Financial Information


Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Current assets:
 
 
Cash and cash equivalents
$ 410,409 
$ 393,530 
Investment securities available for sale
146,223 
156,903 
Accounts receivable - trade, net
25,479 
18,801 
Inventories
87,979 
89,834 
Income taxes receivable, net
8,178 
16,110 
Restricted assets
8,797 
7,330 
Other current assets
29,458 
22,955 
Total current assets
716,523 
705,463 
Property, plant and equipment, net
80,994 
80,448 
Investments in real estate, net
23,675 
23,640 
Long-term investments
75,171 
53,197 
Investments in real estate ventures
201,356 
221,258 
Restricted assets
3,754 
3,986 
Goodwill and other intangible assets, net
261,189 
261,918 
Prepaid pension costs
22,882 
22,273 
Other assets
34,742 
31,852 
Total assets
1,420,286 
1,404,035 
Current liabilities:
 
 
Current portion of notes payable and long-term debt
20,941 
39,508 
Current payments due under the Master Settlement Agreement
68,039 
16,192 
Current portion of employee benefits
937 
937 
Litigation accruals
5,371 
3,659 
Other current liabilities
145,825 
135,852 
Total current liabilities
241,113 
196,148 
Notes payable, long-term debt and other obligations, less current portion
1,158,877 
1,132,943 
Fair value of derivatives embedded within convertible debt
95,627 
112,332 
Non-current employee benefits
59,384 
58,958 
Deferred income taxes, net
85,176 
93,085 
Payments due under the Master Settlement Agreement
23,642 
22,257 
Litigation accruals
23,574 
27,513 
Other liabilities
17,414 
14,071 
Total liabilities
1,704,807 
1,657,307 
Commitments and contingencies (Note 7)
   
   
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,128,934,081 and 127,739,481 shares issued and outstanding
12,893 
12,774 
Accumulated deficit
(368,140)
(333,529)
Accumulated other comprehensive loss
(12,606)
(11,245)
Total Vector Group Ltd. stockholders' deficiency
(367,853)
(332,000)
Non-controlling interest
83,332 
78,728 
Total stockholders' deficiency
(284,521)
(253,272)
Total liabilities and stockholders' deficiency
$ 1,420,286 
$ 1,404,035 
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Statement of Cash Flows [Abstract]
 
 
Net cash provided by operating activities
$ 117,611 
$ 78,825 
Cash flows from investing activities:
 
 
Sale of investment securities
22,396 
67,033 
Maturities of investment securities
93,368 
343 
Purchase of investment securities
(109,891)
(56,691)
Proceeds from sale or liquidation of long-term investments
466 
1,000 
Purchase of long-term investments
(26,000)
(50)
Investments in real estate ventures
(8,454)
(11,806)
Distributions from investments in real estate ventures
23,338 
17,983 
Increase in cash surrender value of life insurance policies
(854)
(393)
(Increase) decrease in restricted assets
(1,235)
2,674 
Issuance of notes receivable
(1,500)
Proceeds from sale of fixed assets
75 
Capital expenditures
(8,346)
(7,615)
Pay downs of investment securities
1,620 
4,926 
Investments in real estate, net
(205)
(81)
Net cash (used in) provided by investing activities
(15,222)
17,328 
Cash flows from financing activities:
 
 
Proceeds from issuance of debt
850,020 
243,282 
Deferred financing costs
(19,200)
(6,600)
Repayments of debt
(836,145)
(2,917)
Borrowings under revolver
110,979 
89,695 
Repayments on revolver
(129,479)
(80,223)
Dividends and distributions on common stock
(104,750)
(97,846)
Contributions from non-controlling interest
248 
Distributions to non-controlling interest
(165)
(7,422)
Proceeds from issuance of Vector common stock
43,230 
Net cash (used in) provided by financing activities
(85,510)
138,217 
Net increase in cash and cash equivalents
16,879 
234,370 
Cash and cash equivalents, beginning of period
393,530 
240,368 
Cash and cash equivalents, end of period
$ 410,409 
$ 474,738 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income
$ 31,546 
$ 27,337 
$ 27,321 
$ 48,730 
Net unrealized losses on investment securities available for sale:
 
 
 
 
Change in net unrealized losses
(3,043)
(820)
(3,219)
(5,454)
Net unrealized losses (gains) reclassified into net income
50 
(90)
(61)
4,156 
Net unrealized losses on investment securities available for sale
(2,993)
(910)
(3,280)
(1,298)
Net change in forward contracts
18 
Net change in pension-related amounts -
 
 
 
 
Amortization of loss
489 
445 
977 
890 
Net change in pension-related amounts
489 
445 
977 
890 
Other comprehensive loss
(2,503)
(456)
(2,301)
(390)
Income tax effect on:
 
 
 
 
Change in net unrealized losses on investment securities
1,235 
337 
1,311 
2,245 
Net unrealized losses (gains) reclassified into net income on investment securities
(20)
37 
25 
(1,708)
Forward contracts
(4)
(7)
Pension-related amounts
(198)
(183)
(396)
(366)
Income tax benefit on other comprehensive loss
1,018 
187 
940 
164 
Other comprehensive loss, net of tax
(1,485)
(269)
(1,361)
(226)
Comprehensive income
30,061 
27,068 
25,960 
48,504 
Comprehensive income attributed to non-controlling interest
(4,735)
(3,322)
(4,737)
(5,377)
Comprehensive income attributed to Vector Group Ltd.
$ 25,326 
$ 23,746 
$ 21,223 
$ 43,127 
Date Filed Filing Description XBRL
Feb 25, 2011 10-K annual report XBRL
Feb 24, 2012 10-K annual report XBRL
Feb 28, 2013 10-K annual report XBRL
Mar 3, 2014 10-K annual report XBRL
Mar 4, 2015 10-K annual report XBRL
Mar 8, 2016 10-K annual report XBRL
Mar 1, 2017 10-K annual report XBRL
Aug 5, 2010 10-Q quarterly report XBRL
Nov 5, 2010 10-Q quarterly report XBRL
May 5, 2011 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