0000059440-21-000056 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity Registrant Name	VECTOR GROUP LTD
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		153,959,427
Entity Central Index Key	0000059440
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 523,731	$ 352,842
Investment securities at fair value	155,095	135,585
Accounts receivable - trade, net	46,426	40,711
Inventories	89,774	97,545
Other current assets	42,976	37,220
Total current assets	858,002	663,903
Property, plant and equipment, net	77,812	77,988
Investments in real estate, net	9,551	15,631
Long-term investments (includes $38,539 and $34,218 at fair value)	58,411	52,528
Investments in real estate ventures	74,199	85,400
Operating lease right-of-use assets	136,515	145,356
Goodwill and other intangible assets, net	214,701	207,577
Other assets	106,767	95,026
Total assets	1,535,958	1,343,409
Current liabilities:
Current portion of notes payable and long-term debt	12,583	12,557
Current payments due under the Master Settlement Agreement	131,831	38,767
Income taxes payable, net	10,291	5,847
Current operating lease liability	26,305	27,207
Other current liabilities	206,706	198,937
Total current liabilities	387,716	283,315
Notes payable, long-term debt and other obligations, less current portion	1,400,880	1,393,729
Non-current employee benefits	66,937	66,616
Deferred income taxes, net	37,263	32,456
Non-current operating lease liability	141,671	154,199
Payments due under the Master Settlement Agreement	13,224	17,933
Other liabilities	61,399	54,848
Total liabilities	2,109,090	2,003,096
Commitments and contingencies (Note 9)
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, 153,959,427 and 153,324,629 shares issued and outstanding	15,396	15,332
Additional paid-in capital	4,488	0
Accumulated deficit	(574,594)	(653,945)
Accumulated other comprehensive loss	(20,302)	(21,074)
Total Vector Group Ltd. stockholders' deficiency	(575,012)	(659,687)
Non-controlling interest	1,880	0
Total stockholders' deficiency	(573,132)	(659,687)
Total liabilities and stockholders' deficiency	$ 1,535,958	$ 1,343,409

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Long-term investments, fair value	$ 38,539	$ 34,218
Stockholders' deficiency:
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)	153,959,427	153,324,629
Common stock, shares outstanding (in shares)	153,959,427	153,324,629

Condensed Consolidated Statements of Operations - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Revenues:

Total revenues

$ 652,646,000

$ 547,831,000

$ 1,925,939,000

$ 1,448,079,000

Cost of sales:

Total cost of sales

447,090,000

374,575,000

1,311,042,000

990,083,000

Operating, selling, administrative and general expenses

98,925,000

77,019,000

280,982,000

238,600,000

Litigation settlement and judgment expense

12,000

17,000

53,000

Net gains on sales of assets

(910,000)

Impairments of goodwill and other intangible assets

58,252,000

Restructuring charges

320,000

3,281,000

Operating income

107,529,000

95,917,000

334,808,000

157,810,000

Other income (expenses):

Interest expense

(28,287,000)

(28,163,000)

(85,153,000)

(93,148,000)

Loss on extinguishment of debt

(21,362,000)

Change in fair value of derivatives embedded within convertible debt

4,999,000

Equity in earnings from investments

44,000

1,840,000

1,562,000

54,199,000

Equity in (losses) earnings from real estate ventures

(5,869,000)

(8,536,000)

12,405,000

(27,301,000)

Other, net

(969,000)

(5,096,000)

7,363,000

(8,116,000)

Income before provision for income taxes

72,448,000

55,962,000

249,623,000

88,443,000

Income tax expense

23,679,000

17,823,000

75,592,000

27,761,000

Net income

48,769,000

38,139,000

174,031,000

60,682,000

Net loss attributed to non-controlling interest

120,000

Net income attributed to Vector Group Ltd.

$ 48,889,000

$ 38,139,000

$ 174,151,000

$ 60,682,000

Per basic common share:

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

$ 0.32

$ 0.25

$ 1.13

$ 0.39

Per diluted common share:

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

$ 0.32

$ 0.25

$ 1.13

$ 0.39

Tobacco

Revenues:

Tobacco

^[1]

$ 297,942,000

$ 318,850,000

$ 895,901,000

$ 918,429,000

Cost of sales:

Total cost of sales

^[1]

186,398,000

204,101,000

556,574,000

615,458,000

Real estate

Revenues:

Real estate

354,704,000

228,981,000

1,030,038,000

529,650,000

Cost of sales:

Total cost of sales

$ 260,692,000

$ 170,474,000

$ 754,468,000

$ 374,625,000

[1]	Revenues and cost of sales include federal excise taxes of $106,408, $120,320, $322,857, and $354,629 for the three and nine months ended September 30, 2021 and 2020, respectively.

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 106,408	$ 120,320	$ 322,857	$ 354,629

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 48,769	$ 38,139	$ 174,031	$ 60,682
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized losses	(111)	(242)	(415)	(262)
Net unrealized losses reclassified into net income	36	1	29	434
Net unrealized (losses) gains on investment securities available for sale	(75)	(241)	(386)	172
Net change in pension-related amounts:
Amortization of loss	481	463	1,444	1,390
Other comprehensive income	406	222	1,058	1,562
Income tax effect on:
Change in net unrealized losses on investment securities	30	65	112	71
Net unrealized losses reclassified into net income on investment securities	(10)	0	(8)	(117)
Pension-related amounts	(130)	(125)	(390)	(375)
Income tax provision on other comprehensive income	(110)	(60)	(286)	(421)
Other comprehensive income, net of tax	296	162	772	1,141
Comprehensive income	49,065	38,301	174,803	61,823
Comprehensive loss attributed to non-controlling interest	120	0	120	0
Comprehensive income attributed to Vector Group Ltd.	$ 49,185	$ 38,301	$ 174,923	$ 61,823

Condensed Consolidated Statements of Stockholders' Deficiency - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)			153,324,629
Beginning Balance	$ (592,045)	$ (669,204)	$ (659,687)	$ (685,016)
Net income (loss)	48,769	38,139	174,031	60,682
Total other comprehensive income	296	162	772	1,141
Distributions and dividends on common stock	(31,572)	(31,563)	(94,800)	(93,684)
Restricted stock grants		0	0	0
Surrender of shares in connection with restricted stock vesting	(2,955)	(2,124)	(3,563)	(2,186)
Issuance of common stock				52,563
Stock-based compensation	2,375	2,471	8,115	7,012
Acquisition of subsidiary	500		500
Contributions from non-controlling interest	$ 1,500		$ 1,500
Distributions to non-controlling interest				(448)
Other				80
Ending Balance (in shares)	153,959,427		153,959,427
Ending Balance	$ (573,132)	$ (662,119)	$ (573,132)	$ (662,119)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	154,156,100	153,484,477	153,324,629	148,084,900
Beginning Balance	$ 15,416	$ 15,348	$ 15,332	$ 14,808
Restricted stock grant (in shares)		20,000	873,500	425,000
Restricted stock grants		$ 2	$ 88	$ 43
Surrender of shares in connection with restricted stock vesting (in shares)	(196,673)	(211,119)	(238,702)	(216,542)
Surrender of shares in connection with restricted stock vesting	$ (20)	$ (21)	$ (24)	$ (22)
Issuance of common stock (in shares)				5,000,000
Issuance of common stock				$ 500
Ending Balance (in shares)	153,959,427	153,293,358	153,959,427	153,293,358
Ending Balance	$ 15,396	$ 15,329	$ 15,396	$ 15,329
Additional Paid-In
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	5,048	0	0	0
Distributions and dividends on common stock		(366)		(56,868)
Restricted stock grants		(2)	(88)	(43)
Surrender of shares in connection with restricted stock vesting	(2,935)	(2,103)	(3,539)	(2,164)
Issuance of common stock				52,063
Stock-based compensation	2,375	2,471	8,115	7,012
Ending Balance	4,488	0	4,488	0
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(591,911)	(663,723)	(653,945)	(678,464)
Net income (loss)	48,889	38,139	174,151	60,682
Distributions and dividends on common stock	(31,572)	(31,197)	(94,800)	(36,816)
Other				80
Ending Balance	(574,594)	(656,781)	(574,594)	(656,781)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(20,598)	(20,829)	(21,074)	(21,808)
Total other comprehensive income	296	162	772	1,141
Ending Balance	(20,302)	(20,667)	(20,302)	(20,667)
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	0	0	0	448
Net income (loss)	(120)		(120)
Acquisition of subsidiary	500		500
Contributions from non-controlling interest	1,500		1,500
Distributions to non-controlling interest				(448)
Ending Balance	$ 1,880	$ 0	1,880	0
Impact of adoption of new accounting standards
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			0	(2,263)
Impact of adoption of new accounting standards \| Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 0	$ (2,263)

Condensed Consolidated Statements of Stockholders' Deficiency (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Distributions and dividends on common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.60	$ 0.60

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 311,337	$ 318,660
Cash flows from investing activities:
Sale of investment securities	33,517	20,773
Maturities of investment securities	50,731	43,405
Purchase of investment securities	(99,287)	(64,827)
Proceeds from sale or liquidation of long-term investments	8,509	30,255
Purchase of long-term investments	(13,053)	(9,238)
Investments in real estate ventures	(15,912)	(6,239)
Distributions from investments in real estate ventures	11,879
Increase in cash surrender value of life insurance policies	(1,253)	(723)
(Increase) decrease in restricted assets	(5)	384
Proceeds from sale of fixed assets	17	0
Capital expenditures	(11,103)	(8,824)
Purchase of subsidiaries	(500)	0
Paydowns of investment securities	415	627
Investments in real estate, net	0	(701)
Net cash (used in) provided by investing activities	(36,045)	16,498
Cash flows from financing activities:
Proceeds from issuance of debt	875,000	520
Deferred financing costs	(20,109)	0
Repayments of debt	(859,801)	(173,779)
Borrowings under revolver	7,778	130,686
Repayments on revolver	(7,778)	(165,639)
Dividends and distributions on common stock	(98,403)	(97,781)
Contributions from non-controlling interest	1,500	0
Distributions to non-controlling interest	0	(448)
Proceeds from issuance of common stock	0	52,563
Other	(102)	0
Net cash used in financing activities	(101,915)	(253,878)
Net increase in cash, cash equivalents and restricted cash	173,377	81,280
Cash, cash equivalents and restricted cash, beginning of period	365,677	379,476
Cash, cash equivalents and restricted cash, end of period	$ 539,054	$ 460,756

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation:

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

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

The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.

Certain reclassifications have been made to the 2020 financial information to conform to the 2021 presentation. Credit loss expense has been reclassified from Other (expense) income as components of Other, net.

(b)Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its condensed consolidated statements 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.

(c)Earnings Per Share (“EPS”):

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net income attributed to Vector Group Ltd.	$	48,889	$	38,139	$	174,151	$	60,682
Income attributed to participating securities	(823)		(708)		(2,510)		(1,976)
Net income applicable to common shares attributed to Vector Group Ltd.	$	48,066	$	37,431	$	171,641	$	58,706

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
Weighted-average shares for basic EPS	152,535,244	152,216,118	152,357,669	149,541,642

Plus incremental shares related to stock options and non-vested restricted stock	34,376	8,470	132,411	32,007
Weighted-average shares for diluted EPS	152,569,620	152,224,588	152,490,080	149,573,649

The following non-vested restricted stock were outstanding during the three and nine months ended September 30, 2021 and 2020, but were not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock was greater than the average market price of the common shares during the respective periods. The following shares issuable upon the conversion of convertible debt were outstanding during the three and nine months ended September 30, 2020, but were not included in the computation of diluted EPS because the impact of the common shares issuable under the convertible debt were anti-dilutive to EPS.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020


Weighted-average shares of non-vested restricted stock	210,642		612,538		—		555,918
Weighted-average expense per share	$	19.54	$	18.29	$	—	$	19.54
Weighted-average number of shares issuable upon conversion of debt	—		—		—		3,237,522
Weighted-average conversion price	$	—	$	—	$	—	$	20.27

(d)Restructuring:

During 2020, in response to the coronavirus pandemic (“COVID-19”), the Company's Real Estate segment, including Douglas Elliman, underwent 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 brokerage personnel by approximately 25% at Douglas Elliman. For the three and nine months ended September 30, 2021, there were no restructuring charges. As of December 31, 2020, there was no accrual for restructuring charges.

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


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
Cash Charges:
Employee severance and benefits	$	186	$	1,785
Other restructuring expenses	64		282
	250		2,067
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	70		1,214


Total restructuring charges	$	320	$	3,281

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

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

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


	Employee Severance and Benefits		Other		Non-Cash Loss on Fixed Assets		Total
Accrual balance as of January 1, 2020	$	—	$	—	$	—	$	—
Restructuring charges	1,785		282		1,214		3,281
Utilized	(1,735)		(282)		(1,214)		(3,231)
Accrual balance as of September 30, 2020	$	50	$	—	$	—	$	50

(e)Investments in Real Estate Ventures:

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

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

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

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

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

(f)Other, net:

Other, net consisted of:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020

Interest and dividend income	$	542	$	1,251	$	1,678	$	5,331






Net (losses) gains recognized on investment securities	(1,549)		2,516		9,369		(4,943)
Net periodic benefit cost other than the service costs	(243)		(452)		(730)		(1,361)


Credit loss expense	—		(8,576)		—		(9,008)
Other income (expense)	281		165		(2,954)		1,865
Other, net	$	(969)	$	(5,096)	$	7,363	$	(8,116)

(g)Other Assets:

Other assets consisted of:


	September 30, 2021		December 31, 2020
Restricted assets	$	3,800	$	3,456
Prepaid pension costs	36,022		35,209
Contract assets, net	28,688		24,002
Property technology (“PropTech”) investments at cost	3,563		—
Other assets	34,694		32,359
Total other assets	$	106,767	$	95,026

(h)Other Current Liabilities:

Other current liabilities consisted of:


	September 30, 2021		December 31, 2020
Accounts payable	$	15,918	$	12,846
Accrued promotional expenses	50,288		45,579
Accrued excise and payroll taxes payable, net	3,869		13,849
Accrued interest	32,706		31,624
Commissions payable	24,973		25,615
Accrued salaries and benefits	34,641		27,104
Contract liabilities	5,843		7,633
Allowance for sales returns	6,900		7,356
Other current liabilities	31,568		27,331
Total other current liabilities	$	206,706	$	198,937

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

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


	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	523,731	$	352,842
Restricted cash and cash equivalents included in other current assets	11,979		10,374
Restricted cash and cash equivalents included in other assets	3,344		2,461
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	539,054	$	365,677

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

(j)Acquisitions:

On August 6, 2021, Douglas Elliman acquired an additional 49% ownership interest in Real Estate Associates of Houston LLC (“REAOH”), a licensed real estate service provider in Houston, Texas, for a purchase price of $500. REAOH is included in the Real Estate segment, as a subsidiary of Douglas Elliman. The purchase price allocation for this acquisition resulted in the recognition of $6,527 of intangible assets related to a non-compete agreement, $5,047 of assets, $11,389 of liabilities and $815 of goodwill. The goodwill is not expected to be deductible for income tax purposes. The non-compete agreement is expected to be amortized over ten years. Douglas Elliman controls the board of REAOH and consolidates its ownership interest under the voting interest model in accordance with ASC 810, resulting in a non-controlling interest for the remaining 50% of REAOH not owned by Douglas Elliman on the Company’s condensed consolidated financial statements.

The assets, liabilities and results of operations of REAOH were not material to the Company’s condensed consolidated financial position, results of operations, or cash flows and therefore pro forma financial information for the acquisition was not presented.

