Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity Registrant Name | VECTOR GROUP LTD | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 1-5759 | ||
Entity Tax Identification Number | 65-0949535 | ||
Entity Address, Address Line One | 4400 Biscayne Boulevard | ||
Entity Address, City or Town | Miami | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33137 | ||
City Area Code | 305 | ||
Local Phone Number | 579-8000 | ||
Title of 12(b) Security | Common stock, par value $0.10 per share | ||
Trading Symbol | VGR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,890 | ||
Entity Common Stock, Shares Outstanding | 157,683,020 | ||
Documents Incorporated by Reference | Part III (Items 10, 11, 12, 13 and 14) from the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year covered by this report. | ||
Entity Central Index Key | 0000059440 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Miami, Florida |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 268,600 | $ 224,580 |
Investment securities at fair value | 110,935 | 116,436 |
Accounts receivable - trade, net | 26,442 | 40,677 |
Inventories | 91,959 | 92,448 |
Income taxes receivable, net | 0 | 8,454 |
Other current assets | 11,665 | 9,770 |
Total current assets | 509,601 | 492,365 |
Property, plant and equipment, net | 43,380 | 39,580 |
Long-term investments (includes $29,402 and $28,919 at fair value) | 46,760 | 44,959 |
Investments in real estate ventures | 131,497 | 121,117 |
Operating lease right-of-use assets | 11,017 | 7,742 |
Intangible assets | 107,511 | 107,511 |
Other assets | 84,329 | 95,317 |
Total assets | 934,095 | 908,591 |
Current liabilities: | ||
Current portion of notes payable and long-term debt | 8 | 22,065 |
Current payments due under the Master Settlement Agreement | 8,812 | 14,838 |
Current operating lease liability | 3,706 | 3,551 |
Income taxes payable, net | 717 | 0 |
Other current liabilities | 131,680 | 135,170 |
Total current liabilities | 144,923 | 175,624 |
Notes payable, long-term debt and other obligations, less current portion | 1,371,811 | 1,390,261 |
Non-current employee benefits | 67,111 | 63,216 |
Deferred income taxes, net | 57,970 | 51,034 |
Non-current operating lease liability | 8,177 | 5,469 |
Payments due under the Master Settlement Agreement | 8,747 | 11,116 |
Other liabilities | 17,170 | 19,748 |
Total liabilities | 1,675,909 | 1,716,468 |
Commitments and contingencies (Notes 5 and 15) | ||
Stockholders' deficiency: | ||
Preferred stock, par value $1 per share, 10,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 155,978,020 and 154,840,902 shares issued and outstanding | 15,598 | 15,484 |
Additional paid-in capital | 11,384 | 5,092 |
Accumulated deficit | (755,883) | (812,380) |
Accumulated other comprehensive loss | (12,913) | (16,073) |
Total Vector Group Ltd. stockholders' deficiency | (741,814) | (807,877) |
Total liabilities and stockholders' deficiency | $ 934,095 | $ 908,591 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Long-term investments, fair value | $ 29,402 | $ 28,919 |
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) | 155,978,020 | 155,978,020 |
Common stock, shares outstanding (in shares) | 154,840,902 | 154,840,902 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Revenue | $ 1,424,268 | $ 1,441,009 | $ 1,220,700 | |
Cost of sales: | ||||
Total cost of sales | 965,348 | 998,658 | 769,542 | |
Operating, selling, administrative and general expenses | 112,086 | 103,102 | 131,418 | |
Litigation settlement and judgment expense | 18,799 | 239 | 211 | |
Net gains on sales of assets | 0 | 0 | (910) | |
Operating income | 328,035 | 339,010 | 320,439 | |
Other income (expenses): | ||||
Interest expense | (108,617) | (110,665) | (112,728) | |
(Loss) gain on extinguishment of debt | (549) | 412 | (21,362) | |
Equity in earnings (losses) from investments | 1,262 | (4,995) | 2,675 | |
Equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 | |
Other, net | 26,119 | 2,746 | 10,687 | |
Income before provision for income taxes | 248,452 | 220,562 | 209,961 | |
Income tax expense | 64,926 | 61,861 | 62,807 | |
Income from continuing operations | 183,526 | 158,701 | 147,154 | |
Income from discontinued operations, net of income taxes | 0 | 0 | 72,119 | |
Net income | 183,526 | 158,701 | 219,273 | |
Net loss from continuing operations attributed to non-controlling interest | 0 | 0 | 0 | |
Net loss from discontinued operations attributed to non-controlling interest | 0 | 0 | 190 | |
Net loss attributed to non-controlling interest | 0 | 0 | 190 | |
Net income attributed to Vector Group Ltd. from continuing operations | 183,526 | 158,701 | 147,154 | |
Net income attributed to Vector Group Ltd. from discontinued operations | 0 | 0 | 72,309 | |
Net income | $ 183,526 | $ 158,701 | $ 219,463 | |
Per basic common share: | ||||
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | $ 1.17 | $ 1.01 | $ 0.94 | |
Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | 0 | 0 | 0.46 | |
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | 1.17 | 1.01 | 1.40 | |
Per diluted common share: | ||||
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | 1.16 | 1.01 | 0.94 | |
Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd. (in dollars per share) | 0 | 0 | 0.46 | |
Net income applicable to common share attributed to Vector Group Ltd. (in dollars per share) | $ 1.16 | $ 1.01 | $ 1.40 | |
Tobacco | ||||
Revenues: | ||||
Revenue | [1] | $ 1,424,268 | $ 1,425,125 | $ 1,202,497 |
Cost of sales: | ||||
Total cost of sales | [1] | 965,348 | 991,331 | 758,015 |
Real estate | ||||
Revenues: | ||||
Revenue | 0 | 15,884 | 18,203 | |
Cost of sales: | ||||
Total cost of sales | $ 0 | $ 7,327 | $ 11,527 | |
[1] Revenues and cost of sales include federal excise taxes of $486,263, $520,760 and $434,695 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Tax portion of revenues and cost of goods sold | $ 486,263 | $ 520,760 | $ 434,695 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 183,526 | $ 158,701 | $ 219,273 |
Net unrealized gains (losses) on investment securities available for sale: | |||
Change in net unrealized losses | (175) | (3,022) | (747) |
Net unrealized losses reclassified into net income | 451 | 2,969 | 232 |
Net unrealized gains (losses) on investment securities available for sale | 276 | (53) | (515) |
Net change in pension-related amounts: | |||
Amortization of prior service costs | 8 | 8 | (44) |
Net gain (loss) arising during the year | 3,005 | (2,031) | 5,967 |
Amortization of loss | 970 | 1,605 | 1,921 |
Net change in pension-related amounts | 3,983 | (418) | 7,844 |
Other comprehensive income (loss) | 4,259 | (471) | 7,329 |
Income tax effect on: | |||
Change in net unrealized losses on investment securities | 45 | 780 | 202 |
Net unrealized losses reclassified into net income on investment securities | (116) | (766) | (63) |
Pension-related amounts | (1,028) | 107 | (2,117) |
Income tax (provision) benefit on other comprehensive income (loss) | (1,099) | 121 | (1,978) |
Other comprehensive income (loss), net of tax | 3,160 | (350) | 5,351 |
Comprehensive income | 186,686 | 158,351 | 224,624 |
Comprehensive loss attributed to non-controlling interest | 0 | 0 | 190 |
Comprehensive income attributed to Vector Group Ltd. | $ 186,686 | $ 158,351 | $ 224,814 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficiency - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 154,840,902 | ||
Beginning Balance | $ (807,877) | $ (841,553) | $ (659,687) |
Net income | 183,526 | 158,701 | 219,273 |
Total other comprehensive income (loss) | 3,160 | (350) | 5,351 |
Comprehensive income | 186,686 | 158,351 | 224,624 |
Distributions and dividends on common stock | (127,029) | (127,003) | (126,371) |
Restricted stock grants | 0 | 0 | 0 |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options | (3,177) | $ (2,668) | $ (3,563) |
Withholding of shares as payment of payroll tax liabilities in connection with stock option exercise | $ (12,633) | ||
Exercise of stock options (in shares) | 1,055,315 | 0 | 0 |
Exercise of stock options | $ 12,105 | ||
Stock-based compensation | $ 10,111 | $ 7,848 | $ 14,799 |
Acquisition of subsidiary | 500 | ||
Contributions from non-controlling interest | 1,625 | ||
Distribution of Douglas Elliman Inc. | 0 | (293,480) | |
Other | $ (2,852) | ||
Ending Balance (in shares) | 154,840,902 | 154,840,902 | |
Ending Balance | $ (741,814) | $ (807,877) | $ (841,553) |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 154,840,902 | 153,959,427 | 153,324,629 |
Beginning Balance | $ 15,484 | $ 15,396 | $ 15,332 |
Restricted stock grants (in shares) | 1,335,000 | 1,115,000 | 873,500 |
Restricted stock grants | $ 134 | $ 111 | $ 88 |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options (in shares) | (240,948) | (233,525) | (238,702) |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options | $ (25) | $ (23) | $ (24) |
Withholding of shares as payment of payroll tax liabilities in connection with stock option exercise (in shares) | (1,012,249) | ||
Withholding of shares as payment of payroll tax liabilities in connection with stock option exercise | $ (101) | ||
Exercise of stock options (in shares) | 1,055,315 | ||
Exercise of stock options | $ 106 | ||
Ending Balance (in shares) | 155,978,020 | 154,840,902 | 153,959,427 |
Ending Balance | $ 15,598 | $ 15,484 | $ 15,396 |
Additional Paid-In Capital | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 5,092 | 11,172 | 0 |
Restricted stock grants | (134) | (111) | (88) |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options | (3,152) | (2,645) | (3,539) |
Withholding of shares as payment of payroll tax liabilities in connection with stock option exercise | (12,532) | ||
Exercise of stock options | 11,999 | ||
Stock-based compensation | 10,111 | 7,848 | 14,799 |
Distribution of Douglas Elliman Inc. | (11,172) | ||
Ending Balance | 11,384 | 5,092 | 11,172 |
Accumulated Deficit | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (812,380) | (852,398) | (653,945) |
Net income | 183,526 | 158,701 | 219,463 |
Distributions and dividends on common stock | (127,029) | (127,003) | (126,371) |
Distribution of Douglas Elliman Inc. | 11,172 | (291,545) | |
Other | (2,852) | ||
Ending Balance | (755,883) | (812,380) | (852,398) |
Accumulated Other Comprehensive Income (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (16,073) | (15,723) | (21,074) |
Total other comprehensive income (loss) | 3,160 | (350) | 5,351 |
Ending Balance | (12,913) | (16,073) | (15,723) |
Non-controlling Interest | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Net income | (190) | ||
Acquisition of subsidiary | 500 | ||
Contributions from non-controlling interest | 1,625 | ||
Distribution of Douglas Elliman Inc. | (1,935) | ||
Ending Balance | $ 0 | $ 0 | $ 0 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Deficiency (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Distributions and dividends on common stock (in dollars per share) | $ 0.80 | $ 0.80 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 183,526 | $ 158,701 | $ 219,273 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 6,941 | 7,218 | 16,334 |
Non-cash stock-based expense | 10,111 | 7,848 | 14,799 |
(Loss) gain on extinguishment of debt | 549 | (412) | 8,349 |
Gain on sale of assets | 0 | 0 | (724) |
Deferred income taxes | 5,932 | 15,226 | 14,464 |
Distributions from investments | 0 | 0 | 134 |
Equity in (earnings) losses from investments | (1,262) | 4,995 | (2,675) |
Net (gains) losses on investment securities | (2,594) | 7,980 | (9,648) |
Equity in (earnings) losses from real estate ventures | (2,202) | 5,946 | (9,972) |
Distributions from real estate ventures | 4,248 | 3,429 | 25,326 |
Non-cash interest expense | 2,225 | 4,114 | 4,838 |
Non-cash lease expense | 3,410 | 3,381 | 21,941 |
Provision for credit losses | 0 | 0 | 3,331 |
Other | 18 | 376 | 393 |
Changes in assets and liabilities: | |||
Receivables | 13,825 | (24,804) | (9,630) |
Inventories | 489 | 2,168 | 2,930 |
Accounts payable and accrued liabilities | (5,358) | (8,318) | 196 |
Payments due under the Master Settlement Agreement | (8,395) | 844 | (31,590) |
Investments in real estate, net | 0 | 0 | 5,652 |
Litigation accruals | (2,177) | (5,185) | (1,637) |
Other assets and liabilities, net | 698 | (2,190) | (16,865) |
Net cash provided by operating activities | 209,984 | 181,317 | 255,219 |
Cash flows from investing activities: | |||
Sale of investment securities | 34,705 | 23,929 | 45,627 |
Maturities of investment securities | 89,681 | 53,030 | 71,505 |
Purchase of investment securities | (115,225) | (54,040) | (124,080) |
Proceeds from sale or liquidation of long-term investments | 5,530 | 9,266 | 11,509 |
Purchase of long-term investments | (9,416) | (4,363) | (14,316) |
(Increase) decrease in restricted assets | (18) | 5 | (5) |
Investments in real estate ventures | (17,433) | (25,569) | (49,463) |
Distributions from investments in real estate ventures | 9,186 | 4,946 | 11,936 |
Proceeds from sale of fixed assets | 3 | 0 | 17 |
Capital expenditures | (10,557) | (9,957) | (13,506) |
Increase in cash surrender value of life insurance policies | (1,169) | (1,173) | (1,219) |
Purchase of subsidiaries | 0 | 0 | (500) |
Pay downs of investment securities | 113 | 198 | 525 |
Net cash used in investing activities | (14,600) | (3,728) | (61,970) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 0 | 0 | 875,000 |
Repayments of debt | (23,679) | (12,253) | (862,973) |
Deferred financing costs | 0 | 0 | (20,109) |
Borrowings under revolver | 87,576 | 112,558 | 27,892 |
Repayments on revolver | (109,611) | (90,547) | (27,868) |
Dividends and distributions on common stock | (126,232) | (128,262) | (131,798) |
Contributions from non-controlling interest | 0 | 0 | 1,625 |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options | (3,706) | (2,622) | (13,145) |
Cash transferred to Douglas Elliman Inc. at the Distribution | 0 | 0 | (212,571) |
Other | 0 | (938) | (130) |
Net cash used in financing activities | (175,652) | (122,064) | (364,077) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 19,732 | 55,525 | (170,828) |
Cash, cash equivalents and restricted cash, beginning of year | 250,374 | 194,849 | 365,677 |
Cash, cash equivalents and restricted cash, end of year | $ 270,106 | $ 250,374 | $ 194,849 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation : The Consolidated Financial Statements included in this annual report present the financial position of Vector Group Ltd. (the “Company” or “Vector”) as of December 31, 2023 and 2022 and the results of operations of the Company for the years ended December 31, 2023, 2022 and 2021 giving effect to the Distribution of Douglas Elliman Inc. (“Douglas Elliman”) with the historical financial results of Douglas Elliman reflected as discontinued operations (See Note 6.). The cash flows and comprehensive income related to Douglas Elliman have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refers only to the Company’s continuing operations and does not include discussion of balances or activity of Douglas Elliman. The consolidated financial statements of the Company include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the U.S. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business. (b) Estimates and Assumptions : The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges, valuation of intangible assets, promotional accruals, actuarial assumptions of pension plans, deferred tax liabilities, settlement accruals, valuation of investments, including other-than-temporary impairments to such investments, and litigation and defense costs. Actual results could differ from those estimates. (c) Cash and Cash Equivalents : Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents include short-term investments which have an original maturity of 90 days or less. Interest income from short-term investments is recognized when earned. The Company deposits its cash and cash equivalents at large financial institutions, including commercial banks and broker-dealers. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all cash balances as of December 31, 2023 are uninsured. (d) Reconciliation of Cash, Cash Equivalents and Restricted Cash : Restricted cash amounts included in other current assets and other assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement. The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows: December 31, December 31, December 31, Cash and cash equivalents $ 268,600 $ 224,580 $ 193,411 Restricted cash and cash equivalents included in other assets 1,506 25,794 1,438 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 270,106 $ 250,374 $ 194,849 (e) Investment Securities : The Company classifies investments in debt securities as available for sale. Investments classified as available for sale are recorded at fair value, with net unrealized gains and losses included as a separate component of stockholders’ deficiency. The cost of securities sold is determined based on average cost. Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s debt securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. The Company classifies investments in marketable equity securities as equity securities at fair value. The Company’s marketable equity securities are measured at fair value with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities. (f) Significant Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes, high credit quality financial institutions. Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 13% and 10% of Liggett’s revenues in 2023, 15% and 11% in 2022 and 14% and 12% in 2021. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 4% and 8%, respectively, of Liggett’s net accounts receivable as of December 31, 2023, and approximately 4% and 37%, respectively, as of December 31, 2022. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. (g) Accounts Receivable - trade, net : Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $548 and $838 as of December 31, 2023 and 2022, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned. (h) Inventories : Tobacco inventories are stated at the lower of cost and net realizable value with cost determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold within one year because of the time required for aging, they are included in current assets, which is common practice in the industry. (i) Property, Plant and Equipment : Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred. (j) Investments in Real Estate Ventures : In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s). Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary. On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment includes judgment and all relevant facts and circumstances. (k) Intangible Assets : Intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually as of December 31 and monitored for interim triggering events on an on-going basis. Our intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco LLC), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future. The fair value of the intangible asset associated with the benefit under the MSA is calculated using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized. Indefinite life intangible assets as of December 31, 2023 and 2022, were $107,511. The Company performed its impairment test for the years ended December 31, 2023, 2022 and 2021 and no impairment was noted. (l) Impairment of Long-Lived Assets : The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset based on discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment includes judgment and all relevant facts and circumstances. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. (m) Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in investments in real estate, net, property, plant and equipment and current and long-term portions of notes payable and long-term debt on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and are reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term. The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to combine lease and non-lease components for all underlying asset classes. (n) Pension, Postretirement and Postemployment Benefits Plans : The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the Company’s consolidated balance sheets. (See Note 12). (o) Stock Options and Awards : The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at the grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options and restricted stock awarded under the 2023 Management Incentive Plan (the “2023 Plan”), the 2014 Management Incentive Plan (the “2014 Plan”) and the Amended and Restated 1999 Long-Term Incentive Plan (the “1999 Plan”) provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options and restricted stock. The Company recognizes payments of the dividend equivalent rights on these options and restricted stock on the Company’s consolidated balance sheets as reductions in additional paid-in capital until fully utilized and then accumulated deficit ($3,463, $4,239 and $3,832, net of income taxes, for the years ended December 31, 2023, 2022 and 2021, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ deficiency. (p) Income Taxes : The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. The Company accounts for uncertainty in income taxes by recognizing the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. The Company classifies all tax-related interest and penalties as income tax expense. (q) Distributions and Dividends on Common Stock : The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented. (r) Revenue Recognition : Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of its cost of sales. Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $8,453 in 2023, $8,747 in 2022 and $7,006 in 2021. Real estate : Revenue from facilities primarily related to Escena and consisted of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. See Note 10 for details of the Escena investment . In April 2022, New Valley sold Escena and received approximately $15,300 in net cash proceeds. The Company recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the consolidated statements of operations. Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset. (s) Advertising : Tobacco advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $5,227, $4,748 and $4,464 for the years ended December 31, 2023, 2022 and 2021, respectively. (t) Comprehensive Income : The Company presents net income and other comprehensive income in two separate, and consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income. The components of accumulated other comprehensive loss, net of income taxes, were as follows: December 31, December 31, December 31, Net unrealized gains on investment securities available for sale, net of income taxes of $78, $7, and $21, respectively $ 212 $ 7 $ 46 Pension-related amounts, net of income taxes of $4,771, $5,799, and $5,692, respectively (13,125) (16,080) (15,769) Accumulated other comprehensive loss $ (12,913) $ (16,073) $ (15,723) (u) Contingencies : The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. As discussed in Note 15, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. The Company records Liggett’s product liability legal expenses as operating, selling, administrative and general expenses as those costs are incurred. (v) Other, Net : Other, net consisted of: Year Ended December 31, 2023 2022 2021 Interest and dividend income $ 23,491 $ 8,627 $ 1,920 Change in derivative associated with guarantee — 2,646 — Expense related to Tax Disaffiliation indemnification — (589) — Net gains (losses) recognized on investment securities 2,594 (7,980) 9,384 Net periodic benefit cost other than the service costs (1,353) (944) (975) Other income 1,387 986 358 Other, net $ 26,119 $ 2,746 $ 10,687 (w) Other Assets : Other assets consisted of: December 31, December 31, 2022 Restricted assets $ 1,619 $ 25,907 Prepaid pension costs 45,292 38,100 Other assets 37,418 31,310 Total other assets $ 84,329 $ 95,317 (x) Other Current Liabilities : Other current liabilities consisted of: December 31, 2023 December 31, 2022 Accounts payable $ 6,749 $ 6,351 Accrued promotional expenses 51,146 56,645 Accrued excise and payroll taxes payable, net 13,144 17,160 Accrued interest 30,041 30,451 Accrued salaries and benefits 10,952 9,614 Allowance for sales returns 12,675 7,526 Other current liabilities 6,973 7,423 Total other current liabilities $ 131,680 $ 135,170 (y) New Accounting Pronouncements : A ccounting Standards Updates (“ASUs”) adopted in 2023 : In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. ASUs to be adopted in future periods : In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU requires that all public entities improve the reportable segment disclosure primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its 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 | 12 Months Ended |
Dec. 31, 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. Year Ended December 31, 2023 2022 2021 Real Estate Segment Revenues Sales on facilities primarily from Escena $ — $ 3,259 $ 5,353 Revenues from investments in real estate — 12,625 12,850 Total real estate revenues $ — $ 15,884 $ 18,203 |
Current Expected Credit Losses
Current Expected Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
