,646 $ 55,668 $ 36,946 $ 32 |
Schedule of Equity Method Investments | Equity-method investments consisted of the following: September 30, December 31, 2022 Mutual fund and hedge funds $ 15,900 $ 16,040 Equity in losses from investments were: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Mutual fund and hedge funds $ (941) $ (619) $ (141) $ (5,172) |
New Valley LLC (Tables)
New Valley LLC (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) September 30, 2023 December 31, 2022 Condominium and Mixed-Use Development 4.1% - 77.8% $ 98,275 $ 93,350 Apartment Buildings 15.0% - 50.0% 8,184 9,910 Hotels 0.4% - 49.0% 138 2,510 Commercial 1.6% - 49.0% 15,575 15,347 Investments in real estate ventures $ 122,172 $ 121,117 _____________________________ (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: Nine Months Ended September 30, 2023 2022 Condominium and Mixed-Use Development $ 6,484 $ 11,368 Apartment Buildings 148 — Hotels — 206 Commercial — 8,070 Total contributions $ 6,632 $ 19,644 Distributions: The components of distributions received by New Valley from its investments in real estate ventures were as follows: Nine Months Ended September 30, 2023 2022 Condominium and Mixed-Use Development $ 7,798 $ 1,032 Apartment Buildings — 550 Hotels 5,164 — Commercial 402 736 Other — 4,459 Total distributions $ 13,364 $ 6,777 New Valley recognized equity in earnings (losses) from real estate ventures as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Condominium and Mixed-Use Development $ (912) $ (2,142) $ 3,250 $ (5,274) Apartment Buildings (265) (450) (1,874) (1,374) Hotels 4,886 427 2,792 (620) Commercial 30 262 632 778 Other — — — 2,250 Equity in earnings (losses) from real estate ventures $ 3,739 $ (1,903) $ 4,800 $ (4,240) 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: September 30, 2023 Condominium and Mixed-Use Development $ 98,275 Apartment Buildings 8,184 Hotels 138 Commercial 15,575 Total maximum exposure to loss $ 122,172 |
Notes Payable, Long-Term Debt_2
Notes Payable, Long-Term Debt and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable, Long-term Debt and Other Obligations | Notes payable, long-term debt and other obligations consisted of: September 30, December 31, Vector: 5.75% Senior Secured Notes due 2029 $ 875,000 $ 875,000 10.5% Senior Notes due 2026, net of unamortized discount of $1,847 and $2,209 531,936 539,926 Liggett: Revolving credit agreement — 22,035 Equipment loans 15 37 Notes payable, long-term debt and other obligations 1,406,951 1,436,998 Less: Debt issuance costs (21,437) (24,672) Total notes payable, long-term debt and other obligations 1,385,514 1,412,326 Less: Current maturities (15) (22,065) Amount due after one year $ 1,385,499 $ 1,390,261 |
Schedule of Non-Cash Interest Expense | Non-Cash Interest Expense — Vector : Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Amortization of debt discount, net $ 124 $ 111 $ 362 $ 324 Amortization of debt issuance costs 1,104 1,036 3,254 3,052 (Gain) loss on repurchase of 10.5% Senior Notes — (412) 181 (412) Total non-cash interest expense $ 1,228 $ 735 $ 3,797 $ 2,964 |
Schedule of Fair Value of Notes Payable and Long-term Debt | Fair Value of Notes Payable and Long-Term Debt : September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Value Value Value Value 5.75% Senior Secured Notes due 2029 $ 875,000 $ 742,796 $ 875,000 $ 758,993 10.5% Senior Notes due 2026 531,936 534,077 539,926 537,202 Liggett and other 15 15 22,072 22,072 Notes payable and long-term debt $ 1,406,951 $ 1,276,888 $ 1,436,998 $ 1,318,267 |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Litigation Activity | The following table lists the number of Individual Actions by state: State Number Massachusetts 23 Illinois 16 Florida 10 Hawaii 4 Nevada 4 Louisiana 2 California 1 The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2023 was as follows: Current Liabilities Non-Current Liabilities Amounts due under Master Settlement Agreement Litigation Accruals Total Amounts due under Master Settlement Agreement Litigation Accruals Total Balance as of January 1, 2023 $ 14,838 $ 296 $ 15,134 $ 11,116 $ 16,117 $ 27,233 Expenses 205,590 18,555 224,145 — — — NPM Settlement adjustment — — — (734) — (734) Change in MSA obligations capitalized as inventory (65) — (65) — — — Payments (16,776) (18,655) (35,431) — — — Reclassification to/(from) non-current liabilities 1,635 3,707 5,342 (1,635) (3,707) (5,342) Interest on withholding — 214 214 — 1,146 1,146 Balance as of September 30, 2023 $ 205,222 $ 4,117 $ 209,339 $ 8,747 $ 13,556 $ 22,303 The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2022 was as follows: Current Liabilities Non-Current Liabilities Amounts due under Master Settlement Agreement Litigation Accruals Total Amounts due under Master Settlement Agreement Litigation Accruals Total Balance as of January 1, 2022 $ 11,886 $ 3,918 $ 15,804 $ 13,224 $ 17,680 $ 30,904 Expenses 210,714 160 210,874 — — — NPM Settlement adjustment (15) — (15) (2,108) — (2,108) Change in MSA obligations capitalized as inventory 1,419 — 1,419 — — — Payments (9,744) (4,185) (13,929) — — — Reclassification to/(from) non-current liabilities — 3,566 3,566 — (3,566) (3,566) Interest on withholding — 358 358 — 1,582 1,582 Balance as of September 30, 2022 $ 214,260 $ 3,817 $ 218,077 $ 11,116 $ 15,696 $ 26,812 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | The Company’s income tax expense consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income before provision for income taxes $ 73,154 $ 53,389 $ 174,587 $ 152,275 Income tax expense using estimated annual effective income tax rate 20,556 14,629 49,058 41,724 Changes in effective tax rates (101) (96) — — Income tax expense $ 20,455 $ 14,533 $ 49,058 $ 41,724 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 372,445 $ 372,445 $ — $ — Commercial paper (1) 47,691 — 47,691 — Investment securities at fair value Equity securities at fair value Marketable equity