0000059440-22-000010 | 10-K | XBRL Viewer

Print Document View Excel Document

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 193,411	$ 258,421
Investment securities at fair value	146,687	135,585
Accounts receivable - trade, net	16,067	16,334
Inventories	94,615	97,545
Income taxes receivable, net	10,948	0
Other current assets	10,075	7,653
Current assets of discontinued operations	0	148,365
Total current assets	471,803	663,903
Property, plant and equipment, net	36,883	35,285
Investments in real estate, net	9,098	15,631
Long-term investments (includes $32,089 and $33,981 at fair value)	53,073	52,291
Investments in real estate ventures	105,062	85,400
Operating lease right-of-use assets	10,972	12,253
Intangible assets	107,511	107,511
Other assets	76,685	65,518
Long-term assets of discontinued operations	0	305,617
Total assets	871,087	1,343,409
Current liabilities:
Current portion of notes payable and long-term debt	79	57
Current payments due under the Master Settlement Agreement	11,886	38,767
Current operating lease liability	3,838	3,454
Income taxes payable, net	0	5,830
Other current liabilities	149,487	135,558
Current liabilities of discontinued operations	0	99,649
Total current liabilities	165,290	283,315
Notes payable, long-term debt and other obligations, less current portion	1,398,591	1,380,809
Non-current employee benefits	68,970	66,616
Deferred income taxes, net	34,768	18,944
Non-current operating lease liability	8,853	10,903
Payments due under the Master Settlement Agreement	13,224	17,933
Other liabilities	22,944	20,464
Long-term liabilities of discontinued operations	0	204,112
Total liabilities	1,712,640	2,003,096
Commitments and contingencies (Notes 5 and 15)
Stockholders' deficiency:
Preferred stock, par value $1 per share, 10,000,000 shares authorized	0	0
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 153,959,427 and 153,324,629 shares issued and outstanding	15,396	15,332
Additional paid-in capital	11,172	0
Accumulated deficit	(852,398)	(653,945)
Accumulated other comprehensive loss	(15,723)	(21,074)
Total Vector Group Ltd. stockholders' deficiency	(841,553)	(659,687)
Total liabilities and stockholders' deficiency	$ 871,087	$ 1,343,409

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Long-term investments, fair value	$ 32,089	$ 33,981
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	153,959,427
Common stock, shares outstanding (in shares)	153,324,629	153,324,629

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Revenues:

Total revenues

$ 1,220,700

$ 1,228,682

$ 1,119,603

Cost of sales:

Total cost of sales

769,542

819,602

774,885

Operating, selling, administrative and general expenses

131,418

116,598

109,113

Litigation settlement and judgment expense

211

337

990

Net gains on sales of assets

(910)

(2,283)

Operating income

320,439

294,428

234,615

Other income (expenses):

Interest expense

(112,728)

(121,278)

(137,543)

Loss on extinguishment of debt

(21,362)

(4,301)

Change in fair value of derivatives embedded within convertible debt

4,999

26,425

Equity in earnings from investments

2,675

56,268

17,000

Equity in earnings (losses) from real estate ventures

10,250

(44,728)

(27,760)

Other, net

10,687

(8,646)

16,579

Income before provision for income taxes

209,961

181,043

125,015

Income tax expense

62,807

54,121

31,085

Income (loss) from discontinued operations

147,154

126,922

93,930

Income (loss) from discontinued operations, net of income taxes

72,119

(33,984)

7,085

Net income

219,273

92,938

101,015

Net (income) from continuing operations attributed to non-controlling interest

(41)

Net loss from discontinued operations attributed to non-controlling interest

190

Net loss (income) attributed to non-controlling interest

190

(41)

Net income attributed to Vector Group Ltd. from continuing operations

147,154

126,922

93,889

Net income (loss) attributed to Vector Group Ltd. from discontinued operations

72,309

(33,984)

7,085

Net income attributed to Vector Group Ltd.

$ 219,463

$ 92,938

$ 100,974

Per basic common share:

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

$ 0.94

$ 0.83

$ 0.59

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

0.46

(0.23)

0.05

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

1.40

0.60

0.64

Per diluted common share:

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

0.94

0.83

0.58

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

0.46

(0.23)

0.05

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

$ 1.40

$ 0.60

$ 0.63

Tobacco

Revenues:

Total revenues

^[1]

$ 1,202,497

$ 1,204,501

$ 1,114,840

Cost of sales:

Total cost of sales

^[1]

758,015

795,904

771,130

Real Estate

Revenues:

Total revenues

18,203

24,181

4,763

Cost of sales:

Total cost of sales

$ 11,527

$ 23,698

$ 3,755

[1]	Revenues and cost of sales include federal excise taxes of $434,695, $461,532 and $451,256 for the years ended December 31, 2021, 2020 and 2019, respectively.

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 434,695	$ 461,532	$ 451,256

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 219,273	$ 92,938	$ 101,015
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized (losses) gains	(747)	(454)	681
Net unrealized losses (gains) reclassified into net income	232	306	(118)
Net unrealized (losses) gains on investment securities available for sale	(515)	(148)	563
Net change in pension-related amounts:
Amortization of prior service costs	(44)	4	(33)
Effect of settlement	0	1,805	0
Net gain (loss) arising during the year	5,967	(2,503)	1,454
Amortization of loss	1,921	1,847	1,961
Net change in pension-related amounts	7,844	1,153	3,382
Other comprehensive income	7,329	1,005	3,945
Income tax effect on:
Change in net unrealized (losses) gains on investment securities	202	123	(187)
Net unrealized losses (gains) reclassified into net income on investment securities	(63)	(83)	32
Pension-related amounts	(2,117)	(311)	(919)
Income tax provision on other comprehensive income	(1,978)	(271)	(1,074)
Other comprehensive income, net of tax from continuing operations	5,351	734	2,871
Other comprehensive income, net of tax from discontinued operations	0	0	0
Other comprehensive income, net of tax	5,351	734	2,871
Comprehensive income	224,624	93,672	103,886
Comprehensive loss (income) attributed to non-controlling interest	190	0	(41)
Comprehensive income attributed to Vector Group Ltd.	$ 224,814	$ 93,672	$ 103,845

Consolidated Statement of Stockholders' Deficiency - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	153,324,629
Beginning Balance	$ (659,687)	$ (685,016)	$ (547,366)
Net income	219,273	92,938	101,015
Total other comprehensive income	5,351	734	2,871
Total comprehensive income	224,624	93,672	103,886
Distributions and dividends on common stock	(126,371)	(125,128)	(237,339)
Restricted stock grant	0	0	0
Surrender of shares in connection with restricted stock vesting	$ (3,563)	(2,186)	(2,174)
Surrender of shares in connection with stock option exercise		(7,357)	(19,058)
Issuance of common stock		$ 52,563
Effect of stock dividend			$ 0
Exercise of stock options (in shares)	0	620,527	1,824,351
Exercise of stock options		$ 6,913	$ 15,817
Stock-based compensation	$ 14,799	9,483	9,469
Basis adjustment on non-controlling interest			(6,415)
Distributions to non-controlling interest		(448)	(286)
Acquisition of subsidiary	500
Contributions from non-controlling interest	1,625
Distribution of Douglas Elliman Inc.	$ (293,480)
Other		$ 80
Ending Balance (in shares)	153,324,629	153,324,629
Ending Balance	$ (841,553)	$ (659,687)	(685,016)
Impact of adoption of new accounting standards
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ (2,263)	(1,550)
Ending Balance			$ (2,263)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	153,324,629	148,084,900	140,914,642
Beginning Balance	$ 15,332	$ 14,808	$ 14,092
Restricted stock grant (in shares)	873,500	425,000	60,000
Restricted stock grant	$ 88	$ 43	$ 6
Surrender of shares in connection with restricted stock vesting (in shares)	(238,702)	(216,542)	(221,668)
Surrender of shares in connection with restricted stock vesting	$ (24)	$ (22)	$ (22)
Surrender of shares in connection with stock option exercise (in shares)		(589,256)	(1,529,512)
Surrender of shares in connection with stock option exercise		$ (59)	$ (153)
Issuance of common stock (in shares)		5,000,000
Issuance of common stock		$ 500
Effect of stock dividend (in shares)			7,037,087
Effect of stock dividend			$ 703
Exercise of stock options (in shares)		620,527	1,824,351
Exercise of stock options		$ 62	$ 182
Ending Balance (in shares)	153,959,427	153,324,629	148,084,900
Ending Balance	$ 15,396	$ 15,332	$ 14,808
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	0	0	0
Distributions and dividends on common stock		(58,892)	(4,041)
Restricted stock grant	(88)	(43)	(6)
Surrender of shares in connection with restricted stock vesting	(3,539)	(2,164)	(2,152)
Surrender of shares in connection with stock option exercise		(7,298)	(18,905)
Issuance of common stock		52,063
Exercise of stock options		6,851	15,635
Stock-based compensation	14,799	9,483	9,469
Ending Balance	11,172	0	0
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(653,945)	(678,464)	(542,169)
Net income	219,463	92,938	100,974
Distributions and dividends on common stock	(126,371)	(66,236)	(233,298)
Effect of stock dividend			(703)
Basis adjustment on non-controlling interest			(6,415)
Distribution of Douglas Elliman Inc.	(291,545)
Other		80
Ending Balance	(852,398)	(653,945)	(678,464)
Accumulated Deficit \| Impact of adoption of new accounting standards
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		(2,263)	3,147
Ending Balance			(2,263)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(21,074)	(21,808)	(19,982)
Total other comprehensive income	5,351	734	2,871
Ending Balance	(15,723)	(21,074)	(21,808)
Accumulated Other Comprehensive Income (Loss) \| Impact of adoption of new accounting standards
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(4,697)
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	0	448	693
Net income	(190)	0	41
Distributions to non-controlling interest		(448)	(286)
Contributions from non-controlling interest	1,625
Distribution of Douglas Elliman Inc.	(1,935)
Ending Balance	$ 0	$ 0	$ 448

Consolidated Statement of Stockholders' Deficiency (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201802Member
Distributions and dividends on common stock (in dollars per share)	$ 0.80	$ 0.80	$ 1.54

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(1)

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(2)

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(01)

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 219,273	$ 92,938	$ 101,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,334	17,629	17,851
Non-cash stock-based expense	14,799	9,483	9,469
Loss on extinguishment of debt	8,349	0	2,944
Impairments of goodwill and intangible assets	0	58,252	0
Gain on sale of assets	(724)	(1,114)	(42)
Deferred income taxes	14,464	(673)	(11,198)
Distributions from investments	134	54,004	17,940
Equity in earnings from investments	(2,675)	(56,268)	(17,000)
Net gains on investment securities	(9,648)	(1,818)	(7,440)
Equity in (earnings) losses from real estate ventures	(9,972)	44,698	19,288
Distributions from real estate ventures	25,326	1,903	7,028
Non-cash interest expense	4,838	4,331	2,052
Non-cash lease expense	21,941	20,496	21,088
Non-cash portion of restructuring charges	0	1,214	0
Excess tax benefit of stock compensation		264	1,488
Provision for credit losses	3,331	14,288	1,206
Other	393	(581)	0
Changes in assets and liabilities:
Receivables	(9,630)	(8,371)	(7,950)
Inventories	2,930	1,217	(7,767)
Accounts payable and accrued liabilities	196	3,237	(3,983)
Payments due under the Master Settlement Agreement	(31,590)	5,309	(1,553)
Investments in real estate, net	5,652	12,449	0
Other assets and liabilities, net	(18,502)	(5,370)	(20,365)
Net cash provided by operating activities	255,219	267,547	124,071
Cash flows from investing activities:
Sale of investment securities	45,627	30,458	21,879
Maturities of investment securities	71,505	61,230	68,859
Purchase of investment securities	(124,080)	(99,871)	(87,766)
Proceeds from sale or liquidation of long-term investments	11,509	32,572	8,256
Purchase of long-term investments	(14,316)	(9,687)	(9,223)
(Increase) decrease in restricted assets	(5)	436	994
Investments in real estate ventures	(47,863)	(14,922)	(52,529)
Distributions from investments in real estate ventures	11,848	18,818	41,300
Cash acquired in purchase of subsidiaries	0	2,760	0
Proceeds from sale of fixed assets	17	5,162	17
Capital expenditures	(13,506)	(19,063)	(12,575)
Increase in cash surrender value of life insurance policies	(1,219)	(642)	(719)
Purchase of subsidiaries	(500)	(722)	(380)
Pay downs of investment securities	525	812	1,083
Investments in real estate, net	0	0	(2,295)
Net cash (used in) provided by investing activities	(61,970)	7,341	(23,099)
Cash flows from financing activities:
Proceeds from issuance of debt	875,000	0	230,000
Repayments of debt	(862,973)	(174,989)	(293,419)
Deferred financing costs	(20,109)	0	(9,802)
Borrowings under revolver	27,892	130,741	243,688
Repayments on revolver	(27,868)	(165,693)	(239,526)
Dividends and distributions on common stock	(131,798)	(128,231)	(238,249)
Distributions to non-controlling interest	0	(448)	(286)
Contributions from non-controlling interest	1,625	0	0
Proceeds from the issuance of common stock	0	52,563	0
Tax withholdings related to net share settlements	(13,145)	(2,630)	(5,415)
Cash transferred to Douglas Elliman Inc. at spin-off	(212,571)	0	0
Other	(130)	0	(216)
Net cash used in financing activities	(364,077)	(288,687)	(313,225)
Net decrease in cash, cash equivalents and restricted cash	(170,828)	(13,799)	(212,253)
Cash, cash equivalents and restricted cash, beginning of year	365,677	379,476	591,729
Cash, cash equivalents and restricted cash, end of year	$ 194,849	$ 365,677	$ 379,476

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation:

The Consolidated Financial Statements included in this annual report present the financial position of Vector Group Ltd. as of December 31, 2021 and 2020 and the results of operations of Vector Group Ltd. for the years ended December 31, 2021, 2020 and 2019 giving effect to the spin-off of Douglas Elliman Inc. (“Douglas Elliman”) with the historical financial results of Douglas Elliman reflected as discontinued operations (See Note 6.). The cash flows and comprehensive income related to Douglas Elliman have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refer only to Vector Group’s continuing operations and do not include discussion of balances or activity of Douglas Elliman.

The consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“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 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.

(b) Estimates and Assumptions:

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

Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents is comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2021 are uninsured.

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

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

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


	December 31, 2021		December 31, 2020		December 31, 2019
Cash and cash equivalents	$	193,411	$	258,421	$	299,856

Restricted cash and cash equivalents included in other assets	1,438		554		552
Cash, cash equivalents and restricted cash of discontinued operations	—		106,702		79,068
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	194,849	$	365,677	$	379,476

(e) Investment Securities:

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

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

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

(f) Significant Concentrations of Credit Risk:

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

Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 14% and 12% of Liggett’s revenues in 2021, 18% and 12% in 2020, and 17% and 12% in 2019. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 0% and 2%, respectively, of Liggett’s net accounts receivable at December 31, 2021, and approximately 5% and 4%, respectively, at December 31, 2020. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations.

(g) Accounts Receivable - trade, net:

Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $326 and $334 at December 31, 2021 and 2020, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned.

(h) Inventories:

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

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

(i) Property, Plant and Equipment:

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

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

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

(j) Investments in Real Estate Ventures:

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

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

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

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

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

(k) Intangible Assets:

Intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually as of December 31 and monitored for interim triggering events on an on-going basis. Our intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco LLC), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future.

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

Indefinite life intangible assets as of December 31, 2021 and 2020, were $107,511. The Company performed its impairment test for the years ended December 31, 2021, 2020 and 2019 and no impairment was noted.

(l) Impairment of Long-Lived Assets:

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

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

(m) Leases:

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

ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and is reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term.

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

(n) Pension, Postretirement and Postemployment Benefits Plans:

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

(o) Stock Options and Awards:

The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 2014 Management Incentive Plan and under the 1999 Plan provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options. The Company recognizes payments of the dividend equivalent rights on these options on the Company’s consolidated balance sheets as reductions in additional paid-in capital until fully utilized and then accumulated deficit ($3,832, $3,684 and $8,967, net of income taxes, for the years ended December 31, 2021, 2020 and 2019, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ deficiency.

(p) Income Taxes:

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

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

(q) Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented.

(r) Revenue Recognition:

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

Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $7,006 in 2021, $5,602 in 2020 and $5,802 in 2019. Shipping and handling costs related to sales transactions are part of cost of sales.

Real estate: Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. See Note 11 for details of the Escena investment.

Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset.

(s) Advertising:

Tobacco advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $4,464, $4,103 and $3,751 for the years ended December 31, 2021, 2020 and 2019, respectively.

(t) Comprehensive Income:

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

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


	December 31, 2021		December 31, 2020		December 31, 2019
Net unrealized gains on investment securities available for sale, net of income taxes of $21, $160, and $200, respectively	$	46	$	422	$	530


Pension-related amounts, net of income taxes of $5,692, $7,809, and $8,120, respectively	(15,769)		(21,496)		(22,338)
Accumulated other comprehensive loss	$	(15,723)	$	(21,074)	$	(21,808)

(u) Contingencies:

The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. As discussed in Note 15, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any.

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

(v) Other, Net:

Other, net consisted of:


	Year Ended
	December 31,
	2021		2020		2019
Interest and dividend income	$	1,920	$	5,621	$	11,085







Net gains recognized on investment securities	9,384		1,818		7,440
Net periodic benefit cost other than the service costs	(975)		(3,618)		(2,298)




Credit loss expense	—		(12,828)		—
Other income	358		361		352
Other, net	$	10,687	$	(8,646)	$	16,579

(w) Other Assets:

Other assets consisted of:


	December 31, 2021		December 31, 2020
Restricted assets	$	1,551	$	3,456
Prepaid pension costs	44,585		35,209

Other assets	30,549		26,853
Total other assets	$	76,685	$	65,518

(x) Other Current Liabilities:

Other current liabilities consisted of:


	December 31, 2021		December 31, 2020
Accounts payable	$	9,443	$	6,509
Accrued promotional expenses	55,647		45,579
Accrued excise and payroll taxes payable, net	22,919		13,849
Accrued interest	30,676		31,624

Accrued salaries and benefits	13,982		15,066

Allowance for sales returns	6,669		7,356
Other current liabilities	10,151		15,575
Total other current liabilities	$	149,487	$	135,558

(y) 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 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 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 consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Revenue Recognition Policies

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

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

Real estate sales: Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale.

Disaggregation of Revenue

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


	Year Ended
	December 31,
		2021		2020		2019
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve		$	1,139,009	$	1,133,660	$	1,040,419
Other Brands		63,488		70,841		74,421
Total tobacco revenues		$	1,202,497	$	1,204,501	$	1,114,840

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


	Year Ended
	December 31,
	2021		2020		2019
Real Estate Segment Revenues
Sales on facilities primarily from Escena	$	5,353	$	3,681	$	4,763
Revenues from investments in real estate	12,850		20,500		—
Total real estate revenues	$	18,203	$	24,181	$	4,763

- 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

12 Months Ended

Dec. 31, 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 December 31, 2021 and December 31, 2020.

Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the consolidated balance sheets. New Valley had two loans in maturity default at December 31, 2021, with a total amortized cost basis of $15,928, including accrued interest receivable of $6,428 at both December 31, 2021 and December 31, 2020. 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 December 31, 2021 and December 31, 2020.

The following is the rollforward of the allowance for credit losses for the year ended December 31, 2021:


	January 1, 2021	Current Period Provision	Write-offs	Recoveries	December 31, 2021
Allowance for credit losses:
New Valley term loan receivables	15,928	—	—	—	15,928

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


	January 1, 2020	Current Period Provision		Write-offs	Recoveries	December 31, 2020
Allowance for credit losses:
New Valley term loan receivables	3,100	12,828	(1)	—	—	15,928

_____________________________

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

- Definition

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

+ References + Details

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

As discussed in Note 14, the Company has stock option awards which provide for common stock dividend equivalents at the same rate as paid on the common stock with respect to the shares underlying the unexercised portion of the options. These outstanding options represent participating securities under authoritative guidance. The Company recognizes payments of the dividend equivalent rights ($3,832, $3,684, and $8,967, for the years ended December 31, 2021, 2020 and 2019, respectively) on these options as reductions in additional paid-in-capital on the Company’s consolidated balance sheets. The Company included the income tax benefit associated with the dividend equivalent rights as a component of income tax expense due to the adoption of ASU 2016-09. As a result, in its calculation of basic earnings per share (“EPS”) for the years ended December 31, 2021, 2020 and 2019, respectively, the Company has adjusted its net income for the effect of these participating securities as follows:

Net income (loss) for purposes of determining basic EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Net income (loss) attributed to Vector Group Ltd. from discontinued operations	72,309		(33,984)		7,085
Net income attributed to Vector Group Ltd.	219,463		92,938		100,974
Income from continuing operations attributable to participating securities	(5,862)		(2,560)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	213,601	$	90,378	$	93,510

Net income for purposes of determining basic EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Income from continuing operations attributable to participating securities	(3,694)		(2,580)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	143,460	$	124,342	$	86,425

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

Net income (loss) for purposes of determining diluted EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Net income (loss) attributed to Vector Group Ltd. from discontinued operations	72,309		(33,984)		7,085
Net income attributed to Vector Group Ltd.	219,463		92,938		100,974
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		—		(1,255)
Income from continuing operations attributable to participating securities	(5,862)		(2,560)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	213,601	$	90,378	$	92,255

Net income for purposes of determining diluted EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		—		(1,255)
Income from continuing operations attributable to participating securities	(3,694)		(2,580)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	143,460	$	124,342	$	85,170

Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares for the years ended December 31, 2021, 2020 and 2019:


	For the year ended December 31,
	2021	2020	2019
Weighted-average shares for basic EPS	152,403,072	150,216,141	146,633,036
Plus incremental shares related to convertible debt	—	—	718,918
Plus incremental shares related to stock options and non-vested restricted stock	71,777	34,812	16,509

Weighted-average shares for diluted EPS	152,474,849	150,250,953	147,368,463

It may not be possible to recalculate EPS attributable to common stockholders by adjusting EPS from continuing operations by EPS from discontinued operations as each amount is calculated independently.

