Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments for the three and nine months ended September 30, 2022 and 2021 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 for the three and nine months ended September 30, 2022 and 2021 were as follows:

				Real		Corporate
	Tobacco			Estate		and Other			Total
Three months ended September 30, 2022
Revenues	$	377,995		$	—	$	—		$	377,995
Operating income (loss)	88,107		(1)	(3)		(4,203)			83,901
Equity in losses from real estate ventures	—			(1,903)		—			(1,903)
Depreciation and amortization	1,474			—		313			1,787
Three months ended September 30, 2021
Revenues	$	297,942		$	543	$	—		$	298,485
Operating income (loss)	91,779		(2)	(814)		(8,950)		(3)	82,015
Equity in losses from real estate ventures	—			(5,694)		—			(5,694)
Depreciation and amortization	1,550			61		262			1,873
Nine months ended September 30, 2022
Revenues	$	1,061,355		$	15,884	$	—		$	1,077,239
Operating income (loss)	254,078		(4)	7,839		(12,179)			249,738
Equity in losses from real estate ventures	—			(4,240)		—			(4,240)
Depreciation and amortization	4,426			66		938			5,430
Capital expenditures	8,720			1		38			8,759
Nine months ended September 30, 2021
Revenues	$	895,901		$	11,126	$	—		$	907,027
Operating income (loss)	276,557		(5)	(603)		(24,071)		(6)	251,883
Equity in earnings from real estate ventures	—			12,505		—			12,505
Depreciation and amortization	5,007			187		727			5,921
Capital expenditures	4,817			—		3,593			8,410

(1) Operating income includes $31 of litigation settlement and judgment expense.

(2) Operating income includes $12 of litigation settlement and judgment expense.

(3) Operating loss includes transaction charges of $3,426 related to the Distribution, and $910 of gain on sale of assets.

(4) Operating income includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $160 of litigation settlement and judgment expense.

(5) Operating income includes $2,722 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $17 of litigation settlement and judgment expense.

(6) Operating loss includes transaction charges of $3,426 related to the Distribution, and $910 of gain on sale of assets.