securities 13,351 13,351 — — Mutual funds invested in debt securities 22,707 22,707 — — Total equity securities at fair value 36,058 36,058 — — Debt securities available for sale U.S. government securities 28,544 — 28,544 — Corporate securities 20,857 — 20,857 — U.S. government and federal agency 24,298 — 24,298 — Commercial paper 8,979 — 8,979 — Index-linked U.S. bonds 9,968 — 9,968 — Total debt securities available for sale 92,646 — 92,646 — Total investment securities at fair value 128,704 36,058 92,646 — Long-term investments Long-term investment securities at fair value (2) 29,843 — — — Total $ 578,683 $ 408,503 $ 140,337 $ — (1) Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets. (2) 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, 2022 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 155,411 $ 155,411 $ — $ — Commercial paper (1) 54,526 — 54,526 — Money market funds securing legal bonds (2) 24,000 24,000 — — Investment securities at fair value Equity securities at fair value Marketable equity securities 12,724 12,724 — — Mutual funds invested in debt securities 22,069 22,069 — — Total equity securities at fair value 34,793 34,793 — — Debt securities available for sale U.S. government securities 779 — 779 — Corporate securities 53,814 — 53,814 — U.S. government and federal agency 27,050 — 27,050 — Total debt securities available for sale 81,643 — 81,643 — Total investment securities at fair value 116,436 34,793 81,643 — Long-term investments Long-term investment securities at fair value (3) 28,919 — — — Total $ 379,292 $ 214,204 $ 136,169 $ — (1) Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets. (2) Amounts included in non-current restricted assets on the condensed consolidated balance sheets. |
Schedule of Investment in Real Estate Ventures Subject to Nonrecurring Fair Value Measurements | The Company’s investments 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 Impairment Charge Total Assets: Investments in real estate ventures $ 490 $ — $ — $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information for the Company's Operations Before Taxes | Financial information for the Company’s operations before taxes for the three and nine months ended September 30, 2023 and 2022 were as follows: Real Corporate Tobacco Estate and Other Total Three months ended September 30, 2023 Revenues $ 364,111 $ — $ — $ 364,111 Operating income (loss) 94,821 (1) 84 (4,400) 90,505 Equity in earnings from real estate ventures — 3,739 — 3,739 Depreciation and amortization 1,447 — 315 1,762 Three months ended September 30, 2022 Revenues $ 377,995 $ — $ — $ 377,995 Operating income (loss) 88,107 (2) (3) (4,203) 83,901 Equity in losses from real estate ventures — (1,903) — (1,903) Depreciation and amortization 1,474 — 313 1,787 Nine months ended September 30, 2023 Revenues $ 1,063,918 $ — $ — $ 1,063,918 Operating income (loss) 248,542 (3) 294 (12,391) 236,445 Equity in earnings from real estate ventures — 4,800 — 4,800 Depreciation and amortization 4,243 — 942 5,185 Capital expenditures 8,837 — 230 9,067 Nine months ended September 30, 2022 Revenues $ 1,061,355 $ 15,884 $ — $ 1,077,239 Operating income (loss) 254,078 (4) 7,839 (12,179) 249,738 Equity in losses from real estate ventures — (4,240) — (4,240) Depreciation and amortization 4,426 66 938 5,430 Capital expenditures 8,720 1 38 8,759 (1) Operating income includes $423 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $414 of litigation settlement and judgment expense. (2) Operating income includes $31 of litigation settlement and judgment expense. (3) Operating income includes $734 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,789 of litigation settlement and judgment expense. (4) Operating income includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $160 of litigation settlement and judgment expense. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Net Income for Purposes of Determining Basic and Diluted EPS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Net income | $ 52,699 | $ 38,856 | $ 125,529 | $ 110,551 |
Income attributable to participating securities, basic | (1,438) | (1,180) | (3,418) | (3,405) |
Income attributable to participating securities, diluted | (1,438) | (1,180) | (3,418) | (3,405) |
Net income applicable to common shares, basic | 51,261 | 37,676 | 122,111 | 107,146 |
Net income applicable to common shares, diluted | $ 51,261 | $ 37,676 | $ 122,111 | $ 107,146 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Weighted-average shares for basic EPS (in shares) | 153,276,443 | 152,859,378 | 153,168,872 | 152,716,470 |
Incremental shares related to stock options and non-vested restricted stock (in shares) | 119,660 | 50,802 | 127,385 | 156,452 |
Weighted-average shares for diluted EPS (in shares) | 153,396,103 | 152,910,180 | 153,296,257 | 152,872,922 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Earnings Per Share (Details) - Non-vested restricted stock - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average shares of non-vested restricted stock (in shares) | 22,500 | 0 | 0 | 0 |
Weighted-average expense per share (in dollars per share) | $ 11.23 | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Interest and dividend income | $ 6,808 | $ 2,406 | $ 15,659 | $ 3,791 |
Net gains (losses) recognized on investment securities | 166 | (3,127) | 373 | (10,296) |
Net periodic benefit cost other than the service costs | (337) | (236) | (1,015) | (709) |
Other income | 470 | 153 | 501 | 2,171 |
Total other, net | $ 7,107 | $ (804) | $ 15,518 | $ (5,043) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Restricted assets | $ 1,604 | $ 25,907 |
Prepaid pension costs | 39,951 | 38,100 |
Other assets | 37,704 | 31,310 |
Total other assets | $ 79,259 | $ 95,317 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accounts payable | $ 6,364 | $ 6,351 |
Accrued promotional expenses | 54,454 | 56,645 |
Accrued excise and payroll taxes payable, net | 4,497 | 17,160 |