The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the years ended December 31, 2021, 2020 and 2019, but were not included in the computation of diluted EPS because the impact of common shares issuable under the convertible debt were anti-dilutive to EPS.


	Year Ended December 31,
	2021		2020		2019


Weighted-average shares of non-vested restricted stock	524,606		520,936		1,207,366
Weighted-average expense per share	$	17.42	$	19.54	$	17.97
Weighted-average number of shares issuable upon conversion of debt	—		2,423,719		11,118,139
Weighted-average conversion price	$	—	$	20.27	$	20.27

Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

On December 29, 2021, at 11:59 p.m., New York City time, the Company completed the distribution to its stockholders (including Vector common stock underlying outstanding stock options awards and restricted stock awards) of the common stock of Douglas Elliman (the “Spin-off”). Each holder of Vector common stock received one share of Douglas Elliman’s common stock for every two shares of Vector common stock (including Vector common stock underlying outstanding stock option awards and restricted stock awards) held of record as of the close of business, New York City time, on December 20, 2021. In the Spin-off, an aggregate of 77,720,159 shares of Douglas Elliman’s common stock were issued, with any fractional shares converted to cash and paid to applicable Vector stockholders. Prior to the Spin-off, Douglas Elliman was a component of the Real Estate segment of the Company.

Following the Spin-off, Douglas Elliman is a separate public company. The Company and Douglas Elliman entered into a distribution agreement (the “Distribution Agreement”) and several ancillary agreements for the purpose of accomplishing the Spin-off. The Distribution Agreement includes an agreement that the Company and Douglas Elliman will provide each other with appropriate indemnities with respect to liabilities arising out of the business retained by Vector and the business transferred to Douglas Elliman by Vector. These agreements also govern the Company’s relationship with Douglas Elliman subsequent to the Spin-off and provide for the allocation of employee benefit, tax and some other liabilities and obligations attributable to periods prior to, at and after the Spin-off. These agreements also include arrangements with respect to transition services (the “Transition Services Agreement”). The Company entered into a Tax Disaffiliation Agreement with Douglas Elliman that governs Vector’s and Douglas Elliman’s respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the control of audits and other tax matters. Douglas Elliman will be party to other arrangements with Vector and its subsidiaries.

Douglas Elliman and its eligible subsidiaries have previously joined with Vector in the filing of certain consolidated, combined, and unitary returns for state, local, and other applicable tax purposes. However, for periods (or portions thereof) beginning after the Spin-off, Douglas Elliman will not join with Vector or any of its subsidiaries (as determined after the Spin-off) in the filing of any federal, state, local or other applicable consolidated, combined or unitary tax returns.

Under the Tax Disaffiliation Agreement, with certain exceptions, Vector will be generally responsible for all of Douglas Elliman’s U.S. federal, state, local and other applicable income and non-income taxes for any taxable period or portion of such period ending on or before the Spin-off date. Douglas Elliman will be generally responsible for all taxes that are attributable to it or one of its subsidiaries after the Spin-off date.

Following the Spin-off, there is an overlap between certain officers of the Company and of Douglas Elliman. Howard M. Lorber serves as the President and Chief Executive Officer of the Company and of Douglas Elliman. Richard J. Lampen serves as the Chief Operating Officer of the Company and of Douglas Elliman, J. Bryant Kirkland III serves as the Chief Financial Officer and Treasurer of the Company and of Douglas Elliman, Marc N. Bell serves as the General Counsel and Secretary of the Company and of Douglas Elliman, and J. David Ballard serves as Senior Vice President, Enterprise Efficiency and Chief Technology Officer of the Company and of Douglas Elliman. Furthermore, immediately following the Spin-off, three of the members of the Board of Directors of the Company, Mr. Lorber, Mr. Lampen and Wilson L. White, will also serve as directors of Douglas Elliman.

The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Douglas Elliman:


	December 31, 2021		December 31, 2020
ASSETS:
Current assets:
Cash and cash equivalents	$	—	$	94,421
Accounts receivable - trade, net	—		24,377
Other current assets	—		29,567
Total current assets	—		148,365
Property, plant and equipment, net	—		42,703
Long-term investments (includes $237 at fair value)	—		237
Operating lease right-of-use assets	—		133,103
Goodwill and other intangible assets, net	—		100,066
Other assets	—		29,508
Total long-term assets	—		305,617
Total assets	$	—	$	453,982
LIABILITIES:
Current liabilities:
Current portion of notes payable and long-term debt	$	—	$	12,500
Current operating lease liability	—		23,753
Income taxes payable, net	—		17
Other current liabilities	—		63,379
Total current liabilities	—		99,649
Notes payable, long-term debt and other obligations, less current portion	—		12,920
Deferred income taxes, net	—		13,512
Non-current operating lease liability	—		143,296
Other liabilities	—		34,384
Total long-term liabilities	—		204,112
Total liabilities	$	—	$	303,761

The financial results of Douglas Elliman through the Spin-off are presented as income (loss) from discontinued operations, net of income taxes on the Company’s consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Spin-off:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in thousands, except per share amounts)
Revenues:
Real estate	$	1,344,825	$	773,987	$	784,108

Expenses:
Cost of sales	989,436		547,543		526,694

Operating, selling, administrative and general expenses	253,942		212,926		260,894
Net loss on sales of asset	—		1,169		—
Impairments of goodwill and intangible assets	—		58,252		—
Restructuring charges	—		3,382		—
Operating income (loss)	101,447		(49,285)		(3,480)

Other income (expenses):
Interest expense	(164)		(263)		(905)
Equity in (losses) earnings from real estate ventures	(278)		30		8,472
Other, net	(870)		3,190		4,726
Pretax income (loss) from discontinued operations	100,135		(46,328)		8,813
Income tax expense	28,016		(12,344)		1,728
Income (loss) from discontinued operations	72,119		(33,984)		7,085

Net loss from discontinued operations attributed to non-controlling interest	190		—		—

Net income (loss) from discontinued operations attributed to Vector Group Ltd.	$	72,309	$	(33,984)	$	7,085

The following table presents the information regarding certain components of cash flows from discontinued operations:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in thousands, except per share amounts)
Depreciation and amortization	$	8,561	$	8,537	$	8,638
Non-cash lease expense	18,667		17,326		17,973



Capital expenditures	(4,106)		(6,126)		(8,079)

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LEASES

The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment accounted for under ASC 842. The leases have remaining lease terms of one year to five years, some of which include options to extend for up to five years, and some of which include options to terminate the leases within one year. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the ROU asset and lease liability balances. The Company’s lease population includes purchase options on equipment leases that are included in the lease payments when reasonably certain to be exercised. The Company’s lease population does not include any residual value guarantees. The Company’s lease population does not contain any material restrictive covenants.

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

The components of lease expense were as follows:


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	4,578	$	4,572	$	4,636
Short-term lease cost	374		349		338
Variable lease cost	320		634		623

Finance lease cost:
Amortization	58		111		224
Interest on lease liabilities	9		14		15
Total lease cost	$	5,339	$	5,680	$	5,836

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	4,961	$	4,034	$	4,318
Operating cash flows from finance leases	10		14		15
Financing cash flows from finance leases	57		102		217

ROU assets obtained in exchange for lease obligations:
Operating leases	1,993		3,298		676
Finance leases	—		60		159

Supplemental balance sheet information related to leases was as follows:



	December 31,			December 31,
	2021			2020







Finance leases:
Investments in real estate, net (1)	$	30		$	62

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(70)			(44)
Property and equipment, net	$	57		$	83

Current portion of notes payable and long-term debt	$	55		$	57
Notes payable, long-term debt and other obligations, less current portion	41			96
Total finance lease liabilities	$	96		$	153

Weighted average remaining lease term in years:
Operating leases	3.36			4.23
Finance leases	1.84			2.71

Weighted average discount rate:
Operating leases	9.60		%	10.20		%
Finance leases	8.21		%	7.82		%

_____________________________

(1)Included in Investments in real estate, net on the consolidated balance sheets are finance lease equipment, at a cost of $748 and $748 and accumulated amortization of $718 and $686 as of December 31, 2021 and 2020, respectively.

As of December 31, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2022	$	4,889	$	61
2023	4,181		35
2024	3,453		8
2025	2,086		—
2026	319		—
Thereafter	—		—

Total lease payments	14,928		104
Less imputed interest	(2,237)		(8)
Total	$	12,691	$	96

The Company has one lease for office space wherein the lessor is an affiliate of a significant stockholder of the Company. This lease represents $571 of the ROU asset balances and $616 of lease liability balances as of December 31, 2021. The rent expense for this lease was approximately $458 for the year ended December 31, 2021.

As of December 31, 2021, the Company had no undiscounted lease payments relating to leases that have not yet commenced.

The Company’s rental expense for the years ended December 31, 2021, 2020 and 2019 was $4,578, $4,572 and $4,552, respectively. Rent expense for the year ended December 31, 2021 consisted of $3,275 of amortization and $1,303 of lease expense for interest accretion on operating lease liabilities. Rent expense for the year ended December 31, 2020 consisted of $3,170 of amortization and impairment of ROU assets and $1,402 of lease expense for interest accretion on operating lease

liabilities. Rent expense for the year ended December 31, 2019 consisted of $3,033 of amortization and impairment of ROU assets and $1,519 of lease expense for interest accretion on operating lease liabilities.

Leases

LEASES

The components of lease expense were as follows:


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	4,578	$	4,572	$	4,636
Short-term lease cost	374		349		338
Variable lease cost	320		634		623

Finance lease cost:
Amortization	58		111		224
Interest on lease liabilities	9		14		15
Total lease cost	$	5,339	$	5,680	$	5,836

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	4,961	$	4,034	$	4,318
Operating cash flows from finance leases	10		14		15
Financing cash flows from finance leases	57		102		217

ROU assets obtained in exchange for lease obligations:
Operating leases	1,993		3,298		676
Finance leases	—		60		159

Supplemental balance sheet information related to leases was as follows:



	December 31,			December 31,
	2021			2020







Finance leases:
Investments in real estate, net (1)	$	30		$	62

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(70)			(44)
Property and equipment, net	$	57		$	83

Current portion of notes payable and long-term debt	$	55		$	57
Notes payable, long-term debt and other obligations, less current portion	41			96
Total finance lease liabilities	$	96		$	153

Weighted average remaining lease term in years:
Operating leases	3.36			4.23
Finance leases	1.84			2.71

Weighted average discount rate:
Operating leases	9.60		%	10.20		%
Finance leases	8.21		%	7.82		%

_____________________________

As of December 31, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2022	$	4,889	$	61
2023	4,181		35
2024	3,453		8
2025	2,086		—
2026	319		—
Thereafter	—		—

Total lease payments	14,928		104
Less imputed interest	(2,237)		(8)
Total	$	12,691	$	96

As of December 31, 2021, the Company had no undiscounted lease payments relating to leases that have not yet commenced.

Investment Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES

Investment securities at fair value consisted of the following:


	December 31, 2021		December 31, 2020
Debt securities available for sale	$	103,906	$	91,204


Equity securities at fair value:
Marketable equity securities	19,560		21,155
Mutual funds invested in debt securities	23,221		23,226
Long-term investment securities at fair value (1)	32,089		33,981
Total equity securities at fair value	74,870		78,362

Total investment securities at fair value	178,776		169,566
Less:
Long-term investment securities at fair value (1)	32,089		33,981
Current investment securities at fair value	$	146,687	$	135,585

Long-term investment securities at fair value (1)	$	32,089	$	33,981
Equity-method investments	20,984		18,310
Total long-term investments	$	53,073	$	52,291

Equity securities at cost: (2)
Other equity securities at cost	$	5,200	$	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 consolidated balance sheets.

Net gains recognized on investment securities were as follows:


	Year Ended December 31,
	2021		2020		2019
Net gains recognized on equity securities at fair value	$	9,615	$	2,123	$	7,320
Net gains recognized on debt and equity securities available for sale	45		110		135

Impairment expense	(276)		(415)		(15)




Net gains recognized on investment securities	$	9,384	$	1,818	$	7,440

(a) Debt Securities Available for Sale:

The components of debt securities available for sale at December 31, 2021 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	103,838	$	68	$	—	$	103,906

The table below summarizes the maturity dates of debt securities available for sale at December 31, 2021.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	6,481	$	5,688	$	793	$	—
Corporate securities	47,531		20,028		27,503		—
U.S. mortgage-backed securities	19,572		1,824		17,748		—


Commercial paper	29,103		29,103		—		—

Foreign fixed-income securities	1,219		1,219		—		—
Total debt securities available for sale by maturity dates	$	103,906	$	57,862	$	46,044	$	—

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 December 31, 2021 and 2020, respectively.

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


	Year Ended December 31,
	2021		2020		2019
Gross realized gains on sales	$	108	$	329	$	144
Gross realized losses on sales	(63)		(219)		(9)
Net gains recognized on debt securities available for sale	$	45	$	110	$	135

Impairment expense	$	(276)	$	(415)	$	(15)

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

(b) Equity Securities at Fair Value:

The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value for the years ended December 31, 2021, 2020 and 2019, respectively:


	Year Ended December 31,
	2021		2020		2019
Net gains recognized on equity securities	$	9,615	$	2,123	$	7,320
Less: Net gains (losses) recognized on equity securities sold	7,534		(121)		1,526
Net unrealized gains recognized on equity securities still held at the reporting date	$	2,081	$	2,244	$	5,794

The Company’s mutual funds invested in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 18. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. The Company has unfunded commitments of $514 related to long-term investment securities at fair value as of December 31, 2021.

The Company received cash distributions of $11,642 as of December 31, 2021, of which $11,509 were classified as investing cash inflows. The Company received cash distributions of $32,676 as of December 31, 2020, of which $32,572 were classified as investing cash inflows. The Company received cash distributions of $8,320 and recorded $8,502 of in-transit redemptions as of December 31, 2019, all of which were classified as investing cash inflows. $8,256 of total cash distributions received was classified as investing cash inflows.

Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at December 31, 2021 and 2020, respectively. The total carrying value of these investments was $5,200 and $5,200 and was included in “Other assets” on the consolidated balance sheets at December 31, 2021 and 2020, respectively. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2021, 2020 and 2019, respectively.

(d) Equity-Method Investments:

Equity-method investments consisted of the following:


	December 31, 2021		December 31, 2020
Mutual and hedge funds	$	20,984	$	18,310

At December 31, 2021, the Company’s ownership percentages in the mutual and hedge funds accounted for under the equity method ranged from 6.43% to 37.78%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

On February 14, 2020, Ladenburg Thalmann Financial Services Inc. (“LTS”) was acquired pursuant to a cash tender offer of $3.50 per outstanding common share and, in connection therewith, the Company received proceeds of $53,169 in exchange for the Company’s 15,191,205 common shares of LTS. The Company also tendered 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) for redemption and received an additional $6,009 in March 2020.

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

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

Equity in earnings from investments were:


	Year Ended December 31,
	2021		2020		2019
Mutual fund and hedge funds	$	2,675	$	2,844	$	958
Ladenburg Thalmann Financial Services Inc.	—		53,424		(410)
Castle Brands Inc.	—		—		16,452

Equity in earnings from investments	$	2,675	$	56,268	$	17,000

The Company received $50 in dividends from one of its equity-method investments that were reinvested back into the fund in 2021. The Company received total cash distributions of $54,089 ($53,901, net of reinvested dividends) and $17,875 from the Company’s equity-method investments in 2020 and 2019, respectively. The cash distributions of $53,901 in 2020 were classified as operating cash inflows. The cash distributions of $17,875 were classified as operating cash inflows.

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

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


	December 31, 2021		December 31, 2020
Investment securities	$	493,705	$	486,390
Cash and cash equivalents	44,644		7,126
Other assets	14,151		41,004
Total assets	$	552,500	$	534,520

Other liabilities	$	214,607	$	230,237
Total liabilities	214,607		230,237
Partners’ capital	337,893		304,283
Total liabilities and partners’ capital	$	552,500	$	534,520


	Year Ended December 31,
	2021		2020		2019
Investment income	$	1,574	$	1,779	$	2,834
Expenses	12,873		9,300		6,756
Net investment loss	(11,299)		(7,521)		(3,922)
Total net realized gain and net change in unrealized depreciation from investments	48,342		123,381		18,822
Net increase in partners’ capital resulting from operations	$	37,043	$	115,860	$	14,900

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


	Three Months Ended
	December 31,
	2019
Revenues	$	395,735
Expenses	394,992
Income before other items	743
Change in fair value of contingent consideration	(374)
Income from continuing operations	369
Net income	$	508

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of:


	December 31, 2021		December 31, 2020
Leaf tobacco	$	38,825	$	42,988
Other raw materials	7,560		5,987
Work-in-process	2,639		520
Finished goods	64,218		68,781

Inventories at current cost	113,242		118,276
LIFO adjustments	(18,627)		(20,731)
	$	94,615	$	97,545

All of the Company’s inventories as of December 31, 2021 and 2020 have been reported under the LIFO method. The $18,627 LIFO adjustment as of December 31, 2021 decreases the current cost of inventories by $12,128 for Leaf tobacco, $829 for Other raw materials, $18 for Work-in-process, and $5,652 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. Cost of goods sold was reduced by $330 and $1,222 for the years ended December 31, 2021 and December 31, 2020, respectively, due to liquidations of LIFO inventories.

The amount of capitalized MSA cost in “Finished goods” inventory was $20,450 and $21,120 as of December 31, 2021 and 2020, respectively. Federal excise tax capitalized in inventory was $25,160 and $27,683 as of December 31, 2021 and 2020, respectively.

At December 31, 2021, Liggett had tobacco purchase commitments of approximately $13,289. Liggett has a single source supply agreement for reduced ignition propensity cigarette paper through 2022.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of:


	December 31, 2021		December 31, 2020
Land and improvements	$	1,624	$	1,624
Buildings	18,060		17,772
Machinery and equipment	167,713		166,156
Leasehold improvements	1,277		1,277
	188,674		186,829
Less accumulated depreciation and amortization	(151,791)		(151,544)
	$	36,883	$	35,285

Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2021, 2020 and 2019 was $7,816, $9,092 and $9,213, respectively.

The Company, through Liggett, had future machinery and equipment purchase commitments of $890 at December 31, 2021.

New Valley LLC

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

New Valley LLC

NEW VALLEY LLC

(a) Investments in real estate ventures.

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

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


	Range of Ownership (1)	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	4.2%- 46.7%	$	22,654	$	30,465
All other U.S. areas	19.6% - 89.1%	57,485		37,773
		80,139		68,238
Apartment Buildings:

All other U.S. areas	7.6% - 50.0%	11,900		—
		11,900		—
Hotels:
New York City SMSA	0.4% - 12.3%	1,635		2,629
International	49.0%	1,522		1,852
		3,157		4,481
Commercial:
New York City SMSA	49.0%	—		2,591
All other U.S. areas	1.6%	7,290		7,084
		7,290		9,675

Other	15.0% - 49.0%	2,576		3,006
Investments in real estate ventures		$	105,062	$	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:


	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	396	$	1,805
All other U.S. areas	33,719		11,140
	34,115		12,945
Apartment Buildings:

All other U.S. areas	11,900		284
	11,900		284
Hotels:
New York City SMSA	1,848		1,169

	1,848		1,169





Other	—		524
Total contributions	$	47,863	$	14,922

For ventures where New Valley previously held an investment, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the years ended December 31, 2021 and 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:


	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	4,440	$	1,819
All other U.S. areas	13,593		18,188
	18,033		20,007
Apartment Buildings:

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




Commercial:
New York City SMSA	—		601
All other U.S. areas	575		113
	575		714


Total distributions	$	37,174	$	20,721

Of the distributions received by New Valley from its investment in real estate ventures, $25,326 and $1,903 were from distributions of earnings and $11,848 and $18,818 were a return of capital for the years ended December 31, 2021 and 2020, respectively. Distributions from earnings are included in cash from operations in the consolidated statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the consolidated statements of cash flows.