CURRENT EXPECTED CREDIT LOSSES | CURRENT EXPECTED CREDIT LOSSES Tobacco receivables: Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. Based on Tobacco historical and ongoing cash collections from customers, an estimated credit loss in accordance with ASU 2016-13 was not recorded for these trade receivables as of December 31, 2023 and December 31, 2022. Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets The following is the reconciliation of the allowance for credit losses for the year ended December 31, 2023: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses : New Valley term loan receivables $ 15,928 — — — $ 15,928 The following is the reconciliation of the allowance for credit losses for the year ended December 31, 2022: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses : New Valley term loan receivables $ 15,928 — — — $ 15,928 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE As discussed in Note 14, the Company has stock option awards and restricted stock awards which provide for common stock dividend equivalents at the same rate as paid on the common stock with respect to the shares underlying the unexercised portion of the options. These outstanding options and restricted stock awards represent participating securities under authoritative guidance. The Company recognizes payments of the dividend equivalent rights ($3,463, $4,239, and $3,832, for the years ended December 31, 2023, 2022 and 2021, respectively) on these options and restricted stock awards as reductions in additional paid-in-capital on the Company’s consolidated balance sheets. Income from continuing operations attributable to participating securities represent the undistributed earnings allocated to the participating securities using the two-class method permitted by U.S. GAAP for computing diluted earnings per share (“EPS”). The Company included the income tax benefit associated with the dividend equivalent rights as a component of income tax expense due to the adoption of ASU 2016-09. As a result, in its calculation of basic EPS for the years ended December 31, 2023, 2022 and 2021, respectively, the Company has adjusted its net income for the effect of these participating securities as follows: Net income for purposes of determining basic EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. were as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Net income attributed to Vector Group Ltd. from discontinued operations — — 72,309 Net income attributed to Vector Group Ltd. 183,526 158,701 219,463 Income from continuing operations attributable to participating securities (5,005) (4,947) (5,862) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 213,601 Net income for purposes of determining basic EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Income from continuing operations attributable to participating securities (5,005) (4,947) (3,694) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 143,460 Basic EPS is computed by dividing net income available to common stockholders attributed to Vector Group Ltd. by the weighted-average number of shares outstanding, which includes vested restricted stock. Net income for purposes of determining diluted EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. were as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Net income attributed to Vector Group Ltd. from discontinued operations — — 72,309 Net income attributed to Vector Group Ltd. 183,526 158,701 219,463 Income from continuing operations attributable to participating securities (5,005) (4,947) (5,862) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 213,601 Net income for purposes of determining diluted EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Income from continuing operations attributable to participating securities (5,005) (4,947) (3,694) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 143,460 Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, 2023 2022 2021 Weighted-average shares for basic EPS 153,196,070 152,752,874 152,403,072 Incremental shares related to stock options and non-vested restricted stock 134,718 141,977 71,777 Weighted-average shares for diluted EPS 153,330,788 152,894,851 152,474,849 It may not be possible to recalculate EPS attributable to common stockholders by adjusting EPS from continuing operations by EPS from discontinued operations as each amount is calculated independently. The following non-vested restricted stock was outstanding during the years ended December 31, 2023, 2022 and 2021, respectively, but 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. Year Ended December 31, 2023 2022 2021 Weighted-average shares of non-vested restricted stock — 1,973 524,606 Weighted-average expense per share $ — $ 11.23 $ 17.42 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment accounted for under ASC 842. The leases have remaining lease terms of less than one year to five years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants. The Company has leases with variable payments, most commonly in the form of Common Area Maintenance (“CAM”) and tax charges which are based on actual costs incurred. These variable payments were excluded from the ROU asset and lease liability balances since they are not fixed or in-substance fixed payments. Variable payments are expensed as incurred. The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Operating lease cost $ 4,384 $ 4,405 $ 4,578 Short-term lease cost 710 415 374 Variable lease cost 478 299 320 Finance lease cost: Amortization 25 33 58 Interest on lease liabilities 2 5 9 Total lease cost $ 5,599 $ 5,157 $ 5,339 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 4,793 $ 4,850 $ 4,961 Operating cash flows from finance leases 2 5 10 Financing cash flows from finance leases 29 37 57 ROU assets obtained in exchange for lease obligations: Operating leases 6,752 208 1,993 Finance leases — — — Supplemental balance sheet information related to leases was as follows: December 31, December 31, 2023 2022 Finance leases: Property, plant and equipment, at cost $ 127 $ 127 Accumulated amortization (120) (95) Property and equipment, net $ 7 $ 32 Current portion of notes payable and long-term debt $ 8 $ 29 Notes payable, long-term debt and other obligations, less current portion — 8 Total finance lease liabilities $ 8 $ 37 Weighted average remaining lease term in years: Operating leases 3.85 2.57 Finance leases 0.25 1.25 Weighted average discount rate: Operating leases 9.78 % 9.89 % Finance leases 8.85 % 8.85 % As of December 31, 2023, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2024 $ 4,702 $ 8 2025 3,292 — 2026 2,675 — 2027 2,067 — 2028 1,602 — Thereafter — — Total lease payments 14,338 8 Less imputed interest (2,455) — Total $ 11,883 $ 8 The Company leases office space from an affiliate of a significant stockholder of the Company. This lease represents $1,891 of the ROU asset balances and $1,937 of lease liability balances as of December 31, 2023. The rent expense for this lease was approximately $541 for the year ended December 31, 2023. As of December 31, 2023, the Company had $2,071 undiscounted lease payments relating to leases that have not yet commenced. The operating leases will commence in the first half of 2024 with lease terms ranging between 2 and 3 years. The Company’s rental expense for the years ended December 31, 2023, 2022 and 2021 was $4,384, $4,405 and $4,578, respectively. Rent expense for the year ended December 31, 2023 consisted of $3,411 of amortization and $973 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2022 consisted of $3,381 of amortization and $1,024 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2021 consisted of $3,275 of amortization and impairment of ROU assets and $1,303 of lease expense for interest accretion on operating lease liabilities. |
LEASES | LEASES The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment accounted for under ASC 842. The leases have remaining lease terms of less than one year to five years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants. The Company has leases with variable payments, most commonly in the form of Common Area Maintenance (“CAM”) and tax charges which are based on actual costs incurred. These variable payments were excluded from the ROU asset and lease liability balances since they are not fixed or in-substance fixed payments. Variable payments are expensed as incurred. The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Operating lease cost $ 4,384 $ 4,405 $ 4,578 Short-term lease cost 710 415 374 Variable lease cost 478 299 320 Finance lease cost: Amortization 25 33 58 Interest on lease liabilities 2 5 9 Total lease cost $ 5,599 $ 5,157 $ 5,339 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 4,793 $ 4,850 $ 4,961 Operating cash flows from finance leases 2 5 10 Financing cash flows from finance leases 29 37 57 ROU assets obtained in exchange for lease obligations: Operating leases 6,752 208 1,993 Finance leases — — — Supplemental balance sheet information related to leases was as follows: December 31, December 31, 2023 2022 Finance leases: Property, plant and equipment, at cost $ 127 $ 127 Accumulated amortization (120) (95) Property and equipment, net $ 7 $ 32 Current portion of notes payable and long-term debt $ 8 $ 29 Notes payable, long-term debt and other obligations, less current portion — 8 Total finance lease liabilities $ 8 $ 37 Weighted average remaining lease term in years: Operating leases 3.85 2.57 Finance leases 0.25 1.25 Weighted average discount rate: Operating leases 9.78 % 9.89 % Finance leases 8.85 % 8.85 % As of December 31, 2023, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2024 $ 4,702 $ 8 2025 3,292 — 2026 2,675 — 2027 2,067 — 2028 1,602 — Thereafter — — Total lease payments 14,338 8 Less imputed interest (2,455) — Total $ 11,883 $ 8 The Company leases office space from an affiliate of a significant stockholder of the Company. This lease represents $1,891 of the ROU asset balances and $1,937 of lease liability balances as of December 31, 2023. The rent expense for this lease was approximately $541 for the year ended December 31, 2023. As of December 31, 2023, the Company had $2,071 undiscounted lease payments relating to leases that have not yet commenced. The operating leases will commence in the first half of 2024 with lease terms ranging between 2 and 3 years. The Company’s rental expense for the years ended December 31, 2023, 2022 and 2021 was $4,384, $4,405 and $4,578, respectively. Rent expense for the year ended December 31, 2023 consisted of $3,411 of amortization and $973 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2022 consisted of $3,381 of amortization and $1,024 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2021 consisted of $3,275 of amortization and impairment of ROU assets and $1,303 of lease expense for interest accretion on operating lease liabilities. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On December 29, 2021, at 11:59 p.m., New York City time, the Company completed the distribution to its stockholders (including Vector common stock underlying outstanding stock options awards and restricted stock awards) of the common stock of Douglas Elliman (the “Distribution”). Each holder of Vector common stock received one share of Douglas Elliman’s common stock for every two shares of Vector common stock (including Vector common stock underlying outstanding stock option awards and restricted stock awards) held of record as of the close of business, New York City time, on December 20, 2021. In the Distribution, an aggregate of 77,720,159 shares of Douglas Elliman’s common stock were issued, with any fractional shares converted to cash and paid to applicable Vector stockholders. Prior to the Distribution, Douglas Elliman was a component of the Real Estate segment of the Company. Following the Distribution, Douglas Elliman is a separate public company. The Company and Douglas Elliman entered into a distribution agreement (the “Distribution Agreement”) and several ancillary agreements for the purpose of accomplishing the Distribution. The Distribution Agreement includes an agreement that the Company and Douglas Elliman will provide each other with appropriate indemnities with respect to liabilities arising out of the business retained by Vector and the business transferred to Douglas Elliman by Vector. These agreements also govern the Company’s relationship with Douglas Elliman after the Distribution and provide for the allocation of employee benefit, tax and some other liabilities and obligations attributable to periods prior to, at and after the Distribution. These agreements also include arrangements with respect to transition services (the “Transition Services Agreement”). The Company entered into a Tax Disaffiliation Agreement with Douglas Elliman that governs Vector’s and Douglas Elliman’s respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the control of audits and other tax matters. Douglas Elliman will be party to other arrangements with Vector and its subsidiaries. Douglas Elliman and its eligible subsidiaries have previously joined with Vector in the filing of certain consolidated, combined, and unitary returns for state, local, and other applicable tax purposes. However, for periods (or portions thereof) beginning after the Distribution, Douglas Elliman will not join with Vector or any of its subsidiaries (as determined after the Distribution) in the filing of any federal, state, local or other applicable consolidated, combined or unitary tax returns. Under the Tax Disaffiliation Agreement, with certain exceptions, Vector will be generally responsible for all of Douglas Elliman’s U.S. federal, state, local and other applicable income and non-income taxes for any taxable period or portion of such period ending on or before the Distribution date. Douglas Elliman will be generally responsible for all taxes that are attributable to it or one of its subsidiaries after the Distribution date. The Company paid Douglas Elliman $589 in 2022 and recorded Other expense in its consolidated statements of operations for the year ended December 31, 2022 related to the tax indemnifications. There were no assets or liabilities of discontinued operations of Douglas Elliman as of December 31, 2023 and 2022, respectively. The financial results of Douglas Elliman through the Distribution are presented as income from discontinued operations, net of income taxes on the Company’s consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Distribution: Year Ended December 31, 2023 2022 2021 (Dollars in thousands, except per share amounts) Revenues: Real estate $ — $ — $ 1,344,825 Expenses: Cost of sales — — 989,436 Operating, selling, administrative and general expenses — — 253,942 Operating income — — 101,447 Other expenses: Interest expense — — (164) Equity in losses from real estate ventures — — (278) Other, net — — (870) Pretax income from discontinued operations — — 100,135 Income tax expense — — 28,016 Income from discontinued operations — — 72,119 Net loss from discontinued operations attributed to non-controlling interest — — 190 Net income from discontinued operations attributed to Vector Group Ltd. $ — $ — $ 72,309 The following table presents the information regarding certain components of cash flows from discontinued operations: Year Ended December 31, 2023 2022 2021 (Dollars in thousands, except per share amounts) Depreciation and amortization $ — $ — $ 8,561 Non-cash lease expense — — 18,667 Capital expenditures — — (4,106) |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES Investment securities consisted of the following: December 31, 2023 December 31, 2022 Debt securities available for sale $ 73,225 $ 81,643 Equity securities at fair value: Marketable equity securities 14,286 12,724 Mutual funds invested in debt securities 23,424 22,069 Long-term investment securities at fair value (1) 29,402 28,919 Total equity securities at fair value 67,112 63,712 Total investment securities at fair value 140,337 145,355 Less: Long-term investment securities at fair value (1) 29,402 28,919 Current investment securities at fair value $ 110,935 $ 116,436 Long-term investment securities at fair value (1) $ 29,402 $ 28,919 Equity-method investments 17,358 16,040 Total long-term investments $ 46,760 $ 44,959 Equity securities and other long-term investments at cost (2) $ 7,555 $ 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 consolidated balance sheets. Net gains (losses) recognized on investment securities were as follows: Year Ended December 31, 2023 2022 2021 Net gains (losses) recognized on equity securities $ 3,045 $ (5,011) $ 9,615 Net (losses) gains recognized on debt and equity securities available for sale (159) 6 45 Impairment expense (292) (2,975) (276) Net gains (losses) recognized on investment securities $ 2,594 $ (7,980) $ 9,384 (a) Debt Securities Available for Sale: The components of debt securities available for sale as of December 31, 2023 were as follows: Cost Gross Gross Fair Marketable debt securities $ 72,939 $ 286 $ — $ 73,225 The table below summarizes the maturity dates of debt securities available for sale as of December 31, 2023. Investment Type : Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 38,657 $ 9,647 $ 29,010 $ — Corporate securities 12,042 12,042 — — U.S. mortgage-backed securities 17,358 15,724 1,634 — Commercial paper 5,168 5,168 — — Total debt securities available for sale by maturity dates $ 73,225 $ 42,581 $ 30,644 $ — The components of debt securities available for sale as of 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 December 31, 2023 and 2022, respectively. Gross realized gains and losses recognized on debt securities available for sale were as follows: Year Ended December 31, 2023 2022 2021 Gross realized gains on sales $ 26 $ 8 $ 108 Gross realized losses on sales (185) (2) (63) Net (losses) gains recognized on debt securities available for sale $ (159) $ 6 $ 45 Impairment expense $ (292) $ (2,975) $ (276) 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 for the years ended December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, 2023 2022 2021 Net gains (losses) recognized on equity securities $ 3,045 $ (5,011) $ 9,615 Less: Net (losses) gains recognized on equity securities sold (1,289) 1,198 7,534 Net unrealized gains (losses) recognized on equity securities still held at the reporting date $ 4,334 $ (6,209) $ 2,081 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 18. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. The Company has unfunded commitments of $303 related to long-term investment securities at fair value as of December 31, 2023 . The Company received $5,330 of cash distributions for the year ended December 31, 2023, all of which were classified as investing cash inflows. The company recorded $88 of in-transit redemptions as of December 31, 2023. The Company received $4,971 of cash distributions for the year ended December 31, 2022, all of which were classified as investing cash inflows. The Company received $11,642 of cash distributions for the year ended December 31, 2021, of which $11,509 were classified as investing cash inflows. (c) Equity Securities and Other Long-Term Investments Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient Equity securities and other long-term investments without readily determinable fair values that do not qualify for the NAV practical expedient consisted of profit participation agreements and investments in various limited liability companies. During the year ended December 31, 2023, the Company invested $5,000 into two additional investments, which do not qualify for the NAV practical expedient. The total carrying value of these investments that do not qualify for the NAV practical expedient was $7,555 as of December 31, 2023 and $2,755 as of December 31, 2022, and was included in “Other assets” on the consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2023, 2022 and 2021, respectively. (d) Equity-Method Investments: Equity-method investments consisted of the following: December 31, 2023 December 31, 2022 Mutual and hedge funds $ 17,358 $ 16,040 As of December 31, 2023, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.54% to 38.67%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting. Equity in earnings (losses) from investments were: Year Ended December 31, 2023 2022 2021 Mutual fund and hedge funds $ 1,262 $ (4,995) $ 2,675 The Company received $55, $51 and $50 in dividends from one of its equity-method investments that were reinvested back into the fund in 2023, 2022 and 2021, respectively. (e) Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds. Year Ended December 31, 2023 2022 2021 Investment income $ 4,713 $ 3,209 $ 1,574 Expenses 10,585 13,272 12,873 Net investment loss (5,872) (10,063) (11,299) Total net realized gain (loss) and net change in unrealized depreciation from investments 4,824 (84,466) 48,342 Net (decrease) increase in partners’ capital resulting from operations $ (1,048) $ (94,529) $ 37,043 December 31, December 31, Investment securities $ 290,916 $ 299,389 Cash and cash equivalents 695 2,860 Other assets 38,471 87,507 Total assets $ 330,082 $ 389,756 Other liabilities $ 159,858 $ 159,246 Total liabilities 159,858 159,246 Partners’ capital 170,224 230,510 Total liabilities and partners’ capital $ 330,082 $ 389,756 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of: December 31, December 31, Leaf tobacco $ 46,190 $ 39,893 Other raw materials 9,372 8,808 Work-in-process 814 798 Finished goods 65,295 64,865 Inventories at current cost 121,671 114,364 LIFO adjustments: Leaf tobacco (19,941) (15,213) Other raw materials (2,411) (1,220) Work-in-process (105) (25) Finished goods (7,255) (5,458) Total LIFO adjustments (29,712) (21,916) $ 91,959 $ 92,448 All inventories as of December 31, 2023 and 2022 were reported under the LIFO method. Cost of sales was reduced by $576 and $3,248 for the years ended December 31, 2023 and December 31, 2022, respectively, due to liquidations of LIFO inventories. The amount of capitalized MSA cost in “Finished goods” inventory was $22,988 and $23,084 as of December 31, 2023 and 2022, respectively. Federal excise tax capitalized in inventory was $25,151 and $26,423 as of December 31, 2023 and 2022, respectively. As of December 31, 2023, Liggett had tobacco purchase commitments of approximately $31,508. Liggett has a single source supply agreement for reduced ignition propensity cigarette paper through December 2025. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of: December 31, December 31, Land and improvements $ 1,678 $ 1,678 Buildings 18,911 18,792 Machinery and equipment 185,966 175,816 Leasehold improvements 1,266 1,266 207,821 197,552 Less accumulated depreciation and amortization (164,441) (157,972) $ 43,380 $ 39,580 Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2023, 2022 and 2021 was $6,738, $7,218 and $7,816, respectively. The Company, through Liggett, had future machinery and equipment purchase commitments of $6,767 including $3,842 for factory modernization as of December 31, 2023. |
New Valley LLC
New Valley LLC | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
NEW VALLEY LLC | NEW VALLEY LLC (a) Investments in real estate ventures . The components of “Investments in real estate ventures” were as follows: Range of Ownership (1) December 31, 2023 December 31, 2022 Condominium and Mixed-Use Development 4.1% - 77.8% $ 108,334 $ 93,350 Apartment Buildings 1.5% - 50.0% 7,791 9,471 Hotels 0.4% - 49.0% 138 2,510 Commercial 1.6% - 49.0% 15,234 15,347 Other —% — 439 Investments in real estate ventures $ 131,497 $ 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 because of a number of factors including potential dilution, financing or admission of additional partners. Contributions The components of New Valley’s contributions to its investments in real estate ventures were as follows: December 31, 2023 December 31, 2022 Condominium and Mixed-Use Development $ 17,285 $ 17,221 Apartment Buildings 148 — Hotels — 206 Commercial — 8,070 Other — 72 Total contributions $ 17,433 $ 25,569 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 years ended December 31, 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: December 31, 2023 December 31, 2022 Condominium and Mixed-Use Development $ 7,797 $ 2,348 Apartment Buildings — 550 Hotels 5,164 — Commercial 473 1,018 Other — 4,459 Total distributions $ 13,434 $ 8,375 Of the distributions received by New Valley from its investment in real estate ventures, $4,248 and $3,429 were from distributions of earnings and $9,186 and $4,946 were a return of capital for the years ended December 31, 2023 and 2022, respectively. Distributions from earnings are included in cash from operations in the consolidated statements of cash flows, while distributions from return of capital are included in cash flows from investing activities in the consolidated statements of cash flows. Equity in Earnings (Losses) from Real Estate Ventures New Valley recognized equity in earnings (losses) from real estate ventures as follows: Year Ended December 31, 2023 2022 2021 Condominium and Mixed-Use Development $ 1,316 $ (6,469) $ (4,148) Apartment Buildings (2,268) (1,879) 18,566 Hotels 2,792 (853) (1,927) Commercial 362 1,005 (1,811) Other — 2,250 (430) Total equity in earnings (losses) from real estate ventures $ 2,202 $ (5,946) $ 10,250 The Company recorded impairment expense of $1,202, $490 and $2,713 for the years ended December 31, 2023, 2022 and 2021, respectively. The expense related to one hotel venture in 2023 and one commercial venture in each of 2022 and 2021. Because the Company has recorded impairment charges on certain of its investments in real estate ventures, the impaired real estate ventures have been recorded at fair value as of the period when the impairment charge was recorded. The impaired real estate ventures were measured at fair value on a nonrecurring basis when an other-than-temporary impairment charge was recorded. During the year ended 2023, New Valley’s Park Lane Hotel joint venture sold its property located in Manhattan. New Valley recognized equity in earnings of $4,657 from the venture and received distributions of $4,931 for the year ended 2023. As of December 31, 2023, the venture had a carrying value of $0. During the year ended 2023, New Valley’s Ritz-Carlton Villas joint venture sold its condominiums located in Miami, FL. New Valley recognized equity in earnings of $3,909 from the venture and received distributions of $3,935 for the year ended 2021. As of December 31, 2023, the venture had a carrying value of $0. During the year ended 2021, New Valley’s Natura joint venture sold a parcel of land located in Miami, FL. New Valley recognized equity in earnings of $3,899 from the venture and received distributions of $5,168 for the year ended 2021. As of December 31, 2023, the venture had a carrying value of $11,054. During the year ended 2021, New Valley’s Maryland joint venture sold its apartment complexes located in Baltimore, Maryland. New Valley recognized equity in earnings of $18,566 from the venture and received distributions of $18,566 for the year ended 2021. As of December 31, 2023, the venture had a carrying value of $0. Investment in Real Estate Ventures Entered Into During 2023: New Valley invested $700 during the year ended December 31, 2023 for an approximate 27% interest in 353 6th LLC. The joint venture plans to develop a condominium complex. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss in its investment in 353 6th LLC was $727 as of December 31, 2023. New Valley invested $3,983 during the year ended December 31, 2023 for an approximate 13.5% interest in Banyan Cay. The joint venture plans to develop a resort. 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 in its investment in Banyan Cay was $3,983 as of December 31, 2023. VIE Consideration For the investments in real estate ventures, New Valley determined that the entities were VIEs but New Valley was not the primary beneficiary. Therefore, New Valley’s investment in such real estate ventures has been accounted for under the equity method of accounting. Maximum Exposure to Loss New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows: December 31, 2023 Condominium and Mixed-Use Development $ 108,334 Apartment Buildings 7,791 Hotels 138 Commercial 15,234 Total maximum exposure to loss $ 131,497 New Valley capitalized $4,287 and $4,432 of interest costs into the carrying value of its ventures whose projects were currently under development during the years ended December 31, 2023 and December 31, 2022, respectively. (b) Guarantees and Commitments: The joint venture agreements through which New Valley invests in real estate ventures set forth certain conditions where New Valley or its affiliate may be required to contribute payments towards the satisfaction of liabilities of the other partners in the joint venture, or to otherwise indemnify other partners. Mostly, these contribution/indemnity requirements are triggered in the event New Valley, or its affiliate, commits an act that results in liability of another partner under a guarantee that the other partner has given to a lender in connection with a loan. The guarantees given in connection with the loans may include non-recourse carve-out, environmental, carry and/or completion guarantees, depending on the specific project. In some instances, New Valley or its affiliate would be proportionately liable in the event of liability under a guarantee that is not the fault of any of the partners in the joint venture. In very limited circumstances, New Valley has agreed to be a guarantor directly in connection with a loan. The Company believes that as of December 31, 2023, in the event New Valley becomes legally obligated to contribute funds or otherwise indemnify another partner due to a triggering event under a guarantee, or becomes legally obligated as a guarantor (in the limited circumstances where New Valley is a direct guarantor under the loan documents), the real estate underlying the applicable project is expected to be sufficient to largely repay any guaranteed obligation (although a lender need not necessarily resort to foreclosing on the real estate before seeking recourse under a loan guarantee). New Valley has no additional capital commitments as of December 31, 2023. (c) Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method: Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed-Use Development, Apartment Buildings, Hotels, Commercial and Other. Year Ended December 31, Income Statements 2023 2022 2021 Other Condominium and Mixed-Use Development: Revenue $ 94,606 $ 117,836 $ 301,703 Cost of sales 451 63,618 317,894 Other expenses 129,509 143,619 117,985 Loss from continuing operations $ (35,354) $ (89,401) $ (134,176) Apartment Buildings: Revenue $ 22,403 $ 2,934 $ 35,213 Other expenses 60,479 4,563 46,360 Loss from continuing operations $ (38,076) $ (1,629) $ (11,147) Hotels: Revenue $ 175,921 $ 166,169 $ 42,549 Cost of sales 5,121 5,049 3,671 Other expenses 403,510 293,761 201,211 Loss from continuing operations $ (232,710) $ (132,641) $ (162,333) Commercial: Revenue $ 7,052 $ 10,226 $ 1,662 Equity in earnings 1,241 37,690 24,383 Other expenses 6,028 12,274 1,412 Income from continuing operations $ 2,265 $ 35,642 $ 24,633 Other: Revenue $ — $ 6,761 $ 180,092 Other expenses — 21,548 303,352 Loss from continuing operations $ — $ (14,787) $ (123,260) Balance Sheets December 31, 2023 December 31, 2022 Other Condominium and Mixed-Use Development: Investment in real estate $ 1,890,797 $ 1,529,516 Total assets 2,049,105 1,667,802 Total debt 1,535,543 1,193,638 Total liabilities 1,898,725 1,480,725 Non-controlling interest 91,146 73,391 Apartment Buildings: Investment in real estate $ 478,669 $ 64,350 Total assets 542,165 68,664 Total debt 378,978 48,449 Total liabilities 396,668 49,722 Non-controlling interest 93,871 — Hotels: Investment in real estate $ 759,515 $ 1,580,798 Total assets 792,831 1,651,072 Total debt 248,419 1,113,419 Total liabilities 664,582 1,281,161 Non-controlling interest 141,060 374,608 Commercial: Investment in real estate $ 55,094 $ 51,468 Total assets 73,658 71,364 Total debt 59,994 56,394 Total liabilities 60,980 57,424 Non-controlling interest — — Other: Investment in real estate $ — $ 430,961 Total assets — 486,655 Total debt — 321,587 Total liabilities — 331,928 Non-controlling interest — 112,141 (d) Investments in real estate, net: Escena. In March 2008, a wholly owned subsidiary of New Valley purchased a loan collateralized by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” In April 2009, New Valley completed the foreclosure process and took title to the collateral. The project consisted of 615 residential lots with site and public infrastructure, an 18-hole golf course, a completed clubhouse, and a seven-acre site approved for a 450-room hotel. The Company recorded operating income of $0, $1,316 and $63 for the years ended December 31, 2023, 2022 and 2021, respectively, from Escena. In April 2022, New Valley sold Escena and received approximately $15,300 in net cash proceeds. The Company recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley had no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the consolidated statements of operations. Townhome A (11 Beach Street). In November 2020, New Valley received, as part of a liquidating distribution from a real estate joint venture, Unit TH-A, a townhouse located in Manhattan, NY. In April 2021, New Valley sold the unit for $6,750 and recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the consolidated statements of operations. Real Estate Market Conditions. Because of the risks and uncertainties of the real estate markets, the Company will continue to perform additional assessments to determine the impact of the markets, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur. |