(k)New Accounting Pronouncements:

Accounting Standards Updates (“ASU”) adopted in 2021:

In December 2019, the Financial Accounting Standards Board (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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

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

ASUs to be adopted in future periods:

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. In January 2021, the FASB issued ASU 2021-01 to clarify the scope of the guidance and allow certain aspects of Topic 848 to be applied to all derivative instruments that undergo a modification of the interest rate used for discounting, margining or contract price alignment as a result of the reference reform. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company does not anticipate an impact on its condensed consolidated financial statements.

Revenue Recognition

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select, and Eve	$	282,079	$	300,487	$	848,599	$	864,880
Other Brands	15,863		18,363		47,302		53,549
Total tobacco revenues	$	297,942	$	318,850	$	895,901	$	918,429

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


	Three Months Ended September 30, 2021
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	117,488	$	63,715	$	75,904	$	61,487	$	318,594
Commission and other brokerage income - development marketing	14,263		—		5,835		223		20,321
Property management revenue	8,979		141		—		—		9,120
Escrow and title fees	1,060		508		—		4,558		6,126
Total Douglas Elliman revenue	141,790		64,364		81,739		66,268		354,161
Other real estate revenues	—		—		—		543		543
Total real estate revenues	$	141,790	$	64,364	$	81,739	$	66,811	$	354,704


	Three Months Ended September 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	43,039	$	58,909	$	43,883	$	42,000	$	187,831
Commission and other brokerage income - development marketing	4,571		—		5,564		534		10,669
Property management revenue	8,334		250		—		—		8,584
Escrow and title fees	358		554		—		—		912
Total Douglas Elliman revenue	56,302		59,713		49,447		42,534		207,996
Other real estate revenues	—		20,500		—		485		20,985
Total real estate revenues	$	56,302	$	80,213	$	49,447	$	43,019	$	228,981


	Nine Months Ended September 30, 2021
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	293,475	$	186,384	$	273,423	$	154,083	$	907,365
Commission and other brokerage income - development marketing	38,626		—		27,220		837		66,683
Property management revenue	27,836		453		—		—		28,289
Escrow and title fees	2,939		1,317		—		12,319		16,575
Total Douglas Elliman revenue	362,876		188,154		300,643		167,239		1,018,912
Other real estate revenues	6,750		—		—		4,376		11,126
Total real estate revenues	$	369,626	$	188,154	$	300,643	$	171,615	$	1,030,038


	Nine Months Ended September 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	129,009	$	129,264	$	97,293	$	87,724	$	443,290
Commission and other brokerage income - development marketing	18,195		—		15,033		1,202		34,430
Property management revenue	25,513		682		—		—		26,195
Escrow and title fees	1,425		1,186		—		—		2,611
Total Douglas Elliman revenue	174,142		131,132		112,326		88,926		506,526
Other real estate revenues	—		20,500		—		2,624		23,124
Total real estate revenues	$	174,142	$	151,632	$	112,326	$	91,550	$	529,650

Contract Balances

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


	September 30, 2021		December 31, 2020

Receivables, which are included in accounts receivable - trade, net	$	2,248	$	1,520
Contract assets, net, which are included in other current assets	3,087		6,529
Payables, which are included in other current liabilities	1,682		1,113
Contract liabilities, which are included in other current liabilities	5,843		7,633
Contract assets, net, which are included in other assets	28,688		24,002
Contract liabilities, which are included in other liabilities	38,734		32,104

The Company recognized revenue of $2,292 and $4,941 for the three and nine months ended September 30, 2021, that were included in the contract liabilities balances at December 31, 2020. The Company recognized revenue of $1,451 and $8,109 for the three and nine months ended September 30, 2020, that were included in the contract liabilities balances at December 31, 2019.

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Current Expected Credit Losses

9 Months Ended

Sep. 30, 2021

Credit Loss [Abstract]

Current Expected Credit Losses

CURRENT EXPECTED CREDIT LOSSES

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 September 30, 2021 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 condensed consolidated balance sheets, net of an allowance for credit losses. The Company estimates its allowance for credit losses on receivables from agents based on an evaluation of aging, agent sales in pipeline, any security, specific exposures, historical experience of collections from the individual agents, and current and expected future market trends (such as the current and expected impact of COVID-19 on the real estate market). The Company estimated that the credit losses for these receivables were $7,623 and $7,038 at September 30, 2021 and December 31, 2020, respectively.

Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the condensed consolidated balance sheets. New Valley had two loans with a total amortized cost basis of $15,928, including accrued interest receivable of $6,428 at both September 30, 2021 and December 31, 2020, and have maturities in 2021 and beyond. The loans are secured by guarantees and given their risk profiles are evaluated individually. As New Valley does not have internal historical loss information by which to evaluate the risk of credit losses, external market data measuring default risks on high yield loans as of each measurement date was utilized to estimate reserves for credit losses on these loans. Pursuant to the requirements of ASU 2016-13, New Valley’s expected credit loss estimate was $15,928 at both September 30, 2021 and December 31, 2020.

The following is the rollforward of the allowance for credit losses for the nine months ended September 30, 2021:


	January 1, 2021		Current Period Provision			Write-offs		Recoveries		September 30, 2021
Allowance for credit losses:

Real estate broker agent receivables	$	7,038	$	904	(1)	$	319	$	—	$	7,623

New Valley term loan receivables	15,928		—			—		—		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 condensed consolidated statements of operations.

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


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

Real estate broker agent receivables	$	6,132	$	1,724	(1)	$	141	$	—	$	7,715

New Valley term loan receivables	3,100		9,008		(2)	—		—		12,108

_____________________________

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

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

LEASES

Leases

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	9,332	$	9,475	$	27,925	$	28,255
Short-term lease cost	224		218		776		1,007
Variable lease cost	821		663		2,858		1,818

Finance lease cost:
Amortization	14		17		44		94
Interest on lease liabilities	2		4		7		11
Total lease cost	$	10,393	$	10,377	$	31,610	$	31,185

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended
	September 30,
	2021		2020
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	32,861	$	19,376
Operating cash flows from finance leases	8		11
Financing cash flows from finance leases	42		86

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	7,451		13,711
Finance leases	—		60

Supplemental balance sheet information related to leases was as follows:



	September 30,			December 31,
	2021			2020







Finance leases:
Investments in real estate, net (1)	$	38		$	62

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(63)			(44)
Property and equipment, net	$	64		$	83

Current portion of notes payable and long-term debt	$	57		$	57
Notes payable, long-term debt and other obligations, less current portion	53			96
Total finance lease liabilities	$	110		$	153

Weighted average remaining lease term:
Operating leases	7.47			7.87
Finance leases	2.05			2.71

Weighted average discount rate:
Operating leases	9.18		%	9.26		%
Finance leases	8.09		%	7.82		%

(1) Included in Investments in real estate, net on the condensed consolidated balance sheets are financing lease equipment, at cost of $748 and $748 and accumulated amortization of $710 and $686 as of September 30, 2021 and December 31, 2020, respectively.

As of September 30, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Period Ending December 31:
Remainder of 2021	$	11,293	$	16
2022	39,846		61
2023	35,031		35
2024	28,777		8
2025	23,291		—
2026	19,484		—
Thereafter	79,656		—
Total lease payments	237,378		120
Less imputed interest	(69,402)		(10)
Total	$	167,976	$	110

As of September 30, 2021, the Company had no undiscounted lease payments relating to operating leases for office space and equipment that have not yet commenced.

As a result of the COVID-19 pandemic, the Company received lease concessions from landlords in 2020 mostly in the form of rent deferrals and a few in the form of rent abatements. 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 in 2020. The deferrals varied as to the timing of repayment but all agreements required repayment of the deferrals over the remaining lease terms.

Leases

LEASES

Leases

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	9,332	$	9,475	$	27,925	$	28,255
Short-term lease cost	224		218		776		1,007
Variable lease cost	821		663		2,858		1,818

Finance lease cost:
Amortization	14		17		44		94
Interest on lease liabilities	2		4		7		11
Total lease cost	$	10,393	$	10,377	$	31,610	$	31,185

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended
	September 30,
	2021		2020
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	32,861	$	19,376
Operating cash flows from finance leases	8		11
Financing cash flows from finance leases	42		86

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	7,451		13,711
Finance leases	—		60

Supplemental balance sheet information related to leases was as follows:



	September 30,			December 31,
	2021			2020







Finance leases:
Investments in real estate, net (1)	$	38		$	62

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(63)			(44)
Property and equipment, net	$	64		$	83

Current portion of notes payable and long-term debt	$	57		$	57
Notes payable, long-term debt and other obligations, less current portion	53			96
Total finance lease liabilities	$	110		$	153

Weighted average remaining lease term:
Operating leases	7.47			7.87
Finance leases	2.05			2.71

Weighted average discount rate:
Operating leases	9.18		%	9.26		%
Finance leases	8.09		%	7.82		%

As of September 30, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Period Ending December 31:
Remainder of 2021	$	11,293	$	16
2022	39,846		61
2023	35,031		35
2024	28,777		8
2025	23,291		—
2026	19,484		—
Thereafter	79,656		—
Total lease payments	237,378		120
Less imputed interest	(69,402)		(10)
Total	$	167,976	$	110

As of September 30, 2021, the Company had no undiscounted lease payments relating to operating leases for office space and equipment that have not yet commenced.

Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of:


	September 30, 2021		December 31, 2020
Leaf tobacco	$	35,339	$	42,988
Other raw materials	6,166		5,987
Work-in-process	644		520

Finished goods	67,356		68,781

Inventories at current cost	109,505		118,276
LIFO adjustments	(19,731)		(20,731)
	$	89,774	$	97,545

All of the Company’s inventories at September 30, 2021 and December 31, 2020 are reported under the LIFO method. The $19,731 LIFO adjustment as of September 30, 2021 decreased the current cost of inventories by $13,139 for Leaf tobacco, $474 for Other raw materials, $26 for Work-in-process and $6,092 for Finished goods. The $20,731 LIFO adjustment as of December 31, 2020 decreased 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 amount of capitalized MSA cost in “Finished goods” inventory was $21,765 and $21,120 at September 30, 2021 and December 31, 2020, respectively. Federal excise tax capitalized in inventory was $25,136 and $27,683 at September 30, 2021 and December 31, 2020, respectively.

At September 30, 2021, Liggett had tobacco purchase commitments of approximately $17,350. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through 2022.

Investment Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES

Investment securities consisted of the following:


	September 30, 2021		December 31, 2020
Debt securities available for sale	$	110,781	$	91,204


PropTech convertible trading debt securities	2,208		—

Equity securities at fair value:
Marketable equity securities	20,953		21,155
Mutual funds invested in debt securities	23,361		23,226
Long-term investment securities at fair value (1)	36,331		34,218
Total equity securities at fair value	80,645		78,599

Total investment securities at fair value	193,634		169,803
Less:
Long-term investment securities at fair value (1)	36,331		34,218
PropTech convertible trading debt securities	2,208		—
Current investment securities at fair value	$	155,095	$	135,585

Long-term investment securities at fair value (1)	$	36,331	$	34,218
Equity-method investments	19,872		18,310
PropTech convertible trading debt securities	2,208		—
Total long-term investments	$	58,411	$	52,528

Equity securities at cost: (2)
PropTech investments at cost	$	3,563	$	—
Other equity securities at cost	5,200		5,200
Total equity securities at cost	$	8,763	$	5,200

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

(2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the condensed consolidated balance sheets.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net (losses) gains recognized on equity securities	$	(1,578)	$	2,516	$	9,352	$	(4,510)
Net (losses) gains recognized on debt securities available for sale	(29)		22		36		(25)

Impairment expense	(7)		(22)		(65)		(408)



Net gains recognized on PropTech convertible trading debt securities	65		—		46		—
Net (losses) gains recognized on investment securities	$	(1,549)	$	2,516	$	9,369	$	(4,943)

(a) Debt Securities Available for Sale:

The components of debt securities available for sale at September 30, 2021 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	110,584	$	197	$	—	$	110,781

The table below summarizes the maturity dates of debt securities available for sale at September 30, 2021.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	10,143	$	8,531	$	1,612	$	—
Corporate securities	49,960		29,002		20,958		—
U.S. mortgage-backed securities	17,069		2,688		14,381		—


Commercial paper	32,387		32,387		—		—

Foreign fixed-income securities	1,222		1,222		—		—

Total debt securities available for sale by maturity dates	$	110,781	$	73,830	$	36,951	$	—

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

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at September 30, 2021 and December 31, 2020, respectively.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Gross realized gains on sales	$	29	$	23	$	96	$	193
Gross realized losses on sales	(58)		(1)		(60)		(218)
Net (losses) gains recognized on debt securities available for sale	$	(29)	$	22	$	36	$	(25)

Impairment expense	$	(7)	$	(22)	$	(65)	$	(408)

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) PropTech Investments:

New Valley, through its subsidiary New Valley Ventures LLC (“New Valley Ventures”), is actively seeking to capitalize on its real estate knowledge and experience by investing in PropTech ventures that will both supplement and enhance the technology-based experience of Douglas Elliman’s agents and the general real estate industry as well as improve the operating efficiency of New Valley. During 2021, New Valley Ventures invested $2,500 into convertible notes of four PropTech ventures. The securities are classified as trading debt securities and are accounted for at fair value. The maturities of the notes are between February 2023 and March 2023. New Valley Ventures invested $1,177 into three PropTech funds that are measured at fair value using the NAV practical expedient. During 2021, New Valley Ventures invested $3,225 into six PropTech ventures that are equity securities without readily determinable fair values.


	September 30, 2021		December 31, 2020
PropTech convertible trading debt securities	$	2,208	$	—
PropTech investments at fair value (1)	1,358		514
PropTech investments at cost	3,563		—
	$	7,129	$	514

(1) Included in Long-term investment securities at fair value.

The following is a summary of unrealized and realized net losses and gains recognized in net income on equity securities at fair value during the three and nine months ended September 30, 2021 and 2020, respectively:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net (losses) gains recognized on equity securities	$	(1,578)	$	2,516	$	9,352	$	(4,510)
Less: Net gains (losses) recognized on equity securities sold	2,095		(2)		6,318		(19)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$	(3,673)	$	2,518	$	3,034	$	(4,491)

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

prices for similar instruments in active markets. The Company has unfunded commitments of $1,474 related to long-term investment securities at fair value as of September 30, 2021.

The Company received cash distributions of $8,509 and $30,358 related to its long-term investment securities at fair value for the nine months ended September 30, 2021 and 2020, respectively. The Company classified $8,509 and $30,255 of these distributions as investing cash inflows for the nine months ended September 30, 2021 and 2020, respectively.

(d) Equity-Method Investments:

Equity-method investments consisted of the following:


	September 30, 2021		December 31, 2020
Mutual fund and hedge funds	$	19,872	$	18,310

At September 30, 2021, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 6.62% to 37.78%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

On February 14, 2020, the Company received proceeds of $53,169 in exchange for the Company’s 15,191,205 common shares of Ladenburg Thalmann Financial Services Inc. (“LTS”). The Company also tendered 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) for redemption and received an additional $6,009 in March 2020. At the closing of the transaction, the Company’s Executive Vice President and Chief Operating Officer resigned as Chairman, President and Chief Executive Officer of LTS, and the Company’s management agreement with LTS was terminated.

Equity in earnings from investments were:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Mutual fund and hedge funds	$	44	$	1,468	$	1,562	$	775
LTS	—		372		—		53,424

Equity in earnings from investments	$	44	$	1,840	$	1,562	$	54,199

The Company received cash distributions of $53,528 (including the $53,169 received by the Company in exchange for the Company’s 15,191,205 common shares of LTS) from the Company’s equity-method investments for the nine months ended September 30, 2020. The Company classified these cash distributions as operating activities on the condensed consolidated statements of cash flows for the nine months ended September 30, 2020.

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

Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at September 30, 2021 and December 31, 2020, respectively. The total carrying value of these investments was $8,764 as of September 30, 2021 and $5,200 as of December 31, 2020, and was included in “Other assets” on the condensed consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and nine months ended September 30, 2021 and 2020, respectively.

