Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s significant business segments for the three years ended December 31, 2014 were Tobacco, E-Cigarettes and Real Estate. The Tobacco segment consists of the manufacture and sale of conventional cigarettes. The E-Cigarettes segment includes the operations of the Company's e-cigarette business. The Real Estate segment includes the Company’s investment in New Valley LLC, which includes Douglas Elliman, Escena, Indian Creek and investments in real estate ventures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. As a result of the amount of operating losses of Zoom as of September 30, 2014, when compared to the remaining components of the Company's Corporate and Other segment, the Company has reevaluated its operating segments and has separated Zoom’s operations from the Corporate and Other segment for previously reported 2014 periods and from the Tobacco segment for the previously reported 2013 periods. Thus, prior period information has been recast to conform to the current presentation. This change did not have an impact to the Company's historical consolidated results.

Financial information for the Company’s operations before taxes and minority interests for the years ended December 31, 2014, 2013 and 2012 follows:

							Real				Corporate
	Tobacco			E-Cigarettes			Estate				and Other			Total
2014
Revenues	$	1,021,259		$	8,589		$	561,467			$	—		$	1,591,315
Operating income (loss)	199,119		(1)	(13,124		)	42,354				(14,961		)	213,388
Equity income from real estate ventures	—			—			4,103				—			4,103
Identifiable assets	425,900			8,139			500,546			(3)	638,807			1,573,392
Depreciation and amortization	10,885			—			12,204				1,410			24,499
Capital expenditures	9,256			—			6,923				7,225			23,404
2013
Revenues	$	1,014,341		$	—		$	65,580			$	—		$	1,079,921
Operating income (loss)	113,039		(2)	(1,018		)	15,805				(15,790		)	112,036
Equity income from real estate ventures	—			—			22,925				—			22,925
Identifiable assets	433,751			8,950			429,074			(3)	390,476			1,262,251
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		$	—		$	10,987			$	—		$	1,095,533
Operating income (loss)	176,017			—			(2,013		)		(19,071		)	154,933
Equity income from real estate ventures	—			—			29,764				—			29,764
Identifiable assets	426,027			—			139,940			(3)	520,764			1,086,731
Depreciation and amortization	9,759			—			414				435			10,608
Capital expenditures	9,339			—			406				1,520			11,265

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⁽¹⁾  Operating income includes $1,419 of income from NPM Settlement and $2,475 of litigation settlement charges and judgment expense.

⁽²⁾  Operating income includes $11,823 of income from MSA Settlements, $86,213 of Engle progeny settlement charge, and $1,893 of litigation judgment expense for the year ended and December 31, 2013.

⁽³⁾  Includes investments accounted for under the equity method of accounting of $163,460, $128,202 and $125,651 as of December 31, 2014, 2013 and 2012, respectively.