0000059440-21-000018 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity Registrant Name	VECTOR GROUP LTD
Entity Central Index Key	0000059440
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	1-5759
Entity Tax Identification Number	65-0949535
Entity Address, Address Line One	4400 Biscayne Boulevard
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33137
City Area Code	305
Local Phone Number	579-8000
Title of 12(b) Security	Common stock, par value $0.10 per share
Trading Symbol	VGR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,430
Entity Common Stock, Shares Outstanding		154,194,629
Documents Incorporated by Reference	Part III (Items 10, 11, 12, 13 and 14) from the definitive Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year covered by this report.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 352,842	$ 371,341
Current investment securities at fair value	135,585	129,641
Accounts receivable - trade, net	40,711	36,959
Inventories	97,545	98,762
Other current assets	37,220	44,911
Total current assets	663,903	681,614
Property, plant and equipment, net	77,988	82,160
Investments in real estate, net	15,631	28,317
Long-term investments (includes $34,218 and $45,781 at fair value)	52,528	61,723
Investments in real estate ventures	85,400	131,556
Operating lease right-of-use assets	145,356	149,578
Goodwill and other intangible assets, net	207,577	265,993
Other assets	95,026	104,148
Total assets	1,343,409	1,505,089
Current liabilities:
Current portion of notes payable and long-term debt	12,557	209,269
Current portion of fair value of derivatives embedded within convertible debt	0	4,999
Current payments due under the Master Settlement Agreement	38,767	34,116
Current operating lease liability	27,207	18,294
Income taxes payable, net	5,847	5,138
Other current liabilities	198,937	189,317
Total current liabilities	283,315	461,133
Notes payable, long-term debt and other obligations, less current portion	1,393,729	1,397,216
Non-current employee benefits	66,616	67,853
Deferred income taxes, net	32,456	33,695
Non-current operating lease liability	154,199	156,963
Payments due under the Master Settlement Agreement	17,933	17,275
Other liabilities	54,848	55,970
Total liabilities	2,003,096	2,190,105
Commitments and contingencies (Notes 5 and 15)
Stockholders' deficiency:
Preferred stock, par value $1 per share, 10,000,000 shares authorized	0	0
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 153,324,629 and 148,084,900 shares issued and outstanding	15,332	14,808
Accumulated deficit	(653,945)	(678,464)
Accumulated other comprehensive loss	(21,074)	(21,808)
Total Vector Group Ltd. stockholders' deficiency	(659,687)	(685,464)
Non-controlling interest	0	448
Total stockholders' deficiency	(659,687)	(685,016)
Total liabilities and stockholders' deficiency	$ 1,343,409	$ 1,505,089

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Long-term investments, fair value	$ 34,218	$ 45,781
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	153,324,629	153,324,629
Common stock, shares outstanding (in shares)	148,084,900	148,084,900

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenues:

Total revenues

$ 2,002,669

$ 1,903,711

$ 1,870,262

Cost of sales:

Total cost of sales

1,367,145

1,301,579

1,292,484

Operating, selling, administrative and general expenses

329,524

370,007

355,513

Litigation settlement and judgment expense (income)

337

990

(1,784)

Net gains on sales of assets

(1,114)

Impairments of goodwill and intangible assets

58,252

Restructuring charges

3,382

Operating income

245,143

231,135

224,049

Other income (expenses):

Interest expense

(121,541)

(138,448)

(203,780)

Loss on extinguishment of debt

(4,301)

(4,066)

Change in fair value of derivatives embedded within convertible debt

4,999

26,425

44,989

Equity in earnings (losses) from investments

56,268

17,000

3,158

Equity in (losses) earnings from real estate ventures

(44,698)

(19,288)

14,446

Other, net

(5,456)

21,305

763

Income before provision for income taxes

134,715

133,828

79,559

Income tax expense

41,777

32,813

21,552

Net income

92,938

101,015

58,007

Net (income) loss attributed to non-controlling interest

(41)

Net income attributed to Vector Group Ltd.

$ 92,938

$ 100,974

$ 58,105

Per basic common share:

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

$ 0.60

$ 0.64

$ 0.35

Per diluted common share:

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

$ 0.60

$ 0.63

$ 0.35

Tobacco

Revenues:

Total revenues

^[1]

$ 1,204,501

$ 1,114,840

$ 1,111,094

Cost of sales:

Total cost of sales

^[1]

795,904

771,130

787,251

Litigation settlement and judgment expense (income)

337

990

685

Real Estate

Revenues:

Total revenues

798,168

788,871

759,168

Cost of sales:

Total cost of sales

$ 571,241

$ 530,449

505,233

Litigation settlement and judgment expense (income)

$ 2,469

[1]	Revenues and cost of sales include federal excise taxes of $461,532, $451,256 and $469,836 for the years ended December 31, 2020, 2019 and 2018, respectively.

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 461,532	$ 451,256	$ 469,836

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 92,938	$ 101,015	$ 58,007
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized (losses) gains	(454)	681	(1,056)
Net unrealized losses (gains) reclassified into net income	306	(118)	1,121
Net unrealized (losses) gains on investment securities available for sale	(148)	563	65
Net change in pension-related amounts:
Amortization of prior service costs	4	(33)	0
Effect of settlement	1,805	0	0
Net (loss) gain arising during the year	(2,503)	1,454	(3,723)
Amortization of loss	1,847	1,961	1,763
Net change in pension-related amounts	1,153	3,382	(1,960)
Other comprehensive income (loss)	1,005	3,945	(1,895)
Income tax effect on:
Change in net unrealized (losses) gains on investment securities	123	(187)	290
Net unrealized losses (gains) reclassified into net income on investment securities	(83)	32	(308)
Pension-related amounts	(311)	(919)	538
Income tax (provision) benefit on other comprehensive income (loss)	(271)	(1,074)	520
Other comprehensive income (loss), net of tax	734	2,871	(1,375)
Comprehensive income	93,672	103,886	56,632
Comprehensive (income) loss attributed to non-controlling interest	0	(41)	98
Comprehensive income attributed to Vector Group Ltd.	$ 93,672	$ 103,845	$ 56,730

Consolidated Statement of Stockholders' Deficiency - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)		148,084,900			148,084,900
Beginning Balance		$ (685,016)		$ (547,366)	$ (685,016)	$ (547,366)	$ (331,760)
Net income	$ 32,256	(3,231)	$ 10,667	15,033	92,938	101,015	58,007
Total other comprehensive loss					734	2,871	(1,375)
Total comprehensive income					93,672	103,886	56,632
Distributions and dividends on common stock					(125,128)	(237,339)	(226,283)
Restricted stock grant					0	0	0
Surrender of shares in connection with restricted stock vesting					(2,186)	(2,174)	(3,656)
Surrender of shares in connection with stock option exercise					$ (7,357)	(19,058)
Effect of stock dividend						$ 0	0
Exercise of stock options (in shares)					620,527	1,824,351
Exercise of stock options					$ 6,913	$ 15,817
Issuance of common stock					52,563
Stock-based compensation					9,483	9,469	9,951
Acquisition of Douglas Elliman Realty, LLC							(45,153)
Basis adjustment on non-controlling interest						(6,415)
Distributions to non-controlling interest					(448)	$ (286)	(2,521)
Other					$ 80
Ending Balance (in shares)	148,084,900		148,084,900		148,084,900	148,084,900
Ending Balance	$ (659,687)		$ (685,016)		$ (659,687)	$ (685,016)	(547,366)
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201817Member	us-gaap:AccountingStandardsUpdate201802Member
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ (2,263)		$ (1,550)	$ (2,263)	$ (1,550)	(4,576)
Ending Balance			$ (2,263)			$ (2,263)	$ (1,550)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)		148,084,900		140,914,642	148,084,900	140,914,642	134,365,424
Beginning Balance		$ 14,808		$ 14,092	$ 14,808	$ 14,092	$ 13,437
Restricted stock grant (in shares)					425,000	60,000	31,666
Restricted stock grant					$ 43	$ 6	$ 3
Surrender of shares in connection with restricted stock vesting (in shares)					(216,542)	(221,668)	(192,119)
Surrender of shares in connection with restricted stock vesting					$ (22)	$ (22)	$ (19)
Surrender of shares in connection with stock option exercise (in shares)					(589,256)	(1,529,512)
Surrender of shares in connection with stock option exercise					$ (59)	$ (153)
Effect of stock dividend (in shares)						7,037,087	6,709,671
Effect of stock dividend						$ 703	$ 671
Exercise of stock options (in shares)					620,527	1,824,351
Exercise of stock options					$ 62	$ 182
Issuance of common stock (in shares)					5,000,000
Issuance of common stock					$ 500
Ending Balance (in shares)	153,324,629		148,084,900		153,324,629	148,084,900	140,914,642
Ending Balance	$ 15,332		$ 14,808		$ 15,332	$ 14,808	$ 14,092
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		0		0	0	0	0
Distributions and dividends on common stock					(58,892)	(4,041)	(6,311)
Restricted stock grant					(43)	(6)	(3)
Surrender of shares in connection with restricted stock vesting					(2,164)	(2,152)	(3,637)
Surrender of shares in connection with stock option exercise					(7,298)	(18,905)
Exercise of stock options					6,851	15,635
Issuance of common stock					52,063
Stock-based compensation					9,483	9,469	9,951
Ending Balance	0		0		0	0	0
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		(678,464)		(542,169)	(678,464)	(542,169)	(414,785)
Net income					92,938	100,974	58,105
Distributions and dividends on common stock					(66,236)	(233,298)	(219,972)
Effect of stock dividend						(703)	(671)
Acquisition of Douglas Elliman Realty, LLC							28,800
Basis adjustment on non-controlling interest						(6,415)
Other					80
Ending Balance	(653,945)		(678,464)		(653,945)	(678,464)	(542,169)
Accumulated Deficit \| Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		(2,263)		3,147	(2,263)	3,147	6,354
Ending Balance			(2,263)			(2,263)	3,147
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		(21,808)		(19,982)	(21,808)	(19,982)	(12,571)
Total other comprehensive loss					734	2,871	(1,375)
Ending Balance	(21,074)		(21,808)		(21,074)	(21,808)	(19,982)
Accumulated Other Comprehensive Income (Loss) \| Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance				(4,697)		(4,697)	(6,036)
Ending Balance							(4,697)
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ 448		$ 693	448	693	82,159
Net income						41	(98)
Acquisition of Douglas Elliman Realty, LLC							(73,953)
Distributions to non-controlling interest					(448)	(286)	(2,521)
Ending Balance	$ 0		$ 448		$ 0	$ 448	693
Non-controlling Interest \| Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance							$ (4,894)

Consolidated Statement of Stockholders' Deficiency (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Distributions and dividends on common stock (in dollars per share)	$ 0.80	$ 1.54	$ 1.47

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 92,938	$ 101,015	$ 58,007
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,629	17,851	18,807
Non-cash stock-based expense	9,483	9,469	9,951
Loss on extinguishment of debt	0	2,944	3,758
Impairments of goodwill and intangible assets	58,252	0	0
(Gain) loss on sale of assets	(1,114)	(42)	10
Deferred income taxes	(673)	(11,198)	(17,635)
Distributions from long-term investments	54,004	17,940	1,472
Equity in earnings from long-term investments	(56,268)	(17,000)	(3,158)
Net (gains) losses on investment securities	(1,818)	(7,440)	9,570
Equity in losses (earnings) from real estate ventures	44,698	19,288	(14,446)
Distributions from real estate ventures	1,933	7,028	25,935
Non-cash interest expense	4,331	2,052	52,048
Non-cash lease expense	20,496	21,088	0
Non-cash portion of restructuring charges	1,214	0	0
Excess tax benefit of stock compensation	264	1,488	18,412
Provision for credit losses	14,288	1,206	1,504
Other	(581)	0	0
Changes in assets and liabilities:
Receivables	(8,371)	(7,950)	(13,372)
Inventories	1,217	(7,767)	(1,207)
Accounts payable and accrued liabilities	3,237	(3,983)	4,443
Payments due under the Master Settlement Agreement	5,309	(1,553)	19,081
Other assets and liabilities, net	(5,370)	(20,365)	8,654
Investments in real estate, net	12,449	0	0
Net cash provided by operating activities	267,547	124,071	181,834
Cash flows from investing activities:
Sale of investment securities	30,458	21,879	18,628
Maturities of investment securities	61,230	68,859	24,719
Purchase of investment securities	(99,871)	(87,766)	(34,445)
Proceeds from sale or liquidation of long-term investments	32,572	8,256	19,487
Purchase of long-term investments	(9,687)	(9,223)	(415)
Decrease in restricted assets	436	994	526
Investments in real estate ventures	(14,922)	(52,529)	(9,728)
Distributions from investments in real estate ventures	18,818	41,300	54,233
Issuance of notes receivable	0	0	(450)
Cash acquired in purchase of subsidiaries	2,760	0	654
Proceeds from sale of fixed assets	5,162	17	9
Capital expenditures	(19,063)	(12,575)	(17,682)
Increase in cash surrender value of life insurance policies	(642)	(719)	(764)
Purchase of subsidiaries	(722)	(380)	(10,404)
Repayments of notes receivable	0	0	67
Pay downs of investment securities	812	1,083	1,611
Investments in real estate, net	0	(2,295)	(2,583)
Net cash provided by (used in) investing activities	7,341	(23,099)	43,463
Cash flows from financing activities:
Proceeds from issuance of debt	0	230,000	325,000
Repayments of debt	(174,989)	(293,419)	(28,689)
Deferred financing costs	0	(9,802)	(9,400)
Borrowings under revolver	130,741	243,688	307,023
Repayments on revolver	(165,693)	(239,526)	(310,551)
Dividends and distributions on common stock	(128,231)	(238,249)	(225,367)
Distributions to non-controlling interest	(448)	(286)	(2,521)
Proceeds from the issuance of common stock	52,563	0	0
Tax withholdings related to net share settlements	(2,630)	(5,415)	0
Other	0	(216)	0
Net cash (used in) provided by financing activities	(288,687)	(313,225)	55,495
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,799)	(212,253)	280,792
Cash, cash equivalents and restricted cash, beginning of year	379,476	591,729	310,937
Cash, cash equivalents and restricted cash, end of year	$ 365,677	$ 379,476	$ 591,729

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation:

The 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.

Certain reclassifications have been made to the 2019 financial information to conform to the 2020 presentation. Equity in earnings from investments from the 2019 and 2018 periods have been reclassified from components of “Other, net” to “Equity in earnings from investments” on the consolidated statements of operations. Provision for credit losses from the 2019 and 2018 periods have been reclassified from “Change in other assets and liabilities” to “Provision for credit losses” on the consolidated statements of cash flows.

(b) Estimates and Assumptions:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges, valuation of intangible assets, promotional accruals, actuarial assumptions of pension plans, deferred tax liabilities, settlement accruals, valuation of investments, including other-than-temporary impairments to such investments, and litigation and defense costs. Actual results could differ from those estimates.

Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents is comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2020 are uninsured.

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

Restricted cash amounts included in other current assets and other 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.

The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows:


	December 31, 2020		December 31, 2019		December 31, 2018
Cash and cash equivalents	$	352,842	$	371,341	$	584,581
Restricted cash and cash equivalents included in other current assets	10,374		4,423		2,697
Restricted cash and cash equivalents included in other assets	2,461		3,712		4,451
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	365,677	$	379,476	$	591,729

(e) Investment Securities:

The Company classifies investments in debt securities as available for sale. Investments classified as available for sale are carried at fair value, with net unrealized gains and losses included as a separate component of stockholders’ deficiency. The cost of securities sold is determined based on average cost.

Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s debt securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations.

The Company classifies investments in marketable equity securities as equity securities at fair value. The Company’s marketable equity securities are measured at fair value with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities.

(f) Significant Concentrations of Credit Risk:

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes, high credit quality financial institutions.

Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 18% and 12% of Liggett’s revenues in 2020, 17% and 12% in 2019, and 18% and 12% in 2018. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 5% and 4%, respectively, of Liggett’s net accounts receivable at December 31, 2020, and approximately 2% and 4%, respectively, at December 31, 2019. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations.

(g) Accounts Receivable - trade, net:

Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $334 and $319 at December 31, 2020 and 2019, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned.

(h) Inventories:

Tobacco inventories are stated at the lower of cost and net realizable value with cost determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold

within one year because of the time required for aging, they are included in current assets, which is common practice in the industry.

(i) Property, Plant and Equipment:

Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment.

Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations.

The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred.

(j) 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.

(k) Goodwill and Other Intangible Assets:

Goodwill from acquisitions represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets. Factors that contribute to the recognition of goodwill in the Company’s acquisitions include (i) expected growth rates and profitability of the acquired companies, (ii) securing buyer-specific synergies that increase revenue and profits and are not otherwise available to market participants, (iii) significant cost savings opportunities, (iv) experienced workforce and (v) the Company’s strategies for growth in sales, income and cash flows.

Goodwill is tested for impairment at least annually as of October 1 and monitored for interim triggering events on an on-going basis. Other intangible assets with indefinite useful lives are not amortized, but rather, are tested for impairment at least annually. In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among other relevant events and circumstances that affect the fair value of

reporting units, the Company considers individual factors such as macroeconomic conditions, changes in the industry and the markets in which the Company operates as well as the historical and expected future financial performance. If the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying value or chooses to bypass the optional qualitative assessment, recoverability is assessed by comparing the fair value of the reporting unit to the Company’s carrying amount. Fair value is determined based on an income approach and a market approach. If the carrying amount of the reporting unit, including the goodwill, exceeds the fair value of the reporting unit, an impairment loss is recognized as the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the total of goodwill allocated to that reporting unit.

To determine the implied fair value of the Company’s indefinite-lived intangible asset, trademark, it utilizes the relief-from-royalty method, pursuant to which the asset is valued by reference to the amount of royalty income it would generate if licensed in an arm’s length transaction. Under the relief-from-royalty method, similar to the discounted cash flow method, estimated net revenues expected to be generated by the asset during its life are multiplied by a benchmark royalty rate and then discounted by the estimated weighted average cost of capital associated with the asset. The resulting capitalized royalty stream is an indication of the value of owning the asset. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized.

The fair value of the intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) is calculated using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized.

Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below.

(l) Impairment of Long-Lived Assets:

The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.

Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.

(m) Leases:

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in investments in real estate, net, property, plant and equipment and current and long-term portions of notes payable and long-term debt on the Company’s consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar

value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and is reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term.

The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to combine lease and non-lease components for all underlying asset classes.

(n) Pension, Postretirement and Postemployment Benefits Plans:

The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the Company’s consolidated balance sheets. (See Note 12).

(o) Stock Options and Awards:

The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 2014 Management Incentive Plan and under the 1999 Plan provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options. The Company recognizes payments of the dividend equivalent rights on these options on the Company’s consolidated balance sheets as reductions in additional paid-in capital until fully utilized and then accumulated deficit ($3,684, $8,967 and $8,696, net of income taxes, for the years ended December 31, 2020, 2019 and 2018, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ deficiency.

(p) Income Taxes:

The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable.

The Company accounts for uncertainty in income taxes by recognizing the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. The Company classifies all tax-related interest and penalties as income tax expense.

(q) Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its 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 years presented.

(r) Revenue Recognition:

Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected

payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales.

Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $5,602 in 2020, $5,802 in 2019 and $5,658 in 2018. Shipping and handling costs related to sales transactions are part of cost of sales.

Real estate sales: Real estate commissions earned by the Company’s real estate brokerage businesses are recognized as revenue when the real estate sale is completed or lease agreement is executed, which is the point in time that the performance obligation is satisfied. Any commission and other payments received in advance are deferred until the satisfaction of the performance obligation. Corresponding agent commission expenses, including any advance commission or other direct expense payments, are deferred and recognized as cost of sales concurrently with related revenues. The accounting for these commissions and other brokerage income under Topic 606 are largely consistent with the previous accounting for these transactions under Topic 605, except for customer arrangements in the development marketing business and extended payments terms that exist in some commercial leasing contracts.

(s) Advertising:

Tobacco advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $4,103, $3,751 and $3,672 for the years ended December 31, 2020, 2019 and 2018, respectively.

Real estate advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $18,875, $22,917 and $23,424 for the years ended December 31, 2020 and 2019 and 2018, respectively.

(t) Comprehensive Income:

The Company presents net income and other comprehensive income in two separate, but consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income.

The components of accumulated other comprehensive loss, net of income taxes, were as follows:


	December 31, 2020		December 31, 2019		December 31, 2018
Net unrealized gains on investment securities available for sale, net of income taxes of $160, $200, and $60, respectively	$	422	$	530	$	108


Pension-related amounts, net of income taxes of $7,809, $8,120, and $13,750, respectively	(21,496)		(22,338)		(20,090)
Accumulated other comprehensive loss	$	(21,074)	$	(21,808)	$	(19,982)

(u) Contingencies:

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. As discussed in Note 15, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 15: (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 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.

The Company records Liggett’s product liability legal expenses as operating, selling, administrative and general expenses as those costs are incurred.

(v) 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 year ended December 31, 2020:


	Year Ended December 31, 2020
Cash Charges:
Employee severance and benefits	$	1,875

Other restructuring expenses	293
	2,168
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	1,214


Total restructuring charges	$	3,382

All amounts expensed for the year ended December 31, 2020 are included as Restructuring charges in the Company’s consolidated statements of operations and are all attributable to the Company’s Real Estate segment.

Employee severance and benefits expensed for the year ended December 31, 2020 relate entirely to a reduction in administrative positions.

The following table presents the activity under the Real Estate segment restructuring plan for the year ended December 31, 2020:


	Employee Severance and Benefits		Other		Non-Cash Loss on Fixed Assets		Total
Accrual balance as of January 1, 2020	$	—	$	—	$	—	$	—
Restructuring charges	1,875		293		1,214		3,382
Utilized	(1,875)		(293)		(1,214)		(3,382)

Accrual balance as of December 31, 2020	$	—	$	—	$	—	$	—

(w) Other, Net:

Other, net consisted of:


	Year Ended
	December 31,
	2020		2019		2018
Interest and dividend income	$	6,074	$	12,590	$	11,349







Net gains (losses) recognized on investment securities	1,818		7,440		(9,570)
Net periodic benefit cost other than the service costs	(3,618)		(2,298)		(1,020)




Credit loss expense	(12,828)		—		—
Other income	3,098		3,573		4
Other, net	$	(5,456)	$	21,305	$	763

(x) Other Assets:

Other assets consisted of:


	December 31, 2020		December 31, 2019
Restricted assets	$	3,456	$	5,241
Prepaid pension costs	35,209		31,686
Contract assets, net	24,002		18,443
Other assets	32,359		48,778
Total other assets	$	95,026	$	104,148

(y) Other Current Liabilities:

Other current liabilities consisted of:


	December 31, 2020		December 31, 2019
Accounts payable	$	12,846	$	10,222
Accrued promotional expenses	45,579		35,900
Accrued excise and payroll taxes payable, net	13,849		18,653
Accrued interest	31,624		35,756
Commissions payable	25,615		18,378
Accrued salaries and benefits	27,104		29,464
Contract liabilities	7,633		9,358
Allowance for sales returns	7,356		7,785
Other current liabilities	27,331		23,801
Total other current liabilities	$	198,937	$	189,317

(z) New Accounting Pronouncements:

In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirement for guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The new Rule 13-01 of Regulation S-X amends and streamlines the disclosures required by guarantors and issuers of guaranteed securities. Among other things, the new disclosures may be located outside the financial statements. The new rule is effective January 4, 2021, and early adoption is permitted. The Company elected to early adopt the new rule on September 30, 2020. Accordingly, the revised condensed consolidating financial information is presented in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

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 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. The adoption of this update did not have a material impact on the Company’s consolidated financial statements.

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’s early adoption of ASU 2018-14 impacted financial statement disclosure and had no impact on operating results.

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 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. See Note 3.

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 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 impact of the new guidance on its 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 impact of the new guidance on its 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 consolidated financial statements.

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Revenue Recognition Policies

Revenue is measured based on a consideration specified in a contract with a customer less any sales incentives. Revenue is recognized when (a) an enforceable contract with a customer exists, that has commercial substance, and collection of substantially all consideration for services is probable; and (b) the performance obligations to the customer are satisfied either over time or at a point in time.

Tobacco sales: Revenue from cigarette sales, which include federal excise taxes billed to customers, is recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records a liability for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The liability for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales.

The Company’s Real Estate revenue contracts with customers do not have multiple material performance obligations to customers under Topic 606, except for contracts in the Company’s development marketing business. Contracts in the development marketing business provide the Company with the exclusive right to sell units in a subject property for a commission fee per unit sold calculated as a percentage of the sales price of each unit. Accordingly, a performance obligation exists for each unit in the development marketing property under contract, and a portion of the total contract transaction price is allocated to and recognized at the time each unit is sold. The Company applies the optional exemption in paragraph 606-10-50-14A of Topic 606, and does not disclose the amount of the transaction price allocated to the remaining performance obligations for the Real Estate development marketing business because the transaction prices in these contracts are comprised entirely of variable consideration based on the ultimate selling price of each unit in the subject property. The total contract transaction price is allocated to each unit in the subject property and recognized when the performance obligation, i.e. the sale of each unit, is satisfied. Accordingly, the transaction price allocated to the remaining performance obligations for the development marketing business represents variable consideration allocated entirely to wholly unsatisfied performance obligations.

Under development marketing service arrangements, dedicated staff are required for a subject property and these costs are typically reimbursed from the customer through advance payments that are recoupable from future commission earnings. Advance payments received and associated direct costs paid are deferred, allocated to each unit in the subject property, and recognized at the time of the completed sale of each unit.

Development marketing service arrangements also include direct fulfillment costs incurred in advance of the satisfaction of the performance obligation. The Company capitalizes costs incurred in fulfilling a contract with a customer if the fulfillment costs 1) relate directly to an existing contract or anticipated contract, 2) generate or enhance resources that will be used to satisfy performance obligations in the future, and 3) are expected to be recovered. These costs are amortized over the estimated customer relationship period which is the contract term. The Company uses an amortization method that is consistent with the pattern of transfer of goods or services to its customers by allocating these costs to each unit in the subject property and expensing these costs as each unit sold is closed over the contract.

Commission revenue is recognized at the time the performance obligation is met for commercial leasing contracts, which is when the lease agreement is executed, as there are no further performance obligations, including any amounts of future payments under extended payment terms.

Property management revenue arrangements consist of providing operational and administrative services to manage a subject property. Fees for these services are typically billed and collected monthly. Property management service fees are recognized as revenue over time using the output method as the performance obligations under the customer arrangement are satisfied each month. The Company applies the optional exemption in paragraph 606-10-50-14 of Topic 606, and does not disclose the amount of the transaction price allocated to the remaining performance obligations for the Real Estate property management business because the contracts to provide property management services are typically annual contracts and provide cancellation rights to customers.

Title insurance commission fee revenue is earned when the sale of the title insurance policy is completed, which corresponds to the point in time when the underlying real estate sale is completed, which is when the performance obligation is satisfied.

Disaggregation of Revenue

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


	Year Ended
	December 31,
		2020		2019		2018
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve		$	1,133,660	$	1,040,419	$	1,026,370
Other Brands		70,841		74,421		84,724
Total tobacco revenues		$	1,204,501	$	1,114,840	$	1,111,094

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


	Year Ended December 31, 2020
	Total		New York City		Northeast		Southeast		West
Real Estate Segment Revenues:
Commission brokerage income	$	687,746	$	186,229	$	204,814	$	160,404	$	136,299
Development marketing	47,362		24,590		—		22,081		691
Property management revenue	35,115		34,209		906		—		—
Title fees	3,764		2,047		1,717		—		—
Total Douglas Elliman revenue	773,987		247,075		207,437		182,485		136,990
Other real estate revenues	24,181		—		20,500		—		3,681
Total real estate revenues	$	798,168	$	247,075	$	227,937	$	182,485	$	140,671


	Year Ended December 31, 2019
	Total		New York City		Northeast		Southeast		West
Real Estate Segment Revenues:
Commission brokerage income	$	669,489	$	293,009	$	164,724	$	106,587	$	105,169
Development marketing	72,925		48,850		—		19,594		4,481
Property management revenue	35,461		34,741		720		—		—
Title fees	6,233		—		6,233		—		—
Total Douglas Elliman revenue	784,108		376,600		171,677		126,181		109,650
Other real estate revenues	4,763		—		—		—		4,763
Total real estate revenues	$	788,871	$	376,600	$	171,677	$	126,181	$	114,413


	Year Ended December 31, 2018
	Total		New York City		Northeast		Southeast		West
Real Estate Segment Revenues:
Commission brokerage income	$	651,171	$	285,325	$	166,100	$	99,720	$	100,026
Development marketing	64,287		48,072		252		15,068		895
Property management revenue	33,350		32,635		715		—		—
Title fees	5,281		—		5,281		—		—
Total Douglas Elliman revenue	754,089		366,032		172,348		114,788		100,921
Other real estate revenues	5,079		—		—		—		5,079
Total real estate revenues	$	759,168	$	366,032	$	172,348	$	114,788	$	106,000

Contract Balances

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



	December 31, 2020		December 31, 2019

Receivables, which are included in accounts receivable - trade, net	$	1,520	$	2,129
Contract assets, net, which are included in other current assets	6,529		8,766
Payables, which are included in other current liabilities	1,113		1,663
Contract liabilities, which are included in other current liabilities	7,633		9,358
Contract assets, net, which are included in other assets	24,002		18,443
Contract liabilities, which are included in other liabilities	32,104		29,045

Receivables and payables relate to commission receivables and commissions payable from the Real Estate commercial leasing contracts for which the performance obligation has been satisfied, have extended payment terms and are expected to be received and paid in the next twelve months. Receivables decreased $609 for the twelve-month period ended December 31, 2020 primarily due to cash collections of $1,911 offset by revenue accrued as performance obligations are satisfied. Correspondingly, payables declined by $550 primarily due to cash payments of $1,398 offset by additional expense accruals as performance obligations are satisfied.

Contract assets increased by $3,322 during the year ended December 31, 2020 due to $21,067 of payments made for direct fulfillment costs incurred in advance of the satisfaction of the performance obligations for Real Estate development marketing contracts, offset by costs recognized for units closed during the quarter.

Contract liabilities relate to payments received in advance of the performance obligations being satisfied under the Real Estate development marketing contracts and are recognized as revenue at the points in time when the Company performs under the contracts. Performance obligations related to the Real Estate development marketing contracts are considered satisfied when each unit is closed. Development marketing projects tend to span four to six years from the time the Company enters into the contract with the developer to the time that all of the sales of the units in a subject property are closed. The timing for sales closings are dependent upon several external factors outside the Company’s control, including but not limited to, economic factors, seller and buyer actions, construction timing and other real estate market factors. Accordingly, all contract liabilities and contract costs associated with development marketing are considered long-term until closing dates for unit sales are scheduled. As of December 31, 2020, the Company estimates approximately $7,633 of contract liabilities will be recognized as revenue within the next twelve months.

Contract liabilities increased by $1,334 during the year ended December 31, 2020 due to $24,821 of advance payments received from customer prior to the satisfaction of performance obligations for Real Estate development marketing contracts, offset by revenue recognized for units sold during the year. The Company recognized revenue of $8,846 for the year ended December 31, 2020 that were included in the contract liabilities balances at December 31, 2019. The Company recognized revenue of $14,973 for the year ended December 31, 2019 that were included in the contract balances at December 31, 2018. The Company recognized revenue of $12,135 for the year ended December 31, 2018 that were included in the contract balances at January 1, 2018.

Topic 606 requires an entity to disclose the revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods (for example, due to changes in transaction price). There were no revenues recognized relating to performance obligations satisfied or partially satisfied in prior periods for the years ended December 31, 2020, 2019 and 2018 , respectively.

- Definition

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.

+ References

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

+ Details

Current Expected Credit Losses

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Current Expected Credit Losses

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 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 recorded for these trade receivables as of January 1, 2020 and December 31, 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 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 ASU No. 2016-13 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 $7,038 at December 31, 2020.

Term loan receivables: New Valley provides term loans to real estate developers, which are included in Other assets on the consolidated balance sheets. New Valley had two loans with a total amortized cost basis of $15,928 and $15,276, including accrued interest receivable of $6,428 and $5,776 at December 31, 2020 and December 31, 2019, respectively, and have maturities in 2021 and beyond. The loans are secured by guarantees and are evaluated individually. Because 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. New Valley’s expected credit loss estimate was $3,100 as of adoption (January 1, 2020). New Valley’s expected credit loss estimates was $15,928 as of December 31, 2020 and this amount reflected changes in market conditions as of December 31, 2020 due to changes in the real estate development market in 2020.

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 year ended December 31, 2020:


	January 1, 2020		Current Period Provision			Write-offs		Recoveries		December 31, 2020
Allowance for credit losses:
Real estate broker agent receivables	$	6,132	$	1,460	(1)	$	554	$	—	7,038

New Valley term loan receivables	3,100		12,828		(2)	—		—		15,928

_____________________________

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

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

- Definition

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.

+ References + Details

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Information concerning the Company’s common stock has been adjusted to give retroactive effect to the 5% stock dividends distributed to Company stockholders on September 29, 2019 and September 27, 2018. All per share amounts and references to share amounts have been updated to reflect the retrospective effect of the stock dividends. The dividends were recorded at par value of $703 in 2019 and $671 in 2018, since the Company did not have retained earnings in each of the aforementioned years. In connection with the 5% stock dividends, the Company increased the number of shares subject to outstanding stock options by 5% and reduced the exercise prices accordingly. On November 5, 2019, the Company announced that its board of directors decided that the Company will no longer pay an annual stock dividend.

For purposes of calculating basic earnings per share (“EPS”), net income available to common stockholders attributed to Vector Group Ltd. for the period is reduced by the contingent interest and the non-cash interest expense associated with the discounts created by the beneficial conversion features and embedded derivatives related to the Company’s convertible debt issued. The convertible debt issued by the Company are participating securities due to the contingent interest feature and had no impact on EPS for the years ended December 31, 2020, 2019 and 2018 as the dividends on the common stock reduced earnings available to common stockholders so there were no unallocated earnings.