Notes Payable, Long-Term Debt a
Notes Payable, Long-Term Debt and Other Obligations | 12 Months Ended |
Dec. 31, 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: December 31, 2023 December 31, 2022 Vector: 5.75% Senior Secured Notes due 2029 $ 875,000 $ 875,000 10.5% Senior Notes due 2026, net of unamortized discount of $1,719 and $2,209 516,973 539,926 Liggett: Revolving credit facility — 22,035 Equipment loans 8 37 Total notes payable, long-term debt and other obligations 1,391,981 1,436,998 Less: Debt issuance costs (20,162) (24,672) Total notes payable, long-term debt and other obligations 1,371,819 1,412,326 Less: Current maturities (8) (22,065) Amount due after one year $ 1,371,811 $ 1,390,261 Vector : 6.125% Senior Secured Notes due 2025: On February 1, 2021, the 6.125% Senior Secured Notes due 2025, which had an aggregate principal amount of $850,000, were redeemed in full and the Company recorded a loss on the extinguishment of debt of $21,362 in 2021, including $13,013 of premium and $8,349 of other costs and non-cash interest expense related to the recognition of previously unamortized deferred finance costs. 5.75% Senior Secured Notes due 2029: On January 28, 2021, the Company completed the sale of $875,000 in aggregate principal amount of its 5.75% Senior Secured Notes due 2029 (“5.75% Senior Secured Notes”) to qualified institutional buyers and non-U.S. persons in a private offering pursuant to the exemptions from the registration requirements of the Securities Act 1933 (“Securities Act”) contained in Rule 144A and Regulation S under the Securities Act. The aggregate net cash proceeds from the sale of the 5.75% Senior Secured Notes were approximately $855,500 after deducting the initial purchaser’s discount and estimated expenses and fees payable by the Company in connection with the offering. The Company used the net cash proceeds from the 5.75% Senior Secured Notes offering, together with cash on hand, to redeem all the Company’s outstanding 6.125% Senior Secured Notes due 2025, including accrued interest and any premium thereon, and to pay fees and expenses in connection with the offering of the 5.75% Senior Secured Notes. The 5.75% Senior Secured Notes pay interest on a semi-annual basis at a rate of 5.75% per year and mature on the earlier of February 1, 2029 and the date that is 91 days before November 1, 2026, the final stated maturity date of the 10.5% Senior Notes due 2026 (“10.5% Senior Notes”) if such 10.5% Senior Notes have not been repurchased and cancelled or refinanced by such date. The 5.75% Senior Secured Notes are fully and unconditionally guaranteed, subject to certain customary automatic release provisions, on a joint and several basis by all the wholly owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses, which subsidiaries, as of the issuance date of the 5.75% Senior Secured Notes were also guarantors under the Company’s outstanding 10.5% Senior Notes. The guarantees provided by certain of the guarantors are secured by first priority or second priority security interests in certain collateral of such guarantors, including, in the case of VGR Holding LLC, a pledge of the membership interests of Liggett and Vector Tobacco, pursuant to security and pledge agreements, subject to certain permitted liens and exceptions as further described in the indenture and the security documents relating thereto. Neither New Valley LLC nor any of the Company’s subsidiaries engaged in the real estate business guarantee the 5.75% Senior Secured Notes. The Company does not pledge any collateral for the 5.75% Senior Secured Notes. As of December 31, 2023, the Company was in compliance with all debt covenants. 10.5% Senior Notes due 2026: On November 2, 2018, the Company completed the sale of $325,000 in aggregate principal amount of its 10.5% Senior Notes to qualified institutional buyers and non-U.S. persons in a private offering pursuant to the exemptions from the registration requirements of the Securities Act contained in Rule 144A and Regulation S under the Securities Act. The aggregate net proceeds from the initial sale of the 10.5% Senior Notes were approximately $315,000 after deducting underwriting discounts, commissions, fees and offering expenses. On November 18, 2019, the Company completed the sale of an additional $230,000 in aggregate principal amount of its 10.5% Senior Notes. The Company received net proceeds of approximately $220,400 after deducting underwriting discounts, commissions, fees and offering expenses. The Company used a portion of the net cash proceeds from the offering to retire the Company’s outstanding 5.5% Variable Interest Senior Convertible Notes in April 2020. For the years ended December 31, 2023 and 2022, t he Company repurchased in the market $23,443 and $12,865, respectively, in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $549 and a gain of $412, respectively. The Senior Notes that were repurchased have been retired. The Company pays cash interest on the 10.5% Senior Notes at a rate of 10.5% per year, payable semi-annually on May 1 and November 1 of each year. The 10.5% Senior Notes mature on November 1, 2026. The 10.5% Senior Notes were fully and unconditionally guaranteed subject to certain customary automatic release provisions on a joint and several basis by all the Company’s wholly owned domestic subsidiaries that are engaged in the conduct of its cigarette businesses, and, prior to the Distribution, by DER Holdings LLC, through which the Company indirectly owned a 100% interest in Douglas Elliman as of December 31, 2023. In connection with the Distribution, the guarantee by DER Holdings LLC was released. DER Holdings LLC did not guarantee our 5.75% Senior Secured Notes. As of December 31, 2023, the Company was in compliance with all debt covenants. Revolving Credit Agreement — Liggett : Liggett, 100 Maple LLC (“Maple”), a subsidiary of Liggett, and Vector Tobacco are party to the Credit Agreement with Wells Fargo, as agent and lender, which provides a maximum credit line of $90,000 and matures on March 22, 2026. Loans under the Credit Agreement bear interest at a rate equal to, at the borrower’s option, (a) the base rate, (b) Term SOFR for the applicable interest period plus 2.25% or (c) Daily Simple SOFR plus 2.25%, where “SOFR” means the Secured Overnight Financing Rate. The interest rate as of December 31, 2023 was 7.56%. An unused line fee is also payable on the average undrawn commitments at a rate of 0.25%, regardless of the amount borrowed under the facility. Borrowings are limited by a borrowing base equal to the sum of (a) the lesser of (i) 85% of eligible trade receivables less certain reserves and (ii) $15,000; plus (b) 80% of the value of eligible inventory consisting of packaged cigarettes; plus (c) the designated percentage of the value of eligible inventory consisting of leaf tobacco (i.e., 65% of Liggett’s eligible cost of inventory consisting of leaf tobacco less certain reserves or 85% of the net orderly liquidation value of eligible inventory); plus (d) the lesser of (i) the real property subline amount or (ii) 60% of the fair market value of eligible real property. The obligations under the Credit Agreement are collateralized on a first priority basis by all inventories, receivables and certain other personal property of Liggett, Maple, and Vector Tobacco, and a mortgage on Liggett’s manufacturing facility and certain real property of Maple, subject to certain permitted liens. Wells Fargo, Liggett, Maple, Vector Tobacco and the collateral agent for the holders of the 5.75% Senior Secured Notes have entered into an intercreditor agreement, pursuant to which the liens of such collateral agent on the assets that are subject to the Credit Agreement are subordinated to the liens of Wells Fargo on such assets. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit the incurrence of indebtedness and liens, the acquisition of investments, the making of dividends and certain mergers, consolidations and asset sales. The Credit Agreement also contains financial covenants, including (a) a requirement that the Tobacco segment’s earnings before interest, taxes, depreciation and amortization, as defined under the Credit Agreement, on a trailing twelve month basis, shall not be less than $150,000 if the Tobacco segment’s excess availability, as defined under the Credit Agreement, is less than $30,000, and (b) a requirement that annual capital expenditures, as defined under the Credit Agreement (before a maximum carryover amount of $10,000), shall not exceed $20,000 during any fiscal year. The Credit Agreement also contains customary events of default. The borrowers were in compliance with these covenants as of December 31, 2023. As of December 31, 2023, there was no outstanding balance due under the Credit Agreement. Availability, as determined under the Credit Agreement, was $84,000 based on eligible collateral as of December 31, 2023. Non-Cash Interest Expense — Vector : Year Ended December 31, 2023 2022 2021 Amortization of debt discount, net $ 490 $ 439 $ 393 Amortization of debt issuance costs 4,371 4,102 3,775 Loss (gain) on repurchase of 10.5% Senior Notes 549 (412) — Loss on extinguishment of 6.125% Senior Secured Notes — — 8,349 $ 5,410 $ 4,129 $ 12,517 Fair V alue of Notes Payable and Long-Term Debt : The estimated fair value of the Company’s notes payable and long-term debt was as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair 5.75% Senior Secured Notes due 2029 $ 875,000 $ 800,126 $ 875,000 $ 758,993 10.5% Senior Notes due 2026 516,973 522,194 539,926 537,202 Liggett and other 8 8 22,072 22,072 Notes payable and long-term debt $ 1,391,981 $ 1,322,328 $ 1,436,998 $ 1,318,267 Notes payable and long-term debt are recorded on the consolidated balance sheets at amortized cost. The fair value determinations disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 18 if such liabilities were recorded on the consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk as described in Note 1. The Company used a derived price based upon quoted market prices and trade activity as of December 31, 2023 to determine the fair value of its publicly traded notes and debentures. The carrying value of the revolving credit facility is equal to the fair value. The fair value of the equipment loans was determined by calculating the present value of the required future cash flows. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange. Scheduled Maturities : Scheduled maturities of notes payable and long-term debt were as follows: Principal Unamortized Net Year Ending December 31: 2024 $ 8 $ — $ 8 2025 — — — 2026 518,692 1,719 516,973 2027 — — — 2028 — — — Thereafter 875,000 — 875,000 Total $ 1,393,700 $ 1,719 $ 1,391,981 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Benefit Plans and Postretirement Plans : Defined Benefit Plans. The Company sponsors four defined benefit pension plans (two qualified and two non-qualified) covering virtually all individuals who were employed by Liggett on a full-time basis prior to 1994. Future accruals of benefits under these four defined benefit plans were frozen between 1993 and 1995. These benefit plans provide pension benefits for eligible employees based primarily on their compensation and length of service. Contributions are made to the two qualified pension plans in amounts necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974. The plans’ assets and benefit obligations were measured on December 31, 2023 and 2022, respectively. The Company also sponsors a Supplemental Retirement Plan (“SERP”) where the Company will pay supplemental retirement benefits to certain key employees, including certain executive officers of the Company. The plan meets the applicable requirements of Section 409A of the Internal Revenue Code and is intended to be unfunded for tax purposes. Payments under the SERP are made from the general assets of the Company. The SERP is a defined benefit plan. Under the SERP, the benefit payable to a participant at his normal retirement date is a lump sum amount which is the actuarial equivalent of a predetermined annual retirement benefit set by the Company’s Board of Directors. Normal retirement date is defined as the January 1 following the attainment by the participant of the latter of age 60 or the completion of eight years of employment following January 1, 2002 with the Company or a subsidiary. The SERP provides the Company’s President and Chief Executive Officer with an additional benefit paid as a lump sum under the SERP that is actuarially equivalent to a $1,788 lifetime annuity. In addition, in the event of a termination of his employment under the circumstances where he is entitled to severance payments under his employment agreement, he will be credited with an additional 36 months of service towards vesting under the SERP. As of December 31, 2023, the aggregate lump sum equivalents of the annual retirement benefits payable under the Amended SERP at normal retirement dates occurring during the following years is as follows: 2028 – $68,316 and 2029 to 2033 – $6,866. In the case of a participant who becomes disabled prior to his normal retirement date or whose service is terminated without cause, the participant’s benefit consists of a pro-rata portion of the full projected retirement benefit to which he would have been entitled had he remained employed through his normal retirement date, as actuarially discounted back to the date of payment. A participant who dies while working for the Company or a subsidiary (and before becoming disabled or attaining his normal retirement date) will be paid an actuarially discounted equivalent of his projected retirement benefit; conversely, a participant who retires beyond his normal retirement date will receive an actuarially increased equivalent of his projected retirement benefit. Postretirement Medical and Life Plans. The Company provides certain postretirement medical and life insurance benefits to certain employees and retirees. Substantially all Liggett manufacturing employees as of December 31, 2023 are eligible for postretirement medical benefits if they reach retirement age while working for Liggett or certain affiliates. Retirees are required to fund 100% of participant medical premiums and, pursuant to union contracts, Liggett reimburses 43 hourly retirees, who retired prior to 1991, for Medicare Part B premiums. In addition, the Company provides life insurance benefits to 66 active employees and 326 retirees who reach retirement age and are eligible to receive benefits under two of the Company’s defined benefit pension plans. The Company’s postretirement liabilities are comprised of Medicare Part B and life insurance premiums. The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits: Pension Benefits Other 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at January 1 $ (103,576) $ (121,166) $ (6,283) $ (8,480) Service cost (397) (414) — — Interest cost (5,090) (2,628) (323) (233) Benefits paid 5,634 5,993 960 975 Expenses paid 247 264 — — Actuarial gain (807) 14,375 (429) 1,455 Benefit obligation at December 31 $ (103,989) $ (103,576) $ (6,075) $ (6,283) Change in plan assets: Fair value of plan assets at January 1 $ 84,058 $ 104,545 $ — $ — Actual return on plan assets 9,279 (14,331) — — Expenses paid (247) (264) — — Contributions 100 101 960 975 Benefits paid (5,634) (5,993) (960) (975) Fair value of plan assets at December 31 $ 87,556 $ 84,058 $ — $ — Unfunded status at December 31 $ (16,433) $ (19,518) $ (6,075) $ (6,283) Amounts recognized in the consolidated balance sheets: Prepaid pension costs $ 45,292 $ 38,100 $ — $ — Other accrued liabilities (88) (89) (601) (596) Non-current employee benefit liabilities (61,637) (57,529) (5,474) (5,687) Net amounts recognized $ (16,433) $ (19,518) $ (6,075) $ (6,283) Pension Benefits Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Service cost — benefits earned during the period $ 397 $ 414 $ 415 $ — $ — $ — Interest cost on projected benefit obligation 5,090 2,628 2,284 323 233 224 Expected return on assets (5,038) (3,530) (3,458) — — — Prior service cost — — — 8 8 4 Amortization of net loss (gain) 1,055 1,636 1,835 (85) (31) 86 Net expense $ 1,504 $ 1,148 $ 1,076 $ 246 $ 210 $ 314 As of December 31, 2023, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive (loss) gain as of January 1, 2023 $ (22,667) $ 788 $ (21,879) Amortization of prior service costs — 8 8 Amortization of loss (gain) 1,055 (85) 970 Net (loss) gain arising during the year 3,434 (429) 3,005 Accumulated other comprehensive (loss) income as of December 31, 2023 $ (18,178) $ 282 $ (17,896) As of December 31, 2022, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive loss as of January 1, 2022 $ (20,817) $ (644) $ (21,461) Amortization of prior service costs — 8 8 Amortization of loss (gain) 1,636 (31) 1,605 Net (loss) gain arising during the year (3,486) 1,455 (2,031) Accumulated other comprehensive (loss) income as of December 31, 2022 $ (22,667) $ 788 $ (21,879) As of December 31, 2023, our total accumulated benefit obligations, as well as our projected benefit obligations more than the fair value of the related plan assets, for defined benefit pension plans were as follows: December 31, 2023 2022 Accumulated benefit obligation $ 61,724 $ 57,618 Fair value of plan assets $ — $ — December 31, 2023 2022 Projected benefit obligation $ 61,724 $ 57,618 Fair value of plan assets $ — $ — The information for other postretirement benefit plans with an accumulated postretirement benefit obligation more than plan assets has been disclosed in the Obligations table above because all the other postretirement benefit plans are unfunded or underfunded. The assumptions used for the pension benefits and other postretirement benefits were: Pension Benefits Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions: Discount rates — benefit obligation 4.95% - 5.35% 4.90% - 5.30% 1.80% - 2.70% 5.40% 5.40% 2.85% Discount rates — service cost 4.90% - 5.30% 1.80% - 2.70% 1.40% - 2.30% 5.40% 2.85% 2.55% Assumed rates of return on invested assets 6.25% 3.50% 3.50% N/A N/A N/A Salary increase assumptions N/A N/A N/A 3.00% 3.00% 3.00% Discount rates were determined by a quantitative analysis examining the prevailing prices of high-quality bonds to determine an appropriate discount rate for measuring obligations. The aforementioned analyses analyze the cash flow from each of the Company’s four benefit plans as well as a separate analysis of the cash flows from the postretirement medical and life insurance plans sponsored by Liggett. The aforementioned analyses then construct a hypothetical bond portfolio whose cash flow from coupons and maturities match the year-by-year, projected benefit cash flow from the respective pension or retiree health plans. The Company uses the lower discount rate derived from the two independent analyses in the computation of the benefit obligation and service cost for each respective retirement liability. The Company considers input from its external advisors and historical returns in developing its expected rate of return on plan assets. The expected long-term rate of return is the weighted average of the target asset allocation of each individual asset class. The Company’s actual 10-year annual rate of return on its pension plan assets was 4.42%, 4.83% and 7.74% for the years ended December 31, 2023, 2022 and 2021, respectively, and the Company’s actual five-year annual rate of return on its pension plan assets was 3.00%, 2.42% and 7.86% for the years ended December 31, 2023, 2022 and 2021, respectively. Gains and losses resulted from changes in actuarial assumptions and from differences between assumed and actual experience, including, among other items, changes in discount rates and changes in actual returns on plan assets as compared to assumed returns. These gains and losses are amortized to the extent that they exceed 10% of the greater of Projected Benefit Obligation and the fair value of assets. For the year ended December 31, 2023, Liggett used a 12.64-year period for its Hourly Plan and an 11.01-year period for its Salaried Plan to amortize pension fund gains and losses on a straight-line basis. Such amounts are reflected in the pension expense calculation beginning the year after the gains or losses occur. The amortization of deferred losses negatively impacts pension expense in the future periods. Plan assets are invested employing multiple investment management firms. Managers within each asset class cover a range of investment styles and focus primarily on issue selection to add value. Risk is controlled through a diversification among asset classes, managers, styles and securities. Risk is further controlled both at the manager and asset class level by assigning excess return and tracking error targets. Investment managers are monitored to evaluate performance against these benchmark indices and targets. Allowable investment types include equity, investment grade fixed income and short-term investments. The equity fund is comprised of a Large Cap Index fund and a Mid Cap Index fund, both of which are U.S. based. The investment grade fixed income fund includes two managed funds investing in fixed income securities issued or guaranteed by the U.S. government, or by its respective agencies, mortgage-backed securities, including collateralized mortgage obligations, and corporate debt obligations. The Company generally utilizes its short-term investments, including interest-bearing cash, to pay benefits and to deploy in special situations. The Liggett Employee Benefits Committee has established the following target assets allocation to equal 35% equity investments and 65% investment grade fixed income, with a rebalancing range of approximately plus or minus 5% around the target asset allocations. Vector’s defined benefit retirement plan allocations by asset category, were as follows: Plan Assets at 2023 2022 Asset category: Equity securities 35 % 34 % Investment grade fixed income securities 65 % 66 % Total 100 % 100 % The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows: Fair Value Measurements as of December 31, 2023 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 1,535 $ — $ 1,535 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 118 118 — — Common collective trusts at NAV (1) 85,903 — — — Total $ 87,556 $ 118 $ 1,535 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2022 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 1,679 $ — $ 1,679 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 85 85 — — Common collective trusts at NAV (1) 82,294 — — — Total $ 84,058 $ 85 $ 1,679 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. The fair value of investment included in Level 1 is based on quoted market prices from various stock exchanges. The Level 2 investments are based on quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets in markets that are not active. For 2023 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 5.54% and 7.23% between 2024 and 2031 and 4.5% thereafter. For 2022 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 3.06% and 8.01% between 2023 and 2030 and 4.5% thereafter. To comply with ERISA’s minimum funding requirements, the Company currently anticipates that it will be required to make $88 of contributions to the pension plan year beginning on January 1, 2024 and ending on December 31, 2024. Any additional funding obligation that the Company may have for subsequent years is contingent on several factors and is not reasonably estimable at this time. Estimated future pension and postretirement medical benefits payments were as follows: Pension Postretirement 2024 $ 5,524 $ 601 2025 5,177 590 2026 4,860 579 2027 4,539 551 2028 72,548 533 2029 - 2033 23,577 2,313 Profit Sharing and 401(k) Plans: |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The amounts provided for income taxes were as follows: Year Ended December 31, 2023 2022 2021 Current: U.S. Federal $ 47,991 $ 35,733 $ 33,398 State 11,003 10,902 14,945 58,994 46,635 48,343 Deferred: U.S. Federal 5,301 11,079 11,399 State 631 4,147 3,065 5,932 15,226 14,464 Total $ 64,926 $ 61,861 $ 62,807 The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows: December 31, 2023 December 31, 2022 Deferred tax assets: Employee benefit accruals $ 6,452 $ 7,471 Impairment of investments 6,451 12,342 Impact of timing of settlement payments 6,210 9,054 Various U.S. federal and state tax loss carryforwards 1,284 1,828 Operating lease liabilities 3,000 2,328 Current expected credit losses 4,020 4,111 Other 2,564 3,000 29,981 40,134 Less: Valuation allowance (552) (550) Net deferred tax assets $ 29,429 $ 39,584 Deferred tax liabilities: Basis differences on non-consolidated entities $ (38,413) $ (39,884) Basis differences on fixed and intangible assets (33,354) (34,794) Basis differences on inventory (9,776) (11,165) Basis differences on long-term investments (1,943) (2,777) Operating lease right of use assets (2,781) (1,998) Other (1,132) — $ (87,399) $ (90,618) Net deferred tax liabilities $ (57,970) $ (51,034) The Company files a consolidated U.S. income tax return that includes its more than 80%-owned U.S. subsidiaries. Standalone subsidiaries had tax-effected federal and state and local net operating loss (“NOL”) carryforwards of $1,284 and $1,828 as of December 31, 2023 and 2022, respectively, expiring through tax year 2027. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all deferred tax assets will not be realized. The Company had valuation allowances of $552 and $550 as of December 31, 2023 and 2022, respectively. The valuation allowances as of December 31, 2023 and 2022 primarily related to state net operating loss carryforwards of standalone subsidiaries. The consolidated balance sheets of the Company include deferred income tax assets and liabilities, which represent temporary differences in the application of accounting rules established by U.S. GAAP and income tax laws. Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows: Year Ended December 31, 2023 2022 2021 Income before provision for income taxes $ 248,452 $ 220,562 $ 209,961 Federal income tax expense at statutory rate 52,175 46,318 44,092 Increases (decreases) resulting from: State income taxes, net of federal income tax benefits 10,640 10,585 13,946 Non-deductible expenses 3,867 3,511 6,205 Excess tax benefits on stock-based compensation (320) (285) (561) Changes in valuation allowance, net of equity and tax audit adjustments 2 202 (504) Other (1,438) 1,530 (371) Income tax expense $ 64,926 $ 61,861 $ 62,807 The Company’s income tax expense is principally attributable to the Company’s federal and state income taxes based on the Company’s earnings. The non-deductible expenses presented in the table above largely relate to the Company’s non-deductible executive compensation. The state NOLs and valuation allowance are decreased by the NOLs expiration. For the year ended December 31, 2021, the non-deductible expenses also included Distribution expenses and the federal and state NOLs and valuation allowance also decreased by the Distribution entity. The following table summarizes the activity related to the unrecognized tax benefits: Balance at January 1, 2021 $ 1,653 Additions based on tax positions related to prior years 1,640 Settlements (1,065) Expirations of the statute of limitations (19) Balance at December 31, 2021 2,209 Additions based on tax positions related to prior years 1,409 Settlements — Expirations of the statute of limitations (351) Balance at December 31, 2022 3,267 Additions based on tax positions related to prior years 1,453 Settlements (1,456) Expirations of the statute of limitations (266) Balance at December 31, 2023 $ 2,998 In the event the unrecognized tax benefits of $2,998 as of December 31, 2023 were recognized, such recognition would impact the effective tax rate. The Company classifies all tax-related interest and penalties as income tax expense. The Company had accrued, as a component of the unrecognized tax benefits, interest and penalties of $628 and $699 as of December 31, 2023 and 2022, respectively. It is reasonably possible the Company may recognize up to approximately $331 of unrecognized tax benefits over the next 12 months, primarily pertaining to expiring statutes of limitations on prior state and local income tax return positions. