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Net income attributed to non-controlling interest

25,774

39,307

22,543

54,340

(80)

Net income attributed to Vector Group Ltd.

$ 25,774

$ 39,307

$ 22,543

$ 54,260

Per basic common share:

Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)

$ 0.17

$ 0.25

$ 0.14

$ 0.34

Per diluted common share:

Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)

$ 0.16

$ 0.25

$ 0.14

$ 0.33

Tobacco

Revenues:

Tobacco

^[1]

$ 312,510

$ 294,501

$ 599,579

$ 551,257

Total revenues

312,510

599,579

Cost of sales:

Total cost of sales

^[1]

214,067

204,461

411,357

381,764

Real estate

Revenues:

Real estate

133,250

243,931

300,669

408,099

Cost of sales:

Total cost of sales

$ 90,818

$ 163,713

$ 204,151

$ 272,430

[1]	Revenues and cost of sales include federal excise taxes of $121,170, $119,943, $234,309, and $224,576, respectively.

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 121,170	$ 119,943	$ 234,309	$ 224,576

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 25,774	$ 39,307	$ 22,543	$ 54,340
Net unrealized gains on investment securities available for sale:
Change in net unrealized gains (losses)	644	346	(20)	723
Net unrealized (gains) losses reclassified into net income	(70)	(4)	433	(37)
Net unrealized gains on investment securities available for sale	574	342	413	686
Net change in pension-related amounts
Amortization of loss	463	491	927	948
Net change in pension-related amounts	463	491	927	948
Other comprehensive income	1,037	833	1,340	1,634
Income tax effect on:
Change in net unrealized gains (losses) on investment securities	(174)	(94)	6	(198)
Net unrealized (gains) losses reclassified into net income on investment securities	19	1	(117)	10
Pension-related amounts	(125)	(135)	(250)	(260)
Income tax provision on other comprehensive income	(280)	(228)	(361)	(448)
Other comprehensive income, net of tax	757	605	979	1,186
Comprehensive income	26,531	39,912	23,522	55,526
Comprehensive income attributed to non-controlling interest	0	0	0	(80)
Comprehensive income attributed to Vector Group Ltd.	$ 26,531	$ 39,912	$ 23,522	$ 55,446

Condensed Consolidated Statements of Stockholders' Deficiency - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance (in shares)

148,084,900

$ (718,999)

$ (590,101)

$ (685,016)

$ (547,366)

Total other comprehensive income

25,774

39,307

22,543

54,340

757

605

979

1,186

Distributions and dividends on common stock

(31,600)

(58,797)

(62,121)

(117,574)

Restricted stock grant

Issuance of common stock, net of offering costs

52,563

Surrender of shares in connection with restricted stock vesting

(62)

(48)

(62)

(221)

Stock-based compensation

2,283

2,338

4,541

4,774

Distributions to non-controlling interest

(448)

(285)

Other

$ 80

Ending Balance (in shares)

153,084,900

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ (669,204)

$ (606,696)

$ (669,204)

$ (606,696)

Common Stock

Beginning Balance (in shares)

148,084,900

140,899,065

148,084,900

140,914,642

Restricted stock grant (in shares)

$ 14,808

$ 14,090

$ 14,808

$ 14,092

405,000

60,000

405,000

60,000

Restricted stock grant

$ 41

$ 6

$ 41

$ 6

Issuance of common stock (in shares)

5,000,000

Issuance of common stock, net of offering costs

$ 500

Surrender of shares in connection with restricted stock vesting (in shares)

(5,423)

(5,165)

(5,423)

(20,742)

Surrender of shares in connection with restricted stock vesting

$ (1)

$ (3)

Ending Balance (in shares)

153,484,477

148,001,595

153,484,477

148,001,595

Additional Paid-In Capital

$ 15,348

$ 14,800

$ 15,348

$ 14,800

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions and dividends on common stock

(54,244)

(2,285)

(56,502)

(4,550)

Restricted stock grant

(41)

(6)

(41)

(6)

Issuance of common stock, net of offering costs

52,063

Surrender of shares in connection with restricted stock vesting

(61)

(47)

(61)

(218)

Stock-based compensation

2,283

2,338

4,541

4,774

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accumulated Deficit

(712,221)

(580,581)

(678,464)

(542,169)

Distributions and dividends on common stock

25,774

39,307

22,543

54,260

22,644

(56,512)

(5,619)

(113,024)

Other

Accumulated Other Comprehensive Loss

(663,723)

(598,491)

(663,723)

(598,491)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Total other comprehensive income

(21,586)

(24,098)

(21,808)

(19,982)

757

605

979

1,186

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(20,829)

(23,493)

(20,829)

(23,493)

Non-controlling Interest

488

448

693

Distributions to non-controlling interest

(448)

(285)

Impact of adoption of new accounting standards

$ 0

488

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Impact of adoption of new accounting standards | Accumulated Deficit

(2,263)

(1,550)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Impact of adoption of new accounting standards | Accumulated Other Comprehensive Loss

$ (2,263)

3,147

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,697)

2019 Stock Dividend

Effect of stock dividend

$ 0

^[1]

$ 0

^[2]

2019 Stock Dividend | Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Effect of stock dividend (in shares)

7,047,695

^[1]

7,047,695

^[2]

Effect of stock dividend

$ 705

^[1]

$ 705

^[2]

2019 Stock Dividend | Accumulated Deficit

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Effect of stock dividend

$ (705)

^[1]

$ (705)

^[2]

[1]	Represents the effect of the September 27, 2019 stock dividend on the second quarter 2019 common-stock activity.
[2]	Represents the effect of the September 27, 2019 stock dividend on the second quarter 2019 common-stock activity.

Condensed Consolidated Statements of Stockholders' Deficiency (Parenthetical) - $ / shares		3 Months Ended		6 Months Ended
	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Distributions and dividends on common stock (in dollars per share)		$ 0.20	$ 0.38	$ 0.40	$ 0.76
Accounting Standards Update 2016-13
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Accounting Standards Update 2017-04
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201704Member

Indicates amendment to accounting standards.

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Summary of Significant Accounting Policies

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 341,329	$ 98,102
Cash flows from investing activities:
Sale of investment securities	19,555	12,942
Maturities of investment securities	31,574	28,610
Purchase of investment securities	(16,867)	(44,222)
Proceeds from sale or liquidation of long-term investments	23,407	0
Purchase of long-term investments	(5,238)	0
Investments in real estate ventures	(3,858)	(21,908)
Distributions from investments in real estate ventures	5,172	23,200
Increase in cash surrender value of life insurance policies	(751)	(789)
Decrease in restricted assets	87	668
Proceeds from sale of fixed assets	0	8
Capital expenditures	(6,242)	(6,320)
Purchase of subsidiaries	0	(668)
Pay downs of investment securities	415	545
Investments in real estate, net	(679)	(1,153)
Net cash provided by (used in) investing activities	46,575	(9,087)
Cash flows from financing activities:
Proceeds from issuance of debt	531	0
Deferred financing costs	0	(33)
Repayments of debt	(172,467)	(230,771)
Borrowings under revolver	130,641	172,224
Repayments on revolver	(165,593)	(169,727)
Dividends and distributions on common stock	(63,478)	(118,748)
Distributions to non-controlling interest	(448)	(285)
Proceeds from issuance of Vector common stock	52,563	0
Other	5	0
Net cash used in financing activities	(218,246)	(347,340)
Net increase (decrease) in cash, cash equivalents and restricted cash	169,658	(258,325)
Cash, cash equivalents and restricted cash, beginning of period	379,476	591,729
Cash, cash equivalents and restricted cash, end of period	$ 549,134	$ 333,404

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


(a)	Basis of Presentation:

The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC (“Douglas Elliman”) and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated.

Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.

The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.

Certain reclassifications have been made to the 2019 financial information to conform to the 2020 presentation.


(b)	Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its condensed consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all periods presented. On November 5, 2019, the Company announced that its board of directors decided that the Company will no longer pay an annual stock dividend.


(c)	Earnings Per Share (“EPS”):

Information concerning the Company’s common stock has been adjusted to give retroactive effect to the 5% stock dividend distributed to Company stockholders on September 27, 2019. All per share amounts and references to share amounts have been updated to reflect the retrospective effect of the stock dividend.

Net income for purposes of determining basic EPS was as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Net income attributed to Vector Group Ltd.	$	25,774		$	39,307		$	22,543		$	54,260
Income attributed to participating securities	(707		)	(2,027		)	(1,268		)	(4,029		)
Net income applicable to common shares attributed to Vector Group Ltd.	$	25,067		$	37,280		$	21,275		$	50,231

Net income for purposes of determining diluted EPS was as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Net income attributed to Vector Group Ltd.	$	25,774		$	39,307		$	22,543		$	54,260
Income attributable to 5.5% Variable Interest Senior Convertible Notes	(375		)	—			—			—
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—			—			—			(1,246		)
Income attributed to participating securities	(707		)	(2,027		)	(1,268		)	(4,029		)
Net income applicable to common shares attributed to Vector Group Ltd.	$	24,692		$	37,280		$	21,275		$	48,985

Basic and diluted EPS were calculated using the following common shares:



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2020	2019	2020	2019
Weighted-average shares for basic EPS	149,379,306	146,509,025	148,189,710	146,490,322
Plus incremental shares related to convertible debt	1,379,454	—	—	1,449,753
Plus incremental shares related to stock options and non-vested restricted stock	88,100	12,082	85,701	14,242
Weighted-average shares for diluted EPS	150,846,860	146,521,107	148,275,411	147,954,317

The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the three and six months ended June 30, 2020 and 2019, but were not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock were greater than the average market price of the common shares during the respective periods and the common shares issuable under the convertible debt were anti-dilutive to EPS.



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Weighted-average shares of non-vested restricted stock	625,122		1,407,820		625,122		1,407,820
Weighted-average expense per share	$	19.54	$	17.92	$	19.54	$	17.92
Weighted-average number of shares issuable upon conversion of debt	—		11,447,061		4,874,072		11,447,061
Weighted-average conversion price	$	—	$	20.27	$	20.27	$	20.27


(d)	Restructuring:

In response to the current novel coronavirus pandemic (“COVID-19”), the Company's Real Estate segment, including Douglas Elliman, has commenced a restructuring by realigning its administrative support function and office locations as well as adjusting its business model to more efficiently serve its clients. This included a reduction of staff by approximately 25% at Douglas Elliman.

The following table summarizes amounts expensed for the three and six months ended June 30, 2020:



	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Cash Charges:
Employee severance and benefits	$	1,599	$	1,599
Other restructuring expenses	218		218
	1,817		1,817
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	1,144		1,144
	1,144		1,144

Total restructuring charges	$	2,961	$	2,961

All amounts expensed for the three and six months ended June 30, 2020 are included as Restructuring charges in the Company’s condensed consolidated statements of operations and are all attributable to the Company’s Real Estate segment.

Severance and benefits expensed for the three and six months ended June 30, 2020 relate entirely to a reduction in administrative positions.

The following table presents the activity under the Real Estate segment restructuring plan for the six months ended June 30, 2020:



	Employee Severance and Benefits			Other		Non-Cash Loss on Fixed Assets			Total
Accrual balance as of January 1, 2020	$	—		$	—	$	—		$	—
Restructuring charges	1,599			218		1,144			2,961
Utilized	(1,239		)	—		(1,144		)	(2,383		)
Accrual balance as of June 30, 2020	$	360		$	218	$	—		$	578


(e)	Investments in Real Estate Ventures:

In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest.

The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s).

Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE,

any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary.

On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.


(f)	Other, Net:

Other, net consisted of:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Interest and dividend income	$	968		$	3,139		$	3,648		$	6,347
Net gains (losses) recognized on investment securities	4,781			2,315			(7,459		)	7,088
Net periodic benefit cost other than the service costs	(454		)	(575		)	(909		)	(1,116		)
Other income (expense)	2,340			(98		)	1,700			(98		)
Other, net	$	7,635		$	4,781		$	(3,020	)	$	12,221


(g)	Other Assets:

Other assets consisted of:



	June 30, 2020		December 31, 2019
Restricted assets	$	4,004	$	5,241
Prepaid pension costs	32,207		31,686
Equity-method investments	14,817		15,942
Contract assets, net	25,957		18,443
Other assets	44,601		48,778
Total other assets	$	121,586	$	120,090


(h)	Other Current Liabilities:

Other current liabilities consisted of:



	June 30, 2020		December 31, 2019
Accounts payable	$	12,232	$	10,222
Accrued promotional expenses	44,254		35,900
Accrued excise and payroll taxes payable, net	149,758		18,653
Accrued interest	31,623		35,756
Commissions payable	22,225		18,378
Accrued salary and benefits	15,407		29,464
Contract liabilities	7,830		9,358
Allowance for sales returns	8,191		7,785
Other current liabilities	40,514		23,801
Total other current liabilities	$	332,034	$	189,317


(i)	Reconciliation of Cash, Cash Equivalents and Restricted Cash:

The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:



	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	540,363	$	371,341
Restricted cash and cash equivalents included in other current assets	6,310		4,423
Restricted cash and cash equivalents included in other assets	2,461		3,712
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	549,134	$	379,476

Amounts included in current restricted assets and non-current restricted assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.

(j) New Accounting Pronouncements:

Accounting Standards Updates (“ASU”) adopted in 2020:

In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The ASU eliminates disclosures such as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The ASU also adds new disclosure requirements for Level 3 measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU 2018-13 impacted financial statement disclosure and had no impact on operating results.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), sets forth a current expected credit loss model that changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Subsequent updates were released in November 2018 (ASU No. 2018-19), November 2019 (ASU No. 2019-10 and 2019-11) and February 2020 (ASU No. 2020-02) that provided additional guidance on this Topic. This guidance is effective for fiscal years beginning after December 15, 2019.

The ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for notes and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaced the previous impairment models in U.S. GAAP, which generally required that a loss be incurred before it is recognized. The new standard applies to receivables arising from revenue transactions such as contract assets and accounts receivables. The adoption of this standard resulted in an increase in stockholders’ deficiency of $2,263, net of tax, attributed to commercial real estate term loans allowance for credit losses of $3,100 as of January 1, 2020.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the amendments of the ASU, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this update are effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. This guidance was adopted on January 1, 2020, on a prospective basis. The Company applied the new guidance to evaluate its goodwill during the first quarter of 2020. As a result, a goodwill impairment charge of $46,252 was recorded as the Company's estimated fair value of a reporting unit was less than its book value.

ASUs to be adopted in future periods:

In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”).

ASU 2018-14 eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The ASU also removes the disclosure requirements for the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost and the benefit obligation for postretirement health care benefits. ASU 2018-14 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company does not plan to early adopt. The adoption of ASU 2018-14 will impact financial statement disclosure with no impact on operating results.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, and clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements and related disclosures.

In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”). The new standard clarifies the interaction of accounting for the transition into and out of the equity method. The new standard also clarifies the accounting for measuring certain purchased options and forward contracts to acquire investments. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective for all entities for contract modifications beginning March 12, 2020 and can be applied prospectively through December 31, 2022. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements.

Revenue Recognition

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

In the following table, revenue is disaggregated by major product line for the Tobacco segment:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Tobacco Segment Revenues:
Core Discount Brands - EAGLE 20’s, PYRAMID, GRAND PRIX, LIGGETT SELECT, and EVE	$	283,951	$	267,277	$	542,166	$	500,383
Other Brands	28,559		27,224		57,413		50,874
Total tobacco revenues	$	312,510	$	294,501	$	599,579	$	551,257

In the following table, revenue is disaggregated by major services line and primary geographical market for the Real Estate segment:



	Three months ended June 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	35,861	$	35,631	$	23,232	$	20,024	$	114,748
Commission and other brokerage income - development marketing	5,173		—		2,747		586		8,506
Property management revenue	8,617		215		—		—		8,832
Title fees	474		369		—		—		843
Total Douglas Elliman revenue	50,125		36,215		25,979		20,610		132,929
Other real estate revenues	—		—		—		321		321
Total real estate revenues	$	50,125	$	36,215	$	25,979	$	20,931	$	133,250



	Three months ended June 30, 2019
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	104,301	$	39,880	$	31,324	$	31,653	$	207,158
Commission and other brokerage income - development marketing	22,718		—		436		22		23,176
Property management revenue	10,048		170		—		—		10,218
Title fees	1,869		471		—		60		2,400
Total Douglas Elliman revenue	138,936		40,521		31,760		31,735		242,952
Other real estate revenues	—		—		—		979		979
Total real estate revenues	$	138,936	$	40,521	$	31,760	$	32,714	$	243,931



	Six Months Ended June 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	85,970	$	70,355	$	53,410	$	45,724	$	255,459
Commission and other brokerage income - development marketing	13,624		—		9,469		668		23,761
Property management revenue	17,179		432		—		—		17,611
Title fees	1,067		632		—		—		1,699
Total Douglas Elliman revenue	117,840		71,419		62,879		46,392		298,530
Other real estate revenues	—		—		—		2,139		2,139
Total real estate revenues	$	117,840	$	71,419	$	62,879	$	48,531	$	300,669



	Six Months Ended June 30, 2019
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	169,980	$	70,991	$	54,295	$	50,182	$	345,448
Commission and other brokerage income - development marketing	34,104		—		3,066		29		37,199
Property management revenue	18,215		354		—		—		18,569
Title fees	2,663		910		60		—		3,633
Total Douglas Elliman revenue	224,962		72,255		57,421		50,211		404,849
Other real estate revenues	—		—		—		3,250		3,250
Total real estate revenues	$	224,962	$	72,255	$	57,421	$	53,461	$	408,099

Contract Balances

The following table provides information about contracts assets and contract liabilities from development marketing and commercial leasing contracts with customers:



	June 30, 2020		December 31, 2019
Receivables, which are included in accounts receivable - trade, net	$	1,532	$	2,129
Contract assets, net, which are included in other current assets	5,296		8,766
Payables, which are included in other current liabilities	1,084		1,663
Contract liabilities, which are included in other current liabilities	7,830		9,358
Contract assets, net, which are included in other assets	25,957		18,443
Contract liabilities, which are included in other liabilities	32,125		29,045

The Company recognized revenue of $3,921 and $6,658 for the three and six months ended June 30, 2020, that were included in the contract liabilities balances at December 31, 2019. There was no revenue recognized relating to performance obligations satisfied or partially satisfied in prior periods for the three and six months ended June 30, 2020 and 2019, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Current Expected Credit Losses

Current Expected Credit Losses

6 Months Ended

Jun. 30, 2020

Credit Loss [Abstract]

CURRENT EXPECTED CREDIT LOSSES

On January 1, 2020, the Company adopted ASU No. 2016-13, which sets forth a current expected credit loss model that changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income.

ASU 2016-13 introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The Company adopted this guidance using the modified retrospective approach, as required, and has not adjusted prior period comparative information and will continue to disclose the prior period financial information in accordance with the previous guidance. The adoption of this standard resulted in an increase in stockholders’ deficiency of $2,263 net of tax, attributed to commercial real estate term loans allowance for credit losses of $3,100 as of January 1, 2020.

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 required for these trade receivables as of January 1, 2020 and June 30, 2020.

Real estate broker agent receivables: Douglas Elliman Realty is exposed to credit losses for various amounts due from real estate agents, which are included in Other current assets on the condensed consolidated balance sheets, net of an allowance for credit losses. The Company historically estimated its allowance for credit losses on receivables from agents based on an evaluation of aging, agent sales in pipeline, any security, specific exposures, and historical experience of collections from the individual

agents. Based on the Company’s historical credit losses on receivables from agents, current and expected future market trends (such as the current and expected impact of COVID-19 on the real estate market), it was determined that the requirements of Topic 326 did not result in a material impact on the Company’s allowance for credit losses as of January 1, 2020 of $6,132. The Company estimated that the credit losses for these receivables were $7,361 at June 30, 2020.

Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the condensed consolidated balance sheets. New Valley had two loans with a total amortized cost basis of $15,534 and $15,276, including accrued interest receivable of $6,034 and $5,776 at June 30, 2020 and December 31, 2019, respectively, and have maturities in 2021 and beyond. 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 Topic 326, New Valley’s expected credit loss estimate was $3,100 as of January 1, 2020 and $3,532 as of June 30, 2020, which reflects the significant current and expected decline in market conditions as of June 30, 2020 due to the impact of COVID-19 on the real estate market.

The adoption of this standard did not have a material impact on the debt securities available for sale portfolio.

The following is the rollforward of the allowance for credit losses for the six months ended June 30, 2020:



	January 1, 2020		Current Period Provision			Write-offs		Recoveries		June 30, 2020
Allowance for credit losses:

Real estate broker agent receivables	$	6,132	$	1,270	(1)	$	41	$	—	7,361

New Valley term loan receivables	3,100		432		(2)	—		—		3,532

______________________

⁽¹⁾The bad debt expense related to the real estate broker agent receivables is included in Operating, selling, administrative and general expenses on the condensed consolidated statements of operations.

⁽²⁾The credit losses related to the New Valley term loan receivables are included in Other, net on the condensed consolidated statements of operations.

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

Investments, Debt and Equity Securities [Abstract]

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

LEASES

Leases

The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment. The components of lease expense were as follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Operating lease cost	$	9,356	$	9,630	$	18,780	$	18,505
Short-term lease cost	389		279		790		513
Variable lease cost	588		898		1,155		1,690

Finance lease cost:
Amortization	39		63		77		119
Interest on lease liabilities	4		4		7		7
Total lease cost	$	10,376	$	10,874	$	20,809	$	20,834

Supplemental cash flow information related to leases was as follows:



	Six Months Ended
	June 30,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	11,953	$	18,440
Operating cash flows from finance leases	7		7
Financing cash flows from finance leases	69		113

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	9,076		13,061
Finance leases	60		123

Supplemental balance sheet information related to leases was as follows:



	June 30,			December 31,
	2020			2019
Operating leases:
Operating lease right-of-use assets	$	148,662		$	149,578

Current operating lease liability	$	18,268		$	18,294
Non-current operating lease liability	159,296			156,963
Total operating lease liabilities	$	177,564		$	175,257

Finance leases:
Investments in real estate, net ⁽¹⁾	$	84		$	88

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(32		)	(19		)
Property and equipment, net	$	95		$	108

Current portion of notes payable and long-term debt	$	61		$	86
Notes payable, long-term debt and other obligations, less current portion	124			108
Total finance lease liabilities	$	185		$	194

Weighted average remaining lease term:
Operating leases	8.35			8.46
Finance leases	3.10			3.01

Weighted average discount rate:
Operating leases	9.48		%	10.75		%
Finance leases	7.68		%	8.61		%


⁽¹⁾	Included in Investments in real estate, net on the condensed consolidated balance sheets are financing lease equipment, at cost of $822 and $762 and accumulated amortization of $738 and $674 as of June 30, 2020 and December 31, 2019, respectively.

As of June 30, 2020, maturities of lease liabilities were as follows:



	Operating Leases			Finance Leases
Period Ending December 31:
Remainder of 2020	$	15,374		$	39
2021	38,992			66
2022	34,772			61
2023	31,516			35
2024	25,902			8
2025	20,980			—
Thereafter	96,668			—
Total lease payments	264,204			209
Less imputed interest	(86,640		)	(24		)
Total	$	177,564		$	185

As of June 30, 2020, the Company had $870 in undiscounted lease payments relating to additional operating leases for office space and equipment that have not yet commenced. The operating leases will commence in the third and fourth quarter of 2020 with lease terms ranging from 1.5 years to 5 years.

Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Topic 842 addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance does not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic and restrictions intended to prevent its spread.

In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances.