As discussed in Note 14, the Company has stock option awards which provide for common stock dividend equivalents at the same rate as paid on the common stock with respect to the shares underlying the unexercised portion of the options. These outstanding options represent participating securities under authoritative guidance. The Company recognizes payments of the dividend equivalent rights ($3,684, $8,967, and $8,696, for the years ended December 31, 2020, 2019 and 2018, respectively) on these options as reductions in additional paid-in-capital on the Company’s consolidated balance sheets. The Company included the income tax benefit associated with the dividend equivalent rights as a component of income tax expense due to the adoption of ASU 2016-09. As a result, in its calculation of basic EPS for the years ended December 31, 2020, 2019 and 2018, respectively, the Company has adjusted its net income for the effect of these participating securities as follows:


	For the year ended December 31,
	2020		2019		2018
Net income attributed to Vector Group Ltd.	$	92,938	$	100,974	$	58,105
Income attributable to participating securities	(2,560)		(7,464)		(7,016)
Net income available to common stockholders attributed to Vector Group Ltd.	$	90,378	$	93,510	$	51,089

Basic EPS is computed by dividing net income available to common stockholders attributed to Vector Group Ltd. by the weighted-average number of shares outstanding, which includes vested restricted stock.

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


	For the year ended December 31,
	2020		2019		2018
Net income attributed to Vector Group Ltd.	$	92,938	$	100,974	$	58,105
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		(1,255)		—
Income attributable to participating securities	(2,560)		(7,464)		(7,016)
Net income available to common stockholders attributed to Vector Group Ltd.	$	90,378	$	92,255	$	51,089

Basic and diluted EPS were calculated using the following common shares for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020	2019	2018
Weighted-average shares for basic EPS	150,216,141	146,633,036	146,362,270
Plus incremental shares related to convertible debt	—	718,918	—
Plus incremental shares related to stock options and non-vested restricted stock	34,812	16,509	122,542

Weighted-average shares for diluted EPS	150,250,953	147,368,463	146,484,812

The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the years ended December 31, 2020, 2019 and 2018, but were not included in the computation of diluted EPS because the impact of common shares issuable under the convertible debt were anti-dilutive to EPS.


	Year Ended December 31,
	2020		2019		2018


Weighted-average shares of non-vested restricted stock	520,936		1,207,366		—
Weighted-average expense per share	$	19.54	$	17.97	$	—
Weighted-average number of shares issuable upon conversion of debt	2,423,719		11,118,139		30,212,414
Weighted-average conversion price	$	20.27	$	20.27	$	16.14

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LEASES

Leasing Accounting Pronouncement Adoption

On January 1, 2019, the Company adopted ASU No. 2016-02 - Leases (Topic 842) applying the modified retrospective method and the option presented under ASU 2018-11 to transition only active leases as of January 1, 2019 with a cumulative effect adjustment as of that date. All comparative periods prior to January 1, 2019 retain the financial reporting and disclosure requirements of ASC 840. The Company elected the package of practical expedients permitted under the transition guidance within the new standard. The package of three expedients includes: 1) the ability to carry forward the historical lease classification, 2) the elimination of the requirement to reassess whether existing or expired agreements contain leases, and 3) the elimination of the requirement to reassess initial direct costs. The Company also elected the practical expedient related to short-term leases without purchase options reasonably certain to exercise, allowing it to exclude leases with terms of less than 12 months from capitalization for all asset classes. The Company did not elect the hindsight practical expedient when determining the lease terms. The adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $128,890 and $153,676, respectively, as of January 1, 2019. The difference between the ROU assets and lease liabilities reflects the reclassification of historical deferred rent balances of approximately $22,881, and tenant improvement receivable of $355 as adjustments to the ROU asset balances, and an adjustment that increased accumulated deficit by $1,550 to recognize the impairment in ROU assets for asset groups previously identified as being impaired. The standard did not materially impact the Company’s consolidated net earnings and had no impact on cash flows. The new standard had no material impact on liquidity and had no impact on the Company’s debt-covenant compliance under its current debt agreements.

Leases

The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment. The leases have remaining lease terms of one year to 12 years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants.

The Company has leases with variable payments, most commonly in the form of Common Area Maintenance (“CAM”) and tax charges which are based on actual costs incurred. These variable payments were excluded from the ROU asset and lease liability balances since they are not fixed or in-substance fixed payments. Variable payments are expensed as incurred.

The components of lease expense were as follows:


	Year Ended December 31,
	2020		2019
Operating lease cost	$	37,498	$	37,817
Short-term lease cost	1,261		1,379
Variable lease cost	2,838		3,149

Finance lease cost:
Amortization	111		224
Interest on lease liabilities	14		15
Total lease cost	$	41,722	$	42,584

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	26,235	$	37,684
Operating cash flows from finance leases	14		15
Financing cash flows from finance leases	102		217

ROU assets obtained in exchange for lease obligations:
Operating leases	16,275		41,776
Finance leases	60		159

Supplemental balance sheet information related to leases was as follows:



	December 31,			December 31,
	2020			2019
Operating leases:
Operating lease right-of-use assets	$	145,356		$	149,578

Current operating lease liability	$	27,207		$	18,294
Non-current operating lease liability	154,199			156,963
Total operating lease liabilities	$	181,406		$	175,257

Finance leases:
Investments in real estate, net (1)	$	62		$	88

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(44)			(19)
Property and equipment, net	$	83		$	108

Current portion of notes payable and long-term debt	$	57		$	86
Notes payable, long-term debt and other obligations, less current portion	96			108
Total finance lease liabilities	$	153		$	194

Weighted average remaining lease term in years:
Operating leases	7.87			8.46
Finance leases	2.71			3.01

Weighted average discount rate:
Operating leases	9.26		%	10.75		%
Finance leases	7.82		%	8.61		%

_____________________________

(1)Included in Investments in real estate, net on the consolidated balance sheets are finance lease equipment, at a cost of $748 and $762 and accumulated amortization of $686 and $674 as of December 31, 2020 and 2019, respectively.

As of December 31, 2020, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2021	$	43,313	$	66
2022	37,998		61
2023	33,200		35
2024	27,256		8
2025	22,108		—
Thereafter	96,730		—

Total lease payments	260,605		170
Less imputed interest	(79,199)		(17)
Total	$	181,406	$	153

The Company has one lease for office space wherein the lessor is an affiliate of a significant shareholder of the Company. This lease represents $948 of the ROU asset balances and $1,009 of lease liability balances as of December 31, 2020. The rent expense for this lease was approximately $458 for the year ended December 31, 2020.

As of December 31, 2020, the Company had $2,320 in undiscounted lease payments relating to several operating leases for equipment that have not yet commenced. The operating leases will commence in the first and second quarter of 2021 with lease terms ranging from 2 years to 3 years.

The Company’s rental expense for the years ended December 31, 2020, 2019 and 2018 was $37,509, $38,577 and $38,893, respectively. Rent expense for the year ended December 31, 2020 consisted of $20,497 of amortization and $17,012 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2019 consisted of $21,088 of amortization and impairment of ROU assets and $17,489 of lease expense for interest accretion on operating lease liabilities.

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.

As a result of the COVID-19 pandemic, the Company received lease concessions from landlords mostly in the form of rent deferrals and a few in the form of rent abatements during the year ended December 31, 2020. The Company elected to treat these deferrals and abatements as lease modifications and the existing lease liabilities were remeasured with a corresponding adjustment to the right-of-use asset on the effective date of the modification. The deferrals varied as to the timing of repayment and all agreements required repayment of the deferrals over the remaining lease terms.

Leases

LEASES

Leasing Accounting Pronouncement Adoption

Leases

The components of lease expense were as follows:


	Year Ended December 31,
	2020		2019
Operating lease cost	$	37,498	$	37,817
Short-term lease cost	1,261		1,379
Variable lease cost	2,838		3,149

Finance lease cost:
Amortization	111		224
Interest on lease liabilities	14		15
Total lease cost	$	41,722	$	42,584

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	26,235	$	37,684
Operating cash flows from finance leases	14		15
Financing cash flows from finance leases	102		217

ROU assets obtained in exchange for lease obligations:
Operating leases	16,275		41,776
Finance leases	60		159

Supplemental balance sheet information related to leases was as follows:



	December 31,			December 31,
	2020			2019
Operating leases:
Operating lease right-of-use assets	$	145,356		$	149,578

Current operating lease liability	$	27,207		$	18,294
Non-current operating lease liability	154,199			156,963
Total operating lease liabilities	$	181,406		$	175,257

Finance leases:
Investments in real estate, net (1)	$	62		$	88

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(44)			(19)
Property and equipment, net	$	83		$	108

Current portion of notes payable and long-term debt	$	57		$	86
Notes payable, long-term debt and other obligations, less current portion	96			108
Total finance lease liabilities	$	153		$	194

Weighted average remaining lease term in years:
Operating leases	7.87			8.46
Finance leases	2.71			3.01

Weighted average discount rate:
Operating leases	9.26		%	10.75		%
Finance leases	7.82		%	8.61		%

_____________________________

As of December 31, 2020, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2021	$	43,313	$	66
2022	37,998		61
2023	33,200		35
2024	27,256		8
2025	22,108		—
Thereafter	96,730		—

Total lease payments	260,605		170
Less imputed interest	(79,199)		(17)
Total	$	181,406	$	153

Investment Securities

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES

Investment securities at fair value consisted of the following:


	December 31, 2020		December 31, 2019
Debt securities available for sale	$	91,204	$	83,445


Equity securities at fair value:
Marketable equity securities	21,155		23,819
Mutual funds invested in debt securities	23,226		22,377
Long-term investment securities at fair value (1)	34,218		45,781
Total equity securities at fair value	78,599		91,977

Total investment securities at fair value	169,803		175,422
Less:
Long-term investment securities at fair value (1)	34,218		45,781
Current investment securities at fair value	135,585		129,641

Long-term investment securities at fair value (1)	34,218		45,781
Equity-method investments	18,310		15,942
Total long-term investments	$	52,528	$	61,723

(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:


	Year Ended December 31,
	2020		2019		2018
Net gains (losses) recognized on equity securities at fair value	$	2,123	$	7,320	$	(8,449)
Net gains (losses) recognized on debt and equity securities available for sale	110		135		(34)

Impairment expense	(415)		(15)		(1,087)



Net gains (losses) recognized on investment securities	$	1,818	$	7,440	$	(9,570)

(a) Debt Securities Available for Sale:

The components of debt securities available for sale at December 31, 2020 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	90,621	$	583	$	—	$	91,204

The table below summarizes the maturity dates of debt securities available for sale at December 31, 2020.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	19,200	$	16,000	$	3,200	$	—
Corporate securities	52,434		27,812		24,622		—
U.S. mortgage-backed securities	10,484		2,882		7,602		—


Commercial paper	9,086		9,086		—		—


Total debt securities available for sale by maturity dates	$	91,204	$	55,780	$	35,424	$	—

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 December 31, 2020 and 2019, respectively.

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


	Year Ended December 31,
	2020		2019		2018
Gross realized gains on sales	$	329	$	144	$	4
Gross realized losses on sales	(219)		(9)		(38)
Net gains (losses) recognized on debt securities available for sale	$	110	$	135	$	(34)

Impairment expense	$	(415)	$	(15)	$	(1,087)

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 for the years ended December 31, 2020, 2019 and 2018, respectively:


	Year Ended December 31,
	2020		2019		2018
Net gains (losses) recognized on equity securities	$	2,123	$	7,320	$	(8,449)
Less: Net (losses) gains recognized on equity securities sold	(121)		1,526		(808)
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	2,244	$	5,794	$	(7,641)

The Company’s mutual funds invested in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 18. 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 has unfunded commitments of $2,077 related to long-term investment securities at fair value as of December 31, 2020.

The Company received cash distributions of $32,676 as of December 31, 2020, of which $32,572 were classified as investing cash inflows. The Company received cash distributions of $8,320 and recorded $8,502 of in-transit redemptions as of December 31, 2019. $8,256 of total cash distributions received was classified as investing cash inflows. The Company received cash distributions of $13,952 as of December 31, 2018, all of which were classified as investing cash inflows.

Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at December 31, 2020 and 2019, respectively. The total carrying value of these investments was $5,200 and $6,200 and was included in “Other assets” on the consolidated balance sheets at December 31, 2020 and 2019, respectively. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2020, 2019 and 2018, respectively.

(d) Equity-Method Investments:

Equity-method investments consisted of the following:


	December 31, 2020		December 31, 2019
Mutual and hedge funds	$	18,310	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
Total equity-method investments	$	18,310	$	15,942

At December 31, 2020, the Company’s ownership percentages in the mutual and hedge funds accounted for under the equity method ranged from 6.18% to 37.04%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

On February 14, 2020, LTS was acquired pursuant to a cash tender offer of $3.50 per outstanding common share and, in connection therewith, 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.

On October 9, 2019, Castle Brands Inc. (“Castle”) was acquired pursuant to a cash tender offer of $1.27 per outstanding common share and, in connection therewith, the Company tendered the entire amount of its 12,895,017 common shares of Castle. The Company received and recognized a gain of $16,377 from the transaction.

See Note 17 Related Party Transactions for further discussion of the LTS and Castle investments.

Equity in earnings from investments were:


	December 31, 2020		December 31, 2019		December 31, 2018
Mutual fund and hedge funds	$	2,844	$	958	$	1,761
Ladenburg Thalmann Financial Services Inc. (“LTS”)	53,424		(410)		1,297
Castle Brands Inc. (“Castle”)	—		16,452		100

Equity in earnings from investments	$	56,268	$	17,000	$	3,158

The Company received total cash distributions of $54,089 ($53,901, net of reinvested dividends), $17,875 and $7,007 from the Company’s equity-method investments in 2020, 2019 and 2018, respectively. The cash distributions of $53,901 in 2020 were classified as operating cash inflows. The cash distributions of $17,875 in 2019 were classified as operating cash inflows. Of the $7,007 of cash distributions received in 2018, $5,535 were classified as investing cash inflows and the remaining $1,472 were classified as operating cash inflows.

(e) Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds.


	December 31, 2020		December 31, 2019
Investment securities	$	486,390	$	210,685
Cash and cash equivalents	7,126		26,088
Other assets	41,004		1,861
Total assets	$	534,520	$	238,634

Other liabilities	$	230,237	$	85,623
Total liabilities	230,237		85,623
Partners’ capital	304,283		153,011
Total liabilities and partners’ capital	$	534,520	$	238,634


	Year Ended December 31,
	2020		2019		2018
Investment income	$	1,779	$	2,834	$	549
Expenses	9,300		6,756		861
Net investment loss	(7,521)		(3,922)		(312)
Total net realized gain (loss) and net change in unrealized depreciation from investments	123,381		18,822		(5,781)
Net increase (decrease) in partners’ capital resulting from operations	$	115,860	$	14,900	$	(6,093)

Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period.


	September 30,		September 30,
	2020		2019
Cash and cash equivalents	$	—	$	251,033
Receivables from clearing brokers, note receivable and other receivable, net	—		175,600
Goodwill and intangible assets, net	—		188,975
Other assets	—		202,516
Total assets	$	—	$	818,124

Accrued compensation, commissions and fees payable	$	—	$	142,875
Accounts payable and accrued liabilities	—		37,197
Notes payable, net of $0 and $5,881 unamortized discount in 2020 and 2019, respectively	—		315,898
Other liabilities	—		73,380
Total liabilities	—		569,350
Preferred stock	—		2
Common stock	—		15
Additional paid-in capital	—		317,735
Accumulated deficit	—		(68,971)
Total controlling shareholders’ equity	—		248,781
Non-controlling interest	—		(7)
Total shareholders’ equity	—		248,774
Total liabilities and shareholders’ equity	$	—	$	818,124

(1) The table above presents the nature and amounts of the major components of assets and liabilities, along with information regarding redeemable stock and non-controlling interest.


	Three Months Ended		Twelve Months Ended
	December 31,		September 30,
	2019		2019		2018
Revenues	$	395,735	$	1,428,688	$	1,380,031
Expenses	394,992		1,385,699		1,345,768
Income before other items	743		42,989		34,263
Change in fair value of contingent consideration	(374)		(363)		(232)
Income from continuing operations	369		42,626		34,031
Net income	$	508	$	31,779	$	30,858

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of:


	December 31, 2020		December 31, 2019
Leaf tobacco	$	42,988	$	44,516
Other raw materials	5,987		4,669
Work-in-process	520		333
Finished goods	68,781		71,183

Inventories at current cost	118,276		120,701
LIFO adjustments	(20,731)		(21,939)
	$	97,545	$	98,762

All of the Company’s inventories as of December 31, 2020 and 2019 have been reported under the LIFO method. The $20,731 LIFO adjustment as of December 31, 2020 decreases the current cost of inventories by $14,139 for Leaf tobacco, $474 for Other raw materials, $26 for Work-in-process, and $6,092 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. Cost of goods sold was reduced by $1,222 and $46 for the years ended December 31, 2020 and December 31, 2019, respectively, due to liquidations of LIFO inventories.

The amount of capitalized MSA cost in “Finished goods” inventory was $21,120 and $20,472 as of December 31, 2020 and 2019, respectively. Federal excise tax capitalized in inventory was $27,683 and $27,676 as of December 31, 2020 and 2019, respectively.

At December 31, 2020, Liggett had tobacco purchase commitments of approximately $14,903. Liggett has a single source supply agreement for reduced ignition propensity cigarette paper through 2022.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of:


	December 31, 2020		December 31, 2019
Land and improvements	$	1,624	$	1,624
Buildings	17,772		17,733
Machinery and equipment	204,194		202,667
Leasehold improvements	53,444		52,652
	277,034		274,676
Less accumulated depreciation and amortization	(199,046)		(192,516)
	$	77,988	$	82,160

Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2020, 2019 and 2018 was $17,465, $24,196 and $17,506, respectively.

The Company, through Liggett, had future machinery and equipment purchase commitments of $2,870 at December 31, 2020.

New Valley LLC

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

New Valley LLC

NEW VALLEY LLC

(a) Investments in real estate ventures.

New Valley also holds equity investments in various real estate projects domestically and internationally. The majority of New Valley’s investment in real estate ventures were located in the New York City Standard Metropolitan Statistical Area (“SMSA”). New Valley aggregated the disclosure of its investments in real estate ventures by property type and operating characteristics.

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


	Range of Ownership (1)	December 31, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City SMSA	3.1%- 46.7%	$	30,465	$	51,078
All other U.S. areas	19.6% - 77.8%	37,773		55,842
		68,238		106,920
Apartment Buildings:

All other U.S. areas	7.6%	—		—
		—		—
Hotels:
New York City SMSA	0.4% - 15.7%	2,629		2,462
International	49.0%	1,852		2,161
		4,481		4,623
Commercial:
New York City SMSA	49.0%	2,591		1,852
All other U.S. areas	1.6%	7,084		7,634
		9,675		9,486

Other	15.0% - 49.0%	3,006		10,527
Investments in real estate ventures		$	85,400	$	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

New Valley made contributions to its investments in real estate ventures as follows:


	December 31, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,805	$	21,760
All other U.S. areas	11,140		29,993
	12,945		51,753
Apartment Buildings:

All other U.S. areas	284		—
	284		—
Hotels:
New York City SMSA	1,169		172

	1,169		172





Other	524		604
Total contributions	$	14,922	$	52,529

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 years ended December 31, 2020 and 2019. New Valley’s direct investment percentage for these ventures did not materially change.

Distributions

New Valley received distributions from its investments in real estate ventures as follows:


	December 31, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,819	$	7,955
All other U.S. areas	18,188		1,279
	20,007		9,234
Apartment Buildings:

All other U.S. areas	—		79
	—		79
Hotels:
New York City SMSA	—		21,572
International	—		215
	—		21,787
Commercial:
New York City SMSA	601		16
All other U.S. areas	113		250
	714		266

Other	30		16,962
Total distributions	$	20,751	$	48,328

Of the distributions received by New Valley from its investment in real estate ventures, $1,933 and $7,028 were from distributions of earnings and $18,818 and $41,300 were a return of capital for the years ended December 31, 2020 and 2019, respectively. Distributions from earnings are included in cash from operations in the consolidated statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the consolidated 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:


	Year Ended December 31,
	2020		2019		2018
Condominium and Mixed Use Development:
New York City SMSA	$	(17,167)	$	(31,011)	$	(923)
All other U.S. areas	(16,578)		(6,467)		(1,063)
	(33,745)		(37,478)		(1,986)
Apartment Buildings:
New York City SMSA	—		—		17,467
All other U.S. areas	(284)		79		164
	(284)		79		17,631
Hotels:
New York City SMSA	(3,248)		8,081		(2,727)
International	(308)		41		(246)
	(3,556)		8,122		(2,973)
Commercial:
New York City SMSA	1,340		1		(562)
All other U.S. areas	(437)		773		1,608
	903		774		1,046

Other	(8,016)		9,215		728
Total equity in (losses) earnings from real estate ventures	$	(44,698)	$	(19,288)	$	14,446

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 five New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value for the year ended December 31, 2020. The Company determined that the impairments were other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $16,513 for the year ended December 31, 2020.

During the Company’s 2019 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of six 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 December 31, 2019. The Company determined that the impairments were other than temporary and recorded impairment charges of $39,757 of which $39,717 was attributed to the Company for the year ended December 31, 2019.

During the Company’s 2018 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of a New York City SMSA Hotel venture was less than its carrying value as of December 31, 2018. The Company determined that the impairment was other than temporary and recorded an impairment charge of $10,174 of which $8,467 was attributed to the Company for the year ended December 31, 2018.

As a result of the Company recording impairment charges on certain of its investments in real estate ventures, the impaired real estate ventures were carried at fair value as of the period when the impairment charge was recorded. The impaired real estate ventures were measured at fair value on a nonrecurring basis as a result of recording an other-than-temporary impairment charge.

During the year ended 2019, New Valley’s Park Lane joint venture sold 80% 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 year ended 2019. The sale reduced New Valley’s direct ownership percentage of the Park Lane Hotel from 5.20% to 1.04%. 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.

On November 1, 2019, Douglas Elliman sold its 50.0% interest in Innova Risk Management, an insurance brokerage company. Douglas Elliman received $8,732 in cash in November 2019 and may receive an additional $1,000 in a potential earn out over a two-year period that started on January 1, 2020.

In 2018, the Company’s New York City SMSA Apartment Building venture sold a building. In 2019, the venture sold its remaining parcel of land. The Company recognized equity in earnings from the venture of $740 and $17,467 for the years ended December 31, 2019 and 2018, respectively. The Company received cash distributions of $2,524 and $27,569 from the venture for the years ended December 31, 2019 and 2018. As of December 31, 2020, the venture had a carrying value of $0.

Investment in Real Estate Ventures Entered Into During 2020

In November 2020, New Valley contributed its ownership interest in Unit TH-B, a townhouse located in Manhattan, NY with a carrying value of $2,349 for an approximate 46.7% interest in NV/Joy Beach THB LLC. New Valley received Unit TH-B as part of a liquidating distribution from the 11 Beach Street project. The new joint venture plans to own, maintain and sell Unit TH-B. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in NV/Joy Beach THB LLC was $2,349 at December 31, 2020.

In December 2020, New Valley invested $4,109 for an approximate 50.0% interest in Levari RC JV LLC. The joint venture plans to develop and market 15 luxury villa residences which are part of the Ritz-Carlton Residences in Miami Beach. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Levari RC JV LLC was $4,109 at December 31, 2020.

VIE Consideration

It was determined that New Valley is the primary beneficiary of two ventures as New Valley controls the activities that most significantly impact economic performance of the entities. Therefore, New Valley consolidates these VIEs.

The carrying amount of the consolidated VIEs’ assets were $0 and $897 as of December 31, 2020 and 2019, respectively. Those assets are owned by the VIEs, not the Company. Neither of the consolidated VIEs had non-recourse liabilities as of December 31, 2020 and 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.

Maximum Exposure to Loss

New Valley’s maximum exposure to loss was as follows:


	December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	30,465
All other U.S. areas	37,773
	68,238




Hotels:
New York City SMSA	2,629
International	1,852
	4,481
Commercial:
New York City SMSA	2,591
All other U.S. areas	7,084
	9,675
Other	16,581
Total maximum exposure to loss	$	98,975

New Valley capitalized $4,003 and $5,480 of interests costs into the carrying value of its ventures whose projects were currently under development during the years ended December 31, 2020 and December 31, 2019, respectively.

Douglas Elliman has been engaged by the developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. Douglas Elliman had gross commissions of approximately $10,783, $18,952 and $20,118 from these projects for the years ended December 31, 2020, 2019 and 2018, respectively.

(b) Guarantees and Commitments:

The joint venture agreements through which New Valley invests in real estate ventures set forth certain conditions where New Valley or its affiliate may be required to contribute payments towards the satisfaction of liabilities of the other partners in the joint venture, or to otherwise indemnify other partners. Mostly, these contribution/indemnity requirements are triggered in the event New Valley or its affiliate commits an act that results in liability of another partner under a guarantee that the other partner has given to a lender in connection with a loan. The guarantees given in connection with the loans may include non-recourse carve-out, environmental, carry and/or completion guarantees, depending on the specific project. In some instances, New Valley or its affiliate would be proportionately liable in the event of liability under a guarantee that is not the fault of any of the partners in the joint venture. In very limited circumstances, New Valley has agreed to be a guarantor directly in connection with a loan.

The Company believes that as of December 31, 2020, in the event New Valley becomes legally obligated to contribute funds or otherwise indemnify another partner due to a triggering event under a guarantee, or becomes legally obligated as a guarantor (in the limited circumstances where New Valley is a direct guarantor under the loan documents), the real estate underlying the applicable project is expected to be sufficient to largely repay any guaranteed obligation (although a lender need not necessarily resort to foreclosing on the real estate before seeking recourse under a loan guarantee). In two of New Valley’s projects, New Valley has additional capital commitments of $13,575 as of December 31, 2020. The recourse additional capital commitments are included in the calculation of New Valley’s maximum exposure to loss in the table above.

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed Use Development, Apartment Buildings, Hotels, Commercial and Other.

Other Condominium and Mixed Use Development:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	386,859	$	208,767	$	394,457
Cost of goods sold	302,234		76,162		95,873
Other expenses	270,642		149,014		186,261
(Loss) income from continuing operations	$	(186,017)	$	(16,409)	$	112,323


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	4,465,118	$	4,079,125
Total assets	4,551,788		4,155,625
Total debt	3,569,361		3,057,005
Total liabilities	3,921,492		3,444,868
Non-controlling interest	83,807		123,736

Apartment Buildings:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	65,808	$	70,862	$	44,366

Other expenses	63,705		67,094		105,899
Income (loss) from continuing operations	$	2,103	$	3,768	$	(61,533)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	544,610	$	545,400
Total assets	563,523		562,879
Total debt	392,324		402,526
Total liabilities	399,269		410,723
Non-controlling interest	123,273		114,193

Hotels:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	130,742	$	147,446	$	171,949
Cost of goods sold	2,671		5,399		4,522
Other expenses	256,973		220,045		268,007
Loss from continuing operations	$	(128,902)	$	(77,998)	$	(100,580)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	1,489,085	$	1,017,810
Total assets	1,575,800		1,133,697
Total debt	1,071,445		778,194
Total liabilities	1,143,419		816,118
Non-controlling interest	427,439		284,298

Commercial:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	7,911	$	7,821	$	7,688

Equity in (losses) earnings	(13,671)		24,159		49,085
Other expenses	4,740		7,724		11,647
(Loss) income from continuing operations	$	(10,500)	$	24,256	$	45,126


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	51,487	$	52,384
Total assets	70,270		70,169
Total debt	55,625		55,625
Total liabilities	55,199		54,342

Other:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	571	$	390,478	$	19,448
Cost of Goods Sold	—		220,316		—
Other expenses	48,633		155,257		32,739
(Loss) income from continuing operations	$	(48,062)	$	14,905	$	(13,291)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	1,216,819	$	1,054,134
Total assets	1,237,794		1,192,149
Total debt	722,930		671,845
Total liabilities	903,196		850,587
Non-controlling interest	272,196		263,438

(d) Investments in real estate, net:

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


	December 31, 2020		December 31, 2019
Escena, net	$	9,735	$	9,972
Townhome A (11 Beach Street)	5,896		—
Sagaponack	—		18,345
Investment in real estate, net	$	15,631	$	28,317

Escena. In March 2008, a wholly owned subsidiary of New Valley purchased a loan collateralized by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” In April 2009, New Valley completed the foreclosure process and took title to the collateral. The project consists of 667 residential lots with site and public infrastructure, an 18-hole golf course, a completed clubhouse, and a seven-acre site approved for a 450-room hotel.

The assets have been classified as an “Investments in real estate, net” on the Company’s consolidated balance sheets and the components were as follows:


	December 31, 2020		December 31, 2019
Land and land improvements	$	8,911	$	8,910
Building and building improvements	1,926		1,926
Other	1,672		1,659
	12,509		12,495
Less accumulated depreciation	(2,774)		(2,523)
	$	9,735	$	9,972

The Company recorded an operating loss of $735, $862 and $576 for the years ended December 31, 2020, 2019 and 2018, respectively, from Escena.

Investment in Sagaponack. In April 2015, New Valley invested $12,502 in a residential real estate project located in Sagaponack, NY. In August 2020, New Valley sold the project for $20,500 and recognized the revenue in accordance with the

scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sales were presented as revenues

and the cost of the investment as cost of goods sold on the consolidated statements of operations.

Townhome A (11 Beach Street). In November 2020, New Valley received, as part of a liquidating distribution from a real estate joint venture, Unit TH-A, a townhouse located in Manhattan, NY. The unit is wholly owned and the balances are included in the consolidated financial statements of the Company. As of December 31, 2020, the carrying value of Unit TH-A was $5,896 and consisted of the value assigned to the unit as part of the distribution and acquisition costs.

Real Estate Market Conditions. Because of the risks and uncertainties of the real estate markets, the Company will continue to perform additional assessments to determine the impact of the markets, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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, 2020		December 31, 2019
Goodwill	$	31,756	$	78,008

Indefinite-life intangibles:
Intangible asset associated with benefit under the MSA	107,511		107,511
Trademark - Douglas Elliman	68,000		80,000

Intangibles with a finite life, net	310		474

Total goodwill and other intangible assets, net	$	207,577	$	265,993

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 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 $46,252 and to the trademark intangible asset of $12,000 for the year ended December 31, 2020. The Company had accumulated impairment charges to goodwill of $46,252 and to the trademark intangible asset of $12,000 as of December 31, 2020.

The Company performed its impairment test for the year ended December 31, 2020, which did not result in additional impairment charges related to the Company’s goodwill. 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.

Other intangible assets and contract liabilities assumed were as follows:


	Useful Lives in Years	December 31, 2020		December 31, 2019
Intangible asset associated with benefit under the MSA	Indefinite	$	107,511	$	107,511

Trademark - Douglas Elliman	Indefinite	68,000		80,000


Other intangibles	1 - 5	4,689		4,689
		4,689		4,689
Less: Accumulated amortization on amortizable intangibles		(4,379)		(4,215)
Other intangibles, net		$	310	$	474

The intangible asset associated with the benefit under the MSA relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco Inc.), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future.

The fair value of the intangible asset associated with the benefit under the MSA is determined using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) and discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized. The Company performed its impairment test for the year ended December 31, 2020 and no impairment was noted.

The trademark intangible is attributed to the acquisition of the Douglas Elliman brand name which the Company plans to continue using for the foreseeable future. The fair value of the intangible asset associated with the Douglas Elliman trademark is determined using a “relief from royalty payments” method. This approach involves two steps: (i) estimating reasonable royalty rates for its Douglas Elliman trademark and (ii) applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trademark. The Company performed its impairment test for the year ended December 31, 2020, which did not result in additional impairment charges related to the Company’s trademark. 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.

As of December 31, 2020, other intangibles with finite lives included non-compete agreements recognized in prior business combinations. Other intangibles in prior periods included backlog and listing inventory for Development sales, and favorable and unfavorable leases arising from leases with terms that are less than or greater than market value assumed in the business combination.

For the years ended December 31, 2020, 2019, and 2018, respectively, amortization of other intangibles was $164, $182 and $806. For the year ended December 31, 2018, $1,175 was taken as rent expense for amortization of favorable leases, and $369 was taken as an offset to rent expense for amortization of unfavorable leases. The Company did not recognize rent expense for amortization of favorable or unfavorable leases in 2020 or 2019 due to the adoption of ASU 2016-02 - Leases (Topic 842) in 2019.

Notes Payable, Long-Term Debt and Other Obligations

12 Months Ended

Dec. 31, 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:


	December 31, 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 $3,040 and $3,392	551,960		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	89		347
Other	25,484		30,146
Total notes payable, long-term debt and other obligations	1,427,533		1,631,387
Less:
Debt issuance costs	(21,247)		(24,902)
Total notes payable, long-term debt and other obligations	1,406,286		1,606,485
Less:
Current maturities	(12,557)		(209,269)
Amount due after one year	$	1,393,729	$	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 consolidated balance sheets.

Senior Notes - Vector:

6.125% Senior Secured Notes due 2025:

On January 27, 2017, the Company sold $850,000 in aggregate principal amount of its 6.125% Senior Secured Notes due 2025 in a private offering to qualified institutional investors and non-U.S. persons pursuant to the exemptions from the registration requirements of the Securities Act of 1933 (“Securities Act”) contained in Rule 144A and Regulation S under the Securities Act.

The 6.125% Senior Secured Notes due 2025 paid interest on a semi-annual basis at a rate of 6.125% per year and had a maturity date of February 1, 2025. On February 1, 2021, the 6.125% Senior Secured Notes due 2025 were redeemed in full and the Company anticipates recording a loss on the extinguishment of debt of $21,362 in 2021, including $13,014 of premium and $8,348 of other costs and non-cash interest expense related to the recognition of previously unamortized deferred finance costs.

The 6.125% Senior Secured Notes due 2025 were guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the wholly-owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses. In addition, some of the guarantees were collateralized by first priority or second priority security interests in certain assets of some of the subsidiary guarantors, including their common stock, pursuant to security and pledge agreements.