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK COMPENSATION | STOCK COMPENSATION On May 16, 2014, the Company’s stockholders approved the 2014 Plan. The 2014 Plan replaced the 1999 Plan. On July 26, 2023, the Company’s stockholders approved the 2023 Plan. The 2023 Plan replaced the 2014 Plan. Like the 1999 Plan and 2014 Plan, the 2023 Plan provides for the Company to grant stock options, stock appreciation rights and restricted stock. The 2023 Plan also provides for awards based on a multi-year performance period and for annual short-term awards based on a twelve-month performance period. Shares available for issuance under the 2023 Plan are 7,955,000 shares. The Company may satisfy its obligations under any award granted under the 2023 Plan by issuing new shares. Awards previously granted under the 1999 Plan and the 2014 Plan remain outstanding in accordance with their terms. Stock Options. The Company recognized stock-based compensation expense of $42, $339 and $849 related to stock options for the years ended December 31, 2023, 2022 and 2021, respectively. The Company has not granted option awards to employees since 2019. All stock option awards have a contractual term of 10 years and they vested over a period of four years. The fair value of option grants was estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including expected stock price characteristics which are significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models do not necessarily provide a reliable single measure of the fair value of stock-based compensation awards. The assumptions used under the Black-Scholes option pricing model in computing fair value of options are based on the expected option life considering both the contractual term of the option and expected employee exercise behavior, the interest rate associated with U.S. Treasury issues with a remaining term equal to the expected option life and the expected volatility of the Company’s common stock over the expected term of the option. A summary of employee stock option transactions follows: Number of Weighted-Average Weighted-Average Aggregate Intrinsic Value (1) Outstanding on January 1, 2021 3,822,819 $ 15.40 4.6 $ 487 Exercised — $ — Outstanding on December 31, 2021 3,822,819 $ 15.40 3.6 $ 238 Exercised — $ — Outstanding on December 31, 2022 3,822,819 $ 15.40 2.6 $ 794 Exercised (1,055,315) $ 11.47 Outstanding on December 31, 2023 2,767,504 $ 16.89 2.6 $ 146 Options exercisable at: December 31, 2021 2,988,727 December 31, 2022 3,415,944 December 31, 2023 2,767,504 _____________________________ (1) The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($11.28, $11.86 and $11.48 as of December 31, 2023, 2022 and 2021, respectively) exceeds the option exercise price. Additional information relating to options outstanding as of December 31, 2023 follows: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted-Average Weighted-Average Exercisable Weighted-Average Weighted-Average Aggregate Intrinsic Value 12/31/2023 12/31/2023 $9.86 - $11.83 406,875 5.2 $ 10.92 406,875 5.2 $ 10.92 $ — $11.83 - $13.80 — — $ — — — $ — $ — $13.80 - $15.77 519,278 0.4 $ 14.68 519,278 0.4 $ 14.68 $ — $15.77 - $17.74 — — $ — — — $ — $ — $17.74 - $19.71 1,841,351 2.6 $ 18.84 1,841,351 2.6 $ 18.84 $ — 2,767,504 2.6 $ 16.89 2,767,504 2.6 $ 16.89 $ 146 In accordance with ASU 2016-09, the Company reflects the net excess tax benefits of stock-based compensation in its consolidated financial statements as a component of “Cash Flows from Operating Activities.” The Company has elected to use the long-form method under which each award grant is tracked on an employee-by-employee basis and grant-by-grant basis to determine if there is a tax benefit or tax deficiency for such award. The Company then compares the fair value expense to the tax deduction received for each grant in order to calculate the related tax benefits and deficiencies. All excess tax benefits and deficiencies are recognized as a component of income tax expense or benefit on the income statement. The total intrinsic value of options exercised during the year ended December 31, 2023 was $1,066. Tax benefits related to option exercises of $417 were recorded as reductions to income tax expense for the year ended December 31, 2023. Restricted Stock Awards. The Company recognizes compensation expense using the fair value method. All awards vest over a period that ranges between two The Company recognized stock-based compensation expense of $10,069, $7,509 and $13,949 related to restricted stock awards for the years ended December 31, 2023, 2022 and 2021, respectively. A summary of nonvested restricted stock award activities follows: Number of Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2023 1,980,000 $ 12.24 Granted (1) 1,335,000 $ 12.83 Vested (2) (613,750) $ 12.37 Forfeited — $ — Nonvested at December 31, 2023 2,701,250 $ 12.51 _____________________________ (1) The weighted-average grant-date fair value of restricted stock awards granted during 2022 and 2021 was $11.11 and $14.31, respectively. (2) The total fair value of restricted stock awards vested during 2023, 2022, and 2021 was $8,081, $6,125, and $7,492, respectively. As of December 31, 2023, there was $22,566 of total unrecognized compensation costs related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.33 years. The Company’s accounting policy is to treat dividends paid on unvested restricted stock as a reduction to additional paid-in capital on the Company’s consolidated balance sheets. Included in the stock compensation costs for the year ended December 31, 2021, were expenses of $4,317 associated with the acceleration of stock compensation in connection with the Company’s Distribution of Douglas Elliman. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Tobacco-Related Litigation : Overview. Since 1954, Liggett and other U.S. cigarette manufacturers have been named as defendants in numerous direct, third-party and purported class actions predicated on the theory that cigarette manufacturers should be liable for damages alleged to have been caused by cigarette smoking or by exposure to secondary smoke from cigarettes. The cases have generally fallen into the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs (“Individual Actions”); (ii) lawsuits by individuals requesting the benefit of the Engle ruling (“ Engle progeny cases”); (iii) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring, as well as cases alleging that use of the terms “lights” and/or “ultra lights” constitutes a deceptive and unfair trade practice, common law fraud or violation of federal law, purporting to be brought on behalf of a class of individual plaintiffs (“Class Actions”); and (iv) health care cost recovery actions brought by various foreign and domestic governmental plaintiffs and non-governmental plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits (“Health Care Cost Recovery Actions”). The future financial impact of the risks and expenses of litigation are not quantifiable. For the years ended December 31, 2023, 2022 and 2021, Liggett incurred tobacco product liability legal expenses and costs totaling $8,612, $8,031, and $6,256, 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 December 31, 2023, there are no litigation bonds posted. Accounting Policy . The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as discussed in this Note 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. Although Liggett has generally been successful in managing the litigation filed against it, litigation is subject to uncertainty and significant challenges remain. 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. As cases proceed through the appellate process, the Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated. Individual Actions As of December 31, 2023, there were 70 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 33 Illinois 17 Florida 10 Nevada 4 Louisiana 2 Hawaii 1 California 1 New Mexico 1 Alabama 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 December 31, 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 15, management is unable to estimate the possible loss or range of loss from the remaining Engle progeny cases as there are currently multiple defendants in each case, 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 $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 and individually, Liggett settled an additional 214 Engle progeny cases for approximately $8,400. As of December 31, 2023, 14 Engle progeny cases remain pending in state court. Therefore, the Company and Liggett may still be subject to periodic adverse judgments which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows. Judgments Paid in Engle Progeny Cases . As of December 31, 2023, Liggett paid in the aggregate $40,111, including interest and attorneys’ fees, to satisfy the judgments in the following Engle progeny cases: Lukacs , Campbell , Douglas , Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan and Santoro . Liggett Only Cases As of December 31, 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 December 31, 2023, there were four Individual Actions ( Kanuh a, Lane , Sandler and Taylor ) scheduled for trial through December 31, 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 December 31, 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 December 31, 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 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 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 U.S. 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 U.S. 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 U.S. Liggett and Vector Tobacco’s domestic shipments accounted for approximately 5.5% of the total cigarettes sold in the U.S. in 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 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 28, 2023, Liggett and Vector Tobacco pre-paid $263,000 of their approximate $272,000 2023 MSA obligation. The remaining balance of $9,000 will be paid in April 2024. Certain MSA Disputes NPM Adjustment. Liggett and Vector Tobacco contend that they are entitled to an NPM Adjustment for 2003 - 2023. 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 - 2023, 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 described above, for the years ended December 31, 2023, 2022 and 2021, Liggett and Vector Tobacco reduced cost of sales by $14,809, $12,278 and $7,896, respectively. Liggett and Vector Tobacco may be entitled to further adjustments. As of December 31, 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. Each of these four states, prior to the effective date of the MSA, negotiated and executed settlement agreements with each of the other major tobacco companies, separate from those settlements reached previously with Liggett. Except as described below, Liggett’s agreements with these states remain in full force and effect. These states’ settlement agreements with Liggett contained most favored nation provisions which could reduce Liggett’s payment obligations based on subsequent settlements or resolutions by those states with certain other tobacco companies. Beginning in 1999, Liggett determined that, based on settlements or resolutions with U.S. Tobacco Company, Liggett’s payment obligations to those four states were eliminated. With respect to all non-economic obligations under the previous settlements, Liggett believes it is entitled to the most favorable provisions as between the MSA and each state’s respective settlement with the other major tobacco companies. Therefore, Liggett’s non-economic obligations to all states and territories are now defined by the MSA. In 2003, as a result of a dispute with Minnesota Liggett agreed to pay $100 a year in any year cigarettes manufactured by Liggett 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 15, management is unable to estimate the loss or range of loss that could result from an unfavorable outcome of the cases pending against Liggett or the costs of defending such cases and as a result has not provided any amounts in its consolidated financial statements for unfavorable outcomes. The tobacco industry is subject to a wide range of laws and regulations regarding the marketing, sale, taxation and use of tobacco products imposed by local, state and federal governments. There have been a number of restrictive regulatory actions, adverse legislative and political decisions and other unfavorable developments concerning cigarette smoking and the tobacco industry. These developments may negatively affect the perception of potential triers of fact with respect to the tobacco industry, possibly to the detriment of certain pending litigation, and may prompt the commencement of additional litigation or legislation. It is possible that the Company’s consolidated financial position, results of operations and cash flows could be materially adversely affected by an unfavorable outcome in any of the smoking-related litigation. The activity in the Company’s accruals for the MSA and tobacco litigation for the three years ended December 31, 2023 was as follows: Current Liabilities Non-Current Liabilities Payments due under Master Settlement Agreement Litigation Accruals Total Payments due under Master Settlement Agreement Litigation Accruals Total Balance as of January 1, 2021 $ 38,767 $ 3,967 $ 42,734 $ 17,933 $ 19,268 $ 37,201 Expenses 173,786 211 173,997 — — — NPM Settlement adjustment — — — — — — Change in MSA obligations capitalized as inventory (670) — (670) — — — Payments, net of credits received (204,706) (4,091) (208,797) — — — Reclassification to/(from) non-current liabilities 4,709 3,351 8,060 (4,709) (3,351) (8,060) Interest on withholding — 480 480 — 1,763 1,763 Balance as of December 31, 2021 11,886 3,918 15,804 13,224 17,680 30,904 Expenses 278,327 239 278,566 — — — NPM Settlement adjustment (15) — (15) (2,108) — (2,108) Change in MSA obligations capitalized as inventory 2,634 — 2,634 — — — Payments, net of credits received (277,994) (7,948) (285,942) — — — Reclassification to/(from) non-current liabilities — 3,566 3,566 — (3,566) (3,566) Interest on withholding — 521 521 — 2,003 2,003 Balance as of December 31, 2022 14,838 296 15,134 11,116 16,117 27,233 Expenses 272,212 18,799 291,011 — — — NPM Settlement adjustment — — — (734) — (734) Change in MSA obligations capitalized as inventory (97) — (97) — — — Payments, net of credits received (279,776) (22,768) (302,544) — — — Reclassification to/(from) non-current liabilities 1,635 3,707 5,342 (1,635) (3,707) (5,342) Interest on withholding — 317 317 — 1,475 1,475 Balance as of December 31, 2023 $ 8,812 $ 351 $ 9,163 $ 8,747 $ 13,885 $ 22,632 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. Over the years, Liggett and the Company have received various 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. It is unclear what, if any, liability the Company may have in connection with these matters. Management is of the opinion that the liabilities, if any, resulting from other proceedings, lawsuits and claims pending against the Company and its consolidated subsidiaries, unrelated to tobacco product liability, should not materially affect the Company’s consolidated financial position, results of operations or cash flows. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2023 2022 2021 Cash paid during the period for: Interest, including interest related to finance leases $ 109,449 $ 112,759 $ 111,759 Income taxes, net 50,189 42,426 92,698 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Consulting services. Beginning in April 2020, a director of the Company, who served as President and Chief Executive Officer of Liggett Group and Liggett Vector Brands until March 2020, has served as Non-Executive Chairman of the Board of Managers of Liggett Vector Brands and as a Senior Advisor to Liggett. In addition to fees earned as a director of the Company, he has received $720, $720 and $720 under the agreement for the years ended December 31, 2023, 2022 and 2021. Douglas Elliman Inc. On December 29, 2021, the Company completed the Distribution of Douglas Elliman, which included the real estate services and PropTech investment business formerly owned by the Company through its subsidiary, New Valley. Vector Group and Douglas Elliman entered into the Distribution Agreement and the Transition Services Agreement with respect to transition services and several ongoing commercial relationships. Under the Transition Services Agreement, Douglas Elliman paid the Company $4,200 in both 2023 and 2022. The Company and Douglas Elliman also entered into two Aircraft Lease Agreements for the right to lease on a flight-by-flight basis certain aircraft owned by subsidiaries of the Company. Under the agreements, Douglas Elliman paid $2,124 in 2023 and $2,418 in 2022 to the Company. The Company has agreed to indemnify Douglas Elliman for certain tax matters under the Tax Disaffiliation Agreement. The Company paid Douglas Elliman $589 in 2022 and recorded Other expense in its consolidated statements of operations for the year ended December 31, 2022 related to the tax indemnifications. Following the Distribution, there is an overlap between certain officers of Vector Group and Douglas Elliman. The President and Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and Treasurer, and the General Counsel and Secretary of Vector Group serve in the same role at Douglas Elliman. Furthermore, three of the members of Vector Group’s Board of Directors also serve as directors of Douglas Elliman. Douglas Elliman Realty LLC has been engaged by certain developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. Douglas Elliman had gross commissions of approximately $1,766, $1,709 and $8,956 from these projects for the years ended December 31, 2023, 2022 and 2021, respectively. A son of the Company’s President and Chief Executive Officer is an associate broker with Douglas Elliman and he received commissions and other payments of $925 in accordance with brokerage activities in 2021. Insurance. The Company’s Chief Executive Officer, a firm in which he is a shareholder, and affiliates of that firm received insurance commissions aggregating approximately $265, $257 and $241 in 2023, 2022 and 2021, respectively, on various insurance policies issued for the Company and its subsidiaries. Other. In September 2012, the Company entered into an office lease with an entity affiliated with Dr. Phillip Frost, who beneficially owns more than 5% of the Company’s common stock. The lease is for space in an office building in Miami, Florida and will expire on April 30, 2028, as amended in February 2023. The amended lease provides for payments of $43 per month increasing to $48 per month. The Company recorded rental expense of $541, $458, and $458 for the years ended December 31, 2023, 2022 and 2021, associated with the lease. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, 2023 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 214,515 $ 214,515 $ — $ — Commercial paper (1) 52,287 — 52,287 — Investment securities at fair value Equity securities at fair value Marketable equity securities 14,286 14,286 — — Mutual funds invested in debt securities 23,424 23,424 — — Total equity securities at fair value 37,710 37,710 — — Debt securities available for sale U.S. government securities 38,657 — 38,657 — Corporate securities 12,042 — 12,042 — U.S. government and federal agency 17,358 — 17,358 — Commercial paper 5,168 — 5,168 — Index-linked U.S. bonds — — — — Total debt securities available for sale 73,225 — 73,225 — Total investment securities at fair value 110,935 37,710 73,225 — Long-term investments Long-term investment securities at fair value (2) 29,402 — — — Total $ 407,139 $ 252,225 $ 125,512 $ — _____________________________ (1) Amounts included in Cash and cash equivalents on the 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 Description 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 consolidated balance sheets. (2) Amounts included in Other assets on the consolidated balance sheets. (3) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. The fair value of 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 December 31, 2023 and 2022, respectively, except for investments in real estate ventures that were impaired as of December 31, 2022. The Company’s investment in real estate ventures subject to nonrecurring fair value measurements are as follows: Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 1,202 $ — $ — $ — $ — The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decline in the investments in real estate ventures was attributed to the decline in the projected sales prices and the duration of the estimated sell out of the respective real estate ventures. The $1,202 of impairment charges were included in equity in earnings from real estate ventures for the year ended December 31, 2023. Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 490 $ — $ — $ — $ — The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decline in the investments in real estate ventures was attributed to the decline in the projected sales prices and the duration of the estimated sell out of the respective real estate ventures. The $490 of impairment charges were included in equity in losses from real estate ventures for the year ended December 31, 2022. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s business segments for the years ended December 31, 2023, 2022 and 2021 were Tobacco and Real Estate. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2023, 2022 and 2021 was as follows: Real Corporate Tobacco Estate and Other Total 2023 Revenues $ 1,424,268 $ — $ — $ 1,424,268 Operating income (loss) 346,673 (1) 313 (18,951) 328,035 Equity in earnings from real estate ventures — 2,202 — 2,202 Identifiable assets 320,925 156,690 (4) 456,480 (6) 934,095 Depreciation and amortization 5,686 — 1,255 6,941 Capital expenditures 10,279 — 278 10,557 2022 Revenues $ 1,425,125 $ 15,884 $ — $ 1,441,009 Operating income (loss) 347,044 (2) 8,016 (16,050) 339,010 Equity in losses from real estate ventures — (5,946) — (5,946) Identifiable assets of continuing operations 343,874 137,747 (4) 426,970 (6) 908,591 Depreciation and amortization 5,901 66 1,251 7,218 Capital expenditures 9,872 1 84 9,957 2021 Revenues $ 1,202,497 $ 18,203 $ — $ 1,220,700 Operating income (loss) 360,317 (3) 4,066 (43,944) (5) 320,439 Equity in earnings from real estate ventures — 10,250 — 10,250 Identifiable assets of continuing operations 302,051 128,256 (4) 440,780 (6) 871,087 Depreciation and amortization 6,525 249 1,042 7,816 Capital expenditures 5,827 3 3,570 9,400 _____________________________ (1) Includes $734 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,799 of litigation settlement and judgment expense. (2) Includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $239 of litigation settlement and judgment expense. (3) Includes $2,722 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $211 of litigation settlement and judgment expense. (4) Includes real estate investments accounted for under the equity method of accounting of $131,497, $121,117 and $105,062 as of December 31, 2023, 2022 and 2021, respectively. (5) Includes transaction expenses of $10,468 and accelerated stock compensation of $4,317 related to the Distribution of Douglas Elliman; and $910 of gain on sale of assets. (6) Includes cash of $251,732, investment securities of $110,935 and long-term investments of $46,760 as of December 31, 2023; cash of $213,988, investment securities of $116,436, and long-term investments of $44,959 as of December 31, 2022; and cash of $167,383, investment securities of $146,687, and long-term investments of $53,073 as of December 31, 2021 . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | VECTOR GROUP LTD. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Dollars in Thousands) Description Balance at Additions Deductions Balance Year Ended December 31, 2023 Allowances for: Cash discounts $ 838 $ 33,727 $ 34,017 $ 548 Deferred tax valuation allowance 550 2 — 552 Sales returns 7,526 8,063 2,914 12,675 Total $ 8,914 $ 41,792 $ 36,931 $ 13,775 Year Ended December 31, 2022 Allowances for: Cash discounts $ 326 $ 33,748 $ 33,236 $ 838 Deferred tax valuation allowance 348 202 — 550 Sales returns 6,669 3,422 2,565 7,526 Total $ 7,343 $ 37,372 $ 35,801 $ 8,914 Year Ended December 31, 2021 Allowances for: Cash discounts $ 334 $ 28,663 $ 28,671 $ 326 Deferred tax valuation allowance 852 — 504 348 Sales returns 7,356 2,439 3,126 6,669 Total $ 8,542 $ 31,102 $ 32,301 $ 7,343 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation : The Consolidated Financial Statements included in this annual report present the financial position of Vector Group Ltd. (the “Company” or “Vector”) as of December 31, 2023 and 2022 and the results of operations of the Company for the years ended December 31, 2023, 2022 and 2021 giving effect to the Distribution of Douglas Elliman Inc. (“Douglas Elliman”) with the historical financial results of Douglas Elliman reflected as discontinued operations (See Note 6.). The cash flows and comprehensive income related to Douglas Elliman have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refers only to the Company’s continuing operations and does not include discussion of balances or activity of Douglas Elliman. The consolidated financial statements of the Company include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the U.S. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business. |
Estimates and Assumptions | Estimates and Assumptions : The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges, valuation of intangible assets, promotional accruals, actuarial assumptions of pension plans, deferred tax liabilities, settlement accruals, valuation of investments, including other-than-temporary impairments to such investments, and litigation and defense costs. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents : Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents include short-term investments which have an original maturity of 90 days or less. Interest income from short-term investments is recognized when earned. The Company deposits its cash and cash equivalents at large financial institutions, including commercial banks and broker-dealers. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all cash balances as of December 31, 2023 are uninsured. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | Reconciliation of Cash, Cash Equivalents and Restricted Cash : Restricted cash amounts included in other current assets and other assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement. |
Investment Securities | Investment Securities : The Company classifies investments in debt securities as available for sale. Investments classified as available for sale are recorded at fair value, with net unrealized gains and losses included as a separate component of stockholders’ deficiency. The cost of securities sold is determined based on average cost. Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s debt securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. The Company classifies investments in marketable equity securities as equity securities at fair value. The Company’s marketable equity securities are measured at fair value with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities. |
Significant Concentrations of Credit Risk | Significant Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes, high credit quality financial institutions. Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 13% and 10% of Liggett’s revenues in 2023, 15% and 11% in 2022 and 14% and 12% in 2021. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 4% and 8%, respectively, of Liggett’s net accounts receivable as of December 31, 2023, and approximately 4% and 37%, respectively, as of December 31, 2022. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations. |
Accounts Receivable - trade, net | Accounts Receivable - trade, net : Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $548 and $838 as of December 31, 2023 and 2022, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned. |
Inventories | Inventories : |
Property, Plant and Equipment | Property, Plant and Equipment : Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred. |
Investment in Real Estate Ventures | Investments in Real Estate Ventures : In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s). Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary. On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment includes judgment and all relevant facts and circumstances. |
Intangible Assets | Intangible Assets : Intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually as of December 31 and monitored for interim triggering events on an on-going basis. Our intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco LLC), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future. The fair value of the intangible asset associated with the benefit under the MSA is calculated using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized. |
