Financial Information


Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Current assets:
 
 
Cash and cash equivalents
$ 301,353 
$ 393,530 
Investment securities available for sale
150,489 
156,903 
Accounts receivable - trade, net
29,481 
18,801 
Inventories
89,790 
89,834 
Income taxes receivable, net
11,217 
16,110 
Restricted assets
10,258 
7,330 
Other current assets
21,121 
22,955 
Total current assets
613,709 
705,463 
Property, plant and equipment, net
85,516 
80,448 
Investments in real estate, net
23,952 
23,640 
Long-term investments
81,291 
53,197 
Investments in real estate ventures
188,131 
221,258 
Restricted assets
3,488 
3,986 
Goodwill and other intangible assets, net
267,708 
261,918 
Prepaid pension costs
27,697 
22,273 
Other assets
36,786 
31,852 
Total assets
1,328,278 
1,404,035 
Current liabilities:
 
 
Current portion of notes payable and long-term debt
33,820 
39,508 
Current payments due under the Master Settlement Agreement
12,384 
16,192 
Current portion of employee benefits
952 
937 
Income taxes payable, net
100 
Litigation accruals
260 
3,659 
Other current liabilities
157,123 
135,852 
Total current liabilities
204,639 
196,148 
Notes payable, long-term debt and other obligations, less current portion
1,194,244 
1,132,943 
Fair value of derivatives embedded within convertible debt
76,413 
112,332 
Non-current employee benefits
62,242 
58,958 
Deferred income taxes, net
58,801 
93,085 
Payments due under the Master Settlement Agreement
21,479 
22,257 
Litigation accruals
19,840 
27,513 
Other liabilities
22,380 
14,071 
Total liabilities
1,660,038 
1,657,307 
Commitments and contingencies (Notes 10 and 15)
   
   
Stockholders' deficiency:
 
 
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized
Common stock, par value $0.10 per share, 250,000,000 shares authorized,134,365,424 and 127,739,481 shares issued and outstanding
13,437 
12,774 
Accumulated deficit
(414,785)
(333,529)
Accumulated other comprehensive loss
(12,571)
(11,245)
Total Vector Group Ltd. stockholders' deficiency
(413,919)
(332,000)
Non-controlling interest
82,159 
78,728 
Total stockholders' deficiency
(331,760)
(253,272)
Total liabilities and stockholders' deficiency
$ 1,328,278 
$ 1,404,035 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:
 
 
 
Net income
$ 90,750 
$ 77,266 
$ 66,472 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
18,614 
22,359 
25,654 
Non-cash stock-based expense
10,887 
10,034 
5,621 
Loss on extinguishment of debt
1,754 
(Gain) loss on sale of assets
(40)
(42)
77 
Deferred income taxes
(33,311)
12,571 
(13,195)
Distributions from long-term investments
1,436 
1,347 
1,258 
Gain on liquidation of long-term investments accounted for at cost
(162)
(189)
Equity in losses from long-term investments
765 
2,754 
2,681 
Gain on sale of investment securities available for sale
(169)
(2,907)
(11,138)
Equity in earnings from real estate ventures
(21,395)
(5,200)
(2,001)
Distributions from real estate ventures
37,995 
23,446 
5,894 
Non-cash interest expense
29,620 
10,549 
6,504 
Excess tax benefit of stock compensation
1,143 
Impairment of investment securities
465 
5,381 
12,846 
Impairment of long-term investments
576 
1,587 
811 
Impairment of real estate, net
230 
Changes in assets and liabilities:
 
 
 
Receivables
(17,492)
(5,809)
(1,414)
Inventories
43 
(3,317)
3,806 
Accounts payable and accrued liabilities
14,218 
(22,922)
37,936 
Payments due under the Master Settlement Agreement
(4,679)
(10,968)
(2,796)
Other assets and liabilities, net
568 
(18,304)
5,233 
Net cash provided by operating activities
131,586 
97,636 
144,479 
Cash flows from investing activities:
 
 
 