Accrued interest | 31,738 | 30,451 |
Accrued salaries and benefits | 8,572 | 9,614 |
Allowance for sales returns | 11,468 | 7,526 |
Other current liabilities | 12,132 | 7,423 |
Total other current liabilities | $ 129,225 | $ 135,170 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 436,522 | $ 224,580 | ||
Restricted cash and cash equivalents included in other assets | 1,491 | 25,794 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 438,013 | $ 250,374 | $ 410,540 | $ 194,849 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Revenue | $ 364,111 | $ 377,995 | $ 1,063,918 | $ 1,077,239 |
Other expenses | 7,107 | (804) | 15,518 | (5,043) |
Douglas Elliman | Related Party | Tax Disaffiliation Agreement | ||||
Related Party Transaction [Line Items] | ||||
Amount paid Douglas Elliman | 581 | |||
Other expenses | 28 | 581 | ||
Douglas Elliman | VIE | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from commissions received | 104 | 115 | 946 | 1,216 |
Douglas Elliman | Transition Services Agreement | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Revenue | 1,050 | 3,150 | ||
Douglas Elliman | Aviation Agreements | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 452 | $ 352 | $ 1,748 | $ 1,529 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 364,111 | $ 377,995 | $ 1,063,918 | $ 1,077,239 |
Real estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 15,884 |
Real estate | Sales on facilities located on investments in real estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 3,259 |
Real estate | Revenues from investments in real estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 12,625 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Leaf tobacco | $ 40,731 | $ 39,893 |
Other raw materials | 10,915 | 8,808 |
Work-in-process | 903 | 798 |
Finished goods | 64,348 | 64,865 |
Inventories at current cost | 116,897 | 114,364 |
LIFO adjustments: | (27,633) | (21,916) |
Inventory, net | 89,264 | 92,448 |
Leaf tobacco | ||
Inventory [Line Items] | ||
LIFO adjustments: | (18,249) | (15,213) |
Other raw materials | ||
Inventory [Line Items] | ||
LIFO adjustments: | (2,520) | (1,220) |
Work-in-process | ||
Inventory [Line Items] | ||
LIFO adjustments: | (25) | (25) |
Finished goods | ||
Inventory [Line Items] | ||
LIFO adjustments: | $ (6,839) | $ (5,458) |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Inventory [Line Items] | ||
Capitalized MSA cost in finished goods inventory | $ 23,020 | $ 23,084 |
Inventories | Liggett | ||
Inventory [Line Items] | ||
Purchase commitments | 40,210 | |
Inventories | ||
Inventory [Line Items] | ||
Federal excise tax in inventory | $ 25,164 | $ 26,423 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities available for sale | $ 92,646 | $ 81,643 |
Long-term investment securities at fair value | 29,843 | 28,919 |
Total equity securities at fair value | 65,901 | 63,712 |
Total investment securities at fair value | 158,547 | 145,355 |
Current investment securities at fair value | 128,704 | 116,436 |
Equity-method investments | 15,900 | 16,040 |
Total long-term investments | 45,743 | 44,959 |
Equity securities and other long-term investments at cost | 7,755 | 2,755 |
Marketable equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities at fair value: | 13,351 | 12,724 |
Mutual funds invested in debt securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities at fair value: | $ 22,707 | $ 22,069 |
Investment Securities - Sched_2
Investment Securities - Schedule of Net Gains (Losses) Recognized on Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains (losses) recognized on equity securities | $ 198 | $ (2,174) | $ 840 | $ (7,513) |
Net gains (losses) recognized on debt securities available for sale | 2 | 0 | (177) | 6 |
Impairment expense | (34) | (953) | (290) | (2,789) |
Net gains (losses) recognized on investment securities | $ 166 | $ (3,127) | $ 373 | $ (10,296) |
Investment Securities - Compone
Investment Securities - Components of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 92,646 | $ 81,643 |
Marketable debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 92,633 | 81,629 |
Gross Unrealized Gains | 13 | 14 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 92,646 | $ 81,643 |
Investment Securities - Maturit
Investment Securities - Maturity Dates of Marketable Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 92,646 | $ 81,643 |
Total debt securities available for sale by maturity dates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 92,646 | |
Under 1 Year | 55,668 | |
1 Year up to 5 Years | 36,946 | |
More than 5 Years | 32 | |
U.S. government securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 28,544 | |
Under 1 Year | 0 | |
1 Year up to 5 Years | 28,544 | |
More than 5 Years | 0 | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 20,857 | |
Under 1 Year | 16,474 | |
1 Year up to 5 Years | 4,383 | |
More than 5 Years | 0 | |
U.S. mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 24,298 | |
Under 1 Year | 20,247 | |
1 Year up to 5 Years | 4,019 | |
More than 5 Years | 32 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 8,979 | |
Under 1 Year | 8,979 | |
1 Year up to 5 Years | 0 | |
More than 5 Years | 0 | |
U.S. treasury bills | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 9,968 | |
Under 1 Year | 9,968 | |
1 Year up to 5 Years | 0 | |
More than 5 Years | $ 0 |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains and Losses on Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains on sales | $ 2 | $ 0 | $ 7 | $ 7 |
Gross realized losses on sales | 0 | 0 | (184) | (1) |
Net gains (losses) recognized on debt securities available for sale | 2 | 0 | (177) | 6 |
Impairment expense | $ (34) | $ (953) | $ (290) | $ (2,789) |
Investment Securities - Sched_3
Investment Securities - Schedule of Unrealized and Realized Net (Losses) and Gains Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains (losses) recognized on equity securities | $ 198 | $ (2,174) | $ 840 | $ (7,513) |