5.75% Senior Secured Notes due 2029:

On January 28, 2021, the Company completed the sale of $875,000 in aggregate principal amount of its 5.75% Senior Secured Notes due 2029 (“5.75% Senior Secured Notes”) to qualified institutional buyers and non-U.S. persons in a private offering pursuant to the exemptions from the registration requirements of the Securities Act contained in Rule 144A and Regulation S under the Securities Act. The aggregate net cash proceeds from the sale of the 5.75% Senior Secured Notes were approximately $855,500 after deducting the initial purchaser’s discount and estimated expenses and fees payable by the Company in connection with the offering. The Company used the net cash proceeds from the 5.75% Senior Secured Notes offering, together with cash on hand, to redeem all of the Company’s outstanding 6.125% Senior Secured Notes due 2025,

including accrued interest and premium thereon, and to pay fees and expenses in connection with the offering of the 5.75% Senior Secured Notes and the redemption of the 6.125% Secured Notes due 2025.

The 5.75% Senior Secured Notes pay interest on a semi-annual basis at a rate of 5.75% per year and mature on the earlier of February 1, 2029 and the date that is 91 days before November 1, 2026, the final stated maturity date of the 10.5% Senior Notes due 2026 (“10.5% Senior Notes”) if such 10.5% Senior Notes have not been repurchased and cancelled or refinanced by such date.

The 5.75% Senior Secured Notes are fully and unconditionally guaranteed, subject to certain customary automatic release provisions, on a joint and several basis by all of the wholly-owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses, which subsidiaries, as of the issuance date of the 5.75% Senior Secured Notes were also guarantors under the Company’s outstanding 10.5% Senior Notes. The 5.75% Senior Secured Notes are not guaranteed by New Valley LLC, or any of the Company’s subsidiaries engaged in the Company’s real estate business conducted through its subsidiary, New Valley LLC. The guarantees provided by certain of the guarantors are secured by first priority or second priority security interests in certain collateral of such guarantors pursuant to security and pledge agreements, subject to certain permitted liens and exceptions as further described in the indenture and the security documents relating thereto. The Company does not provide any security for the 5.75% Senior Secured Notes.

As of December 31, 2020, the Company was in compliance with all debt covenants.

10.5% Senior Notes due 2026:

On November 2, 2018, the Company completed the sale of $325,000 in aggregate principal amount of its 10.5% Senior Notes to qualified institutional buyers and non-U.S. persons in a private offering pursuant to the exemptions from the registration requirements of the Securities Act contained in Rule 144A and Regulation S under the Securities Act. The aggregate net proceeds from the initial sale of the 10.5% Senior Notes were approximately $315,000 after deducting underwriting discounts, commissions, fees and offering expenses.

On November 18, 2019, the Company completed the sale of an additional $230,000 in aggregate principal amount of its 10.5% Senior Notes. The Company received net proceeds of approximately $220,400 after deducting underwriting discounts, commissions, fees and offering expenses. The Company used a portion of the net cash proceeds from the offering to retire the Company’s outstanding 5.5% Variable Interest Senior Convertible Notes in April 2020. As of December 31, 2020, the Company has outstanding $555,000 aggregate principal amount of its 10.5% Senior Notes.

The Company pays cash interest on the 10.5% Senior Notes at a rate of 10.5% per year, payable semi-annually on May 1 and November 1 of each year. The 10.5% Senior Notes mature on November 1, 2026.

The 10.5% Senior Notes are guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the wholly-owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette businesses, and by DER Holdings LLC, through which the Company indirectly owns a 100% interest in Douglas Elliman.

As of December 31, 2020, the Company was in compliance with all debt covenants.

Variable Interest Senior Convertible Debt:

7.5% Variable Interest Senior Convertible Notes due 2019:

In November 2012, the Company sold $230,000 in aggregate principal amount of its 7.5% Variable Interest Senior Convertible Notes due 2019 (the “7.5% Convertible Notes”) in a public offering registered under the Securities Act. The notes matured on January 15, 2019 and the Company paid $230,000 of principal.

The 7.5% Convertible Notes paid interest on a quarterly basis at a rate of 2.50% per annum plus additional interest, which was based on the amount of cash dividends paid during the prior three-month period ending on the record date for such interest payment multiplied by the total number of shares of its common stock into which the debt will be convertible on such record date. The notes were convertible into the Company’s common stock at the holder’s option.

5.5% Variable Interest Senior Convertible Notes due 2020:

On March 24, 2014, the Company completed the sale of $258,750 in aggregate principal amount of its 5.5% Variable Interest Convertible Senior Notes due 2020 (the “5.5% Convertible Notes”). The 5.5% Convertible Notes matured on April 15, 2020 and the Company paid $169,610 of principal.

The 5.5% Convertible Notes paid interest on a quarterly basis at a rate of 1.75% per annum plus additional interest, which was based on the amount of cash dividends paid during the prior three-month period ending on the record date for such interest payment multiplied by the total number of shares of its common stock into which the debt was convertible on such record date. The notes were convertible into the Company’s common stock at the holder’s option.

Shares of Common Stock per $1,000 Principal Amount due on Convertible Notes:

The conversion rates for the convertible debt outstanding are summarized below:


	December 31, 2020			December 31, 2019
	Conversion Price		Shares per $1,000	Conversion Price		Shares per $1,000


5.5% Convertible Notes	$	—	—	$	20.27	49.3363

Embedded Derivatives on the Variable Interest Senior Convertible Debt:

The portion of the interest on the Company’s convertible debt which was computed by reference to the cash dividends paid on the Company’s common stock is considered an embedded derivative within the convertible debt, which the Company is required to separately value. In accordance with authoritative guidance on accounting for derivatives and hedging, the Company has bifurcated these embedded derivatives and estimated the fair value of the embedded derivative liability including using a third-party valuation. The resulting discount created by allocating a portion of the issuance proceeds to the embedded derivative is then amortized to interest expense over the term of the debt using the effective interest method. Changes to the fair value of these embedded derivatives were reflected quarterly in the Company’s consolidated statements of operations as “Change in fair value of derivatives embedded within convertible debt.” The value of the embedded derivative was contingent on changes in interest rates of debt instruments maturing over the duration of the convertible debt as well as projections of future cash and stock dividends over the term of the debt.

A summary of non-cash interest expense associated with the amortization of the debt discount created by the embedded derivative liability associated with the Company’s variable interest senior convertible debt is set forth in the following table:


	Year Ended December 31,
	2020		2019		2018



7.5% Convertible Notes	$	—	$	2,031	$	39,845
5.5% Convertible Notes	4,053		16,481		15,924
Interest expense associated with embedded derivatives	$	4,053	$	18,512	$	55,769

A summary of non-cash changes in fair value of derivatives embedded within convertible debt is set forth in the following table:


	Year Ended December 31,
	2020		2019		2018



7.5% Convertible Notes	$	—	$	6,635	$	24,530
5.5% Convertible Notes	4,999		19,790		20,459
Gain on changes in fair value of derivatives embedded within convertible debt	$	4,999	$	26,425	$	44,989

The following table reconciles the fair value of derivatives embedded within convertible debt:


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2018	$	31,165	$	45,248	$	76,413



Gain from changes in fair value of embedded derivatives	(24,530)		(20,459)		(44,989)
Balance at December 31, 2018	6,635		24,789		31,424

Gain from changes in fair value of embedded derivatives	(6,635)		(19,790)		(26,425)
Balance at December 31, 2019	—		4,999		4,999
Gain from changes in fair value of embedded derivatives	—		(4,999)		(4,999)
Balance at December 31, 2020	$	—	$	—	$	—

Beneficial Conversion Feature on Variable Interest Senior Convertible Debt:

After giving effect to the recording of the embedded derivative liability as a discount to the convertible debt, the Company’s common stock had a fair value at the issuance date of the debt in excess of the conversion price resulting in a beneficial conversion feature. The accounting guidance on debt with conversion and other options requires that the intrinsic value of the beneficial conversion feature be recorded to additional paid-in capital and as a discount on the debt. The discount is then amortized to interest expense over the term of the debt using the effective interest method. The beneficial conversion feature has been recorded, net of income taxes, as an increase to stockholders’ deficiency.

A summary of non-cash interest expense associated with the amortization of the debt discount created by the beneficial conversion feature on the Company’s variable interest senior convertible debt is set forth in the following table:


	Year Ended December 31,
	2020		2019		2018
Amortization of beneficial conversion feature:



7.5% Convertible Notes	$	—	$	1,328	$	26,049
5.5% Convertible Notes	1,223		4,973		4,805
Interest expense associated with beneficial conversion feature	$	1,223	$	6,301	$	30,854

Unamortized Debt Discount on Variable Interest Senior Convertible Debt:

The following table reconciles unamortized debt discount within convertible debt:


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2018	$	69,253	$	53,687	$	122,940


Partial redemption of 5.5% convertible notes	—		(3,493)		(3,493)

Amortization of embedded derivatives	(39,845)		(15,924)		(55,769)
Amortization of beneficial conversion feature	(26,049)		(4,805)		(30,854)
Balance at December 31, 2018	3,359		29,465		32,824


Partial redemption of 5.5% convertible notes	—		(2,735)		(2,735)
Amortization of embedded derivatives	(2,031)		(16,481)		(18,512)
Amortization of beneficial conversion feature	(1,328)		(4,973)		(6,301)
Balance at December 31, 2019	—		5,276		5,276


Amortization of embedded derivatives	—		(4,053)		(4,053)
Amortization of beneficial conversion feature	—		(1,223)		(1,223)
Balance at December 31, 2020	$	—	$	—	$	—

Revolving Credit Agreement — Liggett:

In January, 2015, Liggett and 100 Maple LLC (“Maple”), a subsidiary of Liggett, entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), with Wells Fargo Bank, National Association (“Wells Fargo”), as agent and lender. The Credit Agreement governed a $60,000 credit facility (the “Credit Facility”) that consisted of a revolving credit facility (the “Revolver”) and a $3,600 term loan (the “Term Loan”) that was within the $60,000 commitment under the Credit Facility and reduced the amount available under the Revolver. In connection with the November 2017 issuance of 6.125% Senior Secured Notes due 2025 and the November 2018 issuance of 10.5% Senior Notes, Liggett and Maple entered into amendments to the Credit Agreement to update certain defined terms of the Credit Agreement relating to such issuances.

On October 31, 2019, Liggett and Maple amended the Credit Agreement to, among other things, (i) extend its maturity to January 31, 2025, (ii) update the borrowing base to adjust the advance rates in respect of eligible inventory and add certain eligible real property, and (iii) reflect the repayment in full of the Term Loan. Accordingly, the Term Loan portion of the credit facility no longer exists. The $60,000 commitment available in the Credit Agreement is unchanged. Since October 31, 2019, all borrowings under the Credit Agreement have been limited to a borrowing base equal to the sum of (I) the lesser of 85% of eligible trade receivables less certain reserves and $10,000; plus (II) 80% of the value of eligible inventory consisting of packaged cigarettes plus (III) the lesser of 65% multiplied by Liggett’s eligible cost of inventory consisting of leaf tobacco less certain reserves against inventory, bank products or other items which Wells Fargo may establish from time to time in its

permitted discretion or 85% of the appraised liquidation value of eligible inventory plus (IV) 60% of the fair market value of eligible real property. The obligations under the Credit Agreement are collateralized on a first priority basis by all inventories, receivables and certain other personal property of Liggett and Maple, a mortgage on Liggett’s manufacturing facility and certain real property of Maple, subject to certain permitted liens.

The term of the Credit Agreement expires on January 31, 2025. Loans under the Credit Agreement bear interest at a rate equal to LIBOR plus 2.25%. The interest rate applicable to this Credit Agreement at December 31, 2020 was 2.39%. The Credit Agreement, as amended, permitted the guaranty of the 6.125% Senior Secured Notes due 2025, and permits the guaranty of the 5.75% Senior Secured Notes and the 10.5% Senior Notes, by each of Liggett and Maple. Wells Fargo, Liggett, Maple and the collateral agent for the holders of the 5.75% Senior Secured Notes have entered into an intercreditor agreement, pursuant to which the liens of such collateral agent on the assets that are subject to the Credit Agreement are subordinated to the liens of Wells Fargo on such assets. The intercreditor agreement permits any other subsidiary of the Company that guarantees the 5.75% Senior Secured Notes to become party thereto if such subsidiary becomes a borrower under the Credit Agreement.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit Liggett’s, Maple’s and their subsidiaries’ ability to incur, create or assume certain indebtedness, to incur or assume certain liens, to purchase, hold or acquire certain investments, to declare or make certain dividends and distributions and to engage in certain mergers, consolidations and asset sales, including a restriction on Liggett’s ability to pay cash dividends unless Liggett’s average borrowing availability, as defined under the Credit Agreement, for the 30-day period prior to the payment of the dividend, and after giving effect to the dividend, was at least $5,000 and no event of default has occurred under the Credit Agreement, including Liggett’s compliance with the covenants in the Credit Agreement. The Credit Agreement also requires the Company to comply with specified financial covenants, including that Liggett’s earnings before interest, taxes, depreciation and amortization, as defined under the Credit Agreement, on a trailing twelve month basis, shall not be less than $100,000 if Liggett’s excess availability, as defined under the Credit Agreement, is less than $20,000. The covenants also require that annual capital expenditures, as defined under the Credit Agreement (before a maximum carryover amount of $10,000), shall not exceed $20,000 during any fiscal year. The Credit Agreement also contains customary events of default. Liggett was in compliance with these covenants as of December 31, 2020.

As of December 31, 2020, there was no outstanding balance under the Credit Agreement. Availability, as determined under the Credit Agreement, was $58,635 based on eligible collateral at December 31, 2020.

Other:

Other Notes Payable consist primarily of $25,000 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. This interest rate was adjusted to the then-current AFR on January 1, 2020 and on each payment date thereafter. New Valley started paying principal and interest in installments beginning with January 1, 2020 and will continue through October 1, 2022. $5,000 of principal has been repaid through December 31, 2020 and the remaining principal is due to be repaid as follows: $12,500 in 2021, and $12,500 in 2022.

Fair Value of Notes Payable and Long-Term Debt:

The estimated fair value of the Company’s notes payable and long-term debt were as follows:


	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value			Fair Value
Senior Notes	$	1,401,960	$	1,464,208	$	1,401,608		$	1,409,920
Variable Interest Senior Convertible Debt	—		—		164,334			176,289
Liggett and other	25,573		25,581		65,445			65,456
Notes payable and long-term debt	$	1,427,533	$	1,489,789	$	1,631,387	(1)	$	1,651,665

_____________________________

(1) The carrying value does not include the carrying value of the embedded derivative. See Note 18.

Notes payable and long-term debt are carried on the consolidated balance sheets at amortized cost. The fair value determinations disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 18 if such liabilities were recorded on the consolidated balance sheets 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 Note 1. The Company used a derived price based upon quoted market prices and trade activity as of December 31, 2020 to determine the fair value of its publicly-traded notes and debentures. The carrying value of the revolving credit facility is equal to the 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.

Scheduled Maturities:

Scheduled maturities of notes payable and long-term debt were as follows:


	Principal		Unamortized Discount/ (Premium)		Net
Year Ending December 31:
2021	$	12,557	$	—	$	12,557
2022	12,954		—		12,954
2023	54		—		54
2024	8		—		8
2025	850,000		—		850,000
Thereafter	555,000		3,040		551,960
Total	$	1,430,573	$	3,040	$	1,427,533

The scheduled maturities do not give effect to the redemption of the 6.125% Senior Secured Notes due 2025 on February 1, 2021 or the issuance of the 5.75% Senior Secured Notes due 2029 in January 2021.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Benefit Plans and Postretirement Plans:

Defined Benefit Plans. The Company sponsors four defined benefit pension plans (two qualified and two non-qualified) covering virtually all individuals who were employed by Liggett on a full-time basis prior to 1994. Future accruals of benefits under these four defined benefit plans were frozen between 1993 and 1995. These benefit plans provide pension benefits for eligible employees based primarily on their compensation and length of service. Contributions are made to the two qualified pension plans in amounts necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974. The plans’ assets and benefit obligations were measured at December 31, 2020 and 2019, respectively.

The Company also sponsors a Supplemental Retirement Plan (“SERP”) where the Company will pay supplemental retirement benefits to certain key employees, including certain executive officers of the Company. The plan meets the applicable requirements of Section 409A of the Internal Revenue Code and is intended to be unfunded for tax purposes. Payments under the SERP will be made out of the general assets of the Company. The SERP is a defined benefit plan. Under the SERP, the benefit payable to a participant at his normal retirement date is a lump sum amount which is the actuarial equivalent of a predetermined annual retirement benefit set by the Company’s Board of Directors. Normal retirement date is defined as the January 1 following the attainment by the participant of the latter of age 60 or the completion of eight years of employment following January 1, 2002 with the Company or a subsidiary.

The SERP provides the Company’s President and Chief Executive Officer with an additional benefit paid as a lump sum under the SERP that is actuarially equivalent to a $1,788 lifetime annuity. In addition, in the event of a termination of his employment under the circumstances where he is entitled to severance payments under his employment agreement, he will be credited with an additional 36 months of service towards vesting under the SERP.

At December 31, 2020, the aggregate lump sum equivalents of the annual retirement benefits payable under the Amended SERP at normal retirement dates occurring during the following years is as follows: 2021 to 2024 – none; 2025 – $54,992 and 2026 to 2030 – $6,866. In the case of a participant who becomes disabled prior to his normal retirement date or whose service is terminated without cause, the participant’s benefit consists of a pro-rata portion of the full projected retirement benefit to which he would have been entitled had he remained employed through his normal retirement date, as actuarially discounted back to the date of payment. A participant who dies while working for the Company or a subsidiary (and before becoming disabled or

attaining his normal retirement date) will be paid an actuarially discounted equivalent of his projected retirement benefit; conversely, a participant who retires beyond his normal retirement date will receive an actuarially increased equivalent of his projected retirement benefit.

Postretirement Medical and Life Plans. The Company provides certain postretirement medical and life insurance benefits to certain employees and retirees. Substantially all of the Company’s manufacturing employees as of December 31, 2020 are eligible for postretirement medical benefits if they reach retirement age while working for Liggett or certain affiliates. Retirees are required to fund 100% of participant medical premiums and, pursuant to union contracts, Liggett reimburses approximately 97 hourly retirees, who retired prior to 1991, for Medicare Part B premiums. In addition, the Company provides life insurance benefits to approximately 97 active employees and 365 retirees who reach retirement age and are eligible to receive benefits under two of the Company’s defined benefit pension plans. The Company’s postretirement liabilities are comprised of Medicare Part B and life insurance premiums.

The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits:


	Pension Benefits				Other Postretirement Benefits
	2020		2019		2020		2019
Change in benefit obligation:
Benefit obligation at January 1	$	(128,997)	$	(123,165)	$	(8,986)	$	(8,296)
Service cost	(592)		(533)		—		(3)
Interest cost	(3,545)		(4,860)		(286)		(347)
Plan settlement	7,255		—		—		—


Benefits paid	7,008		7,696		500		594
Expenses paid	255		391		—		—
Actuarial loss	(7,226)		(8,526)		(329)		(934)
Benefit obligation at December 31	$	(125,842)	$	(128,997)	$	(9,101)	$	(8,986)
Change in plan assets:
Fair value of plan assets at January 1	$	101,051	$	93,167	$	—	$	—

Actual return on plan assets	8,919		15,788		—		—
Plan settlement	(7,255)		—		—		—
Expenses paid	(255)		(391)		—		—
Contributions	7,360		183		500		594
Benefits paid	(7,008)		(7,696)		(500)		(594)
Fair value of plan assets at December 31	$	102,812	$	101,051	$	—	$	—
Unfunded status at December 31	$	(23,030)	$	(27,946)	$	(9,101)	$	(8,986)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	$	35,209	$	31,686	$	—	$	—
Other accrued liabilities	(100)		(111)		(624)		(654)
Non-current employee benefit liabilities	(58,139)		(59,521)		(8,477)		(8,332)
Net amounts recognized	$	(23,030)	$	(27,946)	$	(9,101)	$	(8,986)


	Pension Benefits						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Service cost — benefits earned during the period	$	592	$	533	$	587	$	—	$	3	$	4
Interest cost on projected benefit obligation	3,545		4,860		4,495		286		347		330
Expected return on assets	(3,869)		(4,874)		(5,572)		—		—		—
Prior service cost	—		—		—		4		4		4

Settlement loss	1,805		—		—		—		—		—

Amortization of net loss (gain)	1,836		2,001		1,804		11		(40)		(41)
Net expense	$	3,909	$	2,520	$	1,314	$	301	$	314	$	297

As of December 31, 2020, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:


	Defined Benefit Pension Plans		Post- Retirement Plans		Total
Accumulated other comprehensive loss as of January 1, 2020	$	(29,664)	$	(794)	$	(30,458)
Amortization of prior service costs	—		4		4
Prior service costs	—		—		—
Effect of settlement	1,805		—		1,805
Amortization of loss	1,836		11		1,847
Net loss arising during the year	(2,176)		(327)		(2,503)
Accumulated other comprehensive loss as of December 31, 2020	$	(28,199)	$	(1,106)	$	(29,305)

As of December 31, 2019, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:


	Defined Benefit Pension Plans		Post- Retirement Plans		Total
Accumulated other comprehensive (loss) income as of January 1, 2019	$	(34,053)	$	213	$	(33,840)
Amortization of prior service costs	—		4		4
Prior service costs	—		(37)		(37)
Amortization of loss (gain)	2,001		(40)		1,961
Net gain (loss) arising during the year	2,388		(934)		1,454
Accumulated other comprehensive loss as of December 31, 2019	$	(29,664)	$	(794)	$	(30,458)

As of December 31, 2020, our total accumulated benefit obligations, as well as our projected benefit obligations in excess of the fair value of the related plan assets, for defined benefit pension plans were as follows:


	December 31,
	2020		2019
Accumulated benefit obligation	$	58,239	$	59,631
Fair value of plan assets	$	—	$	—


	December 31,
	2020		2019
Projected benefit obligation	$	58,239	$	59,631
Fair value of plan assets	$	—	$	—

The information for other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed in the Obligations table above because all the other postretirement benefit plans are unfunded or underfunded.

The assumptions used for the pension benefits and other postretirement benefits were:


	Pension Benefits			Other Postretirement Benefits
	2020	2019	2018	2020	2019	2018
Weighted average assumptions:
Discount rates — benefit obligation	1.40% - 2.30%	2.55% - 3.10%	3.90% - 4.25%	2.55%	3.30%	4.35%
Discount rates — service cost	2.55% - 3.10%	3.90% - 4.25%	3.25% - 3.70%	3.30%	4.35%	3.80%
Assumed rates of return on invested assets	4.00 %	5.50%	5.50%	N/A	N/A	N/A
Salary increase assumptions	N/A	N/A	N/A	3.00%	3.00%	3.00%

Discount rates were determined by a quantitative analysis examining the prevailing prices of high quality bonds to determine an appropriate discount rate for measuring obligations. The aforementioned analysis analyzes the cash flow from each of the Company’s four benefit plans as well as a separate analysis of the cash flows from the postretirement medical and life insurance plans sponsored by Liggett. The aforementioned analyses then construct a hypothetical bond portfolio whose cash flow from coupons and maturities match the year-by-year, projected benefit cash flow from the respective pension or retiree health plans. The Company uses the lower discount rate derived from the two independent analyses in the computation of the benefit obligation and service cost for each respective retirement liability. The Company uses the discount rate derived from the analysis in the computation of the benefit obligation and service cost for all the plans respective retirement liability.

The Company considers input from its external advisors and historical returns in developing its expected rate of return on plan assets. The expected long-term rate of return is the weighted average of the target asset allocation of each individual asset class. The Company’s actual 10-year annual rate of return on its pension plan assets was 6.91%, 7.59% and 8.26% for the years ended December 31, 2020, 2019 and 2018, respectively, and the Company’s actual five-year annual rate of return on its pension plan assets was 7.51%, 5.41% and 3.19% for the years ended December 31, 2020, 2019 and 2018, respectively.

Gains and losses resulted from changes in actuarial assumptions and from differences between assumed and actual experience, including, among other items, changes in discount rates and changes in actual returns on plan assets as compared to assumed returns. These gains and losses are only amortized to the extent that they exceed 10% of the greater of Projected Benefit Obligation and the fair value of assets. For the year ended December 31, 2020, Liggett used a 12.64-year period for its Hourly Plan and a 11.90-year period for its Salaried Plan to amortize pension fund gains and losses on a straight line basis. Such amounts are reflected in the pension expense calculation beginning the year after the gains or losses occur. The amortization of deferred losses negatively impacts pension expense in the future.

Plan assets are invested employing multiple investment management firms. Managers within each asset class cover a range of investment styles and focus primarily on issue selection as a means to add value. Risk is controlled through a diversification among asset classes, managers, styles and securities. Risk is further controlled both at the manager and asset class level by assigning excess return and tracking error targets. Investment managers are monitored to evaluate performance against these benchmark indices and targets.

Allowable investment types include equity, investment grade fixed income, high yield fixed income, hedge funds and short term investments. The equity fund is comprised of common stocks and mutual funds of large, medium and small companies, which are predominantly U.S. based. The investment grade fixed income fund includes managed funds investing in fixed income securities issued or guaranteed by the U.S. government, or by its respective agencies, mortgage backed securities, including collateralized mortgage obligations, and corporate debt obligations. The high yield fixed income fund includes a fund which invests in non-investment grade corporate debt securities. The hedge funds invest in both equity, including common and preferred stock, and debt obligations, including convertible debentures, of private and public companies. The Company generally utilizes its short-term investments, including interest-bearing cash, to pay benefits and to deploy in special situations.

The Liggett Employee Benefits Committee has established the following target assets allocation to equal 35.0% equity investments and 65.0% investment grade fixed income, with a rebalancing range of approximately plus or minus 5% around the target asset allocations.

Vector’s defined benefit retirement plan allocations by asset category, were as follows:


	Plan Assets at December 31,
	2020		2019
Asset category:
Equity securities	35	%	38	%
Investment grade fixed income securities	65	%	53	%
High yield fixed income securities	—		9	%


Total	100	%	100	%

The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows:


	Fair Value Measurements as of December 31, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Insurance contracts	$	2,236	$	—	$	2,236	$	—
Amounts in individually managed investment accounts:
Cash, mutual funds and common stock	78		78		—		—


Common collective trusts at NAV (1)	100,498		—		—		—

Total	$	102,812	$	78	$	2,236	$	—
(1) 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
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Insurance contracts	$	2,398	$	—	$	2,398	$	—
Amounts in individually managed investment accounts:
Cash, mutual funds and common stock	76		76		—		—

Common collective trusts	38,537		—		38,537		—
Common collective trusts at NAV(1)	51,068		—		—		—
Investment Partnership	8,972		—		8,972		—
Total	$	101,051	$	76	$	49,907	$	—
(1) 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 investment included in Level 1 are based on quoted market prices from various stock exchanges. The Level 2 investments are based on quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets in markets that are not active.

For 2020 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 2.87% and 6.06% between 2021 and 2028 and 4.5% thereafter. For 2019 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 3.95% and 8.02% between 2020 and 2027 and 4.5% thereafter.

To comply with ERISA’s minimum funding requirements, the Company does not currently anticipate that it will be required to make any contributions to the pension plan year beginning on January 1, 2021 and ending on December 31, 2021.

Any additional funding obligation that the Company may have for subsequent years is contingent on several factors and is not reasonably estimable at this time.

Estimated future pension and postretirement medical benefits payments were as follows:


	Pension		Postretirement Medical
2021	$	6,938	$	624
2022	6,516		623
2023	6,123		623
2024	5,744		616
2025	60,349		602
2026 - 2030	28,378		2,698

Profit Sharing and 401(k) Plans:

The Company maintains 401(k) plans for substantially all U.S. employees which allow eligible employees to invest a percentage of their pre-tax compensation. The Company contributed to the 401(k) plans and expensed $1,834, $1,933 and $1,793 for the years ended December 31, 2020, 2019 and 2018, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The amounts provided for income taxes were as follows:


	Year Ended December 31,
	2020		2019		2018
Current:
U.S. Federal	$	29,832	$	33,379	$	27,962
State	12,618		10,632		11,225
	42,450		44,011		39,187
Deferred:
U.S. Federal	(783)		(7,209)		(12,524)
State	110		(3,989)		(5,111)
	(673)		(11,198)		(17,635)
Total	$	41,777	$	32,813	$	21,552

The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows:


	December 31, 2020		December 31, 2019
Deferred tax assets:
Employee benefit accruals	$	10,529	$	11,709
Impairment of investments	13,961		9,772
Impact of timing of settlement payments	20,137		19,313

Various U.S. federal and state tax loss carryforwards	8,745		4,296
Operating lease liabilities	9,885		3,679
Current expected credit losses	4,299		—
Other	2,625		2,274
	70,181		51,043
Less: Valuation allowance	(6,474)		(1,292)
Net deferred tax assets	$	63,707	$	49,751

Deferred tax liabilities:
Basis differences on non-consolidated entities	$	(22,809)	$	(7,990)
Basis differences on fixed and intangible assets	(36,055)		(35,082)

Basis differences on inventory	(10,698)		(10,645)
Basis differences on long-term investments	(14,362)		(22,424)
Impact of accounting for convertible debt	—		(813)
Basis differences on available for sale securities	(3,579)		(3,219)
Operating lease right of use assets	(8,660)		(3,273)

	$	(96,163)	$	(83,446)

Net deferred tax liabilities	$	(32,456)	$	(33,695)

_____________________________

The Company files a consolidated U.S. income tax return that includes its more than 80%-owned U.S. subsidiaries. Stand alone subsidiaries had tax-effected federal and state and local net operating loss (“NOL”) carryforwards of $8,745 and $4,296 at December 31, 2020 and 2019, respectively, expiring through tax year 2027. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company had valuation allowances of $6,474 and $1,292 at December 31, 2020

and 2019, respectively. The valuation allowances at December 31, 2020 and 2019 primarily related to federal and state net operating loss carryforwards of stand alone subsidiaries.

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 determined that there was a minimal impact of the CARES Act on its financial statements and required disclosures.

The consolidated balance sheets of the Company include deferred income tax assets and liabilities, which represent temporary differences in the application of accounting rules established by U.S. GAAP and income tax laws.

Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:


	Year Ended December 31,
	2020		2019		2018
Income before provision for income taxes	$	134,715	$	133,828	$	79,559
Federal income tax expense at statutory rate	28,289		28,104		16,707
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	10,236		6,430		6,060

Non-deductible expenses	2,982		1,385		1,993

Impact of Tax Cuts and Jobs Act of 2017	—		—		(2,691)
Excess tax benefits on stock-based compensation	(206)		(1,488)		(778)

Other	916		907		108

Loss carryforwards from tax consolidation of subsidiary	(5,622)		—		—
Changes in valuation allowance, net of equity and tax audit adjustments	5,182		(2,525)		153
Income tax expense	$	41,777	$	32,813	$	21,552

The Company’s income tax expense is principally attributable to the Company’s federal and state income taxes based on the Company’s earnings. The non-deductible expenses presented in the table above largely relate to the Company’s non-deductible executive compensation and lobbying expenses. The Company recorded additional federal and state NOLs as a result of the consolidation of a subsidiary for income tax purposes. These NOLs have a full valuation allowance because, based on the weight of available evidence, it is more likely than not that all of the deferred tax assets will not be realized.

The following table summarizes the activity related to the unrecognized tax benefits:


Balance at January 1, 2018	$	628

Additions based on tax positions related to prior years	26

Settlements	(100)
Expirations of the statute of limitations	(163)
Balance at December 31, 2018	391

Additions based on tax positions related to prior years	1,586


Expirations of the statute of limitations	(330)
Balance at December 31, 2019	1,647

Additions based on tax positions related to prior years	458

Settlements	(402)
Expirations of the statute of limitations	(50)
Balance at December 31, 2020	$	1,653

In the event the unrecognized tax benefits of $1,653 at December 31, 2020 were recognized, such recognition would impact the effective tax rate. The Company classifies all tax-related interest and penalties as income tax expense.

It is reasonably possible the Company may recognize up to approximately $15 of unrecognized tax benefits over the next 12 months, primarily pertaining to expiring statutes of limitations on prior state and local income tax return positions.

The Company files U.S. and state and local income tax returns in jurisdictions with varying statutes of limitations. The Company, from time to time, receives notices related to audits and adjustments related to its partnerships and, recently, received notice of an IRS audit of Douglas Elliman’s 2018 tax return.

- Definition

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.

+ References + Details

Stock Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Compensation

STOCK COMPENSATION

The Company granted equity compensation under its Amended and Restated 1999 Long-Term Incentive Plan (the “1999 Plan”) until the 1999 Plan expired on December 31, 2013. On May 16, 2014, the Company’s stockholders approved the 2014 Management Incentive Plan (the “2014 Plan”). The 2014 Plan replaced the 1999 Plan. Like the 1999 Plan, the 2014 Plan provides for the Company to grant stock options, stock appreciation rights and restricted stock. The 2014 Plan also provides for awards based on a multi-year performance period and for annual short-term awards based on a twelve-month performance period. Shares available for issuance under the 2014 Plan are 7,251,038 shares. The Company may satisfy its obligations under any award granted under the 2014 Plan by issuing new shares. Awards previously granted under the 1999 Plan remain outstanding in accordance with their terms.

Stock Options. The Company recognized compensation expense of $1,428, $1,923 and $2,246 related to stock options in the years ended December 31, 2020, 2019 and 2018, respectively.

All awards have a contractual term of ten years and awards vest over a period of two to seven years depending upon each grant. The fair value of option grants is estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including expected stock price characteristics which are significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models do not necessarily provide a reliable single measure of the fair value of stock-based compensation awards.

The assumptions used under the Black-Scholes option pricing model in computing fair value of options are based on the expected option life considering both the contractual term of the option and expected employee exercise behavior, the interest rate associated with U.S. Treasury issues with a remaining term equal to the expected option life and the expected volatility of the Company’s common stock over the expected term of the option. The assumptions used for grants in the years ended December 31, 2019 and 2018 were as follows:


	2019		2018
Risk-free interest rate	2.5% - 2.7%		2.7% - 2.9%
Expected volatility	20.24% - 20.45%		19.02% - 21.05%
Dividend yield	0.0	%	0.0	%
Expected holding period	4 - 10 years		5 - 10 years
Weighted-average grant date fair value (1)	$2.36 - $4.08		$4.62 - $7.58

_____________________________

(1)Per share amounts have not been adjusted to give effect to the stock dividends in 2019 and 2018.

