Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s significant business segments for the three years ended December 31, 2013 were Tobacco and Real Estate. The Tobacco segment consists of the manufacture and sale of cigarettes. The Real Estate segment includes the Company’s investment in New Valley LLC, which includes Douglas Elliman, Escena, Indian Creek and investments in non-consolidated real estate businesses. 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 minority interests for the years ended December 31, 2013, 2012 and 2011 follows:

	Tobacco			Real Estate				Corporate and Other			Total
2013
Revenues	$	1,014,341		$	41,859			$	—		$	1,056,200
Operating income (loss)	112,020		(1)	15,805				(15,789		)	112,036
Equity income from non-consolidated real estate businesses	—			22,925				—			22,925
Total assets	442,701			426,982			(2)	390,476			1,260,159
Depreciation and amortization	9,509			2,421				701			12,631
Capital expenditures	9,784			1,194				2,297			13,275
2012
Revenues	$	1,084,546		$	—			$	—		$	1,084,546
Operating income (loss)	176,017			(2,013		)		(19,071		)	154,933
Equity income from non-consolidated real estate businesses	—			29,764				—			29,764
Total assets	426,027			139,940			(2)	520,764			1,086,731
Depreciation and amortization	9,759			414				435			10,608
Capital expenditures	9,339			406				1,520			11,265
2011
Revenues	$	1,133,380		$	—			$	—		$	1,133,380
Operating income (loss)	164,581			(1,929		)		(19,331		)	143,321
Equity income from non-consolidated real estate businesses	—			19,966				—			19,966
Total assets	440,564			138,096			(2)	349,108			927,768
Depreciation and amortization	9,118			326				1,163			10,607
Capital expenditures	10,725			252				861			11,838

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(1) Operating income includes $11,823 of income from MSA Settlements, $86,213 of Engle progeny settlement charge and $1,893 of litigation judgment expense.

(2) Includes investments accounted for under the equity method of accounting of $128,202, $125,651 and $140,968 as of December 31, 2013, 2012 and 2011, respectively.