Impairment Long-Lived Assets | Impairment of Long-Lived Assets : The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset based on discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. |
Leases | Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in investments in real estate, net, property, plant and equipment and current and long-term portions of notes payable and long-term debt on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and are reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term. |
Pension, Postretirement and Postemployment Benefit Plans | Pension, Postretirement and Postemployment Benefits Plans : The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the Company’s consolidated balance sheets. (See Note 12). |
Stock Options and Awards | Stock Options and Awards : The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at the grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options and restricted stock awarded under the 2023 Management Incentive Plan (the “2023 Plan”), the 2014 Management Incentive Plan (the “2014 Plan”) and the Amended and Restated 1999 Long-Term Incentive Plan (the “1999 Plan”) provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options and restricted stock. The Company recognizes payments of the dividend equivalent rights on these options and restricted stock on the Company’s consolidated |
Income Taxes | Income Taxes : The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. The Company accounts for uncertainty in income taxes by recognizing the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. The Company classifies all tax-related interest and penalties as income tax expense. |
Distributions and Dividends on Common Stock | Distributions and Dividends on Common Stock : The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented. |
Revenue Recognition | Revenue Recognition : Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of its cost of sales. Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $8,453 in 2023, $8,747 in 2022 and $7,006 in 2021. Real estate : Revenue from facilities primarily related to Escena and consisted of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. See Note 10 for details of the Escena investment . In April 2022, New Valley sold Escena and received approximately $15,300 in net cash proceeds. The Company recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the consolidated statements of operations. Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset. |
Advertising | Advertising : Tobacco advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $5,227, $4,748 and $4,464 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Comprehensive Income | Comprehensive Income : The Company presents net income and other comprehensive income in two separate, and consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income. |
Contingencies | Contingencies : The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. As discussed in Note 15, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. |
New Accounting Pronouncements | New Accounting Pronouncements : A ccounting Standards Updates (“ASUs”) adopted in 2023 : In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. ASUs to be adopted in future periods : In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU requires that all public entities improve the reportable segment disclosure primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its 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. |
Earnings Per Share | Basic EPS is computed by dividing net income available to common stockholders attributed to Vector Group Ltd. by the weighted-average number of shares outstanding, which includes vested restricted stock. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Components of Cash, Cash Equivalents and Restricted Cash | The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows: December 31, December 31, December 31, Cash and cash equivalents $ 268,600 $ 224,580 $ 193,411 Restricted cash and cash equivalents included in other assets 1,506 25,794 1,438 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 270,106 $ 250,374 $ 194,849 |
Schedule of Cash and Cash Equivalents | The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows: December 31, December 31, December 31, Cash and cash equivalents $ 268,600 $ 224,580 $ 193,411 Restricted cash and cash equivalents included in other assets 1,506 25,794 1,438 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 270,106 $ 250,374 $ 194,849 |
Schedule of Accumulated Other Comprehensive Loss, Net of Income Taxes | The components of accumulated other comprehensive loss, net of income taxes, were as follows: December 31, December 31, December 31, Net unrealized gains on investment securities available for sale, net of income taxes of $78, $7, and $21, respectively $ 212 $ 7 $ 46 Pension-related amounts, net of income taxes of $4,771, $5,799, and $5,692, respectively (13,125) (16,080) (15,769) Accumulated other comprehensive loss $ (12,913) $ (16,073) $ (15,723) |
Schedule of Other, Net | Other, net consisted of: Year Ended December 31, 2023 2022 2021 Interest and dividend income $ 23,491 $ 8,627 $ 1,920 Change in derivative associated with guarantee — 2,646 — Expense related to Tax Disaffiliation indemnification — (589) — Net gains (losses) recognized on investment securities 2,594 (7,980) 9,384 Net periodic benefit cost other than the service costs (1,353) (944) (975) Other income 1,387 986 358 Other, net $ 26,119 $ 2,746 $ 10,687 |
Schedule of Other Assets | Other assets consisted of: December 31, December 31, 2022 Restricted assets $ 1,619 $ 25,907 Prepaid pension costs 45,292 38,100 Other assets 37,418 31,310 Total other assets $ 84,329 $ 95,317 |
Schedule of Other Current Liabilities | Other current liabilities consisted of: December 31, 2023 December 31, 2022 Accounts payable $ 6,749 $ 6,351 Accrued promotional expenses 51,146 56,645 Accrued excise and payroll taxes payable, net 13,144 17,160 Accrued interest 30,041 30,451 Accrued salaries and benefits 10,952 9,614 Allowance for sales returns 12,675 7,526 Other current liabilities 6,973 7,423 Total other current liabilities $ 131,680 $ 135,170 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Real Estate Segment Revenue | 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. Year Ended December 31, 2023 2022 2021 Real Estate Segment Revenues Sales on facilities primarily from Escena $ — $ 3,259 $ 5,353 Revenues from investments in real estate — 12,625 12,850 Total real estate revenues $ — $ 15,884 $ 18,203 |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Schedule of Reconciliation of Allowance for Credit Losses | The following is the reconciliation of the allowance for credit losses for the year ended December 31, 2023: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses : New Valley term loan receivables $ 15,928 — — — $ 15,928 The following is the reconciliation of the allowance for credit losses for the year ended December 31, 2022: January 1, Current Period Provision Write-offs Recoveries December 31, Allowance for credit losses : New Valley term loan receivables $ 15,928 — — — $ 15,928 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income for Purposes of Determining Basic and Diluted EPS | Net income for purposes of determining basic EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. were as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Net income attributed to Vector Group Ltd. from discontinued operations — — 72,309 Net income attributed to Vector Group Ltd. 183,526 158,701 219,463 Income from continuing operations attributable to participating securities (5,005) (4,947) (5,862) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 213,601 Net income for purposes of determining basic EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Income from continuing operations attributable to participating securities (5,005) (4,947) (3,694) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 143,460 Net income for purposes of determining diluted EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. were as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Net income attributed to Vector Group Ltd. from discontinued operations — — 72,309 Net income attributed to Vector Group Ltd. 183,526 158,701 219,463 Income from continuing operations attributable to participating securities (5,005) (4,947) (5,862) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 213,601 Net income for purposes of determining diluted EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows: For the year ended December 31, 2023 2022 2021 Net income attributed to Vector Group Ltd. from continuing operations $ 183,526 $ 158,701 $ 147,154 Income from continuing operations attributable to participating securities (5,005) (4,947) (3,694) Net income available to common stockholders attributed to Vector Group Ltd. $ 178,521 $ 153,754 $ 143,460 |
Schedule of Basic and Diluted EPS Calculation Shares | Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, 2023 2022 2021 Weighted-average shares for basic EPS 153,196,070 152,752,874 152,403,072 Incremental shares related to stock options and non-vested restricted stock 134,718 141,977 71,777 Weighted-average shares for diluted EPS 153,330,788 152,894,851 152,474,849 |
Schedule of Outstanding Shares Not Included in the Computation of Diluted EPS | The following non-vested restricted stock was outstanding during the years ended December 31, 2023, 2022 and 2021, respectively, but 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. Year Ended December 31, 2023 2022 2021 Weighted-average shares of non-vested restricted stock — 1,973 524,606 Weighted-average expense per share $ — $ 11.23 $ 17.42 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Expense and Supplemental Cash Flow Information | The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Operating lease cost $ 4,384 $ 4,405 $ 4,578 Short-term lease cost 710 415 374 Variable lease cost 478 299 320 Finance lease cost: Amortization 25 33 58 Interest on lease liabilities 2 5 9 Total lease cost $ 5,599 $ 5,157 $ 5,339 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 4,793 $ 4,850 $ 4,961 Operating cash flows from finance leases 2 5 10 Financing cash flows from finance leases 29 37 57 ROU assets obtained in exchange for lease obligations: Operating leases 6,752 208 1,993 Finance leases — — — |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: December 31, December 31, 2023 2022 Finance leases: Property, plant and equipment, at cost $ 127 $ 127 Accumulated amortization (120) (95) Property and equipment, net $ 7 $ 32 Current portion of notes payable and long-term debt $ 8 $ 29 Notes payable, long-term debt and other obligations, less current portion — 8 Total finance lease liabilities $ 8 $ 37 Weighted average remaining lease term in years: Operating leases 3.85 2.57 Finance leases 0.25 1.25 Weighted average discount rate: Operating leases 9.78 % 9.89 % Finance leases 8.85 % 8.85 % |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2023, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2024 $ 4,702 $ 8 2025 3,292 — 2026 2,675 — 2027 2,067 — 2028 1,602 — Thereafter — — Total lease payments 14,338 8 Less imputed interest (2,455) — Total $ 11,883 $ 8 |
Schedule of Maturities of Financing Lease Liabilities | As of December 31, 2023, maturities of lease liabilities were as follows: Operating Leases Finance Year Ending December 31: 2024 $ 4,702 $ 8 2025 3,292 — 2026 2,675 — 2027 2,067 — 2028 1,602 — Thereafter — — Total lease payments 14,338 8 Less imputed interest (2,455) — Total $ 11,883 $ 8 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operation | The financial results of Douglas Elliman through the Distribution are presented as income from discontinued operations, net of income taxes on the Company’s consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Distribution: Year Ended December 31, 2023 2022 2021 (Dollars in thousands, except per share amounts) Revenues: Real estate $ — $ — $ 1,344,825 Expenses: Cost of sales — — 989,436 Operating, selling, administrative and general expenses — — 253,942 Operating income — — 101,447 Other expenses: Interest expense — — (164) Equity in losses from real estate ventures — — (278) Other, net — — (870) Pretax income from discontinued operations — — 100,135 Income tax expense — — 28,016 Income from discontinued operations — — 72,119 Net loss from discontinued operations attributed to non-controlling interest — — 190 Net income from discontinued operations attributed to Vector Group Ltd. $ — $ — $ 72,309 The following table presents the information regarding certain components of cash flows from discontinued operations: Year Ended December 31, 2023 2022 2021 (Dollars in thousands, except per share amounts) Depreciation and amortization $ — $ — $ 8,561 Non-cash lease expense — — 18,667 Capital expenditures — — (4,106) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | Investment securities consisted of the following: December 31, 2023 December 31, 2022 Debt securities available for sale $ 73,225 $ 81,643 Equity securities at fair value: Marketable equity securities 14,286 12,724 Mutual funds invested in debt securities 23,424 22,069 Long-term investment securities at fair value (1) 29,402 28,919 Total equity securities at fair value 67,112 63,712 Total investment securities at fair value 140,337 145,355 Less: Long-term investment securities at fair value (1) 29,402 28,919 Current investment securities at fair value $ 110,935 $ 116,436 Long-term investment securities at fair value (1) $ 29,402 $ 28,919 Equity-method investments 17,358 16,040 Total long-term investments $ 46,760 $ 44,959 Equity securities and other long-term investments at cost (2) $ 7,555 $ 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 consolidated balance sheets. The components of debt securities available for sale as of December 31, 2023 were as follows: Cost Gross Gross Fair Marketable debt securities $ 72,939 $ 286 $ — $ 73,225 The components of debt securities available for sale as of 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 for the years ended December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, 2023 2022 2021 Net gains (losses) recognized on equity securities $ 3,045 $ (5,011) $ 9,615 Less: Net (losses) gains recognized on equity securities sold (1,289) 1,198 7,534 Net unrealized gains (losses) recognized on equity securities still held at the reporting date $ 4,334 $ (6,209) $ 2,081 |
Schedule of Net Gains Recognized | Net gains (losses) recognized on investment securities were as follows: Year Ended December 31, 2023 2022 2021 Net gains (losses) recognized on equity securities $ 3,045 $ (5,011) $ 9,615 Net (losses) gains recognized on debt and equity securities available for sale (159) 6 45 Impairment expense (292) (2,975) (276) Net gains (losses) recognized on investment securities $ 2,594 $ (7,980) $ 9,384 Gross realized gains and losses recognized on debt securities available for sale were as follows: Year Ended December 31, 2023 2022 2021 Gross realized gains on sales $ 26 $ 8 $ 108 Gross realized losses on sales (185) (2) (63) Net (losses) gains recognized on debt securities available for sale $ (159) $ 6 $ 45 Impairment expense $ (292) $ (2,975) $ (276) |
Schedule of Maturity Dates of Fixed Income Securities | The table below summarizes the maturity dates of debt securities available for sale as of December 31, 2023. Investment Type : Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years U.S. Government securities $ 38,657 $ 9,647 $ 29,010 $ — Corporate securities 12,042 12,042 — — U.S. mortgage-backed securities 17,358 15,724 1,634 — Commercial paper 5,168 5,168 — — Total debt securities available for sale by maturity dates $ 73,225 $ 42,581 $ 30,644 $ — |
Schedule of Equity Method Investments | Equity-method investments consisted of the following: December 31, 2023 December 31, 2022 Mutual and hedge funds $ 17,358 $ 16,040 Equity in earnings (losses) from investments were: Year Ended December 31, 2023 2022 2021 Mutual fund and hedge funds $ 1,262 $ (4,995) $ 2,675 Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds. Year Ended December 31, 2023 2022 2021 Investment income $ 4,713 $ 3,209 $ 1,574 Expenses 10,585 13,272 12,873 Net investment loss (5,872) (10,063) (11,299) Total net realized gain (loss) and net change in unrealized depreciation from investments 4,824 (84,466) 48,342 Net (decrease) increase in partners’ capital resulting from operations $ (1,048) $ (94,529) $ 37,043 December 31, December 31, Investment securities $ 290,916 $ 299,389 Cash and cash equivalents 695 2,860 Other assets 38,471 87,507 Total assets $ 330,082 $ 389,756 Other liabilities $ 159,858 $ 159,246 Total liabilities 159,858 159,246 Partners’ capital 170,224 230,510 Total liabilities and partners’ capital $ 330,082 $ 389,756 Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed-Use Development, Apartment Buildings, Hotels, Commercial and Other. Year Ended December 31, Income Statements 2023 2022 2021 Other Condominium and Mixed-Use Development: Revenue $ 94,606 $ 117,836 $ 301,703 Cost of sales 451 63,618 317,894 Other expenses 129,509 143,619 117,985 Loss from continuing operations $ (35,354) $ (89,401) $ (134,176) Apartment Buildings: Revenue $ 22,403 $ 2,934 $ 35,213 Other expenses 60,479 4,563 46,360 Loss from continuing operations $ (38,076) $ (1,629) $ (11,147) Hotels: Revenue $ 175,921 $ 166,169 $ 42,549 Cost of sales 5,121 5,049 3,671 Other expenses 403,510 293,761 201,211 Loss from continuing operations $ (232,710) $ (132,641) $ (162,333) Commercial: Revenue $ 7,052 $ 10,226 $ 1,662 Equity in earnings 1,241 37,690 24,383 Other expenses 6,028 12,274 1,412 Income from continuing operations $ 2,265 $ 35,642 $ 24,633 Other: Revenue $ — $ 6,761 $ 180,092 Other expenses — 21,548 303,352 Loss from continuing operations $ — $ (14,787) $ (123,260) Balance Sheets December 31, 2023 December 31, 2022 Other Condominium and Mixed-Use Development: Investment in real estate $ 1,890,797 $ 1,529,516 Total assets 2,049,105 1,667,802 Total debt 1,535,543 1,193,638 Total liabilities 1,898,725 1,480,725 Non-controlling interest 91,146 73,391 Apartment Buildings: Investment in real estate $ 478,669 $ 64,350 Total assets 542,165 68,664 Total debt 378,978 48,449 Total liabilities 396,668 49,722 Non-controlling interest 93,871 — Hotels: Investment in real estate $ 759,515 $ 1,580,798 Total assets 792,831 1,651,072 Total debt 248,419 1,113,419 Total liabilities 664,582 1,281,161 Non-controlling interest 141,060 374,608 Commercial: Investment in real estate $ 55,094 $ 51,468 Total assets 73,658 71,364 Total debt 59,994 56,394 Total liabilities 60,980 57,424 Non-controlling interest — — Other: Investment in real estate $ — $ 430,961 Total assets — 486,655 Total debt — 321,587 Total liabilities — 331,928 Non-controlling interest — 112,141 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of: December 31, December 31, Leaf tobacco $ 46,190 $ 39,893 Other raw materials 9,372 8,808 Work-in-process 814 798 Finished goods 65,295 64,865 Inventories at current cost 121,671 114,364 LIFO adjustments: Leaf tobacco (19,941) (15,213) Other raw materials (2,411) (1,220) Work-in-process (105) (25) Finished goods (7,255) (5,458) Total LIFO adjustments (29,712) (21,916) $ 91,959 $ 92,448 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of: December 31, December 31, Land and improvements $ 1,678 $ 1,678 Buildings 18,911 18,792 Machinery and equipment 185,966 175,816 Leasehold improvements 1,266 1,266 207,821 197,552 Less accumulated depreciation and amortization (164,441) (157,972) $ 43,380 $ 39,580 |
New Valley LLC (Tables)
New Valley LLC (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2023 December 31, 2022 Condominium and Mixed-Use Development 4.1% - 77.8% $ 108,334 $ 93,350 Apartment Buildings 1.5% - 50.0% 7,791 9,471 Hotels 0.4% - 49.0% 138 2,510 Commercial 1.6% - 49.0% 15,234 15,347 Other —% — 439 Investments in real estate ventures $ 131,497 $ 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 because of a number of factors including potential dilution, financing or admission of additional partners. The components of New Valley’s contributions to its investments in real estate ventures were as follows: December 31, 2023 December 31, 2022 Condominium and Mixed-Use Development $ 17,285 $ 17,221 Apartment Buildings 148 — Hotels — 206 Commercial — 8,070 Other — 72 Total contributions $ 17,433 $ 25,569 The components of distributions received by New Valley from its investments in real estate ventures were as follows: December 31, 2023 December 31, 2022 Condominium and Mixed-Use Development $ 7,797 $ 2,348 Apartment Buildings — 550 Hotels 5,164 — Commercial 473 1,018 Other — 4,459 Total distributions $ 13,434 $ 8,375 New Valley recognized equity in earnings (losses) from real estate ventures as follows: Year Ended December 31, 2023 2022 2021 Condominium and Mixed-Use Development $ 1,316 $ (6,469) $ (4,148) Apartment Buildings (2,268) (1,879) 18,566 Hotels 2,792 (853) (1,927) Commercial 362 1,005 (1,811) Other — 2,250 (430) Total equity in earnings (losses) from real estate ventures $ 2,202 $ (5,946) $ 10,250 December 31, 2023 Condominium and Mixed-Use Development $ 108,334 Apartment Buildings 7,791 Hotels 138 Commercial 15,234 Total maximum exposure to loss $ 131,497 |
Schedule of Equity Method Investments | Equity-method investments consisted of the following: December 31, 2023 December 31, 2022 Mutual and hedge funds $ 17,358 $ 16,040 Equity in earnings (losses) from investments were: Year Ended December 31, 2023 2022 2021 Mutual fund and hedge funds $ 1,262 $ (4,995) $ 2,675 Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds. Year Ended December 31, 2023 2022 2021 Investment income $ 4,713 $ 3,209 $ 1,574 Expenses 10,585 13,272 12,873 Net investment loss (5,872) (10,063) (11,299) Total net realized gain (loss) and net change in unrealized depreciation from investments 4,824 (84,466) 48,342 Net (decrease) increase in partners’ capital resulting from operations $ (1,048) $ (94,529) $ 37,043 December 31, December 31, Investment securities $ 290,916 $ 299,389 Cash and cash equivalents 695 2,860 Other assets 38,471 87,507 Total assets $ 330,082 $ 389,756 Other liabilities $ 159,858 $ 159,246 Total liabilities 159,858 159,246 Partners’ capital 170,224 230,510 Total liabilities and partners’ capital $ 330,082 $ 389,756 Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed-Use Development, Apartment Buildings, Hotels, Commercial and Other. Year Ended December 31, Income Statements 2023 2022 2021 Other Condominium and Mixed-Use Development: Revenue $ 94,606 $ 117,836 $ 301,703 Cost of sales 451 63,618 317,894 Other expenses 129,509 143,619 117,985 Loss from continuing operations $ (35,354) $ (89,401) $ (134,176) Apartment Buildings: Revenue $ 22,403 $ 2,934 $ 35,213 Other expenses 60,479 4,563 46,360 Loss from continuing operations $ (38,076) $ (1,629) $ (11,147) Hotels: Revenue $ 175,921 $ 166,169 $ 42,549 Cost of sales 5,121 5,049 3,671 Other expenses 403,510 293,761 201,211 Loss from continuing operations $ (232,710) $ (132,641) $ (162,333) Commercial: Revenue $ 7,052 $ 10,226 $ 1,662 Equity in earnings 1,241 37,690 24,383 Other expenses 6,028 12,274 1,412 Income from continuing operations $ 2,265 $ 35,642 $ 24,633 Other: Revenue $ — $ 6,761 $ 180,092 Other expenses — 21,548 303,352 Loss from continuing operations $ — $ (14,787) $ (123,260) Balance Sheets December 31, 2023 December 31, 2022 Other Condominium and Mixed-Use Development: Investment in real estate $ 1,890,797 $ 1,529,516 Total assets 2,049,105 1,667,802 Total debt 1,535,543 1,193,638 Total liabilities 1,898,725 1,480,725 Non-controlling interest 91,146 73,391 Apartment Buildings: Investment in real estate $ 478,669 $ 64,350 Total assets 542,165 68,664 Total debt 378,978 48,449 Total liabilities 396,668 49,722 Non-controlling interest 93,871 — Hotels: Investment in real estate $ 759,515 $ 1,580,798 Total assets 792,831 1,651,072 Total debt 248,419 1,113,419 Total liabilities 664,582 1,281,161 Non-controlling interest 141,060 374,608 Commercial: Investment in real estate $ 55,094 $ 51,468 Total assets 73,658 71,364 Total debt 59,994 56,394 Total liabilities 60,980 57,424 Non-controlling interest — — Other: Investment in real estate $ — $ 430,961 Total assets — 486,655 Total debt — 321,587 Total liabilities — 331,928 Non-controlling interest — 112,141 |
Notes Payable, Long-Term Debt_2
Notes Payable, Long-Term Debt and Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable, Long-term Debt and Other Obligations | Notes payable, long-term debt and other obligations consisted of: December 31, 2023 December 31, 2022 Vector: 5.75% Senior Secured Notes due 2029 $ 875,000 $ 875,000 10.5% Senior Notes due 2026, net of unamortized discount of $1,719 and $2,209 516,973 539,926 Liggett: Revolving credit facility — 22,035 Equipment loans 8 37 Total notes payable, long-term debt and other obligations 1,391,981 1,436,998 Less: Debt issuance costs (20,162) (24,672) Total notes payable, long-term debt and other obligations 1,371,819 1,412,326 Less: Current maturities (8) (22,065) Amount due after one year $ 1,371,811 $ 1,390,261 |
Schedule of Non-Cash Interest Expense | Year Ended December 31, 2023 2022 2021 Amortization of debt discount, net $ 490 $ 439 $ 393 Amortization of debt issuance costs 4,371 4,102 3,775 Loss (gain) on repurchase of 10.5% Senior Notes 549 (412) — Loss on extinguishment of 6.125% Senior Secured Notes — — 8,349 $ 5,410 $ 4,129 $ 12,517 |
Schedule of Fair Value of Notes Payable and Long-term Debt | The estimated fair value of the Company’s notes payable and long-term debt was as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair 5.75% Senior Secured Notes due 2029 $ 875,000 $ 800,126 $ 875,000 $ 758,993 10.5% Senior Notes due 2026 516,973 522,194 539,926 537,202 Liggett and other 8 8 22,072 22,072 Notes payable and long-term debt $ 1,391,981 $ 1,322,328 $ 1,436,998 $ 1,318,267 |
Schedule of Scheduled Maturities | Scheduled maturities of notes payable and long-term debt were as follows: Principal Unamortized Net Year Ending December 31: 2024 $ 8 $ — $ 8 2025 — — — 2026 518,692 1,719 516,973 2027 — — — 2028 — — — Thereafter 875,000 — 875,000 Total $ 1,393,700 $ 1,719 $ 1,391,981 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits: Pension Benefits Other 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at January 1 $ (103,576) $ (121,166) $ (6,283) $ (8,480) Service cost (397) (414) — — Interest cost (5,090) (2,628) (323) (233) Benefits paid 5,634 5,993 960 975 Expenses paid 247 264 — — Actuarial gain (807) 14,375 (429) 1,455 Benefit obligation at December 31 $ (103,989) $ (103,576) $ (6,075) $ (6,283) Change in plan assets: Fair value of plan assets at January 1 $ 84,058 $ 104,545 $ — $ — Actual return on plan assets 9,279 (14,331) — — Expenses paid (247) (264) — — Contributions 100 101 960 975 Benefits paid (5,634) (5,993) (960) (975) Fair value of plan assets at December 31 $ 87,556 $ 84,058 $ — $ — Unfunded status at December 31 $ (16,433) $ (19,518) $ (6,075) $ (6,283) Amounts recognized in the consolidated balance sheets: Prepaid pension costs $ 45,292 $ 38,100 $ — $ — Other accrued liabilities (88) (89) (601) (596) Non-current employee benefit liabilities (61,637) (57,529) (5,474) (5,687) Net amounts recognized $ (16,433) $ (19,518) $ (6,075) $ (6,283) |
Schedule of Net Benefit Costs | Pension Benefits Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Service cost — benefits earned during the period $ 397 $ 414 $ 415 $ — $ — $ — Interest cost on projected benefit obligation 5,090 2,628 2,284 323 233 224 Expected return on assets (5,038) (3,530) (3,458) — — — Prior service cost — — — 8 8 4 Amortization of net loss (gain) 1,055 1,636 1,835 (85) (31) 86 Net expense $ 1,504 $ 1,148 $ 1,076 $ 246 $ 210 $ 314 |
Schedule of Amounts Recognized in Other Comprehensive Loss | As of December 31, 2023, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive (loss) gain as of January 1, 2023 $ (22,667) $ 788 $ (21,879) Amortization of prior service costs — 8 8 Amortization of loss (gain) 1,055 (85) 970 Net (loss) gain arising during the year 3,434 (429) 3,005 Accumulated other comprehensive (loss) income as of December 31, 2023 $ (18,178) $ 282 $ (17,896) As of December 31, 2022, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: Defined Post- Total Accumulated other comprehensive loss as of January 1, 2022 $ (20,817) $ (644) $ (21,461) Amortization of prior service costs — 8 8 Amortization of loss (gain) 1,636 (31) 1,605 Net (loss) gain arising during the year (3,486) 1,455 (2,031) Accumulated other comprehensive (loss) income as of December 31, 2022 $ (22,667) $ 788 $ (21,879) |
Schedule of Accumulated Benefit Obligations | As of December 31, 2023, our total accumulated benefit obligations, as well as our projected benefit obligations more than the fair value of the related plan assets, for defined benefit pension plans were as follows: December 31, 2023 2022 Accumulated benefit obligation $ 61,724 $ 57,618 Fair value of plan assets $ — $ — December 31, 2023 2022 Projected benefit obligation $ 61,724 $ 57,618 Fair value of plan assets $ — $ — |