A summary of employee stock option transactions follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value(1)
Outstanding on January 1, 2018	5,433,626	$	12.74	4.7	$	41,069
Granted	427,219	$	18.42

Canceled	(12)	—
Outstanding on December 31, 2018	5,860,833	$	13.16	4.1	$	1,095
Granted	406,875	$	10.92
Exercised	(1,824,351)	$	8.67
Canceled	(11)	—
Outstanding on December 31, 2019	4,443,346	$	14.80	5.0	$	4,427

Exercised	(620,527)	$	11.14

Outstanding on December 31, 2020	3,822,819	$	15.40	4.6	$	487
Options exercisable at:
December 31, 2018	4,019,477
December 31, 2019	2,689,673
December 31, 2020	2,540,150

_____________________________

(1)The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($11.65, $13.39 and $9.27 at December 31, 2020, 2019 and 2018, respectively) exceeds the option exercise price.

Additional information relating to options outstanding at December 31, 2020 follows:


			Options Outstanding				Options Exercisable
Range of Exercise Prices			Outstanding as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Exercisable as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Aggregate Intrinsic Value
			12/31/2020				12/31/2020
$9.86	-	$11.83	1,462,190	3.8	$	11.32	1,055,315	2.2	$	11.47	$	—
$11.83	-	$13.80	—	—	$	—	—	—	$	—	—
$13.80	-	$15.77	519,278	3.4	$	14.68	519,278	3.4	$	14.68	—
$15.77	-	$17.74	—	—	$	—	—	—	$	—	—
$17.74	-	$19.71	1,841,351	5.6	$	18.84	965,557	4.7	$	18.61	—



			3,822,819	4.6	$	15.40	2,540,150	3.4	$	14.84	$	487

As of December 31, 2020, there was $1,229 of total unrecognized compensation cost related to unvested stock options. The cost is expected to be recognized over a weighted-average period of approximately 1.12 years at December 31, 2020.

As a result of adopting ASU 2016-09, the Company reflects the net excess tax benefits of stock-based compensation in its consolidated financial statements as a component of “Cash Flows from Operating Activities.”

Non-qualified options for 406,875 shares of common stock were issued during 2019. The exercise price of the options granted was $10.92 in 2019. The exercise price of the options granted in 2019 was at the fair value on the date of the grants.

Non-qualified options for 427,219 shares of common stock were issued during 2018. The exercise price of the options granted was $18.42 in 2018. The exercise price of the options granted in 2018 was at the fair value on the date of the grants.

The Company has elected to use the long-form method under which each award grant is tracked on an employee-by-employee basis and grant-by-grant basis to determine if there is a tax benefit or tax deficiency for such award. The Company then compares the fair value expense to the tax deduction received for each grant in order to calculate the related tax benefits and deficiencies. All excess tax benefits and deficiencies are recognized as a component of income tax expense or benefit on the income statement.

The total intrinsic value of options exercised during the year ended December 31, 2020 was $835. Tax benefits related to option exercises of $104 were recorded as reductions to income tax expense for the year ended December 31, 2020. A total of 620,527 options were exercised during the year ended December 31, 2020.

The total intrinsic value of options exercised during the year ended December 31, 2019 was $6,577. Tax benefits related to option exercises of $1,546 were recorded as reductions to income tax expense for the year ended December 31, 2019. A total of 1,824,351 options were exercised during the year ended December 31, 2019.

Restricted Stock Awards. In 2020, the Company granted 425,000 restricted shares of the Company’s common stock (the “The 2020 Grants”) pursuant to the 1999 Plan to five of its executive officers. The shares vest over a period of four years and the Company will recognize $5,041 of expense over the vesting period of the July 2020 grant. The Company recognized expense of $747 for the year ended December 31, 2020.

On May 2, 2019, the Company granted 63,000 restricted shares of the Company’s common stock (the “May 2019 Grant”) pursuant to the 1999 Plan to six of its outside directors. The shares vest over a period of three years and the Company will recognize $564 of expense over the vesting period of the May 2019 grant. The Company recognized expense of $188 and $124 for the years ended December 31, 2020 and 2019, respectively.

On May 29, 2018, the Company granted 27,563 restricted shares of the Company’s common stock pursuant to the 1999 Plan to one of its executive officers. The shares vested on May 29, 2020 and the Company recognized $481 of expense through the vesting date. The Company recognized expense of $98, $241 and $142 for the years ended December 31, 2020, 2019 and 2018, respectively.

Additionally, on May 29, 2018, the Company granted 7,348 restricted shares of the Company’s common stock pursuant to the 1999 Plan to two of its outside directors. The shares vested on April 25, 2019 and the Company recognized $128 of expense through the vesting date. The Company recognized expense of $46 and $82 for the years ended December 31, 2019 and 2018, respectively.

In April 2016, the Company granted 60,775 restricted shares of the Company’s common stock (the “April 2016 Grant”) pursuant to the 1999 Plan to five of its outside directors. The shares vested in April 2019 and the Company recognized $1,054 of expense over the vesting period of three years. The Company recognized expense of $92 and $374 for the years ended December 31, 2019 and 2018, respectively.

On November 10, 2015, the Company granted its President and Chief Executive Officer an award of 1,458,608 shares of its common stock subject to service and performance-based vesting. The award shares were issued pursuant to the terms of an agreement that provides that both a performance requirement and a continued employment requirement must be met over a seven-year performance period to earn vested rights with respect to the award shares. The maximum potential amount of the award shares reflects recognition of the CEO’s contributions as CEO since January 1, 2006 and the value of his management and real estate expertise to the Company. The fair market value of the restricted shares on the date of grant was $28,374 and is being amortized over the performance period as a charge to compensation expense. The Company recognized expense of $4,053 for each of the years ended December 31, 2020, 2019 and 2018, respectively.

On July 23, 2014, the Company granted its President and Chief Executive Officer an award of 1,340,096 shares of its common stock subject to service and performance-based vesting. The award shares were issued pursuant to the terms of an agreement that provides that both a performance requirement and a continued employment requirement must be met over a seven-year performance period to earn vested rights with respect to the award shares. The maximum potential amount of the award shares reflects recognition of the CEO’s contributions as CEO since January 1, 2006 and the value of his management and real estate expertise to the Company. The fair market value of the restricted shares on the date of grant was $20,780 and is being amortized over the performance period as a charge to compensation expense. The Company recognized expense of $2,969 for each of the years ended December 31, 2020, 2019 and 2018, respectively.

In October 2013, the President and Chief Executive Officer of Liggett and Liggett Vector Brands was awarded a restricted stock grant of 36,853 shares of Vector’s common stock pursuant to the 1999 Plan. The shares vested on March 15, 2019, contingent upon the certification of performance-based targets being achieved by the Company’s Tobacco segment. He received dividends on the restricted shares as paid. The fair market value of the restricted shares on the date of grant was $458 and was amortized over the vesting period as a charge to compensation expense. The Company recognized expense of $21 and $85 for the years ended December 31, 2019 and 2018, respectively.

As of December 31, 2020, there was $12,081 of total unrecognized compensation costs related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.26 years.

As of December 31, 2019, there was $15,095 of total unrecognized compensation costs related to unvested restricted stock awards.

The Company’s accounting policy is to treat dividends paid on unvested restricted stock as a reduction to additional paid-in capital on the Company’s consolidated balance sheets.

Contingencies

12 Months Ended

Dec. 31, 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 years ended December 31, 2020, 2019, and 2018, Liggett incurred tobacco product liability legal expenses and costs totaling $6,476, $7,363, and $7,144, 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 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 December 31, 2020, to obtain a stay of the judgment pending the appeal of the Santoro case, Liggett had secured $535 in bonds.

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 15: (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 December 31, 2020, there were 70 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						43
Illinois						12
Nevada						7
New Mexico						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 December 31, 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 15, 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 to be paid in installments over 14 years starting in February 2015. The Company’s future payments will be approximately $3,400 per annum through 2028, with a cost of living increase beginning in 2021. In exchange, the claims of these plaintiffs were dismissed with prejudice against the Company and Liggett.

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 202 Engle progeny cases for approximately $8,100 in the aggregate. One of these settlements occurred in the fourth quarter of 2020.

Notwithstanding the comprehensive nature of the Engle Progeny Settlements, 41 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 December 31, 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. In Santoro, an adverse verdict against Liggett for $266 plus interest, costs and attorneys’ fees, was affirmed on appeal and satisfied by Liggett in February 2021.

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 five cases where Liggett is the sole defendant: Cowart, a Florida Individual Action, and Tumin, Forbing, Jones and Pridgen, Engle progeny cases. 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.

Upcoming Trials

As of December 31, 2020, there were four Individual Actions (Baron, Feld, Lane and Mendez) scheduled for trial through December 31, 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.

Class Actions

As of December 31, 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 December 31, 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.

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 4.1% of the total cigarettes sold in the United States in 2020. 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, 2020, Liggett and Vector Tobacco pre-paid $143,000 of their approximate $182,000 2020 MSA obligation, the balance of which will be paid in April 2021, 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 - 2020. 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 for 2003 - 2022. The 2004 NPM Adjustment arbitration started in 2016, with the final individual state hearings likely to occur in April 2021 and a second phase addressing the effect of the settlements to start thereafter. The parties have also selected an arbitration panel to address the NPM Adjustments for 2005 - 2007 and initial proceedings in that arbitration are likely to commence in 2021.

As a result of the settlement and arbitration award described above, Liggett and Vector Tobacco reduced cost of sales for the year ended December 31, 2020 by $6,350, for an aggregate reduction in costs of sales for years 2013 - 2020 of $54,382. Liggett and Vector Tobacco may be entitled to further adjustments. As of December 31, 2020, Liggett and Vector Tobacco had accrued approximately $13,200 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 December 31, 2020, there remains approximately $40,700 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 15, 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 three years ended December 31, 2020 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, 2018	$	12,384	$	260	$	12,644	$	21,479	$	19,840	$	41,319
Expenses	168,820		735		169,555		—		—		—
NPM Settlement adjustment	(595)		—		(595)		(5,703)		—		(5,703)
Change in MSA obligations capitalized as inventory	(1,438)		—		(1,438)		—		—		—
Payments	(141,963)		(935)		(142,898)		(40)		—		(40)
Reclassification to/(from) non-current liabilities	(647)		218		(429)		647		(218)		429
Interest on withholding	—		32		32		—		2,172		2,172
Balance as of December 31, 2018	36,561		310		36,871		16,383		21,794		38,177
Expenses	165,471		990		166,461		—		—		—

Change in MSA obligations capitalized as inventory	4,936		—		4,936		—		—		—
Payments, net of credits received	(171,960)		(670)		(172,630)		—		—		—
Reclassification to/(from) non-current liabilities	(892)		3,338		2,446		892		(3,338)		(2,446)
Interest on withholding	—		281		281		—		2,138		2,138
Balance as of December 31, 2019	34,116		4,249		38,365		17,275		20,594		37,869
Expenses	175,538		312		175,850		—		—		—
NPM Settlement adjustment	299		—		299		—		—		—
Change in MSA obligations capitalized as inventory	182		—		182		—		—		—
Payments, net of credits received	(170,513)		(4,334)		(174,847)		(197)		—		(197)
Reclassification to/(from) non-current liabilities	(855)		3,252		2,397		855		(3,252)		(2,397)
Interest on withholding	—		488		488		—		1,926		1,926
Balance as of December 31, 2020	$	38,767	$	3,967	$	42,734	$	17,933	$	19,268	$	37,201

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 impact 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.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION


	Year Ended December 31,
	2020		2019		2018
Cash paid during the period for:
Interest, including interest related to finance leases	$	118,851	$	118,974	$	107,021
Income taxes, net	41,372		44,184		26,529
Non-cash investing and financing activities:
Issuance of stock dividend	—		703		671

Decrease in non-controlling interest related to purchase of subsidiary	—		—		(73,953)
Notes payable issued for purchase of subsidiary	—		—		30,000
Contingent consideration related to purchase of subsidiary	—		—		6,304
Net receivable from purchase of subsidiary	—		—		497

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Ladenburg Thalmann Financial Services Inc. Prior to February 14, 2020, the Company owned 15,191,205 common shares (or approximately 10.2%) of LTS, which was a publicly-traded diversified financial services company prior to its merger with Advisor Group. The Company accounted for its investment in LTS under the equity method of accounting. In connection with the merger, in February 2020, the Company received cash proceeds of $53,169. The Company recorded equity in earnings of $53,424 for the year ended December 31, 2020. The Company also received $6,009 for the redemption of its 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock. Prior to the merger, the Company and LTS were parties to a management agreement and LTS paid the Company $103, $850 and $850 under the agreement for 2020, 2019 and 2018, respectively; these amounts were recorded as equity income. LTS paid cash compensation to the President and Chief Executive Officer of the Company, who served as Vice Chairman of LTS, prior to the merger, of $19, $1,600 and $1,575 for 2020, 2019 and 2018, respectively. LTS paid cash compensation to the Company’s Executive Vice President and COO (the “Company’s COO”), who served as President and CEO of LTS, of $41, $2,142 and $2,025 for 2020, 2019 and 2018, respectively. At the closing of the transaction, the Company’s COO resigned as Chairman, President and Chief Executive Officer of LTS, and the Company’s management agreement with LTS was terminated. Dr. Philip Frost, who beneficially owns more than 5% of the Company’s common stock, was a director of LTS until September 2018 and was the largest shareholder of LTS until December 2018. Castle Brands Inc. Prior to October 2019, the Company owned 12,895,017 shares (or approximately 7.6%) of Castle, which was a publicly-traded spirits company prior to its acquisition by Pernod Ricard. The Company accounted for its investment in Castle under the equity method of accounting. In connection with the acquisition, in October 2019, the Company received cash proceeds of $16,377 and recorded a pre-tax gain of $16,377. Prior to the acquisition,the Company and Castle were parties to a management agreement and Castle paid the Company $75 in 2019 and $100 in 2018 under the agreement. Castle paid retention payments of $515 in 2019 and $500 in 2018 to the Company’s COO who served as President and Chief Executive Officer as well as a director of Castle until October 2019. Dr. Frost was a director of Castle and was the largest shareholder of Castle until October 2019. At the closing of the transaction, the Company’s COO resigned as President and Chief Executive Officer of Castle and the Company’s management agreement with Castle was terminated. Insurance. The Company’s Chief Executive Officer, a firm in which he is a shareholder, and affiliates of that firm received insurance commissions aggregating approximately $265, $215 and $247 in 2020, 2019 and 2018, respectively, on various insurance policies issued for the Company and its subsidiaries. Consulting services. Beginning in April 2020, a director of the Company, who served as President and Chief Executive Officer of Liggett Group LLC (“Liggett”) and Liggett Vector Brands LLC (“LVB”) until March 2020, has served as Non- Executive Chairman of the Board of Managers of LVB and as a Senior Advisor to Liggett. The director has been receiving compensation of $60 per month for his services as well as access to an office, administrative support and reimbursement of expenses reasonably incurred in connection with the services. The director received $540 in 2020. Other. In addition to its investment in LTS and Castle, the Company had made investments in other entities where Dr. Frost has had relationships. In 2020, the Company liquidated its investments in BioCardia, Inc. (OTC: BCDA) and Cocrystal Pharma, Inc. (NASDAQ: COCP). Dr. Frost is a more than 10% shareholder of BioCardia, Inc. and a director and more than 5% shareholder of CoCrystal. In September 2012, the Company entered into an office lease with an entity affiliated with Dr. Frost. The lease is for space in an office building in Miami, Florida and will expire on April 20, 2023. The Lease provides for payments of $36 per month increasing to $41 per month. The Company recorded rental expense of $458, $458 and $450 for the years ended December 31, 2020, 2019 and 2018, respectively, associated with the lease. A son of the Company’s President and Chief Executive Officer is an associate broker with Douglas Elliman and he received commissions and other payments of $870, $712 and $318, respectively, in accordance with brokerage activities in 2020, 2019 and 2018, respectively.

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

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 December 31, 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)	$	255,294	$	255,294	$	—	$	—

Commercial paper (1)	44,397		—		44,397		—

Certificates of deposit (2)	2,111		—		2,111		—

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

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	21,155		21,155		—		—
Mutual funds invested in debt securities	23,226		23,226		—		—
Total equity securities at fair value	44,381		44,381		—		—
Debt securities available for sale
U.S. government securities	19,200		—		19,200		—
Corporate securities	52,434		—		52,434		—
U.S. government and federal agency	10,484		—		10,484		—


Commercial paper	9,086		—		9,086		—


Total debt securities available for sale	91,204		—		91,204		—

Total investment securities at fair value	135,585		44,381		91,204		—

Long-term investments
Long-term investment securities at fair value (3)	34,218		—		—		—

Total	$	472,140	$	300,210	$	137,712	$	—

Liabilities:
Fair value of contingent liability	$	999	$	—	$	—	$	999

Total	$	999	$	—	$	—	$	999

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $10,374 that is included in current restricted assets and $1,907 that is included in non-current restricted assets.

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

(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 consolidated balance sheets, 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 consolidated balance sheets.

(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 fair value of derivatives embedded within convertible debt was derived using a valuation model. These derivatives have been classified as Level 3. The valuation model assumed future dividend payments by the Company and utilized interest rates and credit spreads based upon the implied credit spread of the 5.5% Convertible Notes due 2020 to determine the fair value of the derivatives embedded within the convertible debt. The changes in fair value of derivatives embedded within convertible debt are presented on the consolidated statements of operations.

The value of the embedded derivatives was contingent on changes in implied interest rates of the convertible debt, the Company’s stock price, stock volatility as well as projections of future cash and stock dividends over the term of the debt. The interest rate component of the value of the embedded derivative was computed by calculating an equivalent non-convertible, unsecured and subordinated borrowing cost. This rate was determined by calculating the implied rate on the Company’s 5.5% Convertible Notes when removing the embedded option value within the convertible security. This rate was based upon market observable inputs and influenced by the Company’s stock price, convertible bond trading price, risk-free interest rates and stock volatility.

The fair value of the Level 3 contingent liability was derived using a Monte Carlo valuation model. As part of the acquisition of the 29.41% non-controlling interest in Douglas Elliman, New Valley entered into a four-year payout agreement that requires it to pay the sellers a portion of the fair value in excess of the purchase price of Douglas Elliman should a sale of a controlling interest in Douglas Elliman occur.

The contingent liability is recorded within “Other liabilities” in the consolidated balance sheets, and any change in fair value will be recorded in “Other, net” within the consolidated statements of operations. The value of the contingent liability is calculated using the outstanding payable owed to the sellers and the estimated fair value of Douglas Elliman. The liability is contingent upon the sale of a controlling interest in Douglas Elliman by the Company prior to October 1, 2022.

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2020:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2020		Valuation Technique	Unobservable Input	Range (Actual)

















Fair value of contingent liability	$	999	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	169,000
				Risk-free rate for a 2-year term	0.13		%
				Leverage-adjusted equity volatility of peer firms	78.57		%

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 annual cash dividend	$0.40/$0.20
				Stock price	$	13.39
				Convertible trading price (as a percentage of par value)	103.94		%
				Maturity	April 15, 2020
				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 except for investments in real estate ventures that were impaired as of December 31, 2020 and 2019, respectively.

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


			Fair Value Measurement Using:
	Year Ended December 31, 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

Assets:
Investments in real estate ventures	$	16,513	$	—	$	—	$	—	$	—

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 $16,513 of impairment charges were included in the results from operations as a component of equity in losses from real estate ventures for the year ended December 31, 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

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 the results from operations for the year ended December 31, 2019.

- Definition

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.

+ References + Details

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments were Tobacco and Real Estate. 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 years ended December 31, 2020, 2019 and 2018 was as follows:


				Real			Corporate
	Tobacco			Estate			and Other			Total

2020
Revenues	$	1,204,501		$	798,168		$	—		$	2,002,669
Operating income (loss)	319,536		(1)	(49,895)		(4)	(24,498)		(7)	245,143
Equity in losses from real estate ventures	—			(44,698)			—			(44,698)
Identifiable assets	357,518			557,505		(5)	428,386		(8)	1,343,409
Depreciation and amortization	7,877			8,874			878			17,629
Capital expenditures	4,491			6,226			8,346			19,063

2019
Revenues	$	1,114,840		$	788,871		$	—		$	1,903,711
Operating income (loss)	261,630		(2)	(2,930)			(27,565)			231,135
Equity in losses from real estate ventures	—			(19,288)			—			(19,288)
Identifiable assets	336,566			666,550		(5)	501,973		(8)	1,505,089
Depreciation and amortization	7,824			9,033			994			17,851
Capital expenditures	4,173			8,276			126			12,575

2018
Revenues	$	1,111,094		$	759,168		$	—		$	1,870,262
Operating income (loss)	246,527		(3)	3,435		(6)	(25,913)			224,049
Equity in earnings from real estate ventures	—			14,446			—			14,446
Identifiable assets	315,706			539,828		(5)	693,970		(8)	1,549,504
Depreciation and amortization	8,210			9,580			1,017			18,807
Capital expenditures	4,599			13,061			22			17,682

_____________________________

(1)Operating income includes $337 of litigation settlement and judgment expense.

(2)Operating income includes $990 of litigation settlement and judgment expense.

(3)Operating income includes $6,298 of income from MSA Settlement, and $685 of litigation settlement and judgment expense.

(4)Operating loss includes $1,169 of loss on sale of assets.

(5)Includes real estate investments accounted for under the equity method of accounting of $85,400, $131,556 and $141,105 as of December 31, 2020, 2019 and 2018, respectively.

(6)Operating income includes $2,469 of litigation settlement and judgment income.

(7)Operating loss includes $2,283 of gain on sale of assets.

(8)Corporate and Other identifiable assets primarily includes cash of $211,729, investment securities of $135,585 and long-term investments of $52,528 as of December 31, 2020. Corporate and other identifiable assets primarily includes cash of $272,459, investment securities of $129,641, and long-term investments of $61,723 as of December 31, 2019. Corporate and other identifiable assets primarily includes cash of $474,974, investment securities of $131,569, and long-term investments of $66,259 as of December 31, 2018.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Quarterly Financial Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Results (Unaudited)

QUARTERLY FINANCIAL RESULTS (UNAUDITED)

Unaudited quarterly data for the years ended December 31, 2020 and 2019 are as follows:


	December 31,		September 30,		June 30,		March 31,
	2020		2020		2020		2020
Revenues	$	554,590	$	547,831	$	445,760	$	454,488
Gross Profit	177,528		173,256		140,875		143,865
Operating income (loss)	87,333		95,917		66,797		(4,904)
Net income (loss)	32,256		38,139		25,774		(3,231)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	32,256		38,139		25,774		(3,231)
Per basic common share:
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.17	$	(0.03)
Per diluted common share:
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.16	$	(0.03)


	December 31,		September 30,		June 30,		March 31,
	2019		2019		2019		2019
Revenues	$	439,565	$	504,790	$	538,432	$	420,924
Gross Profit	137,636		159,334		170,258		134,904
Operating income	45,581		66,720		76,244		42,590
Net income	10,667		36,008		39,307		15,033
Net income applicable to common shares attributed to Vector Group Ltd.	10,706		36,008		39,307		14,953
Per basic common share(1):
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.06	$	0.23	$	0.25	$	0.09
Per diluted common share(1):
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.06	$	0.23	$	0.25	$	0.08

_____________________________

(1)Per share computations include the impact of a 5% stock dividend paid on September 27, 2019. Quarterly basic and diluted net income per common share were computed independently for each quarter and do not necessarily total to the year to date basic and diluted net income per common share.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

VECTOR GROUP LTD.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(Dollars in Thousands)


Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses			Deductions		Balance at End of Period
Year Ended December 31, 2020
Allowances for:
Doubtful accounts	$	674	$	—		$	674	$	—
Cash discounts	319		28,046			28,031		334
Deferred tax valuation allowance	1,292		5,179			—		6,471
Sales returns	7,785		2,617			3,046		7,356
Total	$	10,070	$	35,842		$	31,751	$	14,161
Year Ended December 31, 2019
Allowances for:
Doubtful accounts	$	449	$	246		$	21	$	674
Cash discounts	317		25,970			25,968		319
Deferred tax valuation allowance	3,817		—			2,525		1,292
Sales returns	6,935		4,068			3,218		7,785
Total	$	11,518	$	30,284		$	31,732	$	10,070
Year Ended December 31, 2018
Allowances for:
Doubtful accounts	$	33	$	429		$	13	$	449
Cash discounts	365		28,154			28,202		317
Deferred tax valuation allowance	3,664		153			—		3,817
Sales returns	5,632		4,700		(1)	3,397		6,935
Total	$	9,694	$	33,436		$	31,612	$	11,518

_____________________________

(1)Includes $2,525 of adjustments related to Topic 606 adoption.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation:

Estimates and Assumptions

Estimates and Assumptions:The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges, valuation of intangible assets, promotional accruals, actuarial assumptions of pension plans, deferred tax liabilities, settlement accruals, valuation of investments, including other-than-temporary impairments to such investments, and litigation and defense costs. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents:Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents is comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2020 are uninsured.

Reconciliation of Cash, Cash Equivalents and Restricted Cash

Reconciliation of Cash, Cash Equivalents and Restricted Cash:Restricted cash amounts included in other current assets and other 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.

Investment Securities

Investment Securities:

Significant Concentrations of Credit Risk

Significant Concentrations of Credit Risk:

Accounts Receivable - trade, net

Accounts Receivable - trade, net:Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $334 and $319 at December 31, 2020 and 2019, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned.

Inventories

Inventories:Tobacco inventories are stated at the lower of cost and net realizable value with cost determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold within one year because of the time required for aging, they are included in current assets, which is common practice in the industry.

Property, Plant and Equipment

Property, Plant and Equipment:

Investment in Real Estate Ventures

Investments in Real Estate Ventures:

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets:

Impairment Long-Lived Assets

Impairment of Long-Lived Assets:The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.

Leases

Leases:

Pension, Postretirement and Postemployment Benefit Plans

Pension, Postretirement and Postemployment Benefits Plans:The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the Company’s consolidated balance sheets. (See Note 12).

Stock Options and Awards

Stock Options and Awards: The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 2014 Management Incentive Plan and under the 1999 Plan provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options. The Company recognizes payments of the dividend equivalent rights on these options on the Company’s consolidated balance sheets as reductions in additional paid-in capital until fully utilized and then accumulated deficit ($3,684, $8,967 and $8,696, net of income taxes, for the years ended December 31, 2020, 2019 and 2018, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ deficiency.

Income Taxes

Income Taxes:

Distributions and Dividends on Common Stock

Distributions and Dividends on Common Stock:The Company records distributions on its common stock as dividends in its 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 years presented.

Revenue Recognition

Revenue Recognition:Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected

Advertising

Advertising:

Comprehensive Income

Comprehensive Income:The Company presents net income and other comprehensive income in two separate, but consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income.

Contingencies

Contingencies:

The Company records Liggett’s product liability legal expenses as operating, selling, administrative and general expenses as those costs are incurred.

(v) Restructuring:

The following table summarizes amounts expensed for the year ended December 31, 2020:


	Year Ended December 31, 2020
Cash Charges:
Employee severance and benefits	$	1,875

Other restructuring expenses	293
	2,168
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	1,214


Total restructuring charges	$	3,382

Employee severance and benefits expensed for the year ended December 31, 2020 relate entirely to a reduction in administrative positions.

The following table presents the activity under the Real Estate segment restructuring plan for the year ended December 31, 2020:


	Employee Severance and Benefits		Other		Non-Cash Loss on Fixed Assets		Total
Accrual balance as of January 1, 2020	$	—	$	—	$	—	$	—
Restructuring charges	1,875		293		1,214		3,382
Utilized	(1,875)		(293)		(1,214)		(3,382)

Accrual balance as of December 31, 2020	$	—	$	—	$	—	$	—

New Accounting Pronouncements

New Accounting Pronouncements:

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

ASUs to be adopted in future periods:

Earnings Per Share

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Components of cash, cash equivalents and restricted cash

The components of “Cash, cash equivalents and restricted cash” in the Consolidated Statements of Cash Flows were as follows:


	December 31, 2020		December 31, 2019		December 31, 2018
Cash and cash equivalents	$	352,842	$	371,341	$	584,581
Restricted cash and cash equivalents included in other current assets	10,374		4,423		2,697
Restricted cash and cash equivalents included in other assets	2,461		3,712		4,451
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	365,677	$	379,476	$	591,729

Schedule of accumulated other comprehensive income (loss), net of income taxes

The components of accumulated other comprehensive loss, net of income taxes, were as follows:


	December 31, 2020		December 31, 2019		December 31, 2018
Net unrealized gains on investment securities available for sale, net of income taxes of $160, $200, and $60, respectively	$	422	$	530	$	108


Pension-related amounts, net of income taxes of $7,809, $8,120, and $13,750, respectively	(21,496)		(22,338)		(20,090)
Accumulated other comprehensive loss	$	(21,074)	$	(21,808)	$	(19,982)

Schedule of other income (loss), net

Other, net consisted of:


	Year Ended
	December 31,
	2020		2019		2018
Interest and dividend income	$	6,074	$	12,590	$	11,349







Net gains (losses) recognized on investment securities	1,818		7,440		(9,570)
Net periodic benefit cost other than the service costs	(3,618)		(2,298)		(1,020)




Credit loss expense	(12,828)		—		—
Other income	3,098		3,573		4
Other, net	$	(5,456)	$	21,305	$	763

Schedule of other assets

Other assets consisted of:


	December 31, 2020		December 31, 2019
Restricted assets	$	3,456	$	5,241
Prepaid pension costs	35,209		31,686
Contract assets, net	24,002		18,443
Other assets	32,359		48,778
Total other assets	$	95,026	$	104,148

Schedule of other current liabilities

Other current liabilities consisted of:


	December 31, 2020		December 31, 2019
Accounts payable	$	12,846	$	10,222
Accrued promotional expenses	45,579		35,900
Accrued excise and payroll taxes payable, net	13,849		18,653
Accrued interest	31,624		35,756
Commissions payable	25,615		18,378
Accrued salaries and benefits	27,104		29,464
Contract liabilities	7,633		9,358
Allowance for sales returns	7,356		7,785
Other current liabilities	27,331		23,801
Total other current liabilities	$	198,937	$	189,317

Schedule of activity for restructuring

The following table presents the activity under the Real Estate segment restructuring plan for the year ended December 31, 2020:


	Employee Severance and Benefits		Other		Non-Cash Loss on Fixed Assets		Total
Accrual balance as of January 1, 2020	$	—	$	—	$	—	$	—
Restructuring charges	1,875		293		1,214		3,382
Utilized	(1,875)		(293)		(1,214)		(3,382)

Accrual balance as of December 31, 2020	$	—	$	—	$	—	$	—

Schedule of amounts expensed for restructuring

The following table summarizes amounts expensed for the year ended December 31, 2020:


	Year Ended December 31, 2020
Cash Charges:
Employee severance and benefits	$	1,875

Other restructuring expenses	293
	2,168
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	1,214


Total restructuring charges	$	3,382

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended
	December 31,
		2020		2019		2018
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve		$	1,133,660	$	1,040,419	$	1,026,370
Other Brands		70,841		74,421		84,724
Total tobacco revenues		$	1,204,501	$	1,114,840	$	1,111,094

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


	Year Ended December 31, 2020
	Total		New York City		Northeast		Southeast		West
Real Estate Segment Revenues:
Commission brokerage income	$	687,746	$	186,229	$	204,814	$	160,404	$	136,299
Development marketing	47,362		24,590		—		22,081		691
Property management revenue	35,115		34,209		906		—		—
Title fees	3,764		2,047		1,717		—		—
Total Douglas Elliman revenue	773,987		247,075		207,437		182,485		136,990
Other real estate revenues	24,181		—		20,500		—		3,681
Total real estate revenues	$	798,168	$	247,075	$	227,937	$	182,485	$	140,671


	Year Ended December 31, 2019
	Total		New York City		Northeast		Southeast		West
Real Estate Segment Revenues:
Commission brokerage income	$	669,489	$	293,009	$	164,724	$	106,587	$	105,169
Development marketing	72,925		48,850		—		19,594		4,481
Property management revenue	35,461		34,741		720		—		—
Title fees	6,233		—		6,233		—		—
Total Douglas Elliman revenue	784,108		376,600		171,677		126,181		109,650
Other real estate revenues	4,763		—		—		—		4,763
Total real estate revenues	$	788,871	$	376,600	$	171,677	$	126,181	$	114,413


	Year Ended December 31, 2018
	Total		New York City		Northeast		Southeast		West
Real Estate Segment Revenues:
Commission brokerage income	$	651,171	$	285,325	$	166,100	$	99,720	$	100,026
Development marketing	64,287		48,072		252		15,068		895
Property management revenue	33,350		32,635		715		—		—
Title fees	5,281		—		5,281		—		—
Total Douglas Elliman revenue	754,089		366,032		172,348		114,788		100,921
Other real estate revenues	5,079		—		—		—		5,079
Total real estate revenues	$	759,168	$	366,032	$	172,348	$	114,788	$	106,000

Contract Balances

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



	December 31, 2020		December 31, 2019

Receivables, which are included in accounts receivable - trade, net	$	1,520	$	2,129
Contract assets, net, which are included in other current assets	6,529		8,766
Payables, which are included in other current liabilities	1,113		1,663
Contract liabilities, which are included in other current liabilities	7,633		9,358
Contract assets, net, which are included in other assets	24,002		18,443
Contract liabilities, which are included in other liabilities	32,104		29,045

Current Expected Credit Losses (Tables)

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Rollforward of Allowance for Credit Losses

The following is the rollforward of the allowance for credit losses for the year ended December 31, 2020:


	January 1, 2020		Current Period Provision			Write-offs		Recoveries		December 31, 2020
Allowance for credit losses:
Real estate broker agent receivables	$	6,132	$	1,460	(1)	$	554	$	—	7,038

New Valley term loan receivables	3,100		12,828		(2)	—		—		15,928

_____________________________

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

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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net income for purposes of determining basic and diluted EPS