Sale of investment securities
28,761 
116,070 
270,576 
Maturities of investment securities
101,097 
10,822 
5,491 
Purchase of investment securities
(132,654)
(117,211)
(214,146)
Proceeds from sale or liquidation of long-term investments
966 
4,552 
1,303 
Purchase of long-term investments
(32,510)
(50)
(10,000)
(Increase) decrease in restricted assets
(2,286)
10,181 
(6,889)
Investments in real estate ventures
(38,807)
(44,107)
(70,272)
Distributions from real estate ventures
61,718 
33,204 
17,563 
Issuance of notes receivable
(1,633)
(4,410)
Proceeds from sale of fixed assets
76 
45 
Capital expenditures
(19,869)
(26,691)
(10,977)
Increase in cash surrender value of life insurance policies
(802)
(484)
(1,742)
Purchase of subsidiaries
(6,569)
(250)
Repayment of notes receivable
4,410 
4,000 
Pay down of investment securities
2,633 
9,212 
8,739 
Proceeds from sale of preferred securities
1,000 
Investments in real estate, net
(619)
(245)
(12,603)
Net cash used in investing activities
(40,498)
(542)
(22,363)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of debt
850,021 
243,620 
2,105 
Repayments of debt
(837,205)
(5,365)
(6,684)
Deferred financing costs
(19,200)
(6,600)
(624)
Borrowings under revolver
157,630 
144,294 
153,361 
Repayments on revolver
(163,474)
(110,614)
(167,915)
Dividends and distributions on common stock
(211,488)
(198,947)
(188,151)
Distributions to non-controlling interest
(2,779)
(11,545)
(3,280)
Contributions from non-controlling interest
248 
813 
Proceeds from the issuance of Vector stock
43,230 
Proceeds from exercise of Vector options
398 
1,441 
Tax benefit of options exercised
579 
821 
Net cash (used in) provided by financing activities
(183,265)
56,068 
(208,113)
Net (decrease) increase in cash and cash equivalents
(92,177)
153,162 
(85,997)
Cash and cash equivalents, beginning of year
393,530 
240,368 
326,365 
Cash and cash equivalents, end of year
$ 301,353 
$ 393,530 
$ 240,368 
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 90,750 
$ 77,266 
$ 66,472 
Net unrealized losses on investment securities available for sale:
 
 
 
Change in net unrealized losses
(6,655)
(6,139)
(12,710)
Net unrealized losses reclassified into net income
296 
2,474 
1,708 
Net unrealized losses on investment securities available for sale
(6,359)
(3,665)
(11,002)
Net unrealized gains on long-term investments accounted for under the equity method:
 
 
 
Change in net unrealized gains
1,190 
Net unrealized losses reclassified into net income
1,624 
Net unrealized gains on long-term investments accounted for under the equity method
2,814 
Net change in forward contracts
28 
61 
Net change in pension-related amounts
 
 
 
Net gain (loss) arising during the year
1,768 
(3,064)
(8,620)
Amortization of loss
1,955 
1,780 
4,200 
Net change in pension-related amounts
3,723 
(1,284)
(4,420)
Other comprehensive loss
(2,634)
(4,921)
(12,547)
Income tax effect on:
 
 
 
Change in net unrealized losses on investment securities
2,707 
2,490 
5,650 
Net unrealized losses reclassified into net income on investment securities
(120)
(1,004)
(702)
Change in unrealized gains on long-term investments accounted for under the equity method
(484)
Net unrealized losses reclassified into net income on long-term investments accounted for under the equity method
(672)
Forward contracts
(11)
(25)
Pension-related amounts
(1,279)
514 
1,810 
Income tax benefit on other comprehensive loss
1,308 
1,989 
5,577 
Other comprehensive loss, net of tax
(1,326)
(2,932)
(6,970)
Comprehensive income
89,424 
74,334 
59,502 
Comprehensive income attributed to non-controlling interest
(6,178)
(6,139)
(7,274)
Comprehensive income attributed to Vector Group Ltd.
$ 83,246 
$ 68,195 
$ 52,228 
Date Filed Filing Description XBRL
Aug 5, 2010 10-Q quarterly report XBRL
Nov 5, 2010 10-Q quarterly report XBRL
Feb 25, 2011 10-K annual report XBRL
May 5, 2011 10-Q quarterly report XBRL
Aug 4, 2011 10-Q quarterly report XBRL
Nov 3, 2011 10-Q quarterly report XBRL
Feb 24, 2012 10-K annual report XBRL
May 3, 2012 10-Q quarterly report XBRL
Jul 31, 2012 10-Q quarterly report XBRL
Oct 31, 2012 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