Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company's significant business segments for the three and nine months ended September 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.

Financial information for the Company's operations before taxes for the three and nine months ended September 30, 2015 and 2014 follows:

							Real			Corporate
	Tobacco			E-Cigarettes			Estate			and Other			Total
Three months ended September 30, 2015
Revenues	$	264,170		$	201		$	185,563		$	—		$	449,934
Operating income (loss)	63,630		(1)	(2,146		)	12,227			(4,106		)	69,605
Equity loss from real estate ventures	—			—			(916		)	—			(916		)
Depreciation and amortization	2,850			—			3,388			435			6,673
Three months ended September 30, 2014
Revenues	$	264,520		$	1,608		$	153,748		$	—		$	419,876
Operating income (loss)	52,993		(2)	(2,910		)	16,222			(3,321		)	62,984
Equity income from real estate ventures	—			—			3,258			—			3,258
Depreciation and amortization	2,853			—			2,740			452			6,045
Nine months ended September 30, 2015
Revenues	$	747,145		$	881		$	478,841		$	—		$	1,226,867
Operating income (loss)	169,515		(3)	(7,710		)	21,270			(13,475		)	169,600
Equity income from real estate ventures	—			—			1,278			—			1,278
Depreciation and amortization	8,717			—			9,372			1,307			19,396
Capital expenditures	3,305			—			4,554			—			7,859
Nine months ended September 30, 2014
Revenues	$	748,468		$	9,977		$	415,280		$	—		$	1,173,725
Operating income (loss)	147,395		(4)	(7,100		)	36,867			(11,148		)	166,014
Equity income from real estate ventures	—			—			3,002			—			3,002
Depreciation and amortization	7,934			—			9,709			956			18,599
Capital expenditures	7,911			—			5,614			7,221			20,746

⁽¹⁾ Operating income includes $5,715 of income from MSA Settlement, $3,750 of litigation judgment expense and $1,548 of restructuring expense.

⁽²⁾ Operating income includes $225of litigation judgment expense.

⁽³⁾ Operating income includes $5,715 of income from MSA Settlement, $5,843 of litigation judgment expense, $1,548 of restructuring expense, and $1,607 of pension settlement expense.

⁽⁴⁾  Operating income includes $1,419 of income from MSA Settlement and $1,725 of litigation judgment expense.