The Company entered into rent deferral concession agreements during the three months ended June 30, 2020, with approximately half of its existing landlords. The agreements varied on the timing of repayment but all agreements required repayment of the deferrals over the remaining lease terms. The Company elected to treat these deferrals agreements as lease modifications and the existing lease liabilities were remeasured with a corresponding adjustment to the ROU asset on the effective date of the modification.

The Lease Modification Q&A’s future impact to the Company’s condensed consolidated financial statements is dependent upon the extent of any lease concessions granted to the Company or its subsidiaries as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions.

Leases

LEASES

Leases

The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment. The components of lease expense were as follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Operating lease cost	$	9,356	$	9,630	$	18,780	$	18,505
Short-term lease cost	389		279		790		513
Variable lease cost	588		898		1,155		1,690

Finance lease cost:
Amortization	39		63		77		119
Interest on lease liabilities	4		4		7		7
Total lease cost	$	10,376	$	10,874	$	20,809	$	20,834

Supplemental cash flow information related to leases was as follows:



	Six Months Ended
	June 30,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	11,953	$	18,440
Operating cash flows from finance leases	7		7
Financing cash flows from finance leases	69		113

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	9,076		13,061
Finance leases	60		123

Supplemental balance sheet information related to leases was as follows:



	June 30,			December 31,
	2020			2019
Operating leases:
Operating lease right-of-use assets	$	148,662		$	149,578

Current operating lease liability	$	18,268		$	18,294
Non-current operating lease liability	159,296			156,963
Total operating lease liabilities	$	177,564		$	175,257

Finance leases:
Investments in real estate, net ⁽¹⁾	$	84		$	88

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(32		)	(19		)
Property and equipment, net	$	95		$	108

Current portion of notes payable and long-term debt	$	61		$	86
Notes payable, long-term debt and other obligations, less current portion	124			108
Total finance lease liabilities	$	185		$	194

Weighted average remaining lease term:
Operating leases	8.35			8.46
Finance leases	3.10			3.01

Weighted average discount rate:
Operating leases	9.48		%	10.75		%
Finance leases	7.68		%	8.61		%


⁽¹⁾	Included in Investments in real estate, net on the condensed consolidated balance sheets are financing lease equipment, at cost of $822 and $762 and accumulated amortization of $738 and $674 as of June 30, 2020 and December 31, 2019, respectively.

As of June 30, 2020, maturities of lease liabilities were as follows:



	Operating Leases			Finance Leases
Period Ending December 31:
Remainder of 2020	$	15,374		$	39
2021	38,992			66
2022	34,772			61
2023	31,516			35
2024	25,902			8
2025	20,980			—
Thereafter	96,668			—
Total lease payments	264,204			209
Less imputed interest	(86,640		)	(24		)
Total	$	177,564		$	185

Inventories

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of:



	June 30, 2020			December 31, 2019
Leaf tobacco	$	48,482		$	44,516
Other raw materials	4,564			4,669
Work-in-process	532			333
Finished goods	66,970			71,183
Inventories at current cost	120,548			120,701
LIFO adjustments	(21,939		)	(21,939		)
	$	98,609		$	98,762

All of the Company’s inventories at June 30, 2020 and December 31, 2019 are reported under the LIFO method. The $21,939 LIFO adjustment as of June 30, 2020 decreases the current cost of inventories by $15,210 for Leaf tobacco, $183 for Other raw materials, $24 for Work-in-process and $6,522 for Finished goods. The $21,939 LIFO adjustment as of December 31, 2019 decreased the current cost of inventories by $15,210 for Leaf tobacco, $182 for Other raw materials, $24 for Work-in-process and $6,523 for Finished goods.

The amount of capitalized MSA cost in “Finished goods” inventory was $20,801 and $20,472 at June 30, 2020 and December 31, 2019, respectively. Federal excise tax capitalized in inventory was $27,663 and $27,676 at June 30, 2020 and December 31, 2019, respectively.

At June 30, 2020, Liggett had tobacco purchase commitments of approximately $18,799. Liggett has a single source supply agreement for reduced ignition propensity cigarette paper through 2022.

Investment Securities

6 Months Ended

Jun. 30, 2020

Investment Securities

Investment securities consisted of the following:



	June 30, 2020		December 31, 2019
Debt securities available for sale	$	54,885	$	83,445

Equity securities at fair value:
Marketable equity securities	11,091		23,819
Mutual funds invested in debt securities	22,667		22,377
Long-term investment securities at fair value ⁽¹⁾	33,232		45,781
Total equity securities at fair value	66,990		91,977

Total investment securities at fair value	121,875		175,422
Less:
Long-term investment securities at fair value	33,232		45,781
Current investment securities at fair value	88,643		129,641

Equity-method investments	$	14,817	$	15,942

⁽¹⁾These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.

Net gains (losses) recognized on investment securities were as follows:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020		2019			2020			2019
Net gains (losses) recognized on equity securities	$	4,711	$	2,311		$	(7,026	)	$	7,051
Net gains (losses) recognized on debt securities available for sale	70		6			(47		)	42
Impairment expense	—		(2		)	(386		)	(5		)
Net gains (losses) recognized on investment securities	$	4,781	$	2,315		$	(7,459	)	$	7,088

(a) Debt Securities Available for Sale

The components of debt securities available for sale at June 30, 2020 were as follows:



	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	53,741	$	1,144	$	—	$	54,885

The table below summarizes the maturity dates of debt securities available for sale at June 30, 2020.



Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	12,754	$	8,761	$	3,993	$	—
Corporate securities	37,145		22,570		14,575		—
U.S. mortgage-backed securities	4,984		3,134		1,850		—
Commercial mortgage-backed securities	2		2		—		—
Total debt securities available for sale by maturity dates	$	54,885	$	34,467	$	20,418	$	—

The components of debt securities available for sale at December 31, 2019 were as follows:



	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	82,714	$	731	$	—	$	83,445

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at June 30, 2020 and December 31, 2019, respectively.

Gross realized gains and losses on debt securities available for sale were as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Gross realized gains on sales	$	72		$	9		$	170		$	47
Gross realized losses on sales	(2		)	(3		)	(217		)	(5		)
Net gains (losses) recognized on debt securities available for sale	$	70		$	6		$	(47	)	$	42

Impairment expense	$	—		$	(2	)	$	(386	)	$	(5	)

Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company’s investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements.

(b) Equity Securities at Fair Value

The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value during the three and six months ended June 30, 2020 and 2019, respectively:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020			2019
Net gains (losses) recognized on equity securities	$	4,711	$	2,311	$	(7,026	)	$	7,051
Less: Net gains (losses) recognized on equity securities sold	601		278		(17		)	410
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	4,110	$	2,033	$	(7,009	)	$	6,641

The Company’s marketable equity securities and mutual funds invested in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 12. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets.

The Company received cash distributions of $23,510 and recorded $2,148 of in-transit redemptions as of June 30, 2020 related to its long-term investment securities at fair value. The Company classified $23,407 of these distributions as investing cash inflows for the six months ended June 30, 2020. The remaining distributions were classified as operating cash inflows.

Equity-method investments consisted of the following:



	June 30, 2020		December 31, 2019
Mutual fund and hedge funds	$	14,817	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
	$	14,817	$	15,942

At June 30, 2020, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.10% to 35.75%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

In November 2019, LTS entered into an Agreement and Plan of Merger with Advisor Group whereby each LTS common share would be converted into the right to receive $3.50 per common share. On February 14, 2020, the merger was completed and the Company received proceeds of $53,169 in exchange for the Company’s 15,191,205 common shares of LTS. The Company also tendered 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) for redemption and received an additional $6,009 in March 2020. At the closing of the transaction, the Company’s Executive Vice President resigned as Chairman, President and Chief Executive Officer of LTS, and the Company’s management agreement with LTS was terminated.

Equity in earnings (losses) from investments were:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020		2019			2020			2019
Mutual fund and hedge funds	$	2,207	$	(230	)	$	(693	)	$	612
LTS	—		(1,480		)	53,052			(985		)
Other	—		25			—			50
Equity in earnings (losses) from investments	$	2,207	$	(1,685	)	$	52,359		$	(323	)

The Company received cash distributions of $53,484 (including the $53,169 received by the Company in exchange for the Company’s 15,191,205 common shares of LTS) and $855 from the Company’s equity-method investments for the six months ended June 30, 2020 and 2019, respectively. The Company classified its cash distributions of $53,484 and $855 as operating activities on the condensed consolidated statements of cash flows for the six months ended June 30, 2020 and June 30, 2019, respectively.

(d) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient

Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in the common stock of a reinsurance company and membership units of a commercial real estate limited liability company at June 30, 2020 and December 31, 2019, respectively. Membership units of a real estate limited liability company were also included in the balance as of December 31, 2019. The total carrying value of these investments was $5,200 as of June 30, 2020 and $6,200 as of December 31, 2019, and was included in “Other assets” on the condensed consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and six months ended June 30, 2020 and 2019, respectively.

New Valley LLC

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

New Valley LLC

NEW VALLEY LLC

Investments in real estate ventures:

The components of “Investments in real estate ventures” were as follows:



	Range of Ownership ⁽¹⁾	June 30, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	3.1% - 49.5%	$	42,851	$	51,078
All other U.S. areas	15.0% - 77.8%	47,172		55,842
		90,023		106,920
Hotels:
New York City SMSA	1.0% - 18.4%	3,107		2,462
International	49.0%	1,610		2,161
		4,717		4,623
Commercial:
New York City SMSA	49.0%	2,076		1,852
All other U.S. areas	1.6%	7,567		7,634
		9,643		9,486

Other:	15.0% - 49.0%	10,994		10,527
Investments in real estate ventures		$	115,377	$	131,556

______________________

⁽¹⁾ The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners.

Contributions:

The components of New Valley’s contributions to its investments in real estate ventures were as follows:



	Six Months Ended
	June 30,
	2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,169	$	21,537
All other U.S. areas	2,161		—
	3,330		21,537
Apartment Buildings:
All other U.S. areas	76		—
	76		—

Hotels:
New York City SMSA	—		172
	—		172

Other:	452		199
Total contributions	$	3,858	$	21,908

For ventures where New Valley previously held an investment, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the six months ended June 30, 2020 and June 30, 2019. New Valley’s direct investment percentage for these ventures did not significantly change.

Distributions:

The components of distributions received by New Valley from its investments in real estate ventures were as follows:



	Six Months Ended
	June 30,
	2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,735	$	571
All other U.S. areas	5,214		1,279
	6,949		1,850
Apartment Buildings:
All other U.S. areas	—		3
	—		3
Hotels:
New York City SMSA	—		21,572
	—		21,572
Commercial:
New York City SMSA	3		9
All other U.S. areas	52		129
	55		138

Other	23		1,697
Total distributions	$	7,027	$	25,260

Of the distributions received by New Valley from its investment in real estate ventures, $1,855 and $2,060 were from distributions of earnings for the six months ended June 30, 2020 and 2019, respectively, and $5,172 and $23,200 were a return of capital for the six months ended June 30, 2020 and 2019, respectively. Distributions from earnings are included in cash from operations in the condensed consolidating statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the condensed consolidating statements of cash flows.

Equity in (Losses) Earnings from Real Estate Ventures:

New Valley recognized equity in (losses) earnings from real estate ventures as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Condominium and Mixed Use Development:
New York City SMSA	$	(5,104	)	$	(1,120	)	$	(8,451	)	$	(3,226	)
All other U.S. areas ⁽¹⁾	(6,489		)	(2,258		)	(9,288		)	(2,366		)
	(11,593		)	(3,378		)	(17,739		)	(5,592		)
Apartment Buildings:
All other U.S. areas	(76		)	3			(76		)	3
	(76		)	3			(76		)	3
Hotels:
New York City SMSA ⁽¹⁾	(542		)	8,942			(649		)	8,234
International	(90		)	122			(551		)	(364		)
	(632		)	9,064			(1,200		)	7,870
Commercial:
New York City SMSA	301			384			227			263
All other U.S. areas	(264		)	79			(15		)	371
	37			463			212			634

Other:	4			239			38			1,037
Equity in (losses) earnings from real estate ventures	$	(12,260	)	$	6,391		$	(18,765	)	$	3,952

______________________

⁽¹⁾ The Company recognized a liability, classified in Other current liabilities, of $2,498 as a result of recording equity in losses in excess of the joint ventures' carrying value.

During the six months ended June 30, 2019, New Valley’s Park Lane joint venture sold 80.0% of its interest in the Park Lane Hotel, a hotel located in the New York City SMSA. New Valley recognized equity in earnings of $10,328 from the sale and received distributions of $20,788 for the six months ended June 30, 2019. The sale reduced New Valley’s direct ownership percentage of the Park Lane Hotel from 5.2% to 1.0%. New Valley continues to account for its investment in the joint venture under the equity method of accounting because its ownership percentage in its direct investment continues to meet the threshold for equity method accounting.

As part of the Company’s ongoing assessment of the carrying values of its investments in real estate ventures, the Company determined that the fair value of a New York City SMSA Condominium and Mixed Use Development venture was less than its carrying value as of June 30, 2020. The Company determined that the impairment was other than temporary. The Company recorded an impairment charge as a component of equity in losses from real estate ventures of $3,784 for the three and six months ended June 30, 2020.

As part of the Company’s ongoing assessment of the carrying values of its investments in real estate ventures, the Company determined that the fair value of three New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of June 30, 2019. The Company determined that the impairment was other than temporary. The Company recorded an impairment charge as a component of equity in earnings from real estate ventures of $3,866 for the three and six months ended June 30, 2019.

VIE Consideration:

The Company has determined that New Valley is the primary beneficiary of two real estate ventures because it controls the activities that most significantly impact economic performance of each of the two real estate ventures. Consequently, New Valley consolidates these variable interest entities (“VIEs”).

The carrying amount of the consolidated assets of the VIEs was $0 and $897 as of June 30, 2020 and December 31, 2019, respectively. Those assets are owned by the VIEs, not the Company. Neither of the two consolidated VIEs had recourse liabilities as of June 30, 2020 and December 31, 2019. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes and other debts payable.

For the remaining investments in real estate ventures, New Valley determined that the entities were VIEs but New Valley was not the primary beneficiary. Therefore, New Valley’s investment in such real estate ventures has been accounted for under the equity method of accounting.

Maximum Exposure to Loss:

New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows:



	June 30, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	42,851
All other U.S. areas	47,172
	90,023
Hotels:
New York City SMSA	3,107
International	1,610
	4,717
Commercial:
New York City SMSA	2,076
All other U.S. areas	7,567
	9,643

Other:	24,641
Total maximum exposure to loss	$	129,024

New Valley capitalized $1,004 and $2,257 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2020. New Valley capitalized $1,688 and $3,003 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2019.

Douglas Elliman is engaged by certain developers as a broker for several of the real estate ventures that New Valley invests in. Douglas Elliman earned gross commissions of approximately $7,698 and $11,223 from these projects for the six months ended June 30, 2020 and 2019, respectively.

Combined Financial Statements for Unconsolidated Subsidiaries:

The following summarized financial data for certain unconsolidated subsidiaries that meet certain thresholds pursuant to SEC Regulation S-X Rule 210.10-01(b) includes information for the West Hollywood Edition investment. New Valley has elected a one-month lag reporting period for the investment.

Condominium and Mixed Use Development:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Income Statement
Revenue	$	1,830		$	—		$	33,409		$	—
Cost of goods sold	—			—			22,100			—
Other expenses	14,013			6			31,926			75
Loss from continuing operations	$	(12,183	)	$	(6	)	$	(20,617	)	$	(75	)

Investments in Real Estate, net:

The components of “Investments in real estate, net” were as follows:



	June 30, 2020		December 31, 2019
Escena, net	$	9,852	$	9,972
Sagaponack	19,024		18,345
Investments in real estate, net	$	28,876	$	28,317

Escena. The assets of “Escena, net” were as follows:



	June 30, 2020			December 31, 2019
Land and land improvements	$	8,911		$	8,910
Building and building improvements	1,926			1,926
Other	1,673			1,659
	12,510			12,495
Less accumulated depreciation	(2,658		)	(2,523		)
	$	9,852		$	9,972

New Valley recorded operating losses of $629 and $354 for the three months ended June 30, 2020 and 2019, respectively, from Escena. New Valley recorded operating losses of $272 and operating income of $332 for the six months ended June 30, 2020 and 2019, respectively, from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California.

Investment in Sagaponack. In April 2015, New Valley invested $12,502 in a residential real estate project located in Sagaponack, NY. The project is wholly-owned and the balances of the project are included in the condensed consolidated financial statements of the Company. As of June 30, 2020 and December 31, 2019, the assets of Sagaponack consisted of land and land improvements of $19,024 and $18,345, respectively.

Notes Payable, Long-Term Debt and Other Obligations

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Notes Payable, Long-Term Debt and Other Obligations

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS

Notes payable, long-term debt and other obligations consisted of:



	June 30, 2020			December 31, 2019
Vector:
6.125% Senior Secured Notes due 2025	$	850,000		$	850,000
10.5% Senior Notes due 2026, net of unamortized discount of $3,221 and $3,392	551,779			551,608
5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $0 and $5,276*	—			164,334
Liggett:
Revolving credit facility	—			34,952
Equipment loans	143			347
Other	28,033			30,146
Notes payable, long-term debt and other obligations	1,429,955			1,631,387
Less:
Debt issuance costs	(22,908		)	(24,902		)
Total notes payable, long-term debt and other obligations	1,407,047			1,606,485
Less:
Current maturities	(8,853		)	(209,269		)
Amount due after one year	$	1,398,194		$	1,397,216

______________________

* The fair value of the derivatives embedded within the 5.5% Variable Interest Senior Convertible Debentures ($4,999 at December 31, 2019), is separately classified as a derivative liability in the condensed consolidated balance sheets.

6.125% Senior Secured Notes due 2025 — Vector:

As of June 30, 2020, the Company was in compliance with all debt covenants related to its 6.125% Senior Secured Notes due 2025.

10.5% Senior Notes due 2026 — Vector:

As of June 30, 2020, the Company was in compliance with all debt covenants related to its 10.5% Senior Notes due 2026.

5.5% Variable Interest Senior Convertible Debentures due 2020 — Vector:

In April 2020, the Company paid $169,610 of principal as full payment of its 5.5% Variable Interest Senior Convertible Debentures due 2020, which matured on April 15, 2020.

Revolving Credit Agreement — Liggett:

As of June 30, 2020, there was no outstanding balance due under the Third Amended and Restated Credit Agreement (the “Credit Agreement”), all of which was classified as current debt as of June 30, 2020. Availability, as determined under the Credit Agreement, was approximately $60,000 based on eligible collateral at June 30, 2020. As of June 30, 2020, the Company’s applicable subsidiaries were in compliance with all debt covenants under the Credit Agreement.

Other:

Other Notes Payable consist primarily of $27,500 of notes payable issued by New Valley. On December 31, 2018, New Valley acquired the remaining 29.41% interest in Douglas Elliman for a total purchase price of $40,000, which included $10,000 of cash paid and the remaining $30,000 of notes payable to the sellers. Interest on the outstanding principal balance of the notes accrued at the mid-term applicable federal rate (“AFR”) in effect as of December 31, 2018 until January 1, 2020 and thereafter is adjusted to the then-current AFR on each payment date. Principal and interest is payable in installments through October 1, 2022. $2,500

of principal has been repaid through June 30, 2020 and the remaining principal is due to be repaid as follows: (1) $2,500 in the remainder of 2020; (2) $12,500 in 2021; and (3) $12,500 in 2022.

Non-Cash Interest Expense — Vector:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Amortization of debt discount, net	$	847	$	5,447	$	5,447	$	13,972
Amortization of debt issuance costs	889		1,053		2,047		2,238
	$	1,736	$	6,500	$	7,494	$	16,210

Fair Value of Notes Payable and Long-Term Debt:



	June 30, 2020				December 31, 2019
	Carrying		Fair		Carrying			Fair
	Value		Value		Value			Value
Senior Notes	$	1,401,779	$	1,380,787	$	1,401,608		$	1,409,920
Variable Interest Senior Convertible Debt	—		—		164,334			176,289
Liggett and other	28,176		28,188		65,445			65,456
Notes payable and long-term debt	$	1,429,955	$	1,408,975	$	1,631,387	(1)	$	1,651,665

______________________

⁽¹⁾The carrying value does not include the carrying value of the embedded derivative. See Note 12.

Notes payable and long-term debt are carried on the condensed consolidated balance sheets at amortized cost. The fair value determinations disclosed above are classified as Level 2 under the fair value hierarchy disclosed in Note 12 if such liabilities were recorded on the condensed consolidated balance sheet at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk as described in the Company’s Form 10-K. The Company used a derived price based upon quoted market prices and trade activity as of June 30, 2020 to determine the fair value of its publicly-traded notes and debentures. The carrying value of the revolving credit facility is equal to fair value. The fair value of the equipment loans and other obligations was determined by calculating the present value of the required future cash flows. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.

Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

Tobacco-Related Litigation:

Overview. Since 1954, Liggett and other United States cigarette manufacturers have been named as defendants in numerous direct, third-party and purported class actions predicated on the theory that cigarette manufacturers should be liable for damages alleged to have been caused by cigarette smoking or by exposure to secondary smoke from cigarettes. The cases have generally fallen into the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs (“Individual Actions”); (ii) lawsuits by individuals requesting the benefit of the Engle ruling (“Engle progeny cases”); (iii) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring, as well as cases alleging that use of the terms “lights” and/or “ultra lights” constitutes a deceptive and unfair trade practice, common law fraud or violation of federal law, purporting to be brought on behalf of a class of individual plaintiffs (“Class Actions”); and (iv) health care cost recovery actions brought by various foreign and domestic governmental plaintiffs and non-governmental plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits (“Health Care Cost Recovery Actions”). The future financial impact of the risks and expenses of litigation are not quantifiable. For the six months ended June 30, 2020 and 2019, Liggett incurred tobacco product liability legal expenses and costs totaling $3,191 and $3,737, respectively. The tobacco product liability legal expenses and costs are included in the operating, selling, administrative and general expenses and litigation settlement and judgment expense line items in the condensed consolidated statements of operations. Legal defense costs are expensed as incurred.

Litigation is subject to uncertainty and it is possible that there could be adverse developments in pending cases. With the commencement of new cases, the defense costs and the risks relating to the unpredictability of litigation increase. Management reviews on a quarterly basis with counsel all pending litigation and evaluates the probability of a loss being incurred and whether an estimate can be made of the possible loss or range of loss that could result from an unfavorable outcome. An unfavorable outcome or settlement of pending tobacco-related litigation could encourage the commencement of additional litigation. Damages awarded in tobacco-related litigation can be significant.

Bonds. Although Liggett has been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts are on appeal, there remains a risk that such relief may not be obtainable in all cases. This risk has been reduced given that a majority of states now limit the dollar amount of bonds or require no bond at all. As of June 30, 2020, to obtain a stay of the judgment pending the appeal of the Santoro case, Liggett secured a $535 supersedeas bond.

In June 2009, Florida amended its existing bond cap statute by adding a $200,000 bond cap that applies to all Engle progeny cases in the aggregate and establishes individual bond caps for individual Engle progeny cases in amounts that vary depending on the number of judgments in effect at a given time. The maximum amount of any such bond for an appeal in the Florida state courts will be no greater than $5,000. In several cases, plaintiffs challenged the constitutionality of the bond cap statute, but to date the courts have upheld the constitutionality of the statute. It is possible that the Company’s consolidated financial position, results of operations, and cash flows could be materially adversely affected by an unfavorable outcome of such challenges.

Accounting Policy. The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as discussed in this Note 9: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any.