Schedule of Assumptions Used | The assumptions used for the pension benefits and other postretirement benefits were: Pension Benefits Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions: Discount rates — benefit obligation 4.95% - 5.35% 4.90% - 5.30% 1.80% - 2.70% 5.40% 5.40% 2.85% Discount rates — service cost 4.90% - 5.30% 1.80% - 2.70% 1.40% - 2.30% 5.40% 2.85% 2.55% Assumed rates of return on invested assets 6.25% 3.50% 3.50% N/A N/A N/A Salary increase assumptions N/A N/A N/A 3.00% 3.00% 3.00% |
Schedule of Allocation of Plan Assets | Vector’s defined benefit retirement plan allocations by asset category, were as follows: Plan Assets at 2023 2022 Asset category: Equity securities 35 % 34 % Investment grade fixed income securities 65 % 66 % Total 100 % 100 % The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows: Fair Value Measurements as of December 31, 2023 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 1,535 $ — $ 1,535 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 118 118 — — Common collective trusts at NAV (1) 85,903 — — — Total $ 87,556 $ 118 $ 1,535 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2022 Quoted Prices in Significant Other Significant Description Total (Level 1) (Level 2) (Level 3) Assets: Insurance contracts $ 1,679 $ — $ 1,679 $ — Amounts in individually managed investment accounts: Cash, mutual funds and common stock 85 85 — — Common collective trusts at NAV (1) 82,294 — — — Total $ 84,058 $ 85 $ 1,679 $ — (1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Schedule of Expected Benefit Payments | Estimated future pension and postretirement medical benefits payments were as follows: Pension Postretirement 2024 $ 5,524 $ 601 2025 5,177 590 2026 4,860 579 2027 4,539 551 2028 72,548 533 2029 - 2033 23,577 2,313 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax | The amounts provided for income taxes were as follows: Year Ended December 31, 2023 2022 2021 Current: U.S. Federal $ 47,991 $ 35,733 $ 33,398 State 11,003 10,902 14,945 58,994 46,635 48,343 Deferred: U.S. Federal 5,301 11,079 11,399 State 631 4,147 3,065 5,932 15,226 14,464 Total $ 64,926 $ 61,861 $ 62,807 |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows: December 31, 2023 December 31, 2022 Deferred tax assets: Employee benefit accruals $ 6,452 $ 7,471 Impairment of investments 6,451 12,342 Impact of timing of settlement payments 6,210 9,054 Various U.S. federal and state tax loss carryforwards 1,284 1,828 Operating lease liabilities 3,000 2,328 Current expected credit losses 4,020 4,111 Other 2,564 3,000 29,981 40,134 Less: Valuation allowance (552) (550) Net deferred tax assets $ 29,429 $ 39,584 Deferred tax liabilities: Basis differences on non-consolidated entities $ (38,413) $ (39,884) Basis differences on fixed and intangible assets (33,354) (34,794) Basis differences on inventory (9,776) (11,165) Basis differences on long-term investments (1,943) (2,777) Operating lease right of use assets (2,781) (1,998) Other (1,132) — $ (87,399) $ (90,618) Net deferred tax liabilities $ (57,970) $ (51,034) |
Schedule of Effective Income Tax Rate Reconciliation | Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows: Year Ended December 31, 2023 2022 2021 Income before provision for income taxes $ 248,452 $ 220,562 $ 209,961 Federal income tax expense at statutory rate 52,175 46,318 44,092 Increases (decreases) resulting from: State income taxes, net of federal income tax benefits 10,640 10,585 13,946 Non-deductible expenses 3,867 3,511 6,205 Excess tax benefits on stock-based compensation (320) (285) (561) Changes in valuation allowance, net of equity and tax audit adjustments 2 202 (504) Other (1,438) 1,530 (371) Income tax expense $ 64,926 $ 61,861 $ 62,807 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits: Balance at January 1, 2021 $ 1,653 Additions based on tax positions related to prior years 1,640 Settlements (1,065) Expirations of the statute of limitations (19) Balance at December 31, 2021 2,209 Additions based on tax positions related to prior years 1,409 Settlements — Expirations of the statute of limitations (351) Balance at December 31, 2022 3,267 Additions based on tax positions related to prior years 1,453 Settlements (1,456) Expirations of the statute of limitations (266) Balance at December 31, 2023 $ 2,998 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of employee stock option transactions follows: Number of Weighted-Average Weighted-Average Aggregate Intrinsic Value (1) Outstanding on January 1, 2021 3,822,819 $ 15.40 4.6 $ 487 Exercised — $ — Outstanding on December 31, 2021 3,822,819 $ 15.40 3.6 $ 238 Exercised — $ — Outstanding on December 31, 2022 3,822,819 $ 15.40 2.6 $ 794 Exercised (1,055,315) $ 11.47 Outstanding on December 31, 2023 2,767,504 $ 16.89 2.6 $ 146 Options exercisable at: December 31, 2021 2,988,727 December 31, 2022 3,415,944 December 31, 2023 2,767,504 _____________________________ (1) The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($11.28, $11.86 and $11.48 as of December 31, 2023, 2022 and 2021, respectively) exceeds the option exercise price. |
Schedule of Additional Information Relating to Options Outstanding | Additional information relating to options outstanding as of December 31, 2023 follows: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted-Average Weighted-Average Exercisable Weighted-Average Weighted-Average Aggregate Intrinsic Value 12/31/2023 12/31/2023 $9.86 - $11.83 406,875 5.2 $ 10.92 406,875 5.2 $ 10.92 $ — $11.83 - $13.80 — — $ — — — $ — $ — $13.80 - $15.77 519,278 0.4 $ 14.68 519,278 0.4 $ 14.68 $ — $15.77 - $17.74 — — $ — — — $ — $ — $17.74 - $19.71 1,841,351 2.6 $ 18.84 1,841,351 2.6 $ 18.84 $ — 2,767,504 2.6 $ 16.89 2,767,504 2.6 $ 16.89 $ 146 |
Summary of Nonvested Restricted Stock Award Activities | A summary of nonvested restricted stock award activities follows: Number of Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2023 1,980,000 $ 12.24 Granted (1) 1,335,000 $ 12.83 Vested (2) (613,750) $ 12.37 Forfeited — $ — Nonvested at December 31, 2023 2,701,250 $ 12.51 _____________________________ (1) The weighted-average grant-date fair value of restricted stock awards granted during 2022 and 2021 was $11.11 and $14.31, respectively. (2) |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingencies | The following table lists the number of Individual Actions by state: State Number Massachusetts 33 Illinois 17 Florida 10 Nevada 4 Louisiana 2 Hawaii 1 California 1 New Mexico 1 Alabama 1 The activity in the Company’s accruals for the MSA and tobacco litigation for the three years ended December 31, 2023 was as follows: Current Liabilities Non-Current Liabilities Payments due under Master Settlement Agreement Litigation Accruals Total Payments due under Master Settlement Agreement Litigation Accruals Total Balance as of January 1, 2021 $ 38,767 $ 3,967 $ 42,734 $ 17,933 $ 19,268 $ 37,201 Expenses 173,786 211 173,997 — — — NPM Settlement adjustment — — — — — — Change in MSA obligations capitalized as inventory (670) — (670) — — — Payments, net of credits received (204,706) (4,091) (208,797) — — — Reclassification to/(from) non-current liabilities 4,709 3,351 8,060 (4,709) (3,351) (8,060) Interest on withholding — 480 480 — 1,763 1,763 Balance as of December 31, 2021 11,886 3,918 15,804 13,224 17,680 30,904 Expenses 278,327 239 278,566 — — — NPM Settlement adjustment (15) — (15) (2,108) — (2,108) Change in MSA obligations capitalized as inventory 2,634 — 2,634 — — — Payments, net of credits received (277,994) (7,948) (285,942) — — — Reclassification to/(from) non-current liabilities — 3,566 3,566 — (3,566) (3,566) Interest on withholding — 521 521 — 2,003 2,003 Balance as of December 31, 2022 14,838 296 15,134 11,116 16,117 27,233 Expenses 272,212 18,799 291,011 — — — NPM Settlement adjustment — — — (734) — (734) Change in MSA obligations capitalized as inventory (97) — (97) — — — Payments, net of credits received (279,776) (22,768) (302,544) — — — Reclassification to/(from) non-current liabilities 1,635 3,707 5,342 (1,635) (3,707) (5,342) Interest on withholding — 317 317 — 1,475 1,475 Balance as of December 31, 2023 $ 8,812 $ 351 $ 9,163 $ 8,747 $ 13,885 $ 22,632 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Year Ended December 31, 2023 2022 2021 Cash paid during the period for: Interest, including interest related to finance leases $ 109,449 $ 112,759 $ 111,759 Income taxes, net 50,189 42,426 92,698 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Money market funds (1) $ 214,515 $ 214,515 $ — $ — Commercial paper (1) 52,287 — 52,287 — Investment securities at fair value Equity securities at fair value Marketable equity securities 14,286 14,286 — — Mutual funds invested in debt securities 23,424 23,424 — — Total equity securities at fair value 37,710 37,710 — — Debt securities available for sale U.S. government securities 38,657 — 38,657 — Corporate securities 12,042 — 12,042 — U.S. government and federal agency 17,358 — 17,358 — Commercial paper 5,168 — 5,168 — Index-linked U.S. bonds — — — — Total debt securities available for sale 73,225 — 73,225 — Total investment securities at fair value 110,935 37,710 73,225 — Long-term investments Long-term investment securities at fair value (2) 29,402 — — — Total $ 407,139 $ 252,225 $ 125,512 $ — _____________________________ (1) Amounts included in Cash and cash equivalents on the 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 Description 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 consolidated balance sheets. (2) Amounts included in Other assets on the consolidated balance sheets. (3) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. |
Schedule of Investment in Real Estate Ventures Subject to Nonrecurring Fair Value Measurements | The Company’s investment in real estate ventures subject to nonrecurring fair value measurements are as follows: Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 1,202 $ — $ — $ — $ — Fair Value Measurement Using: Year Ended December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Impairment Charge Total Assets: Investments in real estate ventures $ 490 $ — $ — $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information for the Company’s Operations Before Taxes and Non-controlling Interests | Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2023, 2022 and 2021 was as follows: Real Corporate Tobacco Estate and Other Total 2023 Revenues $ 1,424,268 $ — $ — $ 1,424,268 Operating income (loss) 346,673 (1) 313 (18,951) 328,035 Equity in earnings from real estate ventures — 2,202 — 2,202 Identifiable assets 320,925 156,690 (4) 456,480 (6) 934,095 Depreciation and amortization 5,686 — 1,255 6,941 Capital expenditures 10,279 — 278 10,557 2022 Revenues $ 1,425,125 $ 15,884 $ — $ 1,441,009 Operating income (loss) 347,044 (2) 8,016 (16,050) 339,010 Equity in losses from real estate ventures — (5,946) — (5,946) Identifiable assets of continuing operations 343,874 137,747 (4) 426,970 (6) 908,591 Depreciation and amortization 5,901 66 1,251 7,218 Capital expenditures 9,872 1 84 9,957 2021 Revenues $ 1,202,497 $ 18,203 $ — $ 1,220,700 Operating income (loss) 360,317 (3) 4,066 (43,944) (5) 320,439 Equity in earnings from real estate ventures — 10,250 — 10,250 Identifiable assets of continuing operations 302,051 128,256 (4) 440,780 (6) 871,087 Depreciation and amortization 6,525 249 1,042 7,816 Capital expenditures 5,827 3 3,570 9,400 _____________________________ (1) Includes $734 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,799 of litigation settlement and judgment expense. (2) Includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $239 of litigation settlement and judgment expense. (3) Includes $2,722 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $211 of litigation settlement and judgment expense. (4) Includes real estate investments accounted for under the equity method of accounting of $131,497, $121,117 and $105,062 as of December 31, 2023, 2022 and 2021, respectively. (5) Includes transaction expenses of $10,468 and accelerated stock compensation of $4,317 related to the Distribution of Douglas Elliman; and $910 of gain on sale of assets. (6) Includes cash of $251,732, investment securities of $110,935 and long-term investments of $46,760 as of December 31, 2023; cash of $213,988, investment securities of $116,436, and long-term investments of $44,959 as of December 31, 2022; and cash of $167,383, investment securities of $146,687, and long-term investments of $53,073 as of December 31, 2021 . |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Components of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 268,600 | $ 224,580 | $ 193,411 |
Restricted cash and cash equivalents included in other assets | 1,506 | 25,794 | 1,438 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ 270,106 | $ 250,374 | $ 194,849 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Concentration of Credit Risk Narrative) (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales Revenue | First Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 13% | 15% | 14% |
Sales Revenue | Second Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10% | 11% | 12% |
Accounts Receivable | First Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 4% | 4% | |
Accounts Receivable | Second Largest Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 8% | 37% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts and cash discounts | $ 548 | $ 838 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Property, Plant and Equipment and Intangible Assets Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Indefinite life intangibles | $ 107,511,000 | $ 107,511,000 | |
Impairment of intangible assets | $ 0 | $ 0 | $ 0 |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 20 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 30 years | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Stock Options and Awards and Revenue Recognition and Advertising Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||||
Tax on payments of dividend equivalent rights | $ 3,463 | $ 4,239 | $ 3,832 | |
Segment Reporting Information [Line Items] | ||||
Timing of revenue and collections | Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. | |||
Shipping and handling fees and costs | $ 965,348 | 998,658 | 769,542 | |
Escena | New Valley | ||||
Segment Reporting Information [Line Items] | ||||
Sale of project | $ 15,300 | |||
Tobacco and E-Cigarettes | ||||
Segment Reporting Information [Line Items] | ||||
Advertising costs | 5,227 | 4,748 | 4,464 | |
Shipping and Handling | ||||
Segment Reporting Information [Line Items] | ||||
Shipping and handling fees and costs | $ 8,453 | $ 8,747 | $ 7,006 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), tax effect | $ (1,099) | $ 121 | $ (1,978) | |
Accumulated other comprehensive loss | (741,814) | (807,877) | (841,553) | $ (659,687) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (12,913) | (16,073) | (15,723) | $ (21,074) |
Net unrealized gains on investment securities available for sale, net of income taxes of $78, $7, and $21, respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), tax effect | (78) | (7) | (21) | |
Accumulated other comprehensive loss | 212 | 7 | 46 | |
Pension-related amounts, net of income taxes of $4,771, $5,799, and $5,692, respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), tax effect | (4,771) | (5,799) | (5,692) | |
Accumulated other comprehensive loss | $ (13,125) | $ (16,080) | $ (15,769) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Schedule of Other, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Interest and dividend income | $ 23,491 | $ 8,627 | $ 1,920 |
Change in derivative associated with guarantee | 0 | 2,646 | 0 |
Expense related to Tax Disaffiliation indemnification | 0 | (589) | 0 |
Net gains (losses) recognized on investment securities | 2,594 | (7,980) | 9,384 |
Net periodic benefit cost other than the service costs | (1,353) | (944) | (975) |
Other income | 1,387 | 986 | 358 |
Other, net | $ 26,119 | $ 2,746 | $ 10,687 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Restricted assets | $ 1,619 | $ 25,907 |
Prepaid pension costs | 45,292 | 38,100 |
Other assets | 37,418 | 31,310 |
Total other assets | $ 84,329 | $ 95,317 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accounts payable | $ 6,749 | $ 6,351 |
Accrued promotional expenses | 51,146 | 56,645 |
Accrued excise and payroll taxes payable, net | 13,144 | 17,160 |
Accrued interest | 30,041 | 30,451 |
Accrued salaries and benefits | 10,952 | 9,614 |
Allowance for sales returns | 12,675 | 7,526 |
Other current liabilities | 6,973 | 7,423 |
Total other current liabilities | $ 131,680 | $ 135,170 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,424,268 | $ 1,441,009 | $ 1,220,700 |
Real estate | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 15,884 | 18,203 |
Real estate | Sales on facilities primarily from Escena | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 3,259 | 5,353 |
Real estate | Revenues from investments in real estate | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 | $ 12,625 | $ 12,850 |
Current Expected Credit Losse_2
Current Expected Credit Losses (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
New Valley | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of loans | loan | 2 | ||
Total amortized cost basis | $ 15,928 | ||
Interest receivable | 6,428 | $ 6,428 | |
New Valley | Affiliated Entity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses | $ 15,928 | $ 15,928 | $ 15,928 |
Current Expected Credit Losse_3
Current Expected Credit Losses (Reconciliation) (Details) - Affiliated Entity - New Valley - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 15,928 | $ 15,928 |
Current Period Provision | 0 | 0 |
Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | $ 15,928 | $ 15,928 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Dividend equivalent rights | $ 3,463 | $ 4,239 | $ 3,832 |
Earnings Per Share (Net Income
Earnings Per Share (Net Income for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income attributed to Vector Group Ltd. from continuing operations | $ 183,526 | $ 158,701 | $ 147,154 |
Net income attributed to Vector Group Ltd. from discontinued operations | 0 | 0 | 72,309 |
Net income | 183,526 | 158,701 | 219,463 |
Income from continuing operations attributable to participating securities | (5,005) | (4,947) | (5,862) |
Income from continuing operations attributable to participating securities | (5,005) | (4,947) | (3,694) |
Income from continuing operations attributable to participating securities | (5,005) | (4,947) | (5,862) |
Income from continuing operations attributable to participating securities | (5,005) | (4,947) | (3,694) |
Net income available to common stockholders attributed to Vector Group Ltd. | 178,521 | 153,754 | 213,601 |
Net income available to common stockholders attributed to Vector Group Ltd. | 178,521 | 153,754 | 143,460 |
Net income available to common stockholders attributed to Vector Group Ltd. | 178,521 | 153,754 | 213,601 |
Net income available to common stockholders attributed to Vector Group Ltd. | $ 178,521 | $ 153,754 | $ 143,460 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares for basic EPS | 153,196,070 | 152,752,874 | 152,403,072 |
Incremental shares related to stock options and non-vested restricted stock | 134,718 | 141,977 | 71,777 |
Weighted-average shares for diluted EPS | 153,330,788 | 152,894,851 | 152,474,849 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities Excluded from Earnings Per Share) (Details) - Restricted Stock - Share-Based Payment Arrangement - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average shares (in shares) | 0 | 1,973 | 524,606 |
Weighted-average expense per share (in dollars per share) | $ 0 | $ 11.23 | $ 17.42 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 5 years | ||
Lease termination term | 1 year | ||
Operating lease right-of-use assets | $ 11,017 | $ 7,742 | |
Operating lease liabilities | 11,883 | ||
Rent expense | 4,384 | 4,405 | $ 4,578 |
Lease not yet commenced | 2,071 | ||
Amortization and impairment | 3,411 | 3,381 | 3,275 |
Interest accretion | 973 | $ 1,024 | $ 1,303 |
Leased office space from affiliate of significant stockholder | Leased office space from affiliate of significant stockholder | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | 1,891 | ||
Operating lease liabilities | 1,937 | ||
Rent expense | $ 541 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 1 year | ||
Lease terms not yet commenced | 2 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 5 years | ||
Lease terms not yet commenced | 3 years |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 4,384 | $ 4,405 | $ 4,578 |
Short-term lease cost | 710 | 415 | 374 |
Variable lease cost | 478 | 299 | 320 |
Amortization | 25 | 33 | 58 |
Interest on lease liabilities | 2 | 5 | 9 |
Total lease cost | 5,599 | 5,157 | 5,339 |
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating cash flows from operating leases | 4,793 | 4,850 | 4,961 |
Operating cash flows from finance leases | 2 | 5 | 10 |
Financing cash flows from finance leases | 29 | 37 | 57 |
ROU assets obtained in exchange for lease obligations: | |||
Operating leases | 6,752 | 208 | 1,993 |
Finance leases | $ 0 | $ 0 | $ 0 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance lease, liability, current, statement of financial position [extensible enumeration] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration] | Amount due after one year | Amount due after one year |
Finance leases: | ||
Property, plant and equipment, at cost | $ 127 | $ 127 |
Accumulated amortization | (120) | (95) |
Property and equipment, net | 7 | 32 |
Current portion of notes payable and long-term debt | 8 | 29 |
Notes payable, long-term debt and other obligations, less current portion | 0 | 8 |
Total | $ 8 | $ 37 |
Weighted average remaining lease term in years: | ||
Operating leases | 3 years 10 months 6 days | 2 years 6 months 25 days |
Finance leases | 3 months | 1 year 3 months |
Weighted average discount rate: | ||
Operating leases | 9.78% | 9.89% |
Finance leases | 8.85% | 8.85% |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 4,702 | |
2025 | 3,292 | |
2026 | 2,675 | |
2027 | 2,067 | |
2028 | 1,602 | |
Thereafter | 0 | |
Total lease payments | 14,338 | |
Less imputed interest | (2,455) | |
Total | 11,883 | |
Finance Leases | ||
2024 | 8 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total lease payments | 8 | |
Less imputed interest | 0 | |
Total | $ 8 | $ 37 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2021 shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Shares issued ratio | 2 | |||
Other, net | $ 26,119 | $ 2,746 | $ 10,687 | |
Douglas Elliman Realty, LLC | Indemnification Agreement | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other, net | $ 589 | |||
Douglas Elliman | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Shares issued ratio | 1 | |||
Distribution | Douglas Elliman | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Shares issued ratio | 0.5 | |||
Shares issued (in shares) | shares | 77,720,159 |
Discontinued Operations (Income
Discontinued Operations (Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other expenses: | |||
Income from discontinued operations | $ 0 | $ 0 | $ 72,119 |
Net loss from discontinued operations attributed to non-controlling interest | 0 | 0 | 190 |
Net income from discontinued operations attributed to Vector Group Ltd. | 0 | 0 | 72,309 |
Distribution | Douglas Elliman | |||
Revenues: | |||
Revenues | 0 | 0 | 1,344,825 |
Expenses: | |||
Cost of sales | 0 | 0 | 989,436 |
Operating, selling, administrative and general expenses | 0 | 0 | 253,942 |
Operating income | 0 | 0 | 101,447 |
Other expenses: | |||
Interest expense | 0 | 0 | (164) |
Equity in losses from real estate ventures | 0 | 0 | (278) |
Other, net | 0 | 0 | (870) |
Pretax income from discontinued operations | 0 | 0 | 100,135 |
Income tax expense | 0 | 0 | 28,016 |
Income from discontinued operations | 0 | 0 | 72,119 |
Net loss from discontinued operations attributed to non-controlling interest | 0 | 0 | 190 |
Net income from discontinued operations attributed to Vector Group Ltd. | $ 0 | $ 0 | $ 72,309 |
Discontinued Operations (Cash F
Discontinued Operations (Cash Flow From Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Depreciation and amortization | $ 0 | $ 0 | $ 8,561 |
Non-cash lease expense | 0 | 0 | 18,667 |
Capital expenditures | $ 0 | $ 0 | $ (4,106) |
Investment Securities (Componen
Investment Securities (Components of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities available for sale | $ 73,225 | $ 81,643 |
Long-term investment securities at fair value | 29,402 | 28,919 |
Total equity securities at fair value | 67,112 | 63,712 |
Total investment securities at fair value | 140,337 | 145,355 |
Current investment securities at fair value | 110,935 | 116,436 |
Equity-method investments | 17,358 | 16,040 |
Total long-term investments | 46,760 | 44,959 |
Equity securities and other long-term investments at cost | 7,555 | 2,755 |
Marketable equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities at fair value: | 14,286 | 12,724 |
Mutual funds invested in debt securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities at fair value: | $ 23,424 | $ 22,069 |
Investment Securities (Schedule
Investment Securities (Schedule of Net Gains Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net gains (losses) recognized on equity securities | $ 3,045 | $ (5,011) | $ 9,615 |
Net (losses) gains recognized on debt and equity securities available for sale | (159) | 6 | 45 |
Impairment expense | (292) | (2,975) | (276) |
Net gains (losses) recognized on investment securities | $ 2,594 | $ (7,980) | $ 9,384 |
Investment Securities (Compon_2
Investment Securities (Components of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 73,225 | $ 81,643 |
Marketable debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 72,939 | 81,629 |
Gross Unrealized Gains | 286 | 14 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 73,225 | $ 81,643 |
Investment Securities (Maturity
Investment Securities (Maturity Dates of Marketable Debt Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 73,225 | $ 81,643 |
Total debt securities available for sale by maturity dates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 73,225 | |
Under 1 Year | 42,581 | |
1 Year up to 5 Years | 30,644 | |
More than 5 Years | 0 | |
U.S. Government securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 38,657 | |
Under 1 Year | 9,647 | |
1 Year up to 5 Years | 29,010 | |
More than 5 Years | 0 | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 12,042 | |
Under 1 Year | 12,042 | |
1 Year up to 5 Years | 0 | |
More than 5 Years | 0 | |
U.S. mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 17,358 | |
Under 1 Year | 15,724 | |
1 Year up to 5 Years | 1,634 | |
More than 5 Years | 0 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 5,168 | |
Under 1 Year | 5,168 | |
1 Year up to 5 Years | 0 | |
More than 5 Years | $ 0 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains and Losses on Investment Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains on sales | $ 26 | $ 8 | $ 108 |
Gross realized losses on sales | (185) | (2) | (63) |
Net (losses) gains recognized on debt securities available for sale | (159) | 6 | 45 |
Impairment expense | (292) | (2,975) | (276) |
Net gains (losses) recognized on equity securities | 3,045 | (5,011) | 9,615 |
Less: Net (losses) gains recognized on equity securities sold | (1,289) | 1,198 | 7,534 |
Net unrealized gains (losses) recognized on equity securities still held at the reporting date | $ 4,334 | $ (6,209) | $ 2,081 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) investment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Long-term investments | $ 46,760,000 | $ 44,959,000 | |
Proceeds from sale or liquidation of long-term investments | 5,530,000 | 9,266,000 | $ 11,509,000 |
In-transit redemptions | 88,000 | ||
Proceeds from long-term equity method investment | 55,000 | ||
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 | $ 7,555,000 | 2,755,000 | |
Impairment or other adjustments related to observable price changes | $ 0 | 0 | 0 |
Dividends received | 51,000 | ||
Proceeds from long-term equity method investment, gross | 50,000 | ||
Mutual fund and hedge funds | Minimum | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity method ownership percentage | 7.54% | ||
Mutual fund and hedge funds | Maximum | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity method ownership percentage | 38.67% | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Unfunded commitments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Long-term investments | $ 303,000 | ||
NAV | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale or liquidation of long-term investments | $ 5,330,000 | $ 4,971,000 | 11,509,000 |
Proceeds from long-term equity method investment | $ 11,642,000 |
Investment Securities (Equity-M
Investment Securities (Equity-Method Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Equity-method investments | $ 17,358 | $ 16,040 |
