XML 57 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information
 9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION

The Company’s business segments for the three and nine months ended September 30, 2019 and 2018 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.

Financial information for the Company’s operations before taxes and non-controlling interests for the three and nine months ended September 30, 2019 and 2018 were as follows:

 
 
 
Real
 
Corporate
 
 
 
Tobacco
 
Estate
 
and Other
 
Total
Three months ended September 30, 2019
 
 
 
 
 
 
 
Revenues
$
303,260

 
$
201,530

 
$
—

 
$
504,790

Operating income (loss)
72,799

(1)
628

 
(6,707
)
 
66,720

Equity in earnings from real estate ventures
—

 
8,050

 
—

 
8,050

Depreciation and amortization
1,941

 
2,240

 
249

 
4,430

 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
Nine months ended September 30, 2019
 
 
 
 
 
 
 
Revenues
$
854,517

 
$
609,629

 
$
—

 
$
1,464,146

Operating income (loss)
201,594

(2)
4,672

 
(20,712
)
 
185,554

Equity in earnings from real estate ventures
—

 
12,002

 
—

 
12,002

Depreciation and amortization
5,848

 
6,765

 
749

 
13,362

Capital expenditures
3,425

 
6,733

 
—

 
10,158

 


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

 
$
580,365

 
$
—

 
$
1,424,323

Operating income (loss)
189,185

(3)
6,222

(4)
(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

 
 
 
 
 
 
 
 


(1) 
Operating income includes $240 of litigation settlement and judgment expense.
(2) 
Operating income includes $895 of litigation settlement and judgment expense.
(3)  
Operating income includes $6,298 of income from a settlement of a long-standing dispute related to the Master Settlement Agreement, and $525 of litigation settlement and judgment expense.
(4) 
Operating income includes $2,469 of litigation settlement and judgment income.