New Valley LLC

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

New Valley LLC

NEW VALLEY LLC

Investments in real estate ventures:

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


	Range of Ownership (1)	September 30, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	4.2% - 46.7%	$	23,390	$	30,465
All other U.S. areas	19.6% - 77.8%	36,315		37,773
		59,705		68,238




Hotels:
New York City SMSA	0.4% - 12.3%	1,868		2,629
International	49.0%	1,633		1,852
		3,501		4,481
Commercial:
New York City SMSA	49.0%	—		2,591
All other U.S. areas	1.6%	7,055		7,084
		7,055		9,675

Other:	15.0% - 50.0%	3,938		3,006
Investments in real estate ventures		$	74,199	$	85,400

_____________________________

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

Contributions:

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


	Nine Months Ended
	September 30,
	2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	396	$	1,169
All other U.S. areas	12,336		4,176
	12,732		5,345
Apartment Buildings:

All other U.S. areas	—		76
	—		76

Hotels:
New York City SMSA	1,579		294

	1,579		294





Other:	1,601		524
Total contributions	$	15,912	$	6,239

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 nine months ended September 30, 2021 and September 30, 2020. New Valley’s direct investment percentage for these ventures did not significantly change.

Distributions:

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


	Nine Months Ended
	September 30,
	2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	4,440	$	1,735
All other U.S. areas	13,594		11,060
	18,034		12,795
Apartment Buildings:

All other U.S. areas	18,566		—
	18,566		—




Commercial:
New York City SMSA	—		591
All other U.S. areas	503		113
	503		704

Other	106		26
Total distributions	$	37,209	$	13,525

Of the distributions received by New Valley from its investment in real estate ventures, $25,330 and $1,919 were from distributions of earnings for the nine months ended September 30, 2021 and 2020, respectively, and $11,879 and $11,606 were a return of capital for the nine months ended September 30, 2021 and 2020, respectively. Distributions from earnings are included in cash from operations in the condensed consolidated statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the condensed consolidated statements of cash flows.

Equity in Earnings (losses) from Real Estate Ventures:

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	(841)	$	(6,835)	$	(3,313)	$	(15,286)
All other U.S. areas	(6,128)		(618)		1,146		(9,906)
	(6,969)		(7,453)		(2,167)		(25,192)
Apartment Buildings:

All other U.S. areas	999		(208)		18,566		(284)
	999		(208)		18,566		(284)
Hotels:
New York City SMSA	(246)		(1,119)		(1,094)		(1,768)
International	310		157		(219)		(394)
	64		(962)		(1,313)		(2,162)
Commercial:
New York City SMSA	—		783		(2,591)		1,010
All other U.S. areas	200		(519)		473		(534)
	200		264		(2,118)		476

Other:	(163)		(177)		(563)		(139)
Equity in (losses) earnings from real estate ventures	$	(5,869)	$	(8,536)	$	12,405	$	(27,301)

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 one of its New York City SMSA Commercial ventures was less than its carrying value as of September 30, 2021. The Company determined that the impairment was other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $2,713 for the nine months ended September 30, 2021.

As part of the Company’s ongoing assessment of the carrying values of its investments in real estate ventures, the Company determined that the fair value of three of its New York City SMSA Condominium and Mixed Use Development ventures were less than each of its respective carrying value as of September 30, 2020. The Company determined that the impairment was other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $6,617 and $10,401 for the three and nine months ended September 30, 2020.

VIE Consideration:

The Company has determined that New Valley is the primary beneficiary of one real estate venture because it controls the activities that most significantly impact the economic performance of the real estate venture. Consequently, New Valley consolidates this variable interest entity (“VIE”).

The carrying amount of the consolidated assets of the VIE was $0 at both September 30, 2021 and December 31, 2020. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of September 30, 2021 and December 31, 2020. A VIE’s assets can only be used to settle the obligations of that VIE. The VIE is not a guarantor of the Company’s senior notes and other debts payable.

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

Maximum Exposure to Loss:

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


	September 30, 2021
Condominium and Mixed Use Development:
New York City SMSA	$	23,390
All other U.S. areas	36,315
	59,705




Hotels:
New York City SMSA	1,868
International	1,633
	3,501
Commercial:

All other U.S. areas	7,055
	7,055

Other	3,938
Total maximum exposure to loss	$	74,199

New Valley capitalized $614 and $1,636 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2021, respectively. New Valley capitalized $932 and $3,188 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2020, 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 $7,493 and $8,829 from these projects for the nine months ended September 30, 2021 and 2020, respectively.

Investments in Real Estate, net:

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


	September 30, 2021		December 31, 2020
Escena, net	$	9,551	$	9,735
Townhome A (11 Beach Street)	—		5,896

Investments in real estate, net	$	9,551	$	15,631

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


	September 30, 2021		December 31, 2020
Land and land improvements	$	8,911	$	8,911
Building and building improvements	1,926		1,926
Other	1,651		1,672
	12,488		12,509
Less accumulated depreciation	(2,937)		(2,774)
	$	9,551	$	9,735

New Valley recorded operating losses of $530 and $738 for the three months ended September 30, 2021 and 2020, respectively, from Escena. New Valley recorded operating losses of $250 and $1,010 for the nine months ended September 30, 2021 and 2020, respectively, from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California.

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. In April 2021, New Valley sold the unit for $6,750 and recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the condensed consolidated statements of operations.

Notes Payable, Long-Term Debt and Other Obligations

9 Months Ended

Sep. 30, 2021

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:


	September 30, 2021		December 31, 2020
Vector:
5.75% Senior Secured Notes due 2029	$	875,000	$	—
6.125% Senior Secured Notes due 2025	—		850,000
10.5% Senior Notes due 2026, net of unamortized discount of $2,750 and $3,040	552,250		551,960

Liggett:


Equipment loans	71		89
Other	15,874		25,484
Notes payable, long-term debt and other obligations	1,443,195		1,427,533
Less:
Debt issuance costs	(29,732)		(21,247)
Total notes payable, long-term debt and other obligations	1,413,463		1,406,286
Less:
Current maturities	(12,583)		(12,557)
Amount due after one year	$	1,400,880	$	1,393,729

5.75% Senior Secured Notes due 2029 — Vector:

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 September 30, 2021, the Company was in compliance with all debt covenants.

6.125% Senior Secured Notes due 2025 — Vector:

On February 1, 2021, the 6.125% Senior Secured Notes due 2025 were redeemed in full and the Company recorded a loss on the extinguishment of debt of $21,362 for the nine months ended September 30, 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.

10.5% Senior Notes due 2026 — Vector:

As of September 30, 2021, the Company was in compliance with all debt covenants related to its 10.5% Senior Notes due 2026.

Revolving Credit Agreement — Liggett:

On March 22, 2021, Liggett, 100 Maple LLC (“Maple”) and Vector Tobacco entered into Amendment No. 4 and Joinder to Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as agent and lender.

The existing credit agreement was amended to, among other things, (i) add Vector Tobacco as a borrower under the Credit Agreement, (ii) extend the maturity of the Credit Agreement to March 22, 2026, and (iii) increase the amount of the maximum credit line thereunder from $60,000 to $90,000.

As of September 30, 2021, there was no outstanding balance due under the Credit Agreement. Availability, as determined under the Credit Agreement, was approximately $81,200 based on eligible collateral at September 30, 2021. As of September 30, 2021, Liggett, Maple, and Vector Tobacco were in compliance with all debt covenants under the Credit Agreement.

Other:

Other notes payable consist primarily of $15,625 of notes payable issued by New Valley as part of the acquisition of the remaining 29.41% interest in Douglas Elliman in December 2018. Interest on the outstanding principal balance of the notes accrues at the then-current mid-term applicable federal rate. Principal and interest is payable in installments through October 1, 2022. $14,375 of principal has been repaid through September 30, 2021 and the remaining principal is due to be repaid as follows: (1) $3,125 in 2021; and (2) $12,500 in 2022.

Non-Cash Interest Expense — Vector:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amortization of debt discount, net	$	99	$	89	$	290	$	5,536
Amortization of debt issuance costs	960		847		2,795		2,894
Loss on extinguishment of 6.125% Senior Secured Notes	—		—		8,349		—


	$	1,059	$	936	$	11,434	$	8,430

Fair Value of Notes Payable and Long-Term Debt:


	September 30, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Senior Notes	$	1,427,250	$	1,464,273	$	1,401,960	$	1,464,208

Liggett and other	15,945		15,949		25,573		25,581
Notes payable and long-term debt	$	1,443,195	$	1,480,222	$	1,427,533	$	1,489,789

Notes payable and long-term debt are carried on the condensed consolidated balance sheets at amortized cost. The fair value determinations disclosed above are classified as Level 2 under the fair value hierarchy disclosed in Note 12 if such liabilities were recorded on the condensed consolidated balance 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. The Company used a derived price based upon quoted market prices and trade activity as of September 30, 2021 to determine the fair value of its publicly-traded notes and debentures. The carrying value of the revolving credit facility is equal to fair value. The fair value of the equipment loans and other obligations was determined by calculating the present value of the required future cash flows. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Contingencies

9 Months Ended

Sep. 30, 2021

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 nine months ended September 30, 2021 and 2020, Liggett incurred tobacco product liability legal expenses and costs totaling $4,622 and $4,684 respectively. 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 September 30, 2021, Liggett had no outstanding 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 9: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the condensed 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 September 30, 2021, there were 81 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						48
Illinois						17
Nevada						7
New Mexico						5
Louisiana						2
Hawaii						1
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 September 30, 2021, 25 Engle progeny cases where Liggett was a defendant at trial resulted in verdicts.

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

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

Engle Progeny Settlements.

In October 2013, the Company and Liggett entered into a settlement with approximately 4,900 Engle progeny plaintiffs and their counsel. Pursuant to the terms of the settlement, Liggett agreed to pay a total of approximately $110,000, with $61,600 paid in an initial lump sum and the balance 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 settlement agreements with a total of 152 Engle progeny plaintiffs where Liggett paid a total of $23,150. On an individual basis, Liggett settled an additional 203 Engle progeny cases for approximately $8,100 in the aggregate.

Notwithstanding the comprehensive nature of the Engle progeny settlements, 38 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 September 30, 2021, Liggett had paid in the aggregate $40,111, including interest and attorneys’ fees, to satisfy the judgments in the following Engle progeny cases: Lukacs, Campbell, Douglas, Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan, and Santoro.

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 four cases where Liggett is the sole defendant: Cowart is an Individual Action and Tumin, Forbing, and Jones are 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 September 30, 2021, there were three Engle progeny cases (Alvarez, Liles, and O’Rourke) and ten Individual Actions (Baron, Camacho, Clark, Cupp, Feld, Geist, Lane, Nicholson, Mendez and Tully) scheduled for trial through September 30, 2022, where Liggett 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 September 30, 2021, 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 September 30, 2021, 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 $178,000 2020 MSA obligation, the balance of which was 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 - 2020, 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 commenced in 2016, with the arbitration panel issuing interim decisions on most individual states in September 2021, finding two of them liable for the NPM Adjustment; the final individual state hearing scheduled to occur in February 2022; and a second phase addressing the effect of the settlements on recovery of the NPM Adjustment to start thereafter. The parties have selected an arbitration panel to address the NPM Adjustments for 2005-2007, and are engaged in discovery, with a common hearing set for July 2022 and individual state hearings likely to start in the third quarter of 2022.

As a result of the settlement and arbitration award described above, Liggett and Vector Tobacco reduced cost of sales for years 2013 - 2020 by $54,382 and by $5,932 for the nine months ended September 30, 2021. Liggett and Vector Tobacco may be entitled to further adjustments. As of September 30, 2021, 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 September 30, 2021, there remains approximately $49,800 in the disputed payments account relating to Liggett and Vector Tobacco’s 2011 - 2020 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 among Liggett, Mississippi and other states (the “1996 Agreement”) alleging that Liggett owes Mississippi at least $27,000 in compensatory damages and interest. In April 2017, the Chancery Court ruled, over Liggett’s objections, that the 1996 Agreement should be enforced as Mississippi claims and referred the matter first to arbitration and then to a Special Master for further proceedings to determine the amount of damages, if any, to be awarded. In April 2021, following confirmation of the final arbitration award, the parties stipulated that the unpaid principal (exclusive of interest) purportedly due from Liggett to Mississippi pursuant to the 1996 Agreement was approximately $16,700, subject to Liggett’s right to litigate and/or appeal the enforceability of the 1996 Agreement (and all issues other than the calculation of the principal amount allegedly due).

In September 2019, the Special Master held a hearing regarding Mississippi’s claim for pre- and post-judgment interest. In August 2021, the Special Master issued a final report with proposed findings and recommendations that pre-judgment interest, in the amount of approximately $18,800, is due from Liggett from April 2005 - August 3, 2021. Liggett filed formal objections to the final report in Mississippi Chancery Court which is scheduled for hearing on November 18, 2021. If the Mississippi Chancery Court rejects Liggett’s objections and enters final judgment adopting the Special Master’s findings and recommendations, additional interest amounts will accrue if the judgment is not overturned on appeal. Liggett continues to assert 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 has 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 will likely be required.

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

Cautionary Statement

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

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

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

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

The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2021 was as follows:


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

Balance as of January 1, 2021	$	38,767	$	3,967	$	42,734	$	17,933	$	19,268	$	37,201
Expenses	122,916		17		122,933		—		—		—

Change in MSA obligations capitalized as inventory	645		—		645		—		—		—
Payments	(35,206)		(4,077)		(39,283)		—		—		—
Reclassification to/(from) non-current liabilities	4,709		3,351		8,060		(4,709)		(3,351)		(8,060)
Interest on withholding	—		382		382		—		1,301		1,301
Balance as of September 30, 2021	$	131,831	$	3,640	$	135,471	$	13,224	$	17,218	$	30,442

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


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

Balance as of January 1, 2020	$	34,116	$	4,249	$	38,365	$	17,275	$	20,594	$	37,869
Expenses	139,393		28		139,421		—		—		—

Change in MSA obligations capitalized as inventory	32		—		32		—		—		—
Payments	(27,214)		(4,324)		(31,538)		—		—		—
Reclassification to/(from) non-current liabilities	(855)		3,252		2,397		855		(3,252)		(2,397)
Interest on withholding	—		330		330		—		1,422		1,422
Balance as of September 30, 2020	$	145,472	$	3,535	$	149,007	$	18,130	$	18,764	$	36,894

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 trademarks 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 or its subsidiaries are indemnified by third parties.

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

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

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		Acquisitions (1)		Impairment Losses		Amortization		September 30, 2021
Goodwill	$	31,756	$	815	$	—	$	—	$	32,571

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

Trademark - Douglas Elliman	68,000		—		—		—		68,000

Intangibles with a finite life, net	310		6,527		—		(218)		6,619

Total goodwill and other intangible assets, net	$	207,577	$	7,342	$	—	$	(218)	$	214,701

_____________________________

(1) The acquisition of Real Estate Associates of Houston, LLC in the third quarter of 2021, resulted in $6,527 of the purchase price allocated to a non-compete agreement to be amortized over ten years and $815 allocated to Goodwill.


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

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

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

Intangibles with a finite life, net	474		—		—		(123)		351

Total goodwill and other intangible assets, net	$	265,993	$	—	$	(58,252)	$	(123)	$	207,618

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.