Although Liggett has generally been successful in managing the litigation filed against it, litigation is subject to uncertainty and significant challenges remain, including with respect to the remaining Engle progeny cases. There can be no assurances that Liggett’s past litigation experience will be representative of future results. Judgments have been entered against Liggett in the past, in Individual Actions and Engle progeny cases, and several of those judgments were affirmed on appeal and satisfied by Liggett. It is possible that the consolidated financial position, results of operations and cash flows of the Company could be materially adversely affected by an unfavorable outcome or settlement of any of the remaining smoking-related litigation. Liggett believes, and has been so advised by counsel, that it has valid defenses to the litigation pending against it, as well as valid bases for appeal of adverse verdicts. All such cases are and will continue to be vigorously defended. Liggett has entered into settlement discussions in individual cases or groups of cases where Liggett has determined it was in its best interest to do so, and it may

continue to do so in the future. As cases proceed through the appellate process, the Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated.

Individual Actions

As of June 30, 2020, there were 54 Individual Actions pending against Liggett, where one or more individual plaintiffs allege injury resulting from cigarette smoking, addiction to cigarette smoking or exposure to secondary smoke and seek compensatory and, in some cases, punitive damages. These cases do not include the remaining Engle progeny cases. The following table lists the number of Individual Actions by state:



State		Number of Cases
Florida		37
Illinois		9
Nevada		5
Louisiana		2
Massachusetts		1

The plaintiffs’ allegations of liability in cases in which individuals seek recovery for injuries allegedly caused by cigarette smoking are based on various theories of recovery, including negligence, gross negligence, breach of special duty, strict liability, fraud, concealment, misrepresentation, design defect, failure to warn, breach of express and implied warranties, conspiracy, aiding and abetting, concert of action, unjust enrichment, common law public nuisance, property damage, invasion of privacy, mental anguish, emotional distress, disability, shock, indemnity, violations of deceptive trade practice laws, the federal Racketeer Influenced and Corrupt Organizations Act (“RICO”), state RICO statutes and antitrust statutes. In many of these cases, in addition to compensatory damages, plaintiffs also seek other forms of relief including treble/multiple damages, medical monitoring, disgorgement of profits and punitive damages. Although alleged damages often are not determinable from a complaint, and the law governing the pleading and calculation of damages varies from state to state and jurisdiction to jurisdiction, compensatory and punitive damages have been specifically pleaded in a number of cases, sometimes in amounts ranging into the hundreds of millions and even billions of dollars.

Defenses raised in Individual Actions include lack of proximate cause, assumption of the risk, comparative fault and/or contributory negligence, lack of design defect, statute of limitations, statute of repose, equitable defenses such as “unclean hands” and lack of benefit, failure to state a claim and federal preemption.

Engle Progeny Cases

In May 1994, the Engle case was filed as a class action against Liggett and others in Miami-Dade County, Florida. The class consisted of all Florida residents who, by November 21, 1996, “have suffered, presently suffer or have died from diseases and medical conditions caused by their addiction to cigarette smoking.” A trial was held and the jury returned a verdict adverse to the defendants (approximately $145,000,000 in punitive damages, including $790,000 against Liggett). Following an appeal to the Third District Court of Appeal, the Florida Supreme Court in July 2006 decertified the class on a prospective basis and affirmed the appellate court’s reversal of the punitive damages award. Former class members had until January 2008 to file individual lawsuits. As a result, Liggett and the Company, and other cigarette manufacturers, were sued in thousands of Engle progeny cases in both federal and state courts in Florida. Although the Company was not named as a defendant in the Engle case, it was named as a defendant in substantially all of the Engle progeny cases where Liggett was named as a defendant.

Cautionary Statement About Engle Progeny Cases. Since 2009, judgments have been entered against Liggett and other cigarette manufacturers in Engle progeny cases. A number of the judgments were affirmed on appeal and satisfied by the defendants. Many were overturned on appeal. As of June 30, 2020, 25 Engle progeny cases where Liggett was a defendant at trial resulted in verdicts.

There have been 16 verdicts returned in favor of the plaintiffs and nine in favor of Liggett. In five of the cases, punitive damages were awarded against Liggett. Several of the adverse verdicts were overturned on appeal and new trials were ordered. In certain cases, the judgments were entered jointly and severally with other defendants and Liggett may face the risk that one or more co-defendants decline or otherwise fail to participate in the bonding required for an appeal or to pay their proportionate or jury-allocated share of a judgment. As a result, under certain circumstances, Liggett may have to pay more than its proportionate share of any bonding or judgment related amounts. Except as discussed in this Note 9, management is unable to estimate the

possible loss or range of loss from the remaining Engle progeny cases as there are currently multiple defendants in each case and, in most cases, discovery has not occurred or is limited. As a result, the Company lacks information about whether plaintiffs are in fact Engle class members, the relevant smoking history, the nature of the alleged injury and the availability of various defenses, among other things. Further, plaintiffs typically do not specify the amount of their demand for damages. As cases proceed through the appellate process, the Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated.

Engle Progeny Settlements.

In October 2013, the Company and Liggett entered into a settlement with approximately 4,900 Engle progeny plaintiffs and their counsel. Pursuant to the terms of the settlement, Liggett agreed to pay a total of approximately $110,000, with $61,600 paid in an initial lump sum and the balance of $48,000 to be paid in installments over 14 years starting in February 2015. In exchange, the claims of these plaintiffs were dismissed with prejudice against the Company and Liggett. The Company’s future payments will be approximately $3,400 per annum through 2028, with a cost of living increase beginning in 2021.

Liggett subsequently entered into two separate agreements with a total of 152 Engle progeny plaintiffs where Liggett paid a total of $23,150 to settle their claims. On an individual basis, Liggett settled an additional 201 Engle progeny cases for approximately $8,100 in the aggregate. Two of these settlements occurred in the second quarter of 2020.

Notwithstanding the comprehensive nature of the Engle Progeny Settlements, 42 plaintiffs’ claims remain pending in state court. Therefore, the Company and Liggett may still be subject to periodic adverse judgments which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows.

Judgments Paid in Engle Progeny Cases.

As of June 30, 2020, Liggett had paid in the aggregate $39,773, including interest and attorneys’ fees, to satisfy the judgments in the following Engle progeny cases: Lukacs, Campbell, Douglas, Clay, Tullo, Ward, Rizzuto, Lambert and Buchanan. An adverse verdict against Liggett for $265 in Santoro is currently on appeal.

Maryland Cases

Liggett was a defendant in 16 multi-defendant personal injury cases in Maryland alleging claims arising from asbestos and tobacco exposure (“synergy cases”). In July 2016, the Court of Appeals (Maryland’s highest court) ruled that joinder of tobacco and asbestos cases may be possible in certain circumstances, but plaintiffs must demonstrate at the trial court level how such cases may be joined while providing appropriate safeguards to prevent embarrassment, delay, expense or prejudice to defendants and “the extent to which, if at all, the special procedures applicable to asbestos cases should extend to tobacco companies.” The Court of Appeals remanded these issues to be determined at the trial court level. In June 2017, the trial court issued an order dismissing all synergy cases against the tobacco defendants, including Liggett, without prejudice. Plaintiffs may seek appellate review or file new cases against the tobacco companies.

Liggett Only Cases

There are currently two cases where Liggett is the sole defendant: Cowart, a Florida Individual Action, and Tumin, an Engle progeny case. It is possible that cases where Liggett is the only defendant could increase as a result of the remaining Engle progeny cases and newly filed Individual Actions.

Class Actions

As of June 30, 2020, two actions were pending for which either a class had been certified or plaintiffs were seeking class certification where Liggett is a named defendant. Other cigarette manufacturers are also named in these two cases.

Plaintiffs’ allegations of liability in class action cases are based on various theories of recovery, including negligence, gross negligence, strict liability, fraud, misrepresentation, design defect, failure to warn, nuisance, breach of express and implied warranties, breach of special duty, conspiracy, concert of action, violation of deceptive trade practice laws and consumer protection statutes and claims under the federal and state anti-racketeering statutes. Plaintiffs in the class actions seek various forms of relief, including compensatory and punitive damages, treble/multiple damages and other statutory damages and penalties, creation of medical monitoring and smoking cessation funds, disgorgement of profits, and injunctive and equitable relief.

Defenses raised in these cases include, among others, lack of proximate cause, individual issues predominate, assumption of the risk, comparative fault and/or contributory negligence, statute of limitations and federal preemption.

In November 1997, in Young v. American Tobacco Co., a purported personal injury class action was commenced on behalf of plaintiff and all similarly situated residents in Louisiana who, though not themselves cigarette smokers, allege they were exposed to secondhand smoke from cigarettes that were manufactured by the defendants, including Liggett, and suffered injury as a result of that exposure. The plaintiffs seek to recover an unspecified amount of compensatory and punitive damages. No class certification hearing has been held. A stay order entered on March 16, 2016 stays the case pending completion of the smoking cessation program ordered by the court in Scott v. The American Tobacco Co.

In February 1998, in Parsons v. AC & S Inc., a purported class action was commenced on behalf of all West Virginia residents who allegedly have claims arising from their exposure to cigarette smoke and asbestos fibers. The operative complaint seeks to recover unspecified compensatory and punitive damages on behalf of the putative class. The case is stayed as a result of the December 2000 bankruptcy of three of the defendants.

Health Care Cost Recovery Actions

As of June 30, 2020, one Health Care Cost Recovery Action was pending against Liggett, Crow Creek Sioux Tribe v. American Tobacco Company, a South Dakota case filed in 1997, where the plaintiff seeks to recover damages from Liggett and other cigarette manufacturers based on various theories of recovery as a result of alleged sales of tobacco products to minors. The case is dormant.

The claims asserted in health care cost recovery actions vary, but can include the equitable claim of indemnity, common law claims of negligence, strict liability, breach of express and implied warranty, breach of special duty, fraud, negligent misrepresentation, conspiracy, public nuisance, claims under state and federal statutes governing consumer fraud, antitrust, deceptive trade practices and false advertising, and claims under RICO. Although no specific damage amounts are typically pleaded, it is possible that requested damages might be in the billions of dollars. In these cases, plaintiffs typically assert equitable claims that the tobacco industry was “unjustly enriched” by their payment of health care costs allegedly attributable to smoking and seek reimbursement of those costs. Relief sought by some, but not all, plaintiffs include punitive damages, multiple damages and other statutory damages and penalties, injunctions prohibiting alleged marketing and sales to minors, disclosure of research, disgorgement of profits, funding of anti-smoking programs, additional disclosure of nicotine yields, and payment of attorney and expert witness fees.

Department of Justice Lawsuit

In September 1999, the United States government commenced litigation against Liggett and other cigarette manufacturers in the United States District Court for the District of Columbia. The action sought to recover, among other things, an unspecified amount of health care costs paid and to be paid by the federal government for smoking-related illnesses allegedly caused by the fraudulent and tortious conduct of defendants. In August 2006, the trial court entered a Final Judgment against each of the cigarette manufacturing defendants, except Liggett. The judgment was affirmed on appeal. As a result, the cigarette manufacturing defendants, other than Liggett, are now subject to the trial court’s Final Judgment which ordered, among other things, the issuance of “corrective statements” in various media regarding the adverse health effects of smoking, the addictiveness of smoking and nicotine, the lack of any significant health benefit from smoking “low tar” or “lights” cigarettes, defendants’ manipulation of cigarette design to ensure optimum nicotine delivery and the adverse health effects of exposure to environmental tobacco smoke.

Upcoming Trials

As of June 30, 2020, there were three Individual Actions and one Engle progeny case scheduled for trial through June 30, 2021, where Liggett (and/or the Company) is a named defendant. Trial dates are subject to change and additional cases could be set for trial during this time.

MSA and Other State Settlement Agreements

In March 1996, March 1997 and March 1998, Liggett entered into settlements of smoking-related litigation with 45 states and territories. The settlements released Liggett from all smoking-related claims made by those states and territories, including claims for health care cost reimbursement and claims concerning sales of cigarettes to minors.

In November 1998, Philip Morris, R.J. Reynolds and two other companies (the “Original Participating Manufacturers” or “OPMs”) and Liggett and Vector Tobacco (together with any other tobacco product manufacturer that becomes a signatory, the “Subsequent Participating Manufacturers” or “SPMs”) (the OPMs and SPMs are hereinafter referred to jointly as “PMs”) entered into the Master Settlement Agreement (the “MSA”) with 46 states, the District of Columbia, Puerto Rico, Guam, the United States Virgin Islands, American Samoa and the Northern Mariana Islands (collectively, the “Settling States”) to settle the asserted

and unasserted health care cost recovery and certain other claims of the Settling States. The MSA received final judicial approval in each Settling State.

As a result of the MSA, the Settling States released Liggett and Vector Tobacco from:


•	all claims of the Settling States and their respective political subdivisions and other recipients of state health care funds, relating to: (i) past conduct arising out of the use, sale, distribution, manufacture, development, advertising and marketing of tobacco products; (ii) the health effects of, the exposure to, or research, statements or warnings about, tobacco products; and


•	all monetary claims of the Settling States and their respective subdivisions and other recipients of state health care funds relating to future conduct arising out of the use of, or exposure to, tobacco products that have been manufactured in the ordinary course of business.

The MSA restricts tobacco product advertising and marketing within the Settling States and otherwise restricts the activities of PMs. Among other things, the MSA prohibits the targeting of youth in the advertising, promotion or marketing of tobacco products; bans the use of cartoon characters in all tobacco advertising and promotion; limits each PM to one tobacco brand name sponsorship during any 12-month period; bans all outdoor advertising, with certain limited exceptions; prohibits payments for tobacco product placement in various media; bans gift offers based on the purchase of tobacco products without sufficient proof that the intended recipient is an adult; prohibits PMs from licensing third parties to advertise tobacco brand names in any manner prohibited under the MSA; and prohibits PMs from using as a tobacco product brand name any nationally recognized non-tobacco brand or trade name or the names of sports teams, entertainment groups or individual celebrities.

The MSA also requires PMs to affirm corporate principles to comply with the MSA and to reduce underage use of tobacco products and imposes restrictions on lobbying activities conducted on behalf of PMs. In addition, the MSA provides for the appointment of an independent auditor to calculate and determine the amounts of payments owed pursuant to the MSA.

Under the payment provisions of the MSA, PMs are required to make annual payments of $9,000,000 (subject to applicable adjustments, offsets and reductions including a “Non-Participating Manufacturers Adjustment” or “NPM Adjustment”). These annual payments are allocated based on unit volume of domestic cigarette shipments. The payment obligations under the MSA are the several, and not joint, obligation of each PM and are not the responsibility of any parent or affiliate of a PM.

Liggett has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 1.65% of total cigarettes sold in the United States. Vector Tobacco has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 0.28% of total cigarettes sold in the United States. Liggett and Vector Tobacco’s domestic shipments accounted for approximately 4.0% of the total cigarettes sold in the United States in 2019. If Liggett’s or Vector Tobacco’s market share exceeds their respective market share exemption in a given year, then on April 15 of the following year, Liggett and/or Vector Tobacco, as the case may be, must pay on each excess unit an amount equal (on a per-unit basis) to that due from the OPMs for that year. On December 30, 2019, Liggett and Vector Tobacco pre-paid $140,000 of their approximate $169,000 2019 MSA obligation, the balance of which was paid in April 2020, subject to applicable disputes or adjustments.

Certain MSA Disputes

NPM Adjustment. Liggett and Vector Tobacco contend that they are entitled to an NPM Adjustment for each year from 2003 - 2019. The NPM Adjustment is a potential adjustment to annual MSA payments, available when PMs suffer a market share loss to NPMs for a particular year and an economic consulting firm selected pursuant to the MSA determines (or the parties agree) that the MSA was a “significant factor contributing to” that loss. A Settling State that has “diligently enforced” its qualifying escrow statute in the year in question may be able to avoid its allocable share of the NPM Adjustment. For 2003 - 2019, Liggett and Vector Tobacco, as applicable, disputed that they owed the Settling States the NPM Adjustments as calculated by the independent auditor. As permitted by the MSA, Liggett and Vector Tobacco either paid subject to dispute, withheld payment, or paid into a disputed payment account, the amounts associated with these NPM Adjustments.

In June 2010, after the PMs prevailed in 48 of 49 motions to compel arbitration, the parties commenced the arbitration for the 2003 NPM Adjustment. That arbitration concluded in September 2013. It was followed by various challenges filed in state courts by states that did not prevail in the arbitration. Those challenges resulted in reductions, but not elimination of, the amounts awarded.

The PMs settled most of the disputed NPM Adjustment years with 37 states representing approximately 75% of the MSA share. The 2004 NPM Adjustment arbitration started in 2016 and separate court proceedings continue for states with which the PMs have not settled.

As a result of the settlement charge and arbitration award described above, Liggett and Vector Tobacco reduced cost of sales for years 2013 - 2019 by $48,032. Liggett and Vector Tobacco may be entitled to further adjustments. As of June 30, 2020, Liggett and Vector Tobacco had accrued approximately $13,400 related to the disputed amounts withheld from the non-settling states for 2004 - 2010, which may be subject to payment, with interest, if Liggett and Vector Tobacco lose the disputes for those years. As of June 30, 2020, there remains approximately $41,500 in the disputed payments account relating to Liggett and Vector Tobacco’s 2011 - 2019 NPM Adjustment disputes with the non-settling states. If Liggett and Vector Tobacco lose the disputes for all or any of those years, pursuant to the MSA, no interest would be due on the amounts paid into the disputed payment account.

Other State Settlements. The MSA replaced Liggett’s prior settlements with all states and territories except for Florida, Mississippi, Texas and Minnesota. Each of these four states, prior to the effective date of the MSA, negotiated and executed settlement agreements with each of the other major tobacco companies, separate from those settlements reached previously with Liggett. Except as described below, Liggett’s agreements with these states remain in full force and effect. These states’ settlement agreements with Liggett contained most favored nation provisions which could reduce Liggett’s payment obligations based on subsequent settlements or resolutions by those states with certain other tobacco companies. Beginning in 1999, Liggett determined that, based on settlements or resolutions with United States Tobacco Company, Liggett’s payment obligations to those four states were eliminated. With respect to all non-economic obligations under the previous settlements, Liggett believes it is entitled to the most favorable provisions as between the MSA and each state’s respective settlement with the other major tobacco companies. Therefore, Liggett’s non-economic obligations to all states and territories are now defined by the MSA.

In 2003, as a result of a dispute with Minnesota regarding its settlement agreement, Liggett agreed to pay $100 a year in any year cigarettes manufactured by Liggett are sold in that state. Further, the Attorneys General for Florida, Mississippi and Texas advised Liggett that they believed Liggett had failed to make payments under the respective settlement agreements with those states. In 2010, Liggett settled with Florida and agreed to pay $1,200 and to make further annual payments of $250 for a period of 21 years, starting in March 2011, with the payments from year 12 forward being subject to an inflation adjustment.

In January 2016, the Attorney General for Mississippi filed a motion in Chancery Court in Jackson County, Mississippi to enforce the March 1996 settlement agreement (the “1996 Agreement”) alleging that Liggett owes Mississippi at least $27,000 in compensatory damages and additional amounts for interest, punitive damages and attorneys’ fees. In April 2017, the Chancery Court ruled that the 1996 Agreement should be enforced and referred the matter to a Special Master for further proceedings to determine the amount of damages, if any, to be awarded. In June 2018, the Chancery Court granted Liggett’s motion to compel arbitration as to two issues concerning damages and stayed the proceedings before the Special Master pending completion of the arbitration. In March 2019, the arbitration panel issued its final arbitration award on the two issues before it: (i) the panel ruled in favor of Liggett, finding that the $294,000 of proceeds from Eve Holdings’ 1999 brand sale should not be included in Liggett’s pre-tax income; and (ii) ruled in favor of Mississippi on the remaining issue, finding that compensatory damages to Mississippi, if any, would be based on 0.5% of Liggett’s annual pre-tax income for the term of the settlement agreement. Following confirmation of the arbitration award, Mississippi voluntarily dismissed with prejudice its claims for punitive damages and attorneys’ fees.

In July 2019, the parties stipulated that the unpaid principal (exclusive of interest) purportedly due from Liggett to Mississippi pursuant to the 1996 Agreement (from inception through 2019) is approximately $15,500, subject to Liggett’s right to litigate and/or appeal the enforceability of the 1996 Agreement (and all issues other than the calculation of such principal amount). In September 2019, the Special Master held a hearing regarding the state’s claim for approximately $17,500 in prejudgment interest as well as post-judgment interest in amounts to be determined. A decision is pending. Liggett continues to believe that the April 2017 Chancery Court order is in error because the most favored nations provision in the 1996 Agreement eliminated all of Liggett’s payment obligations to Mississippi, and it reserved all rights to appeal this and other issues at the conclusion of the case. In the event Liggett appeals an adverse judgment, the posting of a bond may be required.

Liggett may be required to make additional payments to Mississippi and Texas which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows.

Cautionary Statement

Management is not able to reasonably predict the outcome of the litigation pending or threatened against Liggett or the Company. Litigation is subject to many uncertainties. Liggett has been found liable in multiple Engle progeny cases and Individual Actions, several of which were affirmed on appeal and satisfied by Liggett. It is possible that other cases could be decided unfavorably against Liggett and that Liggett will be unsuccessful on appeal. Liggett may attempt to settle particular cases if it believes it is in its best interest to do so.

Management cannot predict the cash requirements related to any future defense costs, settlements or judgments, including cash required to bond any appeals, and there is a risk that Liggett may not be able to meet those requirements. An unfavorable outcome of a pending smoking-related case could encourage the commencement of additional litigation. Except as discussed in this Note 9, management is unable to estimate the loss or range of loss that could result from an unfavorable outcome of the cases pending against Liggett or the costs of defending such cases and as a result has not provided any amounts in its consolidated financial statements for unfavorable outcomes.

The tobacco industry is subject to a wide range of laws and regulations regarding the marketing, sale, taxation and use of tobacco products imposed by local, state and federal governments. There have been a number of restrictive regulatory actions, adverse legislative and political decisions and other unfavorable developments concerning cigarette smoking and the tobacco industry. These developments may negatively affect the perception of potential triers of fact with respect to the tobacco industry, possibly to the detriment of certain pending litigation, and may prompt the commencement of additional litigation or legislation.

It is possible that the Company’s consolidated financial position, results of operations and cash flows could be materially adversely affected by an unfavorable outcome in any of the smoking-related litigation.

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2020 was as follows:



	Current Liabilities									Non-Current Liabilities
	Payments due under Master Settlement Agreement			Litigation Accruals			Total			Payments due under Master Settlement Agreement		Litigation Accruals			Total

Balance as of January 1, 2020	$	34,116		$	4,249		$	38,365		$	17,275	$	20,594		$	37,869
Expenses	96,215			28			96,243			—		—			—
Change in MSA obligations capitalized as inventory	(137		)	—			(137		)	—		—			—
Payments	(27,214		)	(4,324		)	(31,538		)	—		—			—
Reclassification to/(from) non-current liabilities	(855		)	3,252			2,397			855		(3,252		)	(2,397		)
Interest on withholding	—			238			238			—		932			932
Balance as of June 30, 2020	$	102,125		$	3,443		$	105,568		$	18,130	$	18,274		$	36,404

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2019 were as follows:



	Current Liabilities									Non-Current Liabilities
	Payments due under Master Settlement Agreement			Litigation Accruals			Total			Payments due under Master Settlement Agreement		Litigation Accruals			Total

Balance as of January 1, 2019	$	36,561		$	310		$	36,871		$	16,383	$	21,794		$	38,177
Expenses	80,128			655			80,783			—		—			—
Change in MSA obligations capitalized as inventory	1,813			—			1,813			—		—			—
Payments	(31,959		)	(355		)	(32,314		)	—		—			—
Reclassification to/(from) non-current liabilities	(892		)	3,338			2,446			892		(3,338		)	(2,446		)
Interest on withholding	—			95			95			—		1,076			1,076
Balance as of June 30, 2019	$	85,651		$	4,043		$	89,694		$	17,275	$	19,532		$	36,807

Other Matters:

Liggett’s and Vector Tobacco’s management are unaware of any material environmental conditions affecting their existing facilities. Liggett’s and Vector Tobacco’s management believe that current operations are conducted in material compliance with all environmental laws and regulations and other laws and regulations governing cigarette manufacturers. Compliance with federal, state and local provisions regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had a material effect on the capital expenditures, results of operations or competitive position of Liggett or Vector Tobacco.