As a result, in its calculation of basic EPS for the years ended December 31, 2020, 2019 and 2018, respectively, the Company has adjusted its net income for the effect of these participating securities as follows:


	For the year ended December 31,
	2020		2019		2018
Net income attributed to Vector Group Ltd.	$	92,938	$	100,974	$	58,105
Income attributable to participating securities	(2,560)		(7,464)		(7,016)
Net income available to common stockholders attributed to Vector Group Ltd.	$	90,378	$	93,510	$	51,089

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


	For the year ended December 31,
	2020		2019		2018
Net income attributed to Vector Group Ltd.	$	92,938	$	100,974	$	58,105
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		(1,255)		—
Income attributable to participating securities	(2,560)		(7,464)		(7,016)
Net income available to common stockholders attributed to Vector Group Ltd.	$	90,378	$	92,255	$	51,089

Basic and diluted EPS calculation shares

Basic and diluted EPS were calculated using the following common shares for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020	2019	2018
Weighted-average shares for basic EPS	150,216,141	146,633,036	146,362,270
Plus incremental shares related to convertible debt	—	718,918	—
Plus incremental shares related to stock options and non-vested restricted stock	34,812	16,509	122,542

Weighted-average shares for diluted EPS	150,250,953	147,368,463	146,484,812

Outstanding shares not included in the computation of diluted EPS


	Year Ended December 31,
	2020		2019		2018


Weighted-average shares of non-vested restricted stock	520,936		1,207,366		—
Weighted-average expense per share	$	19.54	$	17.97	$	—
Weighted-average number of shares issuable upon conversion of debt	2,423,719		11,118,139		30,212,414
Weighted-average conversion price	$	20.27	$	20.27	$	16.14

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:


	Year Ended December 31,
	2020		2019
Operating lease cost	$	37,498	$	37,817
Short-term lease cost	1,261		1,379
Variable lease cost	2,838		3,149

Finance lease cost:
Amortization	111		224
Interest on lease liabilities	14		15
Total lease cost	$	41,722	$	42,584

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	26,235	$	37,684
Operating cash flows from finance leases	14		15
Financing cash flows from finance leases	102		217

ROU assets obtained in exchange for lease obligations:
Operating leases	16,275		41,776
Finance leases	60		159

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:



	December 31,			December 31,
	2020			2019
Operating leases:
Operating lease right-of-use assets	$	145,356		$	149,578

Current operating lease liability	$	27,207		$	18,294
Non-current operating lease liability	154,199			156,963
Total operating lease liabilities	$	181,406		$	175,257

Finance leases:
Investments in real estate, net (1)	$	62		$	88

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(44)			(19)
Property and equipment, net	$	83		$	108

Current portion of notes payable and long-term debt	$	57		$	86
Notes payable, long-term debt and other obligations, less current portion	96			108
Total finance lease liabilities	$	153		$	194

Weighted average remaining lease term in years:
Operating leases	7.87			8.46
Finance leases	2.71			3.01

Weighted average discount rate:
Operating leases	9.26		%	10.75		%
Finance leases	7.82		%	8.61		%

_____________________________

Maturities of Operating Lease Liabilities

As of December 31, 2020, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2021	$	43,313	$	66
2022	37,998		61
2023	33,200		35
2024	27,256		8
2025	22,108		—
Thereafter	96,730		—

Total lease payments	260,605		170
Less imputed interest	(79,199)		(17)
Total	$	181,406	$	153

Maturities of Financing Lease Liabilities

As of December 31, 2020, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2021	$	43,313	$	66
2022	37,998		61
2023	33,200		35
2024	27,256		8
2025	22,108		—
Thereafter	96,730		—

Total lease payments	260,605		170
Less imputed interest	(79,199)		(17)
Total	$	181,406	$	153

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment securities at fair value consisted of the following:


	December 31, 2020		December 31, 2019
Debt securities available for sale	$	91,204	$	83,445


Equity securities at fair value:
Marketable equity securities	21,155		23,819
Mutual funds invested in debt securities	23,226		22,377
Long-term investment securities at fair value (1)	34,218		45,781
Total equity securities at fair value	78,599		91,977

Total investment securities at fair value	169,803		175,422
Less:
Long-term investment securities at fair value (1)	34,218		45,781
Current investment securities at fair value	135,585		129,641

Long-term investment securities at fair value (1)	34,218		45,781
Equity-method investments	18,310		15,942
Total long-term investments	$	52,528	$	61,723

(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:


	Year Ended December 31,
	2020		2019		2018
Net gains (losses) recognized on equity securities at fair value	$	2,123	$	7,320	$	(8,449)
Net gains (losses) recognized on debt and equity securities available for sale	110		135		(34)

Impairment expense	(415)		(15)		(1,087)



Net gains (losses) recognized on investment securities	$	1,818	$	7,440	$	(9,570)

The components of debt securities available for sale at December 31, 2020 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	90,621	$	583	$	—	$	91,204

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


	Year Ended December 31,
	2020		2019		2018
Net gains (losses) recognized on equity securities	$	2,123	$	7,320	$	(8,449)
Less: Net (losses) gains recognized on equity securities sold	(121)		1,526		(808)
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	2,244	$	5,794	$	(7,641)

Schedule of Maturity Dates of Fixed Income Securities

The table below summarizes the maturity dates of debt securities available for sale at December 31, 2020.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	19,200	$	16,000	$	3,200	$	—
Corporate securities	52,434		27,812		24,622		—
U.S. mortgage-backed securities	10,484		2,882		7,602		—


Commercial paper	9,086		9,086		—		—


Total debt securities available for sale by maturity dates	$	91,204	$	55,780	$	35,424	$	—

Schedule of Realized Gains (Losses)

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


	Year Ended December 31,
	2020		2019		2018
Gross realized gains on sales	$	329	$	144	$	4
Gross realized losses on sales	(219)		(9)		(38)
Net gains (losses) recognized on debt securities available for sale	$	110	$	135	$	(34)

Impairment expense	$	(415)	$	(15)	$	(1,087)

Equity Method Investments

Equity-method investments consisted of the following:


	December 31, 2020		December 31, 2019
Mutual and hedge funds	$	18,310	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
Total equity-method investments	$	18,310	$	15,942

Equity in earnings from investments were:


	December 31, 2020		December 31, 2019		December 31, 2018
Mutual fund and hedge funds	$	2,844	$	958	$	1,761
Ladenburg Thalmann Financial Services Inc. (“LTS”)	53,424		(410)		1,297
Castle Brands Inc. (“Castle”)	—		16,452		100

Equity in earnings from investments	$	56,268	$	17,000	$	3,158

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds.


	December 31, 2020		December 31, 2019
Investment securities	$	486,390	$	210,685
Cash and cash equivalents	7,126		26,088
Other assets	41,004		1,861
Total assets	$	534,520	$	238,634

Other liabilities	$	230,237	$	85,623
Total liabilities	230,237		85,623
Partners’ capital	304,283		153,011
Total liabilities and partners’ capital	$	534,520	$	238,634


	Year Ended December 31,
	2020		2019		2018
Investment income	$	1,779	$	2,834	$	549
Expenses	9,300		6,756		861
Net investment loss	(7,521)		(3,922)		(312)
Total net realized gain (loss) and net change in unrealized depreciation from investments	123,381		18,822		(5,781)
Net increase (decrease) in partners’ capital resulting from operations	$	115,860	$	14,900	$	(6,093)

Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period.


	September 30,		September 30,
	2020		2019
Cash and cash equivalents	$	—	$	251,033
Receivables from clearing brokers, note receivable and other receivable, net	—		175,600
Goodwill and intangible assets, net	—		188,975
Other assets	—		202,516
Total assets	$	—	$	818,124

Accrued compensation, commissions and fees payable	$	—	$	142,875
Accounts payable and accrued liabilities	—		37,197
Notes payable, net of $0 and $5,881 unamortized discount in 2020 and 2019, respectively	—		315,898
Other liabilities	—		73,380
Total liabilities	—		569,350
Preferred stock	—		2
Common stock	—		15
Additional paid-in capital	—		317,735
Accumulated deficit	—		(68,971)
Total controlling shareholders’ equity	—		248,781
Non-controlling interest	—		(7)
Total shareholders’ equity	—		248,774
Total liabilities and shareholders’ equity	$	—	$	818,124

(1) The table above presents the nature and amounts of the major components of assets and liabilities, along with information regarding redeemable stock and non-controlling interest.


	Three Months Ended		Twelve Months Ended
	December 31,		September 30,
	2019		2019		2018
Revenues	$	395,735	$	1,428,688	$	1,380,031
Expenses	394,992		1,385,699		1,345,768
Income before other items	743		42,989		34,263
Change in fair value of contingent consideration	(374)		(363)		(232)
Income from continuing operations	369		42,626		34,031
Net income	$	508	$	31,779	$	30,858

Other Condominium and Mixed Use Development:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	386,859	$	208,767	$	394,457
Cost of goods sold	302,234		76,162		95,873
Other expenses	270,642		149,014		186,261
(Loss) income from continuing operations	$	(186,017)	$	(16,409)	$	112,323


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	4,465,118	$	4,079,125
Total assets	4,551,788		4,155,625
Total debt	3,569,361		3,057,005
Total liabilities	3,921,492		3,444,868
Non-controlling interest	83,807		123,736

Apartment Buildings:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	65,808	$	70,862	$	44,366

Other expenses	63,705		67,094		105,899
Income (loss) from continuing operations	$	2,103	$	3,768	$	(61,533)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	544,610	$	545,400
Total assets	563,523		562,879
Total debt	392,324		402,526
Total liabilities	399,269		410,723
Non-controlling interest	123,273		114,193

Hotels:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	130,742	$	147,446	$	171,949
Cost of goods sold	2,671		5,399		4,522
Other expenses	256,973		220,045		268,007
Loss from continuing operations	$	(128,902)	$	(77,998)	$	(100,580)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	1,489,085	$	1,017,810
Total assets	1,575,800		1,133,697
Total debt	1,071,445		778,194
Total liabilities	1,143,419		816,118
Non-controlling interest	427,439		284,298

Commercial:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	7,911	$	7,821	$	7,688

Equity in (losses) earnings	(13,671)		24,159		49,085
Other expenses	4,740		7,724		11,647
(Loss) income from continuing operations	$	(10,500)	$	24,256	$	45,126


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	51,487	$	52,384
Total assets	70,270		70,169
Total debt	55,625		55,625
Total liabilities	55,199		54,342

Other:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	571	$	390,478	$	19,448
Cost of Goods Sold	—		220,316		—
Other expenses	48,633		155,257		32,739
(Loss) income from continuing operations	$	(48,062)	$	14,905	$	(13,291)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	1,216,819	$	1,054,134
Total assets	1,237,794		1,192,149
Total debt	722,930		671,845
Total liabilities	903,196		850,587
Non-controlling interest	272,196		263,438

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consist of:


	December 31, 2020		December 31, 2019
Leaf tobacco	$	42,988	$	44,516
Other raw materials	5,987		4,669
Work-in-process	520		333
Finished goods	68,781		71,183

Inventories at current cost	118,276		120,701
LIFO adjustments	(20,731)		(21,939)
	$	97,545	$	98,762

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Property, plant and equipment consisted of:


	December 31, 2020		December 31, 2019
Land and improvements	$	1,624	$	1,624
Buildings	17,772		17,733
Machinery and equipment	204,194		202,667
Leasehold improvements	53,444		52,652
	277,034		274,676
Less accumulated depreciation and amortization	(199,046)		(192,516)
	$	77,988	$	82,160

New Valley LLC (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Investments in Real Estate Ventures

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


	Range of Ownership (1)	December 31, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City SMSA	3.1%- 46.7%	$	30,465	$	51,078
All other U.S. areas	19.6% - 77.8%	37,773		55,842
		68,238		106,920
Apartment Buildings:

All other U.S. areas	7.6%	—		—
		—		—
Hotels:
New York City SMSA	0.4% - 15.7%	2,629		2,462
International	49.0%	1,852		2,161
		4,481		4,623
Commercial:
New York City SMSA	49.0%	2,591		1,852
All other U.S. areas	1.6%	7,084		7,634
		9,675		9,486

Other	15.0% - 49.0%	3,006		10,527
Investments in real estate ventures		$	85,400	$	131,556

_____________________________

New Valley made contributions to its investments in real estate ventures as follows:


	December 31, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,805	$	21,760
All other U.S. areas	11,140		29,993
	12,945		51,753
Apartment Buildings:

All other U.S. areas	284		—
	284		—
Hotels:
New York City SMSA	1,169		172

	1,169		172





Other	524		604
Total contributions	$	14,922	$	52,529

New Valley received distributions from its investments in real estate ventures as follows:


	December 31, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,819	$	7,955
All other U.S. areas	18,188		1,279
	20,007		9,234
Apartment Buildings:

All other U.S. areas	—		79
	—		79
Hotels:
New York City SMSA	—		21,572
International	—		215
	—		21,787
Commercial:
New York City SMSA	601		16
All other U.S. areas	113		250
	714		266

Other	30		16,962
Total distributions	$	20,751	$	48,328

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


	Year Ended December 31,
	2020		2019		2018
Condominium and Mixed Use Development:
New York City SMSA	$	(17,167)	$	(31,011)	$	(923)
All other U.S. areas	(16,578)		(6,467)		(1,063)
	(33,745)		(37,478)		(1,986)
Apartment Buildings:
New York City SMSA	—		—		17,467
All other U.S. areas	(284)		79		164
	(284)		79		17,631
Hotels:
New York City SMSA	(3,248)		8,081		(2,727)
International	(308)		41		(246)
	(3,556)		8,122		(2,973)
Commercial:
New York City SMSA	1,340		1		(562)
All other U.S. areas	(437)		773		1,608
	903		774		1,046

Other	(8,016)		9,215		728
Total equity in (losses) earnings from real estate ventures	$	(44,698)	$	(19,288)	$	14,446

New Valley’s maximum exposure to loss was as follows:


	December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	30,465
All other U.S. areas	37,773
	68,238




Hotels:
New York City SMSA	2,629
International	1,852
	4,481
Commercial:
New York City SMSA	2,591
All other U.S. areas	7,084
	9,675
Other	16,581
Total maximum exposure to loss	$	98,975

Equity Method Investments

Equity-method investments consisted of the following:


	December 31, 2020		December 31, 2019
Mutual and hedge funds	$	18,310	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
Total equity-method investments	$	18,310	$	15,942

Equity in earnings from investments were:


	December 31, 2020		December 31, 2019		December 31, 2018
Mutual fund and hedge funds	$	2,844	$	958	$	1,761
Ladenburg Thalmann Financial Services Inc. (“LTS”)	53,424		(410)		1,297
Castle Brands Inc. (“Castle”)	—		16,452		100

Equity in earnings from investments	$	56,268	$	17,000	$	3,158

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds.


	December 31, 2020		December 31, 2019
Investment securities	$	486,390	$	210,685
Cash and cash equivalents	7,126		26,088
Other assets	41,004		1,861
Total assets	$	534,520	$	238,634

Other liabilities	$	230,237	$	85,623
Total liabilities	230,237		85,623
Partners’ capital	304,283		153,011
Total liabilities and partners’ capital	$	534,520	$	238,634


	Year Ended December 31,
	2020		2019		2018
Investment income	$	1,779	$	2,834	$	549
Expenses	9,300		6,756		861
Net investment loss	(7,521)		(3,922)		(312)
Total net realized gain (loss) and net change in unrealized depreciation from investments	123,381		18,822		(5,781)
Net increase (decrease) in partners’ capital resulting from operations	$	115,860	$	14,900	$	(6,093)

Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period.


	September 30,		September 30,
	2020		2019
Cash and cash equivalents	$	—	$	251,033
Receivables from clearing brokers, note receivable and other receivable, net	—		175,600
Goodwill and intangible assets, net	—		188,975
Other assets	—		202,516
Total assets	$	—	$	818,124

Accrued compensation, commissions and fees payable	$	—	$	142,875
Accounts payable and accrued liabilities	—		37,197
Notes payable, net of $0 and $5,881 unamortized discount in 2020 and 2019, respectively	—		315,898
Other liabilities	—		73,380
Total liabilities	—		569,350
Preferred stock	—		2
Common stock	—		15
Additional paid-in capital	—		317,735
Accumulated deficit	—		(68,971)
Total controlling shareholders’ equity	—		248,781
Non-controlling interest	—		(7)
Total shareholders’ equity	—		248,774
Total liabilities and shareholders’ equity	$	—	$	818,124

(1) The table above presents the nature and amounts of the major components of assets and liabilities, along with information regarding redeemable stock and non-controlling interest.


	Three Months Ended		Twelve Months Ended
	December 31,		September 30,
	2019		2019		2018
Revenues	$	395,735	$	1,428,688	$	1,380,031
Expenses	394,992		1,385,699		1,345,768
Income before other items	743		42,989		34,263
Change in fair value of contingent consideration	(374)		(363)		(232)
Income from continuing operations	369		42,626		34,031
Net income	$	508	$	31,779	$	30,858

Other Condominium and Mixed Use Development:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	386,859	$	208,767	$	394,457
Cost of goods sold	302,234		76,162		95,873
Other expenses	270,642		149,014		186,261
(Loss) income from continuing operations	$	(186,017)	$	(16,409)	$	112,323


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	4,465,118	$	4,079,125
Total assets	4,551,788		4,155,625
Total debt	3,569,361		3,057,005
Total liabilities	3,921,492		3,444,868
Non-controlling interest	83,807		123,736

Apartment Buildings:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	65,808	$	70,862	$	44,366

Other expenses	63,705		67,094		105,899
Income (loss) from continuing operations	$	2,103	$	3,768	$	(61,533)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	544,610	$	545,400
Total assets	563,523		562,879
Total debt	392,324		402,526
Total liabilities	399,269		410,723
Non-controlling interest	123,273		114,193

Hotels:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	130,742	$	147,446	$	171,949
Cost of goods sold	2,671		5,399		4,522
Other expenses	256,973		220,045		268,007
Loss from continuing operations	$	(128,902)	$	(77,998)	$	(100,580)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	1,489,085	$	1,017,810
Total assets	1,575,800		1,133,697
Total debt	1,071,445		778,194
Total liabilities	1,143,419		816,118
Non-controlling interest	427,439		284,298

Commercial:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	7,911	$	7,821	$	7,688

Equity in (losses) earnings	(13,671)		24,159		49,085
Other expenses	4,740		7,724		11,647
(Loss) income from continuing operations	$	(10,500)	$	24,256	$	45,126


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	51,487	$	52,384
Total assets	70,270		70,169
Total debt	55,625		55,625
Total liabilities	55,199		54,342

Other:


	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	571	$	390,478	$	19,448
Cost of Goods Sold	—		220,316		—
Other expenses	48,633		155,257		32,739
(Loss) income from continuing operations	$	(48,062)	$	14,905	$	(13,291)


	December 31, 2020		December 31, 2019

Balance Sheets
Investment in real estate	$	1,216,819	$	1,054,134
Total assets	1,237,794		1,192,149
Total debt	722,930		671,845
Total liabilities	903,196		850,587
Non-controlling interest	272,196		263,438

Investments in Real Estate, net

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


	December 31, 2020		December 31, 2019
Escena, net	$	9,735	$	9,972
Townhome A (11 Beach Street)	5,896		—
Sagaponack	—		18,345
Investment in real estate, net	$	15,631	$	28,317

The assets have been classified as an “Investments in real estate, net” on the Company’s consolidated balance sheets and the components were as follows:


	December 31, 2020		December 31, 2019
Land and land improvements	$	8,911	$	8,910
Building and building improvements	1,926		1,926
Other	1,672		1,659
	12,509		12,495
Less accumulated depreciation	(2,774)		(2,523)
	$	9,735	$	9,972

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill and other intangible assets, net

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


	December 31, 2020		December 31, 2019
Goodwill	$	31,756	$	78,008

Indefinite-life intangibles:
Intangible asset associated with benefit under the MSA	107,511		107,511
Trademark - Douglas Elliman	68,000		80,000

Intangibles with a finite life, net	310		474

Total goodwill and other intangible assets, net	$	207,577	$	265,993

Schedule of intangible asset and contract liabilities assumed

Other intangible assets and contract liabilities assumed were as follows:


	Useful Lives in Years	December 31, 2020		December 31, 2019
Intangible asset associated with benefit under the MSA	Indefinite	$	107,511	$	107,511

Trademark - Douglas Elliman	Indefinite	68,000		80,000


Other intangibles	1 - 5	4,689		4,689
		4,689		4,689
Less: Accumulated amortization on amortizable intangibles		(4,379)		(4,215)
Other intangibles, net		$	310	$	474

Schedule of intangible asset and contract liabilities assumed

Other intangible assets and contract liabilities assumed were as follows:


	Useful Lives in Years	December 31, 2020		December 31, 2019
Intangible asset associated with benefit under the MSA	Indefinite	$	107,511	$	107,511

Trademark - Douglas Elliman	Indefinite	68,000		80,000


Other intangibles	1 - 5	4,689		4,689
		4,689		4,689
Less: Accumulated amortization on amortizable intangibles		(4,379)		(4,215)
Other intangibles, net		$	310	$	474

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

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Notes payable, long-term debt and other obligations

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


	December 31, 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 $3,040 and $3,392	551,960		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	89		347
Other	25,484		30,146
Total notes payable, long-term debt and other obligations	1,427,533		1,631,387
Less:
Debt issuance costs	(21,247)		(24,902)
Total notes payable, long-term debt and other obligations	1,406,286		1,606,485
Less:
Current maturities	(12,557)		(209,269)
Amount due after one year	$	1,393,729	$	1,397,216

_____________________________

Schedule of non-cash interest expense


	Year Ended December 31,
	2020		2019		2018



7.5% Convertible Notes	$	—	$	2,031	$	39,845
5.5% Convertible Notes	4,053		16,481		15,924
Interest expense associated with embedded derivatives	$	4,053	$	18,512	$	55,769

A summary of non-cash changes in fair value of derivatives embedded within convertible debt is set forth in the following table:


	Year Ended December 31,
	2020		2019		2018



7.5% Convertible Notes	$	—	$	6,635	$	24,530
5.5% Convertible Notes	4,999		19,790		20,459
Gain on changes in fair value of derivatives embedded within convertible debt	$	4,999	$	26,425	$	44,989

Schedule of convertible debt

The conversion rates for the convertible debt outstanding are summarized below:


	December 31, 2020			December 31, 2019
	Conversion Price		Shares per $1,000	Conversion Price		Shares per $1,000


5.5% Convertible Notes	$	—	—	$	20.27	49.3363

The following table reconciles the fair value of derivatives embedded within convertible debt:


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2018	$	31,165	$	45,248	$	76,413



Gain from changes in fair value of embedded derivatives	(24,530)		(20,459)		(44,989)
Balance at December 31, 2018	6,635		24,789		31,424

Gain from changes in fair value of embedded derivatives	(6,635)		(19,790)		(26,425)
Balance at December 31, 2019	—		4,999		4,999
Gain from changes in fair value of embedded derivatives	—		(4,999)		(4,999)
Balance at December 31, 2020	$	—	$	—	$	—


	Year Ended December 31,
	2020		2019		2018
Amortization of beneficial conversion feature:



7.5% Convertible Notes	$	—	$	1,328	$	26,049
5.5% Convertible Notes	1,223		4,973		4,805
Interest expense associated with beneficial conversion feature	$	1,223	$	6,301	$	30,854

The following table reconciles unamortized debt discount within convertible debt:


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2018	$	69,253	$	53,687	$	122,940


Partial redemption of 5.5% convertible notes	—		(3,493)		(3,493)

Amortization of embedded derivatives	(39,845)		(15,924)		(55,769)
Amortization of beneficial conversion feature	(26,049)		(4,805)		(30,854)
Balance at December 31, 2018	3,359		29,465		32,824


Partial redemption of 5.5% convertible notes	—		(2,735)		(2,735)
Amortization of embedded derivatives	(2,031)		(16,481)		(18,512)
Amortization of beneficial conversion feature	(1,328)		(4,973)		(6,301)
Balance at December 31, 2019	—		5,276		5,276


Amortization of embedded derivatives	—		(4,053)		(4,053)
Amortization of beneficial conversion feature	—		(1,223)		(1,223)
Balance at December 31, 2020	$	—	$	—	$	—

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

The estimated fair value of the Company’s notes payable and long-term debt were as follows:


	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value			Fair Value
Senior Notes	$	1,401,960	$	1,464,208	$	1,401,608		$	1,409,920
Variable Interest Senior Convertible Debt	—		—		164,334			176,289
Liggett and other	25,573		25,581		65,445			65,456
Notes payable and long-term debt	$	1,427,533	$	1,489,789	$	1,631,387	(1)	$	1,651,665

_____________________________

(1) The carrying value does not include the carrying value of the embedded derivative. See Note 18.

Schedule of scheduled maturities

Scheduled maturities of notes payable and long-term debt were as follows:


	Principal		Unamortized Discount/ (Premium)		Net
Year Ending December 31:
2021	$	12,557	$	—	$	12,557
2022	12,954		—		12,954
2023	54		—		54
2024	8		—		8
2025	850,000		—		850,000
Thereafter	555,000		3,040		551,960
Total	$	1,430,573	$	3,040	$	1,427,533

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits:


	Pension Benefits				Other Postretirement Benefits
	2020		2019		2020		2019
Change in benefit obligation:
Benefit obligation at January 1	$	(128,997)	$	(123,165)	$	(8,986)	$	(8,296)
Service cost	(592)		(533)		—		(3)
Interest cost	(3,545)		(4,860)		(286)		(347)
Plan settlement	7,255		—		—		—


Benefits paid	7,008		7,696		500		594
Expenses paid	255		391		—		—
Actuarial loss	(7,226)		(8,526)		(329)		(934)
Benefit obligation at December 31	$	(125,842)	$	(128,997)	$	(9,101)	$	(8,986)
Change in plan assets:
Fair value of plan assets at January 1	$	101,051	$	93,167	$	—	$	—

Actual return on plan assets	8,919		15,788		—		—
Plan settlement	(7,255)		—		—		—
Expenses paid	(255)		(391)		—		—
Contributions	7,360		183		500		594
Benefits paid	(7,008)		(7,696)		(500)		(594)
Fair value of plan assets at December 31	$	102,812	$	101,051	$	—	$	—
Unfunded status at December 31	$	(23,030)	$	(27,946)	$	(9,101)	$	(8,986)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	$	35,209	$	31,686	$	—	$	—
Other accrued liabilities	(100)		(111)		(624)		(654)
Non-current employee benefit liabilities	(58,139)		(59,521)		(8,477)		(8,332)
Net amounts recognized	$	(23,030)	$	(27,946)	$	(9,101)	$	(8,986)

Schedule of Net Benefit Costs


	Pension Benefits						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Service cost — benefits earned during the period	$	592	$	533	$	587	$	—	$	3	$	4
Interest cost on projected benefit obligation	3,545		4,860		4,495		286		347		330
Expected return on assets	(3,869)		(4,874)		(5,572)		—		—		—
Prior service cost	—		—		—		4		4		4

Settlement loss	1,805		—		—		—		—		—

Amortization of net loss (gain)	1,836		2,001		1,804		11		(40)		(41)
Net expense	$	3,909	$	2,520	$	1,314	$	301	$	314	$	297

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

As of December 31, 2020, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:


	Defined Benefit Pension Plans		Post- Retirement Plans		Total
Accumulated other comprehensive loss as of January 1, 2020	$	(29,664)	$	(794)	$	(30,458)
Amortization of prior service costs	—		4		4
Prior service costs	—		—		—
Effect of settlement	1,805		—		1,805
Amortization of loss	1,836		11		1,847
Net loss arising during the year	(2,176)		(327)		(2,503)
Accumulated other comprehensive loss as of December 31, 2020	$	(28,199)	$	(1,106)	$	(29,305)

As of December 31, 2019, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:


	Defined Benefit Pension Plans		Post- Retirement Plans		Total
Accumulated other comprehensive (loss) income as of January 1, 2019	$	(34,053)	$	213	$	(33,840)
Amortization of prior service costs	—		4		4
Prior service costs	—		(37)		(37)
Amortization of loss (gain)	2,001		(40)		1,961
Net gain (loss) arising during the year	2,388		(934)		1,454
Accumulated other comprehensive loss as of December 31, 2019	$	(29,664)	$	(794)	$	(30,458)

Schedule of Accumulated Benefit Obligations


	December 31,
	2020		2019
Accumulated benefit obligation	$	58,239	$	59,631
Fair value of plan assets	$	—	$	—


	December 31,
	2020		2019
Projected benefit obligation	$	58,239	$	59,631
Fair value of plan assets	$	—	$	—

Schedule of Assumptions Used

The assumptions used for the pension benefits and other postretirement benefits were:


	Pension Benefits			Other Postretirement Benefits
	2020	2019	2018	2020	2019	2018
Weighted average assumptions:
Discount rates — benefit obligation	1.40% - 2.30%	2.55% - 3.10%	3.90% - 4.25%	2.55%	3.30%	4.35%
Discount rates — service cost	2.55% - 3.10%	3.90% - 4.25%	3.25% - 3.70%	3.30%	4.35%	3.80%
Assumed rates of return on invested assets	4.00 %	5.50%	5.50%	N/A	N/A	N/A
Salary increase assumptions	N/A	N/A	N/A	3.00%	3.00%	3.00%

Schedule of Allocation of Plan Assets

Vector’s defined benefit retirement plan allocations by asset category, were as follows:


	Plan Assets at December 31,
	2020		2019
Asset category:
Equity securities	35	%	38	%
Investment grade fixed income securities	65	%	53	%
High yield fixed income securities	—		9	%


Total	100	%	100	%

The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows:


	Fair Value Measurements as of December 31, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Insurance contracts	$	2,236	$	—	$	2,236	$	—
Amounts in individually managed investment accounts:
Cash, mutual funds and common stock	78		78		—		—


Common collective trusts at NAV (1)	100,498		—		—		—

Total	$	102,812	$	78	$	2,236	$	—
(1) 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
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Insurance contracts	$	2,398	$	—	$	2,398	$	—
Amounts in individually managed investment accounts:
Cash, mutual funds and common stock	76		76		—		—

Common collective trusts	38,537		—		38,537		—
Common collective trusts at NAV(1)	51,068		—		—		—
Investment Partnership	8,972		—		8,972		—
Total	$	101,051	$	76	$	49,907	$	—
(1) 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.

Schedule of Expected Benefit Payments

Estimated future pension and postretirement medical benefits payments were as follows:


	Pension		Postretirement Medical
2021	$	6,938	$	624
2022	6,516		623
2023	6,123		623
2024	5,744		616
2025	60,349		602
2026 - 2030	28,378		2,698

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The amounts provided for income taxes were as follows:


	Year Ended December 31,
	2020		2019		2018
Current:
U.S. Federal	$	29,832	$	33,379	$	27,962
State	12,618		10,632		11,225
	42,450		44,011		39,187
Deferred:
U.S. Federal	(783)		(7,209)		(12,524)
State	110		(3,989)		(5,111)
	(673)		(11,198)		(17,635)
Total	$	41,777	$	32,813	$	21,552

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows:


	December 31, 2020		December 31, 2019
Deferred tax assets:
Employee benefit accruals	$	10,529	$	11,709
Impairment of investments	13,961		9,772
Impact of timing of settlement payments	20,137		19,313

Various U.S. federal and state tax loss carryforwards	8,745		4,296
Operating lease liabilities	9,885		3,679
Current expected credit losses	4,299		—
Other	2,625		2,274
	70,181		51,043
Less: Valuation allowance	(6,474)		(1,292)
Net deferred tax assets	$	63,707	$	49,751

Deferred tax liabilities:
Basis differences on non-consolidated entities	$	(22,809)	$	(7,990)
Basis differences on fixed and intangible assets	(36,055)		(35,082)

Basis differences on inventory	(10,698)		(10,645)
Basis differences on long-term investments	(14,362)		(22,424)
Impact of accounting for convertible debt	—		(813)
Basis differences on available for sale securities	(3,579)		(3,219)
Operating lease right of use assets	(8,660)		(3,273)

	$	(96,163)	$	(83,446)

Net deferred tax liabilities	$	(32,456)	$	(33,695)

_____________________________

Schedule of Effective Income Tax Rate Reconciliation

Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:


	Year Ended December 31,
	2020		2019		2018
Income before provision for income taxes	$	134,715	$	133,828	$	79,559
Federal income tax expense at statutory rate	28,289		28,104		16,707
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	10,236		6,430		6,060

Non-deductible expenses	2,982		1,385		1,993

Impact of Tax Cuts and Jobs Act of 2017	—		—		(2,691)
Excess tax benefits on stock-based compensation	(206)		(1,488)		(778)

Other	916		907		108

Loss carryforwards from tax consolidation of subsidiary	(5,622)		—		—
Changes in valuation allowance, net of equity and tax audit adjustments	5,182		(2,525)		153
Income tax expense	$	41,777	$	32,813	$	21,552

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits:


Balance at January 1, 2018	$	628

Additions based on tax positions related to prior years	26

Settlements	(100)
Expirations of the statute of limitations	(163)
Balance at December 31, 2018	391

Additions based on tax positions related to prior years	1,586


Expirations of the statute of limitations	(330)
Balance at December 31, 2019	1,647

Additions based on tax positions related to prior years	458

Settlements	(402)
Expirations of the statute of limitations	(50)
Balance at December 31, 2020	$	1,653

Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used for grants in the years ended December 31, 2019 and 2018 were as follows:


	2019		2018
Risk-free interest rate	2.5% - 2.7%		2.7% - 2.9%
Expected volatility	20.24% - 20.45%		19.02% - 21.05%
Dividend yield	0.0	%	0.0	%
Expected holding period	4 - 10 years		5 - 10 years
Weighted-average grant date fair value (1)	$2.36 - $4.08		$4.62 - $7.58

_____________________________

(1)Per share amounts have not been adjusted to give effect to the stock dividends in 2019 and 2018.