The Company determined that there have not been any triggering events since the first quarter of 2020. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value or the impacts of COVID-19 are more severe than expected, additional impairment charges could result in future periods, and such impairment charges could be material.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Income before provision for income taxes	$	72,448	$	55,962	$	249,623	$	88,443
Income tax expense using estimated annual effective income tax rate	22,097		16,784		76,136		26,497
Changes in effective tax rates	2,126		66		—		—



Impact of discrete items, net	(544)		973		(544)		1,264




Income tax expense	$	23,679	$	17,823	$	75,592	$	27,761

The discrete items for the three and nine months ended September 30, 2021 relate to income tax expense associated with stock-based compensation. The discrete items for the three months ended September 30, 2020 relate to income tax expense associated with changes in value of certain contingent consideration and stock-based compensation. The discrete items for the nine months ended September 30, 2020 relate to income tax expense related to the equity in earnings from investments associated with the one-time gain on sale of LTS partially offset by the goodwill and trademark impairment charges, changes in value of certain contingent consideration, and stock-based compensation.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Investments and Fair Value Measurements

9 Months Ended

Sep. 30, 2021

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 September 30, 2021
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)	$	320,956	$	320,956	$	—	$	—

Commercial paper (1)	21,136		—		21,136		—

Certificates of deposit (2)	679		—		679		—



Investment securities at fair value
Equity securities at fair value
Marketable equity securities	20,953		20,953		—		—
Mutual funds invested in debt securities	23,361		23,361		—		—
Total equity securities at fair value	44,314		44,314		—		—
Debt securities available for sale
U.S. government securities	10,143		—		10,143		—
Corporate securities	49,960		—		49,960		—
U.S. government and federal agency	17,069		—		17,069		—


Commercial paper	32,387		—		32,387		—

Foreign fixed-income securities	1,222		—		1,222		—

Total debt securities available for sale	110,781		—		110,781		—

PropTech convertible trading debt securities	2,208		—		—		2,208
Total investment securities at fair value	157,303		44,314		110,781		2,208

Long-term investments
Long-term investment securities at fair value (3)	36,331		—		—		—

Total	$	536,405	$	365,270	$	132,596	$	2,208

Liabilities:
Fair value of contingent liability	$	4,250	$	—	$	—	$	4,250

Total	$	4,250	$	—	$	—	$	4,250

(1) Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets, except for $11,979 that is included in Other current assets and $1,907 that is included in Other assets.

(2) Amounts included in current restricted assets and non-current restricted assets on the condensed consolidated balance 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, 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 condensed 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 condensed 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 unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at September 30, 2021:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	September 30, 2021		Valuation Technique	Unobservable Input	Range (Actual)








PropTech convertible trading debt securities	$	2,208	Discounted cash flow	Interest rate	5%
				Maturity	Feb 2023 - Mar 2023
				Volatility	36.2% - 100.8%
				Discount rate	27.08% - 46.66%

Fair value of contingent liability	$	4,250	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	765,886
				Risk-free rate for a 1.25-year term	0.14		%
				Leverage-adjusted equity volatility of peer firms	29.22		%

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		%

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of September 30, 2021 and December 31, 2020, respectively, except for investments in real estate ventures that were impaired as of December 31, 2020.

The Company’s investments 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 equity in losses from real estate ventures for the year ended December 31, 2020.

- 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

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments for the three and nine months ended September 30, 2021 and 2020 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 three and nine months ended September 30, 2021 and 2020 were as follows:


				Real			Corporate
	Tobacco			Estate			and Other		Total
Three months ended September 30, 2021
Revenues	$	297,942		$	354,704		$	—	$	652,646
Operating income (loss)	91,779		(1)	24,700			(8,950)		107,529
Equity in losses from real estate ventures	—			(5,869)			—		(5,869)
Depreciation and amortization	1,550			2,250			262		4,062

Three months ended September 30, 2020
Revenues	$	318,850		$	228,981		$	—	$	547,831
Operating income (loss)	91,319		(2)	10,850		(3)	(6,252)		95,917
Equity in losses from real estate ventures	—			(8,536)			—		(8,536)
Depreciation and amortization	1,965			2,167			214		4,346

Nine months ended September 30, 2021
Revenues	$	895,901		$	1,030,038		$	—	$	1,925,939
Operating income (loss)	276,557		(4)	82,322			(24,071)		334,808
Equity in earnings from real estate ventures	—			12,405			—		12,405

Depreciation and amortization	5,007			6,596			727		12,330
Capital expenditures	4,817			2,693			3,593		11,103

Nine months ended September 30, 2020
Revenues	$	918,429		$	529,650		$	—	$	1,448,079
Operating income (loss)	239,814		(5)	(63,500)		(6)	(18,504)		157,810
Equity in losses from real estate ventures	—			(27,301)			—		(27,301)

Depreciation and amortization	6,007			6,678			648		13,333
Capital expenditures	3,644			5,160			20		8,824

(1) Operating income includes $12 of litigation settlement and judgment expense.

(2) Operating income includes $286 of expenses from MSA settlement.

(3) Operating income includes $320 of restructuring charges.

(4) Operating income includes $2,722 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $17 of litigation settlement and judgment expense.

(5) Operating income includes $286 of expenses from MSA settlement and $53 of litigation settlement and judgment expense.

(6) Operating loss includes $58,252 of impairment charges related to the impairments of goodwill and intangible assets and $3,281 of restructuring charges.

- 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
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTThe Company’s Proposed Spin-offOn November 8, 2021, the Company announced its intention to spin off its real estate services and PropTech investment business (the "Proposed Spin-off") through a pro rata distribution of all of the outstanding shares of common stock of its newly formed wholly-owned subsidiary Douglas Elliman Inc. (“Spinco”) to holders of the Company’s common stock (including common stock underlying outstanding stock option awards and restricted stock awards). The Proposed Spin-off is intended to be a tax-free transaction for U.S. federal income tax purposes and is expected to be completed by the end of calendar year 2021, subject to the satisfaction of customary conditions, including final approval by the Company’s board of directors and the effectiveness of Spinco’s registration statement on Form 10 to be filed with the SEC.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC (“Douglas Elliman”) and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.
Basis of Accounting	The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
Reclassifications	Certain reclassifications have been made to the 2020 financial information to conform to the 2021 presentation. Credit loss expense has been reclassified from Other (expense) income as components of Other, net.
Distributions and Dividends on Common Stock	Distributions and Dividends on Common Stock: The Company records distributions on its common stock as dividends in its condensed consolidated statements 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.
Investments in Real Estate Ventures	Investments in Real Estate Ventures: In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s). Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary. On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.
Restricted Cash	Amounts included in current restricted assets and non-current restricted assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement. (j)Acquisitions: On August 6, 2021, Douglas Elliman acquired an additional 49% ownership interest in Real Estate Associates of Houston LLC (“REAOH”), a licensed real estate service provider in Houston, Texas, for a purchase price of $500. REAOH is included in the Real Estate segment, as a subsidiary of Douglas Elliman. The purchase price allocation for this acquisition resulted in the recognition of $6,527 of intangible assets related to a non-compete agreement, $5,047 of assets, $11,389 of liabilities and $815 of goodwill. The goodwill is not expected to be deductible for income tax purposes. The non-compete agreement is expected to be amortized over ten years. Douglas Elliman controls the board of REAOH and consolidates its ownership interest under the voting interest model in accordance with ASC 810, resulting in a non-controlling interest for the remaining 50% of REAOH not owned by Douglas Elliman on the Company’s condensed consolidated financial statements. The assets, liabilities and results of operations of REAOH were not material to the Company’s condensed consolidated financial position, results of operations, or cash flows and therefore pro forma financial information for the acquisition was not presented.
New Accounting Pronouncements	New Accounting Pronouncements: Accounting Standards Updates (“ASU”) adopted in 2021: In December 2019, the Financial Accounting Standards Board (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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. 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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. ASUs to be adopted in future periods: 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. In January 2021, the FASB issued ASU 2021-01 to clarify the scope of the guidance and allow certain aspects of Topic 848 to be applied to all derivative instruments that undergo a modification of the interest rate used for discounting, margining or contract price alignment as a result of the reference reform. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company does not anticipate an impact on its condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Net Income for Purposes of Determining Basic and Diluted EPS

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net income attributed to Vector Group Ltd.	$	48,889	$	38,139	$	174,151	$	60,682
Income attributed to participating securities	(823)		(708)		(2,510)		(1,976)
Net income applicable to common shares attributed to Vector Group Ltd.	$	48,066	$	37,431	$	171,641	$	58,706

Basic and Diluted EPS Calculation Shares

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
Weighted-average shares for basic EPS	152,535,244	152,216,118	152,357,669	149,541,642

Plus incremental shares related to stock options and non-vested restricted stock	34,376	8,470	132,411	32,007
Weighted-average shares for diluted EPS	152,569,620	152,224,588	152,490,080	149,573,649

Outstanding Shares Not Included in the Computation of Diluted EPS


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020


Weighted-average shares of non-vested restricted stock	210,642		612,538		—		555,918
Weighted-average expense per share	$	19.54	$	18.29	$	—	$	19.54
Weighted-average number of shares issuable upon conversion of debt	—		—		—		3,237,522
Weighted-average conversion price	$	—	$	—	$	—	$	20.27

Schedule of Amounts Expensed for Restructuring

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


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
Cash Charges:
Employee severance and benefits	$	186	$	1,785
Other restructuring expenses	64		282
	250		2,067
Non-Cash:
Loss on fixed assets associated with consolidation of sales offices	70		1,214


Total restructuring charges	$	320	$	3,281

Schedule of Activity for Restructuring

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


	Employee Severance and Benefits		Other		Non-Cash Loss on Fixed Assets		Total
Accrual balance as of January 1, 2020	$	—	$	—	$	—	$	—
Restructuring charges	1,785		282		1,214		3,281
Utilized	(1,735)		(282)		(1,214)		(3,231)
Accrual balance as of September 30, 2020	$	50	$	—	$	—	$	50

Schedule of Other, Net

Other, net consisted of:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020

Interest and dividend income	$	542	$	1,251	$	1,678	$	5,331






Net (losses) gains recognized on investment securities	(1,549)		2,516		9,369		(4,943)
Net periodic benefit cost other than the service costs	(243)		(452)		(730)		(1,361)


Credit loss expense	—		(8,576)		—		(9,008)
Other income (expense)	281		165		(2,954)		1,865
Other, net	$	(969)	$	(5,096)	$	7,363	$	(8,116)

Schedule of Other Assets

Other assets consisted of:


	September 30, 2021		December 31, 2020
Restricted assets	$	3,800	$	3,456
Prepaid pension costs	36,022		35,209
Contract assets, net	28,688		24,002
Property technology (“PropTech”) investments at cost	3,563		—
Other assets	34,694		32,359
Total other assets	$	106,767	$	95,026

Schedule of Other Current Liabilities

Other current liabilities consisted of:


	September 30, 2021		December 31, 2020
Accounts payable	$	15,918	$	12,846
Accrued promotional expenses	50,288		45,579
Accrued excise and payroll taxes payable, net	3,869		13,849
Accrued interest	32,706		31,624
Commissions payable	24,973		25,615
Accrued salaries and benefits	34,641		27,104
Contract liabilities	5,843		7,633
Allowance for sales returns	6,900		7,356
Other current liabilities	31,568		27,331
Total other current liabilities	$	206,706	$	198,937

Schedule of Components of Cash, Cash Equivalents and Restricted Cash

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


	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	523,731	$	352,842
Restricted cash and cash equivalents included in other current assets	11,979		10,374
Restricted cash and cash equivalents included in other assets	3,344		2,461
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	539,054	$	365,677

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select, and Eve	$	282,079	$	300,487	$	848,599	$	864,880
Other Brands	15,863		18,363		47,302		53,549
Total tobacco revenues	$	297,942	$	318,850	$	895,901	$	918,429

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


	Three Months Ended September 30, 2021
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	117,488	$	63,715	$	75,904	$	61,487	$	318,594
Commission and other brokerage income - development marketing	14,263		—		5,835		223		20,321
Property management revenue	8,979		141		—		—		9,120
Escrow and title fees	1,060		508		—		4,558		6,126
Total Douglas Elliman revenue	141,790		64,364		81,739		66,268		354,161
Other real estate revenues	—		—		—		543		543
Total real estate revenues	$	141,790	$	64,364	$	81,739	$	66,811	$	354,704


	Three Months Ended September 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	43,039	$	58,909	$	43,883	$	42,000	$	187,831
Commission and other brokerage income - development marketing	4,571		—		5,564		534		10,669
Property management revenue	8,334		250		—		—		8,584
Escrow and title fees	358		554		—		—		912
Total Douglas Elliman revenue	56,302		59,713		49,447		42,534		207,996
Other real estate revenues	—		20,500		—		485		20,985
Total real estate revenues	$	56,302	$	80,213	$	49,447	$	43,019	$	228,981


	Nine Months Ended September 30, 2021
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	293,475	$	186,384	$	273,423	$	154,083	$	907,365
Commission and other brokerage income - development marketing	38,626		—		27,220		837		66,683
Property management revenue	27,836		453		—		—		28,289
Escrow and title fees	2,939		1,317		—		12,319		16,575
Total Douglas Elliman revenue	362,876		188,154		300,643		167,239		1,018,912
Other real estate revenues	6,750		—		—		4,376		11,126
Total real estate revenues	$	369,626	$	188,154	$	300,643	$	171,615	$	1,030,038


	Nine Months Ended September 30, 2020
	New York City		Northeast		Southeast		West		Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales	$	129,009	$	129,264	$	97,293	$	87,724	$	443,290
Commission and other brokerage income - development marketing	18,195		—		15,033		1,202		34,430
Property management revenue	25,513		682		—		—		26,195
Escrow and title fees	1,425		1,186		—		—		2,611
Total Douglas Elliman revenue	174,142		131,132		112,326		88,926		506,526
Other real estate revenues	—		20,500		—		2,624		23,124
Total real estate revenues	$	174,142	$	151,632	$	112,326	$	91,550	$	529,650

Schedule of Contract Balances

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


	September 30, 2021		December 31, 2020

Receivables, which are included in accounts receivable - trade, net	$	2,248	$	1,520
Contract assets, net, which are included in other current assets	3,087		6,529
Payables, which are included in other current liabilities	1,682		1,113
Contract liabilities, which are included in other current liabilities	5,843		7,633
Contract assets, net, which are included in other assets	28,688		24,002
Contract liabilities, which are included in other liabilities	38,734		32,104

Current Expected Credit Losses (Tables)

9 Months Ended

Sep. 30, 2021

Credit Loss [Abstract]

Schedule of Rollforward of Allowance for Credit Losses

The following is the rollforward of the allowance for credit losses for the nine months ended September 30, 2021:


	January 1, 2021		Current Period Provision			Write-offs		Recoveries		September 30, 2021
Allowance for credit losses:

Real estate broker agent receivables	$	7,038	$	904	(1)	$	319	$	—	$	7,623

New Valley term loan receivables	15,928		—			—		—		15,928

_____________________________

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


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

Real estate broker agent receivables	$	6,132	$	1,724	(1)	$	141	$	—	$	7,715

New Valley term loan receivables	3,100		9,008		(2)	—		—		12,108

_____________________________

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

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	9,332	$	9,475	$	27,925	$	28,255
Short-term lease cost	224		218		776		1,007
Variable lease cost	821		663		2,858		1,818

Finance lease cost:
Amortization	14		17		44		94
Interest on lease liabilities	2		4		7		11
Total lease cost	$	10,393	$	10,377	$	31,610	$	31,185

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended
	September 30,
	2021		2020
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	32,861	$	19,376
Operating cash flows from finance leases	8		11
Financing cash flows from finance leases	42		86

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	7,451		13,711
Finance leases	—		60

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:



	September 30,			December 31,
	2021			2020







Finance leases:
Investments in real estate, net (1)	$	38		$	62

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(63)			(44)
Property and equipment, net	$	64		$	83

Current portion of notes payable and long-term debt	$	57		$	57
Notes payable, long-term debt and other obligations, less current portion	53			96
Total finance lease liabilities	$	110		$	153

Weighted average remaining lease term:
Operating leases	7.47			7.87
Finance leases	2.05			2.71

Weighted average discount rate:
Operating leases	9.18		%	9.26		%
Finance leases	8.09		%	7.82		%

Maturities of Operating Lease Liabilities

As of September 30, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Period Ending December 31:
Remainder of 2021	$	11,293	$	16
2022	39,846		61
2023	35,031		35
2024	28,777		8
2025	23,291		—
2026	19,484		—
Thereafter	79,656		—
Total lease payments	237,378		120
Less imputed interest	(69,402)		(10)
Total	$	167,976	$	110

Maturities of Financing Lease Liabilities

As of September 30, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Period Ending December 31:
Remainder of 2021	$	11,293	$	16
2022	39,846		61
2023	35,031		35
2024	28,777		8
2025	23,291		—
2026	19,484		—
Thereafter	79,656		—
Total lease payments	237,378		120
Less imputed interest	(69,402)		(10)
Total	$	167,976	$	110

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of:


	September 30, 2021		December 31, 2020
Leaf tobacco	$	35,339	$	42,988
Other raw materials	6,166		5,987
Work-in-process	644		520

Finished goods	67,356		68,781

Inventories at current cost	109,505		118,276
LIFO adjustments	(19,731)		(20,731)
	$	89,774	$	97,545

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities at Fair Value

Investment securities consisted of the following:


	September 30, 2021		December 31, 2020
Debt securities available for sale	$	110,781	$	91,204


PropTech convertible trading debt securities	2,208		—

Equity securities at fair value:
Marketable equity securities	20,953		21,155
Mutual funds invested in debt securities	23,361		23,226
Long-term investment securities at fair value (1)	36,331		34,218
Total equity securities at fair value	80,645		78,599

Total investment securities at fair value	193,634		169,803
Less:
Long-term investment securities at fair value (1)	36,331		34,218
PropTech convertible trading debt securities	2,208		—
Current investment securities at fair value	$	155,095	$	135,585

Long-term investment securities at fair value (1)	$	36,331	$	34,218
Equity-method investments	19,872		18,310
PropTech convertible trading debt securities	2,208		—
Total long-term investments	$	58,411	$	52,528

Equity securities at cost: (2)
PropTech investments at cost	$	3,563	$	—
Other equity securities at cost	5,200		5,200
Total equity securities at cost	$	8,763	$	5,200

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

(2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the condensed consolidated balance sheets.

