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Notes Payable, Long-Term Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Notes payable, long-term debt and other obligations Notes payable, long-term debt and other obligations consist of:

 
December 31, 2017
 
December 31, 2016
Vector:

 
 

7.75% Senior Secured Notes due 2021, including premium of $13,954
$
—

 
$
848,954

6.125% Senior Secured Notes due 2025
850,000

 
—

5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $53,687 and $71,247*
205,063

 
187,503

7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $69,253 and $108,480*
160,747

 
121,520

Liggett:
 
 
 
Revolving credit facility
31,614

 
37,163

Term loan under credit facility
2,704

 
2,999

Equipment loans
2,662

 
4,519

Other
752

 
591

Total notes payable, long-term debt and other obligations
1,253,542

 
1,203,249

Less:
 
 
 
Debt issuance costs
(25,478
)
 
(30,798
)
Total notes payable, long-term debt and other obligations
1,228,064

 
1,172,451

Less:
 

 
 

    Current maturities
(33,820
)
 
(39,508
)
Amount due after one year
$
1,194,244

 
$
1,132,943

_____________________________
*
The fair value of the derivatives embedded within the 5.5% Variable Interest Senior Convertible Debentures ($45,249 at December 31, 2017 and $59,433 at December 31, 2016, respectively) and the 7.5% Variable Interest Senior Convertible Debentures ($31,164 at December 31, 2017 and $52,899 at December 31, 2016, respectively) is separately classified as a derivative liability in the consolidated balance sheets.
Schedule of non-cash interest expense A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s variable interest senior convertible debt is as follows:

 
Year Ended December 31,
 
2017
 
2016
 
2015
7.5% Convertible Notes
$
23,720

 
$
14,294

 
$
8,777

5.5% Convertible Notes
13,490

 
11,438

 
9,752

Interest expense associated with embedded derivatives
$
37,210

 
$
25,732

 
$
18,529


A summary of non-cash changes in fair value of derivatives embedded within convertible debt is as follows:
 
Year Ended December 31,
 
2017
 
2016
 
2015
7.5% Convertible Notes
$
21,734

 
$
19,184

 
$
15,555

5.5% Convertible Notes
14,185

 
12,526

 
8,905

Gain on changes in fair value of derivatives embedded within convertible debt
$
35,919

 
$
31,710

 
$
24,460
Schedule of convertible debt A summary of non-cash interest expense associated with the amortization of the debt discount created by the beneficial conversion feature on the Company’s variable interest senior convertible debt is as follows:

 
Year Ended December 31,
 
2017
 
2016
 
2015
Amortization of beneficial conversion feature:
 

 
 

 
 

7.5% Convertible Notes
$
15,507

 
$
9,345

 
$
5,738

5.5% Convertible Notes
4,070

 
3,451

 
2,943

Interest expense associated with beneficial conversion feature
$
19,577

 
$
12,796

 
$
8,681


The following table reconciles unamortized debt discount within convertible debt:

 
7.5%
Convertible
Notes
 
5.5% Convertible Notes
 
Total
Balance at January 1, 2015
$
146,634

 
$
98,831

 
$
245,465

Amortization of embedded derivatives
(8,777
)
 
(9,752
)
 
(18,529
)
Amortization of beneficial conversion feature
(5,738
)
 
(2,943
)
 
(8,681
)
Balance at December 31, 2015
132,119

 
86,136

 
218,255

Amortization of embedded derivatives
(14,294
)
 
(11,438
)
 
(25,732
)
Amortization of beneficial conversion feature
(9,345
)
 
(3,451
)
 
(12,796
)
Balance at December 31, 2016
108,480

 
71,247

 
179,727

Amortization of embedded derivatives
(23,720
)
 
(13,490
)
 
(37,210
)
Amortization of beneficial conversion feature
(15,507
)
 
(4,070
)
 
(19,577
)
Balance at December 31, 2017
$
69,253

 
$
53,687

 
$
122,940


The conversion rates for all convertible debt outstanding are summarized below:
 
December 31, 2017
 
December 31, 2016
 
Conversion Price
 
Shares per $1,000
 
Conversion Price
 
Shares per $1,000
 
 
 
 
 
 
 
 
7.5% Convertible Notes
$
14.50

 
68.9882

 
$
14.50

 
68.9882

5.5% Convertible Notes
$
22.35

 
44.7495

 
$
22.35

 
44.7495

The following table reconciles the fair value of derivatives embedded within convertible debt:

 
6.75%
Note
 
7.5%
Convertible
Notes
 
5.5% Convertible Notes
 
Total
Balance at January 1, 2015
$
884

 
$
87,638

 
$
80,864

 
$
169,386

Conversion of $25,000 of 6.75% Variable Interest Senior Convertible Note due February 15, 2015
(889
)
 
—

 
—

 
(889
)
Loss (gain) from changes in fair value of embedded derivatives
5

 
(15,555
)
 
(8,905
)
 
(24,455
)
Balance at December 31, 2015
—

 
72,083

 
71,959

 
144,042

Gain from changes in fair value of embedded derivatives
—

 
(19,184
)
 
(12,526
)
 
(31,710
)
Balance at December 31, 2016
—

 
52,899

 
59,433

 
112,332

Gain from changes in fair value of embedded derivatives
—

 
(21,734
)
 
(14,185
)
 
(35,919
)
Balance at December 31, 2017
$
—

 
$
31,165

 
$
45,248

 
$
76,413
Schedule of fair value of notes payable and long-term debt The estimated fair value of the Company’s notes payable and long-term debt are as follows:

 
December 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Notes payable and long-term debt
$
1,253,542

(1) 
$
1,579,616

 
$
1,203,249

(1) 
$
1,570,732

__________
(1) The carrying value does not include the carrying value of the embedded derivative. See Note 18.
Schedule of scheduled maturities Scheduled maturities of long-term debt are as follows:

 
Principal
 
Unamortized
Discount/ (Premium)
 
Net
Year Ending December 31:
 

 
 
 
 

2018
$
33,820

 
$
—

 
$
33,820

2019
231,444

 
69,253

 
162,191

2020
261,217

 
53,687

 
207,530

2021
1

 
—

 
1

2022
—

 
—

 
—

Thereafter
850,000

 
—

 
850,000

Total
$
1,376,482

 
$
122,940

 
$
1,253,542