Liggett and the Company have received three separate demands for indemnification from Altria Client Services, on behalf of Philip Morris, relating to lawsuits alleging smokers’ use of L&M cigarettes. The indemnification demands are purportedly issued in connection with Eve Holdings’ 1999 sale of certain brands to Philip Morris.

In addition to the foregoing, Douglas Elliman and certain of its subsidiaries are subject to numerous proceedings, lawsuits and claims in connection with their ordinary business activities. Many of these matters are covered by insurance or, in some cases, the Company is indemnified by third parties.

Management is of the opinion that the liabilities, if any, resulting from other proceedings, lawsuits and claims pending against the Company and its consolidated subsidiaries, unrelated to tobacco product liability, should not materially affect the Company’s consolidated financial position, results of operations or cash flows.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

The components of Goodwill and other intangible assets, net were as follows:



	December 31, 2019		Impairment Losses			Amortization			June 30, 2020
Goodwill	$	78,008	$	(46,252	)	$	—		$	31,756

Indefinite life intangibles:
Intangible asset associated with benefit under the MSA	107,511		—			—			107,511

Trademark - Douglas Elliman	80,000		(12,000		)	—			68,000

Intangibles with a finite life, net	474		—			(82		)	392

Total goodwill and other intangible assets, net	$	265,993	$	(58,252	)	$	(82	)	$	207,659

Goodwill is evaluated for impairment annually or whenever the Company identifies certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate and foreign exchange rate fluctuations, and loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.

During the first quarter of 2020, the Company determined that a triggering event occurred related to the Douglas Elliman reporting unit due to a decline in sales and profitability projections for the reporting unit driven by the COVID-19 pandemic and related economic disruption. The Company utilized third-party valuation specialists to prepare a quantitative assessment of goodwill and trademark intangible asset related to Douglas Elliman.

For the goodwill testing, the Company utilized an income approach (a discounted cash flows “DCF” method) to estimate the fair value of the Douglas Elliman business. The estimated fair value of the trademark indefinite-life intangible asset related to the Douglas Elliman brand name was determined using an approach that values the Company’s cash savings from having a royalty-free license compared to the market rate it would pay for access to use the trade name.

The third-party quantitative assessments of the goodwill and trademark intangible asset reflected management’s assumptions regarding revenue growth rates, economic and market trends including current expectations of deterioration resulting from the COVID-19 pandemic, changes to cost structures and other expectations about the anticipated short-term and long-term operating results of Douglas Elliman. The quantitative assessments resulted in impairment charges to goodwill of $46,262 and to the trademark intangible asset of $12,000 during the three months ended March 31, 2020. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value or the impacts of COVID-19 are more severe than expected, additional impairment charges could result in future periods, and such impairment charges could be material.

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company’s effective income tax rate is based on expected income, statutory rates, valuation allowances against deferred tax assets, and any tax planning opportunities available to the Company. For interim financial reporting, the Company estimates the annual effective income tax rate based on full year projections and applies the annual effective income tax rate against year-to-date pretax income to record income tax expense, adjusted for discrete items, if any. The Company refines annual estimates as new information becomes available. The Company’s tax rate does not bear a relationship to statutory tax rates due to permanent differences, which are primarily related to nondeductible compensation, and state taxes.

The Company’s income tax expense consisted of the following:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020		2019
Income before provision for income taxes	$	36,690		$	56,766		$	32,481	$	78,548
Income tax expense using estimated annual effective income tax rate	10,896			17,566			9,647		24,319
Changes in effective tax rates	(12		)	(110		)	—		—
Impact of discrete items, net	32			3			291		(111		)
Income tax expense	$	10,916		$	17,459		$	9,938	$	24,208

The discrete items for the three months ended June 30, 2020 primarily relates to income tax expense on the changes in value of certain contingent consideration partially offset by income tax benefit related to stock-based compensation. The discrete items for the six months ended June 30, 2020 relate to income tax benefits on the goodwill and trademark impairment charges, changes in value of certain contingent consideration and stock-based compensation partially offset by the income tax expense related to the equity in earnings from investments associated with the one-time gain on sale of LTS. The discrete items for the three and six months ended June 30, 2019 related to an income tax benefit for stock-based compensation.

On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act into law. The Act includes several significant tax and payroll-related provisions for corporations, including the usage of net operating losses, bonus depreciation, interest expense, and certain payroll benefits. The Company continues to evaluate the impact this Act will have on its financial statements and required disclosures.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Investments and Fair Value Measurements

Investments and Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements were as follows:



	Fair Value Measurements as of June 30, 2020
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	455,669	$	455,669	$	—	$	—

Commercial paper⁽¹⁾	53,463		—		53,463		—

Certificates of deposit ⁽²⁾	2,106		—		2,106		—

Money market funds securing legal bonds ⁽²⁾	535		535		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	11,091		11,091		—		—
Mutual funds invested in debt securities	22,667		22,667		—		—
Total equity securities at fair value	33,758		33,758		—		—
Debt securities available for sale
U.S. government securities	12,754		—		12,754		—
Corporate securities	37,145		—		37,145		—
U.S. government and federal agency	4,984		—		4,984		—
Commercial mortgage-backed securities	2		—		2		—
Total debt securities available for sale	54,885		—		54,885		—

Total investment securities at fair value	88,643		33,758		54,885		—

Long-term investments
Long-term investment securities at fair value ⁽³⁾	33,232		—		—		—
Total	$	633,648	$	489,962	$	110,454	$	—

Liabilities:
Fair value of contingent liability	$	1,317	$	—	$	—	$	1,317
Total	$	1,317	$	—	$	—	$	1,317


(1)	Amounts included in Cash and cash equivalents on the condensed consolidated balance sheet, except for $6,310 that is included in Other current assets and $1,907 that is included in Other assets.


(2)	Amounts included in current restricted assets and non-current restricted assets on the condensed consolidated balance sheet.


(3)	In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.



	Fair Value Measurements as of December 31, 2019
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	307,655	$	307,655	$	—	$	—

Commercial paper⁽¹⁾	47,328		—		47,328		—

Certificates of deposit ⁽²⁾	2,193		—		2,193		—

Money market funds securing legal bonds ⁽²⁾	535		535		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	23,819		23,819		—		—
Mutual funds invested in debt securities	22,377		22,377		—		—
Total equity securities at fair value	46,196		46,196		—		—
Debt securities available for sale
U.S. government securities	14,660		—		14,660		—
Corporate securities	54,413		—		54,413		—
U.S. government and federal agency	6,816		—		6,816		—
Commercial mortgage-backed securities	382		—		382		—
Commercial paper	5,887		—		5,887		—
Index-linked U.S. bonds	779		—		779		—
Foreign fixed-income securities	508		—		508		—
Total debt securities available for sale	83,445		—		83,445		—

Total investment securities at fair value	129,641		46,196		83,445		—

Long-term investments
Long-term investment securities at fair value ⁽³⁾	45,781		—		—		—
Total	$	533,133	$	354,386	$	132,966	$	—

Liabilities:
Fair value of contingent liability	$	3,147	$	—	$	—	$	3,147
Fair value of derivatives embedded within convertible debt	4,999		—		—		4,999
Total	$	8,146	$	—	$	—	$	8,146


(1)	Amounts included in Cash and cash equivalents on the condensed consolidated balance sheet, except for $4,423 that is included in current restricted assets and $3,160 that is included in non-current restricted assets.


(2)	Amounts included in current restricted assets and non-current restricted assets on the condensed consolidated balance sheet.


(3)	In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution. The fair value of investment securities at fair value included in Level 1 is based on quoted market prices from various stock exchanges. The Level 2 investment securities at fair value are based on quoted market prices of securities that are thinly traded, quoted prices for identical or similar assets in markets that are not active or inputs other than quoted prices such as interest rates and yield curves.

The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient.

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at June 30, 2020:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	June 30, 2020		Valuation Technique	Unobservable Input	Range (Actual)

Fair value of contingent liability	$	1,317	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	169,000
				Risk-free rate for a 2.50 year term	0.17		%
				Leverage-adjusted equity volatility of peer firms	64.78		%

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2019:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2019		Valuation Technique	Unobservable Input	Range (Actual)

Fair value of derivatives embedded within convertible debt	$	4,999	Discounted cash flow	Assumed annual stock dividend	5		%
				Assumed remaining cash dividends - Q4 2019 and Q1 2020	$0.40/$0.20
				Stock price	$	13.39
				Convertible trading price (as a percentage of par value)	103.94		%
				Volatility	36.94		%
				Risk-free rate	Term structure of US Treasury Securities
				Implied credit spread	1.0% - 3.0% (2.0%)

Fair value of contingent liability	$	3,147	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	271,500
				Risk-free rate for a 3-year term	1.61		%
				Leverage-adjusted equity volatility of peer firms	35.56		%

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of June 30, 2020 and December 31, 2019, respectively, except for investments in real estate ventures that were impaired as of June 30, 2020 and December 31, 2019.

The Company’s investments in real estate ventures subject to nonrecurring fair value measurements are as follows:



			Fair Value Measurement Using:
	Three Months Ended June 30, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description	Impairment Charge		Total				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets:
Investments in real estate ventures	$	3,784	$	1,980	$	—	$	—	$	1,980

The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decrease in the investments in real estate ventures was attributed to the decline in the projected sales prices of the respective real estate venture. The $3,784 of impairment charges were included in equity in losses from real estate ventures for the three months June 30, 2020.



			Fair Value Measurement Using:
	Year Ended December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description	Impairment Charge		Total				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets:
Investments in real estate ventures	$	39,757	$	18,335	$	—	$	—	$	18,335

The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decrease in the investments in real estate ventures was attributed to the decline in the projected sales prices and the duration of the estimated sell out of the respective real estate ventures. The $39,757 of impairment charges were included in equity in losses from real estate ventures for the year ended December 31, 2019.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments for the three and six months ended June 30, 2020 and 2019 were Tobacco and Real Estate. The Tobacco segment consisted of the manufacture and sale of conventional cigarettes. The Real Estate segment included the Company’s investment in New Valley, which includes Douglas Elliman, Escena, Sagaponack and investments in real estate ventures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Financial information for the Company’s operations before taxes and non-controlling interests for the three and six months ended June 30, 2020 and 2019 were as follows:



				Real				Corporate
	Tobacco			Estate				and Other			Total
Three months ended June 30, 2020
Revenues	$	312,510		$	133,250			$	—		$	445,760
Operating income (loss)	79,309		(1)	(6,875		)	(2)	(5,637		)	66,797
Equity in losses from real estate ventures	—			(12,260		)		—			(12,260		)
Depreciation and amortization	2,000			2,198				214			4,412

Three months ended June 30, 2019
Revenues	$	294,501		$	243,931			$	—		$	538,432
Operating income (loss)	68,651		(3)	14,453				(6,860		)	76,244
Equity in earnings from real estate ventures	—			6,391				—			6,391
Depreciation and amortization	1,950			2,024				250			4,224

Six months ended June 30, 2020
Revenues	$	599,579		$	300,669			$	—		$	900,248
Operating income (loss)	148,495		(4)	(74,350		)	(5)	(12,252		)	61,893
Equity in losses from real estate ventures	—			(18,765		)		—			(18,765		)
Depreciation and amortization	4,042			4,511				434			8,987
Capital expenditures	2,973			3,249				20			6,242

Six months ended June 30, 2019
Revenues	$	551,257		$	408,099			$	—		$	959,356
Operating income (loss)	128,795		(6)	4,044				(14,005		)	118,834
Equity in earnings from real estate ventures	—			3,952				—			3,952
Depreciation and amortization	3,907			4,525				500			8,932
Capital expenditures	2,753			3,567				—			6,320

⁽¹⁾Operating income includes $53 of litigation settlement and judgment expense.

⁽²⁾Operating loss includes $2,961 of restructuring charges.

⁽³⁾Operating income includes $655 of litigation settlement and judgment expense.

⁽⁴⁾ Operating income includes $53 of litigation settlement and judgment expense.

⁽⁵⁾ Operating loss includes $58,252 of impairment charges related to the impairments of goodwill and intangible assets and $2,961 of restructuring charges.

⁽⁶⁾Operating income includes $655 of litigation settlement and judgment expense.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2020

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The condensed consolidating financial information is based upon the following subsidiaries being subsidiary guarantors of unsecured debt securities that may be issued by the Company: VGR Holding LLC; Liggett Group LLC; Liggett Vector Brands LLC; Vector Research LLC; Vector Tobacco Inc.; Liggett & Myers Holdings Inc.; 100 Maple LLC; V.T. Aviation LLC; VGR Aviation LLC; Eve Holdings LLC; Zoom E-Cigs LLC; and DER Holdings LLC. Each of the subsidiary guarantors is 100% owned, directly or indirectly, by the Company, and all guarantees are full and unconditional and joint and several. The Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting.

The Company and the guarantors have filed a shelf registration statement for the offering of debt securities on a delayed or continuous basis and the Company is including this condensed consolidating financial information in connection therewith. Any such debt securities may be issued by the Company and guaranteed by the guarantors, but not by New Valley or any of its subsidiaries, other than DER Holdings LLC.

Presented herein are Condensed Consolidating Balance Sheets as of June 30, 2020 and December 31, 2019, the related Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2020 and 2019, and the related Condensed Consolidating Statements of Cash Flows for the three and six months ended June 30, 2020 and 2019 of Vector Group Ltd. (Parent/Issuer), the guarantor subsidiaries (Subsidiary Guarantors) and the subsidiaries that are not guarantors (Subsidiary Non-Guarantors).

CONDENSED CONSOLIDATING BALANCE SHEETS



				June 30, 2020
						Subsidiary					Consolidated
	Parent/			Subsidiary		Non-		Consolidating			Vector Group
	Issuer			Guarantors		Guarantors		Adjustments			Ltd.
ASSETS:
Current assets:
Cash and cash equivalents	$	261,167		$	217,748	$	61,448	$	—		$	540,363
Investment securities at fair value	88,643			—		—		—			88,643
Accounts receivable - trade, net	—			13,222		19,538		—			32,760
Intercompany receivables	45,946			—		—		(45,946		)	—
Inventories	—			98,609		—		—			98,609
Income taxes receivable, net	—			—		7,696		(7,696		)	—
Other current assets	2,560			8,069		28,209		(475		)	38,363
Total current assets	398,316			337,648		116,891		(54,117		)	798,738
Property, plant and equipment, net	413			32,245		44,959		—			77,617
Investments in real estate, net	—			—		28,876		—			28,876
Long-term investment securities at fair value	33,232			—		—		—			33,232
Investments in real estate ventures	—			—		115,377		—			115,377
Operating lease right-of-use assets	6,521			3,918		138,223		—			148,662
Investments in consolidated subsidiaries	365,814			163,958		—		(529,772		)	—
Goodwill and other intangible assets, net	—			107,511		100,148		—			207,659
Other assets	30,250			47,092		44,244		—			121,586
Total assets	$	834,546		$	692,372	$	588,718	$	(583,889	)	$	1,531,747
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt	$	—		$	8,816	$	8,787	$	(8,750	)	$	8,853
Intercompany payables	—			167		45,779		(45,946		)	—
Income taxes payable, net	37,394			7,133		—		(7,696		)	36,831
Current payments due under the Master Settlement Agreement	—			102,125		—		—			102,125
Current operating lease liability	754			1,694		15,820		—			18,268
Other current liabilities	45,267			223,205		63,780		(218		)	332,034
Total current liabilities	83,415			343,140		134,166		(62,610		)	498,111
Notes payable, long-term debt and other obligations, less current portion	1,378,871			18,827		19,246		(18,750		)	1,398,194
Non-current employee benefits	51,599			9,426		—		—			61,025
Deferred income taxes, net	(17,310		)	21,756		7,992		—			12,438
Non-current operating lease liability	6,787			2,790		149,719		—			159,296
Other liabilities, including litigation accruals and payments due under the Master Settlement Agreement	388			37,724		35,092		(1,317		)	71,887
Total liabilities	1,503,750			433,663		346,215		(82,677		)	2,200,951
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.	(669,204		)	258,709		242,503		(501,212		)	(669,204		)
Non-controlling interest	—			—		—		—			—
Total stockholders' (deficiency) equity	(669,204		)	258,709		242,503		(501,212		)	(669,204		)
Total liabilities and stockholders' deficiency	$	834,546		$	692,372	$	588,718	$	(583,889	)	$	1,531,747

CONDENSED CONSOLIDATING BALANCE SHEETS



				December 31, 2019
						Subsidiary					Consolidated
	Parent/			Subsidiary		Non-		Consolidating			Vector Group
	Issuer			Guarantors		Guarantors		Adjustments			Ltd.
ASSETS:
Current assets:
Cash and cash equivalents	$	272,282		$	27,178	$	71,881	$	—		$	371,341
Investment securities at fair value	129,641			—		—		—			129,641
Accounts receivable - trade, net	—			15,646		21,313		—			36,959
Intercompany receivables	44,043			—		—		(44,043		)	—
Inventories	—			98,762		—		—			98,762
Income taxes receivable, net	—			—		95		(95		)	—
Other current assets	9,159			9,021		26,731		—			44,911
Total current assets	455,125			150,607		120,020		(44,138		)	681,614
Property, plant and equipment, net	425			33,816		47,919		—			82,160
Investments in real estate, net	—			—		28,317		—			28,317
Long-term investment securities at fair value	45,781			—		—		—			45,781
Investments in real estate ventures	—			—		131,556		—			131,556
Operating lease right-of-use assets	7,085			4,830		137,663		—			149,578
Investments in consolidated subsidiaries	420,353			238,040		—		(658,393		)	—
Goodwill and other intangible assets, net	—			107,511		158,482		—			265,993
Other assets	31,022			46,416		42,652		—			120,090
Total assets	$	959,791		$	581,220	$	666,609	$	(702,531	)	$	1,505,089
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt	$	163,932		$	45,210	$	10,127	$	(10,000	)	$	209,269
Current portion of fair value of derivatives embedded within convertible debt	4,999			—		—		—			4,999
Intercompany payables	—			236		43,807		(44,043		)	—
Income taxes payable, net	2,398			2,835		—		(95		)	5,138
Current payments due under the Master Settlement Agreement	—			34,116		—		—			34,116
Current operating lease liability	508			2,015		15,771		—			18,294
Other current liabilities	52,065			78,947		59,202		(897		)	189,317
Total current liabilities	223,902			163,359		128,907		(55,035		)	461,133
Notes payable, long-term debt and other obligations, less current portion	1,377,108			20,089		20,019		(20,000		)	1,397,216
Non-current employee benefits	50,806			17,047		—		—			67,853
Deferred income taxes, net	(14,492		)	22,620		25,567		—			33,695
Non-current operating lease liability	7,558			3,402		146,003		—			156,963
Other liabilities, including litigation accruals and payments due under the Master Settlement Agreement	373			41,020		34,999		(3,147		)	73,245
Total liabilities	1,645,255			267,537		355,495		(78,182		)	2,190,105
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.	(685,464		)	313,683		310,666		(624,349		)	(685,464		)
Non-controlling interest	—			—		448		—			448
Total stockholders' (deficiency) equity	(685,464		)	313,683		311,114		(624,349		)	(685,016		)
Total liabilities and stockholders' deficiency	$	959,791		$	581,220	$	666,609	$	(702,531	)	$	1,505,089

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Three Months Ended June 30, 2020
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	312,630		$	133,250		$	(120	)	$	445,760
Expenses:
Cost of sales	—			214,067			90,818			—			304,885
Operating, selling, administrative and general expenses	8,429			16,379			46,376			(120		)	71,064
Litigation settlement and judgment expense	—			53			—			—			53
Management fee expense	—			3,114			—			(3,114		)	—
Restructuring charges	—			—			2,961			—			2,961
Operating (loss) income	(8,429		)	79,017			(6,905		)	3,114			66,797
Other income (expenses):
Interest expense	(28,666		)	(690		)	(106		)	104			(29,358		)
Change in fair value of derivatives embedded within convertible debt	1,669			—			—			—			1,669
Equity in losses from real estate ventures	—			—			(12,260		)	—			(12,260		)
Equity in earnings from investments	2,207			—			—			—			2,207
Equity in earnings in consolidated subsidiaries	46,526			(5,042		)	—			(41,484		)	—
Management fee income	3,114			—			—			(3,114		)	—
Other, net	5,154			(78		)	2,325			234			7,635
Income (loss) before provision for income taxes	21,575			73,207			(16,946		)	(41,146		)	36,690
Income tax benefit (expense)	4,199			(19,644		)	4,529			—			(10,916		)
Net income (loss)	25,774			53,563			(12,417		)	(41,146		)	25,774
Net income (loss) attributed to Vector Group Ltd.	$	25,774		$	53,563		$	(12,417	)	$	(41,146	)	$	25,774
Comprehensive income (loss) attributed to Vector Group Ltd.	$	26,531		$	53,713		$	(12,417	)	$	(41,296	)	$	26,531

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Three Months Ended June 30, 2019
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	294,621		$	243,931		$	(120	)	$	538,432
Expenses:
Cost of sales	—			204,461			163,713			—			368,174
Operating, selling, administrative and general expenses	9,515			18,167			65,797			(120		)	93,359
Litigation settlement and judgment expense	—			655			—			—			655
Management fee expense	—			2,992			—			(2,992		)	—
Operating (loss) income	(9,515		)	68,346			14,421			2,992			76,244
Other income (expenses):
Interest expense	(31,706		)	(1,043		)	(228		)	224			(32,753		)
Change in fair value of derivatives embedded within convertible debt	3,788			—			—			—			3,788
Equity in earnings from real estate ventures	—			—			6,391			—			6,391
Equity in losses from investments	(1,685		)	—			—			—			(1,685		)
Equity in earnings in consolidated subsidiaries	66,163			15,138			—			(81,301		)	—
Management fee income	2,992			—			—			(2,992		)	—
Other, net	3,702			447			632			—			4,781
Income before provision for income taxes	33,739			82,888			21,216			(81,077		)	56,766
Income tax benefit (expense)	5,568			(17,118		)	(5,909		)	—			(17,459		)
Net income	39,307			65,770			15,307			(81,077		)	39,307
Net income attributed to Vector Group Ltd.	$	39,307		$	65,770		$	15,307		$	(81,077	)	$	39,307
Comprehensive income attributed to Vector Group Ltd.	$	39,912		$	66,004		$	15,307		$	(81,311	)	$	39,912