Mutual fund and hedge funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity-method investments | $ 17,358 | $ 16,040 |
Investment Securities (Equity i
Investment Securities (Equity in Earnings of Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) from investments | $ 1,262 | $ (4,995) | $ 2,675 |
Mutual fund and hedge funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) from investments | $ 1,262 | $ (4,995) | $ 2,675 |
Investment Securities (Combined
Investment Securities (Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment income | $ 1,424,268 | $ 1,441,009 | $ 1,220,700 |
Expenses | 965,348 | 998,658 | 769,542 |
Operating income | 328,035 | 339,010 | 320,439 |
Net income | 183,526 | 158,701 | 219,273 |
Investment securities | 140,337 | 145,355 | |
Cash and cash equivalents | 268,600 | 224,580 | 193,411 |
Total assets | 934,095 | 908,591 | |
Total liabilities | 1,675,909 | 1,716,468 | |
Total liabilities and stockholders' deficiency | 934,095 | 908,591 | |
Unconsolidated Subsidiaries Accounted For As An Equity Method Investment | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment income | 4,713 | 3,209 | 1,574 |
Expenses | 10,585 | 13,272 | 12,873 |
Operating income | (5,872) | (10,063) | (11,299) |
Total net realized gain (loss) and net change in unrealized depreciation from investments | 4,824 | (84,466) | 48,342 |
Net income | (1,048) | (94,529) | $ 37,043 |
Investment securities | 290,916 | 299,389 | |
Cash and cash equivalents | 695 | 2,860 | |
Other assets | 38,471 | 87,507 | |
Total assets | 330,082 | 389,756 | |
Other liabilities | 159,858 | 159,246 | |
Total liabilities | 159,858 | 159,246 | |
Partners’ capital | 170,224 | 230,510 | |
Total liabilities and stockholders' deficiency | $ 330,082 | $ 389,756 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Leaf tobacco | $ 46,190 | $ 39,893 |
Other raw materials | 9,372 | 8,808 |
Work-in-process | 814 | 798 |
Finished goods | 65,295 | 64,865 |
Inventories at current cost | 121,671 | 114,364 |
Total LIFO adjustments | (29,712) | (21,916) |
Inventory, net | 91,959 | 92,448 |
Leaf tobacco | ||
Inventory [Line Items] | ||
Total LIFO adjustments | (19,941) | (15,213) |
Other raw materials | ||
Inventory [Line Items] | ||
Total LIFO adjustments | (2,411) | (1,220) |
Work-in-process | ||
Inventory [Line Items] | ||
Total LIFO adjustments | (105) | (25) |
Finished goods | ||
Inventory [Line Items] | ||
Total LIFO adjustments | $ (7,255) | $ (5,458) |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventory [Line Items] | ||
Effect of liquidations of LIFO inventory | $ 576 | $ 3,248 |
Capitalized MSA cost in finished goods inventory | 22,988 | 23,084 |
Federal excise tax in inventory | 25,151 | $ 26,423 |
Inventories | Liggett | ||
Inventory [Line Items] | ||
Purchase commitments | $ 31,508 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 207,821 | $ 197,552 | |
Less accumulated depreciation and amortization | (164,441) | (157,972) | |
Property, plant and equipment, net | 43,380 | 39,580 | |
Depreciation and amortization expense | 6,738 | 7,218 | $ 7,816 |
Liggett | Purchase commitments | |||
Property, Plant and Equipment [Line Items] | |||
Future machinery and equipment purchase commitments and factory modernization | 6,767 | ||
Liggett | Factory Modernization | |||
Property, Plant and Equipment [Line Items] | |||
Future machinery and equipment purchase commitments and factory modernization | 3,842 | ||
Land and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,678 | 1,678 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,911 | 18,792 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 185,966 | 175,816 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,266 | $ 1,266 |
New Valley LLC (Investment in R
New Valley LLC (Investment in Real Estate Ventures Schedules) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 131,497 | $ 121,117 | |
Total contributions | 17,433 | 25,569 | $ 49,463 |
Total equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 |
New Valley | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 131,497 | 121,117 | |
Total contributions | 17,433 | 25,569 | |
Total distributions | 13,434 | 8,375 | |
Total equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 |
Total maximum exposure to loss | 131,497 | ||
New Valley | Condominium and Mixed-Use Development | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | 108,334 | 93,350 | |
Total contributions | 17,285 | 17,221 | |
Total distributions | 7,797 | 2,348 | |
Total equity in earnings (losses) from real estate ventures | $ 1,316 | (6,469) | (4,148) |
New Valley | Condominium and Mixed-Use Development | Minimum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 4.10% | ||
New Valley | Condominium and Mixed-Use Development | Maximum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 77.80% | ||
New Valley | Apartment Buildings | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 7,791 | 9,471 | |
Total contributions | 148 | 0 | |
Total distributions | 0 | 550 | |
Total equity in earnings (losses) from real estate ventures | $ (2,268) | (1,879) | 18,566 |
New Valley | Apartment Buildings | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 50% | ||
New Valley | Apartment Buildings | Minimum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 1.50% | ||
New Valley | Hotels | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 138 | 2,510 | |
Total contributions | 0 | 206 | |
Total distributions | 5,164 | 0 | |
Total equity in earnings (losses) from real estate ventures | $ 2,792 | (853) | (1,927) |
New Valley | Hotels | Minimum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 0.40% | ||
New Valley | Hotels | Maximum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 49% | ||
New Valley | Commercial | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 15,234 | 15,347 | |
Total contributions | 0 | 8,070 | |
Total distributions | 473 | 1,018 | |
Total equity in earnings (losses) from real estate ventures | $ 362 | 1,005 | (1,811) |
New Valley | Commercial | Minimum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 1.60% | ||
New Valley | Commercial | Maximum | Investments in real estate ventures | |||
Schedule of Investments [Line Items] | |||
Equity method ownership percentage | 49% | ||
New Valley | Other | |||
Schedule of Investments [Line Items] | |||
Investments in real estate ventures | $ 0 | 439 | |
Total contributions | 0 | 72 | |
Total distributions | 0 | 4,459 | |
Total equity in earnings (losses) from real estate ventures | $ 0 | $ 2,250 | $ (430) |
New Valley LLC (Investment in_2
New Valley LLC (Investment in Real Estate Ventures Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) venture | Dec. 31, 2022 USD ($) venture | Dec. 31, 2021 USD ($) venture | |
Schedule of Investments [Line Items] | |||
Distributions from real estate ventures, return on capital | $ 4,248 | $ 3,429 | $ 25,326 |
Distributions from real estate ventures | 9,186 | 4,946 | 11,936 |
Total equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 |
Investments in real estate ventures | 131,497 | 121,117 | |
New Valley | |||
Schedule of Investments [Line Items] | |||
Distributions from real estate ventures, return on capital | 4,248 | 3,429 | |
Distributions from real estate ventures | 9,186 | 4,946 | |
Impairment of real estate, net | 1,202 | 490 | 2,713 |
Total equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 |
Investments in real estate ventures | 131,497 | 121,117 | |
Total maximum exposure to loss | 131,497 | ||
Interest costs capitalized | 4,287 | 4,432 | |
New Valley | New Valley’s Park Lane Hotel Joint Venture | |||
Schedule of Investments [Line Items] | |||
Distributions from real estate ventures, return on capital | 4,931 | ||
Total equity in earnings (losses) from real estate ventures | 4,657 | ||
Investments in real estate ventures | 0 | ||
New Valley | New Valley’s Ritz-Carlton Villas Joint Venture | |||
Schedule of Investments [Line Items] | |||
Distributions from real estate ventures, return on capital | 3,935 | ||
Total equity in earnings (losses) from real estate ventures | 3,909 | ||
Investments in real estate ventures | 0 | ||
New Valley | New Valley’s Natura joint venture | |||
Schedule of Investments [Line Items] | |||
Distributions from real estate ventures, return on capital | 5,168 | ||
Total equity in earnings (losses) from real estate ventures | 3,899 | ||
Investments in real estate ventures | 11,054 | ||
New Valley | New Valley’s Maryland joint venture | |||
Schedule of Investments [Line Items] | |||
Distributions from real estate ventures, return on capital | 18,566 | ||
Total equity in earnings (losses) from real estate ventures | 18,566 | ||
Investments in real estate ventures | 0 | ||
New Valley | 353 6th LLC | Corporate Joint Venture | |||
Schedule of Investments [Line Items] | |||
Payments to acquire real estate | $ 700 | ||
Equity method ownership percentage | 27% | ||
Total maximum exposure to loss | $ 727 | ||
New Valley | Banyan Cay | Corporate Joint Venture | |||
Schedule of Investments [Line Items] | |||
Payments to acquire real estate | $ 3,983 | ||
Equity method ownership percentage | 13.50% | ||
Total maximum exposure to loss | $ 3,983 | ||
New Valley | Hotels | |||
Schedule of Investments [Line Items] | |||
Number of impaired real estate properties | venture | 1 | ||
Total equity in earnings (losses) from real estate ventures | $ 2,792 | (853) | $ (1,927) |
Investments in real estate ventures | 138 | $ 2,510 | |
New Valley | Commercial | |||
Schedule of Investments [Line Items] | |||
Number of impaired real estate properties | venture | 1 | 1 | |
Total equity in earnings (losses) from real estate ventures | 362 | $ 1,005 | $ (1,811) |
Investments in real estate ventures | 15,234 | 15,347 | |
New Valley | Condominium and Mixed-Use Development | |||
Schedule of Investments [Line Items] | |||
Total equity in earnings (losses) from real estate ventures | 1,316 | (6,469) | (4,148) |
Investments in real estate ventures | 108,334 | 93,350 | |
New Valley | Other | |||
Schedule of Investments [Line Items] | |||
Total equity in earnings (losses) from real estate ventures | 0 | 2,250 | (430) |
Investments in real estate ventures | 0 | 439 | |
New Valley | Apartment Buildings | |||
Schedule of Investments [Line Items] | |||
Total equity in earnings (losses) from real estate ventures | (2,268) | (1,879) | $ 18,566 |
Investments in real estate ventures | $ 7,791 | $ 9,471 |
New Valley LLC (Combined Financ
New Valley LLC (Combined Financial Statements for Unconsolidated Subsidiaries) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statements | |||
Revenue | $ 1,424,268 | $ 1,441,009 | $ 1,220,700 |
Total cost of sales | 965,348 | 998,658 | 769,542 |
Equity in earnings | 1,262 | (4,995) | 2,675 |
Income from continuing operations | 183,526 | 158,701 | 147,154 |
Balance Sheets | |||
Investments in real estate ventures | 131,497 | 121,117 | |
Total assets | 934,095 | 908,591 | |
Total liabilities | 1,675,909 | 1,716,468 | |
New Valley | |||
Balance Sheets | |||
Investments in real estate ventures | 131,497 | 121,117 | |
New Valley | Condominium and Mixed-Use Development | |||
Balance Sheets | |||
Investments in real estate ventures | 108,334 | 93,350 | |
New Valley | Apartment Buildings | |||
Balance Sheets | |||
Investments in real estate ventures | 7,791 | 9,471 | |
New Valley | Hotels | |||
Balance Sheets | |||
Investments in real estate ventures | 138 | 2,510 | |
New Valley | Commercial | |||
Balance Sheets | |||
Investments in real estate ventures | 15,234 | 15,347 | |
New Valley | Other | |||
Balance Sheets | |||
Investments in real estate ventures | 0 | 439 | |
New Valley | Unconsolidated Properties | Condominium and Mixed-Use Development | |||
Income Statements | |||
Revenue | 94,606 | 117,836 | 301,703 |
Total cost of sales | 451 | 63,618 | 317,894 |
Other expenses | 129,509 | 143,619 | 117,985 |
Income from continuing operations | (35,354) | (89,401) | (134,176) |
Balance Sheets | |||
Investments in real estate ventures | 1,890,797 | 1,529,516 | |
Total assets | 2,049,105 | 1,667,802 | |
Total debt | 1,535,543 | 1,193,638 | |
Total liabilities | 1,898,725 | 1,480,725 | |
Non-controlling interest | 91,146 | 73,391 | |
New Valley | Unconsolidated Properties | Apartment Buildings | |||
Income Statements | |||
Revenue | 22,403 | 2,934 | 35,213 |
Other expenses | 60,479 | 4,563 | 46,360 |
Income from continuing operations | (38,076) | (1,629) | (11,147) |
Balance Sheets | |||
Investments in real estate ventures | 478,669 | 64,350 | |
Total assets | 542,165 | 68,664 | |
Total debt | 378,978 | 48,449 | |
Total liabilities | 396,668 | 49,722 | |
Non-controlling interest | 93,871 | 0 | |
New Valley | Unconsolidated Properties | Hotels | |||
Income Statements | |||
Revenue | 175,921 | 166,169 | 42,549 |
Total cost of sales | 5,121 | 5,049 | 3,671 |
Other expenses | 403,510 | 293,761 | 201,211 |
Income from continuing operations | (232,710) | (132,641) | (162,333) |
Balance Sheets | |||
Investments in real estate ventures | 759,515 | 1,580,798 | |
Total assets | 792,831 | 1,651,072 | |
Total debt | 248,419 | 1,113,419 | |
Total liabilities | 664,582 | 1,281,161 | |
Non-controlling interest | 141,060 | 374,608 | |
New Valley | Unconsolidated Properties | Commercial | |||
Income Statements | |||
Revenue | 7,052 | 10,226 | 1,662 |
Equity in earnings | 1,241 | 37,690 | 24,383 |
Other expenses | 6,028 | 12,274 | 1,412 |
Income from continuing operations | 2,265 | 35,642 | 24,633 |
Balance Sheets | |||
Investments in real estate ventures | 55,094 | 51,468 | |
Total assets | 73,658 | 71,364 | |
Total debt | 59,994 | 56,394 | |
Total liabilities | 60,980 | 57,424 | |
Non-controlling interest | 0 | 0 | |
New Valley | Unconsolidated Properties | Other | |||
Income Statements | |||
Revenue | 0 | 6,761 | 180,092 |
Other expenses | 0 | 21,548 | 303,352 |
Income from continuing operations | 0 | (14,787) | $ (123,260) |
Balance Sheets | |||
Investments in real estate ventures | 0 | 430,961 | |
Total assets | 0 | 486,655 | |
Total debt | 0 | 321,587 | |
Total liabilities | 0 | 331,928 | |
Non-controlling interest | $ 0 | $ 112,141 |
New Valley LLC (Investments in
New Valley LLC (Investments in Real Estate, net Narrative) (Details) - New Valley $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2022 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2009 a room hole_golf_course lot | Mar. 31, 2008 a | |
Escena | |||||||
Schedule of Investments [Line Items] | |||||||
Area of real estate property | a | 450 | ||||||
Number of real estate properties | lot | 615 | ||||||
Number of holes in golf course | hole_golf_course | 18 | ||||||
Area of land | a | 7 | ||||||
Number of units in real estate property | room | 450 | ||||||
Operating income | $ 0 | $ 1,316 | $ 63 | ||||
Sale of project | $ 15,300 | ||||||
Manhattan, NY | |||||||
Schedule of Investments [Line Items] | |||||||
Sale of project | $ 6,750 |
Notes Payable, Long-Term Debt_3
Notes Payable, Long-Term Debt and Other Obligations (Schedule of Components of Debt and Other Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 28, 2021 | Nov. 02, 2018 |
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 20,162 | $ 24,672 | ||
Notes payable, long-term debt and other obligations | 1,391,981 | 1,436,998 | ||
Debt issuance costs | (20,162) | (24,672) | ||
Total notes payable, long-term debt and other obligations | 1,371,819 | 1,412,326 | ||
Current maturities | (8) | (22,065) | ||
Amount due after one year | 1,371,811 | 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, net of unamortized discount of $1,719 and $2,209 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.50% | |||
Debt issuance costs | 1,719 | 2,209 | ||
Notes payable, long-term debt and other obligations | 516,973 | 539,926 | ||
Debt issuance costs | (1,719) | (2,209) | ||
Revolving credit facility | Revolving credit facility | Liggett | ||||
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 | $ 8 | $ 37 |
Notes Payable, Long-Term Debt_4
Notes Payable, Long-Term Debt and Other Obligations (Notes Payable Narrative) (Details) - USD ($) | 12 Months Ended | |||||||
Jan. 28, 2021 | Nov. 18, 2019 | Nov. 02, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 27, 2017 | Mar. 24, 2014 | |
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 549,000 | $ (412,000) | $ 21,362,000 | |||||
Other costs and non-cash interest expense | $ 20,162,000 | 24,672,000 | ||||||
Douglas Elliman Realty, LLC | Douglas Elliman Realty, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Equity method ownership percentage | 100% | |||||||
6.125% Senior Secured Notes due 2025 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.125% | |||||||
Principal amount | $ 850,000,000 | |||||||
Loss on extinguishment of debt | 21,362,000 | |||||||
Premium | 13,013,000 | |||||||
Other costs and non-cash interest expense | 8,349,000 | |||||||
5.75% Senior Secured Notes due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 875,000,000 | |||||||
Net proceeds from issuance of debt | $ 855,500,000 | |||||||
5.75% Senior Secured Notes due 2029 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.75% | |||||||
10.5% Senior Notes due 2026 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 10.50% | |||||||
Principal amount | $ 230,000,000 | $ 325,000,000 | ||||||
Other costs and non-cash interest expense | $ 1,719,000 | 2,209,000 | ||||||
Net proceeds from issuance of debt | $ 220,400,000 | $ 315,000,000 | ||||||
Debt instrument, repurchase amount | 23,443,000 | 12,865,000 | ||||||
Gain (loss) on repurchase of debt instrument | $ (549,000) | $ 412,000 | $ 0 | |||||
5.5% Variable Interest Senior Convertible Debentures due 2020 | Variable Interest Senior Convertible Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.50% |
Notes Payable, Long-Term Debt_5
Notes Payable, Long-Term Debt and Other Obligations (Revolving Credit and Other Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Jan. 28, 2021 | |
Senior Notes | 5.75% Senior Secured Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.75% | |
Liggett, Maple and Vector Tobacco | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 90,000,000 | |
Interest rate at end of period | 7.56% | |
Unused commitment fee percentage | 0.25% | |
Borrowing base limit | $ 15,000,000 | |
Eligible trade receivables percent | 85% | |
Maximum carryover amount | $ 10,000,000 | |
Eligible inventory percent | 80% | |
Inventory multiplier percent | 65% | |
Appraised liquidation of inventory percent | 85% | |
Fair market value of eligible real property percent | 60% | |
Minimum EBITDA ratio on trailing 12-month basis | $ 150,000,000 | |
Covenant, excess availability in credit facility threshold | 30,000,000 | |
Maximum annual capital expenditures | 20,000,000 | |
Amount outstanding | 0 | |
Current borrowing capacity | $ 84,000,000 | |
Liggett, Maple and Vector Tobacco | Revolving credit facility | Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Liggett, Maple and Vector Tobacco | Revolving credit facility | Daily Simple Secured Overnight Financing Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% |
Notes Payable, Long-Term Debt_6
Notes Payable, Long-Term Debt and Other Obligations (Schedule of Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 02, 2018 | Jan. 27, 2017 | |
Debt Instrument [Line Items] | |||||
Amortization of debt discount, net | $ 490 | $ 439 | $ 393 | ||
Amortization of debt issuance costs | 4,371 | 4,102 | 3,775 | ||
Non-Cash Interest Expense | 5,410 | 4,129 | 12,517 | ||
10.5% Senior Notes due 2026 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 10.50% | ||||
Loss (gain) on repurchase of 10.5% Senior Notes | 549 | (412) | 0 | ||
6.125% Senior Secured Notes due 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.125% | ||||
Loss on extinguishment of 6.125% Senior Secured Notes | $ 0 | $ 0 | $ 8,349 |
Notes Payable, Long-Term Debt_7
Notes Payable, Long-Term Debt and Other Obligations (Fair Value of Notes Payable and Long Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | $ 1,391,981 | $ 1,436,998 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 1,322,328 | 1,318,267 |
Senior Notes | Carrying Value | 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 |
Senior Notes | Carrying Value | 10.5% Senior Notes due 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 516,973 | 539,926 |
Senior Notes | Fair Value | 5.75% Senior Secured Notes due 2029 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 800,126 | 758,993 |
Senior Notes | Fair Value | 10.5% Senior Notes due 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 522,194 | 537,202 |
Liggett and other | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | 8 | 22,072 |
Liggett and other | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable and long-term debt | $ 8 | $ 22,072 |
Notes Payable, Long-Term Debt_8
Notes Payable, Long-Term Debt and Other Obligations (Schedule of Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Principal | ||
2024 | $ 8 | |
2025 | 0 | |
2026 | 518,692 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 875,000 | |
Total | 1,393,700 | |
Unamortized Discount/ (Premium) | ||
2024 | 0 | |
2025 | 0 | |
2026 | 1,719 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total | 1,719 | |
Net | ||
2024 | 8 | |
2025 | 0 | |
2026 | 516,973 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 875,000 | |
Total | $ 1,391,981 | $ 1,436,998 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) plan employee | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 4 | ||
Target allocation, rebalancing range | 5% | ||
Assumed annual increases in Medicare Part B trends after eight years | 4.50% | 4.50% | |
Anticipated required contributions | $ 88 | ||
401 (k) plan cost recognized | $ 1,756 | $ 1,590 | $ 1,473 |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed annual increases in Medicare Part B trends for next eight years | 5.54% | 3.06% | |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed annual increases in Medicare Part B trends for next eight years | 7.23% | 8.01% | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 35% | ||
Investment grade fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 65% | ||
Hourly Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period for amortization of benefit plan gains and losses | 12 years 7 months 20 days | ||
Salaried Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period for amortization of benefit plan gains and losses | 11 years 3 days | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 4 | ||
2024 | $ 5,524 | ||
2025 | 5,177 | ||
2026 | 4,860 | ||
2027 | 4,539 | ||
2028 | 72,548 | ||
2029 - 2033 | $ 23,577 | ||
Ten-year rate of return | 4.42% | 4.83% | 7.74% |
Five-year rate of return | 3% | 2.42% | 7.86% |
Pension Benefits | Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
Pension Benefits | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Age requirement for participant | 60 years | ||
Required employment period | 8 years | ||
2028 | $ 68,316 | ||
2029 - 2033 | 6,866 | ||
Supplemental Employee Retirement Plan | President and Chief Executive Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional benefit | $ 1,788 | ||
Service period credit upon termination | 36 months | ||
Postretirement Medical | |||
Defined Benefit Plan Disclosure [Line Items] | |||
2024 | $ 601 | ||
2025 | 590 | ||
2026 | 579 | ||
2027 | 551 | ||
2028 | 533 | ||
2029 - 2033 | $ 2,313 | ||
Employee contribution percentage | 100% | ||
Number of retired employees | employee | 43 | ||
Postretirement Life Insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of retired employees | employee | 326 | ||
Number of active employees | employee | 66 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plan Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amounts recognized in the consolidated balance sheets: | |||
Prepaid pension costs | $ 45,292 | $ 38,100 | |
Non-current employee benefit liabilities | (67,111) | (63,216) | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | (103,576) | (121,166) | |
Service cost | (397) | (414) | $ (415) |
Interest cost | (5,090) | (2,628) | (2,284) |
Benefits paid | 5,634 | 5,993 | |
Expenses paid | 247 | 264 | |
Actuarial gain | (807) | 14,375 | |
Benefit obligation at December 31 | (103,989) | (103,576) | (121,166) |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 84,058 | 104,545 | |
Actual return on plan assets | 9,279 | (14,331) | |
Expenses paid | (247) | (264) | |
Contributions | 100 | 101 | |
Benefits paid | (5,634) | (5,993) | |
Fair value of plan assets at December 31 | 87,556 | 84,058 | 104,545 |
Unfunded status at December 31 | (16,433) | (19,518) | |
Amounts recognized in the consolidated balance sheets: | |||
Prepaid pension costs | 45,292 | 38,100 | |
Other accrued liabilities | (88) | (89) | |
Non-current employee benefit liabilities | (61,637) | (57,529) | |
Net amounts recognized | (16,433) | (19,518) | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | (6,283) | (8,480) | |
Service cost | 0 | 0 | 0 |
Interest cost | (323) | (233) | (224) |
Benefits paid | 960 | 975 | |
Expenses paid | 0 | 0 | |
Actuarial gain | (429) | 1,455 | |
Benefit obligation at December 31 | (6,075) | (6,283) | (8,480) |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Expenses paid | 0 | 0 | |
Contributions | 960 | 975 | |
Benefits paid | (960) | (975) | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Unfunded status at December 31 | (6,075) | (6,283) | |
Amounts recognized in the consolidated balance sheets: | |||
Prepaid pension costs | 0 | 0 | |
Other accrued liabilities | (601) | (596) | |
Non-current employee benefit liabilities | (5,474) | (5,687) | |
Net amounts recognized | $ (6,075) | $ (6,283) |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost — benefits earned during the period | $ 397 | $ 414 | $ 415 |
Interest cost on projected benefit obligation | 5,090 | 2,628 | 2,284 |
Expected return on assets | (5,038) | (3,530) | (3,458) |
Prior service cost | 0 | 0 | 0 |
Amortization of net loss (gain) | 1,055 | 1,636 | 1,835 |
Net expense | 1,504 | 1,148 | 1,076 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost — benefits earned during the period | 0 | 0 | 0 |
Interest cost on projected benefit obligation | 323 | 233 | 224 |
Expected return on assets | 0 | 0 | 0 |
Prior service cost | 8 | 8 | 4 |
Amortization of net loss (gain) | (85) | (31) | 86 |
Net expense | $ 246 | $ 210 | $ 314 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | $ (21,879) | $ (21,461) | |
Amortization of prior service costs | 8 | 8 | |
Amortization of loss (gain) | 970 | 1,605 | |
Net (loss) gain arising during the year | 3,005 | (2,031) | $ 5,967 |
Accumulated other comprehensive income (loss), ending balance | (17,896) | (21,879) | (21,461) |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | (22,667) | (20,817) | |
Amortization of prior service costs | 0 | 0 | |
Amortization of loss (gain) | 1,055 | 1,636 | |
Net (loss) gain arising during the year | 3,434 | (3,486) | |
Accumulated other comprehensive income (loss), ending balance | (18,178) | (22,667) | (20,817) |
Post- Retirement Plans | |||
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | 788 | (644) | |
Amortization of prior service costs | 8 | 8 | |
Amortization of loss (gain) | (85) | (31) | |
Net (loss) gain arising during the year | (429) | 1,455 | |
Accumulated other comprehensive income (loss), ending balance | $ 282 | $ 788 | $ (644) |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 61,724 | $ 57,618 |
Projected benefit obligation | 61,724 | 57,618 |
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plan Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rates of return on invested assets | 6.25% | 3.50% | 3.50% |
Pension Benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates — benefit obligation | 4.95% | 4.90% | 1.80% |
Discount rates — service cost | 4.90% | 1.80% | 1.40% |
Pension Benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates — benefit obligation | 5.35% | 5.30% | 2.70% |
Discount rates — service cost | 5.30% | 2.70% | 2.30% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates — benefit obligation | 5.40% | 5.40% | 2.85% |
Discount rates — service cost | 5.40% | 2.85% | 2.55% |
Salary increase assumptions | 3% | 3% | 3% |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Asset Allocation) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Actual allocation | 100% | 100% |
Equity securities | ||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Actual allocation | 35% | 34% |
Investment grade fixed income securities | ||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | ||
Actual allocation | 65% | 66% |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Plan Assets Fair Value Measurements) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 87,556 | $ 84,058 | $ 104,545 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 118 | 85 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,535 | 1,679 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,535 | 1,679 | |
Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,535 | 1,679 | |
Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash, mutual funds and common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 118 | 85 | |