Schedule of Share-based Compensation, Stock Options, Activity

A summary of employee stock option transactions follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value(1)
Outstanding on January 1, 2018	5,433,626	$	12.74	4.7	$	41,069
Granted	427,219	$	18.42

Canceled	(12)	—
Outstanding on December 31, 2018	5,860,833	$	13.16	4.1	$	1,095
Granted	406,875	$	10.92
Exercised	(1,824,351)	$	8.67
Canceled	(11)	—
Outstanding on December 31, 2019	4,443,346	$	14.80	5.0	$	4,427

Exercised	(620,527)	$	11.14

Outstanding on December 31, 2020	3,822,819	$	15.40	4.6	$	487
Options exercisable at:
December 31, 2018	4,019,477
December 31, 2019	2,689,673
December 31, 2020	2,540,150

_____________________________

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

Additional information relating to options outstanding at December 31, 2020 follows:


			Options Outstanding				Options Exercisable
Range of Exercise Prices			Outstanding as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Exercisable as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Aggregate Intrinsic Value
			12/31/2020				12/31/2020
$9.86	-	$11.83	1,462,190	3.8	$	11.32	1,055,315	2.2	$	11.47	$	—
$11.83	-	$13.80	—	—	$	—	—	—	$	—	—
$13.80	-	$15.77	519,278	3.4	$	14.68	519,278	3.4	$	14.68	—
$15.77	-	$17.74	—	—	$	—	—	—	$	—	—
$17.74	-	$19.71	1,841,351	5.6	$	18.84	965,557	4.7	$	18.61	—



			3,822,819	4.6	$	15.40	2,540,150	3.4	$	14.84	$	487

Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of contingencies

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


State						Number of Cases

Florida						43
Illinois						12
Nevada						7
New Mexico						5
Louisiana						2
Massachusetts						1

The activity in the Company’s accruals for the MSA and tobacco litigation for the three years ended December 31, 2020 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, 2018	$	12,384	$	260	$	12,644	$	21,479	$	19,840	$	41,319
Expenses	168,820		735		169,555		—		—		—
NPM Settlement adjustment	(595)		—		(595)		(5,703)		—		(5,703)
Change in MSA obligations capitalized as inventory	(1,438)		—		(1,438)		—		—		—
Payments	(141,963)		(935)		(142,898)		(40)		—		(40)
Reclassification to/(from) non-current liabilities	(647)		218		(429)		647		(218)		429
Interest on withholding	—		32		32		—		2,172		2,172
Balance as of December 31, 2018	36,561		310		36,871		16,383		21,794		38,177
Expenses	165,471		990		166,461		—		—		—

Change in MSA obligations capitalized as inventory	4,936		—		4,936		—		—		—
Payments, net of credits received	(171,960)		(670)		(172,630)		—		—		—
Reclassification to/(from) non-current liabilities	(892)		3,338		2,446		892		(3,338)		(2,446)
Interest on withholding	—		281		281		—		2,138		2,138
Balance as of December 31, 2019	34,116		4,249		38,365		17,275		20,594		37,869
Expenses	175,538		312		175,850		—		—		—
NPM Settlement adjustment	299		—		299		—		—		—
Change in MSA obligations capitalized as inventory	182		—		182		—		—		—
Payments, net of credits received	(170,513)		(4,334)		(174,847)		(197)		—		(197)
Reclassification to/(from) non-current liabilities	(855)		3,252		2,397		855		(3,252)		(2,397)
Interest on withholding	—		488		488		—		1,926		1,926
Balance as of December 31, 2020	$	38,767	$	3,967	$	42,734	$	17,933	$	19,268	$	37,201

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12053-110248

+ Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Year Ended December 31,
	2020		2019		2018
Cash paid during the period for:
Interest, including interest related to finance leases	$	118,851	$	118,974	$	107,021
Income taxes, net	41,372		44,184		26,529
Non-cash investing and financing activities:
Issuance of stock dividend	—		703		671

Decrease in non-controlling interest related to purchase of subsidiary	—		—		(73,953)
Notes payable issued for purchase of subsidiary	—		—		30,000
Contingent consideration related to purchase of subsidiary	—		—		6,304
Net receivable from purchase of subsidiary	—		—		497

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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)	$	255,294	$	255,294	$	—	$	—

Commercial paper (1)	44,397		—		44,397		—

Certificates of deposit (2)	2,111		—		2,111		—

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

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	21,155		21,155		—		—
Mutual funds invested in debt securities	23,226		23,226		—		—
Total equity securities at fair value	44,381		44,381		—		—
Debt securities available for sale
U.S. government securities	19,200		—		19,200		—
Corporate securities	52,434		—		52,434		—
U.S. government and federal agency	10,484		—		10,484		—


Commercial paper	9,086		—		9,086		—


Total debt securities available for sale	91,204		—		91,204		—

Total investment securities at fair value	135,585		44,381		91,204		—

Long-term investments
Long-term investment securities at fair value (3)	34,218		—		—		—

Total	$	472,140	$	300,210	$	137,712	$	—

Liabilities:
Fair value of contingent liability	$	999	$	—	$	—	$	999

Total	$	999	$	—	$	—	$	999

_____________________________

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

(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

_____________________________

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

(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 December 31, 2020:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2020		Valuation Technique	Unobservable Input	Range (Actual)

















Fair value of contingent liability	$	999	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	169,000
				Risk-free rate for a 2-year term	0.13		%
				Leverage-adjusted equity volatility of peer firms	78.57		%

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 annual cash dividend	$0.40/$0.20
				Stock price	$	13.39
				Convertible trading price (as a percentage of par value)	103.94		%
				Maturity	April 15, 2020
				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		%

Investment in real estate ventures subject to nonrecurring fair value measurements

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


			Fair Value Measurement Using:
	Year Ended December 31, 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

Assets:
Investments in real estate ventures	$	16,513	$	—	$	—	$	—	$	—


			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

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

- Definition

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.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Financial information for the Company’s operations before taxes and non-controlling interests

Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2020, 2019 and 2018 was as follows:


				Real			Corporate
	Tobacco			Estate			and Other			Total

2020
Revenues	$	1,204,501		$	798,168		$	—		$	2,002,669
Operating income (loss)	319,536		(1)	(49,895)		(4)	(24,498)		(7)	245,143
Equity in losses from real estate ventures	—			(44,698)			—			(44,698)
Identifiable assets	357,518			557,505		(5)	428,386		(8)	1,343,409
Depreciation and amortization	7,877			8,874			878			17,629
Capital expenditures	4,491			6,226			8,346			19,063

2019
Revenues	$	1,114,840		$	788,871		$	—		$	1,903,711
Operating income (loss)	261,630		(2)	(2,930)			(27,565)			231,135
Equity in losses from real estate ventures	—			(19,288)			—			(19,288)
Identifiable assets	336,566			666,550		(5)	501,973		(8)	1,505,089
Depreciation and amortization	7,824			9,033			994			17,851
Capital expenditures	4,173			8,276			126			12,575

2018
Revenues	$	1,111,094		$	759,168		$	—		$	1,870,262
Operating income (loss)	246,527		(3)	3,435		(6)	(25,913)			224,049
Equity in earnings from real estate ventures	—			14,446			—			14,446
Identifiable assets	315,706			539,828		(5)	693,970		(8)	1,549,504
Depreciation and amortization	8,210			9,580			1,017			18,807
Capital expenditures	4,599			13,061			22			17,682

_____________________________

(1)Operating income includes $337 of litigation settlement and judgment expense.

(2)Operating income includes $990 of litigation settlement and judgment expense.

(3)Operating income includes $6,298 of income from MSA Settlement, and $685 of litigation settlement and judgment expense.

(4)Operating loss includes $1,169 of loss on sale of assets.

(5)Includes real estate investments accounted for under the equity method of accounting of $85,400, $131,556 and $141,105 as of December 31, 2020, 2019 and 2018, respectively.

(6)Operating income includes $2,469 of litigation settlement and judgment income.

(7)Operating loss includes $2,283 of gain on sale of assets.

Quarterly Financial Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Unaudited quarterly data for the years ended December 31, 2020 and 2019 are as follows:


	December 31,		September 30,		June 30,		March 31,
	2020		2020		2020		2020
Revenues	$	554,590	$	547,831	$	445,760	$	454,488
Gross Profit	177,528		173,256		140,875		143,865
Operating income (loss)	87,333		95,917		66,797		(4,904)
Net income (loss)	32,256		38,139		25,774		(3,231)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	32,256		38,139		25,774		(3,231)
Per basic common share:
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.17	$	(0.03)
Per diluted common share:
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.16	$	(0.03)


	December 31,		September 30,		June 30,		March 31,
	2019		2019		2019		2019
Revenues	$	439,565	$	504,790	$	538,432	$	420,924
Gross Profit	137,636		159,334		170,258		134,904
Operating income	45,581		66,720		76,244		42,590
Net income	10,667		36,008		39,307		15,033
Net income applicable to common shares attributed to Vector Group Ltd.	10,706		36,008		39,307		14,953
Per basic common share(1):
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.06	$	0.23	$	0.25	$	0.09
Per diluted common share(1):
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.06	$	0.23	$	0.25	$	0.08

_____________________________

Summary of Significant Accounting Policies (Components of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 352,842	$ 371,341	$ 584,581
Restricted cash and cash equivalents included in other current assets	10,374	4,423	2,697
Restricted cash and cash equivalents included in other assets	2,461	3,712	4,451
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 365,677	$ 379,476	$ 591,729	$ 310,937

Summary of Significant Accounting Policies (Concentration of Credit Risk Narrative) (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales Revenue \| First Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	17.00%	18.00%
Sales Revenue \| Second Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	12.00%	12.00%
Accounts Receivable \| First Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	5.00%	2.00%
Accounts Receivable \| Second Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	4.00%	4.00%

Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for doubtful accounts and cash discounts	$ 334	$ 319

Summary of Significant Accounting Policies (Other Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Allowance for doubtful accounts and cash discounts	$ 334	$ 319
Tax on payments of dividend equivalent rights	3,684	8,967	$ 8,696
Segment Reporting Information [Line Items]
Shipping and handling fees and costs	1,367,145	1,301,579	1,292,484
Tobacco and E-Cigarettes
Segment Reporting Information [Line Items]
Advertising costs	4,103	3,751	3,672
Real Estate
Segment Reporting Information [Line Items]
Shipping and handling fees and costs	571,241	530,449	505,233
Advertising costs	18,875	22,917	23,424
Shipping and Handling
Segment Reporting Information [Line Items]
Shipping and handling fees and costs	$ 5,602	$ 5,802	$ 5,658

Summary of Significant Accounting Policies (Property, Plant and Equipment Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (21,074)	$ (21,808)	$ (19,982)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	422	530	108
Accumulated other comprehensive loss, tax effect	160	200	60
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(21,496)	(22,338)	(20,090)
Accumulated other comprehensive loss, tax effect	$ (7,809)	$ (8,120)	$ (13,750)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Summary of Significant Accounting Policies (Restructuring) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Percent of positions eliminated	25.00%
Employee severance and benefits	$ 1,875
Other restructuring expenses	293
Cash charges	2,168
Loss on fixed assets associated with consolidation of sales offices	1,214
Total restructuring charges	$ 3,382

Summary of Significant Accounting Policies (Real Estate Segment Restructuring Plan) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Restructuring Reserve [Roll Forward]
Total restructuring charges	$ 2,168
Real Estate
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020	0
Total restructuring charges	3,382
Utilized	(3,382)
Accrual balance as of December 31, 2020	0
Real Estate \| Employee severance and benefits
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020	0
Total restructuring charges	1,875
Utilized	(1,875)
Accrual balance as of December 31, 2020	0
Real Estate \| Other
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020	0
Total restructuring charges	293
Utilized	(293)
Accrual balance as of December 31, 2020	0
Real Estate \| Non-Cash Loss on Fixed Assets
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020	0
Total restructuring charges	1,214
Utilized	(1,214)
Accrual balance as of December 31, 2020	$ 0

Summary of Significant Accounting Policies (Schedule of Other, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Interest and dividend income	$ 6,074	$ 12,590	$ 11,349
Net gains (losses) recognized on investment securities	1,818	7,440	(9,570)
Net periodic benefit cost other than the service costs	(3,618)	(2,298)	(1,020)
Credit loss expense	12,828	0	0
Other income	3,098	3,573	4
Other, net	$ (5,456)	$ 21,305	$ 763

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Restricted assets	$ 3,456	$ 5,241
Prepaid pension costs	35,209	31,686
Contract assets, net	24,002	18,443
Other assets	32,359	48,778
Total other assets	$ 95,026	$ 104,148

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accounts payable	$ 12,846	$ 10,222
Accrued promotional expenses	45,579	35,900
Accrued excise and payroll taxes payable, net	13,849	18,653
Accrued interest	31,624	35,756
Commissions payable	25,615	18,378
Accrued salaries and benefits	27,104	29,464
Contract liabilities	7,633	9,358
Allowance for sales returns	7,356	7,785
Other current liabilities	27,331	23,801
Total other current liabilities	$ 198,937	$ 189,317

Summary of Significant Accounting Policies (New Accounting Pronouncements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholders’ equity	$ (659,687)		$ (685,016)	$ (547,366)	$ (331,760)
Goodwill impairment	46,252
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholders’ equity		$ 2,263	$ (2,263)	$ (1,550)	$ (4,576)
Allowance for credit losses		$ 3,100
Goodwill impairment	$ 46,252

- Definition

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.

+ References

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+ Details

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 554,590	$ 547,831	$ 445,760	$ 454,488	$ 439,565	$ 504,790	$ 538,432	$ 420,924	$ 2,002,669	$ 1,903,711	$ 1,870,262
Tobacco
Disaggregation of Revenue [Line Items]
Total revenues									1,204,501	1,114,840	1,111,094
Tobacco \| Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve
Disaggregation of Revenue [Line Items]
Total revenues									1,133,660	1,040,419	1,026,370
Tobacco \| Other Brands
Disaggregation of Revenue [Line Items]
Total revenues									70,841	74,421	84,724
Real Estate
Disaggregation of Revenue [Line Items]
Total revenues									798,168	788,871	759,168
Real Estate \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									247,075	376,600	366,032
Real Estate \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									227,937	171,677	172,348
Real Estate \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									182,485	126,181	114,788
Real Estate \| West
Disaggregation of Revenue [Line Items]
Total revenues									140,671	114,413	106,000
Real Estate \| Commission brokerage income
Disaggregation of Revenue [Line Items]
Total revenues									687,746	669,489	651,171
Real Estate \| Commission brokerage income \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									186,229	293,009	285,325
Real Estate \| Commission brokerage income \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									204,814	164,724	166,100
Real Estate \| Commission brokerage income \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									160,404	106,587	99,720
Real Estate \| Commission brokerage income \| West
Disaggregation of Revenue [Line Items]
Total revenues									136,299	105,169	100,026
Real Estate \| Development marketing
Disaggregation of Revenue [Line Items]
Total revenues									47,362	72,925	64,287
Real Estate \| Development marketing \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									24,590	48,850	48,072
Real Estate \| Development marketing \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									0	0	252
Real Estate \| Development marketing \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									22,081	19,594	15,068
Real Estate \| Development marketing \| West
Disaggregation of Revenue [Line Items]
Total revenues									691	4,481	895
Real Estate \| Property management revenue
Disaggregation of Revenue [Line Items]
Total revenues									35,115	35,461	33,350
Real Estate \| Property management revenue \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									34,209	34,741	32,635
Real Estate \| Property management revenue \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									906	720	715
Real Estate \| Property management revenue \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Real Estate \| Property management revenue \| West
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Real Estate \| Title fees
Disaggregation of Revenue [Line Items]
Total revenues									3,764	6,233	5,281
Real Estate \| Title fees \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									2,047	0	0
Real Estate \| Title fees \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									1,717	6,233	5,281
Real Estate \| Title fees \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Real Estate \| Title fees \| West
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Real Estate \| Total Douglas Elliman revenue
Disaggregation of Revenue [Line Items]
Total revenues									773,987	784,108	754,089
Real Estate \| Total Douglas Elliman revenue \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									247,075	376,600	366,032
Real Estate \| Total Douglas Elliman revenue \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									207,437	171,677	172,348
Real Estate \| Total Douglas Elliman revenue \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									182,485	126,181	114,788
Real Estate \| Total Douglas Elliman revenue \| West
Disaggregation of Revenue [Line Items]
Total revenues									136,990	109,650	100,921
Real Estate \| Other real estate revenues
Disaggregation of Revenue [Line Items]
Total revenues									24,181	4,763	5,079
Real Estate \| Other real estate revenues \| New York City
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Real Estate \| Other real estate revenues \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues									20,500	0	0
Real Estate \| Other real estate revenues \| Southeast
Disaggregation of Revenue [Line Items]
Total revenues									0	0	0
Real Estate \| Other real estate revenues \| West
Disaggregation of Revenue [Line Items]
Total revenues									$ 3,681	$ 4,763	$ 5,079

Revenue Recognition - Contract Balances (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Receivables, which are included in accounts receivable - trade, net	$ 1,520,000				$ 2,129,000				$ 1,520,000	$ 2,129,000
Contract costs, net, which are included in other current assets	6,529,000				8,766,000				6,529,000	8,766,000
Payables, which are included in other current liabilities	1,113,000				1,663,000				1,113,000	1,663,000
Contract liabilities, which are included in other current liabilities	7,633,000				9,358,000				7,633,000	9,358,000
Contract costs, net, which are included in other assets	24,002,000				18,443,000				24,002,000	18,443,000
Contract liabilities, which are included in other liabilities	32,104,000				29,045,000				$ 32,104,000	29,045,000
Commercial leasing contracts, receivable and payable term expectation									12 months
Contract asset reclassified to receivable									$ (609,000)
Cash collections									$ 1,911,000
Development marketing project period, minimum									4 years
Development marketing project period, maximum									6 years
Contract liabilities estimated to be recognized over next twelve months	7,633,000								$ 7,633,000
Revenue recognized on contract liabilities									8,846,000	14,973,000	$ 12,135,000
Revenue recognized relating to performance obligations satisfied or partially satisfied in prior periods									0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 554,590,000	$ 547,831,000	$ 445,760,000	$ 454,488,000	$ 439,565,000	$ 504,790,000	$ 538,432,000	$ 420,924,000	2,002,669,000	1,903,711,000	1,870,262,000
Total cost of sales									1,367,145,000	$ 1,301,579,000	$ 1,292,484,000
Advance payments received from customer									24,821,000
Contract liabilities increase									1,334,000
Real Estate Commercial Leasing \| Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total cost of sales									(550,000)
Additional expense accruals									1,398,000
Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Advance payments received from customer									21,067,000
Contract liabilities increase									$ 3,322,000

Current Expected Credit Losses (Narrative) (Details) $ in Thousands	Dec. 31, 2020 USD ($) loan	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Total shareholders’ equity	$ (659,687)		$ (685,016)	$ (547,366)	$ (331,760)
New Valley LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 15,928		3,100
Number of loans \| loan	2
Total amortized cost basis	$ 15,928		15,276
Interest receivable	6,428		5,776
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total shareholders’ equity		$ 2,263	(2,263)	$ (1,550)	$ (4,576)
Allowance for credit losses		$ 3,100
Real estate broker agent receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 7,038		$ 6,132

- Definition

+ References

+ Details

Current Expected Credit Losses (Rollforward) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
New Valley LLC
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,100
Current Period Provision	12,828
Write-offs	0
Recoveries	0
Ending balance	15,928
Real estate broker agent receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,132
Current Period Provision	1,460
Write-offs	554
Recoveries	0
Ending balance	$ 7,038

Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 29, 2020	Sep. 27, 2019	Sep. 27, 2018
Class of Stock [Line Items]
Stock dividend paid to company stockholders				5.00%	5.00%	5.00%
Effect of stock dividend		$ 0	$ 0
Increase in number of shares subject to outstanding stock options	5.00%
Dividend equivalent rights	$ 3,684	8,967	8,696
Common Stock
Class of Stock [Line Items]
Effect of stock dividend		$ 703	$ 671

Earnings Per Share (Net Income (Loss) for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 15, 2019
Earnings Per Share [Abstract]
Net income attributed to Vector Group Ltd.	$ 32,256	$ 38,139	$ 25,774	$ (3,231)	$ 10,706	$ 36,008	$ 39,307	$ 14,953	$ 92,938	$ 100,974	$ 58,105
Income attributable to participating securities, basic									(2,560)	(7,464)	(7,016)
Net income available to common shares attributed to Vector Group Ltd., basic									90,378	93,510	51,089
Income attributable to 7.5% Variable Interest Senior Convertible Notes									0	(1,255)	0
Income attributed to participating securities, diluted									(2,560)	(7,464)	(7,016)
Net income available to common shares attributed to Vector Group Ltd., diluted									$ 90,378	$ 92,255	$ 51,089
7.5% Variable Interest Senior Convertible Notes due 2019 \| Variable Interest Senior Convertible Debt
Debt Instrument [Line Items]
Interest rate	7.50%								7.50%			7.50%

Earnings Per Share (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Weighted-average shares for basic EPS	150,216,141	146,633,036	146,362,270
Plus incremental shares related to convertible debt	0	718,918	0
Plus incremental shares related to stock options and non-vested restricted stock	34,812	16,509	122,542
Weighted-average shares for diluted EPS	150,250,953	147,368,463	146,484,812

Earnings Per Share (Antidilutive Securities Excluded from Earnings Per Share) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	520,936	1,207,366	0
Weighted-average expense per share (in dollars per share)	$ 19.54	$ 17.97	$ 0
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)	2,423,719	11,118,139	30,212,414
Weighted-average conversion price (in dollars per share)	$ 20.27	$ 20.27	$ 16.14

Leases (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201817Member	us-gaap:AccountingStandardsUpdate201802Member
Operating lease right-of-use assets	$ 145,356	$ 149,578
Operating lease liabilities	181,406	175,257
Increase to accumulated deficit	$ 653,945	678,464
Lease renewal term	5 years
Lease termination term	1 year
Amortization and impairment	$ 20,497	21,088
Interest accretion	17,012	17,489
Lease not yet commenced	2,320
Rental expense	37,509	$ 38,577
Rental expense			$ 38,893
One Lease, Lessor Affiliate of Significant Investor
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	948
Operating lease liabilities	1,009
Rental expense	$ 458
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Operating lease terms	2 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	12 years
Operating lease terms	3 years
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets				$ 128,890
Operating lease liabilities				153,676
Deferred rent				22,881
Tenant improvements receivable				355
Increase to accumulated deficit				$ 1,550

Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 37,498	$ 37,817
Short-term lease cost	1,261	1,379
Variable lease cost	2,838	3,149
Amortization	111	224
Interest on lease liabilities	14	15
Total lease cost	41,722	42,584
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	26,235	37,684
Operating cash flows from finance leases	14	15
Financing cash flows from finance leases	102	217
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	16,275	41,776
Finance leases	$ 60	$ 159

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases:
Operating lease right-of-use assets	$ 145,356	$ 149,578
Current operating lease liability	27,207	18,294
Non-current operating lease liability	154,199	156,963
Total operating lease liabilities	181,406	175,257
Finance leases:
Finance lease at cost	127	127
Accumulated amortization	(44)	(19)
Finance lease net	83	108
Current portion of notes payable and long-term debt	57	86
Notes payable, long-term debt and other obligations, less current portion	96	108
Total finance lease liabilities	$ 153	$ 194
Weighted average remaining lease term:
Operating leases	7 years 10 months 13 days	8 years 5 months 15 days
Finance leases	2 years 8 months 15 days	3 years 3 days
Weighted average discount rate:
Operating leases	9.26%	10.75%
Finance leases	7.82%	8.61%
Financing lease equipment
Finance leases:
Finance lease at cost	$ 748	$ 762
Accumulated amortization	(686)	(674)
Finance lease net	$ 62	$ 88

Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 43,313
2022	37,998
2023	33,200
2024	27,256
2025	22,108
Thereafter	96,730
Total lease payments	260,605
Less imputed interest	(79,199)
Total	181,406	$ 175,257
Finance Leases
2021	66
2022	61
2023	35
2024	8
2025	0
Thereafter	0
Total lease payments	170
Less imputed interest	(17)
Total	$ 153	$ 194

Investment Securities (Components of Investment Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale	$ 91,204	$ 83,445
Long-term investments, fair value	34,218	45,781
Equity securities at fair value	78,599	91,977
Long-term investment securities at fair value	34,218	45,781
Fair Value	169,803	175,422
Current investment securities at fair value	135,585	129,641
Equity-method investments	18,310	15,942
Long-term investments	52,528	61,723
Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Long-term investment securities at fair value	0	0
Current investment securities at fair value	44,381	46,196
Long-term investments	2,077
Significant Other Observable Inputs (Level 2)
Debt Securities, Available-for-sale [Line Items]
Long-term investment securities at fair value	0	0
Current investment securities at fair value	91,204	83,445
Significant Unobservable Inputs (Level 3)
Debt Securities, Available-for-sale [Line Items]
Long-term investment securities at fair value	0	0
Current investment securities at fair value	0	0
Marketable equity securities
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	21,155	23,819
Marketable equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	21,155	23,819
Marketable equity securities \| Significant Other Observable Inputs (Level 2)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	0	0
Marketable equity securities \| Significant Unobservable Inputs (Level 3)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	0	0
Marketable equity securities \| Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value		23,819
Mutual funds invested in fixed income securities
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	23,226	22,377
Mutual funds invested in fixed income securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	23,226	22,377
Mutual funds invested in fixed income securities \| Significant Other Observable Inputs (Level 2)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	0	0
Mutual funds invested in fixed income securities \| Significant Unobservable Inputs (Level 3)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	0	0
Mutual funds invested in fixed income securities \| Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value		22,377
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale	91,204
Fixed income securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale	0
Fixed income securities \| Significant Other Observable Inputs (Level 2)
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale	91,204
Fixed income securities \| Significant Unobservable Inputs (Level 3)
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale	$ 0
Fixed income securities \| Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale		83,445
Fixed income securities \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale		0
Fixed income securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale		83,445
Fixed income securities \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale		$ 0

Investment Securities (Net Gains (Losses) Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities at fair value	$ 2,123	$ 7,320	$ (8,449)
Net gains (losses) recognized on debt and equity securities available for sale	110	135	(34)
Gross realized losses on other-than-temporary impairments	415	15	1,087
Net gains (losses) recognized on investment securities	$ 1,818	$ 7,440	$ (9,570)

Investment Securities (Narrative) (Details) - USD ($)			1 Months Ended	12 Months Ended
Investment Securities (Narrative) (Details) - USD ($)	Feb. 14, 2020	Oct. 09, 2019	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 11, 2019
Debt Securities, Available-for-sale [Line Items]
Long-term investments				$ 52,528,000	$ 61,723,000
Proceeds from long-term equity method investment, gross				54,089,000
Proceeds from long-term equity method investment				53,901,000	17,875,000	$ 7,007,000
Proceeds from sale or liquidation of long-term investments				32,572,000	8,256,000	19,487,000
Sale of investment securities				30,458,000	21,879,000	18,628,000
Equity securities without readily determinable fair values				5,200,000	6,200,000
Impairment or other adjustments related to observable price changes				0	0	0
Cash distributions, investing cash inflows						5,535,000
Cash distributions, operating cash inflows						1,472,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Long-term investments				2,077,000
NAV
Debt Securities, Available-for-sale [Line Items]
Proceeds from long-term equity method investment				32,676,000	8,320,000
Proceeds from sale or liquidation of long-term investments				$ 32,572,000	8,256,000	$ 13,952,000
In-transit redemptions					$ 8,502,000
Castle Brands
Debt Securities, Available-for-sale [Line Items]
Cash tender offer (in dollars per share)		$ 1.27
Tendered common shares (in shares)		12,895,017
Gain on sale of investment		$ 16,377,000
Ladenburg Thalmann Financial Services Inc. (“LTS”) \| LTS Common Stock \| Equity Method Investee \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Equity method ownership percentage	10.20%
Cash tender offer (in dollars per share)							$ 3.50
Proceeds from common shares of LTS	$ 53,169,000
Ladenburg Thalmann Financial Services Inc. (“LTS”) \| LTS Preferred \| Equity Method Investee \| Series A Cumulative Redeemable Preferred Stock
Debt Securities, Available-for-sale [Line Items]
Proceeds from common shares of LTS			$ 6,009,000
Preferred stock dividend rate				8.00%
Liquidation preference (in dollars per share)				$ 25.00
Mutual fund and hedge funds \| Minimum
Debt Securities, Available-for-sale [Line Items]
Equity method ownership percentage				6.18%
Mutual fund and hedge funds \| Maximum
Debt Securities, Available-for-sale [Line Items]
Equity method ownership percentage				37.04%

Investment Securities (Components of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 169,803	$ 175,422
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	90,621	82,714
Gross Unrealized Gains	583	731
Gross Unrealized Losses	0	0
Fair Value	$ 91,204	$ 83,445

Investment Securities (Maturity Dates of Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Market Value	$ 91,204	$ 83,445
U.S. Government securities
Debt Securities, Available-for-sale [Line Items]
Market Value	19,200
Under 1 Year	16,000
1 Year up to 5 Years	3,200
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Market Value	52,434
Under 1 Year	27,812
1 Year up to 5 Years	24,622
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Market Value	10,484
Under 1 Year	2,882
1 Year up to 5 Years	7,602
More than 5 Years	0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Market Value	9,086
Under 1 Year	9,086
1 Year up to 5 Years	0
More than 5 Years	0
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Market Value	91,204
Under 1 Year	55,780
1 Year up to 5 Years	35,424
More than 5 Years	$ 0

Investment Securities (Gross Realized Gains and Losses on Investment Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on sales	$ 329	$ 144	$ 4
Gross realized losses on sales	(219)	(9)	(38)
Net gains (losses) recognized on debt securities available for sale	110	135	(34)
Impairment expense	(415)	(15)	(1,087)
Equity securities at fair value	78,599	91,977
Net losses recognized on investment securities	2,123	7,320	(8,449)
Net losses recognized equity securities	(121)	1,526	(808)
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	2,244	5,794	$ (7,641)
Marketable equity securities
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	21,155	23,819
Marketable equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	21,155	23,819
Mutual funds invested in fixed income securities
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	23,226	22,377
Mutual funds invested in fixed income securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Equity securities at fair value	$ 23,226	$ 22,377

Investment Securities (Equity-Method Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 18,310	$ 15,942
Mutual fund and hedge funds
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	18,310	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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	$ 56,268	$ 17,000	$ 3,158
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	2,844	958	1,761
Ladenburg Thalmann Financial Services Inc. (“LTS”)
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	53,424	(410)	1,297
Castle Brands
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	$ 0	$ 16,452	$ 100

Investment Securities (Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investment securities at fair value	$ 169,803				$ 175,422				$ 169,803	$ 175,422
Cash and cash equivalents	352,842				371,341				352,842	371,341		$ 584,581
Goodwill and other intangible assets, net	207,577				265,993				207,577	265,993
Total assets	1,343,409				1,505,089				1,343,409	1,505,089		1,549,504
Total liabilities	2,003,096				2,190,105				2,003,096	2,190,105
Preferred stock	0				0				0	0
Common stock	15,332				14,808				15,332	14,808
Accumulated deficit	(653,945)				(678,464)				(653,945)	(678,464)
Total Vector Group Ltd. stockholders' deficiency	(659,687)				(685,464)				(659,687)	(685,464)
Non-controlling interest	0				448				0	448
Total stockholders' deficiency	(659,687)				(685,016)				(659,687)	(685,016)		(547,366)		$ (331,760)
Total liabilities and stockholders' deficiency	1,343,409				1,505,089				1,343,409	1,505,089
Total revenues	554,590	$ 547,831	$ 445,760	$ 454,488	439,565	$ 504,790	$ 538,432	$ 420,924	2,002,669	1,903,711		1,870,262
Total cost of sales									1,367,145	1,301,579		1,292,484
Net investment loss	87,333	95,917	66,797	(4,904)	45,581	66,720	76,244	42,590	245,143	231,135		224,049
Net income	32,256	38,139	$ 25,774	$ (3,231)	10,667	36,008	$ 39,307	$ 15,033	92,938	101,015		58,007
Income before provision for income taxes									134,715	133,828		79,559
Indian Creek, Boyar Value and Optika
Schedule of Equity Method Investments [Line Items]
Investment securities at fair value	486,390				210,685				486,390	210,685
Cash and cash equivalents	7,126				26,088				7,126	26,088
Other assets	41,004				1,861				41,004	1,861
Total assets	534,520				238,634				534,520	238,634
Other liabilities	230,237				85,623				230,237	85,623
Total liabilities	230,237				85,623				230,237	85,623
Partners’ capital	304,283				153,011				304,283	153,011
Total liabilities and stockholders' deficiency	$ 534,520				238,634				534,520	238,634
Total revenues									1,779	2,834		549
Total cost of sales									9,300	6,756		861
Net investment loss									(7,521)	(3,922)		(312)
Total net realized gain (loss) and net change in unrealized depreciation from investments									123,381	18,822		(5,781)
Net income									$ 115,860	$ 14,900		$ (6,093)
Ladenburg Thalmann Financial Services
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		0				251,033					$ 251,033
Receivables from clearing brokers, note receivable and other receivable, net		0				175,600					175,600
Other assets		0				202,516					202,516
Goodwill and other intangible assets, net		0				188,975					188,975
Total assets		0				818,124					818,124
Accrued compensation, commissions and fees payable		0				142,875					142,875
Accounts payable and accrued liabilities		0				37,197					37,197
Notes payable, net of $0 and $5,881 unamortized discount in 2020 and 2019, respectively		0				315,898					315,898
Other liabilities		0				73,380					73,380
Total liabilities		0				569,350					569,350
Preferred stock		0				2					2
Common stock		0				15					15
Additional paid-in capital		0				317,735					317,735
Accumulated deficit		0				(68,971)					(68,971)
Total Vector Group Ltd. stockholders' deficiency		0				248,781					248,781
Non-controlling interest		0				(7)					(7)
Total stockholders' deficiency		0				248,774					248,774
Total liabilities and stockholders' deficiency		$ 0				$ 818,124					818,124
Total revenues					395,735						1,428,688		$ 1,380,031
Total cost of sales					394,992						1,385,699		1,345,768
Net income					508						31,779		30,858
Income before provision for income taxes					743						42,989		34,263
Change in fair value of contingent consideration					(374)						(363)		(232)
(Loss) income from continuing operations					$ 369						$ 42,626		$ 34,031