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Six Months Ended June 30, 2020
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	599,818		$	300,669		$	(239	)	$	900,248
Expenses:
Cost of sales	—			411,357			204,151			—			615,508
Operating, selling, administrative and general expenses	17,593			34,440			109,787			(239		)	161,581
Litigation settlement and judgment expense	—			53			—			—			53
Impairments of goodwill and intangible assets	—			—			58,252			—			58,252
Management fee expense	—			6,228			—			(6,228		)	—
Restructuring charges	—			—			2,961			—			2,961
Operating (loss) income	(17,593		)	147,740			(74,482		)	6,228			61,893
Other income (expenses):
Interest expense	(63,405		)	(1,576		)	(222		)	218			(64,985		)
Change in fair value of derivatives embedded within convertible debt	4,999			—			—			—			4,999
Equity in losses from real estate ventures	—			—			(18,765		)	—			(18,765		)
Equity in earnings from investments	52,359			—			—			—			52,359
Equity in earnings in consolidated subsidiaries	43,185			(74,082		)	—			30,897			—
Management fee income	6,228			—			—			(6,228		)	—
Other, net	(5,700		)	2,229			2,282			(1,831		)	(3,020		)
Income (loss) before provision for income taxes	20,073			74,311			(91,187		)	29,284			32,481
Income tax benefit (expense)	2,470			(36,746		)	24,338			—			(9,938		)
Net income (loss)	22,543			37,565			(66,849		)	29,284			22,543
Net income (loss) attributed to Vector Group Ltd.	$	22,543		$	37,565		$	(66,849	)	$	29,284		$	22,543
Comprehensive income (loss) attributed to Vector Group Ltd.	$	23,522		$	37,864		$	(66,849	)	$	28,985		$	23,522

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Six Months Ended June 30, 2019
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	551,496		$	408,099		$	(239	)	$	959,356
Expenses:
Cost of sales	—			381,764			272,430			—			654,194
Operating, selling, administrative and general expenses	19,346			34,858			131,708			(239		)	185,673
Litigation settlement and judgment expense	—			655			—			—			655
Management fee expense	—			5,985			—			(5,985		)	—
Operating (loss) income	(19,346		)	128,234			3,961			5,985			118,834
Other income (expenses):
Interest expense	(68,254		)	(2,010		)	(457		)	448			(70,273		)
Change in fair value of derivatives embedded within convertible debt	14,137			—			—			—			14,137
Equity in earnings from real estate ventures	—			—			3,952			—			3,952
Equity in losses from investments	(323		)	—			—			—			(323		)
Equity in earnings in consolidated subsidiaries	101,428			4,724			—			(106,152		)	—
Management fee income	5,985			—			—			(5,985		)	—
Other, net	10,285			600			1,336			—			12,221
Income before provision for income taxes	43,912			131,548			8,792			(105,704		)	78,548
Income tax benefit (expense)	10,348			(32,066		)	(2,490		)	—			(24,208		)
Net income	54,260			99,482			6,302			(105,704		)	54,340
Net income attributed to non-controlling interest	—			—			(80		)	—			(80		)
Net income attributed to Vector Group Ltd.	$	54,260		$	99,482		$	6,222		$	(105,704	)	$	54,260
Comprehensive income attributed to non-controlling interest	$	—		$	—		$	(80	)	$	—		$	(80	)
Comprehensive income attributed to Vector Group Ltd.	$	55,446		$	99,951		$	6,222		$	(106,173	)	$	55,446

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



				Six Months Ended June 30, 2020
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Net cash provided by (used in) operating activities	$	126,021		$	325,721		$	(5,489	)	$	(104,924	)	$	341,329
Cash flows from investing activities:
Sale of investment securities	19,555			—			—			—			19,555
Maturities of investment securities	31,574			—			—			—			31,574
Purchase of investment securities	(16,867		)	—			—			—			(16,867		)
Proceeds from sale or liquidation of long-term investments	23,407			—			—			—			23,407
Purchase of long-term investments	(5,238		)	—			—			—			(5,238		)
Investments in real estate ventures	—			—			(3,858		)	—			(3,858		)
Distributions from investments in real estate ventures	—			—			5,172			—			5,172
Increase in cash surrender value of life insurance policies	(340		)	(411		)	—			—			(751		)
(Increase) decrease in restricted assets	(13		)	100			—			—			87
Investments in subsidiaries	(9,164		)	—			—			9,164			—
Capital expenditures	(20		)	(2,973		)	(3,249		)	—			(6,242		)
Pay downs of investment securities	415			—			—			—			415
Investments in real estate, net	—			—			(679		)	—			(679		)
Net cash provided by (used in) investing activities	43,309			(3,284		)	(2,614		)	9,164			46,575
Cash flows from financing activities:
Proceeds from issuance of debt	—			—			531			—			531
Repayments of debt	(169,610		)	(204		)	(2,653		)	—			(172,467		)
Borrowings under revolver	—			130,641			—			—			130,641
Repayments on revolver	—			(165,593		)	—			—			(165,593		)
Capital contributions received	—			550			8,614			(9,164		)	—
Intercompany dividends paid	—			(97,259		)	(7,665		)	104,924			—
Dividends and distributions on common stock	(63,478		)	—			—			—			(63,478		)
Distributions to non-controlling interest	—			—			(448		)	—			(448		)
Proceeds from issuance of Vector stock	52,563			—			—			—			52,563
Other	80			—			(75		)	—			5
Net cash used in financing activities	(180,445		)	(131,865		)	(1,696		)	95,760			(218,246		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,115		)	190,572			(9,799		)	—			169,658
Cash, cash equivalents and restricted cash, beginning of period	272,282			27,730			79,464			—			379,476
Cash, cash equivalents and restricted cash, end of period	$	261,167		$	218,302		$	69,665		$	—		$	549,134

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



				Six Months Ended June 30, 2019
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Net cash provided by operating activities	$	78,661		$	148,639		$	10,158		$	(139,356	)	$	98,102
Cash flows from investing activities:
Sale of investment securities	12,942			—			—			—			12,942
Maturities of investment securities	28,610			—			—			—			28,610
Purchase of investment securities	(44,222		)	—			—			—			(44,222		)
Investments in real estate ventures	—			—			(21,908		)	—			(21,908		)
Investments in real estate, net	—			—			(1,153		)	—			(1,153		)
Purchase of subsidiaries	—			—			(668		)	—			(668		)
Distributions from investments in real estate ventures	—			—			23,200			—			23,200
Increase in cash surrender value of life insurance policies	(385		)	(404		)	—			—			(789		)
(Increase) decrease in restricted assets	(15		)	683			—			—			668
Pay downs of investment securities	545			—			—			—			545
Proceeds from sale of fixed assets	—			8			—			—			8
Investments in subsidiaries	(27,482		)	—			—			27,482			—
Capital expenditures	—			(2,753		)	(3,567		)	—			(6,320		)
Net cash used in investing activities	(30,007		)	(2,466		)	(4,096		)	27,482			(9,087		)
Cash flows from financing activities:
Deferred financing costs	—			(33		)	—			—			(33		)
Repayments of debt	(230,000		)	(621		)	(150		)	—			(230,771		)
Borrowings under revolver	—			172,224			—			—			172,224
Repayments on revolver	—			(169,727		)	—			—			(169,727		)
Capital contributions received	—			575			26,907			(27,482		)	—
Intercompany dividends paid	—			(102,739		)	(36,617		)	139,356			—
Dividends and distributions on common stock	(118,748		)	—			—			—			(118,748		)
Distributions to non-controlling interest	—			—			(285		)	—			(285		)
Net cash used in financing activities	(348,748		)	(100,321		)	(10,145		)	111,874			(347,340		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(300,094		)	45,852			(4,083		)	—			(258,325		)
Cash, cash equivalents and restricted cash, beginning of period	474,880			23,849			93,000			—			591,729
Cash, cash equivalents and restricted cash, end of period	$	174,786		$	69,701		$	88,917		$	—		$	333,404

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC (“Douglas Elliman”) and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.
Basis of Accounting	The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
Distributions and Dividends on Common Stock	Distributions and Dividends on Common Stock: The Company records distributions on its common stock as dividends in its condensed consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all periods presented.
Earnings Per Share (“EPS”)	Earnings Per Share (“EPS”): Information concerning the Company’s common stock has been adjusted to give retroactive effect to the 5% stock dividend distributed to Company stockholders on September 27, 2019. All per share amounts and references to share amounts have been updated to reflect the retrospective effect of the stock dividend.
Investments in Real Estate Ventures	Investments in Real Estate Ventures: In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s). Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary. On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.
Restricted Cash	Amounts included in current restricted assets and non-current restricted assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.
New Accounting Pronouncements	New Accounting Pronouncements: Accounting Standards Updates (“ASU”) adopted in 2020: In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The ASU eliminates disclosures such as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The ASU also adds new disclosure requirements for Level 3 measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU 2018-13 impacted financial statement disclosure and had no impact on operating results. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), sets forth a current expected credit loss model that changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Subsequent updates were released in November 2018 (ASU No. 2018-19), November 2019 (ASU No. 2019-10 and 2019-11) and February 2020 (ASU No. 2020-02) that provided additional guidance on this Topic. This guidance is effective for fiscal years beginning after December 15, 2019. The ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for notes and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaced the previous impairment models in U.S. GAAP, which generally required that a loss be incurred before it is recognized. The new standard applies to receivables arising from revenue transactions such as contract assets and accounts receivables. The adoption of this standard resulted in an increase in stockholders’ deficiency of $2,263, net of tax, attributed to commercial real estate term loans allowance for credit losses of $3,100 as of January 1, 2020. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the amendments of the ASU, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments in this update are effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. This guidance was adopted on January 1, 2020, on a prospective basis. The Company applied the new guidance to evaluate its goodwill during the first quarter of 2020. As a result, a goodwill impairment charge of $46,252 was recorded as the Company's estimated fair value of a reporting unit was less than its book value. ASUs to be adopted in future periods: In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). ASU 2018-14 eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The ASU also removes the disclosure requirements for the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost and the benefit obligation for postretirement health care benefits. ASU 2018-14 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company does not plan to early adopt. The adoption of ASU 2018-14 will impact financial statement disclosure with no impact on operating results. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, and clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements and related disclosures. In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”). The new standard clarifies the interaction of accounting for the transition into and out of the equity method. The new standard also clarifies the accounting for measuring certain purchased options and forward contracts to acquire investments. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective for all entities for contract modifications beginning March 12, 2020 and can be applied prospectively through December 31, 2022. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Net income for purposes of determining basic and diluted EPS

Net income for purposes of determining basic EPS was as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Net income attributed to Vector Group Ltd.	$	25,774		$	39,307		$	22,543		$	54,260
Income attributed to participating securities	(707		)	(2,027		)	(1,268		)	(4,029		)
Net income applicable to common shares attributed to Vector Group Ltd.	$	25,067		$	37,280		$	21,275		$	50,231

Net income for purposes of determining diluted EPS was as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Net income attributed to Vector Group Ltd.	$	25,774		$	39,307		$	22,543		$	54,260
Income attributable to 5.5% Variable Interest Senior Convertible Notes	(375		)	—			—			—
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—			—			—			(1,246		)
Income attributed to participating securities	(707		)	(2,027		)	(1,268		)	(4,029		)
Net income applicable to common shares attributed to Vector Group Ltd.	$	24,692		$	37,280		$	21,275		$	48,985

Basic and diluted EPS calculation shares

Basic and diluted EPS were calculated using the following common shares:



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2020	2019	2020	2019
Weighted-average shares for basic EPS	149,379,306	146,509,025	148,189,710	146,490,322
Plus incremental shares related to convertible debt	1,379,454	—	—	1,449,753
Plus incremental shares related to stock options and non-vested restricted stock	88,100	12,082	85,701	14,242
Weighted-average shares for diluted EPS	150,846,860	146,521,107	148,275,411	147,954,317

Outstanding shares not included in the computation of diluted EPS



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Weighted-average shares of non-vested restricted stock	625,122		1,407,820		625,122		1,407,820
Weighted-average expense per share	$	19.54	$	17.92	$	19.54	$	17.92
Weighted-average number of shares issuable upon conversion of debt	—		11,447,061		4,874,072		11,447,061
Weighted-average conversion price	$	—	$	20.27	$	20.27	$	20.27

Summary of restructuring charges

The following table summarizes amounts expensed for the three and six months ended June 30, 2020:



	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Cash Charges:
Employee severance and benefits	$	1,599	$	1,599
Other restructuring expenses	218		218
	1,817		1,817
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	1,144		1,144
	1,144		1,144

Total restructuring charges	$	2,961	$	2,961

The following table presents the activity under the Real Estate segment restructuring plan for the six months ended June 30, 2020:



	Employee Severance and Benefits			Other		Non-Cash Loss on Fixed Assets			Total
Accrual balance as of January 1, 2020	$	—		$	—	$	—		$	—
Restructuring charges	1,599			218		1,144			2,961
Utilized	(1,239		)	—		(1,144		)	(2,383		)
Accrual balance as of June 30, 2020	$	360		$	218	$	—		$	578

Schedule of other income (loss), net

Other, net consisted of:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Interest and dividend income	$	968		$	3,139		$	3,648		$	6,347
Net gains (losses) recognized on investment securities	4,781			2,315			(7,459		)	7,088
Net periodic benefit cost other than the service costs	(454		)	(575		)	(909		)	(1,116		)
Other income (expense)	2,340			(98		)	1,700			(98		)
Other, net	$	7,635		$	4,781		$	(3,020	)	$	12,221

Schedule of other assets

Other assets consisted of:



	June 30, 2020		December 31, 2019
Restricted assets	$	4,004	$	5,241
Prepaid pension costs	32,207		31,686
Equity-method investments	14,817		15,942
Contract assets, net	25,957		18,443
Other assets	44,601		48,778
Total other assets	$	121,586	$	120,090

Schedule of other current liabilities

Other current liabilities consisted of:



	June 30, 2020		December 31, 2019
Accounts payable	$	12,232	$	10,222
Accrued promotional expenses	44,254		35,900
Accrued excise and payroll taxes payable, net	149,758		18,653
Accrued interest	31,623		35,756
Commissions payable	22,225		18,378
Accrued salary and benefits	15,407		29,464
Contract liabilities	7,830		9,358
Allowance for sales returns	8,191		7,785
Other current liabilities	40,514		23,801
Total other current liabilities	$	332,034	$	189,317

Schedule of components of cash, cash equivalents and restricted cash

The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:



	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	540,363	$	371,341
Restricted cash and cash equivalents included in other current assets	6,310		4,423
Restricted cash and cash equivalents included in other assets	2,461		3,712
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	549,134	$	379,476

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

In the following table, revenue is disaggregated by major product line for the Tobacco segment:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Tobacco Segment Revenues:
Core Discount Brands - EAGLE 20’s, PYRAMID, GRAND PRIX, LIGGETT SELECT, and EVE	$	283,951	$	267,277	$	542,166	$	500,383
Other Brands	28,559		27,224		57,413		50,874
Total tobacco revenues	$	312,510	$	294,501	$	599,579	$	551,257

In the following table, revenue is disaggregated by major services line and primary geographical market for the Real Estate segment:



	Three months ended June 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	35,861	$	35,631	$	23,232	$	20,024	$	114,748
Commission and other brokerage income - development marketing	5,173		—		2,747		586		8,506
Property management revenue	8,617		215		—		—		8,832
Title fees	474		369		—		—		843
Total Douglas Elliman revenue	50,125		36,215		25,979		20,610		132,929
Other real estate revenues	—		—		—		321		321
Total real estate revenues	$	50,125	$	36,215	$	25,979	$	20,931	$	133,250



	Three months ended June 30, 2019
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	104,301	$	39,880	$	31,324	$	31,653	$	207,158
Commission and other brokerage income - development marketing	22,718		—		436		22		23,176
Property management revenue	10,048		170		—		—		10,218
Title fees	1,869		471		—		60		2,400
Total Douglas Elliman revenue	138,936		40,521		31,760		31,735		242,952
Other real estate revenues	—		—		—		979		979
Total real estate revenues	$	138,936	$	40,521	$	31,760	$	32,714	$	243,931



	Six Months Ended June 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	85,970	$	70,355	$	53,410	$	45,724	$	255,459
Commission and other brokerage income - development marketing	13,624		—		9,469		668		23,761
Property management revenue	17,179		432		—		—		17,611
Title fees	1,067		632		—		—		1,699
Total Douglas Elliman revenue	117,840		71,419		62,879		46,392		298,530
Other real estate revenues	—		—		—		2,139		2,139
Total real estate revenues	$	117,840	$	71,419	$	62,879	$	48,531	$	300,669



	Six Months Ended June 30, 2019
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	169,980	$	70,991	$	54,295	$	50,182	$	345,448
Commission and other brokerage income - development marketing	34,104		—		3,066		29		37,199
Property management revenue	18,215		354		—		—		18,569
Title fees	2,663		910		60		—		3,633
Total Douglas Elliman revenue	224,962		72,255		57,421		50,211		404,849
Other real estate revenues	—		—		—		3,250		3,250
Total real estate revenues	$	224,962	$	72,255	$	57,421	$	53,461	$	408,099

Contract Balances

The following table provides information about contracts assets and contract liabilities from development marketing and commercial leasing contracts with customers:



	June 30, 2020		December 31, 2019
Receivables, which are included in accounts receivable - trade, net	$	1,532	$	2,129
Contract assets, net, which are included in other current assets	5,296		8,766
Payables, which are included in other current liabilities	1,084		1,663
Contract liabilities, which are included in other current liabilities	7,830		9,358
Contract assets, net, which are included in other assets	25,957		18,443
Contract liabilities, which are included in other liabilities	32,125		29,045

Current Expected Credit Losses (Tables)

6 Months Ended

Jun. 30, 2020

Credit Loss [Abstract]

Rollforward of Allowance for Credit Losses

The following is the rollforward of the allowance for credit losses for the six months ended June 30, 2020:



	January 1, 2020		Current Period Provision			Write-offs		Recoveries		June 30, 2020
Allowance for credit losses:

Real estate broker agent receivables	$	6,132	$	1,270	(1)	$	41	$	—	7,361

New Valley term loan receivables	3,100		432		(2)	—		—		3,532

______________________

⁽²⁾The credit losses related to the New Valley term loan receivables are included in Other, net on the condensed consolidated statements of operations.

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Operating lease cost	$	9,356	$	9,630	$	18,780	$	18,505
Short-term lease cost	389		279		790		513
Variable lease cost	588		898		1,155		1,690

Finance lease cost:
Amortization	39		63		77		119
Interest on lease liabilities	4		4		7		7
Total lease cost	$	10,376	$	10,874	$	20,809	$	20,834

Supplemental cash flow information related to leases was as follows:



	Six Months Ended
	June 30,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	11,953	$	18,440
Operating cash flows from finance leases	7		7
Financing cash flows from finance leases	69		113

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	9,076		13,061
Finance leases	60		123

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:



	June 30,			December 31,
	2020			2019
Operating leases:
Operating lease right-of-use assets	$	148,662		$	149,578

Current operating lease liability	$	18,268		$	18,294
Non-current operating lease liability	159,296			156,963
Total operating lease liabilities	$	177,564		$	175,257

Finance leases:
Investments in real estate, net ⁽¹⁾	$	84		$	88

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(32		)	(19		)
Property and equipment, net	$	95		$	108

Current portion of notes payable and long-term debt	$	61		$	86
Notes payable, long-term debt and other obligations, less current portion	124			108
Total finance lease liabilities	$	185		$	194

Weighted average remaining lease term:
Operating leases	8.35			8.46
Finance leases	3.10			3.01

Weighted average discount rate:
Operating leases	9.48		%	10.75		%
Finance leases	7.68		%	8.61		%

⁽¹⁾

Included in Investments in real estate, net on the condensed consolidated balance sheets are financing lease equipment, at cost of $822 and $762 and accumulated amortization of $738 and $674 as of June 30, 2020 and December 31, 2019, respectively.

Maturities of Operating Lease Liabilities

As of June 30, 2020, maturities of lease liabilities were as follows:



	Operating Leases			Finance Leases
Period Ending December 31:
Remainder of 2020	$	15,374		$	39
2021	38,992			66
2022	34,772			61
2023	31,516			35
2024	25,902			8
2025	20,980			—
Thereafter	96,668			—
Total lease payments	264,204			209
Less imputed interest	(86,640		)	(24		)
Total	$	177,564		$	185

Maturities of Financing Lease Liabilities

As of June 30, 2020, maturities of lease liabilities were as follows:



	Operating Leases			Finance Leases
Period Ending December 31:
Remainder of 2020	$	15,374		$	39
2021	38,992			66
2022	34,772			61
2023	31,516			35
2024	25,902			8
2025	20,980			—
Thereafter	96,668			—
Total lease payments	264,204			209
Less imputed interest	(86,640		)	(24		)
Total	$	177,564		$	185

Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of:



	June 30, 2020			December 31, 2019
Leaf tobacco	$	48,482		$	44,516
Other raw materials	4,564			4,669
Work-in-process	532			333
Finished goods	66,970			71,183
Inventories at current cost	120,548			120,701
LIFO adjustments	(21,939		)	(21,939		)
	$	98,609		$	98,762

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Maturity Dates of Fixed Income Securities

The table below summarizes the maturity dates of debt securities available for sale at June 30, 2020.



Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	12,754	$	8,761	$	3,993	$	—
Corporate securities	37,145		22,570		14,575		—
U.S. mortgage-backed securities	4,984		3,134		1,850		—
Commercial mortgage-backed securities	2		2		—		—
Total debt securities available for sale by maturity dates	$	54,885	$	34,467	$	20,418	$	—

Investment Securities at Fair Value

Investment securities consisted of the following:



	June 30, 2020		December 31, 2019
Debt securities available for sale	$	54,885	$	83,445

Equity securities at fair value:
Marketable equity securities	11,091		23,819
Mutual funds invested in debt securities	22,667		22,377
Long-term investment securities at fair value ⁽¹⁾	33,232		45,781
Total equity securities at fair value	66,990		91,977

Total investment securities at fair value	121,875		175,422
Less:
Long-term investment securities at fair value	33,232		45,781
Current investment securities at fair value	88,643		129,641

Equity-method investments	$	14,817	$	15,942

⁽¹⁾These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.