Cash, mutual funds and common stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 118 | 85 | |
Cash, mutual funds and common stock | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash, mutual funds and common stock | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trusts at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 85,903 | 82,294 | |
Common collective trusts at NAV | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trusts at NAV | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common collective trusts at NAV | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 5,524 |
2025 | 5,177 |
2026 | 4,860 |
2027 | 4,539 |
2028 | 72,548 |
2029 - 2033 | 23,577 |
Postretirement Medical | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 601 |
2025 | 590 |
2026 | 579 |
2027 | 551 |
2028 | 533 |
2029 - 2033 | $ 2,313 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
U.S. Federal | $ 47,991 | $ 35,733 | $ 33,398 |
State | 11,003 | 10,902 | 14,945 |
Current Total | 58,994 | 46,635 | 48,343 |
Deferred: | |||
U.S. Federal | 5,301 | 11,079 | 11,399 |
State | 631 | 4,147 | 3,065 |
Deferred Total | 5,932 | 15,226 | 14,464 |
Income tax expense | $ 64,926 | $ 61,861 | $ 62,807 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Employee benefit accruals | $ 6,452 | $ 7,471 |
Impairment of investments | 6,451 | 12,342 |
Impact of timing of settlement payments | 6,210 | 9,054 |
Various U.S. federal and state tax loss carryforwards | 1,284 | 1,828 |
Operating lease liabilities | 3,000 | 2,328 |
Current expected credit losses | 4,020 | 4,111 |
Other | 2,564 | 3,000 |
Deferred tax assets | 29,981 | 40,134 |
Less: Valuation allowance | (552) | (550) |
Net deferred tax assets | 29,429 | 39,584 |
Deferred tax liabilities: | ||
Basis differences on non-consolidated entities | (38,413) | (39,884) |
Basis differences on fixed and intangible assets | (33,354) | (34,794) |
Basis differences on inventory | (9,776) | (11,165) |
Basis differences on long-term investments | (1,943) | (2,777) |
Operating lease right of use assets | (2,781) | (1,998) |
Other | (1,132) | 0 |
Deferred tax liabilities | (87,399) | (90,618) |
Net deferred tax liabilities | $ (57,970) | $ (51,034) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Ownership percentage of subsidiaries included in tax return (more than 80%) | 80% | |||
Various U.S. federal and state tax loss carryforwards | $ 1,284 | $ 1,828 | ||
Valuation allowance | 552 | 550 | ||
Unrecognized tax benefits | 2,998 | 3,267 | $ 2,209 | $ 1,653 |
Unrecognized tax benefits interest and penalties | 628 | $ 699 | ||
Reasonably possible amount recognized over next 12 months | $ 331 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income before provision for income taxes | $ 248,452 | $ 220,562 | $ 209,961 |
Federal income tax expense at statutory rate | 52,175 | 46,318 | 44,092 |
Increases (decreases) resulting from: | |||
State income taxes, net of federal income tax benefits | 10,640 | 10,585 | 13,946 |
Non-deductible expenses | 3,867 | 3,511 | 6,205 |
Excess tax benefits on stock-based compensation | (320) | (285) | (561) |
Changes in valuation allowance, net of equity and tax audit adjustments | 2 | 202 | (504) |
Other | (1,438) | 1,530 | (371) |
Income tax expense | $ 64,926 | $ 61,861 | $ 62,807 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance | $ 3,267 | $ 2,209 | $ 1,653 |
Additions based on tax positions related to prior years | 1,453 | 1,409 | 1,640 |
Settlements | (1,456) | 0 | (1,065) |
Expirations of the statute of limitations | (266) | (351) | (19) |
Balance | $ 2,998 | $ 3,267 | $ 2,209 |
Stock Compensation (Narrative)
Stock Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option exercises in period, intrinsic value | $ 1,066 | ||
Tax benefit of options exercised | 417 | ||
Corporate and Other | Spin-off of Douglas Elliman | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accelerated stock compensation | $ 4,317 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 42 | $ 339 | 849 |
Contractual term | 10 years | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 10,069 | $ 7,509 | $ 13,949 |
Total compensation cost not yet recognized | $ 22,566 | ||
Total compensation cost not yet recognized, period for recognition | 1 year 3 months 29 days | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
2014 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 12 months | ||
Shares available for issuance (in shares) | 7,955 |
Stock Compensation (Stock Optio
Stock Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | ||||
Outstanding (in shares) | 3,822,819 | 3,822,819 | 3,822,819 | |
Exercised (in shares) | (1,055,315) | 0 | 0 | |
Outstanding (in shares) | 2,767,504 | 3,822,819 | 3,822,819 | 3,822,819 |
Options exercisable (in shares) | 2,767,504 | 3,415,944 | 2,988,727 | |
Weighted-Average Exercise Price | ||||
Outstanding (in dollars per share) | $ 15.40 | $ 15.40 | $ 15.40 | |
Exercised (in dollars per share) | 11.47 | 0 | 0 | |
Outstanding (in dollars per share) | $ 16.89 | $ 15.40 | $ 15.40 | $ 15.40 |
Weighted-Average Remaining Contractual Term (Years) | 2 years 7 months 6 days | 2 years 7 months 6 days | 3 years 7 months 6 days | 4 years 7 months 6 days |
Outstanding, Aggregate Intrinsic Value | $ 146 | $ 794 | $ 238 | $ 487 |
Common stock fair value (in dollars per share) | $ 11.28 | $ 11.86 | $ 11.48 |
Stock Compensation (Schedule of
Stock Compensation (Schedule of Additional Information Relating to Options Outstanding) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding (in shares) | shares | 2,767,504 |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 7 months 6 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 16.89 |
Options Exercisable (in shares) | shares | 2,767,504 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 7 months 6 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 16.89 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 146 |
Exercise Price Range One | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 9.86 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 11.83 |
Options Outstanding (in shares) | shares | 406,875 |
Outstanding, Weighted Average Remaining Contractual Life | 5 years 2 months 12 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.92 |
Options Exercisable (in shares) | shares | 406,875 |
Options Exercisable, Weighted Average Remaining Contractual Life | 5 years 2 months 12 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.92 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Two | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 11.83 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 13.80 |
Options Outstanding (in shares) | shares | 0 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable (in shares) | shares | 0 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Three | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 13.80 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 15.77 |
Options Outstanding (in shares) | shares | 519,278 |
Outstanding, Weighted Average Remaining Contractual Life | 4 months 24 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 14.68 |
Options Exercisable (in shares) | shares | 519,278 |
Options Exercisable, Weighted Average Remaining Contractual Life | 4 months 24 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 14.68 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Four | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 15.77 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 17.74 |
Options Outstanding (in shares) | shares | 0 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable (in shares) | shares | 0 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Exercise Price Range Five | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (in dollars per share) | $ 17.74 |
Range of Exercise Prices, Maximum (in dollars per share) | $ 19.71 |
Options Outstanding (in shares) | shares | 1,841,351 |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 7 months 6 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 18.84 |
Options Exercisable (in shares) | shares | 1,841,351 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 7 months 6 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 18.84 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Stock Compensation (Summary of
Stock Compensation (Summary of Nonvested Restricted Stock Award Activities) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Nonvested beginning balance (in shares) | 1,980,000 | ||
Granted (in shares) | 1,335,000 | ||
Vested (in shares) | (613,750) | ||
Forfeited (in shares) | 0 | ||
Nonvested ending balance (in shares) | 2,701,250 | 1,980,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested beginning balance (in dollars per share) | $ 12.24 | ||
Granted (in dollars per share) | 12.83 | $ 11.11 | $ 14.31 |
Vested (in dollars per share) | 12.37 | ||
Forfeitures (in dollars per share) | 0 | ||
Nonvested ending balance (in dollars per share) | $ 12.51 | $ 12.24 | |
Fair value of restricted stock vested | $ 8,081 | $ 6,125 | $ 7,492 |
Contingencies (Overview and Bon
Contingencies (Overview and Bonds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liggett | |||
Loss Contingencies [Line Items] | |||
Tobacco product liability legal expenses and costs | $ 8,612 | $ 8,031 | $ 6,256 |
Contingencies (Schedule of Cont
Contingencies (Schedule of Contingencies) (Details) - Liggett - Individual Actions Cases | Dec. 31, 2023 case |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 70 |
Massachusetts | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 33 |
Illinois | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 17 |
Florida | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 10 |
Nevada | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 4 |
Louisiana | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 2 |
Hawaii | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
California | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
New Mexico | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
Alabama | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
Contingencies (Engle Progeny Ca
Contingencies (Engle Progeny Cases and Cautionary Statement About Engle Progeny Cases) (Details) - Engle Progeny Cases $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 21, 1996 USD ($) | Oct. 31, 2013 USD ($) | Dec. 31, 2023 USD ($) 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 | $ 23,150 |
Cases with verdicts | 25 | ||
Plaintiffs' verdicts (in cases) | 16 | ||
Cases with verdicts in favor of defendants | 9 | ||
Cases including punitive damages (in cases) | 5 |
Contingencies (Engle Progeny Se
Contingencies (Engle Progeny Settlements) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 21, 1996 USD ($) | Feb. 28, 2015 | Oct. 31, 2013 USD ($) case | Dec. 31, 2023 USD ($) agreement case plaintiff | |
Engle Progeny Cases | ||||
Loss Contingencies [Line Items] | ||||
Amount of litigation settlement awarded to other party | $ 145,000,000 | |||
Liggett | Engle Progeny Cases | ||||
Loss Contingencies [Line Items] | ||||
Cases settled | case | 4,900 | 214 | ||
Amount of litigation settlement awarded to other party | $ 790,000 | $ 110,000 | $ 23,150 | |
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 | |||
Liggett | Engle Progeny Cases, Settled Separate | ||||
Loss Contingencies [Line Items] | ||||
Cases settled | agreement | 2 | |||
Number of plaintiffs | plaintiff | 152 | |||
Liggett and Vector Tobacco | Engle Progeny Cases | ||||
Loss Contingencies [Line Items] | ||||
Cases pending (in cases) | case | 14 |
Contingencies (Judgments Paid,
Contingencies (Judgments Paid, Liggett Only Cases and Upcoming Trails) (Details) - Liggett $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) case | |
Lukacs, Campbell, Douglas, Clay, Tullo, Ward Rizzuto, Lambert, Buchanan and Santoro | |
Loss Contingencies [Line Items] | |
Payments for legal settlements | $ | $ 40,111 |
Cowart, Cunningham, Siler and Watson | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 5 |
Kanuha, Lane, Sandler and Taylor | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 4 |
Contingencies (Class Actions an
Contingencies (Class Actions and Health Care Cost Recovery Actions) (Details) | Dec. 31, 2023 case defendant |
Parsons v. AC & S Inc. | |
Loss Contingencies [Line Items] | |
Number of defendants in bankruptcy | defendant | 3 |
Liggett | Class Actions | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 2 |
Liggett | Crow Creek Sioux Tribe v. American Tobacco Company | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 1 |
Liggett and Other Cigarette Manufacturers | Class Actions | |
Loss Contingencies [Line Items] | |
Cases pending (in cases) | 2 |
Contingencies (MSA and Other St
Contingencies (MSA and Other State Settlement Agreements) (Details) | 1 Months Ended | 12 Months Ended | 25 Months Ended | ||||
Dec. 28, 2022 USD ($) | Apr. 30, 2023 USD ($) | Nov. 30, 1998 state | Dec. 31, 2023 USD ($) sponsorship | Dec. 31, 2022 | Mar. 31, 1998 USD ($) state | Dec. 28, 2023 USD ($) | |
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 | ||||||
Liggett | |||||||
Loss Contingencies [Line Items] | |||||||
Number of states with settled litigation | state | 45 | ||||||
Liggett | MSA | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated litigation liability | $ 0 | ||||||
Percentage of cigarettes sales exceeds market share exemption | 1.65% | ||||||
Vector Tobacco | MSA | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated litigation liability | $ 0 | ||||||
Percentage of cigarettes sales exceeds market share exemption | 0.28% | ||||||
Liggett and Vector Tobacco | Product Concentration Risk | Sales Revenue | |||||||
Loss Contingencies [Line Items] | |||||||
Concentration risk percentage | 5.50% | ||||||
Liggett and Vector Tobacco | MSA | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated litigation liability | $ 272,000,000 | ||||||
Payments for legal settlements | $ 263,000,000 | $ 9,000,000 |
Contingencies (Certain MSA Disp
Contingencies (Certain MSA Disputes) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) state | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
2003 NPM Adjustment | |||
Loss Contingencies [Line Items] | |||
Number of settling states with diligent enforcement not contested | state | 40 | ||
Combined allocable share, percentage | 81% | ||
Liggett and Vector Tobacco | 2005-2010 NPM Adjustment | |||
Loss Contingencies [Line Items] | |||
Amounts accrued | $ 8,700 | ||
Liggett and Vector Tobacco | Cost of Sales | MSA | |||
Loss Contingencies [Line Items] | |||
Settlement adjustment credit | $ 14,809 | $ 12,278 | $ 7,896 |
Contingencies (Other State Sett
Contingencies (Other State Settlements) (Details) - MSA | 1 Months Ended | 12 Months Ended | 25 Months Ended | |||
Aug. 31, 2023 USD ($) | Jan. 31, 2016 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2010 USD ($) | Dec. 31, 2003 USD ($) | Mar. 31, 1998 USD ($) state | |
Loss Contingencies [Line Items] | ||||||
Annual payment requirement | $ 9,000,000,000 | |||||
Liggett | ||||||
Loss Contingencies [Line Items] | ||||||
Number of states not included in settlement agreement | state | 4 | |||||
Liggett | Minnesota | ||||||
Loss Contingencies [Line Items] | ||||||
Annual payment requirement | $ 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 | |||||
Damages awarded | $ 18,000,000 |
Contingencies (Activity in Accr
Contingencies (Activity in Accruals for MSA and Tobacco Litigation Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Liabilities | |||
Current liabilities, beginning balance | $ 15,134 | $ 15,804 | $ 42,734 |
Expenses | 291,011 | 278,566 | 173,997 |
NPM Settlement adjustment | 0 | (15) | 0 |
Change in MSA obligations capitalized as inventory | (97) | 2,634 | (670) |
Payments, net of credits received | (302,544) | (285,942) | (208,797) |
Reclassification to/(from) non-current liabilities | 5,342 | 3,566 | 8,060 |
Interest on withholding | 317 | 521 | 480 |
Current liabilities, ending balance | 9,163 | 15,134 | 15,804 |
Non-Current Liabilities | |||
Noncurrent liabilities, beginning balance | 27,233 | 30,904 | 37,201 |
Expenses | 0 | 0 | 0 |
NPM Settlement adjustment | (734) | (2,108) | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments, net of credits received | 0 | 0 | 0 |
Reclassification to/(from) non-current liabilities | (5,342) | (3,566) | (8,060) |
Interest on withholding | 1,475 | 2,003 | 1,763 |
Noncurrent liabilities, ending balance | 22,632 | 27,233 | 30,904 |
Payments due under Master Settlement Agreement | |||
Current Liabilities | |||
Current liabilities, beginning balance | 14,838 | 11,886 | 38,767 |
Expenses | 272,212 | 278,327 | 173,786 |
NPM Settlement adjustment | 0 | (15) | 0 |
Change in MSA obligations capitalized as inventory | (97) | 2,634 | (670) |
Payments, net of credits received | (279,776) | (277,994) | (204,706) |
Reclassification to/(from) non-current liabilities | 1,635 | 0 | 4,709 |
Interest on withholding | 0 | 0 | 0 |
Current liabilities, ending balance | 8,812 | 14,838 | 11,886 |
Non-Current Liabilities | |||
Noncurrent liabilities, beginning balance | 11,116 | 13,224 | 17,933 |
Expenses | 0 | 0 | 0 |
NPM Settlement adjustment | (734) | (2,108) | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments, net of credits received | 0 | 0 | 0 |
Reclassification to/(from) non-current liabilities | (1,635) | 0 | (4,709) |
Interest on withholding | 0 | 0 | 0 |
Noncurrent liabilities, ending balance | 8,747 | 11,116 | 13,224 |
Litigation Accruals | |||
Current Liabilities | |||
Current liabilities, beginning balance | 296 | 3,918 | 3,967 |
Expenses | 18,799 | 239 | 211 |
NPM Settlement adjustment | 0 | 0 | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments, net of credits received | (22,768) | (7,948) | (4,091) |
Reclassification to/(from) non-current liabilities | 3,707 | 3,566 | 3,351 |
Interest on withholding | 317 | 521 | 480 |
Current liabilities, ending balance | 351 | 296 | 3,918 |
Non-Current Liabilities | |||
Noncurrent liabilities, beginning balance | 16,117 | 17,680 | 19,268 |
Expenses | 0 | 0 | 0 |
NPM Settlement adjustment | 0 | 0 | 0 |
Change in MSA obligations capitalized as inventory | 0 | 0 | 0 |
Payments, net of credits received | 0 | 0 | 0 |
Reclassification to/(from) non-current liabilities | (3,707) | (3,566) | (3,351) |
Interest on withholding | 1,475 | 2,003 | 1,763 |
Noncurrent liabilities, ending balance | $ 13,885 | $ 16,117 | $ 17,680 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid during the period for: | |||
Interest, including interest related to finance leases | $ 109,449 | $ 112,759 | $ 111,759 |
Income taxes, net | $ 50,189 | $ 42,426 | $ 92,698 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) lease director | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2012 USD ($) | |
Related Party Transaction [Line Items] | ||||
Revenue | $ 1,424,268 | $ 1,441,009 | $ 1,220,700 | |
Other, net | $ 26,119 | 2,746 | 10,687 | |
Number of shared board members | director | 3 | |||
Rent expense | $ 4,384 | 4,405 | 4,578 | |
Indemnification Agreement | Douglas Elliman Realty, LLC | ||||
Related Party Transaction [Line Items] | ||||
Other, net | 589 | |||
Directors | Compensation Paid to Director of Liggett | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | $ 720 | 720 | 720 | |
Directors | LTS Common Stock | Dr. Phillip Frost | ||||
Related Party Transaction [Line Items] | ||||
Percent of ownership by management (more than 10%) | 5% | |||
Subsidiaries | Douglas Elliman Realty, LLC | ||||
Related Party Transaction [Line Items] | ||||
Gross commissions | $ 1,766 | 1,709 | 8,956 | |
Subsidiaries | Transition Services Agreement | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 4,200 | 4,200 | ||
Aircraft Lease Agreements | lease | 2 | |||
Subsidiaries | Aircraft Lease Agreement | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 2,124 | 2,418 | ||
Son of Company's President and Chief Executive Officer | Douglas Elliman Realty, LLC | ||||
Related Party Transaction [Line Items] | ||||
Other, net | 925 | |||
President and Chief Executive Officer | Insurance Commissions | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction | 265 | 257 | 241 | |
Affiliated Entity | Frost Real Estate Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Monthly lease payments, initial | $ 43 | |||
Monthly lease payments, increase | $ 48 | |||
Rent expense | $ 541 | $ 458 | $ 458 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements (Fair Value Measurements) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Debt securities available for sale | $ 73,225 | $ 81,643 |
Total investment securities at fair value | 110,935 | 116,436 |
Long-term investment securities at fair value | 29,402 | 28,919 |
Marketable equity securities | ||
Assets: | ||
Equity securities at fair value: | 14,286 | 12,724 |
Mutual funds invested in debt securities | ||
Assets: | ||
Equity securities at fair value: | 23,424 | 22,069 |
U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 38,657 | |
Corporate securities | ||
Assets: | ||
Debt securities available for sale | 12,042 | |
U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 17,358 | |
Commercial paper | ||
Assets: | ||
Debt securities available for sale | 5,168 | |
Recurring | ||
Assets: | ||
Total | 407,139 | 379,292 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||
Assets: | ||
Total investment securities at fair value | 110,935 | 116,436 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Total equity securities at fair value | ||
Assets: | ||
Equity securities at fair value: | 37,710 | 34,793 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Marketable equity securities | ||
Assets: | ||
Equity securities at fair value: | 14,286 | 12,724 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Mutual funds invested in debt securities | ||
Assets: | ||
Equity securities at fair value: | 23,424 | 22,069 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 73,225 | 81,643 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 38,657 | 779 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 12,042 | 53,814 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 17,358 | 27,050 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 5,168 | |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Index-linked U.S. bonds | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Money market funds | ||
Assets: | ||
Cash and cash equivalents | 214,515 | 155,411 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Commercial paper | ||
Assets: | ||
Cash and cash equivalents | 52,287 | 54,526 |
Recurring | Fair Value, Inputs, Level 1, Level 2, and Level 3 | 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 | 37,710 | 34,793 |
Total | 252,225 | 214,204 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total equity securities at fair value | ||
Assets: | ||
Equity securities at fair value: | 37,710 | 34,793 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ||
Assets: | ||
Equity securities at fair value: | 14,286 | 12,724 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds invested in debt securities | ||
Assets: | ||
Equity securities at fair value: | 23,424 | 22,069 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Index-linked U.S. bonds | ||
Assets: | ||
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 | 214,515 | 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 | 73,225 | 81,643 |
Total | 125,512 | 136,169 |
Recurring | Significant Other Observable Inputs (Level 2) | Total equity securities at fair value | ||
Assets: | ||
Equity securities at fair value: | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Marketable equity securities | ||
Assets: | ||
Equity securities at fair value: | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Mutual funds invested in debt securities | ||
Assets: | ||
Equity securities at fair value: | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 73,225 | 81,643 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 38,657 | 779 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 12,042 | 53,814 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 17,358 | 27,050 |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 5,168 | |
Recurring | Significant Other Observable Inputs (Level 2) | Index-linked U.S. bonds | ||
Assets: | ||
Debt securities available for sale | 0 | |
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 | 52,287 | 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 |
Total | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Total equity securities at fair value | ||
Assets: | ||
Equity securities at fair value: | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Marketable equity securities | ||
Assets: | ||
Equity securities at fair value: | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds invested in debt securities | ||
Assets: | ||
Equity securities at fair value: | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Total debt securities available for sale | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Assets: | ||
Debt securities available for sale | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Index-linked U.S. bonds | ||
Assets: | ||
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 | |
Recurring | NAV | ||
Assets: | ||
Long-term investment securities at fair value | $ 29,402 | $ 28,919 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements (Investments in Real Estate Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in real estate ventures | $ 131,497 | $ 121,117 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of real estate, net | 1,202 | 490 |
Investments in real estate ventures | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in real estate ventures | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in real estate ventures | 0 | 0 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in real estate ventures | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,424,268 | $ 1,441,009 | $ 1,220,700 |
Operating income (loss) | 328,035 | 339,010 | 320,439 |
Equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 |
Identifiable assets of continuing operations | 934,095 | 908,591 | 871,087 |
Depreciation and amortization | 6,941 | 7,218 | 7,816 |
Capital expenditures | 10,557 | 9,957 | 9,400 |
Litigation settlement and judgment expense | 18,799 | 239 | 211 |
Investment securities at fair value | 110,935 | 116,436 | |
Long-term investments | 46,760 | 44,959 | |
Operating Segments | Tobacco | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,424,268 | 1,425,125 | 1,202,497 |
Operating income (loss) | 346,673 | 347,044 | 360,317 |
Equity in earnings (losses) from real estate ventures | 0 | 0 | 0 |
Identifiable assets of continuing operations | 320,925 | 343,874 | 302,051 |
Depreciation and amortization | 5,686 | 5,901 | 6,525 |
Capital expenditures | 10,279 | 9,872 | 5,827 |
Litigation settlement and judgment expense | 18,799 | 239 | 211 |
Operating Segments | Tobacco | MSA | |||
Segment Reporting Information [Line Items] | |||
Litigation settlement, amount awarded from other party | (734) | (2,123) | |
Litigation settlement and judgment expense | 2,722 | ||
Operating Segments | Real estate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 15,884 | 18,203 |
Operating income (loss) | 313 | 8,016 | 4,066 |
Equity in earnings (losses) from real estate ventures | 2,202 | (5,946) | 10,250 |
Identifiable assets of continuing operations | 156,690 | 137,747 | 128,256 |
Depreciation and amortization | 0 | 66 | 249 |
Capital expenditures | 0 | 1 | 3 |
Investments in real estate ventures | 131,497 | 121,117 | 105,062 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating income (loss) | (18,951) | (16,050) | (43,944) |
Equity in earnings (losses) from real estate ventures | 0 | 0 | 0 |
Identifiable assets of continuing operations | 456,480 | 426,970 | 440,780 |
Depreciation and amortization | 1,255 | 1,251 | 1,042 |
Capital expenditures | 278 | 84 | 3,570 |
Gain on sale of assets | 910 | ||
Cash | 251,732 | 213,988 | 167,383 |
Investment securities at fair value | 110,935 | 116,436 | 146,687 |
Long-term investments | $ 46,760 | $ 44,959 | 53,073 |
Corporate and Other | Spin-off of Douglas Elliman | |||
Segment Reporting Information [Line Items] | |||
Transaction charges | 10,468 | ||
Accelerated stock compensation | $ 4,317 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 8,914 | $ 7,343 | $ 8,542 |
Additions Charged to Costs and Expenses | 41,792 | 37,372 | 31,102 |
Deductions | 36,931 | 35,801 | 32,301 |
Balance at End of Period | 13,775 | 8,914 | 7,343 |
Cash discounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 838 | 326 | 334 |
Additions Charged to Costs and Expenses | 33,727 | 33,748 | 28,663 |
Deductions | 34,017 | 33,236 | 28,671 |
Balance at End of Period | 548 | 838 | 326 |
Deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 550 | 348 | 852 |
Additions Charged to Costs and Expenses | 2 | 202 | 0 |
Deductions | 0 | 0 | 504 |
Balance at End of Period | 552 | 550 | 348 |
Sales returns | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 7,526 | 6,669 | 7,356 |
Additions Charged to Costs and Expenses | 8,063 | 3,422 | 2,439 |
Deductions | 2,914 | 2,565 | 3,126 |
Balance at End of Period | $ 12,675 | $ 7,526 | $ 6,669 |