Equity in Earnings (Losses) from Real Estate Ventures

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


	Year Ended December 31,
	2021		2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	(4,147)	$	(17,167)	$	(31,011)
All other U.S. areas	(1)		(16,578)		(6,467)
	(4,148)		(33,745)		(37,478)
Apartment Buildings:

All other U.S. areas	18,566		(284)		79
	18,566		(284)		79
Hotels:
New York City SMSA	(1,597)		(3,248)		8,081
International	(330)		(308)		41
	(1,927)		(3,556)		8,122
Commercial:
New York City SMSA	(2,591)		1,340		1
All other U.S. areas	780		(437)		773
	(1,811)		903		774

Other	(430)		(8,046)		743
Total equity in earnings (losses) from real estate ventures	$	10,250	$	(44,728)	$	(27,760)

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 for the year ended December 31, 2021. The Company determined that the impairments were other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $2,713 for the year ended December 31, 2021.

During the Company’s 2020 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of five New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of December 31, 2020. The Company determined that the impairments were other than temporary. The Company recorded impairment charges of $16,513 for the year ended December 31, 2020.

During the Company’s 2019 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of six New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of December 31, 2019. The Company determined that the impairments were other than temporary and recorded impairment charges of $39,757 of which $39,717 was attributed to the Company for the year ended December 31, 2019.

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

During the year ended 2021, New Valley’s Natura joint venture sold a parcel of land located in Miami, FL. New Valley recognized equity in earnings of $3,899 from the venture and received distributions of $5,168 for the year ended 2021. As of December 31, 2021, the venture had a carrying value of $13,009.

During the year ended 2021, New Valley’s Maryland joint venture sold its apartment complexes located in Baltimore, Maryland. New Valley recognized equity in earnings of $18,566 from the venture and received distributions of $18,566 for the year ended 2021. As of December 31, 2021, the venture had a carrying value of $0.

During the year ended 2019, New Valley’s Park Lane joint venture sold 80% of its interest in the Park Lane Hotel, a Hotel located in the New York City SMSA. New Valley recognized equity in earnings of $10,328 from the sale and received distributions of $20,788 for the year ended 2019. The sale reduced New Valley’s direct ownership percentage of the Park Lane Hotel from 5.20% to 1.04%. New Valley continues to account for its investment in the joint venture under the equity method of accounting because its ownership percentage in its direct investment continues to meet the threshold for equity method accounting.

In 2019, the Company’s New York City SMSA Apartment Building venture sold the remaining parcel of land that was adjacent to a building that was sold the year before. The Company recognized equity in earnings from the venture of $740 and cash distributions of $2,524 for the year ended December 31, 2019. As of December 31, 2021, the venture had a carrying value of $0.

Investment in Real Estate Ventures Entered Into During 2021

In October 2021, New Valley invested $11,900 for an approximate 50.0% interest in Riverchase AL JV LP. The joint venture plans to improve, renovate, and manage an apartment complex located in Hoover, AL. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Riverchase AL JV LP was $11,900 at December 31, 2021.

In November 2021, New Valley invested $19,500 for an approximate 89.1% interest in 915 Division JV, LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in 915 Division JV, LLC was $19,884 at December 31, 2021.

In November 2021, New Valley invested $1,882 for an approximate 50.0% interest in 2000 Atlantic LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in 2000 Atlantic LLC was $1,919 at December 31, 2021.

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 December 31, 2021 and December 31, 2020. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of December 31, 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:


	December 31, 2021
Condominium and Mixed Use Development:
New York City SMSA	$	22,654
All other U.S. areas	57,484
	80,138
Apartment Buildings:

All other U.S. areas	11,900
	11,900
Hotels:
New York City SMSA	1,635
International	1,522
	3,157
Commercial:

All other U.S. areas	7,290
	7,290

Other	2,576
Total maximum exposure to loss	$	105,061

New Valley capitalized $2,669 and $4,003 of interest costs into the carrying value of its ventures whose projects were currently under development during the years ended December 31, 2021 and December 31, 2020, respectively.

(b) Guarantees and Commitments:

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

The Company believes that as of December 31, 2021, in the event New Valley becomes legally obligated to contribute funds or otherwise indemnify another partner due to a triggering event under a guarantee, or becomes legally obligated as a guarantor (in the limited circumstances where New Valley is a direct guarantor under the loan documents), the real estate underlying the applicable project is expected to be sufficient to largely repay any guaranteed obligation (although a lender need not necessarily resort to foreclosing on the real estate before seeking recourse under a loan guarantee). New Valley has no additional capital commitments as of December 31, 2021.

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

Other Condominium and Mixed Use Development:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	301,703	$	386,859	$	208,767
Cost of goods sold	317,894		302,234		76,162
Other expenses	117,985		270,642		149,014
Loss from continuing operations	$	(134,176)	$	(186,017)	$	(16,409)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,434,205	$	4,465,118
Total assets	1,513,581		4,551,788
Total debt	1,107,366		3,569,361
Total liabilities	1,284,579		3,921,492
Non-controlling interest	63,781		83,807

Apartment Buildings:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	35,213	$	65,808	$	70,862

Other expenses	46,360		63,705		67,094
(Loss) income from continuing operations	$	(11,147)	$	2,103	$	3,768


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	—	$	544,610
Total assets	6,780		563,523
Total debt	—		392,324
Total liabilities	131		399,269
Non-controlling interest	4,990		123,273

Hotels:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	42,549	$	130,742	$	147,446
Cost of goods sold	3,671		2,671		5,399
Other expenses	201,211		256,973		220,045
Loss from continuing operations	$	(162,333)	$	(128,902)	$	(77,998)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,553,911	$	1,489,085
Total assets	1,631,664		1,575,800
Total debt	1,110,700		1,071,445
Total liabilities	1,213,044		1,143,419
Non-controlling interest	412,165		427,439

Commercial:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	1,662	$	7,911	$	7,821

Equity in (losses) earnings	24,383		(13,671)		24,159
Other expenses	1,412		4,740		7,724
Income (loss) from continuing operations	$	24,633	$	(10,500)	$	24,256


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	51,173	$	51,487
Total assets	71,296		70,270
Total debt	55,625		55,625
Total liabilities	55,016		55,199

Other:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	180,092	$	571	$	390,478
Cost of Goods Sold	—		—		220,316
Other expenses	303,352		48,633		155,257
(Loss) income from continuing operations	$	(123,260)	$	(48,062)	$	14,905


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	392,754	$	1,216,819
Total assets	444,520		1,237,794
Total debt	227,724		722,930
Total liabilities	233,329		903,196
Non-controlling interest	152,775		272,196

(d) Investments in real estate, net:

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


	December 31, 2021		December 31, 2020
Escena, net	$	9,098	$	9,735
Townhome A (11 Beach Street)	—		5,896

Investment in real estate, net	$	9,098	$	15,631

Escena. In March 2008, a wholly owned subsidiary of New Valley purchased a loan collateralized by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” In April 2009, New Valley completed the foreclosure process and took title to the collateral. The project consists of 615 residential lots with site and public infrastructure, an 18-hole golf course, a completed clubhouse, and a seven-acre site approved for a 450-room hotel.

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


	December 31, 2021		December 31, 2020
Land and land improvements	$	8,520	$	8,911
Building and building improvements	1,926		1,926
Other	1,643		1,672
	12,089		12,509
Less accumulated depreciation	(2,991)		(2,774)
	$	9,098	$	9,735

The Company recorded operating income of $63 and operating losses of $735 and $862 for the years ended December 31, 2021, 2020 and 2019, respectively, from Escena.

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

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

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

Townhome A (11 Beach Street). In November 2020, New Valley received, as part of a liquidating distribution from a real estate joint venture, Unit TH-A, a townhouse located in Manhattan, NY. 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 consolidated statements of operations.

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

Notes Payable, Long-Term Debt and Other Obligations

12 Months Ended

Dec. 31, 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:


	December 31, 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 $2,647 and $3,040	552,353		551,960




Liggett:
Revolving credit facility	24		—

Equipment loans	64		89
Other	32		64
Total notes payable, long-term debt and other obligations	1,427,473		1,402,113
Less:
Debt issuance costs	(28,803)		(21,247)
Total notes payable, long-term debt and other obligations	1,398,670		1,380,866
Less:
Current maturities	(79)		(57)
Amount due after one year	$	1,398,591	$	1,380,809

Senior Notes - Vector:

6.125% Senior Secured Notes due 2025:

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

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

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

5.75% Senior Secured Notes due 2029:

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

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, or any of the Company’s subsidiaries engaged in the Company’s real estate business conducted through its subsidiary, New Valley. The guarantees provided by certain of the guarantors are secured by first priority or second priority security interests in certain collateral of such guarantors pursuant to security and pledge agreements, subject to certain permitted liens and exceptions as further described in the indenture and the security documents relating thereto. The Company does not provide any security for the 5.75% Senior Secured Notes.

As of December 31, 2021, the Company was in compliance with all debt covenants.

10.5% Senior Notes due 2026:

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

On November 18, 2019, the Company completed the sale of an additional $230,000 in aggregate principal amount of its 10.5% Senior Notes. The Company received net proceeds of approximately $220,400 after deducting underwriting discounts, commissions, fees and offering expenses. The Company used a portion of the net cash proceeds from the offering to retire the Company’s outstanding 5.5% Variable Interest Senior Convertible Notes in April 2020. As of December 31, 2021, the Company has outstanding $555,000 aggregate principal amount of its 10.5% Senior Notes.

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

The 10.5% Senior Notes were fully and unconditionally guaranteed subject to certain customary automatic release provisions on a joint and several basis by all of the Company’s wholly-owned domestic subsidiaries that are engaged in the conduct of its cigarette businesses, and, prior to the spin-off, by DER Holdings LLC, through which the Company indirectly owned a 100% interest in Douglas Elliman as of December 31, 2021. In connection with the spin-off, the guarantee by DER Holdings LLC was released. DER Holdings LLC did not guarantee our 5.75% Senior Secured Notes.

As of December 31, 2021, the Company was in compliance with all debt covenants.

Variable Interest Senior Convertible Debt:

7.5% Variable Interest Senior Convertible Notes due 2019:

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

5.5% Variable Interest Senior Convertible Notes due 2020:

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

Embedded Derivatives on the Variable Interest Senior Convertible Debt:

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

“Change in fair value of derivatives embedded within convertible debt.” The value of the embedded derivative was contingent on changes in interest rates of debt instruments maturing over the duration of the convertible debt as well as projections of future cash and stock dividends over the term of the debt.

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


	Year Ended December 31,
	2021		2020		2019



7.5% Convertible Notes	$	—	$	—	$	2,031
5.5% Convertible Notes	—		4,053		16,481
Interest expense associated with embedded derivatives	$	—	$	4,053	$	18,512

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


	Year Ended December 31,
	2021		2020		2019



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

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


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2019	$	6,635	$	24,789	$	31,424



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

Gain from changes in fair value of embedded derivatives	—		(4,999)		(4,999)
Balance at December 31, 2020	$	—	$	—	$	—

Beneficial Conversion Feature on Variable Interest Senior Convertible Debt:

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

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


	Year Ended December 31,
	2021		2020		2019
Amortization of beneficial conversion feature:



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

Unamortized Debt Discount on Variable Interest Senior Convertible Debt:

The following table reconciles unamortized debt discount within convertible debt:


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2019	$	3,359	$	29,465	$	32,824


Partial redemption of 5.5% convertible notes	—		(2,735)		(2,735)

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



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

Revolving Credit Agreement — Liggett:

In January, 2015, Liggett and 100 Maple LLC (“Maple”), a subsidiary of Liggett, entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), with Wells Fargo Bank, National Association (“Wells Fargo”), as agent and lender.

On October 31, 2019, Liggett and Maple amended the Credit Agreement to, among other things, update the borrowing base to adjust the advance rates in respect of eligible inventory and add certain eligible real property. On March 22, 2021, Liggett, Maple and Vector Tobacco entered into Amendment No. 4 and Joinder to the Credit Agreement with Wells Fargo. The 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.

Since October 31, 2019, all borrowings under the Credit Agreement have been limited to a borrowing base equal to the sum of (I) the lesser of 85% of eligible trade receivables less certain reserves and $15,000; plus (II) 80% of the value of eligible inventory consisting of packaged cigarettes; plus (III) the designated percentage of the value of eligible inventory consisting of leaf tobacco (i.e., 65% of Liggett’s eligible cost of inventory consisting of leaf tobacco less certain reserves or 85% of the net orderly liquidation value of eligible inventory); plus (IV) the lesser of (a) the real property subline amount or (b) 60% of the fair market value of eligible real property. The obligations under the Credit Agreement are collateralized on a first priority basis by all inventories, receivables and certain other personal property of Liggett and Maple, a mortgage on Liggett’s manufacturing facility and certain real property of Maple, subject to certain permitted liens.

The term of the Credit Agreement expires on March 22, 2026. Loans under the Credit Agreement bear interest at a rate equal to LIBOR plus 2.25%. The interest rate applicable to this Credit Agreement at December 31, 2021 was 2.35%. The Credit Agreement, as amended, permitted the guaranty of the 6.125% Senior Secured Notes due 2025, and permits the guaranty of the 5.75% Senior Secured Notes and the 10.5% Senior Notes, by each of Liggett, Maple and Vector Tobacco. Wells Fargo, Liggett, Maple, Vector Tobacco and the collateral agent for the holders of the 5.75% Senior Secured Notes have entered into an intercreditor agreement, pursuant to which the liens of such collateral agent on the assets that are subject to the Credit Agreement are subordinated to the liens of Wells Fargo on such assets.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit Liggett’s, Maple’s, Vector Tobacco’s and their subsidiaries’ ability to incur, create or assume certain indebtedness, to incur or assume certain liens, to purchase, hold or acquire certain investments, to declare or make certain dividends and distributions and to engage in certain mergers, consolidations and asset sales. The Credit Agreement also requires the Company to comply with specified financial covenants, including that Liggett’s earnings before interest, taxes, depreciation and amortization, as defined under the Credit Agreement, on a trailing twelve month basis, shall not be less than $150,000 if Liggett’s excess availability, as defined under the Credit Agreement, is less than $30,000. The covenants also require that annual capital expenditures, as defined under the Credit Agreement (before a maximum carryover amount of $10,000), shall not exceed $20,000 during any fiscal year. The Credit Agreement also contains customary events of default. Liggett was in compliance with these covenants as of December 31, 2021.

As of December 31, 2021, there was $24 in outstanding balance under the Credit Agreement. Availability, as determined under the Credit Agreement, was $80,771 based on eligible collateral at December 31, 2021.

Fair Value of Notes Payable and Long-Term Debt:

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


	December 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value			Fair Value
Senior Notes	$	1,427,353	$	1,426,176	$	1,401,960		$	1,464,208

Liggett and other	120		124		153			161
Notes payable and long-term debt	$	1,427,473	$	1,426,300	$	1,402,113	(1)	$	1,464,369

_____________________________

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

Notes payable and long-term debt are carried on the consolidated balance sheets at amortized cost. The fair value determinations disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 18 if such liabilities were recorded on the consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk as described in Note 1. The Company used a derived price based upon quoted market prices and trade activity as of December 31, 2021 to determine the fair value of its publicly-traded notes and debentures. The carrying value of the revolving credit facility is equal to the fair value. The fair value of the equipment loans and other obligations was determined by calculating the present value of the required future cash flows. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.

Scheduled Maturities:

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


	Principal		Unamortized Discount/ (Premium)		Net
Year Ending December 31:
2022	$	79	$	—	$	79
2023	33		—		33
2024	8		—		8
2025	—		—		—
2026	555,000		2,647		552,353
Thereafter	875,000		—		875,000
Total	$	1,430,120	$	2,647	$	1,427,473

- 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
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-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
-Section 50
-Paragraph 1C
-Subparagraph (b)
-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
-Topic 470
-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
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-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

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Benefit Plans and Postretirement Plans:

Defined Benefit Plans. The Company sponsors four defined benefit pension plans (two qualified and two non-qualified) covering virtually all individuals who were employed by Liggett on a full-time basis prior to 1994. Future accruals of benefits under these four defined benefit plans were frozen between 1993 and 1995. These benefit plans provide pension benefits for eligible employees based primarily on their compensation and length of service. Contributions are made to the two qualified pension plans in amounts necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974. The plans’ assets and benefit obligations were measured at December 31, 2021 and 2020, respectively.

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

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

At December 31, 2021, the aggregate lump sum equivalents of the annual retirement benefits payable under the Amended SERP at normal retirement dates occurring during the following years is as follows: 2022 to 2025 – none; 2026 – $59,116 and 2027 to 2031 – $6,866. In the case of a participant who becomes disabled prior to his normal retirement date or whose service is terminated without cause, the participant’s benefit consists of a pro-rata portion of the full projected retirement benefit to which he would have been entitled had he remained employed through his normal retirement date, as actuarially discounted back to the date of payment. A participant who dies while working for the Company or a subsidiary (and before becoming disabled or attaining his normal retirement date) will be paid an actuarially discounted equivalent of his projected retirement benefit; conversely, a participant who retires beyond his normal retirement date will receive an actuarially increased equivalent of his projected retirement benefit.

Postretirement Medical and Life Plans. The Company provides certain postretirement medical and life insurance benefits to certain employees and retirees. Substantially all of the Company’s manufacturing employees as of December 31, 2021 are eligible for postretirement medical benefits if they reach retirement age while working for Liggett or certain affiliates. Retirees are required to fund 100% of participant medical premiums and, pursuant to union contracts, Liggett reimburses approximately 74 hourly retirees, who retired prior to 1991, for Medicare Part B premiums. In addition, the Company provides life insurance benefits to approximately 89 active employees and 349 retirees who reach retirement age and are eligible to receive benefits under two of the Company’s defined benefit pension plans. The Company’s postretirement liabilities are comprised of Medicare Part B and life insurance premiums.

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


	Pension Benefits				Other Postretirement Benefits
	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at January 1	$	(125,842)	$	(128,997)	$	(9,101)	$	(8,986)
Service cost	(415)		(592)		—		—
Interest cost	(2,284)		(3,545)		(224)		(286)
Plan settlement	—		7,255		—		—
Plan amendment	—		—		(48)		—

Benefits paid	6,452		7,008		471		500
Expenses paid	291		255		—		—
Actuarial gain (loss)	632		(7,226)		422		(329)
Benefit obligation at December 31	$	(121,166)	$	(125,842)	$	(8,480)	$	(9,101)
Change in plan assets:
Fair value of plan assets at January 1	$	102,812	$	101,051	$	—	$	—

Actual return on plan assets	8,373		8,919		—		—
Plan settlement	—		(7,255)		—		—
Expenses paid	(291)		(255)		—		—
Contributions	103		7,360		471		500
Benefits paid	(6,452)		(7,008)		(471)		(500)
Fair value of plan assets at December 31	$	104,545	$	102,812	$	—	$	—
Unfunded status at December 31	$	(16,621)	$	(23,030)	$	(8,480)	$	(9,101)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	$	44,585	$	35,209	$	—	$	—
Other accrued liabilities	(95)		(100)		(621)		(624)
Non-current employee benefit liabilities	(61,111)		(58,139)		(7,859)		(8,477)
Net amounts recognized	$	(16,621)	$	(23,030)	$	(8,480)	$	(9,101)


	Pension Benefits						Other Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Service cost — benefits earned during the period	$	415	$	592	$	533	$	—	$	—	$	3
Interest cost on projected benefit obligation	2,284		3,545		4,860		224		286		347
Expected return on assets	(3,458)		(3,869)		(4,874)		—		—		—
Prior service cost	—		—		—		4		4		4

Settlement loss	—		1,805		—		—		—		—

Amortization of net loss (gain)	1,835		1,836		2,001		86		11		(40)
Net expense	$	1,076	$	3,909	$	2,520	$	314	$	301	$	314

As of December 31, 2021, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:


	Defined Benefit Pension Plans		Post- Retirement Plans		Total
Accumulated other comprehensive loss as of January 1, 2021	$	(28,199)	$	(1,106)	$	(29,305)
Amortization of prior service costs	—		4		4
Plan amendment	—		(48)		(48)

Amortization of loss	1,835		86		1,921
Net gain arising during the year	5,547		420		5,967
Accumulated other comprehensive loss as of December 31, 2021	$	(20,817)	$	(644)	$	(21,461)

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


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

As of December 31, 2021, our total accumulated benefit obligations, as well as our projected benefit obligations in excess of the fair value of the related plan assets, for defined benefit pension plans were as follows:


	December 31,
	2021		2020
Accumulated benefit obligation	$	61,206	$	58,239
Fair value of plan assets	$	—	$	—


	December 31,
	2021		2020
Projected benefit obligation	$	61,206	$	58,239
Fair value of plan assets	$	—	$	—

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

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


	Pension Benefits			Other Postretirement Benefits
	2021	2020	2019	2021	2020	2019
Weighted average assumptions:
Discount rates — benefit obligation	1.80% - 2.70%	1.40% - 2.30%	2.55% - 3.10%	2.85%	2.55%	3.30%
Discount rates — service cost	1.40% - 2.30%	2.55% - 3.10%	3.90% - 4.25%	2.55%	3.30%	4.35%
Assumed rates of return on invested assets	3.50%	4.00 %	5.50%	N/A	N/A	N/A
Salary increase assumptions	N/A	N/A	N/A	3.00%	3.00%	3.00%

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

The Company considers input from its external advisors and historical returns in developing its expected rate of return on plan assets. The expected long-term rate of return is the weighted average of the target asset allocation of each individual asset class. The Company’s actual 10-year annual rate of return on its pension plan assets was 7.74%, 6.91% and 7.59% for the years ended December 31, 2021, 2020 and 2019, respectively, and the Company’s actual five-year annual rate of return on its pension plan assets was 7.86%, 7.51% and 5.41% for the years ended December 31, 2021, 2020 and 2019, respectively.

