Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company's business segments for the three months ended March 31, 2017 and 2016 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, 2017 and 2016 were as follows:

							Real			Corporate
	Tobacco			E-Cigarettes			Estate			and Other			Total
Three months ended March 31, 2017
Revenues	$	257,454		$	—		$	157,754		$	—		$	415,208
Operating income (loss)	59,770		(1)	(77		)	620			(7,382		)	52,931
Equity in earnings from real estate ventures	—			—			11,113			—			11,113
Depreciation and amortization	2,420			—			2,222			387			5,029
Capital expenditures	1,096			—			3,486			6			4,588
Three months ended March 31, 2016
Revenues	$	221,015		$	38		$	159,747		$	—		$	380,800
Operating income (loss)	61,483		(2)	(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

⁽¹⁾  Operating income includes $895 of income from MSA Settlement, and $1,585 of litigation judgment expense.

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