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Segment Information
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION

The Company’s business segments for the three and nine months ended September 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 nine months ended September 30, 2018 and 2017 were as follows:

 
 
 
Real
 
Corporate
 
 
 
Tobacco
 
Estate
 
and Other
 
Total
Three months ended September 30, 2018
 
 
 
 
 
 
 
Revenues
$
302,009

 
$
211,860

 
$
—

 
$
513,869

Operating income (loss)
63,259

 
9,115

 
(6,356
)
 
66,018

Equity in earnings from real estate ventures
—

 
294

 
—

 
294

Depreciation and amortization
2,059

 
2,398

 
250

 
4,707

 
 
 
 
 
 
 
 
Three months ended September 30, 2017
 
 
 
 
 
 
 
Revenues
$
294,245

 
$
190,860

 
$
(480
)
 
$
484,625

Operating income (loss)
61,601

(1)
3,989

 
(5,867
)
 
59,723

Equity in losses from real estate ventures
—

 
(47
)
 
—

 
(47
)
Depreciation and amortization
2,050

 
2,075

 
261

 
4,386

 
 
 
 
 
 
 
 
Nine months ended September 30, 2018
 
 
 
 
 
 
 
Revenues
$
843,958

 
$
580,365

 
$
—

 
$
1,424,323

Operating income (loss)
189,185

(2)
6,222

(3)
(19,444
)
 
175,963

Equity in losses from real estate ventures
—

 
(8,378
)
 
—

 
(8,378
)
Depreciation and amortization
6,171

 
7,105

 
767

 
14,043

Capital expenditures
4,175

 
8,356

 
15

 
12,546

 


 
 
 
 
 
 
Nine months ended September 30, 2017
 
 
 
 
 
 
 
Revenues
$
823,876

 
$
548,426

 
$
(480
)
 
$
1,371,822

Operating income (loss)
185,526

(4)
21,195

 
(19,277
)
 
187,444

Equity in earnings from real estate ventures
—

 
26,357

 
—

 
26,357

Depreciation and amortization
6,803

 
6,210

 
1,015

 
14,028

Capital expenditures
2,682

 
12,545

 
31

 
15,258

 
 
 
 
 
 
 
 

(1) 
Operating income includes $1,826 of income from MSA Settlement, and $4,104 of litigation judgment expense.
(2)  
Operating income includes $6,298 of income from MSA Settlement, and $525 of litigation judgment expense.
(3) 
Operating income includes $2,469 of litigation judgment income.
(4) 
Operating income includes $2,721 of income from MSA Settlement, and $5,791 of litigation judgment expense.