Gains and losses resulted from changes in actuarial assumptions and from differences between assumed and actual experience, including, among other items, changes in discount rates and changes in actual returns on plan assets as compared to assumed returns. These gains and losses are only amortized to the extent that they exceed 10% of the greater of Projected Benefit Obligation and the fair value of assets. For the year ended December 31, 2021, Liggett used a 12.39-year period for its Hourly Plan and a 11.61-year period for its Salaried Plan to amortize pension fund gains and losses on a straight line basis. Such amounts are reflected in the pension expense calculation beginning the year after the gains or losses occur. The amortization of deferred losses negatively impacts pension expense in the future.

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

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

The Liggett Employee Benefits Committee has established the following target assets allocation to equal 35% equity investments and 65% investment grade fixed income, with a rebalancing range of approximately plus or minus 5% around the target asset allocations.

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


	Plan Assets at December 31,
	2021		2020
Asset category:
Equity securities	38	%	35	%
Investment grade fixed income securities	62	%	65	%
High yield fixed income securities	—	%	—	%


Total	100	%	100	%

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


	Fair Value Measurements as of December 31, 2021
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Insurance contracts	$	1,868	$	—	$	1,868	$	—
Amounts in individually managed investment accounts:
Cash, mutual funds and common stock	91		91		—		—


Common collective trusts at NAV (1)	102,586		—		—		—

Total	$	104,545	$	91	$	1,868	$	—
(1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.


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


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

Total	$	102,812	$	78	$	2,236	$	—
(1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

The fair value of investment included in Level 1 are based on quoted market prices from various stock exchanges. The Level 2 investments are based on quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets in markets that are not active.

For 2021 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 4.21% and 7.19% between 2022 and 2029 and 4.5% thereafter. For 2020 measurement purposes, annual increases in Medicare Part B trends were assumed to equal rates between 2.87% and 6.06% between 2021 and 2028 and 4.5% thereafter.

To comply with ERISA’s minimum funding requirements, the Company does not currently anticipate that it will be required to make any contributions to the pension plan year beginning on January 1, 2022 and ending on December 31, 2022. Any additional funding obligation that the Company may have for subsequent years is contingent on several factors and is not reasonably estimable at this time.

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


	Pension		Postretirement Medical
2022	$	6,347	$	621
2023	5,993		627
2024	5,648		629
2025	5,289		606
2026	64,060		590
2027 - 2031	26,666		2,596

Profit Sharing and 401(k) Plans:The Company maintains 401(k) plans for substantially all U.S. employees which allow eligible employees to invest a percentage of their pre-tax compensation. The Company contributed to the 401(k) plans and expensed $1,473, $1,465 and $1,350 for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The amounts provided for income taxes were as follows:


	Year Ended December 31,
	2021		2020		2019
Current:
U.S. Federal	$	33,398	$	30,583	$	31,002
State	14,945		12,910		9,705
	48,343		43,493		40,707
Deferred:
U.S. Federal	11,399		7,343		(6,075)
State	3,065		3,285		(3,547)
	14,464		10,628		(9,622)
Total	$	62,807	$	54,121	$	31,085

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


	December 31, 2021		December 31, 2020
Deferred tax assets:
Employee benefit accruals	$	7,828	$	10,529
Impairment of investments	12,337		13,961
Impact of timing of settlement payments	10,854		20,137

Various U.S. federal and state tax loss carryforwards	2,378		3,123
Operating lease liabilities	3,277		3,884
Current expected credit losses	4,111		4,299
Other	3,910		2,852
	44,695		58,785
Less: Valuation allowance	(348)		(852)
Net deferred tax assets	$	44,347	$	57,933

Deferred tax liabilities:
Basis differences on non-consolidated entities	$	(24,441)	$	(22,809)
Basis differences on fixed and intangible assets	(35,154)		(35,555)

Basis differences on inventory	(10,808)		(10,698)
Basis differences on long-term investments	(4,383)		(912)

Basis differences on available for sale securities	(1,490)		(3,579)
Operating lease right of use assets	(2,839)		(3,324)

	$	(79,115)	$	(76,877)

Net deferred tax liabilities	$	(34,768)	$	(18,944)

_____________________________

The Company files a consolidated U.S. income tax return that includes its more than 80%-owned U.S. subsidiaries. Stand alone subsidiaries had tax-effected federal and state and local net operating loss (“NOL”) carryforwards of $2,378 and $3,123 at December 31, 2021 and 2020, respectively, expiring through tax year 2027. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company had valuation allowances of $348 and $852 at December 31, 2021 and 2020, respectively. The valuation allowances at December 31, 2021 and 2020 primarily related to state net operating loss carryforwards of stand alone subsidiaries.

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

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

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


	Year Ended December 31,
	2021		2020		2019
Income before provision for income taxes	$	209,961	$	181,043	$	125,015
Federal income tax expense at statutory rate	44,092		38,018		26,253
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	13,946		12,974		6,047

Non-deductible expenses	6,205		2,859		2,048


Excess tax benefits on stock-based compensation	(561)		(206)		(1,488)


Changes in valuation allowance, net of equity and tax audit adjustments	(504)		(440)		(2,525)

Other	(371)		916		750
Income tax expense	$	62,807	$	54,121	$	31,085

The Company’s income tax expense is principally attributable to the Company’s federal and state income taxes based on the Company’s earnings. The non-deductible expenses presented in the table above largely relate to the Company’s non-deductible executive compensation and spin-off expenses. The federal and state NOLs and valuation allowance are decreased by the spin-off entity and NOLs expiration.

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


Balance at January 1, 2019	$	391

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


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

Additions based on tax positions related to prior years	458

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

Additions based on tax positions related to prior years	1,640

Settlements	(1,065)
Expirations of the statute of limitations	(19)
Balance at December 31, 2021	$	2,209

In the event the unrecognized tax benefits of $2,209 at December 31, 2021 were recognized, such recognition would impact the effective tax rate. The Company classifies all tax-related interest and penalties as income tax expense.

It is reasonably possible the Company may recognize up to approximately $45 of unrecognized tax benefits over the next 12 months, primarily pertaining to expiring statutes of limitations on prior state and local income tax return positions.

The Company files U.S. and state and local income tax returns in jurisdictions with varying statutes of limitations. The Company, from time to time, receives notices related to audits and adjustments related to its partnerships.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

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
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Compensation

STOCK COMPENSATION

The Company granted equity compensation under its Amended and Restated 1999 Long-Term Incentive Plan (the “1999 Plan”) until the 1999 Plan expired on December 31, 2013. On May 16, 2014, the Company’s stockholders approved the 2014 Management Incentive Plan (the “2014 Plan”). The 2014 Plan replaced the 1999 Plan. Like the 1999 Plan, the 2014 Plan provides for the Company to grant stock options, stock appreciation rights and restricted stock. The 2014 Plan also provides for awards based on a multi-year performance period and for annual short-term awards based on a twelve-month performance period. Shares available for issuance under the 2014 Plan are 6,377,538 shares. The Company may satisfy its obligations under any award granted under the 2014 Plan by issuing new shares. Awards previously granted under the 1999 Plan remain outstanding in accordance with their terms.

Stock Options. The Company recognized compensation expense of $849, $1,428 and $1,923 related to stock options in the years ended December 31, 2021, 2020 and 2019, respectively.

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

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


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

_____________________________

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

A summary of employee stock option transactions follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value(1)
Outstanding on January 1, 2019	5,860,833	$	13.16	4.1	$	1,095
Granted	406,875	$	10.92
Exercised	(1,824,351)	$	8.67
Canceled	(11)	$	—
Outstanding on December 31, 2019	4,443,346	$	14.80	5.0	$	4,427

Exercised	(620,527)	$	11.14

Outstanding on December 31, 2020	3,822,819	$	15.40	4.6	$	487

Exercised	—	$	—

Outstanding on December 31, 2021	3,822,819	$	15.40	3.6	$	238
Options exercisable at:
December 31, 2019	2,689,673
December 31, 2020	2,540,150
December 31, 2021	2,988,727

_____________________________

(1)The aggregate intrinsic value represents the amount by which the fair value of the underlying common stock ($11.48, $11.65 and $13.39 at December 31, 2021, 2020 and 2019, respectively) exceeds the option exercise price.

Additional information relating to options outstanding at December 31, 2021 follows:


			Options Outstanding				Options Exercisable
Range of Exercise Prices			Outstanding as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Exercisable as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Aggregate Intrinsic Value
			12/31/2021				12/31/2021
$9.86	-	$11.83	1,462,190	2.8	$	11.32	1,055,315	1.2	$	11.47	$	—
$11.83	-	$13.80	—	—	$	—	—	—	$	—	—
$13.80	-	$15.77	519,278	2.4	$	14.68	519,278	2.4	$	14.68	—
$15.77	-	$17.74	—	—	$	—	—	—	$	—	—
$17.74	-	$19.71	1,841,351	4.6	$	18.84	1,414,134	4.1	$	18.96	—



			3,822,819	3.6	$	15.40	2,988,727	2.8	$	15.57	$	238

As of December 31, 2021, there was $381 of total unrecognized compensation cost related to unvested stock options. The cost is expected to be recognized over a weighted-average period of approximately 0.65 years at December 31, 2021.

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

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

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

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

Restricted Stock Awards. In 2021, the Company granted 623,500 restricted shares of the Company’s common stock pursuant to the 2014 Plan. The shares vest over a period of four years and the Company will recognize $8,919 of expense over the vesting period. The Company recognized expense of $4,245 for the year ended December 31, 2021.

In 2021, the Company granted an award of 250,000 shares of its common stock pursuant to its 2014 Plan subject to service and performance-based vesting (and continued employment) over a period of four-years. The Company will recognize $3,578 of expense over the vesting period. The Company recognized expense of $1,699 for the year ended December 31, 2021.

In 2020, the Company granted 425,000 restricted shares of the Company’s common stock pursuant to the 2014 Plan. The shares vest over a period of four years and the Company will recognize $5,041 of expense over the vesting period. The Company recognized expense of $2,271 and $747 for the years ended December 31, 2021 and 2020, respectively.

In 2019, the Company granted 63,000 restricted shares of the Company’s common stock pursuant to the 2014 Plan. The shares vest over a period of three years and the Company will recognize $564 of expense over the vesting period. The Company recognized expense of $209, $188 and $124 for the years ended December 31, 2021, 2020, and 2019, respectively.

The Company recognized expense of $5,525, $7,022, and $7,043 for the years ended December 31, 2021, 2020 and 2019, respectively, related to performance based restricted stock awards granted in 2013, 2014 and 2015.

As of December 31, 2021, there was $10,627 of total unrecognized compensation costs related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.41 years.

As of December 31, 2020, there was $12,081 of total unrecognized compensation costs related to unvested restricted stock awards.

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

Included in the stock compensation costs for the year ended December 31, 2021, were expenses of $4,317 associated with the acceleration of stock compensation in connection with the Company’s spin-off of Douglas Elliman.

Contingencies

12 Months Ended

Dec. 31, 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 years ended December 31, 2021, 2020, and 2019, Liggett incurred tobacco product liability legal expenses and costs totaling $6,256, $6,476, and $7,363, respectively. The tobacco product liability legal expenses and costs are included in the operating, selling, administrative and general expenses and litigation settlement and judgment expense line items in the consolidated statements of operations. Legal defense costs are expensed as incurred.

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

Bonds. Although Liggett has been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts are on appeal, there remains a risk that such relief may not be obtainable in all cases. This risk has been reduced given that a majority of states now limit the dollar amount of bonds or require no bond at all. As of December 31, 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 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any.

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

Individual Actions

As of December 31, 2021, there were 79 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						44
Illinois						19
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 December 31, 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 15, management is unable to estimate the possible loss or range of loss from the remaining Engle progeny cases as there are currently multiple defendants in each case and, in most cases, discovery has not occurred or is limited. As a result, the Company lacks information about whether plaintiffs are in fact Engle class members, the relevant smoking history, the nature of the alleged injury and the availability of various defenses, among other things. Further, plaintiffs typically do not specify the amount of their demand for damages. As cases proceed through the appellate process, the Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated.

Engle Progeny Settlements.

In October 2013, the Company and Liggett entered into a settlement with approximately 4,900 Engle progeny plaintiffs and their counsel. Pursuant to the terms of the settlement, Liggett agreed to pay a total of approximately $110,000, with $61,600 paid in an initial lump sum and the balance to be paid in installments over 14 years starting in February 2015. The Company’s future payments will be approximately $3,600 per annum through 2028, including an annual cost of living increase that began 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 204 Engle progeny cases for approximately $8,100 in the aggregate.

Notwithstanding the comprehensive nature of the Engle progeny settlements, 28 plaintiffs’ claims remain pending in state court. Therefore, the Company and Liggett may still be subject to periodic adverse judgments which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows.

Judgments Paid in Engle Progeny Cases.

As of December 31, 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 six cases where Liggett is the sole defendant: Baluja, Cowart and Cellini are Individual Actions and Tumin, Forbing and Alvarez 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 December 31, 2021, there were two Engle progeny cases (Duncan and O’Rourke) and 12 individual Actions (Barnes, Baron, Camacho, Clark, Cupp, Geist, Harcourt, Johnson, Lane, Mendez, Rowan and Tully) scheduled for trial through December 31, 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 December 31, 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 December 31, 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, obligations 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 2021. 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, 2021, Liggett and Vector Tobacco pre-paid $169,500 of their approximate $181,000 2021 MSA obligation, the balance of which will be paid in April 2022, 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 - 2021. 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 38 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 was held 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 the year ended December 31, 2021 by $7,896, for an aggregate reduction in costs of sales for years 2013 - 2021 of $62,278. Liggett and Vector Tobacco may be entitled to further adjustments. As of December 31, 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 December 31, 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. On November 18, 2021, a hearing was held on Liggett’s objection to the final report in Mississippi Chancery Court. A ruling is pending. 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 15, management is unable to estimate the loss or range of loss that could result from an unfavorable outcome of the cases pending against Liggett or the costs of defending such cases and as a result has not provided any amounts in its consolidated financial statements for unfavorable outcomes.

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

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

The activity in the Company’s accruals for the MSA and tobacco litigation for the three years ended December 31, 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, 2019	$	36,561	$	310	$	36,871	$	16,383	$	21,794	$	38,177
Expenses	165,471		990		166,461		—		—		—

Change in MSA obligations capitalized as inventory	4,936		—		4,936		—		—		—
Payments	(171,960)		(670)		(172,630)		—		—		—
Reclassification to/(from) non-current liabilities	(892)		3,338		2,446		892		(3,338)		(2,446)
Interest on withholding	—		281		281		—		2,138		2,138
Balance as of December 31, 2019	34,116		4,249		38,365		17,275		20,594		37,869
Expenses	175,538		312		175,850		—		—		—
NPM Settlement adjustment	299		—		299		—		—		—
Change in MSA obligations capitalized as inventory	182		—		182		—		—		—
Payments, net of credits received	(170,513)		(4,334)		(174,847)		(197)		—		(197)
Reclassification to/(from) non-current liabilities	(855)		3,252		2,397		855		(3,252)		(2,397)
Interest on withholding	—		488		488		—		1,926		1,926
Balance as of December 31, 2020	38,767		3,967		42,734		17,933		19,268		37,201
Expenses	173,786		211		173,997		—		—		—

Change in MSA obligations capitalized as inventory	(670)		—		(670)		—		—		—
Payments, net of credits received	(204,706)		(4,091)		(208,797)		—		—		—
Reclassification to/(from) non-current liabilities	4,709		3,351		8,060		(4,709)		(3,351)		(8,060)
Interest on withholding	—		480		480		—		1,763		1,763
Balance as of December 31, 2021	$	11,886	$	3,918	$	15,804	$	13,224	$	17,680	$	30,904

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.

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

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION


	Year Ended December 31,
	2021		2020		2019
Cash paid during the period for:
Interest, including interest related to finance leases	$	111,759	$	118,807	$	118,966
Income taxes, net	92,698		41,372		44,184
Non-cash investing and financing activities:
Issuance of stock dividend	—		—		703

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Ladenburg Thalmann Financial Services Inc. Prior to February 14, 2020, the Company owned 15,191,205 common shares (or approximately 10.2%) of LTS, which was a publicly-traded diversified financial services company prior to its merger with Advisor Group. The Company accounted for its investment in LTS under the equity method of accounting. In connection with the merger, in February 2020, the Company received cash proceeds of $53,169. The Company recorded equity in earnings of $53,424 for the year ended December 31, 2020. The Company also received $6,009 for the redemption of its 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock. Prior to the merger, the Company and LTS were parties to a management agreement and LTS paid the Company $103 and $850 under the agreement for 2020 and 2019, respectively; these amounts were recorded as equity income. LTS paid cash compensation to the President and Chief Executive Officer of the Company, who served as Vice Chairman of LTS, prior to the merger, of $19 and $1,600 for 2020 and 2019, respectively. LTS paid cash compensation to the Company’s Executive Vice President and COO (the “Company’s COO”), who served as President and CEO of LTS, of $41 and $2,142 for 2020 and 2019, respectively. At the closing of the transaction, the Company’s COO resigned as Chairman, President and Chief Executive Officer of LTS, and the Company’s management agreement with LTS was terminated. Dr. Philip Frost, who beneficially owns more than 5% of the Company’s common stock, was a director of LTS until September 2018 and was the largest shareholder of LTS until December 2018. Castle Brands Inc. Prior to October 2019, the Company owned 12,895,017 shares (or approximately 7.6%) of Castle, which was a publicly-traded spirits company prior to its acquisition by Pernod Ricard. The Company accounted for its investment in Castle under the equity method of accounting. In connection with the acquisition, in October 2019, the Company received cash proceeds of $16,377 and recorded a pre-tax gain of $16,377. Prior to the acquisition, the Company and Castle were parties to a management agreement and Castle paid the Company $75 in 2019 under the agreement. Castle paid retention payments of $515 in 2019 to the Company’s COO who served as President and Chief Executive Officer as well as a director of Castle until October 2019. Dr. Frost was a director of Castle and was the largest shareholder of Castle until October 2019. At the closing of the transaction, the Company’s COO resigned as President and Chief Executive Officer of Castle and the Company’s management agreement with Castle was terminated. Insurance. The Company’s Chief Executive Officer, a firm in which he is a shareholder, and affiliates of that firm received insurance commissions aggregating approximately $241, $265 and $215 in 2021, 2020 and 2019, respectively, on various insurance policies issued for the Company and its subsidiaries. Consulting services. Beginning in April 2020, a director of the Company, who served as President and Chief Executive Officer of Liggett Group and Liggett Vector Brands until March 2020, has served as Non-Executive Chairman of the Board of Managers of Liggett Vector Brands and as a Senior Advisor to Liggett. The director has been receiving compensation of $60 per month for his services as well as access to an office, administrative support and reimbursement of expenses reasonably incurred in connection with the services. The director received $540 in 2021. Other. In addition, the Company had made investments in other entities where Dr. Frost has had relationships. In 2020, the Company liquidated its investments in BioCardia, Inc. (OTC: BCDA) and Cocrystal Pharma, Inc. (NASDAQ: COCP). Dr. Frost was a more than 10% shareholder of BioCardia, Inc. and a director and was a more than 5% shareholder of CoCrystal as of the date the investments were liquidated. In September 2012, the Company entered into an office lease with an entity affiliated with Dr. Frost. The lease is for space in an office building in Miami, Florida and will expire on April 20, 2023. The Lease provides for payments of $36 per month increasing to $41 per month. The Company recorded rental expense of $458 for the three years ended December 31, 2021, 2020 and 2019, associated with the lease. Douglas Elliman Inc. On December 29, 2021, the Company completed the Spin-off of Douglas Elliman, which included the real estate services and PropTech investment business formerly owned by the Company through its subsidiary, New Valley. Vector Group and Douglas Elliman entered into the Distribution Agreement and the Transition Services Agreement with respect to transition services and a number of ongoing commercial relationships. Under the Transition Services Agreement, Douglas Elliman will pay the Company $4,200 in 2022. Following the spin-off, there is an overlap between certain officers of Vector Group and Douglas Elliman. Howard M. Lorber serves as the President and Chief Executive Officer of Vector Group and of Douglas Elliman. Richard J. Lampen serves as the Chief Operating Officer of Vector Group and of Douglas Elliman, J. Bryant Kirkland III serves as the Chief Financial Officer and Treasurer of Vector Group and of Douglas Elliman, Marc N. Bell serves as the General Counsel and Secretary of Vector Group and of Douglas Elliman, and J. David Ballard serves as Senior Vice President, Enterprise Efficiency and Chief Technology Officer of Vector Group and of Douglas Elliman. Furthermore, immediately following the spin-off, three of the members of our Board of Directors, Messrs. Lorber and Lampen as well as Wilson L. White, will also serve as directors of Douglas Elliman. Douglas Elliman Realty LLC has been engaged by certain 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 $8,956, $10,783 and $18,952 from these projects for the years ended December 31, 2021, 2020 and 2019, respectively. A son of the Company’s President and Chief Executive Officer is an associate broker with Douglas Elliman and he received commissions and other payments of $925, $870 and $712, respectively, in accordance with brokerage activities in 2021, 2020 and 2019, respectively.

