Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company's significant business segments for the three and six months ended June 30, 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, Sagaponack 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 periods as of and for the three and six months ended June 30, 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 and six months ended June 30, 2015 and 2014 follows:

							Real			Corporate
	Tobacco			E-Cigarettes			Estate			and Other			Total
Three months ended June 30, 2015
Revenues	$	254,890		$	261		$	161,022		$	—		$	416,173
Operating income (loss)	56,215		(1)	(2,400		)	6,892			(4,667		)	56,040
Equity income from real estate ventures	—			—			1,856			—			1,856
Depreciation and amortization	2,931			—			3,076			435			6,442
Three months ended June 30, 2014
Revenues	$	250,556		$	2,569		$	153,488		$	—		$	406,613
Operating income (loss)	51,506		(2)	(3,765		)	15,901			(3,334		)	60,308
Equity loss from real estate ventures	—			—			(1,808		)	—			(1,808		)
Depreciation and amortization	2,588			—			2,622			252			5,462
Six months ended June 30, 2015
Revenues	$	482,975		$	680		$	293,278		$	—		$	776,933
Operating income (loss)	105,885		(3)	(5,564		)	9,043			(9,369		)	99,995
Equity income from real estate ventures	—			—			2,194			—			2,194
Depreciation and amortization	5,867			—			5,984			872			12,723
Capital expenditures	2,350			—			3,029			—			5,379
Six months ended June 30, 2014
Revenues	$	483,948		$	8,369		$	261,532		$	—		$	753,849
Operating income (loss)	94,402		(4)	(4,190		)	20,645			(7,827		)	103,030
Equity loss from real estate ventures	—			—			(256		)	—			(256		)
Depreciation and amortization	5,081			—			6,969			504			12,554
Capital expenditures	6,563			—			3,570			11			10,144

⁽¹⁾ Operating income includes $1,250 of litigation judgment expense and $1,607 of pension settlement expense.

⁽²⁾ Operating income includes $1,419 of income from NPM Settlement.

⁽³⁾ Operating income includes $2,093 of litigation judgment expense and $1,607 of pension settlement expense.

⁽⁴⁾  Operating income includes $1,419 of income from NPM Settlement and $1,500 of litigation judgment expense.