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Leaf tobacco	$ 42,988	$ 44,516
Other raw materials	5,987	4,669
Work-in-process	520	333
Finished goods	68,781	71,183
Inventories at current cost	118,276	120,701
LIFO adjustments	(20,731)	(21,939)
Inventory, net	$ 97,545	$ 98,762

Inventories (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
LIFO adjustments	$ 20,731	$ 21,939
Capitalized MSA cost in finished goods inventory	21,120	20,472
Inventories
Inventory [Line Items]
Federal excise tax in inventory	27,683	27,676
Cost of Goods Sold
Inventory [Line Items]
Effect of liquidations of LIFO inventory	1,222	46
Liggett \| Inventories
Inventory [Line Items]
Purchase commitments	14,903
Leaf tobacco
Inventory [Line Items]
LIFO adjustments	14,139	15,210
Other raw materials
Inventory [Line Items]
LIFO adjustments	474	182
Work-in-process
Inventory [Line Items]
LIFO adjustments	26	24
Finished goods
Inventory [Line Items]
LIFO adjustments	$ 6,092	$ 6,523

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 277,034	$ 274,676
Less accumulated depreciation and amortization	(199,046)	(192,516)
Property, plant and equipment, net	77,988	82,160
Depreciation and amortization expense	17,465	24,196	$ 17,506
Liggett \| Purchase commitments
Property, Plant and Equipment [Line Items]
Future machinery and equipment purchase commitments	2,870
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,624	1,624
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	17,772	17,733
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	204,194	202,667
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 53,444	$ 52,652

New Valley LLC (Investment in Real Estate Ventures) (Details) $ in Thousands		12 Months Ended
	Nov. 01, 2019 USD ($)	Dec. 31, 2020 USD ($) venture	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2020 USD ($)
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 85,400	$ 131,556
Total contributions		14,922	52,529	$ 9,728
Distributions from real estate ventures, return on capital		1,933	7,028	25,935
Distributions from real estate ventures		18,818	41,300	54,233
Equity in earnings (loss) from real estate ventures		(44,698)	(19,288)	14,446
Assets		1,343,409	1,505,089	1,549,504
Fair Value, Nonrecurring
Schedule of Investments [Line Items]
Investments in real estate ventures		0	18,335
Impairment of real estate, net		16,513	39,757
Condominium and Mixed Use Development \| All other U.S. areas
Schedule of Investments [Line Items]
Impairment of real estate, net			39,717	8,467
New Valley LLC
Schedule of Investments [Line Items]
Investments in real estate ventures		85,400	131,556
Total contributions		14,922	52,529
Total distributions from real estate ventures		20,751	48,328
Equity in earnings (loss) from real estate ventures		(44,698)	(19,288)	14,446
Total maximum exposure to loss		98,975
Interest costs capitalized		4,003	5,480
New Valley LLC \| NV/Joy Beach THB LLC
Schedule of Investments [Line Items]
Equity method ownership percentage					46.70%
Investments in real estate ventures					$ 2,349
Total maximum exposure to loss		$ 2,349
New Valley LLC \| Levari RC JV LLC
Schedule of Investments [Line Items]
Equity method ownership percentage		50.00%
Investments in real estate ventures		$ 4,109
Total maximum exposure to loss		4,109
New Valley LLC \| Condominium and Mixed Use Development
Schedule of Investments [Line Items]
Investments in real estate ventures		68,238	106,920
Total contributions		12,945	51,753
Total distributions from real estate ventures		20,007	9,234
Equity in earnings (loss) from real estate ventures		(33,745)	(37,478)	(1,986)
Total maximum exposure to loss		68,238
New Valley LLC \| Condominium and Mixed Use Development \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures		30,465	51,078
Total contributions		1,805	21,760
Total distributions from real estate ventures		1,819	7,955
Equity in earnings (loss) from real estate ventures		(17,167)	(31,011)	(923)
Impairment of real estate, net		16,513
Total maximum exposure to loss		$ 30,465
New Valley LLC \| Condominium and Mixed Use Development \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage		3.10%
New Valley LLC \| Condominium and Mixed Use Development \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage		46.70%
New Valley LLC \| Condominium and Mixed Use Development \| All other U.S. areas
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 37,773	55,842
Total contributions		11,140	29,993
Total distributions from real estate ventures		18,188	1,279
Equity in earnings (loss) from real estate ventures		(16,578)	(6,467)	(1,063)
Impairment of real estate, net			39,757	10,174
Total maximum exposure to loss		$ 37,773
New Valley LLC \| Condominium and Mixed Use Development \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage		19.60%
New Valley LLC \| Condominium and Mixed Use Development \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage		77.80%
New Valley LLC \| Apartment Buildings
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 0	0
Total contributions		284	0
Total distributions from real estate ventures		0	79
Equity in earnings (loss) from real estate ventures		(284)	79	17,631
New Valley LLC \| Apartment Buildings \| New York City SMSA
Schedule of Investments [Line Items]
Equity in earnings (loss) from real estate ventures		0	0	17,467
New Valley LLC \| Apartment Buildings \| All other U.S. areas
Schedule of Investments [Line Items]
Investments in real estate ventures		0	0
Total contributions		284	0
Total distributions from real estate ventures		0	79
Equity in earnings (loss) from real estate ventures		$ (284)	79	164
New Valley LLC \| Apartment Buildings \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage		7.60%
New Valley LLC \| Hotels
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 4,481	4,623
Total contributions		1,169	172
Total distributions from real estate ventures		0	21,787
Equity in earnings (loss) from real estate ventures		(3,556)	8,122	(2,973)
Total maximum exposure to loss		4,481
New Valley LLC \| Hotels \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures		2,629	2,462
Total contributions		1,169	172
Total distributions from real estate ventures		0	21,572
Equity in earnings (loss) from real estate ventures		(3,248)	$ 8,081	(2,727)
Total maximum exposure to loss		$ 2,629
New Valley LLC \| Hotels \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage		0.40%
New Valley LLC \| Hotels \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage		15.70%
New Valley LLC \| Hotels \| New York City SMSA \| Park Lane Hotel
Schedule of Investments [Line Items]
Equity method ownership percentage		1.04%	5.20%
Distributions from real estate ventures, return on capital			$ 20,788
Equity in earnings (loss) from real estate ventures			$ 10,328
Percent of interest in real estate venture sold			80.00%
New Valley LLC \| Hotels \| International
Schedule of Investments [Line Items]
Equity method ownership percentage		49.00%
Investments in real estate ventures		$ 1,852	$ 2,161
Total distributions from real estate ventures		0	215
Equity in earnings (loss) from real estate ventures		(308)	41	(246)
Total maximum exposure to loss		1,852
New Valley LLC \| Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures		9,675	9,486
Total distributions from real estate ventures		714	266
Equity in earnings (loss) from real estate ventures		903	774	1,046
Total maximum exposure to loss		$ 9,675
New Valley LLC \| Commercial \| New York City SMSA
Schedule of Investments [Line Items]
Equity method ownership percentage		49.00%
Investments in real estate ventures		$ 2,591	1,852
Total distributions from real estate ventures		601	16
Equity in earnings (loss) from real estate ventures		1,340	1	(562)
Total maximum exposure to loss		$ 2,591
New Valley LLC \| Commercial \| All other U.S. areas
Schedule of Investments [Line Items]
Equity method ownership percentage		1.60%
Investments in real estate ventures		$ 7,084	7,634
Total distributions from real estate ventures		113	250
Equity in earnings (loss) from real estate ventures		(437)	773	1,608
Total maximum exposure to loss		7,084
New Valley LLC \| Other
Schedule of Investments [Line Items]
Investments in real estate ventures		3,006	10,527
Total contributions		524	604
Total distributions from real estate ventures		30	16,962
Equity in earnings (loss) from real estate ventures		(8,016)	9,215	728
Total maximum exposure to loss		$ 16,581
New Valley LLC \| Other \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage		15.00%
New Valley LLC \| Other \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage		49.00%
New Valley LLC \| Other \| One New York SMSA Venture
Schedule of Investments [Line Items]
Investments in real estate ventures		$ 0
Distributions from real estate ventures			2,524	27,569
Equity in earnings (loss) from real estate ventures			740	17,467
Douglas Elliman Realty, LLC
Schedule of Investments [Line Items]
Proceeds from commissions received		$ 10,783	18,952	$ 20,118
Douglas Elliman Realty, LLC \| Innova Risk Management
Schedule of Investments [Line Items]
Distributions from real estate ventures, return on capital	$ 8,732
Percent of interest in real estate venture sold	50.00%
Potential earn out	$ 1,000
Variable Interest Entity, Primary Beneficiary \| New Valley LLC
Schedule of Investments [Line Items]
Number of variable interest entities \| venture		2
Assets		$ 0	$ 897

New Valley LLC (Combined Financial Statements for Unconsolidated Subsidiaries) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement
Total revenues	$ 554,590	$ 547,831	$ 445,760	$ 454,488	$ 439,565	$ 504,790	$ 538,432	$ 420,924	$ 2,002,669	$ 1,903,711	$ 1,870,262
Equity in (losses) earnings									56,268	17,000	3,158
Cost of sales									1,367,145	1,301,579	1,292,484
Other expenses									(5,456)	21,305	763
Balance Sheets
Investment in real estate	85,400				131,556				85,400	131,556
Assets	1,343,409				1,505,089				1,343,409	1,505,089	1,549,504
Total liabilities	2,003,096				2,190,105				2,003,096	2,190,105
Non-controlling interest	0				448				0	448
New Valley LLC
Balance Sheets
Investment in real estate	85,400				131,556				85,400	131,556
New Valley LLC \| Condominium and Mixed Use Development
Balance Sheets
Investment in real estate	68,238				106,920				68,238	106,920
New Valley LLC \| Condominium and Mixed Use Development \| Unconsolidated Properties
Income Statement
Total revenues									386,859	208,767	394,457
Cost of sales									302,234	76,162	95,873
Other expenses									270,642	149,014	186,261
(Loss) income from continuing operations									(186,017)	(16,409)	112,323
Balance Sheets
Investment in real estate	4,465,118				4,079,125				4,465,118	4,079,125
Assets	4,551,788				4,155,625				4,551,788	4,155,625
Total debt	3,569,361				3,057,005				3,569,361	3,057,005
Total liabilities	3,921,492				3,444,868				3,921,492	3,444,868
Non-controlling interest	83,807				123,736				83,807	123,736
New Valley LLC \| Apartment & Office Buildings \| Unconsolidated Properties
Income Statement
Total revenues									65,808	70,862	44,366
Other expenses									63,705	67,094	105,899
(Loss) income from continuing operations									2,103	3,768	(61,533)
Balance Sheets
Investment in real estate	544,610				545,400				544,610	545,400
Assets	563,523				562,879				563,523	562,879
Total debt	392,324				402,526				392,324	402,526
Total liabilities	399,269				410,723				399,269	410,723
Non-controlling interest	123,273				114,193				123,273	114,193
New Valley LLC \| Hotels
Balance Sheets
Investment in real estate	4,481				4,623				4,481	4,623
New Valley LLC \| Hotels \| Unconsolidated Properties
Income Statement
Total revenues									130,742	147,446	171,949
Cost of sales									2,671	5,399	4,522
Other expenses									256,973	220,045	268,007
(Loss) income from continuing operations									(128,902)	(77,998)	(100,580)
Balance Sheets
Investment in real estate	1,489,085				1,017,810				1,489,085	1,017,810
Assets	1,575,800				1,133,697				1,575,800	1,133,697
Total debt	1,071,445				778,194				1,071,445	778,194
Total liabilities	1,143,419				816,118				1,143,419	816,118
Non-controlling interest	427,439				284,298				427,439	284,298
New Valley LLC \| Commercial
Balance Sheets
Investment in real estate	9,675				9,486				9,675	9,486
New Valley LLC \| Commercial \| Unconsolidated Properties
Income Statement
Total revenues									7,911	7,821	7,688
Equity in (losses) earnings									(13,671)	24,159	49,085
Other expenses									4,740	7,724	11,647
(Loss) income from continuing operations									(10,500)	24,256	45,126
Balance Sheets
Investment in real estate	51,487				52,384				51,487	52,384
Assets	70,270				70,169				70,270	70,169
Total debt	55,625				55,625				55,625	55,625
Total liabilities	55,199				54,342				55,199	54,342
New Valley LLC \| Other
Balance Sheets
Investment in real estate	3,006				10,527				3,006	10,527
New Valley LLC \| Other \| Unconsolidated Properties
Income Statement
Total revenues									571	390,478	19,448
Cost of sales									0	220,316	0
Other expenses									48,633	155,257	32,739
(Loss) income from continuing operations									(48,062)	14,905	$ (13,291)
Balance Sheets
Investment in real estate	1,216,819				1,054,134				1,216,819	1,054,134
Assets	1,237,794				1,192,149				1,237,794	1,192,149
Total debt	722,930				671,845				722,930	671,845
Total liabilities	903,196				850,587				903,196	850,587
Non-controlling interest	$ 272,196				$ 263,438				$ 272,196	$ 263,438

New Valley LLC (Guarantees and Commitments) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
New Valley LLC
Schedule of Investments [Line Items]
Additional capital commitments	$ 13,575

New Valley LLC (Investments in Real Estate, net) (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2020 USD ($)	Apr. 30, 2015 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 30, 2009 a lot hole room	Mar. 31, 2008 a
Schedule of Investments [Line Items]
Real estate investment, net			$ 15,631	$ 28,317
New Valley LLC
Schedule of Investments [Line Items]
Real estate investment, net			15,631	28,317
New Valley LLC \| Escena
Schedule of Investments [Line Items]
Land and land improvements			8,911	8,910
Building and building improvements			1,926	1,926
Other			1,672	1,659
Investments in real estate, gross			12,509	12,495
Less accumulated depreciation			(2,774)	(2,523)
Real estate investment, net			9,735	9,972
Area of real estate property \| a							450
Number of real estate properties \| lot						667
Number of holes in golf course \| hole						18
Area of land \| a						7
Number of units in real estate property \| room						450
Operating losses			735	862	$ 576
New Valley LLC \| Sagaponack
Schedule of Investments [Line Items]
Real estate investment, net			0	18,345
Payments to acquire real estate		$ 12,502
Sale of project	$ 20,500
New Valley LLC \| Townhome A (11 Beach Street)
Schedule of Investments [Line Items]
Real estate investment, net			5,896	$ 0
New Valley LLC \| Unit TH-A
Schedule of Investments [Line Items]
Real estate investment, net			$ 5,896

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 31,756	$ 78,008
Goodwill impairment	46,252
Accumulated impairment charges to goodwill	46,252
Finite-Lived Intangible Assets [Line Items]
Total goodwill and other intangible assets, net	207,577	265,993
Finite-lived intangible assets, gross	4,689	4,689
Less: accumulated amortization on amortizable intangibles	(4,379)	(4,215)
Finite-lived intangible assets, net	310	474
Amortization expense	164	182	$ 806
Amortization of unfavorable lease			369
Intangible asset associated with benefit under the MSA
Indefinite-lived Intangible Assets [Line Items]
Indefinite life intangibles	107,511	107,511
Trademark - Douglas Elliman
Indefinite-lived Intangible Assets [Line Items]
Indefinite life intangibles	68,000	80,000
Impairment of intangibles	12,000
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 1,175
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 4,689	$ 4,689
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives	1 year
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives	5 years

Notes Payable, Long-Term Debt and Other Obligations (Schedule of Components of Debt and Other Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 15, 2019
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 1,427,533	$ 1,631,387
Less: Debt issuance costs	(21,247)	(24,902)
Total notes payable, long-term debt and other obligations	1,406,286	1,606,485
Less: Current maturities	(12,557)	(209,269)
Amount due after one year	1,393,729	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 $3,040 and $3,392
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (3,040)	(3,392)
Amount due after one year	$ 555,000
Interest rate	10.50%
Variable Interest Senior Convertible Debt \| 10.5% Senior Notes due 2026, net of unamortized discount of $3,040 and $3,392
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 551,960	551,608
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
Less: Debt issuance costs	0	(5,276)
Amount due after one year	$ 169,610
Interest rate	5.50%
Fair value of derivatives embedded within convertible debt		4,999
Variable Interest Senior Convertible Debt \| 7.5% Variable Interest Senior Convertible Notes due 2019, net of unamortized discount of $0 and $0*
Debt Instrument [Line Items]
Interest rate	7.50%		7.50%
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	89	347
Other
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 25,484	$ 30,146

Notes Payable, Long-Term Debt and Other Obligations (Notes Payable Narrative) (Details) - USD ($)					12 Months Ended
	Jan. 28, 2021	Nov. 18, 2019	Nov. 02, 2018	Mar. 24, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2019	Jan. 15, 2019	Jan. 27, 2017
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ 0	$ 4,301,000	$ 4,066,000
Other costs and non-cash interest expense						21,247,000	24,902,000
Notes payable, long-term debt and other obligations, less current portion						$ 1,393,729,000	1,397,216,000
5.75% Senior Secured Notes Due 2029 \| Subsequent Event
Debt Instrument [Line Items]
Interest rate	5.75%
Principal amount	$ 875,000,000
Net proceeds from issuance of debt	$ 855,500,000
Senior Notes \| 10.5% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate						10.50%
Principal amount		$ 230,000,000	$ 325,000,000
Other costs and non-cash interest expense						$ 3,040,000	3,392,000
Notes payable, long-term debt and other obligations, less current portion						$ 555,000,000
Net proceeds from issuance of debt		$ 220,400,000	$ 315,000,000
Senior Notes \| 6.125% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Interest rate						6.125%
Principal amount											$ 850,000,000
Senior Notes \| 6.125% Senior Secured Notes due 2025 \| Forecast
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 21,362,000
Premium					13,014,000
Other costs and non-cash interest expense					$ 8,348,000
Variable Interest Senior Convertible Debt \| 7.5% Variable Interest Senior Convertible Notes due 2019
Debt Instrument [Line Items]
Interest rate						7.50%				7.50%
Principal amount									$ 230,000,000
Partial interest rate of convertible debt				2.50%
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Notes due 2020
Debt Instrument [Line Items]
Interest rate						5.50%
Principal amount				$ 258,750,000
Other costs and non-cash interest expense						$ 0	$ 5,276,000
Notes payable, long-term debt and other obligations, less current portion						$ 169,610,000
Partial interest rate of convertible debt				1.75%
Douglas Elliman Realty, LLC \| Senior Notes \| 10.5% Senior Notes due 2026
Debt Instrument [Line Items]
Equity method ownership percentage			100.00%

Notes Payable, Long-Term Debt and Other Obligations (Conversion Rates on Convertible Debt) (Details) - Variable Interest Senior Convertible Debt - 5.5% Variable Interest Senior Convertible Notes due 2020	12 Months Ended
	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares
Debt Instrument [Line Items]
Conversion price (in dollars per share)	$ 0	$ 20.27
Conversion ratio	0	49.3363

Notes Payable, Long-Term Debt and Other Obligations (Other Schedules) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense associated with embedded derivatives	$ 4,053	$ 18,512	$ 55,769
Fair Value Of Derivatives [Roll Forward]
Loss (gain) from changes in fair value of embedded derivatives	(4,999)	(26,425)	(44,989)
Unamortized Debt Discount Reconciliation [Roll Forward]
Amortization of beneficial conversion feature	(1,223)	(6,301)	(30,854)
Variable Interest Senior Convertible Debt
Unamortized Debt Discount Reconciliation [Roll Forward]
Beginning balance of unamortized discount	5,276	32,824	122,940
Amortization of embedded derivatives	(4,053)	(18,512)	(55,769)
Amortization of beneficial conversion feature	(1,223)	(6,301)	(30,854)
Ending balance of unamortized discount	0	5,276	32,824
Variable Interest Senior Convertible Debt \| Embedded Derivatives
Fair Value Of Derivatives [Roll Forward]
Beginning balance of derivative liability fair value	4,999	31,424	76,413
Loss (gain) from changes in fair value of embedded derivatives	(4,999)	(26,425)	(44,989)
Beginning balance of derivative liability fair value	0	4,999	31,424
Variable Interest Senior Convertible Debt \| 7.5% Variable Interest Senior Convertible Notes due 2019
Debt Instrument [Line Items]
Interest expense associated with embedded derivatives	0	2,031	39,845
Fair Value Of Derivatives [Roll Forward]
Loss (gain) from changes in fair value of embedded derivatives	0	(6,635)	(24,530)
Unamortized Debt Discount Reconciliation [Roll Forward]
Beginning balance of unamortized discount	0	3,359	69,253
Amortization of embedded derivatives	0	(2,031)	(39,845)
Amortization of beneficial conversion feature	0	(1,328)	(26,049)
Ending balance of unamortized discount	0	0	3,359
Variable Interest Senior Convertible Debt \| 7.5% Variable Interest Senior Convertible Notes due 2019 \| Embedded Derivatives
Fair Value Of Derivatives [Roll Forward]
Beginning balance of derivative liability fair value	0	6,635	31,165
Loss (gain) from changes in fair value of embedded derivatives	0	(6,635)	(24,530)
Beginning balance of derivative liability fair value	0	0	6,635
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Notes due 2020
Debt Instrument [Line Items]
Interest expense associated with embedded derivatives	4,053	16,481	15,924
Fair Value Of Derivatives [Roll Forward]
Loss (gain) from changes in fair value of embedded derivatives	(4,999)	(19,790)	(20,459)
Unamortized Debt Discount Reconciliation [Roll Forward]
Beginning balance of unamortized discount	5,276	29,465	53,687
Amortization of embedded derivatives	(4,053)	(16,481)	(15,924)
Amortization of beneficial conversion feature	(1,223)	(4,973)	(4,805)
Ending balance of unamortized discount	0	5,276	29,465
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Notes due 2020 \| Interest Rate Risk
Unamortized Debt Discount Reconciliation [Roll Forward]
Partial redemption of 5.5% convertible notes		(2,735)	(3,493)
Variable Interest Senior Convertible Debt \| 5.5% Variable Interest Senior Convertible Notes due 2020 \| Embedded Derivatives
Fair Value Of Derivatives [Roll Forward]
Beginning balance of derivative liability fair value	4,999	24,789	45,248
Loss (gain) from changes in fair value of embedded derivatives	(4,999)	(19,790)	(20,459)
Beginning balance of derivative liability fair value	$ 0	$ 4,999	$ 24,789

Notes Payable, Long-Term Debt and Other Obligations (Revolving Credit and Other Narrative) (Details) - USD ($)				12 Months Ended
	Oct. 31, 2019	Dec. 31, 2018	Jan. 14, 2015	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 18, 2019	Nov. 02, 2018	Jan. 27, 2017	Jan. 31, 2015
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations				$ 1,427,533,000	$ 1,631,387,000
Purchase of subsidiaries				722,000	380,000	$ 10,404,000
Liggett
Debt Instrument [Line Items]
Required minimum borrowing availability 30 days prior to payment of dividend				$ 5,000,000
Line of Credit \| Liggett
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity										$ 60,000,000
Eligible trade receivables percent	85.00%
Eligible inventory percent	80.00%
Inventory multiplier percent	65.00%
Appraised liquidation of inventory percent	85.00%
Fair market value of eligible real property percent	60.00%
Interest rate at end of period				2.39%
Minimum EBITDA ratio on trailing 12-month basis if excess availability is less than $20,000			$ 100,000,000
Covenant, excess availability in credit facility threshold			20,000,000
Covenant, capital expenditure requirement, maximum carryover amount	$ 10,000,000		10,000,000
Maximum capital expenditures allowed before maximum carryover amount of $10,000			$ 20,000,000
Amount outstanding				$ 0
Current borrowing capacity				58,635,000
Line of Credit \| Liggett \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Equipment loans \| Liggett
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations				$ 89,000	$ 347,000
Douglas Elliman
Debt Instrument [Line Items]
Liabilities incurred		$ 30,000,000
Voting interest acquired		29.41%				29.41%
Consideration		$ 40,000,000
Purchase of subsidiaries		$ 10,000,000
Term loan under credit facility \| Line of Credit \| Liggett
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity										$ 3,600,000
6.125% Senior Secured Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Principal amount									$ 850,000,000
Interest rate				6.125%
10.5% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Principal amount							$ 230,000,000	$ 325,000,000
Interest rate				10.50%
Notes Payable Issued by New Valley \| Senior Notes
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations				$ 25,000,000
Repaid principal				5,000,000
Remaining principal due in 2021				12,500,000
Remaining principal due in 2022				$ 12,500,000

Notes Payable, Long-Term Debt and Other Obligations (Fair Value of Notes Payable and Long Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,489,789	$ 1,651,665
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,427,533	1,631,387
Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,401,960	1,401,608
Senior Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,464,208	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 \| Fair Value
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	25,573	65,445
Liggett and other \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 25,581	$ 65,456

Notes Payable, Long-Term Debt and Other Obligations (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021 Principal	$ 12,557
2021 Unamortized Discount	0
2021 Net	12,557
2022 Principal	12,954
2022 Unamortized Discount	0
2022 Net	12,954
2023 Principal	54
2023 Unamortized Discount	0
2023 Net	54
2024 Principal	8
2024 Unamortized Discount	0
2024 Net	8
2025 Principal	850,000
2025 Unamortized Discount	0
2025 Net	850,000
Thereafter Principal	555,000
Thereafter Unamortized Discount	3,040
Thereafter Net	551,960
Notes payable, long-term debt and other obligations	1,430,573
Unamortized Discount/ (Premium)	3,040
Total notes payable, long-term debt and other obligations	$ 1,427,533	$ 1,631,387

Employee Benefit Plans (Narrative) (Details)	12 Months Ended
Employee Benefit Plans (Narrative) (Details)	Dec. 31, 2020 USD ($) plan employee	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	4
401 (k) plan cost recognized	$ 1,834,000	$ 1,933,000	$ 1,793,000
Hourly Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Period for amortization of benefit plan gains and losses	12 years 7 months 20 days
Salaried Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Period for amortization of benefit plan gains and losses	11 years 10 months 24 days
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	4
2021	$ 6,938,000
2022	6,516,000
2023	6,123,000
2024	5,744,000
2025	60,349,000
2026 - 2030	$ 28,378,000
Ten-year rate of return	6.91%	7.59%	8.26%
Five-year rate of return	7.51%	5.41%	3.19%
Pension Benefits \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	2
Pension Benefits \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	2
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Age requirement for participant	60 years
Required employment period	8 years
2021	$ 0
2022	0
2023	0
2024	0
2025	54,992,000
2026 - 2030	6,866,000
Supplemental Employee Retirement Plan \| President and Chief Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Additional benefit	$ 1,788,000
Service period credit upon termination	36 months
Postretirement Life Insurance
Defined Benefit Plan Disclosure [Line Items]
Number of retired employees \| employee	365
Number of active employees \| employee	97
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
2021	$ 624,000
2022	623,000
2023	623,000
2024	616,000
2025	602,000
2026 - 2030	$ 2,698,000
Employee contribution percentage	100.00%
Number of retired employees \| employee	97

Employee Benefit Plans (Schedule of Defined Benefit Plan Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	$ 35,209	$ 31,686
Non-current employee benefit liabilities	(66,616)	(67,853)
Pension Benefits
Change in benefit obligation:
Benefit obligation at January 1	(128,997)	(123,165)
Service cost	(592)	(533)	$ (587)
Interest cost	(3,545)	(4,860)	(4,495)
Plan settlement	7,255	0
Benefits paid	7,008	7,696
Expenses paid	255	391
Actuarial loss	(7,226)	(8,526)
Benefit obligation at December 31	(125,842)	(128,997)	(123,165)
Change in plan assets:
Fair value of plan assets at January 1	101,051	93,167
Actual return on plan assets	8,919	15,788
Plan settlement	(7,255)	0
Expenses paid	(255)	(391)
Contributions	7,360	183
Benefits paid	(7,008)	(7,696)
Fair value of plan assets at December 31	102,812	101,051	93,167
Unfunded status at December 31	(23,030)	(27,946)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	35,209	31,686
Other accrued liabilities	(100)	(111)
Non-current employee benefit liabilities	(58,139)	(59,521)
Net amounts recognized	(23,030)	(27,946)
Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation at January 1	(8,986)	(8,296)
Service cost	0	(3)	(4)
Interest cost	(286)	(347)	(330)
Plan settlement	0	0
Benefits paid	500	594
Expenses paid	0	0
Actuarial loss	(329)	(934)
Benefit obligation at December 31	(9,101)	(8,986)	(8,296)
Change in plan assets:
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Plan settlement	0	0
Expenses paid	0	0
Contributions	500	594
Benefits paid	(500)	(594)
Fair value of plan assets at December 31	0	0	$ 0
Unfunded status at December 31	(9,101)	(8,986)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	0	0
Other accrued liabilities	(624)	(654)
Non-current employee benefit liabilities	(8,477)	(8,332)
Net amounts recognized	$ (9,101)	$ (8,986)

Employee Benefit Plans (Net Periodic Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost — benefits earned during the period	$ 592	$ 533	$ 587
Interest cost on projected benefit obligation	3,545	4,860	4,495
Expected return on assets	(3,869)	(4,874)	(5,572)
Prior service cost	0	0	0
Settlement loss	1,805	0	0
Amortization of net loss (gain)	1,836	2,001	1,804
Net expense	3,909	2,520	1,314
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost — benefits earned during the period	0	3	4
Interest cost on projected benefit obligation	286	347	330
Expected return on assets	0	0	0
Prior service cost	4	4	4
Settlement loss	0	0	0
Amortization of net loss (gain)	11	(40)	(41)
Net expense	$ 301	$ 314	$ 297

Employee Benefit Plans (Amounts Recognized Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward]
Accumulated other comprehensive income (loss)	$ (30,458)	$ (33,840)
Amortization of prior service costs	4	4
Prior service costs	0	(37)
Effect of settlement	1,805	0	$ 0
Amortization of loss	1,847	1,961
Net (loss) gain arising during the year	(2,503)	1,454	(3,723)
Accumulated other comprehensive income (loss)	(29,305)	(30,458)	(33,840)
Pension Benefits
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward]
Accumulated other comprehensive income (loss)	(29,664)	(34,053)
Amortization of prior service costs	0	0
Prior service costs	0	0
Effect of settlement	1,805
Amortization of loss	1,836	2,001
Net (loss) gain arising during the year	(2,176)	2,388
Accumulated other comprehensive income (loss)	(28,199)	(29,664)	(34,053)
Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward]
Accumulated other comprehensive income (loss)	(794)	213
Amortization of prior service costs	4	4
Prior service costs	0	(37)
Effect of settlement	0
Amortization of loss	11	(40)
Net (loss) gain arising during the year	(327)	(934)
Accumulated other comprehensive income (loss)	$ (1,106)	$ (794)	$ 213

Employee Benefit Plans (Accumulated Benefit Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Accumulated benefit obligations in excess of aggregate projected benefit obligation	$ 58,239	$ 59,631
Accumulated benefit obligations in excess of aggregate fair value of plan assets	0	0
Accumulated benefit obligations in excess of aggregate accumulated benefit obligation	$ 58,239	$ 59,631

Employee Benefit Plans (Defined Benefit Plan Assumptions Used) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Assumed rates of return on invested assets	4.00%	5.50%	5.50%
Pension Benefits \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rates — benefit obligation	1.40%	2.55%	3.90%
Discount rates — service cost	2.55%	3.90%	3.25%
Pension Benefits \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rates — benefit obligation	2.30%	3.10%	4.25%
Discount rates — service cost	3.10%	4.25%	3.70%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates — benefit obligation	2.55%	3.30%	4.35%
Discount rates — service cost	3.30%	4.35%	3.80%
Salary increase assumptions	3.00%	3.00%	3.00%

Employee Benefit Plans (Plan Asset Allocation) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target allocation, rebalancing range	5.00%
Actual allocation	100.00%	100.00%
U.S. equity securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target allocation	35.00%
Actual allocation	35.00%	38.00%
Investment grade fixed income securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target allocation	65.00%
Actual allocation	65.00%	53.00%
High yield fixed income securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual allocation	0.00%	9.00%

Employee Benefit Plans (Pension Plan Assets Fair Value Measurements) (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 102,812	$ 101,051	$ 93,167
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	78	76
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,236	49,907
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,236	2,398
Insurance contracts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,236	2,398
Insurance contracts \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash, mutual funds and common stock
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	78	76
Cash, mutual funds and common stock \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	78	76
Cash, mutual funds and common stock \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash, mutual funds and common stock \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common collective trusts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		38,537
Common collective trusts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Common collective trusts \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		38,537
Common collective trusts \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Common collective trusts at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	100,498	51,068
Common collective trusts at NAV \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common collective trusts at NAV \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common collective trusts at NAV \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	0
Investment Partnership
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		8,972
Investment Partnership \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Investment Partnership \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		8,972
Investment Partnership \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0

Employee Benefit Plans (Assumed Health Care Cost Trend Rates) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Assumed annual increases in Medicare Part B trends after eight years	4.50%	4.50%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Assumed annual increases in Medicare Part B trends for next eight years	2.87%	3.95%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Assumed annual increases in Medicare Part B trends for next eight years	6.06%	8.02%

Employee Benefit Plans (Future Benefit Payments) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	$ 6,938
2022	6,516
2023	6,123
2024	5,744
2025	60,349
2026 - 2030	28,378
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
2021	624
2022	623
2023	623
2024	616
2025	602
2026 - 2030	$ 2,698

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Ownership percentage of subsidiaries included in tax return (more than 80%)	80.00%
Valuation allowance	$ 6,474	$ 1,292
Unrecognized tax benefits	1,653	$ 1,647	$ 391	$ 628
Reasonably possible amount recognized over next 12 months	$ 15

Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
U.S. Federal	$ 29,832	$ 33,379	$ 27,962
State	12,618	10,632	11,225
Current Total	42,450	44,011	39,187
Deferred:
U.S. Federal	(783)	(7,209)	(12,524)
State	110	(3,989)	(5,111)
Deferred Total	(673)	(11,198)	(17,635)
Income tax expense	$ 41,777	$ 32,813	$ 21,552