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 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 December 31, 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)	$	130,583	$	130,583	$	—	$	—

Commercial paper (1)	24,426		—		24,426		—

Certificates of deposit (2)	110		—		110		—



Investment securities at fair value
Equity securities at fair value
Marketable equity securities	19,560		19,560		—		—
Mutual funds invested in debt securities	23,221		23,221		—		—
Total equity securities at fair value	42,781		42,781		—		—
Debt securities available for sale
U.S. government securities	6,481		—		6,481		—
Corporate securities	47,531		—		47,531		—
U.S. government and federal agency	19,572		—		19,572		—


Commercial paper	29,103		—		29,103		—

Foreign fixed-income securities	1,219		—		1,219		—
Total debt securities available for sale	103,906		—		103,906		—

Total investment securities at fair value	146,687		42,781		103,906		—

Long-term investments
Long-term investment securities at fair value (3)	32,089		—		—		—

Total	$	333,895	$	173,364	$	128,442	$	—

Liabilities:
Fair value of contingent liability	$	2,646	$	—	$	—	$	2,646

Total	$	2,646	$	—	$	—	$	2,646

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets.

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

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


	Fair Value Measurements as of December 31, 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)	$	194,095	$	194,095	$	—	$	—

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

Certificates of deposit (2)	1,542		—		1,542		—

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)	33,981		—		—		—
Total	$	410,135	$	239,011	$	137,143	$	—

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets.

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

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

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

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

The fair value of the Level 3 contingent liability was derived using a Monte Carlo valuation model. As part of the acquisition of the 29.41% non-controlling interest in Douglas Elliman Realty LLC, New Valley entered into a four-year payout agreement that requires it to pay the sellers a portion of the fair value in excess of the purchase price of Douglas Elliman Realty LLC should a sale of a controlling interest in Douglas Elliman Realty LLC occur. In connection with the Spin-off, Vector agreed to indemnify Douglas Elliman for this contingent liability and accordingly remains potentially liable therefor.

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

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2021		Valuation Technique	Unobservable Input	Range (Actual)

















Fair value of contingent liability	$	2,646	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	776,351
				Risk-free rate for a 0.75-year term	0.39		%
				Leverage-adjusted equity volatility of peer firms	26.13		%

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

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


			Fair Value Measurement Using:
	Year Ended December 31, 2021				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	$	2,713	$	—	$	—	$	—	$	—

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 $2,713 of impairment charges were included in equity in losses from real estate ventures for the year ended December 31, 2021.


			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

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments were Tobacco and Real Estate. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2021, 2020 and 2019 was as follows:


				Real			Corporate
	Tobacco			Estate			and Other			Total

2021
Revenues	$	1,202,497		$	18,203		$	—		$	1,220,700
Operating income (loss)	360,317		(1)	4,066			(43,944)		(5)	320,439
Equity in earnings from real estate ventures	—			10,250			—			10,250
Identifiable assets of continuing operations	302,051			128,256		(4)	440,780		(7)	871,087
Depreciation and amortization	6,525			249			1,042			7,816
Capital expenditures	5,827			3			3,570			9,400

2020
Revenues	$	1,204,501		$	24,181		$	—		$	1,228,682
Operating income (loss)	319,536		(2)	(610)			(24,498)		(6)	294,428
Equity in losses from real estate ventures	—			(44,728)			—			(44,728)
Identifiable assets of continuing operations	357,518			103,523		(4)	428,386		(7)	889,427
Depreciation and amortization	7,877			337			878			9,092
Capital expenditures	4,491			100			8,346			12,937

2019
Revenues	$	1,114,840		$	4,763		$	—		$	1,119,603
Operating income (loss)	261,630		(3)	550			(27,565)			234,615
Equity in losses from real estate ventures	—			(27,760)			—			(27,760)
Identifiable assets of continuing operations	336,566			177,943		(4)	501,973		(7)	1,016,482
Depreciation and amortization	7,824			395			994			9,213
Capital expenditures	4,173			197			126			4,496

_____________________________

(1)Operating income includes $2,722 received from a litigation settlement associated with the MSA expense (which reduced cost of sales) and $211 of litigation settlement and judgment expense.

(2)Operating income includes $337 of litigation settlement and judgment expense and $299 of expense from MSA settlement.

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

(4)Includes real estate investments accounted for under the equity method of accounting of $105,062, $85,400 and $131,556 as of December 31, 2021, 2020 and 2019, respectively.

(5)Operating loss includes includes transaction charges of $10,468 and accelerated stock compensation of $4,317 related to the spin-off of Douglas Elliman; and $910 of gain on sale of assets.

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

(7)Corporate and Other identifiable assets primarily includes cash of $167,383, investment securities of $146,687 and long-term investments of $53,073 as of December 31, 2021. Corporate and other identifiable assets primarily includes cash of $211,729, investment securities of $135,585, and long-term investments of $52,291 as of December 31, 2020. Corporate and other identifiable assets primarily includes cash of $272,459, investment securities of $129,641, and long-term investments of $61,723 as of December 31, 2019.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Quarterly Financial Results (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Results (Unaudited)

QUARTERLY FINANCIAL RESULTS (UNAUDITED)

Unaudited quarterly data for the years ended December 31, 2021 and 2020 are as follows:


	December 31,		September 30,		June 30,		March 31,
	2021		2021		2021		2021
Revenues	$	313,673	$	298,485	$	337,554	$	270,988
Gross Profit	110,373		111,041		125,148		104,596
Operating income	68,556		82,015		93,893		75,975
Net income from continuing operations	30,711		29,912		64,981		21,550
Net income from discontinued operations	14,531		18,857		28,324		10,407
Net income applicable to common shares attributed to Vector Group Ltd.	$	45,312	$	48,889	$	93,305	$	31,957
Per basic common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.20	$	0.19	$	0.41	$	0.14
Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.09		0.12		0.19		0.06
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.29	$	0.31	$	0.60	$	0.20
Per diluted common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.20	$	0.19	$	0.41	$	0.14
Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.09		0.12		0.19		0.06
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.29	$	0.31	$	0.60	$	0.20


	December 31,		September 30,		June 30,		March 31,
	2020		2020		2020		2020
Revenues	$	287,129	$	339,835	$	312,831	$	288,887
Gross Profit	105,872		114,406		98,201		90,601
Operating income	74,011		84,130		71,803		64,484
Net income from continuing operations	21,839		29,387		29,762		45,934
Net income (loss) from discontinued operations	10,417		8,752		(3,988)		(49,165)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	32,256	$	38,139	$	25,774	$	(3,231)
Per basic common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.14	$	0.19	$	0.20	$	0.30
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.07		0.06		(0.03)		(0.33)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.17	$	(0.03)
Per diluted common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.14	$	0.19	$	0.19	$	0.30
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.07		0.06		(0.03)		(0.33)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.16	$	(0.03)

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

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

Schedule II - Valuation and Qualifying Accounts

VECTOR GROUP LTD.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(Dollars in Thousands)


Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Deductions		Balance at End of Period
Year Ended December 31, 2021
Allowances for:

Cash discounts	334		28,663		28,671		326
Deferred tax valuation allowance	852		—		504		348
Sales returns	7,356		2,439		3,126		6,669
Total	$	8,542	$	31,102	$	32,301	$	7,343
Year Ended December 31, 2020
Allowances for:

Cash discounts	319		28,046		28,031		334
Deferred tax valuation allowance	1,292		—		440		852
Sales returns	7,785		2,617		3,046		7,356
Total	$	9,396	$	30,663	$	31,517	$	8,542
Year Ended December 31, 2019
Allowances for:

Cash discounts	317		25,970		25,968		319
Deferred tax valuation allowance	3,817		—		2,525		1,292
Sales returns	6,935		4,068		3,218		7,785
Total	$	11,069	$	30,038	$	31,711	$	9,396

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The Consolidated Financial Statements included in this annual report present the financial position of Vector Group Ltd. as of December 31, 2021 and 2020 and the results of operations of Vector Group Ltd. for the years ended December 31, 2021, 2020 and 2019 giving effect to the spin-off of Douglas Elliman Inc. (“Douglas Elliman”) with the historical financial results of Douglas Elliman reflected as discontinued operations (See Note 6.). The cash flows and comprehensive income related to Douglas Elliman have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refer only to Vector Group’s continuing operations and do not include discussion of balances or activity of Douglas Elliman. The consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“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 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.
Estimates and Assumptions	Estimates and Assumptions:The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges, valuation of intangible assets, promotional accruals, actuarial assumptions of pension plans, deferred tax liabilities, settlement accruals, valuation of investments, including other-than-temporary impairments to such investments, and litigation and defense costs. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents:Cash includes cash on hand, cash on deposit in banks, and money market accounts. Cash equivalents is comprised of short-term investments which have an original maturity of 90 days or less. Interest on short-term investments is recognized when earned. The Company places its cash and cash equivalents with large commercial banks. The Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insure these balances, up to $250 and $500, respectively. Substantially all of the Company’s cash balances at December 31, 2021 are uninsured.
Reconciliation of Cash, Cash Equivalents and Restricted Cash	Reconciliation of Cash, Cash Equivalents and Restricted Cash:Restricted cash amounts included in other current assets and other assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.
Investment Securities	Investment Securities: The Company classifies investments in debt securities as available for sale. Investments classified as available for sale are carried at fair value, with net unrealized gains and losses included as a separate component of stockholders’ deficiency. The cost of securities sold is determined based on average cost. Gains are recognized when realized in the Company’s consolidated statements of operations. Losses are recognized as realized or upon the determination of the occurrence of an other-than-temporary decline in fair value. The Company’s policy is to review its securities on a periodic basis to evaluate whether any security has experienced an other-than-temporary decline in fair value. If it is determined that an other-than-temporary decline exists in one of the Company’s debt securities, it is the Company’s policy to record an impairment charge with respect to such investment in the Company’s consolidated statements of operations. The Company classifies investments in marketable equity securities as equity securities at fair value. The Company’s marketable equity securities are measured at fair value with changes in fair value recognized in net income. Gains and losses are recognized when realized in the Company’s consolidated statements of operations. Investments in marketable equity securities represent less than a 20 percent interest in the investees and the Company does not exercise significant influence over such entities.
Significant Concentrations of Credit Risk	Significant Concentrations of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company places its temporary cash in money market securities (investment grade or better) with, what management believes, high credit quality financial institutions. Liggett’s customers are primarily wholesalers and distributors of tobacco and convenience products as well as large grocery, drug and convenience store chains. Two customers accounted for 14% and 12% of Liggett’s revenues in 2021, 18% and 12% in 2020, and 17% and 12% in 2019. Concentrations of credit risk with respect to trade receivables are generally limited due to Liggett’s large number of customers. Liggett’s two largest customers represented approximately 0% and 2%, respectively, of Liggett’s net accounts receivable at December 31, 2021, and approximately 5% and 4%, respectively, at December 31, 2020. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. Liggett maintains reserves for potential credit losses and such losses, in the aggregate, have not exceeded management’s expectations.
Accounts Receivable - trade, net	Accounts Receivable - trade, net:Accounts receivable-trade are recorded net of an allowance for credit losses and cash discounts. The Company estimates the allowance for credit losses based on historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, supportable forecasts of future economic condition, and other factors that may affect our ability to collect from customers. The allowance for credit losses and cash discounts was $326 and $334 at December 31, 2021 and 2020, respectively. Uncollectible accounts are written off when the likelihood of collection is remote and when collection efforts have been abandoned.
Inventories	Inventories:Tobacco inventories are stated at the lower of cost and net realizable value with cost determined primarily by the last-in, first-out (LIFO) method at Liggett and Vector Tobacco. Although portions of leaf tobacco inventories may not be used or sold within one year because of the time required for aging, they are included in current assets, which is common practice in the industry.
Property, Plant and Equipment	Property, Plant and Equipment: Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which are 20 to 30 years for buildings and 3 to 10 years for machinery and equipment. Repairs and maintenance costs are charged to expense as incurred. The costs of major renewals and betterments are capitalized. The cost and related accumulated depreciation of property, plant and equipment are removed from the accounts upon retirement or other disposition and any resulting gain or loss is reflected in operations. The cost of leasehold improvements is amortized over the lesser of the related leases or the estimated useful lives of the improvements. Costs of major additions and betterments are capitalized, while expenditures for routine maintenance and repairs are charged to expense as incurred.
Investment 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.
Intangible Assets	Intangible Assets: Intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually as of December 31 and monitored for interim triggering events on an on-going basis. Our intangible asset associated with the benefit under the Master Settlement Agreement (“MSA”) relates to the market share payment exemption of The Medallion Company Inc. (now known as Vector Tobacco LLC), acquired in April 2002, under the MSA, which states payments under the MSA continue in perpetuity. As a result, the Company believes it will realize the benefit of the exemption for the foreseeable future. The fair value of the intangible asset associated with the benefit under the MSA is calculated using discounted cash flows. This approach involves two steps: (i) estimating future cash savings due to the payment exemption under the MSA and (ii) discounting the resulting cash flow savings to determine fair value. This fair value is then compared with the carrying value of the intangible asset associated with the benefit under the MSA. To the extent that the carrying amount exceeds the implied fair value of the intangible asset, an impairment loss is recognized.
Impairment Long-Lived Assets	Impairment of Long-Lived Assets:The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs a test for recoverability, comparing projected undiscounted cash flows to the carrying value of the asset group to determine if impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on fair value of the asset on the basis of discounted cash flow. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.Additionally, the Company performs impairment reviews on its long-term investments that are classified as equity securities without readily determinable fair values that do not qualify for the net asset value (“NAV”) practical expedient. On a quarterly basis, the Company evaluates the investments to determine if there are indicators of impairment. If so, a determination is made of whether there is an impairment and if it is considered temporary or other than temporary. The assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven. The impairment indicators that are taken into consideration as part of the analysis include (a) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates, and (d) factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants.
Leases	Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in investments in real estate, net, property, plant and equipment and current and long-term portions of notes payable and long-term debt on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company’s obligation to make lease payments as determined by the lease agreement. Lease liabilities are recorded at commencement for the net present value of future lease payments over the lease term. The discount rate used is generally the Company’s estimated incremental borrowing rate unless the lessor’s implicit rate is readily determinable. Discount rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value, over a similar term, with a similar security. ROU assets are recorded and recognized at commencement for the lease liability amount, initial direct costs incurred and is reduced for lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost is recognized on a straight-line basis over the shorter of the useful life of the asset and the lease term. The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to combine lease and non-lease components for all underlying asset classes.
Pension, Postretirement and Postemployment Benefit Plans	Pension, Postretirement and Postemployment Benefits Plans:The cost of providing retiree pension benefits, health care and life insurance benefits is actuarially determined and accrued over the service period of the active employee group. The Company recognizes the funded status of each defined benefit pension plan, retiree health care and other postretirement benefit plans and postemployment benefit plans on the Company’s consolidated balance sheets. (See Note 12).
Stock Options and Awards	Stock Options and Awards: The Company accounts for employee stock compensation plans by measuring compensation cost for share-based payments at fair value at grant date. The fair value is recognized as compensation expense over the vesting period on a straight-line basis. The terms of certain stock options awarded under the 2014 Management Incentive Plan and under the 1999 Plan provide for common stock dividend equivalents (paid in cash at the same rate as paid on the common stock) with respect to the shares underlying the unvested portion of the options. The Company recognizes payments of the dividend equivalent rights on these options on the Company’s consolidated balance sheets as reductions in additional paid-in capital until fully utilized and then accumulated deficit ($3,832, $3,684 and $8,967, net of income taxes, for the years ended December 31, 2021, 2020 and 2019, respectively), which are included as “Distributions and dividends on common stock” in the Company’s consolidated statement of stockholders’ deficiency.
Income Taxes	Income Taxes: The Company accounts for income taxes under the liability method and records deferred taxes for the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes as well as tax credit carryforwards and loss carryforwards. These deferred taxes are measured by applying the enacted tax rates relative to when the deferred item is expected to reverse. A valuation allowance reduces deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax assets will not be realized. A current tax provision is recorded for income taxes currently payable. The Company accounts for uncertainty in income taxes by recognizing the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. The guidance requires that a liability created for unrecognized deferred tax benefits shall be presented as a liability and not combined with deferred tax liabilities or assets. The Company classifies all tax-related interest and penalties as income tax expense.
Distributions and Dividends on Common Stock	Distributions and Dividends on Common Stock:The Company records distributions on its common stock as dividends in its consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in-capital to the extent paid-in-capital is available and then to accumulated deficit. The Company’s stock dividends are recorded as stock splits and given retroactive effect to earnings per share for all years presented.
Revenue Recognition	Revenue Recognition: Tobacco: Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records an allowance for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The allowance for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales. Tobacco Shipping and Handling Fees and Costs: Shipping and handling fees related to sales transactions are neither billed to customers nor recorded as revenue. Shipping and handling costs were $7,006 in 2021, $5,602 in 2020 and $5,802 in 2019. Shipping and handling costs related to sales transactions are part of cost of sales. Real estate: Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. See Note 11 for details of the Escena investment. Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset. Revenue is measured based on a consideration specified in a contract with a customer less any sales incentives. Revenue is recognized when (a) an enforceable contract with a customer exists, that has commercial substance, and collection of substantially all consideration for services is probable; and (b) the performance obligations to the customer are satisfied either over time or at a point in time. Tobacco sales: Revenue from cigarette sales, which include federal excise taxes billed to customers, is recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. The Company records a liability for goods estimated to be returned in other current liabilities and the associated receivable for anticipated federal excise tax refunds in other current assets on the consolidated balance sheets. The liability for returned goods is based principally on sales volumes and historical return rates. The estimated costs of sales incentives, including customer incentives and trade promotion activities, are based principally on historical experience and are accounted for as reductions in Tobacco revenue. Expected payments for sales incentives are included in other current liabilities on the Company’s consolidated balance sheets. The Company accounts for shipping and handling costs as fulfillment costs as part of cost of sales. Real estate sales: Revenue from facilities primarily relates to Escena and consists of revenues from food and beverage sales, fees charged for gameplay and the sale of golf related equipment and apparel. Revenue is recognized at the time of sale. Revenue from investments in real estate is recognized from land and building sales at the time of the closing of a sale, which is typically when cash is due, the performance obligation is satisfied as the title to and possession of the real estate asset are transferred to the buyer and the Company has no further obligations or involvement in the real estate asset.
Advertising	Advertising:Tobacco advertising costs, which are expensed as incurred and included within operating, selling, administration and general expenses, were $4,464, $4,103 and $3,751 for the years ended December 31, 2021, 2020 and 2019, respectively.
Comprehensive Income	Comprehensive Income:The Company presents net income and other comprehensive income in two separate, but consecutive, statements. The items are presented before related tax effects with detailed amounts shown for the income tax expense or benefit related to each component of other comprehensive income.
Contingencies	Contingencies:The Company and its subsidiaries record provisions in their consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. As discussed in Note 15, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against Liggett and the Company. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except as disclosed in Note 15: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. The Company records Liggett’s product liability legal expenses as operating, selling, administrative and general expenses as those costs are incurred.
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 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 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 consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.
Earnings Per Share	Basic EPS is computed by dividing net income available to common stockholders attributed to Vector Group Ltd. by the weighted-average number of shares outstanding, which includes vested restricted stock.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Components of Cash, Cash Equivalents and Restricted Cash

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


	December 31, 2021		December 31, 2020		December 31, 2019
Cash and cash equivalents	$	193,411	$	258,421	$	299,856

Restricted cash and cash equivalents included in other assets	1,438		554		552
Cash, cash equivalents and restricted cash of discontinued operations	—		106,702		79,068
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	194,849	$	365,677	$	379,476

Schedule of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes

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


	December 31, 2021		December 31, 2020		December 31, 2019
Net unrealized gains on investment securities available for sale, net of income taxes of $21, $160, and $200, respectively	$	46	$	422	$	530


Pension-related amounts, net of income taxes of $5,692, $7,809, and $8,120, respectively	(15,769)		(21,496)		(22,338)
Accumulated other comprehensive loss	$	(15,723)	$	(21,074)	$	(21,808)

Schedule of Other Income (Loss), Net

Other, net consisted of:


	Year Ended
	December 31,
	2021		2020		2019
Interest and dividend income	$	1,920	$	5,621	$	11,085







Net gains recognized on investment securities	9,384		1,818		7,440
Net periodic benefit cost other than the service costs	(975)		(3,618)		(2,298)




Credit loss expense	—		(12,828)		—
Other income	358		361		352
Other, net	$	10,687	$	(8,646)	$	16,579

Schedule of Other Assets

Other assets consisted of:


	December 31, 2021		December 31, 2020
Restricted assets	$	1,551	$	3,456
Prepaid pension costs	44,585		35,209

