Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s significant business segments were Tobacco, E-Cigarettes and Real Estate. The Tobacco segment consists of the manufacture and sale of 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, which includes Douglas Elliman, Escena, our previous investment in 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 and non-controlling interests for the years ended December 31, 2015, 2014 and 2013 follows:

							Real			Corporate
	Tobacco			E-Cigarettes			Estate			and Other					Total
2015
Revenues	$	1,017,761		$	(1,970	)	$	641,406		$	—				$	1,657,197
Operating income (loss)	209,393		(1)	(13,037		)	24,087			(20,523		)			199,920
Equity in earnings from real estate ventures	—			—			2,001			—					2,001
Identifiable assets	344,033			985			585,098		(4)	380,640			(5)	(6)	1,310,756
Depreciation and amortization	11,323			—			12,589			1,742					25,654
Capital expenditures	3,730			—			7,247			—					10,977
2014
Revenues	$	1,021,259		$	8,589		$	561,467		$	—				$	1,591,315
Operating income (loss)	199,119		(2)	(13,124		)	42,354			(15,911		)			212,438
Equity in earnings from real estate ventures	—			—			4,103			—					4,103
Identifiable assets	325,870			8,139			498,058		(4)	591,187			(5)	(6)	1,423,254
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		(3)	(1,018		)	15,805			(16,640		)			111,186
Equity in earnings from real estate ventures	—			—			22,925			—					22,925
Identifiable assets	328,084			8,950			421,240		(4)	357,519			(5)	(6)	1,115,793
Depreciation and amortization	9,509			—			2,421			701					12,631
Capital expenditures	9,784			—			1,194			2,297					13,275

_____________________________

⁽¹⁾  Operating income includes $4,364 of income from MSA Settlement, $20,072 of litigation judgment expense, $7,257 of restructuring expense, and $1,607 of pension settlement expense.

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

⁽³⁾  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, 2014.

⁽⁴⁾  Includes real estate investments accounted for under the equity method of accounting of $217,168, $163,460 and $128,202 as of December 31, 2015, 2014 and 2013, respectively.

⁽⁵⁾  Corporate and Other identifiable assets primarily includes cash of $112,130, investment securities of $181,976, and long-term investments of $62,225 as of December 31, 2015. Corporate and other identifiable assets primarily includes cash of $213,227, investment securities of $269,100, and long-term investments of $52,025 as of December 31, 2014. Corporate and other identifiable assets primarily includes cash of $152,189, investment securities of $119,430, and long-term investments of $42,452 as of December 31, 2013.

⁽⁶⁾  Includes long-term investments accounted for under the equity method of accounting of $21,495, $20,484 and $22,411 as of December 31, 2015, 2014 and 2013, respectively.