- Definition

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

+ References + Details

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Employee benefit accruals	$ 10,529	$ 11,709
Impairment of investments	13,961	9,772
Impact of timing of settlement payments	20,137	19,313
Various U.S. federal and state tax loss carryforwards	8,745	4,296
Operating lease liabilities	9,885	3,679
Current expected credit losses	4,299	0
Other	2,625	2,274
Deferred tax assets	70,181	51,043
Less: Valuation allowance	(6,474)	(1,292)
Net deferred tax assets	63,707	49,751
Deferred tax liabilities:
Basis differences on non-consolidated entities	(22,809)	(7,990)
Basis differences on fixed and intangible assets	(36,055)	(35,082)
Basis differences on inventory	(10,698)	(10,645)
Basis differences on long-term investments	(14,362)	(22,424)
Impact of accounting for convertible debt	0	(813)
Basis differences on available for sale securities	(3,579)	(3,219)
Operating lease right of use assets	(8,660)	(3,273)
Deferred tax liabilities	(96,163)	(83,446)
Net deferred tax liabilities	$ (32,456)	$ (33,695)

Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 134,715	$ 133,828	$ 79,559
Federal income tax expense at statutory rate	28,289	28,104	16,707
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	10,236	6,430	6,060
Non-deductible expenses	2,982	1,385	1,993
Impact of Tax Cuts and Jobs Act of 2017	0	0	(2,691)
Excess tax benefits on stock-based compensation	(206)	(1,488)	(778)
Other	916	907	108
Loss carryforwards from tax consolidation of subsidiary	(5,622)	0	0
Changes in valuation allowance, net of equity and tax audit adjustments	5,182	(2,525)	153
Income tax expense	$ 41,777	$ 32,813	$ 21,552

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance	$ 1,647	$ 391	$ 628
Additions based on tax positions related to prior years	458	1,586	26
Settlements	(402)		(100)
Expirations of the statute of limitations	(50)	(330)	(163)
Balance	$ 1,653	$ 1,647	$ 391

Stock Compensation (Details) - USD ($)	12 Months Ended
Stock Compensation (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 1,229,000
Granted (in shares)		406,875	427,219
Exercise price of options (in dollars per share)		$ 10.92	$ 18.42
Option exercises in period, intrinsic value	835,000	$ 6,577,000
Tax benefit of options exercised	104,000	1,546,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,428,000	1,923,000	$ 2,246,000
Contractual term	10 years
Total compensation cost not yet recognized, period for recognition	1 year 1 month 13 days
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	7 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 21,000	$ 85,000
Total compensation cost not yet recognized, period for recognition	1 year 3 months 3 days
2014 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	7,251,038

Stock Compensation (Fair Value Assumptions) (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, Minimum	250.00%	270.00%
Risk-free interest rate, Maximum	270.00%	290.00%
Expected volatility, Minimum	20.24%	19.02%
Expected volatility, Maximum	20.45%	21.05%
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected holding period	4 years	5 years
Weighted-average grant date fair value (in dollars per share)	$ 2.36	$ 4.62
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected holding period	10 years	10 years
Weighted-average grant date fair value (in dollars per share)	$ 4.08	$ 7.58

Stock Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding (in shares)	4,443,346	5,860,833	5,433,626
Granted (in shares)		406,875	427,219
Exercised (in shares)	(620,527)	(1,824,351)
Canceled (in shares)		(11)	(12)
Outstanding (in shares)	3,822,819	4,443,346	5,860,833	5,433,626
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 14.80	$ 13.16	$ 12.74
Granted, Weighted Average Exercise Price (in dollars per share)		10.92	18.42
Exercised, Weighted Average Exercise Price (in dollars per share)	$ 11.14	8.67
Cancelled, Weighted Average Exercise Price (in dollars per share)		0	0
Outstanding, Weighted Average Exercise Price (in dollars per share)		$ 14.80	$ 13.16	$ 12.74
Outstanding, Weighted Average Remaining Contractual Term		5 years	4 years 1 month 6 days	4 years 8 months 12 days
Outstanding, Aggregate Intrinsic Value	$ 487	$ 4,427	$ 1,095	$ 41,069
Options exercisable (in shares)	2,540,150	2,689,673	4,019,477
Common stock fair value	$ 11.65	$ 13.39	$ 9.27

Stock Compensation (Shares Authorized under Stock Option Plans by Exercise Price Range) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding (in shares) \| shares	3,822,819
Outstanding, Weighted Average Remaining Contractual Life	4 years 7 months 6 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.40
Options Exercisable (in shares) \| shares	2,540,150
Options Exercisable, Weighted Average Remaining Contractual Life	3 years 4 months 24 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 14.84
Options Exercisable, Aggregate Intrinsic Value \| $	$ 487
Exercise Price Range One
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 9.86
Range of Exercise Prices, Maximum (in dollars per share)	$ 11.83
Options Outstanding (in shares) \| shares	1,462,190
Outstanding, Weighted Average Remaining Contractual Life	3 years 9 months 18 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 11.32
Options Exercisable (in shares) \| shares	1,055,315
Options Exercisable, Weighted Average Remaining Contractual Life	2 years 2 months 12 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 11.47
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Two
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 11.83
Range of Exercise Prices, Maximum (in dollars per share)	$ 13.80
Options Outstanding (in shares) \| shares	0
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable (in shares) \| shares	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Three
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 13.80
Range of Exercise Prices, Maximum (in dollars per share)	$ 15.77
Options Outstanding (in shares) \| shares	519,278
Outstanding, Weighted Average Remaining Contractual Life	3 years 4 months 24 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 14.68
Options Exercisable (in shares) \| shares	519,278
Options Exercisable, Weighted Average Remaining Contractual Life	3 years 4 months 24 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 14.68
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Four
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 15.77
Range of Exercise Prices, Maximum (in dollars per share)	$ 17.74
Options Outstanding (in shares) \| shares	0
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable (in shares) \| shares	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Five
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 17.74
Range of Exercise Prices, Maximum (in dollars per share)	$ 19.71
Options Outstanding (in shares) \| shares	1,841,351
Outstanding, Weighted Average Remaining Contractual Life	5 years 7 months 6 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 18.84
Options Exercisable (in shares) \| shares	965,557
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 8 months 12 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 18.61
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0

Stock Compensation (Restricted Stock Activity) (Details) - Restricted Stock $ in Thousands						1 Months Ended		12 Months Ended
	May 02, 2019 USD ($) director shares	May 29, 2018 USD ($) director shares	Apr. 01, 2016 director shares	Nov. 10, 2015 USD ($) shares	Jul. 23, 2014 USD ($) shares	Jun. 30, 2020 USD ($) director shares	Oct. 31, 2013 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 30, 2016 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									$ 21	$ 85
Total compensation cost not yet recognized								$ 12,081	15,095
Total compensation cost not yet recognized, period for recognition								1 year 3 months 3 days
May 2, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares	63,000
Share-based compensation expense								$ 188	124
Award vesting period	3 years
Total compensation cost not yet recognized	$ 564
April 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares			60,775
Share-based compensation expense								92	374
Number of directors \| director			5
Award vesting period			3 years
Total compensation cost not yet recognized											$ 1,054
May 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares		27,563
Share-based compensation expense								98	241	142
Total compensation cost not yet recognized		$ 481
November 10, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares				1,458,608
Share-based compensation expense								4,053
Total compensation cost not yet recognized				$ 28,374
July 23, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares					1,340,096
Share-based compensation expense								2,969
Total compensation cost not yet recognized					$ 20,780
October 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares							36,853
Total compensation cost not yet recognized							$ 458
July 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares						425,000
Share-based compensation expense								$ 747
Award vesting period						4 years
Total compensation cost not yet recognized						$ 5,041
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors \| director	6					5
Directors \| May 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares) \| shares		7,348
Share-based compensation expense									$ 46	$ 82
Number of directors \| director		2
Total compensation cost not yet recognized		$ 128

Contingencies (Overview and Bonds) (Details) $ in Thousands		1 Months Ended		12 Months Ended
Contingencies (Overview and Bonds) (Details) $ in Thousands	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($) case	Oct. 31, 2013 USD ($) case	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2009 USD ($)
Engle Progeny Cases
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 145,000,000
Liggett
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs				$ 6,476	$ 7,363	$ 7,144
Liggett \| Engle Progeny Cases
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 790,000	$ 23,150	$ 110,000
Cases settled \| case		152	4,900
Liggett \| Engle Progeny Cases \| Florida
Loss Contingencies [Line Items]
Maximum bond required							$ 200,000
Liggett \| Bonds \| Santoro v. R.J. Reynolds
Loss Contingencies [Line Items]
Security posted for appeal of judgment				$ 535

Contingencies (Engle Progeny Cases and Cautionary Statement About Engle Progeny Cases) (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended		12 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($) case	Oct. 31, 2013 USD ($) case	Dec. 31, 2020 case
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 145,000,000
Liggett
Loss Contingencies [Line Items]
Cases with verdicts				25
Plaintiffs' verdicts (in cases)				16
Cases with verdicts in favor of defendants				9
Cases including punitive damages (in cases)				5
Cases settled		152	4,900
Amount of litigation settlement awarded to other party \| $	$ 790,000	$ 23,150	$ 110,000
Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Cases settled				202

Contingencies (Individual Actions) (Details)	Dec. 31, 2020 case
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending (in cases)	70
Liggett
Loss Contingencies [Line Items]
Cases pending (in cases)	5
Liggett \| Individual Actions Cases \| Florida
Loss Contingencies [Line Items]
Cases pending (in cases)	43
Liggett \| Individual Actions Cases \| Illinois
Loss Contingencies [Line Items]
Cases pending (in cases)	12
Liggett \| Individual Actions Cases \| Nevada
Loss Contingencies [Line Items]
Cases pending (in cases)	7
Liggett \| Individual Actions Cases \| New Mexico
Loss Contingencies [Line Items]
Cases pending (in cases)	5
Liggett \| Individual Actions Cases \| Louisiana
Loss Contingencies [Line Items]
Cases pending (in cases)	2
Liggett \| Individual Actions Cases \| Massachusetts
Loss Contingencies [Line Items]
Cases pending (in cases)	1

Contingencies (Engle Progeny Cases and Settlements) (Details) $ in Thousands		1 Months Ended			12 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($) case	Feb. 28, 2015	Oct. 31, 2013 USD ($) case	Dec. 31, 2020 USD ($) case	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Litigation settlement and judgment expense (income) \| $					$ 337	$ 990	$ (1,784)
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 (in cases)					70
Liggett and Vector Tobacco \| Engle Progeny Cases
Loss Contingencies [Line Items]
Cases settled					202
Cases pending (in cases)					41
Liggett
Loss Contingencies [Line Items]
Cases pending (in cases)					5
Liggett \| Engle Progeny Cases
Loss Contingencies [Line Items]
Cases settled		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, installment term			14 years
Litigation settlement amount of estimated future payments per annum \| $				$ 3,400
Payments for legal settlements \| $					$ 8,100
Cases with verdicts					25
Plaintiffs' verdicts (in cases)					16
Cases with verdicts in favor of defendants					9
Cases including punitive damages (in cases)					5
Liggett \| Lukacs, Campbell, Douglas, Clay, Tullo, Ward Rizzuto, Lambert and Buchanan
Loss Contingencies [Line Items]
Payments for legal settlements \| $					$ 39,773

Contingencies (Judgments Paid Maryland and Liggett Only Cases) (Details) $ in Thousands		1 Months Ended		12 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2013 USD ($)	Dec. 31, 2020 USD ($) case
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 (in cases) \| case				70
Liggett
Loss Contingencies [Line Items]
Cases pending (in cases) \| case				5
Liggett \| Engle Progeny Cases
Loss Contingencies [Line Items]
Payments for legal settlements				$ 8,100
Amount of litigation settlement awarded to other party	$ 790,000	$ 23,150	$ 110,000
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 (in cases) \| case				16

Contingencies (Class Actions, Health Care Cost Recovery Actions, and Upcoming Trials) (Details)	Dec. 31, 2020 case defendant
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 (in cases)	70
Pending claims scheduled for trial	4
Liggett
Loss Contingencies [Line Items]
Cases pending (in cases)	5
Liggett \| Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending (in cases)	1
Liggett \| Class Actions
Loss Contingencies [Line Items]
Cases pending (in cases)	2

Contingencies (MSA and Other State Settlement Agreements) (Details)		1 Months Ended			12 Months Ended	25 Months Ended
	Dec. 28, 2017 USD ($)	Sep. 30, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jan. 31, 2016 USD ($)	Dec. 31, 2020 USD ($) sponsorship	Mar. 31, 1998 USD ($) state	Dec. 31, 2019 USD ($)	Mar. 21, 2019
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					$ 182,000,000
Payments for legal settlements	$ 143,000,000
Product Concentration Risk \| Sales Revenue \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Concentration risk percentage					4.10%
Mississippi \| Liggett \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Percent of Income Entitled								0.50%
Proceeds that should not be included in income							$ 294,000,000
Damages sought		$ 17,500,000	$ 15,500,000	$ 27,000,000

Contingencies (Certain MSA Disputes) (Details) $ in Thousands	12 Months Ended	84 Months Ended
	Dec. 31, 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 diligent enforcement not contested \| state	37
Combined allocable share, percentage	75.00%
Liggett and Vector Tobacco \| 2004-2010 NPM Adjustment
Loss Contingencies [Line Items]
Amounts accrued	$ 13,200
Liggett and Vector Tobacco \| Cost of Sales \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Settlement adjustment credit	6,350
Liggett and Vector Tobacco \| Cost of Sales \| Health Care Cost Recovery Actions, NPM Adjustment
Loss Contingencies [Line Items]
Settlement adjustment credit		$ 54,382
Liggett \| 2011-2015 NPM Adjustment
Loss Contingencies [Line Items]
Amounts accrued	$ 40,700

Contingencies (“Gross” v. “Net” Calculations and Other State Settlements) (Details) - Health Care Cost Recovery Actions	1 Months Ended			9 Months Ended	12 Months Ended	25 Months Ended
	Sep. 30, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jan. 31, 2016 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2003 USD ($)	Mar. 31, 1998 USD ($) state
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	$ 15,500,000	$ 27,000,000

Contingencies (Activity in Accruals for MSA and Tobacco Litigation Schedule) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingency Accrual [Roll Forward]
Current liabilities, beginning balance	$ 38,365	$ 36,871	$ 12,644
Expenses	175,850	166,461	169,555
NPM Settlement adjustment	299		(595)
Change in MSA obligations capitalized as inventory	182	4,936	(1,438)
Payments	(174,847)	(172,630)	(142,898)
Payments, net of credits received	(197)	0	(40)
Interest on withholding	488	281	32
Current liabilities, ending balance	42,734	38,365	36,871
Noncurrent liabilities, beginning balance	37,869	38,177	41,319
Expenses	0	0	0
NPM Settlement adjustment	0		5,703
Reclassification to/(from) non-current liabilities	2,397	2,446	(429)
Interest on withholding	1,926	2,138	2,172
Noncurrent liabilities, ending balance	37,201	37,869	38,177
Settled Litigation
Loss Contingency Accrual [Roll Forward]
Current liabilities, beginning balance	34,116	36,561	12,384
Expenses	175,538	165,471	168,820
NPM Settlement adjustment	299		(595)
Change in MSA obligations capitalized as inventory	182	4,936	(1,438)
Payments	(170,513)	(171,960)	(141,963)
Payments, net of credits received	(197)	0	(40)
Interest on withholding	0	0	0
Current liabilities, ending balance	38,767	34,116	36,561
Noncurrent liabilities, beginning balance	17,275	16,383	21,479
Expenses	0	0	0
NPM Settlement adjustment	0		5,703
Reclassification to/(from) non-current liabilities	(855)	(892)	(647)
Interest on withholding	0	0	0
Noncurrent liabilities, ending balance	17,933	17,275	16,383
Pending Litigation
Loss Contingency Accrual [Roll Forward]
Current liabilities, beginning balance	4,249	310	260
Expenses	312	990	735
NPM Settlement adjustment	0		0
Change in MSA obligations capitalized as inventory	0	0	0
Payments	(4,334)	(670)	(935)
Payments, net of credits received	0	0	0
Interest on withholding	488	281	32
Current liabilities, ending balance	3,967	4,249	310
Noncurrent liabilities, beginning balance	20,594	21,794	19,840
Expenses	0	0	0
NPM Settlement adjustment	0		0
Reclassification to/(from) non-current liabilities	3,252	3,338	218
Interest on withholding	1,926	2,138	2,172
Noncurrent liabilities, ending balance	$ 19,268	$ 20,594	$ 21,794

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid during the period for:
Interest, including interest related to finance leases	$ 118,851	$ 118,974	$ 107,021
Income taxes, net	41,372	44,184	26,529
Non-cash investing and financing activities:
Issuance of stock dividend	0	703	671
Decrease in non-controlling interest related to purchase of subsidiary	0	0	(73,953)
Notes payable issued for purchase of subsidiary	0	0	30,000
Contingent consideration related to purchase of subsidiary	0	0	6,304
Net receivable from purchase of subsidiary	$ 0	$ 0	$ 497

Related Party Transactions (Details) - USD ($) $ in Thousands			1 Months Ended	9 Months Ended	12 Months Ended			120 Months Ended
	Feb. 14, 2020	Oct. 09, 2019	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015
Related Party Transaction [Line Items]
Pre-tax gain					$ 56,268	$ 17,000	$ 3,158
Ladenburg Thalmann Financial Services Inc. (“LTS”)
Related Party Transaction [Line Items]
Pre-tax gain					53,424	(410)	1,297
Equity Method Investee \| Castle Brands Management Agreement \| Common Stock
Related Party Transaction [Line Items]
Investment owned (in shares)		12,895,017
Proceeds from common shares of LTS		$ 16,377
Pre-tax gain		$ 16,377
Equity Method Investee \| Ladenburg Thalmann Financial Services Inc. (“LTS”)
Related Party Transaction [Line Items]
Revenue from related parties					$ 103	850	850
Equity Method Investee \| Ladenburg Thalmann Financial Services Inc. (“LTS”) \| LTS Preferred \| Series A Cumulative Redeemable Preferred Stock
Related Party Transaction [Line Items]
Investment owned (in shares)				240,000	240,000
Proceeds from common shares of LTS			$ 6,009
Equity Method Investee \| Ladenburg Thalmann Financial Services Inc. (“LTS”) \| LTS Common Stock \| Common Stock
Related Party Transaction [Line Items]
Investment owned (in shares)	15,191,205
Equity method ownership percentage	10.20%
Proceeds from common shares of LTS	$ 53,169
Pre-tax gain	$ 53,424
Equity Method Investee \| Castle Brands Inc.
Related Party Transaction [Line Items]
Revenue from related parties						75
President and Chief Executive Officer \| Insurance Commissions
Related Party Transaction [Line Items]
Amount of transaction					$ 265	215	247
President and Chief Executive Officer \| Ladenburg Thalmann Financial Services Inc. (“LTS”) \| Compensation Paid to Vice Chairman of LTS
Related Party Transaction [Line Items]
Amount of transaction					19	1,600	1,575
President and Chief Executive Officer \| Castle Brands Inc. \| Compensation Paid to President and CEO of Castle
Related Party Transaction [Line Items]
Amount of transaction						515	500
Executive Vice President \| Ladenburg Thalmann Financial Services Inc. (“LTS”) \| Compensation Paid to President and CEO of LTS
Related Party Transaction [Line Items]
Amount of transaction					41	2,142	2,025
Beneficial Owner \| Dr. Phillip Frost
Related Party Transaction [Line Items]
Percent of ownership by management (more than 10%)								10.00%
Affiliated Entity \| Frost Real Estate Holdings, LLC
Related Party Transaction [Line Items]
Monthly lease payments, year 1-4				$ 36	36
Monthly lease payments, year 5 and thereafter				41	41
Expenses from transactions with related party					458	458	450
Son of Company's President and Chief Executive Officer \| Douglas Elliman Realty, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party					$ 870	$ 712	$ 318
Directors \| Compensation Paid to Director of Liggett
Related Party Transaction [Line Items]
Amount of transaction				540
Compensation received per month				$ 60

Investments and Fair Value Measurements (Quantitative Information about Level 3 Fair Value Measurements) (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	$ 999,000
Nonrecurring nonfinancial assets	0
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	999,000	$ 3,147,000
Estimated fair value of the Douglas Elliman reporting unit	$ 169,000,000
Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of derivatives embedded within convertible debt		$ 4,999,000
Assumed annual stock dividend \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.05
Assumed cash dividend \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input \| $ / shares	0.20
Assumed cash dividend \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input \| $ / shares	0.40
Stock price \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input \| $ / shares		13.39
Convertible trading price (as a percentage of par value) \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		1.0394
Volatility \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.3694
Estimated fair value of the Douglas Elliman reporting unit		$ 271,500,000
Risk-free rate \| Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent liability, measurement input term	2 years	3 years
Measurement input	0.0013	0.0161
Implied credit spread \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.00020
Implied credit spread \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00010
Implied credit spread \| Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.00030
Leverage-adjusted equity volatility of peer firms \| Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.7857	0.3556

Investments and Fair Value Measurements (Investments in Real Estate Ventures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures	$ 85,400	$ 131,556
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, net	16,513	39,757
Investments in real estate ventures	0	18,335
Fair Value, Nonrecurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures	0	0
Fair Value, Nonrecurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures	0	0
Fair Value, Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures	$ 0	$ 18,335

Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Revenues

$ 554,590

$ 547,831

$ 445,760

$ 454,488

$ 439,565

$ 504,790

$ 538,432

$ 420,924

$ 2,002,669

$ 1,903,711

$ 1,870,262

Operating income (loss)

87,333

$ 95,917

$ 66,797

$ (4,904)

45,581

$ 66,720

$ 76,244

$ 42,590

245,143

231,135

224,049

Equity in (losses) earnings from real estate ventures

(44,698)

(19,288)

14,446

Identifiable assets

1,343,409

1,505,089

1,343,409

1,505,089

1,549,504

Depreciation and amortization

17,629

17,851

18,807

Capital expenditures

19,063

12,575

17,682

Litigation settlement and judgment expense (income)

337

990

(1,784)

Investments in real estate ventures

85,400

131,556

85,400

131,556

141,105

Investment securities at fair value

169,803

175,422

169,803

175,422

Long-term investments

52,528

61,723

52,528

61,723

Equity-method investments

18,310

15,942

18,310

15,942

Corporate and Other

Segment Reporting Information [Line Items]

Revenues

Operating income (loss)

(24,498)

(27,565)

(25,913)

Equity in (losses) earnings from real estate ventures

Identifiable assets

428,386

501,973

428,386

501,973

693,970

Depreciation and amortization

878

994

1,017

Capital expenditures

8,346

126

Gain (loss) on sale of assets

2,283

Cash

211,729

272,459

211,729

272,459

474,974

Investment securities at fair value

129,641

131,569

Long-term investments

52,528

61,723

52,528

61,723

Equity-method investments

66,259

Revenues

Tobacco

Segment Reporting Information [Line Items]

Revenues

^[1]

1,204,501

1,114,840

1,111,094

Litigation settlement and judgment expense (income)

337

990

685

Income (expense) from MSA/NPM settlement

6,298

Tobacco | Operating Segments

Segment Reporting Information [Line Items]

Revenues

1,204,501

1,111,094

Operating income (loss)

319,536

261,630

246,527

Equity in (losses) earnings from real estate ventures

Identifiable assets

357,518

336,566

357,518

336,566

315,706

Depreciation and amortization

7,877

7,824

8,210

Capital expenditures

4,491

4,173

4,599

Revenues

1,114,840

Real Estate

Segment Reporting Information [Line Items]

Revenues

798,168

788,871

759,168

Litigation settlement and judgment expense (income)

2,469

Real Estate | Operating Segments

Segment Reporting Information [Line Items]

Revenues

759,168

Operating income (loss)

(49,895)

(2,930)

3,435

Equity in (losses) earnings from real estate ventures

(44,698)

(19,288)

14,446

Identifiable assets

$ 557,505

$ 666,550

557,505

666,550

539,828

Depreciation and amortization

8,874

9,033

9,580

Capital expenditures

6,226

8,276

$ 13,061

Gain (loss) on sale of assets

(1,169)

Revenues

$ 798,168

$ 788,871

[1]	Revenues and cost of sales include federal excise taxes of $461,532, $451,256 and $469,836 for the years ended December 31, 2020, 2019 and 2018, respectively.

Quarterly Financial Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 29, 2020	Sep. 27, 2019	Sep. 27, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 554,590	$ 547,831	$ 445,760	$ 454,488	$ 439,565	$ 504,790	$ 538,432	$ 420,924	$ 2,002,669	$ 1,903,711	$ 1,870,262
Gross Profit	177,528	173,256	140,875	143,865	137,636	159,334	170,258	134,904
Operating income	87,333	95,917	66,797	(4,904)	45,581	66,720	76,244	42,590	245,143	231,135	224,049
Net income	32,256	38,139	25,774	(3,231)	10,667	36,008	39,307	15,033	92,938	101,015	58,007
Net income applicable to common shares attributed to Vector Group Ltd.	$ 32,256	$ 38,139	$ 25,774	$ (3,231)	$ 10,706	$ 36,008	$ 39,307	$ 14,953	$ 92,938	$ 100,974	$ 58,105
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)	$ 0.21	$ 0.25	$ 0.17	$ (0.03)	$ 0.06	$ 0.23	$ 0.25	$ 0.09	$ 0.60	$ 0.64	$ 0.35
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)	$ 0.21	$ 0.25	$ 0.16	$ (0.03)	$ 0.06	$ 0.23	$ 0.25	$ 0.08	$ 0.60	$ 0.63	$ 0.35
Stock dividend paid to company stockholders												5.00%	5.00%	5.00%

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 10,070	$ 11,518	$ 9,694
Additions Charged to Costs and Expenses	35,842	30,284	33,436
Deductions	31,751	31,732	31,612
Balance at End of Period	14,161	10,070	11,518
Doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	674	449	33
Additions Charged to Costs and Expenses	0	246	429
Deductions	674	21	13
Balance at End of Period	0	674	449
Cash discounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	319	317	365
Additions Charged to Costs and Expenses	28,046	25,970	28,154
Deductions	28,031	25,968	28,202
Balance at End of Period	334	319	317
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,292	3,817	3,664
Additions Charged to Costs and Expenses	5,179	0	153
Deductions	0	2,525	0
Balance at End of Period	6,471	1,292	3,817
Sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	7,785	6,935	5,632
Additions Charged to Costs and Expenses	2,617	4,068	4,700
Deductions	3,046	3,218	3,397
Balance at End of Period	$ 7,356	$ 7,785	6,935
Accounting Standards Update 2014-09 \| Sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Additions Charged to Costs and Expenses			$ 2,525

Investments and Fair Value Measurements (Fair Value Measurements) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Equity securities at fair value	$ 78,599	$ 91,977
Debt securities available for sale	91,204	83,445
Total investment securities at fair value	135,585	129,641
Long-term investment securities at fair value	34,218	45,781
Total	472,140
Liabilities:
Fair value of contingent liability	999
Total	999
Marketable equity securities
Assets:
Equity securities at fair value	21,155	23,819
Mutual funds invested in fixed income securities
Assets:
Equity securities at fair value	23,226	22,377
Equity securities
Assets:
Equity securities at fair value	44,381	46,196
U.S. Government securities
Assets:
Debt securities available for sale	19,200
Corporate securities
Assets:
Debt securities available for sale	52,434
U.S. mortgage-backed securities
Assets:
Debt securities available for sale	10,484
Commercial paper
Assets:
Debt securities available for sale	9,086
Fixed income securities
Assets:
Debt securities available for sale	91,204
Money market funds
Assets:
Cash and cash equivalents	255,294
Commercial paper
Assets:
Cash and cash equivalents	44,397
Certificates of deposit
Assets:
Cash and cash equivalents	2,111
Bonds
Assets:
Cash and cash equivalents	535
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total investment securities at fair value	44,381	46,196
Long-term investment securities at fair value	0	0
Total	300,210
Liabilities:
Fair value of contingent liability	0	0
Fair value of derivatives embedded within convertible debt		0
Total	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Assets:
Equity securities at fair value	21,155	23,819
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds invested in fixed income securities
Assets:
Equity securities at fair value	23,226	22,377
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Assets:
Equity securities at fair value	44,381	46,196
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government securities
Assets:
Debt securities available for sale	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate securities
Assets:
Debt securities available for sale	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Debt securities available for sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income securities
Assets:
Debt securities available for sale	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Cash and cash equivalents	255,294
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Cash and cash equivalents	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Certificates of deposit
Assets:
Cash and cash equivalents	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Bonds
Assets:
Cash and cash equivalents	535
Significant Other Observable Inputs (Level 2)
Assets:
Total investment securities at fair value	91,204	83,445
Long-term investment securities at fair value	0	0
Total	137,712
Liabilities:
Fair value of contingent liability	0	0
Fair value of derivatives embedded within convertible debt		0
Total	0
Significant Other Observable Inputs (Level 2) \| Marketable equity securities
Assets:
Equity securities at fair value	0	0
Significant Other Observable Inputs (Level 2) \| Mutual funds invested in fixed income securities
Assets:
Equity securities at fair value	0	0
Significant Other Observable Inputs (Level 2) \| Equity securities
Assets:
Equity securities at fair value	0	0
Significant Other Observable Inputs (Level 2) \| U.S. Government securities
Assets:
Debt securities available for sale	19,200
Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Debt securities available for sale	52,434
Significant Other Observable Inputs (Level 2) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	10,484
Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Debt securities available for sale	9,086	5,887
Significant Other Observable Inputs (Level 2) \| Fixed income securities
Assets:
Debt securities available for sale	91,204
Significant Other Observable Inputs (Level 2) \| Money market funds
Assets:
Cash and cash equivalents	0
Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Cash and cash equivalents	44,397
Significant Other Observable Inputs (Level 2) \| Certificates of deposit
Assets:
Cash and cash equivalents	2,111
Significant Other Observable Inputs (Level 2) \| Bonds
Assets:
Cash and cash equivalents	0
Significant Unobservable Inputs (Level 3)
Assets:
Total investment securities at fair value	0	0
Long-term investment securities at fair value	0	0
Total	0
Liabilities:
Fair value of contingent liability	999	3,147
Fair value of derivatives embedded within convertible debt		4,999
Total	999
Significant Unobservable Inputs (Level 3) \| Marketable equity securities
Assets:
Equity securities at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Mutual funds invested in fixed income securities
Assets:
Equity securities at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Equity securities
Assets:
Equity securities at fair value	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Government securities
Assets:
Debt securities available for sale	0
Significant Unobservable Inputs (Level 3) \| Corporate securities
Assets:
Debt securities available for sale	0
Significant Unobservable Inputs (Level 3) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	0
Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Debt securities available for sale	0	0
Significant Unobservable Inputs (Level 3) \| Fixed income securities
Assets:
Debt securities available for sale	0
Significant Unobservable Inputs (Level 3) \| Money market funds
Assets:
Cash and cash equivalents	0
Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Cash and cash equivalents	0
Significant Unobservable Inputs (Level 3) \| Certificates of deposit
Assets:
Cash and cash equivalents	0
Significant Unobservable Inputs (Level 3) \| Bonds
Assets:
Cash and cash equivalents	0
Fair Value, Measurements, Recurring
Assets:
Total		533,133
Liabilities:
Fair value of contingent liability		3,147
Fair value of derivatives embedded within convertible debt		4,999
Total		8,146
Fair Value, Measurements, Recurring \| Marketable equity securities
Assets:
Equity securities at fair value		23,819
Fair Value, Measurements, Recurring \| Mutual funds invested in fixed income securities
Assets:
Equity securities at fair value		22,377
Fair Value, Measurements, Recurring \| U.S. Government securities
Assets:
Debt securities available for sale		14,660
Fair Value, Measurements, Recurring \| Corporate securities
Assets:
Debt securities available for sale		54,413
Fair Value, Measurements, Recurring \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale		6,816
Fair Value, Measurements, Recurring \| Commercial paper
Assets:
Debt securities available for sale		5,887
Fair Value, Measurements, Recurring \| Fixed income securities
Assets:
Debt securities available for sale		83,445
Fair Value, Measurements, Recurring \| Index-linked U.S. bonds
Assets:
Debt securities available for sale		779
Fair Value, Measurements, Recurring \| Commercial mortgage-backed securities
Assets:
Debt securities available for sale		382
Fair Value, Measurements, Recurring \| Foreign fixed-income securities
Assets:
Debt securities available for sale		508
Fair Value, Measurements, Recurring \| Money market funds
Assets:
Cash and cash equivalents		307,655
Fair Value, Measurements, Recurring \| Commercial paper
Assets:
Cash and cash equivalents		47,328
Fair Value, Measurements, Recurring \| Certificates of deposit
Assets:
Cash and cash equivalents		2,193
Fair Value, Measurements, Recurring \| Bonds
Assets:
Cash and cash equivalents		535
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total		354,386
Liabilities:
Total		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Index-linked U.S. bonds
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial mortgage-backed securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign fixed-income securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Cash and cash equivalents		307,655
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Certificates of deposit
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Bonds
Assets:
Cash and cash equivalents		535
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total		132,966
Liabilities:
Total		0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government securities
Assets:
Debt securities available for sale		14,660
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Debt securities available for sale		54,413
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale		6,816
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed income securities
Assets:
Debt securities available for sale		83,445
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Index-linked U.S. bonds
Assets:
Debt securities available for sale		779
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial mortgage-backed securities
Assets:
Debt securities available for sale		382
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Foreign fixed-income securities
Assets:
Debt securities available for sale		508
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Cash and cash equivalents		47,328
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Certificates of deposit
Assets:
Cash and cash equivalents		2,193
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Bonds
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Total		0
Liabilities:
Total		8,146
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed income securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Index-linked U.S. bonds
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial mortgage-backed securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Foreign fixed-income securities
Assets:
Debt securities available for sale		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Certificates of deposit
Assets:
Cash and cash equivalents		0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Bonds
Assets:
Cash and cash equivalents		0
Current Restricted Assets \| Fair Value, Measurements, Recurring \| Commercial paper
Assets:
Cash and cash equivalents	10,374	4,423
Restricted Assets \| Fair Value, Measurements, Recurring \| Commercial paper
Assets:
Cash and cash equivalents	$ 1,907	$ 3,160