Less: Net gains (losses) recognized on equity securities sold | 32 | (16) | 303 | 290 |
Net unrealized gains (losses) recognized on equity securities still held at the reporting date | $ 166 | $ (2,158) | $ 537 | $ (7,803) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) investment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Total long-term investments | $ 45,743,000 | $ 44,959,000 | |
Cash distributions received | 4,062,000 | $ 4,953,000 | |
In-transit redemptions | 88,000 | ||
Investment | $ 5,000,000 | ||
Number of investments not qualify for the NAV practical expedient | investment | 2,000 | ||
Equity securities and other long-term investments at cost | $ 7,755,000 | $ 2,755,000 | |
Impairment and other adjustments | $ 0 | $ 0 | |
Minimum | Mutual Fund And Hedge Funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-method ownership percentage | 7.40% | ||
Maximum | Mutual Fund And Hedge Funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity-method ownership percentage | 38.67% | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Schedule of Equity Method Investments [Line Items] | |||
Total long-term investments | $ 303,000 |
Investment Securities - Equity-
Investment Securities - Equity-Method Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Equity-method investments | $ 15,900 | $ 16,040 |
Mutual fund and hedge funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-method investments | $ 15,900 | $ 16,040 |
Investment Securities - Equity
Investment Securities - Equity in Losses from Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in losses from investments | $ (941) | $ (619) | $ (141) | $ (5,172) |
Mutual fund and hedge funds | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in losses from investments | $ (941) | $ (619) | $ (141) | $ (5,172) |
New Valley LLC - Investment in
New Valley LLC - Investment in Real Estate Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||||
Investments in real estate ventures | $ 122,172 | $ 122,172 | $ 121,117 | ||
Contributions to real estate ventures | 6,632 | $ 19,644 | |||
Equity in earnings (losses) from real estate ventures | 3,739 | $ (1,903) | 4,800 | (4,240) | |
New Valley | |||||
Schedule of Investments [Line Items] | |||||
Investments in real estate ventures | 122,172 | 122,172 | 121,117 | ||
Contributions to real estate ventures | 6,632 | 19,644 | |||
Distributions from real estate ventures | 13,364 | 6,777 | |||
Equity in earnings (losses) from real estate ventures | 3,739 | (1,903) | 4,800 | (4,240) | |
Total maximum exposure to loss | 122,172 | 122,172 | |||
New Valley | Condominium and Mixed-Use Development | |||||
Schedule of Investments [Line Items] | |||||
Investments in real estate ventures | 98,275 | 98,275 | 93,350 | ||
Contributions to real estate ventures | 6,484 | 11,368 | |||
Distributions from real estate ventures | 7,798 | 1,032 | |||
Equity in earnings (losses) from real estate ventures | (912) | (2,142) | 3,250 | (5,274) | |
Total maximum exposure to loss | 98,275 | 98,275 | |||
New Valley | Apartment Buildings | |||||
Schedule of Investments [Line Items] | |||||
Investments in real estate ventures | 8,184 | 8,184 | 9,910 | ||
Contributions to real estate ventures | 148 | 0 | |||
Distributions from real estate ventures | 0 | 550 | |||
Equity in earnings (losses) from real estate ventures | (265) | (450) | (1,874) | (1,374) | |
Total maximum exposure to loss | 8,184 | 8,184 | |||
New Valley | Hotels | |||||
Schedule of Investments [Line Items] | |||||
Investments in real estate ventures | 138 | 138 | 2,510 | ||
Contributions to real estate ventures | 0 | 206 | |||
Distributions from real estate ventures | 5,164 | 0 | |||
Equity in earnings (losses) from real estate ventures | 4,886 | 427 | 2,792 | (620) | |
Total maximum exposure to loss | 138 | 138 | |||
New Valley | Commercial | |||||
Schedule of Investments [Line Items] | |||||
Investments in real estate ventures | 15,575 | 15,575 | $ 15,347 | ||
Contributions to real estate ventures | 0 | 8,070 | |||
Distributions from real estate ventures | 402 | 736 | |||
Equity in earnings (losses) from real estate ventures | 30 | 262 | 632 | 778 | |
Total maximum exposure to loss | 15,575 | 15,575 | |||
New Valley | Other | |||||
Schedule of Investments [Line Items] | |||||
Distributions from real estate ventures | 0 | 4,459 | |||
Equity in earnings (losses) from real estate ventures | $ 0 | $ 0 | $ 0 | $ 2,250 | |
New Valley | Minimum | Investments In Real Estate Ventures | Condominium and Mixed-Use Development | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 4.10% | 4.10% | |||
New Valley | Minimum | Investments In Real Estate Ventures | Apartment Buildings | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 15% | 15% | |||
New Valley | Minimum | Investments In Real Estate Ventures | Hotels | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 0.40% | 0.40% | |||
New Valley | Minimum | Investments In Real Estate Ventures | Commercial | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 1.60% | 1.60% | |||
New Valley | Maximum | Investments In Real Estate Ventures | Condominium and Mixed-Use Development | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 77.80% | 77.80% | |||
New Valley | Maximum | Investments In Real Estate Ventures | Apartment Buildings | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 50% | 50% | |||
New Valley | Maximum | Investments In Real Estate Ventures | Hotels | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 49% | 49% | |||
New Valley | Maximum | Investments In Real Estate Ventures | Commercial | |||||
Schedule of Investments [Line Items] | |||||
Range of ownership | 49% | 49% |
New Valley LLC - Narrative (Det
New Valley LLC - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||||||
Distributions from real estate ventures | $ 4,091 | $ 2,986 | ||||
Distributions from investments in real estate ventures | 9,273 | 3,791 | ||||
