Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Net income for purposes of determining basic and diluted EPS

Net income for purposes of determining basic EPS was as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income attributed to Vector Group Ltd.	$	38,139	$	36,008	$	60,682	$	90,268
Income attributed to participating securities	(708)		(2,023)		(1,976)		(6,052)
Net income applicable to common shares attributed to Vector Group Ltd.	$	37,431	$	33,985	$	58,706	$	84,216

Net income for purposes of determining diluted EPS was as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income attributed to Vector Group Ltd.	$	38,139	$	36,008	$	60,682	$	90,268
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		—		—		(1,246)
Income attributed to participating securities	(708)		(2,023)		(1,976)		(6,052)
Net income applicable to common shares attributed to Vector Group Ltd.	$	37,431	$	33,985	$	58,706	$	82,970

Basic and diluted EPS calculation shares

Basic and diluted EPS were calculated using the following common shares:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020	2019	2020	2019
Weighted-average shares for basic EPS	152,216,118	146,703,766	149,541,642	146,562,252
Plus incremental shares related to convertible debt	—	—	—	961,191
Plus incremental shares related to stock options and non-vested restricted stock	8,470	32,374	32,007	13,782
Weighted-average shares for diluted EPS	152,224,588	146,736,140	149,573,649	147,537,225

Outstanding shares not included in the computation of diluted EPS

The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the three and nine months ended September 30, 2020 and 2019, but were not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock were greater than the average market price of the common shares during the respective periods and the common shares issuable under the convertible debt were anti-dilutive to EPS.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Weighted-average shares of non-vested restricted stock	612,538		1,012,285		555,918		1,274,549
Weighted-average expense per share	$	18.29	$	18.03	$	19.54	$	17.95
Weighted-average number of shares issuable upon conversion of debt	—		11,447,061		3,237,522		11,447,061
Weighted-average conversion price	$	—	$	20.27	$	20.27	$	20.27

Summary of restructuring charges

The following table summarizes amounts expensed for the three and nine months ended September 30, 2020:

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Cash Charges:
Employee severance and benefits	$	186	$	1,785
Other restructuring expenses	64		282
	250		2,067
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	70		1,214
	70		1,214
Total restructuring charges	$	320	$	3,281

The following table presents the activity under the Real Estate segment restructuring plan for the nine months ended September 30, 2020:

	Employee Severance and Benefits		Other		Non-Cash Loss on Fixed Assets		Total
Accrual balance as of January 1, 2020	$	—	$	—	$	—	$	—
Restructuring charges	1,785		282		1,214		3,281
Utilized	(1,735)		(282)		(1,214)		(3,231)
Accrual balance as of September 30, 2020	$	50	$	—	$	—	$	50

Schedule of other income (loss), net

Other, net consisted of:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Interest and dividend income	$	1,251	$	3,083	$	5,331	$	9,430
Net gains (losses) recognized on investment securities	2,516		(1,487)		(4,943)		5,601
Net periodic benefit cost other than the service costs	(452)		(576)		(1,361)		(1,692)
Credit loss expense	(8,576)		—		(9,008)		—
Other income	165		1,203		1,865		1,105
Other, net	$	(5,096)	$	2,223	$	(8,116)	$	14,444

Schedule of other assets

Other assets consisted of:

	September 30, 2020		December 31, 2019
Restricted assets	$	4,008	$	5,241
Prepaid pension costs	32,467		31,686
Equity-method investments	16,240		15,942
Contract assets, net	26,083		18,443
Other assets	36,250		48,778
Total other assets	$	115,048	$	120,090

Schedule of other current liabilities

Other current liabilities consisted of:

	September 30, 2020		December 31, 2019
Accounts payable	$	11,962	$	10,222
Accrued promotional expenses	45,966		35,900
Accrued excise and payroll taxes payable, net	2,817		18,653
Accrued interest	33,159		35,756
Commissions payable	28,972		18,378
Accrued salary and benefits	19,059		29,464
Contract liabilities	9,725		9,358
Allowance for sales returns	7,857		7,785
Other current liabilities	34,511		23,801
Total other current liabilities	$	194,028	$	189,317

Schedule of components of cash, cash equivalents and restricted cash

The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:

	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	451,071	$	371,341
Restricted cash and cash equivalents included in other current assets	7,224		4,423
Restricted cash and cash equivalents included in other assets	2,461		3,712
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	460,756	$	379,476