The components of debt securities available for sale at September 30, 2021 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	110,584	$	197	$	—	$	110,781

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


	September 30, 2021		December 31, 2020
PropTech convertible trading debt securities	$	2,208	$	—
PropTech investments at fair value (1)	1,358		514
PropTech investments at cost	3,563		—
	$	7,129	$	514

(1) Included in Long-term investment securities at fair value.

Schedule of Realized Gains (Losses)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net (losses) gains recognized on equity securities	$	(1,578)	$	2,516	$	9,352	$	(4,510)
Net (losses) gains recognized on debt securities available for sale	(29)		22		36		(25)

Impairment expense	(7)		(22)		(65)		(408)



Net gains recognized on PropTech convertible trading debt securities	65		—		46		—
Net (losses) gains recognized on investment securities	$	(1,549)	$	2,516	$	9,369	$	(4,943)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Gross realized gains on sales	$	29	$	23	$	96	$	193
Gross realized losses on sales	(58)		(1)		(60)		(218)
Net (losses) gains recognized on debt securities available for sale	$	(29)	$	22	$	36	$	(25)

Impairment expense	$	(7)	$	(22)	$	(65)	$	(408)

Schedule of Maturity Dates of Fixed Income Securities

The table below summarizes the maturity dates of debt securities available for sale at September 30, 2021.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	10,143	$	8,531	$	1,612	$	—
Corporate securities	49,960		29,002		20,958		—
U.S. mortgage-backed securities	17,069		2,688		14,381		—


Commercial paper	32,387		32,387		—		—

Foreign fixed-income securities	1,222		1,222		—		—

Total debt securities available for sale by maturity dates	$	110,781	$	73,830	$	36,951	$	—

Schedule of Equity Securities at Fair Value


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net (losses) gains recognized on equity securities	$	(1,578)	$	2,516	$	9,352	$	(4,510)
Less: Net gains (losses) recognized on equity securities sold	2,095		(2)		6,318		(19)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$	(3,673)	$	2,518	$	3,034	$	(4,491)

Schedule of Equity Method Investments

Equity-method investments consisted of the following:


	September 30, 2021		December 31, 2020
Mutual fund and hedge funds	$	19,872	$	18,310

Equity in earnings from investments were:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Mutual fund and hedge funds	$	44	$	1,468	$	1,562	$	775
LTS	—		372		—		53,424

Equity in earnings from investments	$	44	$	1,840	$	1,562	$	54,199

New Valley LLC (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Schedule of Investments in Real Estate Ventures

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


	Range of Ownership (1)	September 30, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	4.2% - 46.7%	$	23,390	$	30,465
All other U.S. areas	19.6% - 77.8%	36,315		37,773
		59,705		68,238




Hotels:
New York City SMSA	0.4% - 12.3%	1,868		2,629
International	49.0%	1,633		1,852
		3,501		4,481
Commercial:
New York City SMSA	49.0%	—		2,591
All other U.S. areas	1.6%	7,055		7,084
		7,055		9,675

Other:	15.0% - 50.0%	3,938		3,006
Investments in real estate ventures		$	74,199	$	85,400

_____________________________

Contributions:

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


	Nine Months Ended
	September 30,
	2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	396	$	1,169
All other U.S. areas	12,336		4,176
	12,732		5,345
Apartment Buildings:

All other U.S. areas	—		76
	—		76

Hotels:
New York City SMSA	1,579		294

	1,579		294





Other:	1,601		524
Total contributions	$	15,912	$	6,239

Distributions:

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


	Nine Months Ended
	September 30,
	2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	4,440	$	1,735
All other U.S. areas	13,594		11,060
	18,034		12,795
Apartment Buildings:

All other U.S. areas	18,566		—
	18,566		—




Commercial:
New York City SMSA	—		591
All other U.S. areas	503		113
	503		704

Other	106		26
Total distributions	$	37,209	$	13,525

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	(841)	$	(6,835)	$	(3,313)	$	(15,286)
All other U.S. areas	(6,128)		(618)		1,146		(9,906)
	(6,969)		(7,453)		(2,167)		(25,192)
Apartment Buildings:

All other U.S. areas	999		(208)		18,566		(284)
	999		(208)		18,566		(284)
Hotels:
New York City SMSA	(246)		(1,119)		(1,094)		(1,768)
International	310		157		(219)		(394)
	64		(962)		(1,313)		(2,162)
Commercial:
New York City SMSA	—		783		(2,591)		1,010
All other U.S. areas	200		(519)		473		(534)
	200		264		(2,118)		476

Other:	(163)		(177)		(563)		(139)
Equity in (losses) earnings from real estate ventures	$	(5,869)	$	(8,536)	$	12,405	$	(27,301)

Maximum Exposure to Loss:


	September 30, 2021
Condominium and Mixed Use Development:
New York City SMSA	$	23,390
All other U.S. areas	36,315
	59,705




Hotels:
New York City SMSA	1,868
International	1,633
	3,501
Commercial:

All other U.S. areas	7,055
	7,055

Other	3,938
Total maximum exposure to loss	$	74,199

Schedule of Investments in Real Estate, net

Investments in Real Estate, net:

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


	September 30, 2021		December 31, 2020
Escena, net	$	9,551	$	9,735
Townhome A (11 Beach Street)	—		5,896

Investments in real estate, net	$	9,551	$	15,631

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


	September 30, 2021		December 31, 2020
Land and land improvements	$	8,911	$	8,911
Building and building improvements	1,926		1,926
Other	1,651		1,672
	12,488		12,509
Less accumulated depreciation	(2,937)		(2,774)
	$	9,551	$	9,735

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

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Notes Payable, Long-term Debt and Other Obligations

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


	September 30, 2021		December 31, 2020
Vector:
5.75% Senior Secured Notes due 2029	$	875,000	$	—
6.125% Senior Secured Notes due 2025	—		850,000
10.5% Senior Notes due 2026, net of unamortized discount of $2,750 and $3,040	552,250		551,960

Liggett:


Equipment loans	71		89
Other	15,874		25,484
Notes payable, long-term debt and other obligations	1,443,195		1,427,533
Less:
Debt issuance costs	(29,732)		(21,247)
Total notes payable, long-term debt and other obligations	1,413,463		1,406,286
Less:
Current maturities	(12,583)		(12,557)
Amount due after one year	$	1,400,880	$	1,393,729

Schedule of Non-cash Interest Expense - Vector

Non-Cash Interest Expense — Vector:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amortization of debt discount, net	$	99	$	89	$	290	$	5,536
Amortization of debt issuance costs	960		847		2,795		2,894
Loss on extinguishment of 6.125% Senior Secured Notes	—		—		8,349		—


	$	1,059	$	936	$	11,434	$	8,430

Schedule of Fair Value of Notes Payable and Long-term Debt

Fair Value of Notes Payable and Long-Term Debt:


	September 30, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Senior Notes	$	1,427,250	$	1,464,273	$	1,401,960	$	1,464,208

Liggett and other	15,945		15,949		25,573		25,581
Notes payable and long-term debt	$	1,443,195	$	1,480,222	$	1,427,533	$	1,489,789

Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contingencies

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


State						Number of Cases
Florida						48
Illinois						17
Nevada						7
New Mexico						5
Louisiana						2
Hawaii						1
Massachusetts						1

The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2021 was as follows:


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

Balance as of January 1, 2021	$	38,767	$	3,967	$	42,734	$	17,933	$	19,268	$	37,201
Expenses	122,916		17		122,933		—		—		—

Change in MSA obligations capitalized as inventory	645		—		645		—		—		—
Payments	(35,206)		(4,077)		(39,283)		—		—		—
Reclassification to/(from) non-current liabilities	4,709		3,351		8,060		(4,709)		(3,351)		(8,060)
Interest on withholding	—		382		382		—		1,301		1,301
Balance as of September 30, 2021	$	131,831	$	3,640	$	135,471	$	13,224	$	17,218	$	30,442

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


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

Balance as of January 1, 2020	$	34,116	$	4,249	$	38,365	$	17,275	$	20,594	$	37,869
Expenses	139,393		28		139,421		—		—		—

Change in MSA obligations capitalized as inventory	32		—		32		—		—		—
Payments	(27,214)		(4,324)		(31,538)		—		—		—
Reclassification to/(from) non-current liabilities	(855)		3,252		2,397		855		(3,252)		(2,397)
Interest on withholding	—		330		330		—		1,422		1,422
Balance as of September 30, 2020	$	145,472	$	3,535	$	149,007	$	18,130	$	18,764	$	36,894

- 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
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 460
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-URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12053-110248

+ Details

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets

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


	December 31, 2020		Acquisitions (1)		Impairment Losses		Amortization		September 30, 2021
Goodwill	$	31,756	$	815	$	—	$	—	$	32,571

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

Trademark - Douglas Elliman	68,000		—		—		—		68,000

Intangibles with a finite life, net	310		6,527		—		(218)		6,619

Total goodwill and other intangible assets, net	$	207,577	$	7,342	$	—	$	(218)	$	214,701

_____________________________


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

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

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

Intangibles with a finite life, net	474		—		—		(123)		351

Total goodwill and other intangible assets, net	$	265,993	$	—	$	(58,252)	$	(123)	$	207,618

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Income before provision for income taxes	$	72,448	$	55,962	$	249,623	$	88,443
Income tax expense using estimated annual effective income tax rate	22,097		16,784		76,136		26,497
Changes in effective tax rates	2,126		66		—		—



Impact of discrete items, net	(544)		973		(544)		1,264




Income tax expense	$	23,679	$	17,823	$	75,592	$	27,761

Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30, 2021
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)	$	320,956	$	320,956	$	—	$	—

Commercial paper (1)	21,136		—		21,136		—

Certificates of deposit (2)	679		—		679		—



Investment securities at fair value
Equity securities at fair value
Marketable equity securities	20,953		20,953		—		—
Mutual funds invested in debt securities	23,361		23,361		—		—
Total equity securities at fair value	44,314		44,314		—		—
Debt securities available for sale
U.S. government securities	10,143		—		10,143		—
Corporate securities	49,960		—		49,960		—
U.S. government and federal agency	17,069		—		17,069		—


Commercial paper	32,387		—		32,387		—

Foreign fixed-income securities	1,222		—		1,222		—

Total debt securities available for sale	110,781		—		110,781		—

PropTech convertible trading debt securities	2,208		—		—		2,208
Total investment securities at fair value	157,303		44,314		110,781		2,208

Long-term investments
Long-term investment securities at fair value (3)	36,331		—		—		—

Total	$	536,405	$	365,270	$	132,596	$	2,208

Liabilities:
Fair value of contingent liability	$	4,250	$	—	$	—	$	4,250

Total	$	4,250	$	—	$	—	$	4,250

(2) Amounts included in current restricted assets and non-current restricted assets on the condensed 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, 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 condensed 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 September 30, 2021:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	September 30, 2021		Valuation Technique	Unobservable Input	Range (Actual)








PropTech convertible trading debt securities	$	2,208	Discounted cash flow	Interest rate	5%
				Maturity	Feb 2023 - Mar 2023
				Volatility	36.2% - 100.8%
				Discount rate	27.08% - 46.66%

Fair value of contingent liability	$	4,250	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	765,886
				Risk-free rate for a 1.25-year term	0.14		%
				Leverage-adjusted equity volatility of peer firms	29.22		%

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		%

Nonrecurring Fair Value Measurements

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


			Fair Value Measurement Using:
	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	$	—	$	—	$	—	$	—

- 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)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Financial Information for the Company's Operations Before Taxes

Financial information for the Company’s operations before taxes and non-controlling interests for the three and nine months ended September 30, 2021 and 2020 were as follows:


				Real			Corporate
	Tobacco			Estate			and Other		Total
Three months ended September 30, 2021
Revenues	$	297,942		$	354,704		$	—	$	652,646
Operating income (loss)	91,779		(1)	24,700			(8,950)		107,529
Equity in losses from real estate ventures	—			(5,869)			—		(5,869)
Depreciation and amortization	1,550			2,250			262		4,062

Three months ended September 30, 2020
Revenues	$	318,850		$	228,981		$	—	$	547,831
Operating income (loss)	91,319		(2)	10,850		(3)	(6,252)		95,917
Equity in losses from real estate ventures	—			(8,536)			—		(8,536)
Depreciation and amortization	1,965			2,167			214		4,346

Nine months ended September 30, 2021
Revenues	$	895,901		$	1,030,038		$	—	$	1,925,939
Operating income (loss)	276,557		(4)	82,322			(24,071)		334,808
Equity in earnings from real estate ventures	—			12,405			—		12,405

Depreciation and amortization	5,007			6,596			727		12,330
Capital expenditures	4,817			2,693			3,593		11,103

Nine months ended September 30, 2020
Revenues	$	918,429		$	529,650		$	—	$	1,448,079
Operating income (loss)	239,814		(5)	(63,500)		(6)	(18,504)		157,810
Equity in losses from real estate ventures	—			(27,301)			—		(27,301)

Depreciation and amortization	6,007			6,678			648		13,333
Capital expenditures	3,644			5,160			20		8,824

(1) Operating income includes $12 of litigation settlement and judgment expense.

(2) Operating income includes $286 of expenses from MSA settlement.

(3) Operating income includes $320 of restructuring charges.

(4) Operating income includes $2,722 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $17 of litigation settlement and judgment expense.

(5) Operating income includes $286 of expenses from MSA settlement and $53 of litigation settlement and judgment expense.

(6) Operating loss includes $58,252 of impairment charges related to the impairments of goodwill and intangible assets and $3,281 of restructuring charges.