Other assets	30,549		26,853
Total other assets	$	76,685	$	65,518

Schedule of Other Current Liabilities

Other current liabilities consisted of:


	December 31, 2021		December 31, 2020
Accounts payable	$	9,443	$	6,509
Accrued promotional expenses	55,647		45,579
Accrued excise and payroll taxes payable, net	22,919		13,849
Accrued interest	30,676		31,624

Accrued salaries and benefits	13,982		15,066

Allowance for sales returns	6,669		7,356
Other current liabilities	10,151		15,575
Total other current liabilities	$	149,487	$	135,558

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended
	December 31,
		2021		2020		2019
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve		$	1,139,009	$	1,133,660	$	1,040,419
Other Brands		63,488		70,841		74,421
Total tobacco revenues		$	1,202,497	$	1,204,501	$	1,114,840

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


	Year Ended
	December 31,
	2021		2020		2019
Real Estate Segment Revenues
Sales on facilities primarily from Escena	$	5,353	$	3,681	$	4,763
Revenues from investments in real estate	12,850		20,500		—
Total real estate revenues	$	18,203	$	24,181	$	4,763

Current Expected Credit Losses (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2021:


	January 1, 2021	Current Period Provision	Write-offs	Recoveries	December 31, 2021
Allowance for credit losses:
New Valley term loan receivables	15,928	—	—	—	15,928

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


	January 1, 2020	Current Period Provision		Write-offs	Recoveries	December 31, 2020
Allowance for credit losses:
New Valley term loan receivables	3,100	12,828	(1)	—	—	15,928

_____________________________

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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Net Income for Purposes of Determining Basic and Diluted EPS

As a result, in its calculation of basic earnings per share (“EPS”) for the years ended December 31, 2021, 2020 and 2019, respectively, the Company has adjusted its net income for the effect of these participating securities as follows:

Net income (loss) for purposes of determining basic EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Net income (loss) attributed to Vector Group Ltd. from discontinued operations	72,309		(33,984)		7,085
Net income attributed to Vector Group Ltd.	219,463		92,938		100,974
Income from continuing operations attributable to participating securities	(5,862)		(2,560)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	213,601	$	90,378	$	93,510

Net income for purposes of determining basic EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Income from continuing operations attributable to participating securities	(3,694)		(2,580)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	143,460	$	124,342	$	86,425

Net income (loss) for purposes of determining diluted EPS for discontinued operations and net income available to common stockholders attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Net income (loss) attributed to Vector Group Ltd. from discontinued operations	72,309		(33,984)		7,085
Net income attributed to Vector Group Ltd.	219,463		92,938		100,974
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		—		(1,255)
Income from continuing operations attributable to participating securities	(5,862)		(2,560)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	213,601	$	90,378	$	92,255

Net income for purposes of determining diluted EPS for continuing operations applicable to common shares attributed to Vector Group Ltd. was as follows:


	For the year ended December 31,
	2021		2020		2019
Net income attributed to Vector Group Ltd. from continuing operations	$	147,154	$	126,922	$	93,889
Income attributable to 7.5% Variable Interest Senior Convertible Notes	—		—		(1,255)
Income from continuing operations attributable to participating securities	(3,694)		(2,580)		(7,464)
Net income available to common stockholders attributed to Vector Group Ltd.	$	143,460	$	124,342	$	85,170

Schedule of Basic and Diluted EPS Calculation Shares

Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares for the years ended December 31, 2021, 2020 and 2019:


	For the year ended December 31,
	2021	2020	2019
Weighted-average shares for basic EPS	152,403,072	150,216,141	146,633,036
Plus incremental shares related to convertible debt	—	—	718,918
Plus incremental shares related to stock options and non-vested restricted stock	71,777	34,812	16,509

Weighted-average shares for diluted EPS	152,474,849	150,250,953	147,368,463

Schedule of Outstanding Shares Not Included in the Computation of Diluted EPS


	Year Ended December 31,
	2021		2020		2019


Weighted-average shares of non-vested restricted stock	524,606		520,936		1,207,366
Weighted-average expense per share	$	17.42	$	19.54	$	17.97
Weighted-average number of shares issuable upon conversion of debt	—		2,423,719		11,118,139
Weighted-average conversion price	$	—	$	20.27	$	20.27

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet and Income Statement

The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Douglas Elliman:


	December 31, 2021		December 31, 2020
ASSETS:
Current assets:
Cash and cash equivalents	$	—	$	94,421
Accounts receivable - trade, net	—		24,377
Other current assets	—		29,567
Total current assets	—		148,365
Property, plant and equipment, net	—		42,703
Long-term investments (includes $237 at fair value)	—		237
Operating lease right-of-use assets	—		133,103
Goodwill and other intangible assets, net	—		100,066
Other assets	—		29,508
Total long-term assets	—		305,617
Total assets	$	—	$	453,982
LIABILITIES:
Current liabilities:
Current portion of notes payable and long-term debt	$	—	$	12,500
Current operating lease liability	—		23,753
Income taxes payable, net	—		17
Other current liabilities	—		63,379
Total current liabilities	—		99,649
Notes payable, long-term debt and other obligations, less current portion	—		12,920
Deferred income taxes, net	—		13,512
Non-current operating lease liability	—		143,296
Other liabilities	—		34,384
Total long-term liabilities	—		204,112
Total liabilities	$	—	$	303,761


	Year Ended December 31,
	2021		2020		2019
	(Dollars in thousands, except per share amounts)
Revenues:
Real estate	$	1,344,825	$	773,987	$	784,108

Expenses:
Cost of sales	989,436		547,543		526,694

Operating, selling, administrative and general expenses	253,942		212,926		260,894
Net loss on sales of asset	—		1,169		—
Impairments of goodwill and intangible assets	—		58,252		—
Restructuring charges	—		3,382		—
Operating income (loss)	101,447		(49,285)		(3,480)

Other income (expenses):
Interest expense	(164)		(263)		(905)
Equity in (losses) earnings from real estate ventures	(278)		30		8,472
Other, net	(870)		3,190		4,726
Pretax income (loss) from discontinued operations	100,135		(46,328)		8,813
Income tax expense	28,016		(12,344)		1,728
Income (loss) from discontinued operations	72,119		(33,984)		7,085

Net loss from discontinued operations attributed to non-controlling interest	190		—		—

Net income (loss) from discontinued operations attributed to Vector Group Ltd.	$	72,309	$	(33,984)	$	7,085

The following table presents the information regarding certain components of cash flows from discontinued operations:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in thousands, except per share amounts)
Depreciation and amortization	$	8,561	$	8,537	$	8,638
Non-cash lease expense	18,667		17,326		17,973



Capital expenditures	(4,106)		(6,126)		(8,079)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	4,578	$	4,572	$	4,636
Short-term lease cost	374		349		338
Variable lease cost	320		634		623

Finance lease cost:
Amortization	58		111		224
Interest on lease liabilities	9		14		15
Total lease cost	$	5,339	$	5,680	$	5,836

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	4,961	$	4,034	$	4,318
Operating cash flows from finance leases	10		14		15
Financing cash flows from finance leases	57		102		217

ROU assets obtained in exchange for lease obligations:
Operating leases	1,993		3,298		676
Finance leases	—		60		159

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:



	December 31,			December 31,
	2021			2020







Finance leases:
Investments in real estate, net (1)	$	30		$	62

Property, plant and equipment, at cost	$	127		$	127
Accumulated amortization	(70)			(44)
Property and equipment, net	$	57		$	83

Current portion of notes payable and long-term debt	$	55		$	57
Notes payable, long-term debt and other obligations, less current portion	41			96
Total finance lease liabilities	$	96		$	153

Weighted average remaining lease term in years:
Operating leases	3.36			4.23
Finance leases	1.84			2.71

Weighted average discount rate:
Operating leases	9.60		%	10.20		%
Finance leases	8.21		%	7.82		%

_____________________________

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2022	$	4,889	$	61
2023	4,181		35
2024	3,453		8
2025	2,086		—
2026	319		—
Thereafter	—		—

Total lease payments	14,928		104
Less imputed interest	(2,237)		(8)
Total	$	12,691	$	96

Schedule of Maturities of Financing Lease Liabilities

As of December 31, 2021, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
Year Ending December 31:
2022	$	4,889	$	61
2023	4,181		35
2024	3,453		8
2025	2,086		—
2026	319		—
Thereafter	—		—

Total lease payments	14,928		104
Less imputed interest	(2,237)		(8)
Total	$	12,691	$	96

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities at fair value consisted of the following:


	December 31, 2021		December 31, 2020
Debt securities available for sale	$	103,906	$	91,204


Equity securities at fair value:
Marketable equity securities	19,560		21,155
Mutual funds invested in debt securities	23,221		23,226
Long-term investment securities at fair value (1)	32,089		33,981
Total equity securities at fair value	74,870		78,362

Total investment securities at fair value	178,776		169,566
Less:
Long-term investment securities at fair value (1)	32,089		33,981
Current investment securities at fair value	$	146,687	$	135,585

Long-term investment securities at fair value (1)	$	32,089	$	33,981
Equity-method investments	20,984		18,310
Total long-term investments	$	53,073	$	52,291

Equity securities at cost: (2)
Other equity securities at cost	$	5,200	$	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 consolidated balance sheets.

The components of debt securities available for sale at December 31, 2021 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	103,838	$	68	$	—	$	103,906

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


	Year Ended December 31,
	2021		2020		2019
Net gains recognized on equity securities	$	9,615	$	2,123	$	7,320
Less: Net gains (losses) recognized on equity securities sold	7,534		(121)		1,526
Net unrealized gains recognized on equity securities still held at the reporting date	$	2,081	$	2,244	$	5,794

Schedule of Net Gains Recognized

Net gains recognized on investment securities were as follows:


	Year Ended December 31,
	2021		2020		2019
Net gains recognized on equity securities at fair value	$	9,615	$	2,123	$	7,320
Net gains recognized on debt and equity securities available for sale	45		110		135

Impairment expense	(276)		(415)		(15)




Net gains recognized on investment securities	$	9,384	$	1,818	$	7,440

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


	Year Ended December 31,
	2021		2020		2019
Gross realized gains on sales	$	108	$	329	$	144
Gross realized losses on sales	(63)		(219)		(9)
Net gains recognized on debt securities available for sale	$	45	$	110	$	135

Impairment expense	$	(276)	$	(415)	$	(15)

Schedule of Maturity Dates of Fixed Income Securities

The table below summarizes the maturity dates of debt securities available for sale at December 31, 2021.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	6,481	$	5,688	$	793	$	—
Corporate securities	47,531		20,028		27,503		—
U.S. mortgage-backed securities	19,572		1,824		17,748		—


Commercial paper	29,103		29,103		—		—

Foreign fixed-income securities	1,219		1,219		—		—
Total debt securities available for sale by maturity dates	$	103,906	$	57,862	$	46,044	$	—

Schedule of Equity Method Investments

Equity-method investments consisted of the following:


	December 31, 2021		December 31, 2020
Mutual and hedge funds	$	20,984	$	18,310

Equity in earnings from investments were:


	Year Ended December 31,
	2021		2020		2019
Mutual fund and hedge funds	$	2,675	$	2,844	$	958
Ladenburg Thalmann Financial Services Inc.	—		53,424		(410)
Castle Brands Inc.	—		—		16,452

Equity in earnings from investments	$	2,675	$	56,268	$	17,000

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


	December 31, 2021		December 31, 2020
Investment securities	$	493,705	$	486,390
Cash and cash equivalents	44,644		7,126
Other assets	14,151		41,004
Total assets	$	552,500	$	534,520

Other liabilities	$	214,607	$	230,237
Total liabilities	214,607		230,237
Partners’ capital	337,893		304,283
Total liabilities and partners’ capital	$	552,500	$	534,520


	Year Ended December 31,
	2021		2020		2019
Investment income	$	1,574	$	1,779	$	2,834
Expenses	12,873		9,300		6,756
Net investment loss	(11,299)		(7,521)		(3,922)
Total net realized gain and net change in unrealized depreciation from investments	48,342		123,381		18,822
Net increase in partners’ capital resulting from operations	$	37,043	$	115,860	$	14,900

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


	Three Months Ended
	December 31,
	2019
Revenues	$	395,735
Expenses	394,992
Income before other items	743
Change in fair value of contingent consideration	(374)
Income from continuing operations	369
Net income	$	508

Other Condominium and Mixed Use Development:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	301,703	$	386,859	$	208,767
Cost of goods sold	317,894		302,234		76,162
Other expenses	117,985		270,642		149,014
Loss from continuing operations	$	(134,176)	$	(186,017)	$	(16,409)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,434,205	$	4,465,118
Total assets	1,513,581		4,551,788
Total debt	1,107,366		3,569,361
Total liabilities	1,284,579		3,921,492
Non-controlling interest	63,781		83,807

Apartment Buildings:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	35,213	$	65,808	$	70,862

Other expenses	46,360		63,705		67,094
(Loss) income from continuing operations	$	(11,147)	$	2,103	$	3,768


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	—	$	544,610
Total assets	6,780		563,523
Total debt	—		392,324
Total liabilities	131		399,269
Non-controlling interest	4,990		123,273

Hotels:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	42,549	$	130,742	$	147,446
Cost of goods sold	3,671		2,671		5,399
Other expenses	201,211		256,973		220,045
Loss from continuing operations	$	(162,333)	$	(128,902)	$	(77,998)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,553,911	$	1,489,085
Total assets	1,631,664		1,575,800
Total debt	1,110,700		1,071,445
Total liabilities	1,213,044		1,143,419
Non-controlling interest	412,165		427,439

Commercial:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	1,662	$	7,911	$	7,821

Equity in (losses) earnings	24,383		(13,671)		24,159
Other expenses	1,412		4,740		7,724
Income (loss) from continuing operations	$	24,633	$	(10,500)	$	24,256


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	51,173	$	51,487
Total assets	71,296		70,270
Total debt	55,625		55,625
Total liabilities	55,016		55,199

Other:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	180,092	$	571	$	390,478
Cost of Goods Sold	—		—		220,316
Other expenses	303,352		48,633		155,257
(Loss) income from continuing operations	$	(123,260)	$	(48,062)	$	14,905


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	392,754	$	1,216,819
Total assets	444,520		1,237,794
Total debt	227,724		722,930
Total liabilities	233,329		903,196
Non-controlling interest	152,775		272,196

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of:


	December 31, 2021		December 31, 2020
Leaf tobacco	$	38,825	$	42,988
Other raw materials	7,560		5,987
Work-in-process	2,639		520
Finished goods	64,218		68,781

Inventories at current cost	113,242		118,276
LIFO adjustments	(18,627)		(20,731)
	$	94,615	$	97,545

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of:


	December 31, 2021		December 31, 2020
Land and improvements	$	1,624	$	1,624
Buildings	18,060		17,772
Machinery and equipment	167,713		166,156
Leasehold improvements	1,277		1,277
	188,674		186,829
Less accumulated depreciation and amortization	(151,791)		(151,544)
	$	36,883	$	35,285

New Valley LLC (Tables)

12 Months Ended

Dec. 31, 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)	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	4.2%- 46.7%	$	22,654	$	30,465
All other U.S. areas	19.6% - 89.1%	57,485		37,773
		80,139		68,238
Apartment Buildings:

All other U.S. areas	7.6% - 50.0%	11,900		—
		11,900		—
Hotels:
New York City SMSA	0.4% - 12.3%	1,635		2,629
International	49.0%	1,522		1,852
		3,157		4,481
Commercial:
New York City SMSA	49.0%	—		2,591
All other U.S. areas	1.6%	7,290		7,084
		7,290		9,675

Other	15.0% - 49.0%	2,576		3,006
Investments in real estate ventures		$	105,062	$	85,400

_____________________________

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


	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	396	$	1,805
All other U.S. areas	33,719		11,140
	34,115		12,945
Apartment Buildings:

All other U.S. areas	11,900		284
	11,900		284
Hotels:
New York City SMSA	1,848		1,169

	1,848		1,169





Other	—		524
Total contributions	$	47,863	$	14,922

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


	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	4,440	$	1,819
All other U.S. areas	13,593		18,188
	18,033		20,007
Apartment Buildings:

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




Commercial:
New York City SMSA	—		601
All other U.S. areas	575		113
	575		714


Total distributions	$	37,174	$	20,721

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


	Year Ended December 31,
	2021		2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	(4,147)	$	(17,167)	$	(31,011)
All other U.S. areas	(1)		(16,578)		(6,467)
	(4,148)		(33,745)		(37,478)
Apartment Buildings:

All other U.S. areas	18,566		(284)		79
	18,566		(284)		79
Hotels:
New York City SMSA	(1,597)		(3,248)		8,081
International	(330)		(308)		41
	(1,927)		(3,556)		8,122
Commercial:
New York City SMSA	(2,591)		1,340		1
All other U.S. areas	780		(437)		773
	(1,811)		903		774

Other	(430)		(8,046)		743
Total equity in earnings (losses) from real estate ventures	$	10,250	$	(44,728)	$	(27,760)

The maximum exposure to loss was as follows:


	December 31, 2021
Condominium and Mixed Use Development:
New York City SMSA	$	22,654
All other U.S. areas	57,484
	80,138
Apartment Buildings:

All other U.S. areas	11,900
	11,900
Hotels:
New York City SMSA	1,635
International	1,522
	3,157
Commercial:

All other U.S. areas	7,290
	7,290

Other	2,576
Total maximum exposure to loss	$	105,061

Schedule of Equity Method Investments

Equity-method investments consisted of the following:


	December 31, 2021		December 31, 2020
Mutual and hedge funds	$	20,984	$	18,310

Equity in earnings from investments were:


	Year Ended December 31,
	2021		2020		2019
Mutual fund and hedge funds	$	2,675	$	2,844	$	958
Ladenburg Thalmann Financial Services Inc.	—		53,424		(410)
Castle Brands Inc.	—		—		16,452

Equity in earnings from investments	$	2,675	$	56,268	$	17,000

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


	December 31, 2021		December 31, 2020
Investment securities	$	493,705	$	486,390
Cash and cash equivalents	44,644		7,126
Other assets	14,151		41,004
Total assets	$	552,500	$	534,520

Other liabilities	$	214,607	$	230,237
Total liabilities	214,607		230,237
Partners’ capital	337,893		304,283
Total liabilities and partners’ capital	$	552,500	$	534,520


	Year Ended December 31,
	2021		2020		2019
Investment income	$	1,574	$	1,779	$	2,834
Expenses	12,873		9,300		6,756
Net investment loss	(11,299)		(7,521)		(3,922)
Total net realized gain and net change in unrealized depreciation from investments	48,342		123,381		18,822
Net increase in partners’ capital resulting from operations	$	37,043	$	115,860	$	14,900

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


	Three Months Ended
	December 31,
	2019
Revenues	$	395,735
Expenses	394,992
Income before other items	743
Change in fair value of contingent consideration	(374)
Income from continuing operations	369
Net income	$	508

Other Condominium and Mixed Use Development:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	301,703	$	386,859	$	208,767
Cost of goods sold	317,894		302,234		76,162
Other expenses	117,985		270,642		149,014
Loss from continuing operations	$	(134,176)	$	(186,017)	$	(16,409)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,434,205	$	4,465,118
Total assets	1,513,581		4,551,788
Total debt	1,107,366		3,569,361
Total liabilities	1,284,579		3,921,492
Non-controlling interest	63,781		83,807

Apartment Buildings:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	35,213	$	65,808	$	70,862

Other expenses	46,360		63,705		67,094
(Loss) income from continuing operations	$	(11,147)	$	2,103	$	3,768


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	—	$	544,610
Total assets	6,780		563,523
Total debt	—		392,324
Total liabilities	131		399,269
Non-controlling interest	4,990		123,273

Hotels:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	42,549	$	130,742	$	147,446
Cost of goods sold	3,671		2,671		5,399
Other expenses	201,211		256,973		220,045
Loss from continuing operations	$	(162,333)	$	(128,902)	$	(77,998)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,553,911	$	1,489,085
Total assets	1,631,664		1,575,800
Total debt	1,110,700		1,071,445
Total liabilities	1,213,044		1,143,419
Non-controlling interest	412,165		427,439

Commercial:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	1,662	$	7,911	$	7,821

Equity in (losses) earnings	24,383		(13,671)		24,159
Other expenses	1,412		4,740		7,724
Income (loss) from continuing operations	$	24,633	$	(10,500)	$	24,256


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	51,173	$	51,487
Total assets	71,296		70,270
Total debt	55,625		55,625
Total liabilities	55,016		55,199

Other:


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	180,092	$	571	$	390,478
Cost of Goods Sold	—		—		220,316
Other expenses	303,352		48,633		155,257
(Loss) income from continuing operations	$	(123,260)	$	(48,062)	$	14,905


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	392,754	$	1,216,819
Total assets	444,520		1,237,794
Total debt	227,724		722,930
Total liabilities	233,329		903,196
Non-controlling interest	152,775		272,196

Schedule of Investments in Real Estate, net

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


	December 31, 2021		December 31, 2020
Escena, net	$	9,098	$	9,735
Townhome A (11 Beach Street)	—		5,896