Net gains (losses) recognized on investment securities were as follows:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020		2019			2020			2019
Net gains (losses) recognized on equity securities	$	4,711	$	2,311		$	(7,026	)	$	7,051
Net gains (losses) recognized on debt securities available for sale	70		6			(47		)	42
Impairment expense	—		(2		)	(386		)	(5		)
Net gains (losses) recognized on investment securities	$	4,781	$	2,315		$	(7,459	)	$	7,088

The components of debt securities available for sale at December 31, 2019 were as follows:



	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	82,714	$	731	$	—	$	83,445

The components of debt securities available for sale at June 30, 2020 were as follows:



	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	53,741	$	1,144	$	—	$	54,885

Schedule of Realized Gains (Losses)

Gross realized gains and losses on debt securities available for sale were as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Gross realized gains on sales	$	72		$	9		$	170		$	47
Gross realized losses on sales	(2		)	(3		)	(217		)	(5		)
Net gains (losses) recognized on debt securities available for sale	$	70		$	6		$	(47	)	$	42

Impairment expense	$	—		$	(2	)	$	(386	)	$	(5	)

Equity Securities at Fair Value



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020			2019
Net gains (losses) recognized on equity securities	$	4,711	$	2,311	$	(7,026	)	$	7,051
Less: Net gains (losses) recognized on equity securities sold	601		278		(17		)	410
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	4,110	$	2,033	$	(7,009	)	$	6,641

Equity Method Investments

Equity in earnings (losses) from investments were:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020		2019			2020			2019
Mutual fund and hedge funds	$	2,207	$	(230	)	$	(693	)	$	612
LTS	—		(1,480		)	53,052			(985		)
Other	—		25			—			50
Equity in earnings (losses) from investments	$	2,207	$	(1,685	)	$	52,359		$	(323	)

Equity-method investments consisted of the following:



	June 30, 2020		December 31, 2019
Mutual fund and hedge funds	$	14,817	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
	$	14,817	$	15,942

New Valley LLC (Tables)

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Investments in real estate ventures

Distributions:

The components of distributions received by New Valley from its investments in real estate ventures were as follows:



	Six Months Ended
	June 30,
	2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,735	$	571
All other U.S. areas	5,214		1,279
	6,949		1,850
Apartment Buildings:
All other U.S. areas	—		3
	—		3
Hotels:
New York City SMSA	—		21,572
	—		21,572
Commercial:
New York City SMSA	3		9
All other U.S. areas	52		129
	55		138

Other	23		1,697
Total distributions	$	7,027	$	25,260

The components of “Investments in real estate ventures” were as follows:



	Range of Ownership ⁽¹⁾	June 30, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	3.1% - 49.5%	$	42,851	$	51,078
All other U.S. areas	15.0% - 77.8%	47,172		55,842
		90,023		106,920
Hotels:
New York City SMSA	1.0% - 18.4%	3,107		2,462
International	49.0%	1,610		2,161
		4,717		4,623
Commercial:
New York City SMSA	49.0%	2,076		1,852
All other U.S. areas	1.6%	7,567		7,634
		9,643		9,486

Other:	15.0% - 49.0%	10,994		10,527
Investments in real estate ventures		$	115,377	$	131,556

______________________

Contributions:

The components of New Valley’s contributions to its investments in real estate ventures were as follows:



	Six Months Ended
	June 30,
	2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,169	$	21,537
All other U.S. areas	2,161		—
	3,330		21,537
Apartment Buildings:
All other U.S. areas	76		—
	76		—

Hotels:
New York City SMSA	—		172
	—		172

Other:	452		199
Total contributions	$	3,858	$	21,908

Equity in (Losses) Earnings from Real Estate Ventures:

New Valley recognized equity in (losses) earnings from real estate ventures as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Condominium and Mixed Use Development:
New York City SMSA	$	(5,104	)	$	(1,120	)	$	(8,451	)	$	(3,226	)
All other U.S. areas ⁽¹⁾	(6,489		)	(2,258		)	(9,288		)	(2,366		)
	(11,593		)	(3,378		)	(17,739		)	(5,592		)
Apartment Buildings:
All other U.S. areas	(76		)	3			(76		)	3
	(76		)	3			(76		)	3
Hotels:
New York City SMSA ⁽¹⁾	(542		)	8,942			(649		)	8,234
International	(90		)	122			(551		)	(364		)
	(632		)	9,064			(1,200		)	7,870
Commercial:
New York City SMSA	301			384			227			263
All other U.S. areas	(264		)	79			(15		)	371
	37			463			212			634

Other:	4			239			38			1,037
Equity in (losses) earnings from real estate ventures	$	(12,260	)	$	6,391		$	(18,765	)	$	3,952

______________________

⁽¹⁾ The Company recognized a liability, classified in Other current liabilities, of $2,498 as a result of recording equity in losses in excess of the joint ventures' carrying value.

ondominium and Mixed Use Development:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Income Statement
Revenue	$	1,830		$	—		$	33,409		$	—
Cost of goods sold	—			—			22,100			—
Other expenses	14,013			6			31,926			75
Loss from continuing operations	$	(12,183	)	$	(6	)	$	(20,617	)	$	(75	)

aximum Exposure to Loss:



	June 30, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	42,851
All other U.S. areas	47,172
	90,023
Hotels:
New York City SMSA	3,107
International	1,610
	4,717
Commercial:
New York City SMSA	2,076
All other U.S. areas	7,567
	9,643

Other:	24,641
Total maximum exposure to loss	$	129,024

Investments in real estate, net

nvestments in Real Estate, net:

The components of “Investments in real estate, net” were as follows:



	June 30, 2020		December 31, 2019
Escena, net	$	9,852	$	9,972
Sagaponack	19,024		18,345
Investments in real estate, net	$	28,876	$	28,317

Escena. The assets of “Escena, net” were as follows:



	June 30, 2020			December 31, 2019
Land and land improvements	$	8,911		$	8,910
Building and building improvements	1,926			1,926
Other	1,673			1,659
	12,510			12,495
Less accumulated depreciation	(2,658		)	(2,523		)
	$	9,852		$	9,972

Notes Payable, Long-Term Debt and Other Obligations (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Notes payable, long-term debt and other obligations

Notes payable, long-term debt and other obligations consisted of:



	June 30, 2020			December 31, 2019
Vector:
6.125% Senior Secured Notes due 2025	$	850,000		$	850,000
10.5% Senior Notes due 2026, net of unamortized discount of $3,221 and $3,392	551,779			551,608
5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $0 and $5,276*	—			164,334
Liggett:
Revolving credit facility	—			34,952
Equipment loans	143			347
Other	28,033			30,146
Notes payable, long-term debt and other obligations	1,429,955			1,631,387
Less:
Debt issuance costs	(22,908		)	(24,902		)
Total notes payable, long-term debt and other obligations	1,407,047			1,606,485
Less:
Current maturities	(8,853		)	(209,269		)
Amount due after one year	$	1,398,194		$	1,397,216

______________________

Schedule of non-cash interest expense - Vector

Non-Cash Interest Expense — Vector:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Amortization of debt discount, net	$	847	$	5,447	$	5,447	$	13,972
Amortization of debt issuance costs	889		1,053		2,047		2,238
	$	1,736	$	6,500	$	7,494	$	16,210

Schedule of fair value of notes payable and long-term debt

Fair Value of Notes Payable and Long-Term Debt:



	June 30, 2020				December 31, 2019
	Carrying		Fair		Carrying			Fair
	Value		Value		Value			Value
Senior Notes	$	1,401,779	$	1,380,787	$	1,401,608		$	1,409,920
Variable Interest Senior Convertible Debt	—		—		164,334			176,289
Liggett and other	28,176		28,188		65,445			65,456
Notes payable and long-term debt	$	1,429,955	$	1,408,975	$	1,631,387	(1)	$	1,651,665

______________________

⁽¹⁾The carrying value does not include the carrying value of the embedded derivative. See Note 12.

Contingencies (Tables)

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of contingencies

he following table lists the number of Individual Actions by state:



State		Number of Cases
Florida		37
Illinois		9
Nevada		5
Louisiana		2
Massachusetts		1

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2020 was as follows:



	Current Liabilities									Non-Current Liabilities
	Payments due under Master Settlement Agreement			Litigation Accruals			Total			Payments due under Master Settlement Agreement		Litigation Accruals			Total

Balance as of January 1, 2020	$	34,116		$	4,249		$	38,365		$	17,275	$	20,594		$	37,869
Expenses	96,215			28			96,243			—		—			—
Change in MSA obligations capitalized as inventory	(137		)	—			(137		)	—		—			—
Payments	(27,214		)	(4,324		)	(31,538		)	—		—			—
Reclassification to/(from) non-current liabilities	(855		)	3,252			2,397			855		(3,252		)	(2,397		)
Interest on withholding	—			238			238			—		932			932
Balance as of June 30, 2020	$	102,125		$	3,443		$	105,568		$	18,130	$	18,274		$	36,404

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2019 were as follows:



	Current Liabilities									Non-Current Liabilities
	Payments due under Master Settlement Agreement			Litigation Accruals			Total			Payments due under Master Settlement Agreement		Litigation Accruals			Total

Balance as of January 1, 2019	$	36,561		$	310		$	36,871		$	16,383	$	21,794		$	38,177
Expenses	80,128			655			80,783			—		—			—
Change in MSA obligations capitalized as inventory	1,813			—			1,813			—		—			—
Payments	(31,959		)	(355		)	(32,314		)	—		—			—
Reclassification to/(from) non-current liabilities	(892		)	3,338			2,446			892		(3,338		)	(2,446		)
Interest on withholding	—			95			95			—		1,076			1,076
Balance as of June 30, 2019	$	85,651		$	4,043		$	89,694		$	17,275	$	19,532		$	36,807

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Goodwill and Other Intangible Assets

The components of Goodwill and other intangible assets, net were as follows:



	December 31, 2019		Impairment Losses			Amortization			June 30, 2020
Goodwill	$	78,008	$	(46,252	)	$	—		$	31,756

Indefinite life intangibles:
Intangible asset associated with benefit under the MSA	107,511		—			—			107,511

Trademark - Douglas Elliman	80,000		(12,000		)	—			68,000

Intangibles with a finite life, net	474		—			(82		)	392

Total goodwill and other intangible assets, net	$	265,993	$	(58,252	)	$	(82	)	$	207,659

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income tax expense (benefit)

The Company’s income tax expense consisted of the following:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020		2019
Income before provision for income taxes	$	36,690		$	56,766		$	32,481	$	78,548
Income tax expense using estimated annual effective income tax rate	10,896			17,566			9,647		24,319
Changes in effective tax rates	(12		)	(110		)	—		—
Impact of discrete items, net	32			3			291		(111		)
Income tax expense	$	10,916		$	17,459		$	9,938	$	24,208

Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Company's recurring financial assets and liabilities subject to fair value measurements

The Company’s financial assets and liabilities subject to fair value measurements were as follows:



	Fair Value Measurements as of June 30, 2020
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	455,669	$	455,669	$	—	$	—

Commercial paper⁽¹⁾	53,463		—		53,463		—

Certificates of deposit ⁽²⁾	2,106		—		2,106		—

Money market funds securing legal bonds ⁽²⁾	535		535		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	11,091		11,091		—		—
Mutual funds invested in debt securities	22,667		22,667		—		—
Total equity securities at fair value	33,758		33,758		—		—
Debt securities available for sale
U.S. government securities	12,754		—		12,754		—
Corporate securities	37,145		—		37,145		—
U.S. government and federal agency	4,984		—		4,984		—
Commercial mortgage-backed securities	2		—		2		—
Total debt securities available for sale	54,885		—		54,885		—

Total investment securities at fair value	88,643		33,758		54,885		—

Long-term investments
Long-term investment securities at fair value ⁽³⁾	33,232		—		—		—
Total	$	633,648	$	489,962	$	110,454	$	—

Liabilities:
Fair value of contingent liability	$	1,317	$	—	$	—	$	1,317
Total	$	1,317	$	—	$	—	$	1,317


(1)	Amounts included in Cash and cash equivalents on the condensed consolidated balance sheet, except for $6,310 that is included in Other current assets and $1,907 that is included in Other assets.


(2)	Amounts included in current restricted assets and non-current restricted assets on the condensed consolidated balance sheet.


(3)	In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.



	Fair Value Measurements as of December 31, 2019
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	307,655	$	307,655	$	—	$	—

Commercial paper⁽¹⁾	47,328		—		47,328		—

Certificates of deposit ⁽²⁾	2,193		—		2,193		—

Money market funds securing legal bonds ⁽²⁾	535		535		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	23,819		23,819		—		—
Mutual funds invested in debt securities	22,377		22,377		—		—
Total equity securities at fair value	46,196		46,196		—		—
Debt securities available for sale
U.S. government securities	14,660		—		14,660		—
Corporate securities	54,413		—		54,413		—
U.S. government and federal agency	6,816		—		6,816		—
Commercial mortgage-backed securities	382		—		382		—
Commercial paper	5,887		—		5,887		—
Index-linked U.S. bonds	779		—		779		—
Foreign fixed-income securities	508		—		508		—
Total debt securities available for sale	83,445		—		83,445		—

Total investment securities at fair value	129,641		46,196		83,445		—

Long-term investments
Long-term investment securities at fair value ⁽³⁾	45,781		—		—		—
Total	$	533,133	$	354,386	$	132,966	$	—

Liabilities:
Fair value of contingent liability	$	3,147	$	—	$	—	$	3,147
Fair value of derivatives embedded within convertible debt	4,999		—		—		4,999
Total	$	8,146	$	—	$	—	$	8,146


(1)	Amounts included in Cash and cash equivalents on the condensed consolidated balance sheet, except for $4,423 that is included in current restricted assets and $3,160 that is included in non-current restricted assets.


(2)	Amounts included in current restricted assets and non-current restricted assets on the condensed consolidated balance sheet.


(3)	In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Unobservable inputs related to the valuations of the Level 3 liabilities

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at June 30, 2020:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	June 30, 2020		Valuation Technique	Unobservable Input	Range (Actual)

Fair value of contingent liability	$	1,317	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	169,000
				Risk-free rate for a 2.50 year term	0.17		%
				Leverage-adjusted equity volatility of peer firms	64.78		%

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2019:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2019		Valuation Technique	Unobservable Input	Range (Actual)

Fair value of derivatives embedded within convertible debt	$	4,999	Discounted cash flow	Assumed annual stock dividend	5		%
				Assumed remaining cash dividends - Q4 2019 and Q1 2020	$0.40/$0.20
				Stock price	$	13.39
				Convertible trading price (as a percentage of par value)	103.94		%
				Volatility	36.94		%
				Risk-free rate	Term structure of US Treasury Securities
				Implied credit spread	1.0% - 3.0% (2.0%)

Fair value of contingent liability	$	3,147	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	271,500
				Risk-free rate for a 3-year term	1.61		%
				Leverage-adjusted equity volatility of peer firms	35.56		%

Nonrecurring fair value measurements

The Company’s investments in real estate ventures subject to nonrecurring fair value measurements are as follows:



			Fair Value Measurement Using:
	Three Months Ended June 30, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description	Impairment Charge		Total				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets:
Investments in real estate ventures	$	3,784	$	1,980	$	—	$	—	$	1,980



			Fair Value Measurement Using:
	Year Ended December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description	Impairment Charge		Total				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets:
Investments in real estate ventures	$	39,757	$	18,335	$	—	$	—	$	18,335

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Financial information for the company's operations before taxes

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Financial information for the Company’s operations before taxes and non-controlling interests for the three and six months ended June 30, 2020 and 2019 were as follows:



				Real				Corporate
	Tobacco			Estate				and Other			Total
Three months ended June 30, 2020
Revenues	$	312,510		$	133,250			$	—		$	445,760
Operating income (loss)	79,309		(1)	(6,875		)	(2)	(5,637		)	66,797
Equity in losses from real estate ventures	—			(12,260		)		—			(12,260		)
Depreciation and amortization	2,000			2,198				214			4,412

Three months ended June 30, 2019
Revenues	$	294,501		$	243,931			$	—		$	538,432
Operating income (loss)	68,651		(3)	14,453				(6,860		)	76,244
Equity in earnings from real estate ventures	—			6,391				—			6,391
Depreciation and amortization	1,950			2,024				250			4,224

Six months ended June 30, 2020
Revenues	$	599,579		$	300,669			$	—		$	900,248
Operating income (loss)	148,495		(4)	(74,350		)	(5)	(12,252		)	61,893
Equity in losses from real estate ventures	—			(18,765		)		—			(18,765		)
Depreciation and amortization	4,042			4,511				434			8,987
Capital expenditures	2,973			3,249				20			6,242

Six months ended June 30, 2019
Revenues	$	551,257		$	408,099			$	—		$	959,356
Operating income (loss)	128,795		(6)	4,044				(14,005		)	118,834
Equity in earnings from real estate ventures	—			3,952				—			3,952
Depreciation and amortization	3,907			4,525				500			8,932
Capital expenditures	2,753			3,567				—			6,320

⁽¹⁾Operating income includes $53 of litigation settlement and judgment expense.

⁽²⁾Operating loss includes $2,961 of restructuring charges.

⁽³⁾Operating income includes $655 of litigation settlement and judgment expense.

⁽⁴⁾ Operating income includes $53 of litigation settlement and judgment expense.

⁽⁵⁾ Operating loss includes $58,252 of impairment charges related to the impairments of goodwill and intangible assets and $2,961 of restructuring charges.

⁽⁶⁾Operating income includes $655 of litigation settlement and judgment expense.

Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS



				June 30, 2020
						Subsidiary					Consolidated
	Parent/			Subsidiary		Non-		Consolidating			Vector Group
	Issuer			Guarantors		Guarantors		Adjustments			Ltd.
ASSETS:
Current assets:
Cash and cash equivalents	$	261,167		$	217,748	$	61,448	$	—		$	540,363
Investment securities at fair value	88,643			—		—		—			88,643
Accounts receivable - trade, net	—			13,222		19,538		—			32,760
Intercompany receivables	45,946			—		—		(45,946		)	—
Inventories	—			98,609		—		—			98,609
Income taxes receivable, net	—			—		7,696		(7,696		)	—
Other current assets	2,560			8,069		28,209		(475		)	38,363
Total current assets	398,316			337,648		116,891		(54,117		)	798,738
Property, plant and equipment, net	413			32,245		44,959		—			77,617
Investments in real estate, net	—			—		28,876		—			28,876
Long-term investment securities at fair value	33,232			—		—		—			33,232
Investments in real estate ventures	—			—		115,377		—			115,377
Operating lease right-of-use assets	6,521			3,918		138,223		—			148,662
Investments in consolidated subsidiaries	365,814			163,958		—		(529,772		)	—
Goodwill and other intangible assets, net	—			107,511		100,148		—			207,659
Other assets	30,250			47,092		44,244		—			121,586
Total assets	$	834,546		$	692,372	$	588,718	$	(583,889	)	$	1,531,747
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt	$	—		$	8,816	$	8,787	$	(8,750	)	$	8,853
Intercompany payables	—			167		45,779		(45,946		)	—
Income taxes payable, net	37,394			7,133		—		(7,696		)	36,831
Current payments due under the Master Settlement Agreement	—			102,125		—		—			102,125
Current operating lease liability	754			1,694		15,820		—			18,268
Other current liabilities	45,267			223,205		63,780		(218		)	332,034
Total current liabilities	83,415			343,140		134,166		(62,610		)	498,111
Notes payable, long-term debt and other obligations, less current portion	1,378,871			18,827		19,246		(18,750		)	1,398,194
Non-current employee benefits	51,599			9,426		—		—			61,025
Deferred income taxes, net	(17,310		)	21,756		7,992		—			12,438
Non-current operating lease liability	6,787			2,790		149,719		—			159,296
Other liabilities, including litigation accruals and payments due under the Master Settlement Agreement	388			37,724		35,092		(1,317		)	71,887
Total liabilities	1,503,750			433,663		346,215		(82,677		)	2,200,951
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.	(669,204		)	258,709		242,503		(501,212		)	(669,204		)
Non-controlling interest	—			—		—		—			—
Total stockholders' (deficiency) equity	(669,204		)	258,709		242,503		(501,212		)	(669,204		)
Total liabilities and stockholders' deficiency	$	834,546		$	692,372	$	588,718	$	(583,889	)	$	1,531,747

CONDENSED CONSOLIDATING BALANCE SHEETS



				December 31, 2019
						Subsidiary					Consolidated
	Parent/			Subsidiary		Non-		Consolidating			Vector Group
	Issuer			Guarantors		Guarantors		Adjustments			Ltd.
ASSETS:
Current assets:
Cash and cash equivalents	$	272,282		$	27,178	$	71,881	$	—		$	371,341
Investment securities at fair value	129,641			—		—		—			129,641
Accounts receivable - trade, net	—			15,646		21,313		—			36,959
Intercompany receivables	44,043			—		—		(44,043		)	—
Inventories	—			98,762		—		—			98,762
Income taxes receivable, net	—			—		95		(95		)	—
Other current assets	9,159			9,021		26,731		—			44,911
Total current assets	455,125			150,607		120,020		(44,138		)	681,614
Property, plant and equipment, net	425			33,816		47,919		—			82,160
Investments in real estate, net	—			—		28,317		—			28,317
Long-term investment securities at fair value	45,781			—		—		—			45,781
Investments in real estate ventures	—			—		131,556		—			131,556
Operating lease right-of-use assets	7,085			4,830		137,663		—			149,578
Investments in consolidated subsidiaries	420,353			238,040		—		(658,393		)	—
Goodwill and other intangible assets, net	—			107,511		158,482		—			265,993
Other assets	31,022			46,416		42,652		—			120,090
Total assets	$	959,791		$	581,220	$	666,609	$	(702,531	)	$	1,505,089
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt	$	163,932		$	45,210	$	10,127	$	(10,000	)	$	209,269
Current portion of fair value of derivatives embedded within convertible debt	4,999			—		—		—			4,999
Intercompany payables	—			236		43,807		(44,043		)	—
Income taxes payable, net	2,398			2,835		—		(95		)	5,138
Current payments due under the Master Settlement Agreement	—			34,116		—		—			34,116
Current operating lease liability	508			2,015		15,771		—			18,294
Other current liabilities	52,065			78,947		59,202		(897		)	189,317
Total current liabilities	223,902			163,359		128,907		(55,035		)	461,133
Notes payable, long-term debt and other obligations, less current portion	1,377,108			20,089		20,019		(20,000		)	1,397,216
Non-current employee benefits	50,806			17,047		—		—			67,853
Deferred income taxes, net	(14,492		)	22,620		25,567		—			33,695
Non-current operating lease liability	7,558			3,402		146,003		—			156,963
Other liabilities, including litigation accruals and payments due under the Master Settlement Agreement	373			41,020		34,999		(3,147		)	73,245
Total liabilities	1,645,255			267,537		355,495		(78,182		)	2,190,105
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.	(685,464		)	313,683		310,666		(624,349		)	(685,464		)
Non-controlling interest	—			—		448		—			448
Total stockholders' (deficiency) equity	(685,464		)	313,683		311,114		(624,349		)	(685,016		)
Total liabilities and stockholders' deficiency	$	959,791		$	581,220	$	666,609	$	(702,531	)	$	1,505,089

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Three Months Ended June 30, 2020
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	312,630		$	133,250		$	(120	)	$	445,760
Expenses:
Cost of sales	—			214,067			90,818			—			304,885
Operating, selling, administrative and general expenses	8,429			16,379			46,376			(120		)	71,064
Litigation settlement and judgment expense	—			53			—			—			53
Management fee expense	—			3,114			—			(3,114		)	—
Restructuring charges	—			—			2,961			—			2,961
Operating (loss) income	(8,429		)	79,017			(6,905		)	3,114			66,797
Other income (expenses):
Interest expense	(28,666		)	(690		)	(106		)	104			(29,358		)
Change in fair value of derivatives embedded within convertible debt	1,669			—			—			—			1,669
Equity in losses from real estate ventures	—			—			(12,260		)	—			(12,260		)
Equity in earnings from investments	2,207			—			—			—			2,207
Equity in earnings in consolidated subsidiaries	46,526			(5,042		)	—			(41,484		)	—
Management fee income	3,114			—			—			(3,114		)	—
Other, net	5,154			(78		)	2,325			234			7,635
Income (loss) before provision for income taxes	21,575			73,207			(16,946		)	(41,146		)	36,690
Income tax benefit (expense)	4,199			(19,644		)	4,529			—			(10,916		)
Net income (loss)	25,774			53,563			(12,417		)	(41,146		)	25,774
Net income (loss) attributed to Vector Group Ltd.	$	25,774		$	53,563		$	(12,417	)	$	(41,146	)	$	25,774
Comprehensive income (loss) attributed to Vector Group Ltd.	$	26,531		$	53,713		$	(12,417	)	$	(41,296	)	$	26,531