Impairment of long-term investments | $ 490 | |||||
New Valley | ||||||
Schedule of Investments [Line Items] | ||||||
Distributions from real estate ventures | 4,091 | 2,986 | ||||
Distributions from investments in real estate ventures | 9,273 | 3,791 | ||||
Impairment of long-term investments | $ 0 | 1,202 | ||||
Total maximum exposure to loss | 122,172 | 122,172 | ||||
Interest costs capitalized | 966 | $ 1,101 | 3,094 | 3,152 | ||
New Valley | 353 6th LLC | Joint Venture | ||||||
Schedule of Investments [Line Items] | ||||||
Payments to acquire real estate | $ 700 | |||||
Equity-method ownership percentage | 27% | |||||
Total maximum exposure to loss | $ 721 | $ 721 | ||||
New Valley | Escena | ||||||
Schedule of Investments [Line Items] | ||||||
Operating income | $ 0 | $ 1,316 |
Notes Payable, Long-Term Debt_3
Notes Payable, Long-Term Debt and Other Obligations - Components of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Notes payable, long-term debt and other obligations | $ 1,406,951 | $ 1,436,998 |
Less: Debt issuance costs | (21,437) | (24,672) |
Total notes payable, long-term debt and other obligations | 1,385,514 | 1,412,326 |
Less: Current maturities | (15) | (22,065) |
Amount due after one year | $ 1,385,499 | 1,390,261 |
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 | 875,000 |
Senior Notes | 10.5% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 10.50% | |
Unamortized discount | $ 1,847 | 2,209 |
Notes payable, long-term debt and other obligations | 531,936 | 539,926 |
Revolving credit agreement | Liggett: | Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Notes payable, long-term debt and other obligations | 0 | 22,035 |
Equipment loans | Liggett: | ||
Debt Instrument [Line Items] | ||
Notes payable, long-term debt and other obligations | $ 15 | $ 37 |
Notes Payable, Long-Term Debt_4
Notes Payable, Long-Term Debt and Other Obligations - Senior Notes, Revolving Credit Facility, and Other (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | |||||||
Gain (loss) on extinguishment of debt | $ 0 | $ 412,000 | $ (181,000) | $ 412,000 | |||
Senior Notes | 5.75% Senior Secured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.75% | 5.75% | |||||
Senior Notes | 10.5% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 10.50% | 10.50% | |||||
Repurchase principal | $ 1,692,000 | $ 6,660,000 | |||||
Gain (loss) on extinguishment of debt | $ (40,000) | $ (141,000) | |||||
Senior Notes | 10.5% Senior Notes | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase principal | $ 6,250,000 | ||||||
Gain (loss) on extinguishment of debt | $ (103,000) | ||||||
Revolving credit agreement | Liggett | |||||||
Debt Instrument [Line Items] | |||||||
Average undrawn commitments | 0.25% | ||||||
Amount outstanding | $ 0 | $ 0 | |||||
Current borrowing capacity | $ 78,900,000 | $ 78,900,000 | |||||
Revolving credit agreement | Liggett | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0% | ||||||
Revolving credit agreement | Liggett | Federal Funds Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Revolving credit agreement | Liggett | Term SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Revolving credit agreement | Liggett | Daily Simple SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% |
Notes Payable, Long-Term Debt_5
Notes Payable, Long-Term Debt and Other Obligations - Schedule of Non-cash Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Amortization of debt discount, net | $ 124 | $ 111 | $ 362 | $ 324 |
Amortization of debt issuance costs | 1,104 | 1,036 | 3,254 | 3,052 |
Total non-cash interest expense | $ 1,228 | 735 | $ 3,797 | 2,964 |
10.5% Senior Notes due 2026 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.50% | 10.50% | ||
(Gain) loss on repurchase of 10.5% Senior Notes | $ 0 | $ (412) | $ 181 | $ (412) |
Notes Payable, Long-Term Debt_6
Notes Payable, Long-Term Debt and Other Obligations - Fair Value of Notes Payable and Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | $ 1,406,951 | $ 1,436,998 |
Carrying Value | Senior Notes | 5.75% Senior Secured Notes due 2029 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 875,000 | 875,000 |
Carrying Value | Senior Notes | 10.5% Senior Notes due 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 531,936 | 539,926 |
Carrying Value | Liggett and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 15 | 22,072 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 1,276,888 | 1,318,267 |
Fair Value | Senior Notes | 5.75% Senior Secured Notes due 2029 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 742,796 | 758,993 |
Fair Value | Senior Notes | 10.5% Senior Notes due 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 534,077 | 537,202 |
Fair Value | Liggett and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | $ 15 | $ 22,072 |
Contingencies - Overview and Bo
Contingencies - Overview and Bonds (Details) - Liggett - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2009 | |
Loss Contingencies [Line Items] | |||
Tobacco product liability legal expenses and costs | $ 6,694 | $ 6,035 | |
Engle Progeny Cases | Florida | |||
Loss Contingencies [Line Items] | |||
Maximum bond required for judgments on appeal | $ 200,000 | ||
Maximum bond for appeal | $ 5,000 |
Contingencies - Individual Acti
Contingencies - Individual Actions (Details) - Liggett | Sep. 30, 2023 case |
Loss Contingencies [Line Items] | |
Cases pending | 5 |
Individual Actions Cases | |
Loss Contingencies [Line Items] | |
Cases pending | 60 |
Individual Actions Cases | Massachusetts | |
Loss Contingencies [Line Items] | |
Cases pending | 23 |
Individual Actions Cases | Illinois | |
Loss Contingencies [Line Items] | |
Cases pending | 16 |
Individual Actions Cases | Florida | |
Loss Contingencies [Line Items] | |
Cases pending | 10 |
Individual Actions Cases | Hawaii | |
Loss Contingencies [Line Items] | |
Cases pending | 4 |
Individual Actions Cases | Nevada | |
Loss Contingencies [Line Items] | |