Investment in real estate, net	$	9,098	$	15,631

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


	December 31, 2021		December 31, 2020
Land and land improvements	$	8,520	$	8,911
Building and building improvements	1,926		1,926
Other	1,643		1,672
	12,089		12,509
Less accumulated depreciation	(2,991)		(2,774)
	$	9,098	$	9,735

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

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

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

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


	December 31, 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 $2,647 and $3,040	552,353		551,960




Liggett:
Revolving credit facility	24		—

Equipment loans	64		89
Other	32		64
Total notes payable, long-term debt and other obligations	1,427,473		1,402,113
Less:
Debt issuance costs	(28,803)		(21,247)
Total notes payable, long-term debt and other obligations	1,398,670		1,380,866
Less:
Current maturities	(79)		(57)
Amount due after one year	$	1,398,591	$	1,380,809

Schedule of Non-cash Interest Expense


	Year Ended December 31,
	2021		2020		2019



7.5% Convertible Notes	$	—	$	—	$	2,031
5.5% Convertible Notes	—		4,053		16,481
Interest expense associated with embedded derivatives	$	—	$	4,053	$	18,512

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


	Year Ended December 31,
	2021		2020		2019



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

Schedule of Convertible Debt

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


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2019	$	6,635	$	24,789	$	31,424



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

Gain from changes in fair value of embedded derivatives	—		(4,999)		(4,999)
Balance at December 31, 2020	$	—	$	—	$	—


	Year Ended December 31,
	2021		2020		2019
Amortization of beneficial conversion feature:



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

The following table reconciles unamortized debt discount within convertible debt:


	7.5% Convertible Notes		5.5% Convertible Notes		Total
Balance at January 1, 2019	$	3,359	$	29,465	$	32,824


Partial redemption of 5.5% convertible notes	—		(2,735)		(2,735)

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



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

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

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


	December 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value			Fair Value
Senior Notes	$	1,427,353	$	1,426,176	$	1,401,960		$	1,464,208

Liggett and other	120		124		153			161
Notes payable and long-term debt	$	1,427,473	$	1,426,300	$	1,402,113	(1)	$	1,464,369

_____________________________

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

Schedule of Scheduled Maturities

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


	Principal		Unamortized Discount/ (Premium)		Net
Year Ending December 31:
2022	$	79	$	—	$	79
2023	33		—		33
2024	8		—		8
2025	—		—		—
2026	555,000		2,647		552,353
Thereafter	875,000		—		875,000
Total	$	1,430,120	$	2,647	$	1,427,473

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

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


	Pension Benefits				Other Postretirement Benefits
	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at January 1	$	(125,842)	$	(128,997)	$	(9,101)	$	(8,986)
Service cost	(415)		(592)		—		—
Interest cost	(2,284)		(3,545)		(224)		(286)
Plan settlement	—		7,255		—		—
Plan amendment	—		—		(48)		—

Benefits paid	6,452		7,008		471		500
Expenses paid	291		255		—		—
Actuarial gain (loss)	632		(7,226)		422		(329)
Benefit obligation at December 31	$	(121,166)	$	(125,842)	$	(8,480)	$	(9,101)
Change in plan assets:
Fair value of plan assets at January 1	$	102,812	$	101,051	$	—	$	—

Actual return on plan assets	8,373		8,919		—		—
Plan settlement	—		(7,255)		—		—
Expenses paid	(291)		(255)		—		—
Contributions	103		7,360		471		500
Benefits paid	(6,452)		(7,008)		(471)		(500)
Fair value of plan assets at December 31	$	104,545	$	102,812	$	—	$	—
Unfunded status at December 31	$	(16,621)	$	(23,030)	$	(8,480)	$	(9,101)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	$	44,585	$	35,209	$	—	$	—
Other accrued liabilities	(95)		(100)		(621)		(624)
Non-current employee benefit liabilities	(61,111)		(58,139)		(7,859)		(8,477)
Net amounts recognized	$	(16,621)	$	(23,030)	$	(8,480)	$	(9,101)

Schedule of Net Benefit Costs


	Pension Benefits						Other Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Service cost — benefits earned during the period	$	415	$	592	$	533	$	—	$	—	$	3
Interest cost on projected benefit obligation	2,284		3,545		4,860		224		286		347
Expected return on assets	(3,458)		(3,869)		(4,874)		—		—		—
Prior service cost	—		—		—		4		4		4

Settlement loss	—		1,805		—		—		—		—

Amortization of net loss (gain)	1,835		1,836		2,001		86		11		(40)
Net expense	$	1,076	$	3,909	$	2,520	$	314	$	301	$	314

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

As of December 31, 2021, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:


	Defined Benefit Pension Plans		Post- Retirement Plans		Total
Accumulated other comprehensive loss as of January 1, 2021	$	(28,199)	$	(1,106)	$	(29,305)
Amortization of prior service costs	—		4		4
Plan amendment	—		(48)		(48)

Amortization of loss	1,835		86		1,921
Net gain arising during the year	5,547		420		5,967
Accumulated other comprehensive loss as of December 31, 2021	$	(20,817)	$	(644)	$	(21,461)

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


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

Schedule of Accumulated Benefit Obligations


	December 31,
	2021		2020
Accumulated benefit obligation	$	61,206	$	58,239
Fair value of plan assets	$	—	$	—


	December 31,
	2021		2020
Projected benefit obligation	$	61,206	$	58,239
Fair value of plan assets	$	—	$	—

Schedule of Assumptions Used

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


	Pension Benefits			Other Postretirement Benefits
	2021	2020	2019	2021	2020	2019
Weighted average assumptions:
Discount rates — benefit obligation	1.80% - 2.70%	1.40% - 2.30%	2.55% - 3.10%	2.85%	2.55%	3.30%
Discount rates — service cost	1.40% - 2.30%	2.55% - 3.10%	3.90% - 4.25%	2.55%	3.30%	4.35%
Assumed rates of return on invested assets	3.50%	4.00 %	5.50%	N/A	N/A	N/A
Salary increase assumptions	N/A	N/A	N/A	3.00%	3.00%	3.00%

Schedule of Allocation of Plan Assets

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


	Plan Assets at December 31,
	2021		2020
Asset category:
Equity securities	38	%	35	%
Investment grade fixed income securities	62	%	65	%
High yield fixed income securities	—	%	—	%


Total	100	%	100	%

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


	Fair Value Measurements as of December 31, 2021
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Insurance contracts	$	1,868	$	—	$	1,868	$	—
Amounts in individually managed investment accounts:
Cash, mutual funds and common stock	91		91		—		—


Common collective trusts at NAV (1)	102,586		—		—		—

Total	$	104,545	$	91	$	1,868	$	—
(1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.


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


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

Total	$	102,812	$	78	$	2,236	$	—
(1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Schedule of Expected Benefit Payments

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


	Pension		Postretirement Medical
2022	$	6,347	$	621
2023	5,993		627
2024	5,648		629
2025	5,289		606
2026	64,060		590
2027 - 2031	26,666		2,596

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The amounts provided for income taxes were as follows:


	Year Ended December 31,
	2021		2020		2019
Current:
U.S. Federal	$	33,398	$	30,583	$	31,002
State	14,945		12,910		9,705
	48,343		43,493		40,707
Deferred:
U.S. Federal	11,399		7,343		(6,075)
State	3,065		3,285		(3,547)
	14,464		10,628		(9,622)
Total	$	62,807	$	54,121	$	31,085

Schedule of Deferred Tax Assets and Liabilities

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


	December 31, 2021		December 31, 2020
Deferred tax assets:
Employee benefit accruals	$	7,828	$	10,529
Impairment of investments	12,337		13,961
Impact of timing of settlement payments	10,854		20,137

Various U.S. federal and state tax loss carryforwards	2,378		3,123
Operating lease liabilities	3,277		3,884
Current expected credit losses	4,111		4,299
Other	3,910		2,852
	44,695		58,785
Less: Valuation allowance	(348)		(852)
Net deferred tax assets	$	44,347	$	57,933

Deferred tax liabilities:
Basis differences on non-consolidated entities	$	(24,441)	$	(22,809)
Basis differences on fixed and intangible assets	(35,154)		(35,555)

Basis differences on inventory	(10,808)		(10,698)
Basis differences on long-term investments	(4,383)		(912)

Basis differences on available for sale securities	(1,490)		(3,579)
Operating lease right of use assets	(2,839)		(3,324)

	$	(79,115)	$	(76,877)

Net deferred tax liabilities	$	(34,768)	$	(18,944)

_____________________________

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2021		2020		2019
Income before provision for income taxes	$	209,961	$	181,043	$	125,015
Federal income tax expense at statutory rate	44,092		38,018		26,253
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	13,946		12,974		6,047

Non-deductible expenses	6,205		2,859		2,048


Excess tax benefits on stock-based compensation	(561)		(206)		(1,488)


Changes in valuation allowance, net of equity and tax audit adjustments	(504)		(440)		(2,525)

Other	(371)		916		750
Income tax expense	$	62,807	$	54,121	$	31,085

Schedule of Unrecognized Tax Benefits

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


Balance at January 1, 2019	$	391

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


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

Additions based on tax positions related to prior years	458

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

Additions based on tax positions related to prior years	1,640

Settlements	(1,065)
Expirations of the statute of limitations	(19)
Balance at December 31, 2021	$	2,209

Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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

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


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

_____________________________

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

Schedule of Share-based Compensation, Stock Options, Activity

A summary of employee stock option transactions follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value(1)
Outstanding on January 1, 2019	5,860,833	$	13.16	4.1	$	1,095
Granted	406,875	$	10.92
Exercised	(1,824,351)	$	8.67
Canceled	(11)	$	—
Outstanding on December 31, 2019	4,443,346	$	14.80	5.0	$	4,427

Exercised	(620,527)	$	11.14

Outstanding on December 31, 2020	3,822,819	$	15.40	4.6	$	487

Exercised	—	$	—

Outstanding on December 31, 2021	3,822,819	$	15.40	3.6	$	238
Options exercisable at:
December 31, 2019	2,689,673
December 31, 2020	2,540,150
December 31, 2021	2,988,727

_____________________________

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

Additional information relating to options outstanding at December 31, 2021 follows:


			Options Outstanding				Options Exercisable
Range of Exercise Prices			Outstanding as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Exercisable as of	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Aggregate Intrinsic Value
			12/31/2021				12/31/2021
$9.86	-	$11.83	1,462,190	2.8	$	11.32	1,055,315	1.2	$	11.47	$	—
$11.83	-	$13.80	—	—	$	—	—	—	$	—	—
$13.80	-	$15.77	519,278	2.4	$	14.68	519,278	2.4	$	14.68	—
$15.77	-	$17.74	—	—	$	—	—	—	$	—	—
$17.74	-	$19.71	1,841,351	4.6	$	18.84	1,414,134	4.1	$	18.96	—



			3,822,819	3.6	$	15.40	2,988,727	2.8	$	15.57	$	238

Contingencies (Tables)

12 Months Ended

Dec. 31, 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						44
Illinois						19
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 three years ended December 31, 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, 2019	$	36,561	$	310	$	36,871	$	16,383	$	21,794	$	38,177
Expenses	165,471		990		166,461		—		—		—

Change in MSA obligations capitalized as inventory	4,936		—		4,936		—		—		—
Payments	(171,960)		(670)		(172,630)		—		—		—
Reclassification to/(from) non-current liabilities	(892)		3,338		2,446		892		(3,338)		(2,446)
Interest on withholding	—		281		281		—		2,138		2,138
Balance as of December 31, 2019	34,116		4,249		38,365		17,275		20,594		37,869
Expenses	175,538		312		175,850		—		—		—
NPM Settlement adjustment	299		—		299		—		—		—
Change in MSA obligations capitalized as inventory	182		—		182		—		—		—
Payments, net of credits received	(170,513)		(4,334)		(174,847)		(197)		—		(197)
Reclassification to/(from) non-current liabilities	(855)		3,252		2,397		855		(3,252)		(2,397)
Interest on withholding	—		488		488		—		1,926		1,926
Balance as of December 31, 2020	38,767		3,967		42,734		17,933		19,268		37,201
Expenses	173,786		211		173,997		—		—		—

Change in MSA obligations capitalized as inventory	(670)		—		(670)		—		—		—
Payments, net of credits received	(204,706)		(4,091)		(208,797)		—		—		—
Reclassification to/(from) non-current liabilities	4,709		3,351		8,060		(4,709)		(3,351)		(8,060)
Interest on withholding	—		480		480		—		1,763		1,763
Balance as of December 31, 2021	$	11,886	$	3,918	$	15,804	$	13,224	$	17,680	$	30,904

- 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
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14472-108349

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14326-108349

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12053-110248

+ Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Year Ended December 31,
	2021		2020		2019
Cash paid during the period for:
Interest, including interest related to finance leases	$	111,759	$	118,807	$	118,966
Income taxes, net	92,698		41,372		44,184
Non-cash investing and financing activities:
Issuance of stock dividend	—		—		703

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Company's Recurring Financial Assets and Liabilities Subject to Fair Value Measurements

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


	Fair Value Measurements as of December 31, 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)	$	130,583	$	130,583	$	—	$	—

Commercial paper (1)	24,426		—		24,426		—

Certificates of deposit (2)	110		—		110		—



Investment securities at fair value
Equity securities at fair value
Marketable equity securities	19,560		19,560		—		—
Mutual funds invested in debt securities	23,221		23,221		—		—
Total equity securities at fair value	42,781		42,781		—		—
Debt securities available for sale
U.S. government securities	6,481		—		6,481		—
Corporate securities	47,531		—		47,531		—
U.S. government and federal agency	19,572		—		19,572		—


Commercial paper	29,103		—		29,103		—

Foreign fixed-income securities	1,219		—		1,219		—
Total debt securities available for sale	103,906		—		103,906		—

Total investment securities at fair value	146,687		42,781		103,906		—

Long-term investments
Long-term investment securities at fair value (3)	32,089		—		—		—

Total	$	333,895	$	173,364	$	128,442	$	—

Liabilities:
Fair value of contingent liability	$	2,646	$	—	$	—	$	2,646

Total	$	2,646	$	—	$	—	$	2,646

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets.

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

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


	Fair Value Measurements as of December 31, 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)	$	194,095	$	194,095	$	—	$	—

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

Certificates of deposit (2)	1,542		—		1,542		—

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)	33,981		—		—		—
Total	$	410,135	$	239,011	$	137,143	$	—

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets.

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

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

Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2021		Valuation Technique	Unobservable Input	Range (Actual)

















Fair value of contingent liability	$	2,646	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	776,351
				Risk-free rate for a 0.75-year term	0.39		%
				Leverage-adjusted equity volatility of peer firms	26.13		%

Schedule of Investment in Real Estate Ventures Subject to Nonrecurring Fair Value Measurements

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


			Fair Value Measurement Using:
	Year Ended December 31, 2021				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	$	2,713	$	—	$	—	$	—	$	—


			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)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Financial Information for the Company’s Operations Before Taxes and Non-controlling Interests

Financial information for the Company’s operations before taxes and non-controlling interests for the years ended December 31, 2021, 2020 and 2019 was as follows:


				Real			Corporate
	Tobacco			Estate			and Other			Total

2021
Revenues	$	1,202,497		$	18,203		$	—		$	1,220,700
Operating income (loss)	360,317		(1)	4,066			(43,944)		(5)	320,439
Equity in earnings from real estate ventures	—			10,250			—			10,250
Identifiable assets of continuing operations	302,051			128,256		(4)	440,780		(7)	871,087
Depreciation and amortization	6,525			249			1,042			7,816
Capital expenditures	5,827			3			3,570			9,400

2020
Revenues	$	1,204,501		$	24,181		$	—		$	1,228,682
Operating income (loss)	319,536		(2)	(610)			(24,498)		(6)	294,428
Equity in losses from real estate ventures	—			(44,728)			—			(44,728)
Identifiable assets of continuing operations	357,518			103,523		(4)	428,386		(7)	889,427
Depreciation and amortization	7,877			337			878			9,092
Capital expenditures	4,491			100			8,346			12,937

2019
Revenues	$	1,114,840		$	4,763		$	—		$	1,119,603
Operating income (loss)	261,630		(3)	550			(27,565)			234,615
Equity in losses from real estate ventures	—			(27,760)			—			(27,760)
Identifiable assets of continuing operations	336,566			177,943		(4)	501,973		(7)	1,016,482
Depreciation and amortization	7,824			395			994			9,213
Capital expenditures	4,173			197			126			4,496

_____________________________

(1)Operating income includes $2,722 received from a litigation settlement associated with the MSA expense (which reduced cost of sales) and $211 of litigation settlement and judgment expense.

(2)Operating income includes $337 of litigation settlement and judgment expense and $299 of expense from MSA settlement.

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

(4)Includes real estate investments accounted for under the equity method of accounting of $105,062, $85,400 and $131,556 as of December 31, 2021, 2020 and 2019, respectively.

(5)Operating loss includes includes transaction charges of $10,468 and accelerated stock compensation of $4,317 related to the spin-off of Douglas Elliman; and $910 of gain on sale of assets.

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

Quarterly Financial Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Unaudited quarterly data for the years ended December 31, 2021 and 2020 are as follows:


	December 31,		September 30,		June 30,		March 31,
	2021		2021		2021		2021
Revenues	$	313,673	$	298,485	$	337,554	$	270,988
Gross Profit	110,373		111,041		125,148		104,596
Operating income	68,556		82,015		93,893		75,975
Net income from continuing operations	30,711		29,912		64,981		21,550
Net income from discontinued operations	14,531		18,857		28,324		10,407
Net income applicable to common shares attributed to Vector Group Ltd.	$	45,312	$	48,889	$	93,305	$	31,957
Per basic common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.20	$	0.19	$	0.41	$	0.14
Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.09		0.12		0.19		0.06
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.29	$	0.31	$	0.60	$	0.20
Per diluted common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.20	$	0.19	$	0.41	$	0.14
Net income from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.09		0.12		0.19		0.06
Net income applicable to common shares attributed to Vector Group Ltd.	$	0.29	$	0.31	$	0.60	$	0.20


	December 31,		September 30,		June 30,		March 31,
	2020		2020		2020		2020
Revenues	$	287,129	$	339,835	$	312,831	$	288,887
Gross Profit	105,872		114,406		98,201		90,601
Operating income	74,011		84,130		71,803		64,484
Net income from continuing operations	21,839		29,387		29,762		45,934
Net income (loss) from discontinued operations	10,417		8,752		(3,988)		(49,165)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	32,256	$	38,139	$	25,774	$	(3,231)
Per basic common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.14	$	0.19	$	0.20	$	0.30
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.07		0.06		(0.03)		(0.33)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.17	$	(0.03)
Per diluted common share:
Net income from continuing operations applicable to common shares attributed to Vector Group Ltd.	$	0.14	$	0.19	$	0.19	$	0.30
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.	0.07		0.06		(0.03)		(0.33)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$	0.21	$	0.25	$	0.16	$	(0.03)

Summary of Significant Accounting Policies (Components of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 193,411	$ 258,421	$ 299,856
Restricted cash and cash equivalents included in other assets	1,438	554	552
Cash, cash equivalents and restricted cash of discontinued operations	0	106,702	79,068
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 194,849	$ 365,677	$ 379,476

Summary of Significant Accounting Policies (Concentration of Credit Risk Narrative) (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales Revenue \| First Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	18.00%	17.00%
Sales Revenue \| Second Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	12.00%	12.00%
Accounts Receivable \| First Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	0.00%	5.00%
Accounts Receivable \| Second Largest Customer
Concentration Risk [Line Items]
Concentration risk percentage	2.00%	4.00%

Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Allowance for doubtful accounts and cash discounts	$ 326	$ 334

Summary of Significant Accounting Policies (Property, Plant and Equipment and Intangible Assets Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Indefinite life intangibles	$ 107,511	$ 107,511
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Summary of Significant Accounting Policies (Stock Options and Awards and Revenue Recognition and Advertising Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Tax on payments of dividend equivalent rights	$ 3,832	$ 3,684	$ 8,967
Segment Reporting Information [Line Items]
Timing of revenue and collections	Revenue from cigarette sales, which include federal excise taxes billed to customers, are recognized upon shipment of cigarettes when control has passed to the customer. Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer.
Shipping and handling fees and costs	$ 769,542	819,602	774,885
Tobacco and E-Cigarettes
Segment Reporting Information [Line Items]
Advertising costs	4,464	4,103	3,751
Shipping and Handling
Segment Reporting Information [Line Items]
Shipping and handling fees and costs	$ 7,006	$ 5,602	$ 5,802

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (15,723)	$ (21,074)	$ (21,808)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	46	422	530
Accumulated other comprehensive loss, tax effect	21	160	200
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(15,769)	(21,496)	(22,338)
Accumulated other comprehensive loss, tax effect	$ (5,692)	$ (7,809)	$ (8,120)

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Schedule of Other, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Interest and dividend income	$ 1,920	$ 5,621	$ 11,085
Net gains recognized on investment securities	9,384	1,818	7,440
Net periodic benefit cost other than the service costs	(975)	(3,618)	(2,298)
Credit loss expense	0	(12,828)	0
Other income	358	361	352
Other, net	$ 10,687	$ (8,646)	$ 16,579