Summary of Significant Accounting Policies (Net Income for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Net income attributed to Vector Group Ltd.	$ 48,889	$ 38,139	$ 174,151	$ 60,682
Income attributed to participating securities, basic	(823)	(708)	(2,510)	(1,976)
Income attributed to participating securities, diluted	(823)	(708)	(2,510)	(1,976)
Net income applicable to common shares attributed to Vector Group Ltd., basic	48,066	37,431	171,641	58,706
Net income applicable to common shares attributed to Vector Group Ltd., diluted	$ 48,066	$ 37,431	$ 171,641	$ 58,706

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Summary of Significant Accounting Policies (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Weighted-average shares for basic EPS (in shares)	152,535,244	152,216,118	152,357,669	149,541,642
Plus incremental shares related to stock options and non-vested restricted stock (in shares)	34,376	8,470	132,411	32,007
Weighted-average shares for diluted EPS (in shares)	152,569,620	152,224,588	152,490,080	149,573,649

Summary of Significant Accounting Policies (Antidilutive Securities Excluded from Earnings Per Share) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Non-vested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares (in shares)	210,642	612,538	0	555,918
Weighted-average expense per share (in dollars per share)	$ 19.54	$ 18.29	$ 0	$ 19.54
PropTech convertible debt securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares (in shares)	0	0	0	3,237,522
Weighted-average conversion price (in dollars per share)	$ 0	$ 0	$ 0	$ 20.27

Summary of Significant Accounting Policies (Restructuring) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Percent of positions eliminated					25.00%
Restructuring charges	$ 0	$ 320,000	$ 0	$ 3,281,000
Accrual for restructuring charges					$ 0
Employee severance and benefits		186,000		1,785,000
Other restructuring expenses		64,000		282,000
Cash charges		250,000		2,067,000
Loss on fixed assets associated with consolidation of sales offices		70,000		1,214,000
Total restructuring charges	$ 0	$ 320,000	$ 0	$ 3,281,000

Summary of Significant Accounting Policies (Real Estate Segment Restructuring Plan) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 250	$ 2,067
Real estate
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		3,281
Utilized		(3,231)
Accrual balance as of September 30, 2020	50	50
Real estate \| Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		1,785
Utilized		(1,735)
Accrual balance as of September 30, 2020	50	50
Real estate \| Other
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		282
Utilized		(282)
Accrual balance as of September 30, 2020	0	0
Real estate \| Non-Cash Loss on Fixed Assets
Restructuring Reserve [Roll Forward]
Accrual balance as of January 1, 2020		0
Restructuring charges		1,214
Utilized		(1,214)
Accrual balance as of September 30, 2020	$ 0	$ 0

Summary of Significant Accounting Policies (Schedule of Other, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Interest and dividend income	$ 542	$ 1,251	$ 1,678	$ 5,331
Net (losses) gains recognized on investment securities	(1,549)	2,516	9,369	(4,943)
Net periodic benefit cost other than the service costs	(243)	(452)	(730)	(1,361)
Credit loss expense	0	(8,576)	0	(9,008)
Other income (expense)	281	165	(2,954)	1,865
Other, net	$ (969)	$ (5,096)	$ 7,363	$ (8,116)

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Restricted assets	$ 3,800	$ 3,456
Prepaid pension costs	36,022	35,209
Contract assets, net	28,688	24,002
PropTech investments at cost	3,563	0
Other assets	34,694	32,359
Total other assets	$ 106,767	$ 95,026

Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts payable	$ 15,918	$ 12,846
Accrued promotional expenses	50,288	45,579
Accrued excise and payroll taxes payable, net	3,869	13,849
Accrued interest	32,706	31,624
Commissions payable	24,973	25,615
Accrued salaries and benefits	34,641	27,104
Contract liabilities	5,843	7,633
Allowance for sales returns	6,900	7,356
Other current liabilities	31,568	27,331
Total other current liabilities	$ 206,706	$ 198,937

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 523,731	$ 352,842
Restricted cash and cash equivalents included in other current assets	11,979	10,374
Restricted cash and cash equivalents included in other assets	3,344	2,461
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 539,054	$ 365,677	$ 460,756	$ 379,476

Summary of Significant Accounting Policies (Acquisitions) (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 06, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 32,571	$ 31,756	$ 31,756	$ 78,008
REAOH
Business Acquisition [Line Items]
Ownership interest acquired	49.00%
Purchase price	$ 500
Intangible assets	6,527
Assets acquired	5,047
Liabilities acquired	11,389
Goodwill	$ 815	$ 815
Amortization period	10 years	10 years
REAOH \| REAOH
Business Acquisition [Line Items]
Non-controlling interest	50.00%

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Tobacco
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 297,942	$ 318,850	$ 895,901	$ 918,429
Tobacco \| Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select, and Eve
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	282,079	300,487	848,599	864,880
Tobacco \| Other Brands
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	15,863	18,363	47,302	53,549
Real estate
Disaggregation of Revenue [Line Items]
Total real estate revenues	354,704	228,981	1,030,038	529,650
Real estate \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	141,790	56,302	369,626	174,142
Real estate \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	64,364	80,213	188,154	151,632
Real estate \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	81,739	49,447	300,643	112,326
Real estate \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	66,811	43,019	171,615	91,550
Real estate \| Commission and other brokerage income - existing home sales
Disaggregation of Revenue [Line Items]
Total real estate revenues	318,594	187,831	907,365	443,290
Real estate \| Commission and other brokerage income - existing home sales \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	117,488	43,039	293,475	129,009
Real estate \| Commission and other brokerage income - existing home sales \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	63,715	58,909	186,384	129,264
Real estate \| Commission and other brokerage income - existing home sales \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	75,904	43,883	273,423	97,293
Real estate \| Commission and other brokerage income - existing home sales \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	61,487	42,000	154,083	87,724
Real estate \| Commission and other brokerage income - development marketing
Disaggregation of Revenue [Line Items]
Total real estate revenues	20,321	10,669	66,683	34,430
Real estate \| Commission and other brokerage income - development marketing \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	14,263	4,571	38,626	18,195
Real estate \| Commission and other brokerage income - development marketing \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Commission and other brokerage income - development marketing \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	5,835	5,564	27,220	15,033
Real estate \| Commission and other brokerage income - development marketing \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	223	534	837	1,202
Real estate \| Property management revenue
Disaggregation of Revenue [Line Items]
Total real estate revenues	9,120	8,584	28,289	26,195
Real estate \| Property management revenue \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	8,979	8,334	27,836	25,513
Real estate \| Property management revenue \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	141	250	453	682
Real estate \| Property management revenue \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Property management revenue \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Escrow and title fees
Disaggregation of Revenue [Line Items]
Total real estate revenues	6,126	912	16,575	2,611
Real estate \| Escrow and title fees \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	1,060	358	2,939	1,425
Real estate \| Escrow and title fees \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	508	554	1,317	1,186
Real estate \| Escrow and title fees \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Escrow and title fees \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	4,558	0	12,319	0
Real estate \| Total Douglas Elliman revenue
Disaggregation of Revenue [Line Items]
Total real estate revenues	354,161	207,996	1,018,912	506,526
Real estate \| Total Douglas Elliman revenue \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	141,790	56,302	362,876	174,142
Real estate \| Total Douglas Elliman revenue \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	64,364	59,713	188,154	131,132
Real estate \| Total Douglas Elliman revenue \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	81,739	49,447	300,643	112,326
Real estate \| Total Douglas Elliman revenue \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	66,268	42,534	167,239	88,926
Real estate \| Other real estate revenues
Disaggregation of Revenue [Line Items]
Total real estate revenues	543	20,985	11,126	23,124
Real estate \| Other real estate revenues \| New York City
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	6,750	0
Real estate \| Other real estate revenues \| Northeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	20,500	0	20,500
Real estate \| Other real estate revenues \| Southeast
Disaggregation of Revenue [Line Items]
Total real estate revenues	0	0	0	0
Real estate \| Other real estate revenues \| West
Disaggregation of Revenue [Line Items]
Total real estate revenues	$ 543	$ 485	$ 4,376	$ 2,624

Revenue Recognition (Contract Balances) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables, which are included in accounts receivable - trade, net	$ 2,248		$ 2,248		$ 1,520
Contract assets, net, which are included in other current assets	3,087		3,087		6,529
Payables, which are included in other current liabilities	1,682		1,682		1,113
Contract liabilities, which are included in other current liabilities	5,843		5,843		7,633
Contract assets, net, which are included in other assets	28,688		28,688		24,002
Contract liabilities, which are included in other liabilities	38,734		38,734		$ 32,104
Revenue recognized on contract liabilities	$ 2,292	$ 1,451	$ 4,941	$ 8,109

Current Expected Credit Losses (Narrative) (Details) $ in Thousands	Sep. 30, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
New Valley \| Affiliated Entity
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 15,928	$ 15,928	$ 12,108	$ 3,100
Number of loans \| loan	2	2
Total amortized cost basis	$ 15,928	$ 15,928
Interest receivable	6,428	6,428
Real estate broker agent receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 7,623	$ 7,038	$ 7,715	$ 6,132

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Current Expected Credit Losses (Rollforward) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
New Valley \| Affiliated Entity
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 15,928	$ 3,100
Current Period Provision	0	9,008
Write-offs	0	0
Recoveries	0	0
Ending balance	15,928	12,108
Real estate broker agent receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7,038	6,132
Current Period Provision	904	1,724
Write-offs	319	141
Recoveries	0	0
Ending balance	$ 7,623	$ 7,715

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 9,332	$ 9,475	$ 27,925	$ 28,255
Short-term lease cost	224	218	776	1,007
Variable lease cost	821	663	2,858	1,818
Amortization	14	17	44	94
Interest on lease liabilities	2	4	7	11
Total lease cost	$ 10,393	$ 10,377	31,610	31,185
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases			32,861	19,376
Operating cash flows from finance leases			8	11
Financing cash flows from finance leases			42	86
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			7,451	13,711
Finance leases			$ 0	$ 60

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finance leases:
Investments in real estate, net	$ 64	$ 83
Property, plant and equipment, at cost	127	127
Accumulated amortization	(63)	(44)
Finance lease net	64	83
Current portion of notes payable and long-term debt	57	57
Notes payable, long-term debt and other obligations, less current portion	53	96
Total finance lease liabilities	$ 110	$ 153
Weighted average remaining lease term:
Operating leases	7 years 5 months 19 days	7 years 10 months 13 days
Finance leases	2 years 18 days	2 years 8 months 15 days
Weighted average discount rate:
Operating leases	9.18%	9.26%
Finance leases	8.09%	7.82%
Financing lease equipment
Finance leases:
Investments in real estate, net	$ 38	$ 62
Property, plant and equipment, at cost	748	748
Accumulated amortization	(710)	(686)
Finance lease net	$ 38	$ 62

Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Remainder of 2021	$ 11,293
2022	39,846
2023	35,031
2024	28,777
2025	23,291
2026	19,484
Thereafter	79,656
Total lease payments	237,378
Less imputed interest	(69,402)
Total	167,976
Finance Leases
Remainder of 2021	16
2022	61
2023	35
2024	8
2025	0
2026	0
Thereafter	0
Total lease payments	120
Less imputed interest	(10)
Total	$ 110	$ 153

Leases (Narrative) (Details)	Sep. 30, 2021 USD ($)
Leases [Abstract]
Lease not yet commenced	$ 0

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Leaf tobacco	$ 35,339	$ 42,988
Other raw materials	6,166	5,987
Work-in-process	644	520
Finished goods	67,356	68,781
Inventories at current cost	109,505	118,276
LIFO adjustments	(19,731)	(20,731)
Inventory, net	$ 89,774	$ 97,545

Inventories (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
LIFO adjustments	$ 19,731	$ 20,731
Capitalized MSA cost in finished goods inventory	21,765	21,120
Inventories
Inventory [Line Items]
Federal excise tax in inventory	25,136	27,683
Liggett \| Inventories
Inventory [Line Items]
Purchase commitments	17,350
Leaf tobacco
Inventory [Line Items]
LIFO adjustments	13,139	14,139
Other raw materials
Inventory [Line Items]
LIFO adjustments	474	474
Work-in-process
Inventory [Line Items]
LIFO adjustments	26	26
Finished goods
Inventory [Line Items]
LIFO adjustments	$ 6,092	$ 6,092

Investment Securities (Investment Securities at Fair Value Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Debt securities available for sale	$ 110,781	$ 91,204
PropTech convertible trading debt securities	2,208	0
Long-term investment securities at fair value	36,331	34,218
Total equity securities at fair value	80,645	78,599
Total investment securities at fair value	193,634	169,803
Current investment securities at fair value	155,095	135,585
Equity-method investments	19,872	18,310
Total long-term investments	58,411	52,528
PropTech investments at cost	3,563	0
Other equity securities at cost	5,200	5,200
Total equity securities at cost	8,763	5,200
Marketable equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value	20,953	21,155
Mutual funds invested in debt securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value	$ 23,361	$ 23,226

Investment Securities (Net (Losses) Gains Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net (losses) gains recognized on equity securities	$ (1,578)	$ 2,516	$ 9,352	$ (4,510)
Net (losses) gains recognized on debt securities available for sale	(29)	22	36	(25)
Impairment expense	(7)	(22)	(65)	(408)
Net gains recognized on PropTech convertible trading debt securities	65	0	46	0
Net (losses) gains recognized on investment securities	$ (1,549)	$ 2,516	$ 9,369	$ (4,943)

Investment Securities (Components of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 110,781	$ 91,204
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	110,584	90,621
Gross Unrealized Gains	197	583
Gross Unrealized Losses	0	0
Fair Value	$ 110,781	$ 91,204

Investment Securities (Maturity Dates of Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 110,781	$ 91,204
Under 1 Year	73,830
1 Year up to 5 Years	36,951
More than 5 Years	0
U.S. Government securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	10,143
Under 1 Year	8,531
1 Year up to 5 Years	1,612
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	49,960
Under 1 Year	29,002
1 Year up to 5 Years	20,958
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	17,069
Under 1 Year	2,688
1 Year up to 5 Years	14,381
More than 5 Years	0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	32,387
Under 1 Year	32,387
1 Year up to 5 Years	0
More than 5 Years	0
Foreign fixed-income securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,222
Under 1 Year	1,222
1 Year up to 5 Years	0
More than 5 Years	$ 0

Investment Securities (Gross Realized Gains and Losses on Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales	$ 29	$ 23	$ 96	$ 193
Gross realized losses on sales	(58)	(1)	(60)	(218)
Net (losses) gains recognized on debt securities available for sale	(29)	22	36	(25)
Impairment expense	$ (7)	$ (22)	$ (65)	$ (408)

Investment Securities (Narrative) (Details)		1 Months Ended	9 Months Ended
Investment Securities (Narrative) (Details)	Feb. 14, 2020 USD ($) shares	Mar. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) venture	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Unfunded commitments			$ 1,474,000
Cash distributions received			8,509,000	$ 30,358,000
Classified distributions as investing cash inflows			8,509,000	30,255,000
Proceeds from long-term equity method investment				53,528,000
Equity securities without readily determinable fair value			8,764,000		$ 5,200,000
Impairment and other adjustments			$ 0	$ 0
Minimum
Debt Securities, Available-for-sale [Line Items]
Equity-method ownership percentage			6.62%
Maximum
Debt Securities, Available-for-sale [Line Items]
Equity-method ownership percentage			37.78%
PropTech \| Affiliated Entity \| New Valley Ventures \| PropTech convertible debt securities
Debt Securities, Available-for-sale [Line Items]
Invested amount			$ 2,500,000
Number of investees \| venture			4
PropTech \| Affiliated Entity \| New Valley Ventures \| NAV
Debt Securities, Available-for-sale [Line Items]
Invested amount			$ 1,177,000
Number of investees \| venture			3
PropTech \| Affiliated Entity \| New Valley Ventures \| Total equity securities at fair value
Debt Securities, Available-for-sale [Line Items]
Invested amount			$ 3,225,000
Number of investees \| venture			6
LTS \| Equity Method Investee \| Common Stock \| LTS Common Stock
Debt Securities, Available-for-sale [Line Items]
Proceeds from common shares	$ 53,169,000
Common shares of LTS (in shares) \| shares	15,191,205
LTS \| Equity Method Investee \| Redeemable Preferred Stock \| LTS Preferred
Debt Securities, Available-for-sale [Line Items]
Proceeds from common shares		$ 6,009,000
Common shares of LTS (in shares) \| shares		240,000
Dividend percentage of preferred stock		8.00%
Liquidation preference (in dollars per share) \| $ / shares		$ 25.00