Cases pending | 4 |
Individual Actions Cases | Louisiana | |
Loss Contingencies [Line Items] | |
Cases pending | 2 |
Individual Actions Cases | California | |
Loss Contingencies [Line Items] | |
Cases pending | 1 |
Contingencies - Cautionary Stat
Contingencies - Cautionary Statement About Engle Progeny Cases (Details) - Engle Progeny Cases $ in Thousands | 1 Months Ended | ||
Nov. 21, 1996 USD ($) | Oct. 31, 2013 USD ($) | Sep. 30, 2023 case | |
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 | $ 110,000 | |
Cases with verdicts | 25 | ||
Cases with verdicts in favor of plaintiffs | 16 | ||
Cases with verdicts in favor of defendants | 9 | ||
Cases with verdicts in favor of plaintiffs and punitive damages awarded | 5 |
Contingencies - Engle Progeny C
Contingencies - Engle Progeny Cases and Settlements (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 21, 1996 USD ($) | Feb. 28, 2015 | Oct. 31, 2013 USD ($) case | Sep. 30, 2023 case agreement | Sep. 30, 2023 USD ($) plaintiff case agreement | |
Liggett | |||||
Loss Contingencies [Line Items] | |||||
Cases pending | case | 5 | 5 | |||
Engle Progeny Cases | |||||
Loss Contingencies [Line Items] | |||||
Amount of litigation settlement awarded to other party | $ 145,000,000 | ||||
Engle Progeny Cases | Liggett | |||||
Loss Contingencies [Line Items] | |||||
Cases settled | case | 4,900 | 213 | |||
Amount of litigation settlement awarded to other party | $ 790,000 | $ 110,000 | |||
Litigation settlement amount paid in lump sum | 61,600 | ||||
Litigation settlement, installment term | 14 years | ||||
Litigation settlement amount of estimated future payments per annum | $ 4,000 | ||||
Payments for legal settlements | $ 8,400 | ||||
Engle Progeny Cases | Liggett and Vector Tobacco | |||||
Loss Contingencies [Line Items] | |||||
Cases pending | case | 15 | 15 | |||
Engle Progeny separate settlement cases | Liggett | |||||
Loss Contingencies [Line Items] | |||||
Cases settled | agreement | 2 | 2 | |||
Amount of litigation settlement awarded to other party | $ 23,150 | ||||
Plaintiffs | plaintiff | 152 |
Contingencies - Judgments Paid
Contingencies - Judgments Paid in Engle Progeny Cases, Liggett Only Cases and Upcoming Trials (Details) - Liggett $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) case | |
Loss Contingencies [Line Items] | |
Cases pending | 5 |
Lukacs, Campbell, Douglas, Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan, and Santoro | |
Loss Contingencies [Line Items] | |
Payments for legal settlements | $ | $ 40,111 |
Caravalho, Kanuha, Lane, Manious, and Silva | |
Loss Contingencies [Line Items] | |
Cases pending | 5 |
Contingencies - Class Actions a
Contingencies - Class Actions and Health Care Cost Recovery Actions (Details) | Sep. 30, 2023 case | Dec. 31, 2000 defendant |
Parsons v. AC & S Inc. | ||
Loss Contingencies [Line Items] | ||
Number of defendants in bankruptcy | defendant | 3 | |
Liggett and Other cigarette manufacturers | Class Actions | ||
Loss Contingencies [Line Items] | ||
Cases pending | 2 | |
Liggett | ||
Loss Contingencies [Line Items] | ||
Cases pending | 5 | |
Liggett | Crow Creek Sioux Tribe v. American Tobacco Company | ||
Loss Contingencies [Line Items] | ||
Cases pending | 1 |
Contingencies - MSA and Other S
Contingencies - MSA and Other State Settlement Agreements (Details) | 1 Months Ended | 9 Months Ended | 25 Months Ended | ||
Dec. 29, 2022 USD ($) | Apr. 30, 2023 USD ($) | Nov. 30, 1998 state | Sep. 30, 2023 USD ($) | Mar. 31, 1998 USD ($) sponsorship state | |
Liggett | |||||
Loss Contingencies [Line Items] | |||||
Number of states with settled litigation | state | 45 | ||||
Liggett and Vector Tobacco | Sales Revenue | Product Concentration Risk | |||||
Loss Contingencies [Line Items] | |||||
Concentration risk percentage | 5.50% | ||||
MSA | |||||
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 | ||||
MSA | Liggett | |||||
Loss Contingencies [Line Items] | |||||
Estimated litigation liability | $ 0 | ||||
Percentage of cigarettes sales exceeds market share exemption | 1.65% | ||||
MSA | Vector Tobacco | |||||
Loss Contingencies [Line Items] | |||||
Estimated litigation liability | $ 0 | ||||
Percentage of cigarettes sales exceeds market share exemption | 0.28% | ||||
MSA | Liggett and Vector Tobacco | |||||
Loss Contingencies [Line Items] | |||||
Estimated litigation liability | $ 285,000,000 | ||||
Payments for legal settlements | $ 268,250,000 | $ 16,780,000 |
Contingencies - Certain MSA Dis
Contingencies - Certain MSA Disputes (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) state | Sep. 30, 2022 USD ($) | |
2003 NPM Adjustment | ||
Loss Contingencies [Line Items] | ||
Number of settling states with diligence not contested | state | 40 | |
Combined allocable share, percentage | 81% | |
MSA | Liggett and Vector Tobacco | Cost of Sales | ||
Loss Contingencies [Line Items] | ||
Settlement adjustment credit | $ 11,270 | $ 9,665 |
2004-2010 NPM Adjustment | Liggett and Vector Tobacco | ||
Loss Contingencies [Line Items] | ||
Amounts accrued | $ 8,700 |
Contingencies - Other State Set
Contingencies - Other State Settlements (Details) - MSA | 1 Months Ended | 9 Months Ended | 12 Months Ended | 25 Months Ended | |||
Aug. 31, 2023 USD ($) | Jan. 31, 2016 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2010 USD ($) | Dec. 31, 2003 USD ($) | Dec. 31, 1999 state | Mar. 31, 1998 USD ($) | |
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 | $ 1,000,000 | $ 100,000 | |||||
Years annual payments required | 10 years | ||||||
Liggett | Florida | |||||||
Loss Contingencies [Line Items] | |||||||
Annual payment requirement | $ 250,000 | ||||||
Amount of litigation settlement awarded to other party | $ 1,200,000 | ||||||
Liggett | Mississippi | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 27,000,000 | ||||||
Liggett | Mississippi | Litigation Accruals | |||||||
Loss Contingencies [Line Items] | |||||||
Amount of litigation settlement awarded to other party | $ 18,000,000 |