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Three Months Ended June 30, 2019
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	294,621		$	243,931		$	(120	)	$	538,432
Expenses:
Cost of sales	—			204,461			163,713			—			368,174
Operating, selling, administrative and general expenses	9,515			18,167			65,797			(120		)	93,359
Litigation settlement and judgment expense	—			655			—			—			655
Management fee expense	—			2,992			—			(2,992		)	—
Operating (loss) income	(9,515		)	68,346			14,421			2,992			76,244
Other income (expenses):
Interest expense	(31,706		)	(1,043		)	(228		)	224			(32,753		)
Change in fair value of derivatives embedded within convertible debt	3,788			—			—			—			3,788
Equity in earnings from real estate ventures	—			—			6,391			—			6,391
Equity in losses from investments	(1,685		)	—			—			—			(1,685		)
Equity in earnings in consolidated subsidiaries	66,163			15,138			—			(81,301		)	—
Management fee income	2,992			—			—			(2,992		)	—
Other, net	3,702			447			632			—			4,781
Income before provision for income taxes	33,739			82,888			21,216			(81,077		)	56,766
Income tax benefit (expense)	5,568			(17,118		)	(5,909		)	—			(17,459		)
Net income	39,307			65,770			15,307			(81,077		)	39,307
Net income attributed to Vector Group Ltd.	$	39,307		$	65,770		$	15,307		$	(81,077	)	$	39,307
Comprehensive income attributed to Vector Group Ltd.	$	39,912		$	66,004		$	15,307		$	(81,311	)	$	39,912

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Six Months Ended June 30, 2020
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	599,818		$	300,669		$	(239	)	$	900,248
Expenses:
Cost of sales	—			411,357			204,151			—			615,508
Operating, selling, administrative and general expenses	17,593			34,440			109,787			(239		)	161,581
Litigation settlement and judgment expense	—			53			—			—			53
Impairments of goodwill and intangible assets	—			—			58,252			—			58,252
Management fee expense	—			6,228			—			(6,228		)	—
Restructuring charges	—			—			2,961			—			2,961
Operating (loss) income	(17,593		)	147,740			(74,482		)	6,228			61,893
Other income (expenses):
Interest expense	(63,405		)	(1,576		)	(222		)	218			(64,985		)
Change in fair value of derivatives embedded within convertible debt	4,999			—			—			—			4,999
Equity in losses from real estate ventures	—			—			(18,765		)	—			(18,765		)
Equity in earnings from investments	52,359			—			—			—			52,359
Equity in earnings in consolidated subsidiaries	43,185			(74,082		)	—			30,897			—
Management fee income	6,228			—			—			(6,228		)	—
Other, net	(5,700		)	2,229			2,282			(1,831		)	(3,020		)
Income (loss) before provision for income taxes	20,073			74,311			(91,187		)	29,284			32,481
Income tax benefit (expense)	2,470			(36,746		)	24,338			—			(9,938		)
Net income (loss)	22,543			37,565			(66,849		)	29,284			22,543
Net income (loss) attributed to Vector Group Ltd.	$	22,543		$	37,565		$	(66,849	)	$	29,284		$	22,543
Comprehensive income (loss) attributed to Vector Group Ltd.	$	23,522		$	37,864		$	(66,849	)	$	28,985		$	23,522

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS



				Six Months Ended June 30, 2019
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	551,496		$	408,099		$	(239	)	$	959,356
Expenses:
Cost of sales	—			381,764			272,430			—			654,194
Operating, selling, administrative and general expenses	19,346			34,858			131,708			(239		)	185,673
Litigation settlement and judgment expense	—			655			—			—			655
Management fee expense	—			5,985			—			(5,985		)	—
Operating (loss) income	(19,346		)	128,234			3,961			5,985			118,834
Other income (expenses):
Interest expense	(68,254		)	(2,010		)	(457		)	448			(70,273		)
Change in fair value of derivatives embedded within convertible debt	14,137			—			—			—			14,137
Equity in earnings from real estate ventures	—			—			3,952			—			3,952
Equity in losses from investments	(323		)	—			—			—			(323		)
Equity in earnings in consolidated subsidiaries	101,428			4,724			—			(106,152		)	—
Management fee income	5,985			—			—			(5,985		)	—
Other, net	10,285			600			1,336			—			12,221
Income before provision for income taxes	43,912			131,548			8,792			(105,704		)	78,548
Income tax benefit (expense)	10,348			(32,066		)	(2,490		)	—			(24,208		)
Net income	54,260			99,482			6,302			(105,704		)	54,340
Net income attributed to non-controlling interest	—			—			(80		)	—			(80		)
Net income attributed to Vector Group Ltd.	$	54,260		$	99,482		$	6,222		$	(105,704	)	$	54,260
Comprehensive income attributed to non-controlling interest	$	—		$	—		$	(80	)	$	—		$	(80	)
Comprehensive income attributed to Vector Group Ltd.	$	55,446		$	99,951		$	6,222		$	(106,173	)	$	55,446

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



				Six Months Ended June 30, 2020
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Net cash provided by (used in) operating activities	$	126,021		$	325,721		$	(5,489	)	$	(104,924	)	$	341,329
Cash flows from investing activities:
Sale of investment securities	19,555			—			—			—			19,555
Maturities of investment securities	31,574			—			—			—			31,574
Purchase of investment securities	(16,867		)	—			—			—			(16,867		)
Proceeds from sale or liquidation of long-term investments	23,407			—			—			—			23,407
Purchase of long-term investments	(5,238		)	—			—			—			(5,238		)
Investments in real estate ventures	—			—			(3,858		)	—			(3,858		)
Distributions from investments in real estate ventures	—			—			5,172			—			5,172
Increase in cash surrender value of life insurance policies	(340		)	(411		)	—			—			(751		)
(Increase) decrease in restricted assets	(13		)	100			—			—			87
Investments in subsidiaries	(9,164		)	—			—			9,164			—
Capital expenditures	(20		)	(2,973		)	(3,249		)	—			(6,242		)
Pay downs of investment securities	415			—			—			—			415
Investments in real estate, net	—			—			(679		)	—			(679		)
Net cash provided by (used in) investing activities	43,309			(3,284		)	(2,614		)	9,164			46,575
Cash flows from financing activities:
Proceeds from issuance of debt	—			—			531			—			531
Repayments of debt	(169,610		)	(204		)	(2,653		)	—			(172,467		)
Borrowings under revolver	—			130,641			—			—			130,641
Repayments on revolver	—			(165,593		)	—			—			(165,593		)
Capital contributions received	—			550			8,614			(9,164		)	—
Intercompany dividends paid	—			(97,259		)	(7,665		)	104,924			—
Dividends and distributions on common stock	(63,478		)	—			—			—			(63,478		)
Distributions to non-controlling interest	—			—			(448		)	—			(448		)
Proceeds from issuance of Vector stock	52,563			—			—			—			52,563
Other	80			—			(75		)	—			5
Net cash used in financing activities	(180,445		)	(131,865		)	(1,696		)	95,760			(218,246		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,115		)	190,572			(9,799		)	—			169,658
Cash, cash equivalents and restricted cash, beginning of period	272,282			27,730			79,464			—			379,476
Cash, cash equivalents and restricted cash, end of period	$	261,167		$	218,302		$	69,665		$	—		$	549,134

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS



				Six Months Ended June 30, 2019
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Net cash provided by operating activities	$	78,661		$	148,639		$	10,158		$	(139,356	)	$	98,102
Cash flows from investing activities:
Sale of investment securities	12,942			—			—			—			12,942
Maturities of investment securities	28,610			—			—			—			28,610
Purchase of investment securities	(44,222		)	—			—			—			(44,222		)
Investments in real estate ventures	—			—			(21,908		)	—			(21,908		)
Investments in real estate, net	—			—			(1,153		)	—			(1,153		)
Purchase of subsidiaries	—			—			(668		)	—			(668		)
Distributions from investments in real estate ventures	—			—			23,200			—			23,200
Increase in cash surrender value of life insurance policies	(385		)	(404		)	—			—			(789		)
(Increase) decrease in restricted assets	(15		)	683			—			—			668
Pay downs of investment securities	545			—			—			—			545
Proceeds from sale of fixed assets	—			8			—			—			8
Investments in subsidiaries	(27,482		)	—			—			27,482			—
Capital expenditures	—			(2,753		)	(3,567		)	—			(6,320		)
Net cash used in investing activities	(30,007		)	(2,466		)	(4,096		)	27,482			(9,087		)
Cash flows from financing activities:
Deferred financing costs	—			(33		)	—			—			(33		)
Repayments of debt	(230,000		)	(621		)	(150		)	—			(230,771		)
Borrowings under revolver	—			172,224			—			—			172,224
Repayments on revolver	—			(169,727		)	—			—			(169,727		)
Capital contributions received	—			575			26,907			(27,482		)	—
Intercompany dividends paid	—			(102,739		)	(36,617		)	139,356			—
Dividends and distributions on common stock	(118,748		)	—			—			—			(118,748		)
Distributions to non-controlling interest	—			—			(285		)	—			(285		)
Net cash used in financing activities	(348,748		)	(100,321		)	(10,145		)	111,874			(347,340		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(300,094		)	45,852			(4,083		)	—			(258,325		)
Cash, cash equivalents and restricted cash, beginning of period	474,880			23,849			93,000			—			591,729
Cash, cash equivalents and restricted cash, end of period	$	174,786		$	69,701		$	88,917		$	—		$	333,404

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 27, 2018
Accounting Policies [Abstract]
Stock dividend paid to company stockholders								5.00%
Embedded Derivative [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Impact of adoption of new accounting standards		$ (718,999)	$ (669,204)	$ (685,016)	$ (606,696)	$ (590,101)	$ (547,366)
Goodwill impairment charge		$ 46,262
Impact of adoption of new accounting standards
Embedded Derivative [Line Items]
Impact of adoption of new accounting standards	$ 2,263			$ (2,263)			$ (1,550)
Allowance for credit losses	$ 3,100
Goodwill impairment charge			$ 46,252

Indicates amendment to accounting standards.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
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Summary of Significant Accounting Policies (Net Income (Loss) for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Net income attributed to Vector Group Ltd.	$ 25,774	$ 39,307	$ 22,543	$ 54,260
Income attributed to participating securities, basic	(707)	(2,027)	(1,268)	(4,029)
Net income applicable to common shares attributed to Vector Group Ltd., basic	25,067	37,280	21,275	50,231
Income attributed to participating securities, diluted	(707)	(2,027)	(1,268)	(4,029)
Net income applicable to common shares attributed to Vector Group Ltd., diluted	24,692	37,280	21,275	48,985
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Notes
Debt Instrument [Line Items]
Income attributable to Variable Interest Senior Convertible Notes	$ (375)	0	$ 0	0
Interest rate	5.50%		5.50%
Variable Interest Senior Convertible Debt \| 7.5% Variable Interest Senior Convertible Notes
Debt Instrument [Line Items]
Income attributable to Variable Interest Senior Convertible Notes	$ 0	$ 0	$ 0	$ (1,246)
Interest rate	7.50%		7.50%

Summary of Significant Accounting Policies (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Weighted-average shares for basic EPS (in shares)	149,379,306	146,509,025	148,189,710	146,490,322
Plus incremental shares related to convertible debt (in shares)	1,379,454	0	0	1,449,753
Plus incremental shares related to stock options and non-vested restricted stock (in shares)	88,100	12,082	85,701	14,242
Weighted-average shares for diluted EPS (in shares)	150,846,860	146,521,107	148,275,411	147,954,317

Summary of Significant Accounting Policies (Antidilutive Securities Excluded from Earnings Per Share) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Weighted-average shares of non-vested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	625,122	1,407,820	625,122	1,407,820
Weighted-average expense per share (in dollars per share)	$ 19.54	$ 17.92	$ 19.54	$ 17.92
Weighted-average number of shares issuable upon conversion of debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	11,447,061	4,874,072	11,447,061
Weighted-average conversion price (in dollars per share)	$ 0	$ 20.27	$ 20.27	$ 20.27

Summary of Significant Accounting Policies (Restructuring) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Reduction of staff, as a percentage	25.00%
Employee severance and benefits		$ 1,599		$ 1,599
Other restructuring expenses		218		218
Cash charges		1,817		1,817
Loss on fixed assets associated with consolidation of sales offices		1,144		1,144
Total restructuring charges		$ 2,961	$ 0	$ 2,961	$ 0

Summary of Significant Accounting Policies (Real Estate Segment Restructuring Plan) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 1,817	$ 1,817
Real estate
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		2,961
Utilized		(2,383)
Accrual balance as of June 30, 2020	578	578
Real estate \| Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		1,599
Utilized		(1,239)
Accrual balance as of June 30, 2020	360	360
Real estate \| Other
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		218
Utilized		0
Accrual balance as of June 30, 2020	218	218
Real estate \| Non-Cash Loss on Fixed Assets
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		1,144
Utilized		(1,144)
Accrual balance as of June 30, 2020	$ 0	$ 0

Summary of Significant Accounting Policies (Schedule of Other, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Interest and dividend income	$ 968	$ 3,139	$ 3,648	$ 6,347
Net gains (losses) recognized on investment securities	4,781	2,315	(7,459)	7,088
Net periodic benefit cost other than the service costs	(454)	(575)	(909)	(1,116)
Other income (expense)	2,340	(98)	1,700	(98)
Other, net	$ 7,635	$ 4,781	$ (3,020)	$ 12,221

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Restricted assets	$ 4,004	$ 5,241
Prepaid pension costs	32,207	31,686
Equity-method investments	14,817	15,942
Contract assets, net	25,957	18,443
Other assets	44,601	48,778
Total other assets	$ 121,586	$ 120,090

Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accounts payable	$ 12,232	$ 10,222
Accrued promotional expenses	44,254	35,900
Accrued excise and payroll taxes payable, net	149,758	18,653
Accrued interest	31,623	35,756
Commissions payable	22,225	18,378
Accrued salary and benefits	15,407	29,464
Contract liabilities	7,830	9,358
Allowance for sales returns	8,191	7,785
Other current liabilities	40,514	23,801
Total other current liabilities	$ 332,034	$ 189,317

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 540,363	$ 371,341
Restricted cash and cash equivalents included in other current assets	6,310	4,423
Restricted cash and cash equivalents included in other assets	2,461	3,712
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 549,134	$ 379,476	$ 333,404	$ 591,729

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Tobacco
Disaggregation of Revenue [Line Items]
Revenues	$ 312,510	$ 294,501	$ 599,579	$ 551,257
Tobacco \| Core Discount Brands - EAGLE 20’s, PYRAMID, GRAND PRIX, LIGGETT SELECT, and EVE
Disaggregation of Revenue [Line Items]
Revenues	283,951	267,277	542,166	500,383
Tobacco \| Other Brands
Disaggregation of Revenue [Line Items]
Revenues	28,559	27,224	57,413	50,874
Real estate
Disaggregation of Revenue [Line Items]
Total real estate revenues	133,250	243,931	300,669	408,099
Real estate \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	50,125	138,936	117,840	224,962
Real estate \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	36,215	40,521	71,419	72,255
Real estate \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	25,979	31,760	62,879	57,421
Real estate \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	20,931	32,714	48,531	53,461
Real estate \| Commission brokerage income
Disaggregation of Revenue [Line Items]
Total real estate revenues	114,748	207,158	255,459	345,448
Real estate \| Commission brokerage income \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	35,861	104,301	85,970	169,980
Real estate \| Commission brokerage income \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	35,631	39,880	70,355	70,991
Real estate \| Commission brokerage income \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	23,232	31,324	53,410	54,295
Real estate \| Commission brokerage income \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	20,024	31,653	45,724	50,182
Real estate \| Development marketing
Disaggregation of Revenue [Line Items]
Total real estate revenues	8,506	23,176	23,761	37,199
Real estate \| Development marketing \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	5,173	22,718	13,624	34,104
Real estate \| Development marketing \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Development marketing \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	2,747	436	9,469	3,066
Real estate \| Development marketing \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	586	22	668	29
Real estate \| Property management revenue
Disaggregation of Revenue [Line Items]
Total real estate revenues	8,832	10,218	17,611	18,569
Real estate \| Property management revenue \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	8,617	10,048	17,179	18,215
Real estate \| Property management revenue \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	215	170	432	354
Real estate \| Property management revenue \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Property management revenue \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Title fees
Disaggregation of Revenue [Line Items]
Total real estate revenues	843	2,400	1,699	3,633
Real estate \| Title fees \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	474	1,869	1,067	2,663
Real estate \| Title fees \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	369	471	632	910
Real estate \| Title fees \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	60
Real estate \| Title fees \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	60	0	0
Real estate \| Total Douglas Elliman revenue
Disaggregation of Revenue [Line Items]
Total real estate revenues	132,929	242,952	298,530	404,849
Real estate \| Total Douglas Elliman revenue \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	50,125	138,936	117,840	224,962
Real estate \| Total Douglas Elliman revenue \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	36,215	40,521	71,419	72,255
Real estate \| Total Douglas Elliman revenue \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	25,979	31,760	62,879	57,421
Real estate \| Total Douglas Elliman revenue \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	20,610	31,735	46,392	50,211
Real estate \| Other real estate revenues
Disaggregation of Revenue [Line Items]
Total real estate revenues	321	979	2,139	3,250
Real estate \| Other real estate revenues \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Other real estate revenues \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Other real estate revenues \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Other real estate revenues \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	$ 321	$ 979	$ 2,139	$ 3,250

Revenue Recognition - Contract Balances (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Receivables, which are included in accounts receivable - trade, net	$ 1,532,000		$ 1,532,000		$ 2,129,000
Contract assets, net, which are included in other current assets	5,296,000		5,296,000		8,766,000
Payables, which are included in other current liabilities	1,084,000		1,084,000		1,663,000
Contract liabilities, which are included in other current liabilities	7,830,000		7,830,000		9,358,000
Contract assets, net, which are included in other assets	25,957,000		25,957,000		18,443,000
Contract liabilities, which are included in other liabilities	32,125,000		32,125,000		$ 29,045,000
Revenue recognized on contract liabilities	3,921,000		6,658,000
Revenue recognized relating to performance obligations satisfied or partially satisfied in prior periods	$ 0	$ 0	$ 0	$ 0

Current Expected Credit Losses - Narrative (Details) $ in Thousands	Jan. 01, 2020 USD ($)	Jun. 30, 2020 USD ($) loan	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Impact of adoption of new accounting standards		$ (669,204)	$ (718,999)	$ (685,016)	$ (606,696)	$ (590,101)	$ (547,366)
New Valley LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses		$ 3,532		3,100
Number of loans \| loan		2
Total amortized cost basis		$ 15,534		15,276
Interest receivable		6,034		5,776
Impact of adoption of new accounting standards
Financing Receivable, Allowance for Credit Loss [Line Items]
Impact of adoption of new accounting standards	$ 2,263			(2,263)			$ (1,550)
Allowance for credit losses	$ 3,100
Real estate broker agent receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses		$ 7,361		$ 6,132

Current Expected Credit Losses - Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
New Valley LLC
Financing Receivable, Allowance for Credit Loss [Roll Forward]
January 1, 2020	$ 3,100
Current Period Provision	432
Write-offs	0
Recoveries	0
June 30, 2020	3,532
Real estate broker agent receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
January 1, 2020	6,132
Current Period Provision	1,270
Write-offs	41
Recoveries	0
June 30, 2020	$ 7,361

Leases - Lease Expense and Cash Outflows from Operating and Finance Leases (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 9,356	$ 9,630	$ 18,780	$ 18,505
Short-term lease cost	389	279	790	513
Variable lease cost	588	898	1,155	1,690
Amortization	39	63	77	119
Interest on lease liabilities	4	4	7	7
Total lease cost	$ 10,376	$ 10,874	20,809	20,834
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases			11,953	18,440
Operating cash flows from finance leases			7	7
Financing cash flows from finance leases			69	113
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			9,076	13,061
Finance leases			$ 60	$ 123

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating leases:
Operating lease right-of-use assets	$ 148,662	$ 149,578
Current operating lease liability	18,268	18,294
Non-current operating lease liability	159,296	156,963
Total operating lease liabilities	177,564	175,257
Finance leases:
Finance lease at cost	127	127
Accumulated amortization	(32)	(19)
Finance lease net	95	108
Current portion of notes payable and long-term debt	61	86
Notes payable, long-term debt and other obligations, less current portion	124	108
Total finance lease liabilities	$ 185	$ 194
Weighted average remaining lease term:
Operating leases	8 years 4 months 6 days	8 years 5 months 15 days
Finance leases	3 years 1 month 6 days	3 years 3 days
Weighted average discount rate:
Operating leases	9.48%	10.75%
Finance leases	7.68%	8.61%
Financing lease equipment
Finance leases:
Finance lease at cost	$ 822	$ 762
Accumulated amortization	(738)	(674)
Finance lease net	$ 84	$ 88

Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of 2020	$ 15,374
2021	38,992
2022	34,772
2023	31,516
2024	25,902
2025	20,980
Thereafter	96,668
Total lease payments	264,204
Less imputed interest	(86,640)
Total	177,564	$ 175,257
Finance Leases
Remainder of 2020	39
2021	66
2022	61
2023	35
2024	8
2025	0
Thereafter	0
Total lease payments	209
Less imputed interest	(24)
Total	$ 185	$ 194

Leases - Narrative (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced	$ 870
Minimum
Lessee, Lease, Description [Line Items]
Operating lease terms	1 year 6 months
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	5 years

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Leaf tobacco	$ 48,482	$ 44,516
Other raw materials	4,564	4,669
Work-in-process	532	333
Finished goods	66,970	71,183
Inventories at current cost	120,548	120,701
LIFO adjustments	(21,939)	(21,939)
Inventory, net	$ 98,609	$ 98,762

Inventories (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
LIFO adjustments	$ 21,939	$ 21,939
Capitalized MSA cost in finished goods inventory	20,801	20,472
Inventories
Inventory [Line Items]
Federal excise tax in inventory	27,663	27,676
Liggett \| Inventories
Inventory [Line Items]
Purchase commitments	18,799
Leaf tobacco
Inventory [Line Items]
LIFO adjustments	15,210	15,210
Other raw materials
Inventory [Line Items]
LIFO adjustments	183	182
Work-in-process
Inventory [Line Items]
LIFO adjustments	24	24
Finished goods
Inventory [Line Items]
LIFO adjustments	$ 6,522	$ 6,523

Investment Securities (Investment Securities at Fair Value Schedule) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Debt securities available for sale	$ 54,885	$ 83,445
Total equity securities at fair value	66,990	91,977
Long-term investment securities at fair value	33,232	45,781
Total investment securities at fair value	121,875	175,422
Current investment securities at fair value	88,643	129,641
Equity-method investments	14,817	15,942
Marketable equity securities
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities at fair value	11,091	23,819
Mutual funds invested in debt securities
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities at fair value	$ 22,667	$ 22,377

Investment Securities (Net Gains (Losses) Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities	$ 4,711	$ 2,311	$ (7,026)	$ 7,051
Net gains (losses) recognized on debt securities available for sale	70	6	(47)	42
Impairment expense	0	(2)	(386)	(5)
Net gains (losses) recognized on investment securities	$ 4,781	$ 2,315	$ (7,459)	$ 7,088

Investment Securities (Components of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 54,885	$ 83,445
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	53,741	82,714
Gross Unrealized Gains	1,144	731
Gross Unrealized Losses	0	0
Fair Value	$ 54,885	$ 83,445

Investment Securities (Maturity Dates of Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Market Value	$ 54,885	$ 83,445
Under 1 Year	34,467
1 Year up to 5 Years	20,418
More than 5 Years	0
U.S. Government securities
Debt Securities, Available-for-sale [Line Items]
Market Value	12,754
Under 1 Year	8,761
1 Year up to 5 Years	3,993
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Market Value	37,145
Under 1 Year	22,570
1 Year up to 5 Years	14,575
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Market Value	4,984
Under 1 Year	3,134
1 Year up to 5 Years	1,850
More than 5 Years	0
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Market Value	2
Under 1 Year	2
1 Year up to 5 Years	0
More than 5 Years	$ 0