Investment Securities (PropTech Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
PropTech convertible trading debt securities	$ 2,208	$ 0
PropTech investments at fair value	1,358	514
PropTech investments at cost	3,563	0
Debt securities, noncurrent	$ 7,129	$ 514

Investment Securities (Equity Securities at Fair Value) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net (losses) gains recognized on equity securities	$ (1,578)	$ 2,516	$ 9,352	$ (4,510)
Less: Net gains (losses) recognized on equity securities sold	2,095	(2)	6,318	(19)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$ (3,673)	$ 2,518	$ 3,034	$ (4,491)

Investment Securities (Equity-Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 19,872	$ 18,310
Mutual fund and hedge funds
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 19,872	$ 18,310

Investment Securities (Equity in Earnings of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	$ 44	$ 1,840	$ 1,562	$ 54,199
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	44	1,468	1,562	775
LTS
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	$ 0	$ 372	$ 0	$ 53,424

New Valley LLC (Investment in Real Estate Ventures) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($) venture	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) venture investment	Sep. 30, 2020 USD ($) investment	Dec. 31, 2020 USD ($)
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 74,199		$ 74,199		$ 85,400
Contributions to real estate ventures			15,912	$ 6,239
Return of capital			11,879
Equity in (losses) earnings from real estate ventures	(5,869)	$ (8,536)	$ 12,405	$ (27,301)
Number of impaired long-term investments \| investment			1	3
Impairment of long-term investments					16,513
Identifiable assets	$ 1,535,958		$ 1,535,958		1,343,409
Minimum
Schedule of Investments [Line Items]
Range of ownership	6.62%		6.62%
Maximum
Schedule of Investments [Line Items]
Range of ownership	37.78%		37.78%
New Valley
Schedule of Investments [Line Items]
Distributions of earnings			$ 25,330	$ 1,919
Return of capital			11,879	11,606
Douglas Elliman Realty, LLC
Schedule of Investments [Line Items]
Proceeds from commissions received			7,493	8,829
VIE \| New Valley \| Affiliated Entity
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 74,199		74,199		85,400
Contributions to real estate ventures			15,912	6,239
Distributions from real estate ventures			37,209	13,525
Equity in (losses) earnings from real estate ventures	$ (5,869)	(8,536)	$ 12,405	(27,301)
Number of real estate ventures \| venture	1		1
Identifiable assets	$ 0		$ 0		0
Total maximum exposure to loss	74,199		74,199
Interest costs capitalized	614	932	1,636	3,188
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development
Schedule of Investments [Line Items]
Investments in real estate ventures	59,705		59,705		68,238
Contributions to real estate ventures			12,732	5,345
Distributions from real estate ventures			18,034	12,795
Equity in (losses) earnings from real estate ventures	(6,969)	(7,453)	(2,167)	(25,192)
Total maximum exposure to loss	59,705		59,705
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures	23,390		23,390		30,465
Contributions to real estate ventures			396	1,169
Distributions from real estate ventures			4,440	1,735
Equity in (losses) earnings from real estate ventures	(841)	(6,835)	(3,313)	(15,286)
Total maximum exposure to loss	$ 23,390		$ 23,390
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Range of ownership	4.20%		4.20%
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Range of ownership	46.70%		46.70%
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development \| All other U.S. areas
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 36,315		$ 36,315		37,773
Contributions to real estate ventures			12,336	4,176
Distributions from real estate ventures			13,594	11,060
Equity in (losses) earnings from real estate ventures	(6,128)	(618)	1,146	(9,906)
Total maximum exposure to loss	$ 36,315		$ 36,315
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Range of ownership	19.60%		19.60%
VIE \| New Valley \| Affiliated Entity \| Condominium and Mixed Use Development \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Range of ownership	77.80%		77.80%
VIE \| New Valley \| Affiliated Entity \| Apartment Buildings
Schedule of Investments [Line Items]
Contributions to real estate ventures			$ 0	76
Distributions from real estate ventures			18,566	0
Equity in (losses) earnings from real estate ventures	$ 999	(208)	18,566	(284)
VIE \| New Valley \| Affiliated Entity \| Apartment Buildings \| All other U.S. areas
Schedule of Investments [Line Items]
Contributions to real estate ventures			0	76
Distributions from real estate ventures			18,566	0
Equity in (losses) earnings from real estate ventures	999	(208)	18,566	(284)
VIE \| New Valley \| Affiliated Entity \| Hotels
Schedule of Investments [Line Items]
Investments in real estate ventures	3,501		3,501		4,481
Contributions to real estate ventures			1,579	294
Equity in (losses) earnings from real estate ventures	64	(962)	(1,313)	(2,162)
Total maximum exposure to loss	3,501		3,501
VIE \| New Valley \| Affiliated Entity \| Hotels \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures	1,868		1,868		2,629
Contributions to real estate ventures			1,579	294
Equity in (losses) earnings from real estate ventures	(246)	(1,119)	(1,094)	(1,768)
Impairment of long-term investments		6,617	2,713	10,401
Total maximum exposure to loss	$ 1,868		$ 1,868
VIE \| New Valley \| Affiliated Entity \| Hotels \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Range of ownership	0.40%		0.40%
VIE \| New Valley \| Affiliated Entity \| Hotels \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Range of ownership	12.30%		12.30%
VIE \| New Valley \| Affiliated Entity \| Hotels \| International
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%
Investments in real estate ventures	$ 1,633		$ 1,633		1,852
Equity in (losses) earnings from real estate ventures	310	157	(219)	(394)
Total maximum exposure to loss	1,633		1,633
VIE \| New Valley \| Affiliated Entity \| Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures	7,055		7,055		9,675
Distributions from real estate ventures			503	704
Equity in (losses) earnings from real estate ventures	200	264	(2,118)	476
Total maximum exposure to loss	$ 7,055		$ 7,055
VIE \| New Valley \| Affiliated Entity \| Commercial \| New York City SMSA
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%
Investments in real estate ventures	$ 0		$ 0		2,591
Distributions from real estate ventures			0	591
Equity in (losses) earnings from real estate ventures	$ 0	783	$ (2,591)	1,010
VIE \| New Valley \| Affiliated Entity \| Commercial \| All other U.S. areas
Schedule of Investments [Line Items]
Range of ownership	1.60%		1.60%
Investments in real estate ventures	$ 7,055		$ 7,055		7,084
Distributions from real estate ventures			503	113
Equity in (losses) earnings from real estate ventures	200	(519)	473	(534)
Total maximum exposure to loss	7,055		7,055
VIE \| New Valley \| Affiliated Entity \| Other
Schedule of Investments [Line Items]
Investments in real estate ventures	3,938		3,938		$ 3,006
Contributions to real estate ventures			1,601	524
Distributions from real estate ventures			106	26
Equity in (losses) earnings from real estate ventures	(163)	$ (177)	(563)	$ (139)
Total maximum exposure to loss	$ 3,938		$ 3,938
VIE \| New Valley \| Affiliated Entity \| Other \| Minimum
Schedule of Investments [Line Items]
Range of ownership	15.00%		15.00%
VIE \| New Valley \| Affiliated Entity \| Other \| Maximum
Schedule of Investments [Line Items]
Range of ownership	50.00%		50.00%

New Valley LLC (Investments in Real Estate, net) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Real estate investment, net		$ 9,551		$ 9,551		$ 15,631
New Valley \| VIE \| Affiliated Entity
Schedule of Investments [Line Items]
Real estate investment, net		9,551		9,551		15,631
New Valley \| VIE \| Affiliated Entity \| Escena, net
Schedule of Investments [Line Items]
Land and land improvements		8,911		8,911		8,911
Building and building improvements		1,926		1,926		1,926
Other		1,651		1,651		1,672
Investments in real estate, gross		12,488		12,488		12,509
Less accumulated depreciation		(2,937)		(2,937)		(2,774)
Real estate investment, net		9,551		9,551		9,735
Operating income (losses)		(530)	$ (738)	(250)	$ (1,010)
New Valley \| VIE \| Affiliated Entity \| Townhome A (11 Beach Street)
Schedule of Investments [Line Items]
Real estate investment, net		$ 0		$ 0		$ 5,896
Sale of unit	$ 6,750

Notes Payable, Long-Term Debt and Other Obligations (Components of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Feb. 01, 2021	Jan. 28, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 1,443,195			$ 1,427,533
Less: Debt issuance costs	(29,732)			(21,247)
Total notes payable, long-term debt and other obligations	1,413,463			1,406,286
Less: Current maturities	(12,583)			(12,557)
Amount due after one year	$ 1,400,880			1,393,729
Senior Notes \| 5.75% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate	5.75%		5.75%
Notes payable, long-term debt and other obligations	$ 875,000			0
Senior Notes \| 6.125% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%
Notes payable, long-term debt and other obligations	$ 0			850,000
Less: Debt issuance costs		$ (8,348)
Senior Notes \| 10.5% Senior Notes due 2026, net of unamortized discount of $2,750 and $3,040
Debt Instrument [Line Items]
Interest rate	10.50%
Variable Interest Senior Convertible Debt \| 10.5% Senior Notes due 2026, net of unamortized discount of $2,750 and $3,040
Debt Instrument [Line Items]
Interest rate	10.50%
Unamortized discount	$ 2,750			3,040
Notes payable, long-term debt and other obligations	552,250			551,960
Equipment loans \| Liggett
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	71			89
Other
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 15,874			$ 25,484

Notes Payable, Long-Term Debt and Other Obligations (Senior Notes, Revolving Credit Facility, and Other) (Details) - USD ($)			3 Months Ended		9 Months Ended
	Feb. 01, 2021	Jan. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 22, 2021	Mar. 21, 2021	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 0	$ (21,362,000)	$ 0
Other costs and non-cash interest expense			$ 29,732,000		$ 29,732,000				$ 21,247,000
Douglas Elliman
Debt Instrument [Line Items]
Voting interest acquired										29.41%
Senior Notes \| 5.75% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate		5.75%	5.75%		5.75%
Debt issued		$ 875,000,000
Net proceeds from issuance of debt		$ 855,500,000
Senior Notes \| 6.125% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Interest rate	6.125%		6.125%		6.125%
Loss on extinguishment of debt	$ 21,362,000		$ 0	$ 0	$ (8,349,000)	$ 0
Premium	13,014,000
Other costs and non-cash interest expense	$ 8,348,000
Senior Notes \| 10.5% Senior Notes due 2026, net of unamortized discount of $2,750 and $3,040
Debt Instrument [Line Items]
Interest rate			10.50%		10.50%
Revolving credit facility \| Liggett
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 90,000,000	$ 60,000,000
Current borrowing capacity			$ 81,200,000		$ 81,200,000
Amount outstanding			0		0
Other Notes Payable \| Douglas Elliman notes payable to sellers
Debt Instrument [Line Items]
Debt issued			15,625,000		15,625,000
Principal repaid in year to date					14,375,000
Due to be repaid in 2021			3,125,000		3,125,000
Due to be repaid in 2022			$ 12,500,000		$ 12,500,000

Notes Payable, Long-Term Debt and Other Obligations (Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Amortization of debt discount, net		$ 99	$ 89	$ 290	$ 5,536
Amortization of debt issuance costs		960	847	2,795	2,894
Loss on extinguishment of debt		0	0	21,362	0
Non-cash interest expense		$ 1,059	936	$ 11,434	8,430
6.125% Senior Secured Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%		6.125%
Loss on extinguishment of debt	$ (21,362)	$ 0	$ 0	$ 8,349	$ 0

Notes Payable, Long-Term Debt and Other Obligations (Fair Value of Notes Payable and Long Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,443,195	$ 1,427,533
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,480,222	1,489,789
Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,427,250	1,401,960
Senior Notes \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,464,273	1,464,208
Liggett and other \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	15,945	25,573
Liggett and other \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 15,949	$ 25,581

Contingencies (Overview and Bonds) (Details) - Liggett - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2009
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs	$ 4,622,000	$ 4,684,000
Engle Progeny Cases \| Florida
Loss Contingencies [Line Items]
Maximum bond required for judgments on appeal			$ 200,000,000
Maximum bond for appeal			$ 5,000,000
Bonds
Loss Contingencies [Line Items]
Security posted for appeal of judgment	$ 0

Contingencies (Individual Actions) (Details) - Individual Actions Cases - Liggett	Sep. 30, 2021 case
Loss Contingencies [Line Items]
Cases pending	81
Florida
Loss Contingencies [Line Items]
Cases pending	48
Illinois
Loss Contingencies [Line Items]
Cases pending	17
Nevada
Loss Contingencies [Line Items]
Cases pending	7
New Mexico
Loss Contingencies [Line Items]
Cases pending	5
Louisiana
Loss Contingencies [Line Items]
Cases pending	2
Hawaii
Loss Contingencies [Line Items]
Cases pending	1
Massachusetts
Loss Contingencies [Line Items]
Cases pending	1

Contingencies (Cautionary Statement About Engle Progeny Cases) (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended
	Nov. 21, 1996 USD ($)	Oct. 31, 2013 USD ($)	Sep. 30, 2021 case
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 145,000,000
Liggett
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 790,000	$ 110,000
Cases with verdicts			25
Cases with verdicts in favor of plaintiffs			16
Cases with verdicts in favor of defendants			9
Cases with verdicts in favor of plaintiffs and punitive damages awarded			5

Contingencies (Engle Progeny Cases and Settlements) (Details) $ in Thousands		1 Months Ended		9 Months Ended
	Nov. 21, 1996 USD ($)	Feb. 28, 2015	Oct. 31, 2013 USD ($) case	Sep. 30, 2021 USD ($) case agreement plaintiff
Engle Progeny Cases
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 145,000,000
Engle Progeny Cases \| Liggett
Loss Contingencies [Line Items]
Cases settled \| case			4,900	203
Amount of litigation settlement awarded to other party	$ 790,000		$ 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
Engle Progeny Cases \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Cases pending \| case				38
Engle Progeny separate settlement cases \| Liggett
Loss Contingencies [Line Items]
Cases settled \| agreement				2
Amount of litigation settlement awarded to other party				$ 23,150
Plaintiffs \| plaintiff				152

Contingencies (Judgments Paid in Engle Progeny Cases, Maryland Cases and Liggett Only Cases ) (Details) - Liggett $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) case	Jun. 30, 2017 case
Lukacs, Campbell, Douglas, Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan, and Santoro
Loss Contingencies [Line Items]
Payments for legal settlements \| $	$ 40,111
Multi-defendant personal injury cases
Loss Contingencies [Line Items]
Cases pending	81
Multi-defendant personal injury cases \| Maryland
Loss Contingencies [Line Items]
Cases pending		16
Engle Progeny Cases, Cowart, Tumin, Forbing, and Jones
Loss Contingencies [Line Items]
Cases pending	4
Engle Progeny Cases, Alvarez, Liles, and O’Rourke
Loss Contingencies [Line Items]
Cases pending	3
Engle Progeny Cases, Baron, Camacho, Clark, Cupp, Feld, Geist, Lane, Nicholson, Mendez and Tully
Loss Contingencies [Line Items]
Cases pending	10

