Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company's significant business segments for the three months ended March 31, 2016 and 2015 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,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 three months ended March 31, 2016 and 2015 were as follows:

							Real			Corporate
	Tobacco			E-Cigarettes			Estate			and Other			Total
Three months ended March 31, 2016
Revenues	$	221,015		$	38		$	159,747		$	—		$	380,800
Operating income (loss)	61,483		(1)	(193		)	7,674			(6,805		)	62,159
Equity in losses from real estate ventures	—			—			(507		)	—			(507		)
Depreciation and amortization	2,440			—			2,282			442			5,164
Capital expenditures	2,618			—			1,279			18			3,915
Three months ended March 31, 2015
Revenues	$	228,085		$	419		$	132,256		$	—		$	360,760
Operating income (loss)	49,670		(2)	(3,164		)	2,151			(4,939		)	43,718
Equity in earnings from real estate ventures	—			—			338			—			338
Depreciation and amortization	2,936			—			2,908			437			6,281
Capital expenditures	956			—			2,200			—			3,156

⁽¹⁾  Operating income includes $2,350 of litigation settlement expense, and $41 of restructuring expense.

⁽²⁾  Operating income includes $843 of litigation settlement expense.