Investment Securities (Gross Realized Gains and Losses on Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales	$ 72	$ 9	$ 170	$ 47
Gross realized losses on sales	(2)	(3)	(217)	(5)
Net gains (losses) recognized on debt securities available for sale	70	6	(47)	42
Impairment expense	$ 0	$ (2)	$ (386)	$ (5)

Investment Securities (Equity Securities at Fair Value) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities	$ 4,711	$ 2,311	$ (7,026)	$ 7,051
Less: Net gains (losses) recognized on equity securities sold	601	278	(17)	410
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$ 4,110	$ 2,033	$ (7,009)	$ 6,641

Investment Securities (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
Investment Securities (Narrative) (Details) - USD ($)	Feb. 14, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Nov. 11, 2019
Debt Securities, Available-for-sale [Line Items]
Cash distributions received					$ 53,484,000	$ 855,000
Proceeds from sale or liquidation of long-term investments					23,407,000	0
Equity securities without readily determinable fair value			$ 5,200,000		5,200,000		$ 6,200,000
Impairment and other adjustments			0	$ 0	0	$ 0
NAV
Debt Securities, Available-for-sale [Line Items]
Cash distributions received					23,510,000
In-transit redemptions			$ 2,148,000		$ 2,148,000
Optika Fund LLC (“Optika”)
Debt Securities, Available-for-sale [Line Items]
Equity-method ownership percentage			7.10%		7.10%
Boyar Value Fund (“Boyar”)
Debt Securities, Available-for-sale [Line Items]
Equity-method ownership percentage			35.75%		35.75%
Common Stock \| Equity Method Investee \| LTS Common Stock \| Ladenburg Thalmann Financial Services Inc. (“LTS”)
Debt Securities, Available-for-sale [Line Items]
Sale of stock (in dollars per share)								$ 3.50
Proceeds from common shares	$ 53,169,000
Common shares of LTS (in shares)	15,191,205
Redeemable Preferred Stock \| Equity Method Investee \| LTS Preferred \| Ladenburg Thalmann Financial Services Inc. (“LTS”)
Debt Securities, Available-for-sale [Line Items]
Proceeds from common shares		$ 6,009,000
Common shares of LTS (in shares)			240,000		240,000
Dividend percentage of preferred stock					8.00%
Liquidation preference (in dollars per share)			$ 25.00		$ 25.00

Investment Securities (Equity-Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 14,817	$ 15,942
Mutual fund and hedge funds
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	14,817	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 0	$ 433

Investment Securities (Equity in Earnings of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	$ 2,207	$ (1,685)	$ 52,359	$ (323)
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	2,207	(230)	(693)	612
Ladenburg Thalmann Financial Services Inc. (“LTS”)
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	0	(1,480)	53,052	(985)
Other
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	$ 0	$ 25	$ 0	$ 50

New Valley LLC (Investment in Real Estate Ventures) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($) venture	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) venture	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) venture	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 115,377		$ 115,377		$ 131,556
Contributions to real estate ventures			3,858	$ 21,908
Distributions from real estate ventures, distributions of earnings			1,855		2,060
Distributions from investments in real estate ventures			5,172	23,200
Equity in (losses) earnings from real estate ventures	(12,260)	$ 6,391	(18,765)	3,952
Other current liabilities	332,034		332,034		189,317
Identifiable assets	1,531,747		1,531,747		1,505,089
New Valley LLC
Schedule of Investments [Line Items]
Investments in real estate ventures	115,377		115,377		131,556
Contributions to real estate ventures			3,858	21,908
Distributions from real estate ventures			7,027	25,260
Equity in (losses) earnings from real estate ventures	(12,260)	6,391	(18,765)	3,952
Total maximum exposure to loss	129,024		129,024
Interest costs capitalized	$ 1,004	1,688	$ 2,257		3,003
New Valley LLC \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Range of ownership	3.10%		3.10%
New Valley LLC \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Range of ownership	49.50%		49.50%
New Valley LLC \| Condominium and Mixed Use Development
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 90,023		$ 90,023		106,920
Contributions to real estate ventures			3,330	21,537
Distributions from real estate ventures			6,949	1,850
Equity in (losses) earnings from real estate ventures	(11,593)	(3,378)	(17,739)	(5,592)
Total maximum exposure to loss	90,023		90,023
New Valley LLC \| Condominium and Mixed Use Development \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures	42,851		42,851		51,078
Contributions to real estate ventures			1,169	21,537
Distributions from real estate ventures			1,735	571
Equity in (losses) earnings from real estate ventures	(5,104)	(1,120)	(8,451)	(3,226)
Impairment of long-term investments	3,784	3,866	3,784	3,866
Total maximum exposure to loss	42,851		42,851
New Valley LLC \| Condominium and Mixed Use Development \| All other U.S. areas
Schedule of Investments [Line Items]
Investments in real estate ventures	47,172		47,172		55,842
Contributions to real estate ventures			2,161	0
Distributions from real estate ventures			5,214	1,279
Equity in (losses) earnings from real estate ventures	(6,489)	(2,258)	(9,288)	(2,366)
Total maximum exposure to loss	$ 47,172		$ 47,172
New Valley LLC \| Condominium and Mixed Use Development \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Range of ownership	15.00%		15.00%
New Valley LLC \| Condominium and Mixed Use Development \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Range of ownership	77.80%		77.80%
New Valley LLC \| Apartment Buildings
Schedule of Investments [Line Items]
Contributions to real estate ventures			$ 76	0
Distributions from real estate ventures			0	3
Equity in (losses) earnings from real estate ventures	$ (76)	3	(76)	3
New Valley LLC \| Apartment Buildings \| All other U.S. areas
Schedule of Investments [Line Items]
Contributions to real estate ventures			76	0
Distributions from real estate ventures			0	3
Equity in (losses) earnings from real estate ventures	(76)	3	(76)	3
New Valley LLC \| Hotels
Schedule of Investments [Line Items]
Investments in real estate ventures	4,717		4,717		4,623
Contributions to real estate ventures			0	172
Distributions from real estate ventures			0	21,572
Equity in (losses) earnings from real estate ventures	(632)	9,064	(1,200)	7,870
Total maximum exposure to loss	4,717		4,717
New Valley LLC \| Hotels \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures	3,107		3,107		2,462
Contributions to real estate ventures			0	172
Distributions from real estate ventures			0	21,572
Equity in (losses) earnings from real estate ventures	(542)	8,942	(649)	8,234
Other current liabilities	2,498		2,498
Total maximum exposure to loss	$ 3,107		$ 3,107
New Valley LLC \| Hotels \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Range of ownership	1.00%		1.00%
New Valley LLC \| Hotels \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Range of ownership	18.40%		18.40%
New Valley LLC \| Hotels \| International
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%
Investments in real estate ventures	$ 1,610		$ 1,610		2,161
Equity in (losses) earnings from real estate ventures	(90)	122	(551)	(364)
Total maximum exposure to loss	1,610		1,610
New Valley LLC \| Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures	9,643		9,643		9,486
Distributions from real estate ventures			55	138
Equity in (losses) earnings from real estate ventures	37	463	212	634
Total maximum exposure to loss	$ 9,643		$ 9,643
New Valley LLC \| Commercial \| New York City SMSA
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%
Investments in real estate ventures	$ 2,076		$ 2,076		1,852
Distributions from real estate ventures			3	9
Equity in (losses) earnings from real estate ventures	301	384	227	263
Total maximum exposure to loss	$ 2,076		$ 2,076
New Valley LLC \| Commercial \| All other U.S. areas
Schedule of Investments [Line Items]
Range of ownership	1.60%		1.60%
Investments in real estate ventures	$ 7,567		$ 7,567		7,634
Distributions from real estate ventures			52	129
Equity in (losses) earnings from real estate ventures	(264)	79	(15)	371
Total maximum exposure to loss	7,567		7,567
New Valley LLC \| Other
Schedule of Investments [Line Items]
Investments in real estate ventures	10,994		10,994		10,527
Contributions to real estate ventures			452	199
Distributions from real estate ventures			23	1,697
Equity in (losses) earnings from real estate ventures	4	$ 239	38	1,037
Total maximum exposure to loss	$ 24,641		$ 24,641
New Valley LLC \| Other \| Minimum
Schedule of Investments [Line Items]
Range of ownership	15.00%		15.00%
New Valley LLC \| Other \| Maximum
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%
Douglas Elliman Realty, LLC
Schedule of Investments [Line Items]
Proceeds from commissions received			$ 7,698		$ 11,223
Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Distributions from real estate ventures, distributions of earnings				$ 20,788
Sale of ownership interest in real estate				80.00%
Recognized equity in earnings from sale				$ 10,328
Variable Interest Entity, Primary Beneficiary \| New Valley LLC
Schedule of Investments [Line Items]
Range of ownership		1.00%		1.00%		5.20%
Number of real estate ventures \| venture	2		2		2
Identifiable assets	$ 0		$ 0		$ 897

New Valley LLC (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 445,760	$ 538,432	$ 900,248	$ 959,356
Cost of goods sold	304,885	368,174	615,508	$ 654,194
Condominium and Mixed Use Development \| New Valley LLC
Segment Reporting Information [Line Items]
Revenue	1,830	0	33,409		$ 0
Cost of goods sold	0	0	22,100		0
Other expenses	14,013	6	31,926		75
Loss from continuing operations	$ (12,183)	$ (6)	$ (20,617)		$ (75)

Amount after tax of income (loss) from continuing operations attributable to the parent.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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New Valley LLC (Investments in Real Estate, net) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Investments [Line Items]
Real estate investment, net		$ 28,876		$ 28,876		$ 28,317
New Valley LLC
Schedule of Investments [Line Items]
Real estate investment, net		28,876		28,876		28,317
New Valley LLC \| Escena
Schedule of Investments [Line Items]
Land and land improvements		8,911		8,911		8,910
Building and building improvements		1,926		1,926		1,926
Other		1,673		1,673		1,659
Investments in real estate, gross		12,510		12,510		12,495
Less accumulated depreciation		(2,658)		(2,658)		(2,523)
Real estate investment, net		9,852		9,852		9,972
Operating losses		(629)	$ (354)	(272)	$ 332
New Valley LLC \| Sagaponack
Schedule of Investments [Line Items]
Real estate investment, net		$ 19,024		$ 19,024		$ 18,345
Payments to acquire real estate	$ 12,502

Notes Payable, Long-Term Debt and Other Obligations (Components of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 1,429,955	$ 1,631,387
Less: Debt issuance costs	(22,908)	(24,902)
Total notes payable, long-term debt and other obligations	1,407,047	1,606,485
Less: Current maturities	(8,853)	(209,269)
Amount due after one year	1,398,194	1,397,216
Senior Notes \| 6.125% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 850,000	850,000
Interest rate	6.125%
Senior Notes \| 10.5% Senior Notes due 2026, net of unamortized discount of $3,221 and $3,392
Debt Instrument [Line Items]
Interest rate	10.50%
Variable Interest Senior Convertible Debt \| 10.5% Senior Notes due 2026, net of unamortized discount of $3,221 and $3,392
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 551,779	551,608
Unamortized discount	$ 3,221	3,392
Interest rate	10.50%
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Debentures due 2020, net of unamortized discount of $0 and $5,276
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 0	164,334
Unamortized discount	$ 0	5,276
Interest rate	5.50%
Fair value of derivatives embedded within convertible debt		4,999
Line of Credit \| Revolving credit facility \| Liggett
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 0	34,952
Equipment loans \| Liggett
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	143	347
Other
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 28,033	$ 30,146

Notes Payable, Long-Term Debt and Other Obligations (Senior Notes, Revolving Credit Facility, and Other) (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Purchase price, cash paid		$ 0	$ 668
Senior Notes \| 10.5% Senior Notes due 2026, net of unamortized discount of $3,221 and $3,392
Debt Instrument [Line Items]
Interest rate		10.50%
Variable Interest Senior Convertible Debt \| 10.5% Senior Notes due 2026, net of unamortized discount of $3,221 and $3,392
Debt Instrument [Line Items]
Interest rate		10.50%
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Debentures due 2020
Debt Instrument [Line Items]
Interest rate		5.50%
Face amount of debt paid	$ 169,610
Other Notes Payable \| Douglas Elliman notes payable to sellers
Debt Instrument [Line Items]
Debt issued		$ 27,500
Principal repaid in year to date		2,500
Due to be repaid in the remainder of 2020		2,500
Due to be repaid in 2021		12,500
Due to be repaid in 2022		12,500
Liggett \| Line of Credit
Debt Instrument [Line Items]
Amount outstanding		0
Current borrowing capacity		$ 60,000
Douglas Elliman
Debt Instrument [Line Items]
Voting interest acquired				29.41%
Purchase price				$ 40,000
Purchase price, cash paid				10,000
Purchase price, notes payable to sellers				$ 30,000

Notes Payable, Long-Term Debt and Other Obligations (Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Amortization of debt discount, net	$ 847	$ 5,447	$ 5,447	$ 13,972
Amortization of debt issuance costs	889	1,053	2,047	2,238
Non-cash interest expense	$ 1,736	$ 6,500	$ 7,494	$ 16,210

Notes Payable, Long-Term Debt and Other Obligations (Fair Value of Notes Payable and Long Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,429,955	$ 1,631,387
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,408,975	1,651,665
Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,401,779	1,401,608
Senior Notes \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,380,787	1,409,920
Variable Interest Senior Convertible Debt \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	0	164,334
Variable Interest Senior Convertible Debt \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	0	176,289
Liggett and other \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	28,176	65,445
Liggett and other \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 28,188	$ 65,456

Contingencies (Overview and Bonds) (Details) - Liggett - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2009
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs	$ 3,191	$ 3,737
Engle Progeny Cases \| Florida
Loss Contingencies [Line Items]
Maximum bond required for judgments on appeal			$ 200,000
Bonds \| Santoro v. R.J. Reynolds
Loss Contingencies [Line Items]
Security posted for appeal of judgment	$ 535

Contingencies (Individual Actions) (Details)	Jun. 30, 2020 case
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending	54
Liggett
Loss Contingencies [Line Items]
Cases pending	2
Liggett \| Individual Actions Cases \| Florida
Loss Contingencies [Line Items]
Cases pending	37
Liggett \| Individual Actions Cases \| Illinois
Loss Contingencies [Line Items]
Cases pending	9
Liggett \| Individual Actions Cases \| Nevada
Loss Contingencies [Line Items]
Cases pending	5
Liggett \| Individual Actions Cases \| Louisiana
Loss Contingencies [Line Items]
Cases pending	2
Liggett \| Individual Actions Cases \| Massachusetts
Loss Contingencies [Line Items]
Cases pending	1

Contingencies (Cautionary Statement About Engle Progeny Cases) (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2013 USD ($)	Jun. 30, 2020 case
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 145,000,000
Liggett
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 790,000	$ 23,150	$ 110,000
Cases with verdicts				25
Cases with verdicts in favor of plaintiffs				16
Cases with verdicts in favor of defendants				9
Cases with verdicts in favor of plaintiffs and punitive damages awarded				5

Contingencies (Engle Progeny Cases and Settlements) (Details) $ in Thousands		1 Months Ended			6 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($) case	Feb. 28, 2015	Oct. 31, 2013 USD ($) case	Jun. 30, 2020 USD ($) case settlement
Engle Progeny Cases
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 145,000,000
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending \| case					54
Liggett
Loss Contingencies [Line Items]
Cases pending \| case					2
Liggett \| Engle Progeny Cases
Loss Contingencies [Line Items]
Cases settled \| case		152		4,900
Amount of litigation settlement awarded to other party	$ 790,000	$ 23,150		$ 110,000
Litigation settlement amount paid in lump sum				61,600
Litigation settlement amount paid in installment payments				48,000
Litigation settlement, installment term			14 years
Litigation settlement amount of estimated future payments per annum				$ 3,400
Payments for legal settlements					$ 8,100
Number of settlements paid \| settlement					2
Liggett and Vector Tobacco \| Engle Progeny Cases
Loss Contingencies [Line Items]
Cases settled \| case					201
Cases pending \| case					42

Contingencies (Appeals of Engle Progeny Judgments, Maryland and Liggett-Only Cases) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($) case
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending	54
Liggett
Loss Contingencies [Line Items]
Cases pending	2
Liggett \| Lukacs, Campbell, Douglas, Clay, Tullo, Ward Rizzuto, Lambert and Buchanan
Loss Contingencies [Line Items]
Payments for legal settlements \| $	$ 39,773
Maryland \| Liggett \| Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending	16
Litigation Accruals \| Liggett \| Santoro v. R.J. Reynolds
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 265

Contingencies (Class Actions, Health Care Cost Recovery Actions, and Upcoming Trials) (Details)	Jun. 30, 2020 defendant case
Parsons v. AC & S Inc.
Loss Contingencies [Line Items]
Number of defendants in bankruptcy \| defendant	3
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending	54
Pending claims scheduled for trial	3
Engle Progeny Cases
Loss Contingencies [Line Items]
Pending claims scheduled for trial	1
Liggett
Loss Contingencies [Line Items]
Cases pending	2
Liggett \| Class Actions
Loss Contingencies [Line Items]
Cases pending	2
Liggett \| Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending	1

Contingencies (MSA and Other State Settlement Agreements) (Details)		6 Months Ended	25 Months Ended
	Dec. 28, 2017 USD ($)	Jun. 30, 2020 USD ($) sponsorship	Mar. 31, 1998 USD ($) state
Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Number of states with settled litigation \| state			46
Number of brand name sponsorships allowed \| sponsorship		1
Brand name sponsorship period		12 months
Annual payment requirement			$ 9,000,000,000
Liggett
Loss Contingencies [Line Items]
Number of states with settled litigation \| state			45
Liggett \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Estimated litigation liability		$ 0
Percentage of cigarettes sales exceeds market share exemption		1.65%
Vector Tobacco \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Estimated litigation liability		$ 0
Percentage of cigarettes sales exceeds market share exemption		0.28%
Liggett and Vector Tobacco \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Estimated litigation liability		$ 169,000,000
Payments for legal settlements	$ 140,000,000
Product Concentration Risk \| Sales Revenue \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Concentration risk percentage		4.00%

Contingencies (Certain MSA Disputes) (Details) $ in Thousands	6 Months Ended	84 Months Ended
	Jun. 30, 2020 USD ($) state	Dec. 31, 2019 USD ($)
2003 NPM Adjustment
Loss Contingencies [Line Items]
Number of states agreed to single arbitration \| state	48
Aggregate number of settling states \| state	49
Number of settling states with diligence not contested \| state	37
Combined allocable share, percentage	75.00%
Liggett and Vector Tobacco \| 2004-2010 NPM Adjustment
Loss Contingencies [Line Items]
Amounts accrued \| $	$ 13,400
Liggett and Vector Tobacco \| Cost of Sales \| Health Care Cost Recovery Actions, NPM Adjustment
Loss Contingencies [Line Items]
Settlement adjustment credit \| $		$ 48,032
Liggett \| 2011-2015 NPM Adjustment
Loss Contingencies [Line Items]
Amounts accrued \| $	$ 41,500

Contingencies (Other State Settlements) (Details) - Health Care Cost Recovery Actions	1 Months Ended		12 Months Ended		25 Months Ended
	Sep. 30, 2019 USD ($)	Jan. 31, 2016 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2003 USD ($)	Mar. 31, 1998 USD ($) state	Jun. 30, 2019 USD ($)	Mar. 21, 2019
Loss Contingencies [Line Items]
Annual payment requirement					$ 9,000,000,000
Liggett
Loss Contingencies [Line Items]
Number of states not included in settlement agreement \| state					4
Minnesota \| Liggett
Loss Contingencies [Line Items]
Annual payment requirement				$ 100,000
Florida \| Liggett
Loss Contingencies [Line Items]
Annual payment requirement			$ 250,000
Amount of litigation settlement awarded to other party			$ 1,200,000
Years annual payments required			21 years
Years annual payments required that are subject to inflation adjustment			12 years
Mississippi \| Liggett
Loss Contingencies [Line Items]
Damages sought	$ 17,500,000	$ 27,000,000
Proceeds that should not be included in income						$ 294,000,000
Percent of income entitled							0.50%

Contingencies (Activity in Accruals for MSA and Tobacco Litigation Schedule) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Loss Contingency Accrual [Roll Forward]
Current liabilities, beginning balance	$ 38,365	$ 36,871
Expenses	96,243	80,783
Change in MSA obligations capitalized as inventory	(137)	1,813
Payments	(31,538)	(32,314)
Interest on withholding	238	95
Current liabilities, ending balance	105,568	89,694
Noncurrent liabilities, beginning balance	37,869	38,177
Expenses	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	2,397	2,446
Interest on withholding	932	1,076
Noncurrent liabilities, ending balance	36,404	36,807
Payments due under Master Settlement Agreement
Loss Contingency Accrual [Roll Forward]
Current liabilities, beginning balance	34,116	36,561
Expenses	96,215	80,128
Change in MSA obligations capitalized as inventory	(137)	1,813
Payments	(27,214)	(31,959)
Interest on withholding	0	0
Current liabilities, ending balance	102,125	85,651
Noncurrent liabilities, beginning balance	17,275	16,383
Expenses	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(855)	(892)
Interest on withholding	0	0
Noncurrent liabilities, ending balance	18,130	17,275
Litigation Accruals
Loss Contingency Accrual [Roll Forward]
Current liabilities, beginning balance	4,249	310
Expenses	28	655
Change in MSA obligations capitalized as inventory	0	0
Payments	(4,324)	(355)
Interest on withholding	238	95
Current liabilities, ending balance	3,443	4,043
Noncurrent liabilities, beginning balance	20,594	21,794
Expenses	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	3,252	3,338
Interest on withholding	932	1,076
Noncurrent liabilities, ending balance	$ 18,274	$ 19,532

Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill and Intangible Assets [Roll Forward]
Goodwill, beginning balance		$ 78,008		$ 78,008
Impairment Losses		(46,262)
Goodwill, ending balance	$ 31,756			31,756
Finite-lived Intangible Assets [Roll Forward]
Intangibles with a finite life, net, beginning balance		474		474
Impairment Losses				0
Amortization				(82)
Intangibles with a finite life, net, ending balance	392			392
Goodwill and Intangible Assets [Roll Forward]
Goodwill and other intangible assets, net, beginning balance		265,993		265,993
Impairments of goodwill and intangible assets	0		$ 0	58,252	$ 0
Amortization				(82)
Goodwill and other intangible assets, net, ending balance	207,659			207,659
Intangible asset associated with benefit under the MSA
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite life intangibles, beginning balance		107,511		107,511
Impairment Losses				0
Indefinite life intangibles, ending balance	107,511			107,511
Trademark - Douglas Elliman
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite life intangibles, beginning balance		80,000		80,000
Impairment Losses		$ 12,000		(12,000)
Indefinite life intangibles, ending balance	$ 68,000			$ 68,000

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 46,262
Intangible asset associated with benefit under the MSA
Finite-Lived Intangible Assets [Line Items]
Intangible assets impairment		$ 0
Trademark - Douglas Elliman
Finite-Lived Intangible Assets [Line Items]
Intangible assets impairment	$ (12,000)	$ 12,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 36,690	$ 56,766	$ 32,481	$ 78,548
Income tax expense using estimated annual effective income tax rate	10,896	17,566	9,647	24,319
Changes in effective tax rates	(12)	(110)	0	0
Impact of discrete items, net	32	3	291	(111)
Income tax expense	$ 10,916	$ 17,459	$ 9,938	$ 24,208

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.