Current Expected Credit Losses

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Current Expected Credit Losses

CURRENT EXPECTED CREDIT LOSSES

Tobacco receivables: Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. Based on Tobacco historical and ongoing cash collections from customers, an estimated credit loss in accordance with ASU 2016-13 was not recorded for these trade receivables as of December 31, 2022 and December 31, 2021.

Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the consolidated balance sheets. New Valley had two loans in maturity default at December 31, 2022, with a total amortized cost basis of $15,928, including accrued interest receivable of $6,428 at both December 31, 2022 and December 31, 2021. The loans are secured by guarantees and given their risk profiles are evaluated individually. As New Valley does not have internal historical loss information by which to evaluate the risk of credit losses, external market data measuring default risks on high yield loans as of each measurement date was utilized to estimate reserves for credit losses on these loans. Pursuant to the requirements of ASU 2016-13, New Valley’s expected credit loss estimate was $15,928 at both December 31, 2022 and December 31, 2021.

The following is the reconciliation of the allowance for credit losses for the year ended December 31, 2022:

	January 1, 2022	Current Period Provision	Write-offs	Recoveries	December 31, 2022
Allowance for credit losses:
New Valley term loan receivables	15,928	—	—	—	15,928

The following is the reconciliation of the allowance for credit losses for the year ended December 31, 2021:

	January 1, 2021	Current Period Provision	Write-offs	Recoveries	December 31, 2021
Allowance for credit losses:
New Valley term loan receivables	15,928	—	—	—	15,928