Contingencies (Class Actions and Health Care Cost Recovery Actions) (Details)	Sep. 30, 2021 case	Dec. 31, 2000 defendant
Parsons v. AC & S Inc.
Loss Contingencies [Line Items]
Number of defendants in bankruptcy \| defendant		3
Liggett \| Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending	1
Liggett and Other cigarette manufacturers \| Class Actions
Loss Contingencies [Line Items]
Cases pending	2

Contingencies (MSA and Other State Settlement Agreements) (Details)		1 Months Ended	12 Months Ended	25 Months Ended
	Dec. 30, 2020 USD ($)	Nov. 30, 1998 state	Dec. 31, 2020 USD ($)	Mar. 31, 1998 USD ($) state sponsorship	Sep. 30, 2021 USD ($)
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
Loss Contingencies [Line Items]
Percentage of total domestic shipments			4.10%
Liggett and Vector Tobacco \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Estimated litigation liability			$ 178,000,000
Payments for legal settlements	$ 143,000,000

Contingencies (Certain MSA Disputes) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2010 state	Sep. 30, 2021 USD ($) state
Health Care Cost Recovery Actions, NPM Adjustment \| Cost of Sales
Loss Contingencies [Line Items]
Settlement adjustment credit		$ 5,932
Health Care Cost Recovery Actions, NPM Adjustment \| Liggett \| Cost of Sales
Loss Contingencies [Line Items]
Settlement adjustment credit		$ 54,382
2003 NPM Adjustment
Loss Contingencies [Line Items]
Number of states agreed to single arbitration \| state	48
Aggregate number of settling states \| state	49
Number of settling states with diligence not contested \| state		37
Combined allocable share, percentage		75.00%
2004-2010 NPM Adjustment \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Amounts accrued		$ 13,200
2011-2015 NPM Adjustment \| Liggett
Loss Contingencies [Line Items]
Amounts accrued		$ 49,800

Contingencies (Other State Settlements) (Details) - Health Care Cost Recovery Actions	1 Months Ended			12 Months Ended		25 Months Ended
	Aug. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Jan. 31, 2016 USD ($)	Dec. 31, 2010 USD ($)	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
Liggett \| Minnesota
Loss Contingencies [Line Items]
Annual payment requirement					$ 100,000
Liggett \| Florida
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
Liggett \| Mississippi
Loss Contingencies [Line Items]
Damages sought		$ 16,700,000	$ 27,000,000
Damages awarded	$ 18,800,000

Contingencies (Activity in Accruals for MSA and Tobacco Litigation Schedule) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Current Liabilities
Current liabilities, beginning balance	$ 42,734	$ 38,365
Expenses	122,933	139,421
Change in MSA obligations capitalized as inventory	645	32
Payments	(39,283)	(31,538)
Reclassification to/(from) non-current liabilities	8,060	2,397
Interest on withholding	382	330
Current liabilities, ending balance	135,471	149,007
Non-Current Liabilities
Noncurrent liabilities, beginning balance	37,201	37,869
Expenses	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(8,060)	(2,397)
Interest on withholding	1,301	1,422
Noncurrent liabilities, ending balance	30,442	36,894
Payments due under Master Settlement Agreement
Current Liabilities
Current liabilities, beginning balance	38,767	34,116
Expenses	122,916	139,393
Change in MSA obligations capitalized as inventory	645	32
Payments	(35,206)	(27,214)
Reclassification to/(from) non-current liabilities	4,709	(855)
Interest on withholding	0	0
Current liabilities, ending balance	131,831	145,472
Non-Current Liabilities
Noncurrent liabilities, beginning balance	17,933	17,275
Expenses	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(4,709)	855
Interest on withholding	0	0
Noncurrent liabilities, ending balance	13,224	18,130
Litigation Accruals
Current Liabilities
Current liabilities, beginning balance	3,967	4,249
Expenses	17	28
Change in MSA obligations capitalized as inventory	0	0
Payments	(4,077)	(4,324)
Reclassification to/(from) non-current liabilities	3,351	3,252
Interest on withholding	382	330
Current liabilities, ending balance	3,640	3,535
Non-Current Liabilities
Noncurrent liabilities, beginning balance	19,268	20,594
Expenses	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(3,351)	(3,252)
Interest on withholding	1,301	1,422
Noncurrent liabilities, ending balance	$ 17,218	$ 18,764

Contingencies (Other Matters) (Details)	9 Months Ended
Contingencies (Other Matters) (Details)	Sep. 30, 2021 indemnity_demand
Altria Client Services
Loss Contingencies [Line Items]
Indemnification demands	3

Goodwill and Other Intangible Assets (Components of Goodwill and Other Intangible Assets, Net) (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Aug. 06, 2021	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets [Roll Forward]
Goodwill, beginning balance				$ 78,008	$ 31,756	$ 78,008
Acquisitions					815	0
Impairment Losses				(46,252)	0	(46,252)
Goodwill, ending balance		$ 32,571	$ 31,756		32,571	31,756
Indefinite-lived Intangible Assets [Roll Forward]
Acquisitions					0	0
Finite-lived Intangible Assets [Roll Forward]
Intangibles with a finite life, net, beginning balance				474	310	474
Acquisitions					6,527	0
Impairment Losses					0	0
Amortization					(218)	(123)
Intangibles with a finite life, net, ending balance		6,619	351		6,619	351
Goodwill and Intangible Assets [Roll Forward]
Goodwill and other intangible assets, net, beginning balance				265,993	207,577	265,993
Acquisitions					7,342	0
Impairments of goodwill and intangible assets		0	0		0	(58,252)
Amortization					(218)	(123)
Goodwill and other intangible assets, net, ending balance		214,701	207,618		214,701	207,618
Goodwill		32,571	31,756		32,571	31,756
REAOH
Goodwill and Intangible Assets [Roll Forward]
Goodwill, ending balance	$ 815	815			815
Goodwill and Intangible Assets [Roll Forward]
Purchase price allocated to non-compete agreement		$ 6,527			6,527
Amortization period	10 years	10 years
Goodwill	$ 815	$ 815			815
Intangible asset associated with benefit under the MSA
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite life intangibles, beginning balance				107,511	107,511	107,511
Impairment Losses					0	0
Indefinite life intangibles, ending balance		107,511	107,511		107,511	107,511
Trademark - Douglas Elliman
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite life intangibles, beginning balance				80,000	68,000	80,000
Impairment Losses				$ (12,000)	0	(12,000)
Indefinite life intangibles, ending balance		$ 68,000	$ 68,000		$ 68,000	$ 68,000

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 46,252	$ 0	$ 46,252
Trademark - Douglas Elliman
Finite-Lived Intangible Assets [Line Items]
Intangible assets impairment	$ 12,000	$ 0	$ 12,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 72,448	$ 55,962	$ 249,623	$ 88,443
Income tax expense using estimated annual effective income tax rate	22,097	16,784	76,136	26,497
Changes in effective tax rates	2,126	66	0	0
Impact of discrete items, net	(544)	973	(544)	1,264
Income tax expense	$ 23,679	$ 17,823	$ 75,592	$ 27,761

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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

+ References + Details

Investments and Fair Value Measurements (Fair Value Measurements) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Debt securities available for sale	$ 110,781	$ 91,204
PropTech convertible trading debt securities	2,208	0
Current investment securities at fair value	155,095	135,585
Long-term investment securities at fair value	36,331	34,218
Marketable equity securities
Assets:
Total equity securities at fair value	20,953	21,155
Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	23,361	23,226
U.S. Government securities
Assets:
Debt securities available for sale	10,143
Corporate securities
Assets:
Debt securities available for sale	49,960
U.S. mortgage-backed securities
Assets:
Debt securities available for sale	17,069
Foreign fixed-income securities
Assets:
Debt securities available for sale	1,222
Recurring
Assets:
Current investment securities at fair value	157,303	135,585
Long-term investment securities at fair value	36,331	34,218
Total	536,405	472,140
Liabilities:
Fair value of contingent liability	4,250	999
Total	4,250	999
Recurring \| Marketable equity securities
Assets:
Total equity securities at fair value	20,953	21,155
Recurring \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	23,361	23,226
Recurring \| Total equity securities at fair value
Assets:
Total equity securities at fair value	44,314	44,381
Recurring \| U.S. Government securities
Assets:
Debt securities available for sale	10,143	19,200
Recurring \| Corporate securities
Assets:
Debt securities available for sale	49,960	52,434
Recurring \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	17,069	10,484
Recurring \| Commercial paper
Assets:
Debt securities available for sale	32,387	9,086
Recurring \| Foreign fixed-income securities
Assets:
Debt securities available for sale	1,222
Recurring \| Total debt securities available for sale
Assets:
Debt securities available for sale	110,781	91,204
Recurring \| PropTech convertible debt securities
Assets:
PropTech convertible trading debt securities	2,208
Recurring \| Money market funds
Assets:
Cash and cash equivalents	320,956	255,294
Recurring \| Commercial paper
Assets:
Cash and cash equivalents	21,136	44,397
Recurring \| Commercial paper \| Current Restricted Assets
Assets:
Cash and cash equivalents	11,979
Recurring \| Commercial paper \| Restricted Assets
Assets:
Cash and cash equivalents	1,907
Recurring \| Certificates of deposit
Assets:
Cash and cash equivalents	679	2,111
Recurring \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents		535
Recurring \| Current restricted assets
Assets:
Cash and cash equivalents		10,374
Recurring \| Non-current restricted assets
Assets:
Cash and cash equivalents		1,907
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Current investment securities at fair value	44,314	44,381
Long-term investment securities at fair value	0	0
Total	365,270	300,210
Liabilities:
Fair value of contingent liability	0	0
Total	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Assets:
Total equity securities at fair value	20,953	21,155
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	23,361	23,226
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	44,314	44,381
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government securities
Assets:
Debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate securities
Assets:
Debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign fixed-income securities
Assets:
Debt securities available for sale	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Total debt securities available for sale
Assets:
Debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| PropTech convertible debt securities
Assets:
PropTech convertible trading debt securities	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Cash and cash equivalents	320,956	255,294
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Cash and cash equivalents	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents		535
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Current investment securities at fair value	110,781	91,204
Long-term investment securities at fair value	0	0
Total	132,596	137,712
Liabilities:
Fair value of contingent liability	0	0
Total	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Marketable equity securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government securities
Assets:
Debt securities available for sale	10,143	19,200
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Debt securities available for sale	49,960	52,434
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	17,069	10,484
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Debt securities available for sale	32,387	9,086
Recurring \| Significant Other Observable Inputs (Level 2) \| Foreign fixed-income securities
Assets:
Debt securities available for sale	1,222
Recurring \| Significant Other Observable Inputs (Level 2) \| Total debt securities available for sale
Assets:
Debt securities available for sale	110,781	91,204
Recurring \| Significant Other Observable Inputs (Level 2) \| PropTech convertible debt securities
Assets:
PropTech convertible trading debt securities	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Assets:
Cash and cash equivalents	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Cash and cash equivalents	21,136	44,397
Recurring \| Significant Other Observable Inputs (Level 2) \| Certificates of deposit
Assets:
Cash and cash equivalents	679	2,111
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents		0
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Current investment securities at fair value	2,208	0
Long-term investment securities at fair value	0	0
Total	2,208	0
Liabilities:
Fair value of contingent liability	4,250	999
Total	4,250	999
Recurring \| Significant Unobservable Inputs (Level 3) \| Marketable equity securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government securities
Assets:
Debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate securities
Assets:
Debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Foreign fixed-income securities
Assets:
Debt securities available for sale	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Total debt securities available for sale
Assets:
Debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| PropTech convertible debt securities
Assets:
PropTech convertible trading debt securities	2,208
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Assets:
Cash and cash equivalents	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Cash and cash equivalents	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Certificates of deposit
Assets:
Cash and cash equivalents	$ 0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents		$ 0

Investments and Fair Value Measurements (Quantitative Information about Level 3 Fair Value Measurements) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
PropTech convertible trading debt securities	$ 2,208	$ 0
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent liability	4,250	999
Recurring \| PropTech convertible debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
PropTech convertible trading debt securities	2,208
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent liability	4,250	999
Significant Unobservable Inputs (Level 3) \| Recurring \| PropTech convertible debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
PropTech convertible trading debt securities	$ 2,208
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted cash flow \| Interest rate \| PropTech convertible debt securities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible trading debt securities input	0.05
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted cash flow \| Volatility \| PropTech convertible debt securities \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible trading debt securities input	0.362
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted cash flow \| Volatility \| PropTech convertible debt securities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible trading debt securities input	1.008
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted cash flow \| Discount rate \| PropTech convertible debt securities \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible trading debt securities input	0.2708
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted cash flow \| Discount rate \| PropTech convertible debt securities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible trading debt securities input	0.4666
Significant Unobservable Inputs (Level 3) \| Recurring \| Monte Carlo simulation model \| Estimated fair value of the Douglas Elliman reporting unit
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated fair value of the Douglas Elliman reporting unit	$ 765,886	$ 169,000
Significant Unobservable Inputs (Level 3) \| Recurring \| Monte Carlo simulation model \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent liability, measurement input term	1 year 3 months	2 years
Fair value of contingent liability, measurement input	0.0014	0.0013
Significant Unobservable Inputs (Level 3) \| Recurring \| Monte Carlo simulation model \| Leverage-adjusted equity volatility of peer firms
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent liability, measurement input	0.2922	0.7857

Investments and Fair Value Measurements (Nonrecurring Measurements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures impairment charge	$ 16,513
Investments in real estate ventures, fair value	85,400	$ 74,199
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
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, fair value	0
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, fair value	0
Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	$ 0

Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 652,646,000	$ 547,831,000	$ 1,925,939,000	$ 1,448,079,000
Operating income (loss)	107,529,000	95,917,000	334,808,000	157,810,000
Equity in (losses) earnings from real estate ventures	(5,869,000)	(8,536,000)	12,405,000	(27,301,000)
Depreciation and amortization	4,062,000	4,346,000	12,330,000	13,333,000
Capital expenditures			11,103,000	8,824,000
Litigation settlement and judgment expense	12,000	0	17,000	53,000
Restructuring charges	0	320,000	0	3,281,000
Impairments of goodwill and intangible assets	0	0	0	58,252,000
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(8,950,000)	(6,252,000)	(24,071,000)	(18,504,000)
Equity in (losses) earnings from real estate ventures	0	0	0	0
Depreciation and amortization	262,000	214,000	727,000	648,000
Capital expenditures			3,593,000	20,000
Tobacco \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	297,942,000	318,850,000	895,901,000	918,429,000
Operating income (loss)	91,779,000	91,319,000	276,557,000	239,814,000
Equity in (losses) earnings from real estate ventures	0	0	0	0
Depreciation and amortization	1,550,000	1,965,000	5,007,000	6,007,000
Capital expenditures			4,817,000	3,644,000
Litigation settlement and judgment expense	12,000		17,000	53,000
Tobacco \| Operating Segments \| MSA settlement
Segment Reporting Information [Line Items]
Litigation settlement and judgment expense				286,000
Litigation settlement received			(2,722,000)
Real estate \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	354,704,000	228,981,000	1,030,038,000	529,650,000
Operating income (loss)	24,700,000	10,850,000	82,322,000	(63,500,000)
Equity in (losses) earnings from real estate ventures	(5,869,000)	(8,536,000)	12,405,000	(27,301,000)
Depreciation and amortization	$ 2,250,000	2,167,000	6,596,000	6,678,000
Capital expenditures			$ 2,693,000	5,160,000
Restructuring charges		$ 320,000		3,281,000
Impairments of goodwill and intangible assets				$ 58,252,000