Financial Information


Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Current assets:
Cash and cash equivalents
$ 396,060
$ 393,530
Investment securities available for sale
154,645
156,903
Accounts receivable - trade, net
18,055
18,801
Inventories
84,587
89,834
Income taxes receivable, net
0
16,110
Restricted assets
11,518
7,330
Other current assets
35,067
22,955
Total current assets
699,932
705,463
Property, plant and equipment, net
83,594
80,448
Investments in real estate, net
23,742
23,640
Long-term investments
74,476
53,197
Investments in real estate ventures
210,089
221,258
Restricted assets
3,483
3,986
Goodwill and other intangible assets, net
268,179
261,918
Prepaid pension costs
23,186
22,273
Other assets
23,223
31,852
Total assets
1,409,904
1,404,035
Current liabilities:
Current portion of notes payable and long-term debt
8,432
39,508
Current payments due under the Master Settlement Agreement
112,438
16,192
Current portion of employee benefits
937
937
Income taxes payable, net
12,163
0
Litigation accruals
6,396
3,659
Other current liabilities
127,836
135,852
Total current liabilities
268,202
196,148
Notes payable, long-term debt and other obligations, less current portion
1,175,910
1,132,943
Fair value of derivatives embedded within convertible debt
86,190
112,332
Non-current employee benefits
59,600
58,958
Deferred income taxes, net
71,783
93,085
Payments due under the Master Settlement Agreement
21,479
22,257
Litigation accruals
23,220
27,513
Other liabilities
21,694
14,071
Total liabilities
1,728,078
1,657,307
Commitments and contingencies (Note 7)
  
  
Stockholders' deficiency:
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized
0
0
Common stock, par value $0.10 per share, 250,000,000 shares authorized,135,178,626 and 127,739,481 shares issued and outstanding
13,518
12,774
Accumulated deficit
(404,276)
(333,529)
Accumulated other comprehensive loss
(11,962)
(11,245)
Total Vector Group Ltd. stockholders' deficiency
(402,720)
(332,000)
Non-controlling interest
84,546
78,728
Total stockholders' deficiency
(318,174)
(253,272)
Total liabilities and stockholders' deficiency
$ 1,409,904
$ 1,404,035
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Statement of Cash Flows [Abstract]
 
 
Net cash provided by operating activities
$ 206,443 
$ 121,443 
Cash flows from investing activities:
 
 
Sale of investment securities
23,066 
81,235 
Maturities of investment securities
94,858 
4,343 
Purchase of investment securities
(120,362)
(90,106)
Proceeds from sale or liquidation of long-term investments
966 
1,000 
Purchase of long-term investments
(26,500)
(50)
Investments in real estate ventures
(20,830)
(23,358)
Distributions from investments in real estate ventures
23,338 
23,041 
Increase in cash surrender value of life insurance policies
(831)
(451)
(Increase) decrease in restricted assets
(3,541)
8,615 
Issuance of notes receivable
(1,633)
Proceeds from sale of fixed assets
75 
45 
Capital expenditures
(15,258)
(19,157)
Repayments of notes receivable
4,410 
Acquisition of a business
(6,569)
Pay downs of investment securities
2,153 
7,842 
Investments in real estate, net
(357)
(130)
Net cash used in investing activities
(51,425)
(2,721)
Cash flows from financing activities:
 
 
Proceeds from issuance of debt
850,021 
243,620 
Deferred financing costs
(19,200)
(6,600)
Repayments of debt
(836,600)
(4,698)
Borrowings under revolver
121,521 
104,826 
Repayments on revolver
(152,870)
(94,644)
Dividends and distributions on common stock
(158,425)
(147,270)
Contributions from non-controlling interest
248 
Distributions to non-controlling interest
(165)
(9,508)
Proceeds from issuance of Vector common stock
43,230 
Proceeds from exercise of Vector options
398 
Tax benefit of options exercised
412 
Net cash (used in) provided by financing activities
(152,488)
86,784 
Net increase in cash and cash equivalents
2,530 
205,506 
Cash and cash equivalents, beginning of period
393,530 
240,368 
Cash and cash equivalents, end of period
$ 396,060 
$ 445,874 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income
$ 20,478 
$ 25,707 
$ 47,799 
$ 74,437 
Net unrealized gains (losses) on investment securities available for sale:
 
 
 
 
Change in net unrealized gains (losses)
638 
2,501 
(2,581)
(2,953)
Net unrealized (gains) losses reclassified into net income
(43)
(88)
(104)
4,068 
Net unrealized gains (losses) on investment securities available for sale
595 
2,413 
(2,685)
1,115 
Net change in forward contracts
27 
Net change in pension-related amounts
 
 
 
 
Amortization of loss
489 
445 
1,466 
1,335 
Net change in pension-related amounts
489 
445 
1,466 
1,335 
Other comprehensive income (loss)
1,084 
2,867 
(1,217)
2,477 
Income tax effect on:
 
 
 
 
Change in net unrealized gains (losses) on investment securities
(258)
(1,033)
1,053 
1,212 
Net unrealized (gains) losses reclassified into net income on investment securities
17 
36 
42 
(1,672)
Forward contracts
(4)
(11)
Pension-related amounts
(199)
(183)
(595)
(549)
Income tax (provision) benefit on other comprehensive income (loss)
(440)
(1,184)
500 
(1,020)
Other comprehensive income (loss), net of tax
644 
1,683 
(717)
1,457 
Comprehensive income
21,122 
27,390 
47,082 
75,894 
Comprehensive income attributed to non-controlling interest
(1,214)
(2,532)
(5,951)
(7,909)
Comprehensive income attributed to Vector Group Ltd.
$ 19,908 
$ 24,858 
$ 41,131 
$ 67,985 
Date Filed Filing Description XBRL
Oct 31, 2012 10-Q quarterly report XBRL
Jul 31, 2012 10-Q quarterly report XBRL
May 3, 2012 10-Q quarterly report XBRL
Feb 24, 2012 10-K annual report XBRL
Nov 3, 2011 10-Q quarterly report XBRL
Aug 4, 2011 10-Q quarterly report XBRL
May 5, 2011 10-Q quarterly report XBRL
Feb 25, 2011 10-K annual report XBRL
Nov 5, 2010 10-Q quarterly report XBRL
Aug 5, 2010 10-Q quarterly report XBRL
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Investor Relations Contact — US

Emily Deissler
edeissler@sardverb.com
212-687-8080

Investor Relations Contact — Europe

Conrad Harrington
charrington@sardverb.com
+44 (0)20 3178 8914