Contingencies - Schedule of Lit
Contingencies - Schedule of Litigation Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Current Liabilities | ||
Current liabilities, beginning balance | $ 15,134 | $ 15,804 |
Expenses | 224,145 | 210,874 |
NPM Settlement adjustment | 0 | (15) |
Change in MSA obligations capitalized as inventory | (65) | 1,419 |
Payments | (35,431) | (13,929) |
Reclassification to/(from) non-current liabilities | 5,342 | 3,566 |
Interest on withholding | 214 | 358 |
Current liabilities, ending balance | 209,339 | 218,077 |
Non-Current Liabilities | ||
Noncurrent liabilities, beginning balance | 27,233 | 30,904 |
Expenses | 0 | 0 |
NPM Settlement adjustment | (734) | (2,108) |
Change in MSA obligations capitalized as inventory | 0 | 0 |
Payments | 0 | 0 |
Reclassification to/(from) non-current liabilities | (5,342) | (3,566) |
Interest on withholding | 1,146 | 1,582 |
Noncurrent liabilities, ending balance | 22,303 | 26,812 |
Amounts due under Master Settlement Agreement | ||
Current Liabilities | ||
Current liabilities, beginning balance | 14,838 | 11,886 |
Expenses | 205,590 | 210,714 |
NPM Settlement adjustment | 0 | (15) |
Change in MSA obligations capitalized as inventory | (65) | 1,419 |
Payments | (16,776) | (9,744) |
Reclassification to/(from) non-current liabilities | 1,635 | 0 |
Interest on withholding | 0 | 0 |
Current liabilities, ending balance | 205,222 | 214,260 |
Non-Current Liabilities | ||
Noncurrent liabilities, beginning balance | 11,116 | 13,224 |
Expenses | 0 | 0 |
NPM Settlement adjustment | (734) | (2,108) |
Change in MSA obligations capitalized as inventory | 0 | 0 |
Payments | 0 | 0 |
Reclassification to/(from) non-current liabilities | (1,635) | 0 |
Interest on withholding | 0 | 0 |
Noncurrent liabilities, ending balance | 8,747 | 11,116 |
Litigation Accruals | ||
Current Liabilities | ||
Current liabilities, beginning balance | 296 | 3,918 |
Expenses | 18,555 | 160 |
NPM Settlement adjustment | 0 | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 |
Payments | (18,655) | (4,185) |
Reclassification to/(from) non-current liabilities | 3,707 | 3,566 |
Interest on withholding | 214 | 358 |
Current liabilities, ending balance | 4,117 | 3,817 |
Non-Current Liabilities | ||
Noncurrent liabilities, beginning balance | 16,117 | 17,680 |
Expenses | 0 | 0 |
NPM Settlement adjustment | 0 | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 |
Payments | 0 | 0 |
Reclassification to/(from) non-current liabilities | (3,707) | (3,566) |
Interest on withholding | 1,146 | 1,582 |
Noncurrent liabilities, ending balance | $ 13,556 | $ 15,696 |
Contingencies - Other Matters (
Contingencies - Other Matters (Details) | 9 Months Ended |
Sep. 30, 2023 indemnity_demand | |
Altria Client Services | |
Loss Contingencies [Line Items] | |
Indemnification demands | 3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income before provision for income taxes | $ 73,154 | $ 53,389 | $ 174,587 | $ 152,275 |
Income tax expense using estimated annual effective income tax rate | 20,556 | 14,629 | 49,058 | 41,724 |
Changes in effective tax rates | (101) | (96) | 0 | 0 |
Income tax expense | $ 20,455 | $ 14,533 | $ 49,058 | $ 41,724 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Total debt securities available for sale | $ 92,646 | $ 81,643 |
Total investment securities at fair value | 128,704 | 116,436 |
Long-term investment securities at fair value | 29,843 | 28,919 |
Marketable equity securities | ||
Assets: | ||
Total equity securities at fair value | 13,351 | 12,724 |
Mutual funds invested in debt securities | ||
Assets: | ||
Total equity securities at fair value | 22,707 | 22,069 |
U.S. government securities | ||
Assets: | ||
Total debt securities available for sale | 28,544 | |
Corporate securities | ||
Assets: | ||
Total debt securities available for sale | 20,857 | |
U.S. government and federal agency | ||
Assets: | ||
Total debt securities available for sale | 24,298 | |
Recurring | ||
Assets: | ||
Total investment securities at fair value | 128,704 | 116,436 |
Long-term investment securities at fair value | 29,843 | 28,919 |
Total | 578,683 | 379,292 |
Recurring | Total equity securities at fair value | ||
Assets: | ||
Total equity securities at fair value | 36,058 | 34,793 |
Recurring | Marketable equity securities | ||
Assets: | ||
Total equity securities at fair value | 13,351 | 12,724 |
Recurring | Mutual funds invested in debt securities | ||
Assets: | ||
Total equity securities at fair value | 22,707 | 22,069 |
Recurring | Total debt securities available for sale | ||
Assets: | ||
Total debt securities available for sale | 92,646 | 81,643 |
Recurring | U.S. government securities | ||
Assets: | ||
Total debt securities available for sale | 28,544 | 779 |
Recurring | Corporate securities | ||
Assets: | ||
Total debt securities available for sale | 20,857 | 53,814 |
Recurring | U.S. government and federal agency | ||
Assets: | ||
Total debt securities available for sale | 24,298 | 27,050 |
Recurring | Commercial paper | ||
Assets: | ||
Total debt securities available for sale | 8,979 | |
Recurring | Index-linked U.S. bonds | ||
Assets: | ||
Total debt securities available for sale | 9,968 | |
Recurring | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 372,445 | 155,411 |
Recurring | Commercial paper | ||
Assets: | ||
Cash and cash equivalents | 47,691 | 54,526 |
Recurring | Money market funds securing legal bonds | ||
Assets: | ||
Cash and cash equivalents | 24,000 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total investment securities at fair value | 36,058 | 34,793 |
Long-term investment securities at fair value | 0 | 0 |
Total | 408,503 | 214,204 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total equity securities at fair value | ||
Assets: | ||
Total equity securities at fair value | 36,058 | 34,793 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ||
Assets: | ||
