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Segment Information
 6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION

The Company’s business segments for the three and six months ended June 30, 2018 and 2017 were Tobacco and Real Estate. The Tobacco segment consisted of the manufacture and sale of conventional cigarettes. The Real Estate segment included 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. As a result of the reduction in e-cigarette activities, results from the Company’s E-cigarette operations are now included in the Corporate and Other Segment and 2017 information has been recast to conform to the 2018 presentation. This change did not have an impact to the Company’s historical consolidated results.

Financial information for the Company’s operations before taxes and non-controlling interests for the three and six months ended June 30, 2018 and 2017 were as follows:

 
 
 
Real
 
Corporate
 
 
 
Tobacco
 
Estate
 
and Other
 
Total
Three months ended June 30, 2018
 
 
 
 
 
 
 
Revenues
$
274,833

 
$
206,655

 
$
—

 
$
481,488

Operating income (loss)
62,515

(1)
5,867

 
(6,521
)
 
61,861

Equity in losses from real estate ventures
—

 
(2,112
)
 
—

 
(2,112
)
Depreciation and amortization
2,075

 
2,418

 
256

 
4,749

 
 
 
 
 
 
 
 
Three months ended June 30, 2017
 
 
 
 
 
 
 
Revenues
$
272,177

 
$
199,812

 
$
—

 
$
471,989

Operating income (loss)
64,281

(2)
16,586

 
(6,567
)
 
74,300

Equity in earnings from real estate ventures
—

 
15,291

 
—

 
15,291

Depreciation and amortization
2,333

 
1,913

 
367

 
4,613

 
 
 
 
 
 
 
 
Six months ended June 30, 2018
 
 
 
 
 
 
 
Revenues
$
541,949

 
$
368,505

 
$
—

 
$
910,454

Operating income (loss)
125,926

(3)
(2,893
)
(4)
(13,088
)
 
109,945

Equity in losses from real estate ventures
—

 
(8,672
)
 
—

 
(8,672
)
Depreciation and amortization
4,112

 
4,707

 
517

 
9,336

Capital expenditures
2,072

 
6,529

 
15

 
8,616

 


 
 
 
 
 
 
Six months ended June 30, 2017
 
 
 
 
 
 
 
Revenues
$
529,631

 
$
357,566

 
$
—

 
$
887,197

Operating income (loss)
123,925

(5)
17,206

 
(13,410
)
 
127,721

Equity in earnings from real estate ventures
—

 
26,404

 
—

 
26,404

Depreciation and amortization
4,753

 
4,135

 
754

 
9,642

Capital expenditures
2,049

 
6,291

 
6

 
8,346

 
 
 
 
 
 
 
 

(1) 
Operating income includes $2,808 of income from MSA Settlements, and $525 of litigation judgment expense.
(2) 
Operating income includes $102 of litigation judgment expense.
(3)  
Operating income includes $6,298 of income from MSA Settlements, and $525 of litigation judgment expense.
(4) 
Operating income includes $2,469 of litigation judgment income.
(5) 
Operating income includes $895 of income from MSA Settlement, and $1,687 of litigation judgment expense.