Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments were Tobacco and Real Estate. 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, 2020, 2019 and 2018 was as follows:

				Real			Corporate
	Tobacco			Estate			and Other			Total
2020
Revenues	$	1,204,501		$	798,168		$	—		$	2,002,669
Operating income (loss)	319,536		(1)	(49,895)		(4)	(24,498)		(7)	245,143
Equity in losses from real estate ventures	—			(44,698)			—			(44,698)
Identifiable assets	357,518			557,505		(5)	428,386		(8)	1,343,409
Depreciation and amortization	7,877			8,874			878			17,629
Capital expenditures	4,491			6,226			8,346			19,063
2019
Revenues	$	1,114,840		$	788,871		$	—		$	1,903,711
Operating income (loss)	261,630		(2)	(2,930)			(27,565)			231,135
Equity in losses from real estate ventures	—			(19,288)			—			(19,288)
Identifiable assets	336,566			666,550		(5)	501,973		(8)	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		(3)	3,435		(6)	(25,913)			224,049
Equity in earnings from real estate ventures	—			14,446			—			14,446
Identifiable assets	315,706			539,828		(5)	693,970		(8)	1,549,504
Depreciation and amortization	8,210			9,580			1,017			18,807
Capital expenditures	4,599			13,061			22			17,682

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(1)Operating income includes $337 of litigation settlement and judgment expense.

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

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

(4)Operating loss includes $1,169 of loss on sale of assets.

(5)Includes real estate investments accounted for under the equity method of accounting of $85,400, $131,556 and $141,105 as of December 31, 2020, 2019 and 2018, respectively.

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

(7)Operating loss includes $2,283 of gain on sale of assets.

(8)Corporate and Other identifiable assets primarily includes cash of $211,729, investment securities of $135,585 and long-term investments of $52,528 as of December 31, 2020. Corporate and other identifiable assets primarily includes cash of $272,459, investment securities of $129,641, and long-term investments of $61,723 as of December 31, 2019. Corporate and other identifiable assets primarily includes cash of $474,974, investment securities of $131,569, and long-term investments of $66,259 as of December 31, 2018.