Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company's significant business segments for the three months ended March 31, 2015 and 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 our Corporate and Other segment, we have reevaluated our operating segments and have separated our E-Cigarettes operations from the Corporate and Other segment for previously reported as of and for the three months ended March 31, 2014. 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 for the three months ended March 31, 2015 and 2014 follows:

							Real		Corporate
	Tobacco			E-Cigarettes			Estate		and Other			Total
Three months ended March 31, 2015
Revenues	$	228,085		$	419		$	132,256	$	—		$	360,760
Operating income (loss)	49,670		(1)	(3,164		)	2,151		(4,702		)	43,955
Equity income from real estate ventures	—			—			338		—			338
Identifiable assets	453,484			4,973			502,654		589,812			1,550,923
Depreciation and amortization	2,936			—			2,908		437			6,281
Capital expenditures	956			—			2,200		—			3,156
Three months ended March 31, 2014
Revenues	$	233,392		$	5,800		$	108,044	$	—		$	347,236
Operating income (loss)	42,896		(2)	(425		)	4,744		(4,493		)	42,722
Equity income from real estate ventures	—			—			1,552		—			1,552
Identifiable assets	454,452			16,606			429,887		558,300			1,459,245
Depreciation and amortization	2,493			—			4,347		252			7,092
Capital expenditures	4,551			—			1,873		—			6,424

⁽¹⁾ Operating income includes $843 of litigation judgment expense.

⁽²⁾ Operating income includes $1,500 of litigation judgment expense.