Segment Information

12 Months Ended

Dec. 31, 2019

SEGMENT INFORMATION

The Company’s business segments were Tobacco and Real Estate. The Tobacco segment consists of the manufacture and sale of conventional cigarettes. 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 years ended December 31, 2019, 2018 and 2017 was as follows:



				Real				Corporate
	Tobacco			Estate				and Other				Total

2019
Revenues	$	1,114,840		$	788,871			$	—			$	1,903,711
Operating income (loss)	261,630		(1)	(2,930		)		(27,565		)		231,135
Equity in losses from real estate ventures	—			(19,288		)		—				(19,288		)
Identifiable assets	336,566			666,550			(4)	501,973			(6)	1,505,089
Depreciation and amortization	7,824			9,033				994				17,851
Capital expenditures	4,173			8,276				126				12,575

2018
Revenues	$	1,111,094		$	759,168			$	—			$	1,870,262
Operating income (loss)	246,527		(2)	3,435			(5)	(25,913		)		224,049
Equity in earnings from real estate ventures	—			14,446				—				14,446
Identifiable assets	315,706			539,828			(4)	693,970			(6)	1,549,504
Depreciation and amortization	8,210			9,580				1,017				18,807
Capital expenditures	4,599			13,061				22				17,682

2017
Revenues	$	1,080,950		$	727,364			$	(838	)		$	1,807,476
Operating income (loss)	240,400		(3)	21,439				(26,191		)		235,648
Equity in earnings from real estate ventures	—			21,395				—				21,395
Identifiable assets	309,316			558,776			(4)	460,186			(6)	1,328,278
Depreciation and amortization	8,826			8,511				1,277				18,614
Capital expenditures	3,705			16,129				35				19,869

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⁽¹⁾	Operating income includes $990 of litigation settlement and judgment expense.


⁽²⁾	Operating income includes $6,298 of income from MSA Settlement, and $685 of litigation settlement and judgment expense.


⁽³⁾	Operating income includes $2,721 of income from MSA Settlement, and $6,591 of litigation settlement and judgment expense.


⁽⁴⁾	Includes real estate investments accounted for under the equity method of accounting of $131,556, $141,105 and $188,131 as of December 31, 2019, 2018 and 2017, respectively.


⁽⁵⁾	Operating income includes $2,469 of litigation settlement and judgment income.

⁽⁶⁾

Corporate and Other identifiable assets primarily includes cash of $272,459, investment securities of $129,641, equity securities at fair value that qualify for the NAV practical expedient of $45,781, and equity-method investments of $15,942 as of December 31, 2019. Corporate and other identifiable assets primarily includes cash of $474,974, investment securities of $131,569, equity securities at fair value that qualify for the NAV practical expedient of $54,628, and equity-method investments of $11,631 as of December 31, 2018. Corporate and other identifiable assets primarily includes cash of $195,053, investment securities of $150,489, long-term investments accounted at cost of $65,450, and long-term investments accounted for under the equity method of accounting of $15,841 as of December 31, 2017.