Financial Information

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
IN THOUSANDS, UNLESS OTHERWISE SPECIFIED
Dec. 31, 2016Dec. 31, 2015
Current assets:
 
 
Cash and cash equivalents
$ 393,530 
$ 240,368 
Investment securities available for sale
156,903 
181,976 
Accounts receivable - trade, net
18,801 
23,889 
Inventories
89,834 
86,516 
Income taxes receivable, net
16,110 
2,841 
Restricted assets
7,330 
9,195 
Other current assets
22,955 
38,954 
Total current assets
705,463 
583,739 
Property, plant and equipment, net
80,448 
75,632 
Investments in real estate, net
23,640 
23,318 
Long-term investments
53,197 
62,726 
Investments in real estate ventures
221,258 
217,168 
Restricted assets
3,986 
12,303 
Goodwill and other intangible assets, net
261,918 
263,959 
Prepaid pension costs
22,273 
20,650 
Other assets
31,852 
21,120 
Total assets
1,404,035 
1,280,615 
Current liabilities:
 
 
Current portion of notes payable and long-term debt
39,508 
8,919 
Current payments due under the Master Settlement Agreement
16,192 
29,241 
Current portion of employee benefits
937 
915 
Income taxes payable, net
96 
Litigation accruals
3,659 
22,904 
Other current liabilities
135,852 
154,217 
Total current liabilities
196,148 
216,292 
Notes payable, long-term debt and other obligations, less current portion
1,132,943 
856,108 
Fair value of derivatives embedded within convertible debt
112,332 
144,042 
Non-current employee benefits
58,958 
55,055 
Deferred income taxes, net
93,085 
79,429 
Payments due under the Master Settlement Agreement
22,257 
20,094 
Litigation accruals
27,513 
24,718 
Other liabilities
14,071 
7,038 
Total liabilities
1,657,307 
1,402,776 
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,127,739,481 and 123,792,329 shares issued and outstanding
12,774 
12,379 
Accumulated deficit
(333,529)
(210,113)
Accumulated other comprehensive loss
(11,245)
(8,313)
Total Vector Group Ltd. stockholders' deficiency
(332,000)
(206,047)
Non-controlling interest
78,728 
83,886 
Total stockholders' deficiency
(253,272)
(122,161)
Total liabilities and stockholders' deficiency
$ 1,404,035 
$ 1,280,615 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)12 Months Ended12 Months Ended
 December 31,December 31,
IN THOUSANDS, UNLESS OTHERWISE SPECIFIED20162015
Cash flows from operating activities:
 
 
Net income
$ 77,266 
$ 66,472 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
22,359 
25,654 
Non-cash stock-based expense
10,034 
5,621 
Acceleration of interest expense related to debt conversion
(Gain) loss on sale of assets
(42)
77 
Deferred income taxes
12,571 
(13,195)
Distributions from long-term investments
1,347 
1,258 
Gain on liquidation of long-term investments accounted for at cost
(189)
Equity in losses (earnings) from long-term investments
2,754 
2,681 
(Gain) loss on sale of investment securities available for sale
(2,907)
(11,138)
Equity in earnings from real estate ventures
(5,200)
(2,001)
Distributions from real estate ventures
23,446 
5,894 
Non-cash interest expense
(10,549)
(6,504)
Impairment of investment securities
5,381 
12,846 
Impairment of long-term investments
1,587 
811 
Impairment of real estate, net
230 
Changes in assets and liabilities:
 
 
Receivables
(5,809)
(1,414)
Inventories
(3,317)
3,806 
Accounts payable and accrued liabilities
(22,922)
37,936 
Payments due under the Master Settlement Agreement
(10,968)
(2,796)
Other assets and liabilities, net
(18,304)
5,233 
Net cash provided by operating activities
97,636 
144,479 
Cash flows from investing activities:
 
 
Sale of investment securities
116,070 
270,576 
Maturities of investment securities
10,822 
5,491 
Purchase of investment securities
(117,211)
(214,146)
Proceeds from sale or liquidation of long-term investments
4,552 
1,303 
Purchase of long-term investments
(50)
(10,000)
Decrease (increase) in restricted assets
10,181 
(6,889)
Investments in real estate ventures
(44,107)
(70,272)
Distributions from real estate ventures
33,204 
17,563 
Issuance of notes receivable
(4,410)
Proceeds from sale of fixed assets
45 
Capital expenditures
(26,691)
(10,977)
Increase in cash surrender value of life insurance policies
(484)
(1,742)
Purchase of subsidiaries
(250)
Repayment of notes receivable
4,410 
4,000 
Purchase of preferred securities
Pay down of investment securities
9,212 
8,739 
Proceeds from sale of preferred securities
1,000 
Investments in real estate held for sale
(245)
(12,603)
Net cash used in investing activities
(542)
(22,363)
Cash flows from financing activities:
 
 
Proceeds from issuance of debt
243,620 
2,105 
Repayments of debt
(5,365)
(6,684)
Deferred financing costs
(6,600)
(624)
Borrowings under revolver
144,294 
153,361 
Repayments on revolver
(110,614)
(167,915)
Dividends and distributions on common stock
(198,947)
(188,151)
Distributions to non-controlling interest
(11,545)
(3,280)
Contributions from non-controlling interest
248 
813 
Proceeds from exercise of Vector options
398 
1,441 
Tax benefit of options exercised
579 
821 
Net cash provided by (used in) financing activities
56,068 
(208,113)
Net increase (decrease) in cash and cash equivalents
153,162 
(85,997)
Cash and cash equivalents, beginning of year
240,368 
326,365 
Cash and cash equivalents, end of year
$ 393,530 
$ 240,368 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)12 Months
Ended
12 Months
Ended
 Dec. 31, 2016Dec. 31, 2015
IN THOUSANDS, UNLESS OTHERWISE SPECIFIED  
Statement of Comprehensive Income [Abstract]
 
 
Net income
$ 77,266 
$ 66,472 
Net unrealized (losses) gains on investment securities available for sale:
 
 
Change in net unrealized (losses) gains
(6,139)
(12,710)
Net unrealized losses reclassified into net income
2,474 
1,708 
Net unrealized (losses) gains on investment securities available for sale
(3,665)
(11,002)
Net unrealized gains (losses) on long-term investments accounted for under the equity method:
 
 
Change in net unrealized gains (losses)
1,190 
Net unrealized losses reclassified into net income
1,624 
Net unrealized gains (losses) 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 arising during the year
(3,064)
(8,620)
Amortization of loss
1,780 
4,200 
Net change in pension-related amounts
(1,284)
(4,420)
Other comprehensive loss
(4,921)
(12,547)
Income tax effect on:
 
 
Change in net unrealized (losses) gains on investment securities
2,490 
5,650 
Net unrealized losses reclassified into net income on investment securities
(1,004)
(702)
Change in unrealized gains (losses) 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
514 
1,810 
Income tax benefit on other comprehensive income
1,989 
5,577 
Other comprehensive loss, net of tax
(2,932)
(6,970)
Comprehensive income
74,334 
59,502 
Comprehensive income attributed to non-controlling interest
(6,139)
(7,274)
Comprehensive income attributed to Vector Group Ltd.
$ 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