Total equity securities at fair value | 13,351 | 12,724 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds invested in debt securities | ||
Assets: | ||
Total equity securities at fair value | 22,707 | 22,069 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total debt securities available for sale | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government securities | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and federal agency | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper | ||
Assets: | ||
Total debt securities available for sale | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Index-linked U.S. bonds | ||
Assets: | ||
Total debt securities available for sale | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 372,445 | 155,411 |
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) | Money market funds securing legal bonds | ||
Assets: | ||
Cash and cash equivalents | 24,000 | |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total investment securities at fair value | 92,646 | 81,643 |
Long-term investment securities at fair value | 0 | 0 |
Total | 140,337 | 136,169 |
Recurring | Significant Other Observable Inputs (Level 2) | Total equity securities at fair value | ||
Assets: | ||
Total equity securities at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Marketable equity securities | ||
Assets: | ||
Total equity securities at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Mutual funds invested in debt securities | ||
Assets: | ||
Total equity securities at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Total debt securities available for sale | ||
Assets: | ||
Total debt securities available for sale | 92,646 | 81,643 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. government securities | ||
Assets: | ||
Total debt securities available for sale | 28,544 | 779 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Assets: | ||
Total debt securities available for sale | 20,857 | 53,814 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. government and federal agency | ||
Assets: | ||
Total debt securities available for sale | 24,298 | 27,050 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Total debt securities available for sale | 8,979 | |
Recurring | Significant Other Observable Inputs (Level 2) | Index-linked U.S. bonds | ||
Assets: | ||
Total debt securities available for sale | 9,968 | |
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 | 47,691 | 54,526 |
Recurring | Significant Other Observable Inputs (Level 2) | Money market funds securing legal 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 | 0 |
Total | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Total equity securities at fair value | ||
Assets: | ||
Total equity securities at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Marketable equity securities | ||
Assets: | ||
Total equity securities at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds invested in debt securities | ||
Assets: | ||
Total equity securities at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Total debt securities available for sale | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. government securities | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate securities | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. government and federal agency | ||
Assets: | ||
Total debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Assets: | ||
Total debt securities available for sale | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Index-linked U.S. bonds | ||
Assets: | ||
Total debt securities available for sale | 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) | Money market funds securing legal bonds | ||
Assets: | ||
Cash and cash equivalents | $ 0 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Nonrecurring Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in real estate ventures impairment charge | $ 490 | |
Investments in real estate ventures, fair value | 121,117 | $ 122,172 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in real estate ventures, fair value | 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, fair value | 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, fair value | 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, fair value | $ 0 |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Impairment of long-term investments | $ 490 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 364,111 | $ 377,995 | $ 1,063,918 | $ 1,077,239 |
Operating income (loss) | 90,505 | 83,901 | 236,445 | 249,738 |
Equity in earnings (losses) from real estate ventures | 3,739 | (1,903) | 4,800 | (4,240) |
Depreciation and amortization | 1,762 | 1,787 | 5,185 | 5,430 |
Capital expenditures | 9,067 | 8,759 | ||
Litigation settlement and judgment expense | 414 | 31 | 18,789 | 160 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating income (loss) | (4,400) | (4,203) | (12,391) | (12,179) |
Equity in earnings (losses) from real estate ventures | 0 | 0 | 0 | 0 |
Depreciation and amortization | 315 | 313 | 942 | 938 |
Capital expenditures | 230 | 38 | ||
Tobacco | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 364,111 | 377,995 | 1,063,918 | 1,061,355 |
Operating income (loss) | 94,821 | 88,107 | 248,542 | 254,078 |
Equity in earnings (losses) from real estate ventures | 0 | 0 | 0 | 0 |
Depreciation and amortization | 1,447 | 1,474 | 4,243 | 4,426 |
Capital expenditures | 8,837 | 8,720 | ||
Tobacco | Operating Segments | MSA | ||||
Segment Reporting Information [Line Items] | ||||
Litigation settlement received | 423 | 734 | 2,123 | |
Litigation settlement and judgment expense | 414 | 31 | 18,789 | 160 |
Real estate | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 15,884 |
Operating income (loss) | 84 | (3) | 294 | 7,839 |
Equity in earnings (losses) from real estate ventures | 3,739 | (1,903) | 4,800 | (4,240) |
Depreciation and amortization | $ 0 | $ 0 | 0 | 66 |
Capital expenditures | $ 0 | $ 1 |