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Restricted assets	$ 1,551	$ 3,456
Prepaid pension costs	44,585	35,209
Other assets	30,549	26,853
Total other assets	$ 76,685	$ 65,518

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts payable	$ 9,443	$ 6,509
Accrued promotional expenses	55,647	45,579
Accrued excise and payroll taxes payable, net	22,919	13,849
Accrued interest	30,676	31,624
Accrued salaries and benefits	13,982	15,066
Allowance for sales returns	6,669	7,356
Other current liabilities	10,151	15,575
Total other current liabilities	$ 149,487	$ 135,558

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 313,673	$ 298,485	$ 337,554	$ 270,988	$ 287,129	$ 339,835	$ 312,831	$ 288,887	$ 1,220,700	$ 1,228,682	$ 1,119,603
Tobacco
Disaggregation of Revenue [Line Items]
Total revenues									1,202,497	1,204,501	1,114,840
Tobacco \| Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select and Eve
Disaggregation of Revenue [Line Items]
Total revenues									1,139,009	1,133,660	1,040,419
Tobacco \| Other Brands
Disaggregation of Revenue [Line Items]
Total revenues									63,488	70,841	74,421
Real Estate
Disaggregation of Revenue [Line Items]
Total revenues									18,203	24,181	4,763
Real Estate \| Sales on facilities primarily from Escena
Disaggregation of Revenue [Line Items]
Total revenues									5,353	3,681	4,763
Real Estate \| Revenues from investments in real estate
Disaggregation of Revenue [Line Items]
Total revenues									$ 12,850	$ 20,500	$ 0

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Current Expected Credit Losses (Narrative) (Details) $ in Thousands	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans \| loan	2
Total amortized cost basis	$ 15,928
Interest receivable	6,428
Affiliated Entity
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 15,928	$ 15,928	$ 3,100

- 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) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 15,928	$ 3,100
Current Period Provision	0	12,828
Write-offs	0	0
Recoveries	0	0
Ending balance	$ 15,928	$ 15,928

- Definition

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

+ References + Details

Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Stock dividend paid to company stockholders	5.00%
Effect of stock dividend				$ 0
Increase in number of shares subject to outstanding stock options	5.00%
Dividend equivalent rights		$ 3,832	$ 3,684	8,967
Common Stock
Class of Stock [Line Items]
Effect of stock dividend	$ 703			$ 703

Earnings Per Share (Net Income (Loss) for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 15, 2019
Debt Instrument [Line Items]
Net income attributed to Vector Group Ltd. from continuing operations									$ 147,154	$ 126,922	$ 93,889
Net income (loss) attributed to Vector Group Ltd. from discontinued operations									72,309	(33,984)	7,085
Net income attributed to Vector Group Ltd.	$ 45,312	$ 48,889	$ 93,305	$ 31,957	$ 32,256	$ 38,139	$ 25,774	$ (3,231)	219,463	92,938	100,974
Income from continuing operations attributable to participating securities									(5,862)	(2,560)	(7,464)
Net income available to common stockholders attributed to Vector Group Ltd., basic EPS for discontinued operations									213,601	90,378	93,510
Income from continuing operations attributable to participating securities									(3,694)	(2,580)	(7,464)
Net income available to common stockholders attributed to Vector Group Ltd., basic EPS for continuing operations									143,460	124,342	86,425
Net income available to common stockholders attributed to Vector Group Ltd., diluted EPS for discontinued operations									213,601	90,378	92,255
Net income available to common stockholders attributed to Vector Group Ltd., diluted EPS for continuing operations									$ 143,460	124,342	85,170
7.5% Convertible Notes \| Variable Interest Senior Convertible Debt
Debt Instrument [Line Items]
Interest rate	7.50%								7.50%			7.50%
Income attributable to 7.5% Variable Interest Senior Convertible Notes									$ 0	$ 0	$ (1,255)

Earnings Per Share (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted-average shares for basic EPS	152,403,072	150,216,141	146,633,036
Plus incremental shares related to convertible debt	0	0	718,918
Plus incremental shares related to stock options and non-vested restricted stock	71,777	34,812	16,509
Weighted-average shares for diluted EPS	152,474,849	150,250,953	147,368,463

Earnings Per Share (Antidilutive Securities Excluded from Earnings Per Share) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	524,606	520,936	1,207,366
Weighted-average expense per share (in dollars per share)	$ 17.42	$ 19.54	$ 17.97
Weighted-average number of shares issuable upon conversion of debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	2,423,719	11,118,139
Weighted-average conversion price (in dollars per share)	$ 0	$ 20.27	$ 20.27

Discontinued Operations (Narrative) (Details)	Dec. 29, 2021 shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares issued ratio	2
Douglas Elliman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares issued ratio	1
Distribution \| Douglas Elliman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares issued ratio	0.5
Shares issued (in shares)	77,720,159

Discontinued Operations (Assets And Liabilities Of Discontinued Operations) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Total current assets	$ 0	$ 148,365
Long-term assets of discontinued operations	0	305,617
Current liabilities:
Total current liabilities	0	99,649
Long-term liabilities of discontinued operations	0	204,112
Distribution \| Douglas Elliman
Current assets:
Cash and cash equivalents	0	94,421
Accounts receivable - trade, net	0	24,377
Other current assets	0	29,567
Total current assets	0	148,365
Property, plant and equipment, net	0	42,703
Long-term investments (includes $237 at fair value)	0	237
Operating lease right-of-use assets	0	133,103
Goodwill and other intangible assets, net	0	100,066
Other assets	0	29,508
Long-term assets of discontinued operations	0	305,617
Total assets	0	453,982
Current liabilities:
Current portion of notes payable and long-term debt	0	12,500
Current operating lease liability	0	23,753
Income taxes payable, net	0	17
Other current liabilities	0	63,379
Total current liabilities	0	99,649
Notes payable, long-term debt and other obligations, less current portion	0	12,920
Deferred income taxes, net	0	13,512
Non-current operating lease liability	0	143,296
Other liabilities	0	34,384
Long-term liabilities of discontinued operations	0	204,112
Total liabilities	$ 0	$ 303,761

Discontinued Operations (Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other income (expenses):
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	$ 14,531	$ 18,857	$ 28,324	$ 10,407	$ 10,417	$ 8,752	$ (3,988)	$ (49,165)	$ 72,119	$ (33,984)	$ 7,085
Net loss from discontinued operations attributed to non-controlling interest									190	0	0
Net income (loss) from discontinued operations attributed to Vector Group Ltd.									72,309	(33,984)	7,085
Distribution \| Douglas Elliman
Revenues:
Revenues									1,344,825	773,987	784,108
Expenses:
Cost of sales									989,436	547,543	526,694
Operating, selling, administrative and general expenses									253,942	212,926	260,894
Net loss on sales of asset									0	1,169	0
Impairments of goodwill and intangible assets									0	58,252	0
Restructuring charges									0	3,382	0
Operating income (loss)									101,447	(49,285)	(3,480)
Other income (expenses):
Interest expense									(164)	(263)	(905)
Equity in (losses) earnings from real estate ventures									(278)	30	8,472
Other, net									(870)	3,190	4,726
Pretax income (loss) from discontinued operations									100,135	(46,328)	8,813
Income tax expense									28,016	(12,344)	1,728
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total									72,119	(33,984)	7,085
Net loss from discontinued operations attributed to non-controlling interest									190	0	0
Net income (loss) from discontinued operations attributed to Vector Group Ltd.									$ 72,309	$ (33,984)	$ 7,085

Discontinued Operations (Cash Flow From Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Depreciation and amortization	$ 8,561	$ 8,537	$ 8,638
Non-cash lease expense	18,667	17,326	17,973
Capital expenditures	$ (4,106)	$ (6,126)	$ (8,079)

Leases (Narrative) (Details)	12 Months Ended
Leases (Narrative) (Details)	Dec. 31, 2021 USD ($) lease	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Lease termination term	1 year
Operating lease liabilities	$ 12,691,000
Number of leases \| lease	1
Operating lease right-of-use assets	$ 10,972,000	$ 12,253,000
Rent expense	4,578,000	4,572,000	$ 4,552,000
Lease not yet commenced	0
Amortization and impairment	3,275,000	3,170,000	3,033,000
Interest accretion	1,303,000	$ 1,402,000	$ 1,519,000
Lessor Is An Affiliate Of A Significant Stockholder
Lessee, Lease, Description [Line Items]
Operating lease liabilities	616,000
Operating lease right-of-use assets	571,000
Rent expense	$ 458,000
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 4,578	$ 4,572	$ 4,636
Short-term lease cost	374	349	338
Variable lease cost	320	634	623
Amortization	58	111	224
Interest on lease liabilities	9	14	15
Total lease cost	5,339	5,680	5,836
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	4,961	4,034	4,318
Operating cash flows from finance leases	10	14	15
Financing cash flows from finance leases	57	102	217
ROU assets obtained in exchange for lease obligations:
Operating leases	1,993	3,298	676
Finance leases	$ 0	$ 60	$ 159

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance leases:
Property, plant and equipment, at cost	$ 127	$ 127
Accumulated amortization	(70)	(44)
Property and equipment, net	57	83
Current portion of notes payable and long-term debt	55	57
Notes payable, long-term debt and other obligations, less current portion	41	96
Total finance lease liabilities	$ 96	$ 153
Weighted average remaining lease term in years:
Operating leases	3 years 4 months 9 days	4 years 2 months 23 days
Finance leases	1 year 10 months 2 days	2 years 8 months 15 days
Weighted average discount rate:
Operating leases	9.60%	10.20%
Finance leases	8.21%	7.82%
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Notes payable, long-term debt and other obligations, less current portion	Notes payable, long-term debt and other obligations, less current portion
Financing lease equipment
Finance leases:
Property, plant and equipment, at cost	$ 748	$ 748
Accumulated amortization	(718)	(686)
Property and equipment, net	$ 30	$ 62

Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 4,889
2023	4,181
2024	3,453
2025	2,086
2026	319
Thereafter	0
Total lease payments	14,928
Less imputed interest	(2,237)
Total	12,691
Finance Leases
2022	61
2023	35
2024	8
2025	0
2026	0
Thereafter	0
Total lease payments	104
Less imputed interest	(8)
Total	$ 96	$ 153

Investment Securities (Components of Investment Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt securities available for sale	$ 103,906	$ 91,204
Long-term investment securities at fair value		33,981
Total equity securities at fair value	74,870	78,362
Fair Value	178,776	169,566
Long-term investment securities at fair value	32,089	33,981
Current investment securities at fair value	146,687	135,585
Equity-method investments	20,984	18,310
Total long-term investments	53,073	52,291
Other equity securities at cost	5,200	5,200
Marketable equity securities
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Current	19,560	21,155
Mutual funds invested in debt securities
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Current	$ 23,221	$ 23,226

Investment Securities (Schedule of Net Gains Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Net gains recognized on equity securities at fair value	$ 9,615	$ 2,123	$ 7,320
Net gains recognized on debt and equity securities available for sale	45	110	135
Impairment expense	(276)	(415)	(15)
Net gains recognized on investment securities	$ 9,384	$ 1,818	$ 7,440

Investment Securities (Components of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 178,776	$ 169,566
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	103,838	90,621
Gross Unrealized Gains	68	583
Gross Unrealized Losses	0	0
Fair Value	$ 103,906	$ 91,204

Investment Securities (Maturity Dates of Marketable Debt Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 103,906	$ 91,204
U.S. Government securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	6,481
Under 1 Year	5,688
1 Year up to 5 Years	793
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	47,531
Under 1 Year	20,028
1 Year up to 5 Years	27,503
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	19,572
Under 1 Year	1,824
1 Year up to 5 Years	17,748
More than 5 Years	0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	29,103
Under 1 Year	29,103
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	1,219
Under 1 Year	1,219
1 Year up to 5 Years	0
More than 5 Years	0
Total debt securities available for sale by maturity dates
Debt Securities, Available-for-sale [Line Items]
Fair Value	103,906
Under 1 Year	57,862
1 Year up to 5 Years	46,044
More than 5 Years	$ 0

Investment Securities (Gross Realized Gains and Losses on Investment Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales	$ 108	$ 329	$ 144
Gross realized losses on sales	(63)	(219)	(9)
Net gains recognized on debt securities available for sale	45	110	135
Impairment expense	(276)	(415)	(15)
Net gains recognized on equity securities	9,615	2,123	7,320
Less: Net gains (losses) recognized on equity securities sold	7,534	(121)	1,526
Net unrealized gains recognized on equity securities still held at the reporting date	$ 2,081	$ 2,244	$ 5,794

Investment Securities (Narrative) (Details) - USD ($)			12 Months Ended
Investment Securities (Narrative) (Details) - USD ($)	Feb. 14, 2020	Oct. 09, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 11, 2019
Debt Securities, Available-for-sale [Line Items]
Long-term investments			$ 53,073,000	$ 52,291,000
Dividends received			50,000
Proceeds from long-term equity method investment				53,901,000	$ 17,875,000
Proceeds from sale or liquidation of long-term investments			11,509,000	32,572,000	8,256,000
Other equity securities at cost			5,200,000	5,200,000
Impairment or other adjustments related to observable price changes			0	0	0
Proceeds from long-term equity method investment, gross				54,089,000
Distributions from real estate ventures			25,326,000	1,903,000	7,028,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Securities, Available-for-sale [Line Items]
Long-term investments			514,000
NAV
Debt Securities, Available-for-sale [Line Items]
Proceeds from long-term equity method investment			11,642,000	32,676,000	8,256,000
Proceeds from sale or liquidation of long-term investments			$ 11,509,000	32,572,000	8,320,000
In-transit redemptions					$ 8,502,000
Castle Brands Inc.
Debt Securities, Available-for-sale [Line Items]
Cash tender offer (in dollars per share)		$ 1.27
Tendered common shares (in shares)		12,895,017
Gain on sale of investment		$ 16,377,000
Ladenburg Thalmann Financial Services Inc. \| LTS Common Stock \| Equity Method Investee \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Equity method ownership percentage	10.20%
Cash tender offer (in dollars per share)						$ 3.50
Proceeds from common shares of LTS	$ 53,169,000
Investment owned (in shares)	15,191,205
Ladenburg Thalmann Financial Services Inc. \| LTS Preferred \| Equity Method Investee \| Series A Cumulative Redeemable Preferred Stock
Debt Securities, Available-for-sale [Line Items]
Proceeds from common shares of LTS				$ 6,009,000
Investment owned (in shares)				240,000
Preferred stock dividend rate				8.00%
Liquidation preference (in dollars per share)			$ 25.00
Mutual fund and hedge funds \| Minimum
Debt Securities, Available-for-sale [Line Items]
Equity method ownership percentage			6.43%
Mutual fund and hedge funds \| Maximum
Debt Securities, Available-for-sale [Line Items]
Equity method ownership percentage			37.78%

Investment Securities (Equity-Method Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 20,984	$ 18,310
Mutual fund and hedge funds
Debt Securities, Available-for-sale [Line Items]
Equity-method investments	$ 20,984	$ 18,310

Investment Securities (Equity in Earnings of Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	$ 2,675	$ 56,268	$ 17,000
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	2,675	2,844	958
Ladenburg Thalmann Financial Services Inc.
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	0	53,424	(410)
Castle Brands Inc.
Schedule of Equity Method Investments [Line Items]
Equity in earnings from investments	$ 0	$ 0	$ 16,452

Investment Securities (Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method) (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment securities at fair value	$ 178,776				$ 169,566					$ 178,776	$ 169,566
Cash and cash equivalents	193,411				258,421				$ 299,856	193,411	258,421	$ 299,856
Total assets	871,087				1,343,409					871,087	1,343,409
Total liabilities	1,712,640				2,003,096					1,712,640	2,003,096
Total liabilities and stockholders' deficiency	871,087				1,343,409					871,087	1,343,409
Total revenues	313,673	$ 298,485	$ 337,554	$ 270,988	287,129	$ 339,835	$ 312,831	$ 288,887		1,220,700	1,228,682	1,119,603
Total cost of sales										769,542	819,602	774,885
Net investment loss	68,556	82,015	93,893	75,975	74,011	84,130	71,803	64,484		320,439	294,428	234,615
Net income										219,273	92,938	101,015
Income before provision for income taxes										209,961	181,043	125,015
Income (loss) from discontinued operations	30,711	$ 29,912	$ 64,981	$ 21,550	21,839	$ 29,387	$ 29,762	$ 45,934		147,154	126,922	93,930
Indian Creek, Boyar Value and Optika
Schedule of Equity Method Investments [Line Items]
Investment securities at fair value	493,705				486,390					493,705	486,390
Cash and cash equivalents	44,644				7,126					44,644	7,126
Other assets	14,151				41,004					14,151	41,004
Total assets	552,500				534,520					552,500	534,520
Other liabilities	214,607				230,237					214,607	230,237
Total liabilities	214,607				230,237					214,607	230,237
Partners’ capital	337,893				304,283					337,893	304,283
Total liabilities and stockholders' deficiency	$ 552,500				$ 534,520					552,500	534,520
Total revenues										1,574	1,779	2,834
Total cost of sales										12,873	9,300	6,756
Net investment loss										(11,299)	(7,521)	(3,922)
Total net realized gain (loss) and net change in unrealized depreciation from investments										48,342	123,381	18,822
Net income										$ 37,043	$ 115,860	$ 14,900
Ladenburg Thalmann Financial Services
Schedule of Equity Method Investments [Line Items]
Total revenues									395,735
Total cost of sales									394,992
Net income									508
Income before provision for income taxes									743
Change in fair value of contingent consideration									(374)
Income (loss) from discontinued operations									$ 369

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Leaf tobacco	$ 38,825	$ 42,988
Other raw materials	7,560	5,987
Work-in-process	2,639	520
Finished goods	64,218	68,781
Inventories at current cost	113,242	118,276
LIFO adjustments	(18,627)	(20,731)
Inventory, net	$ 94,615	$ 97,545

Inventories (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
LIFO adjustments	$ 18,627	$ 20,731
Effect of liquidations of LIFO inventory	330	1,222
Capitalized MSA cost in finished goods inventory	20,450	21,120
Federal excise tax in inventory	25,160	27,683
Inventories
Inventory [Line Items]
Purchase commitments	13,289
Leaf tobacco
Inventory [Line Items]
LIFO adjustments	12,128	14,139
Other raw materials
Inventory [Line Items]
LIFO adjustments	829	474
Work-in-process
Inventory [Line Items]
LIFO adjustments	18	26
Finished goods
Inventory [Line Items]
LIFO adjustments	$ 5,652	$ 6,092

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 188,674	$ 186,829
Less accumulated depreciation and amortization	(151,791)	(151,544)
Property, plant and equipment, net	36,883	35,285
Depreciation and amortization expense	7,816	9,092	$ 9,213
Purchase commitments
Property, Plant and Equipment [Line Items]
Future machinery and equipment purchase commitments	890
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,624	1,624
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,060	17,772
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	167,713	166,156
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,277	$ 1,277

New Valley LLC (Investment in Real Estate Ventures Schedules) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 105,062	$ 85,400
Total contributions	47,863	14,922	$ 52,529
Total distributions	37,174	20,721
Total equity in earnings (losses) from real estate ventures	10,250	(44,728)	(27,760)
Total maximum exposure to loss	105,061
Condominium and Mixed Use Development:
Schedule of Investments [Line Items]
Investments in real estate ventures	80,139	68,238
Total contributions	34,115	12,945
Total distributions	18,033	20,007
Total equity in earnings (losses) from real estate ventures	(4,148)	(33,745)	(37,478)
Total maximum exposure to loss	80,138
Condominium and Mixed Use Development: \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures	22,654	30,465
Total contributions	396	1,805
Total distributions	4,440	1,819
Total equity in earnings (losses) from real estate ventures	(4,147)	(17,167)	(31,011)
Total maximum exposure to loss	$ 22,654
Condominium and Mixed Use Development: \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	4.20%
Condominium and Mixed Use Development: \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	46.70%
Condominium and Mixed Use Development: \| All other U.S. areas
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 57,485	37,773
Total contributions	33,719	11,140
Total distributions	13,593	18,188
Total equity in earnings (losses) from real estate ventures	(1)	(16,578)	(6,467)
Total maximum exposure to loss	$ 57,484
Condominium and Mixed Use Development: \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	19.60%
Condominium and Mixed Use Development: \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	89.10%
Apartment Buildings:
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 11,900	0
Total contributions	11,900	284
Total distributions	18,566	0
Total equity in earnings (losses) from real estate ventures	18,566	(284)	79
Total maximum exposure to loss	11,900
Apartment Buildings: \| All other U.S. areas
Schedule of Investments [Line Items]
Investments in real estate ventures	11,900	0
Total contributions	11,900	284
Total distributions	18,566	0
Total equity in earnings (losses) from real estate ventures	18,566	(284)	79
Total maximum exposure to loss	$ 11,900
Apartment Buildings: \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	7.60%
Apartment Buildings: \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	50.00%
Hotels:
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 3,157	4,481
Total contributions	1,848	1,169
Total equity in earnings (losses) from real estate ventures	(1,927)	(3,556)	8,122
Total maximum exposure to loss	3,157
Hotels: \| New York City SMSA
Schedule of Investments [Line Items]
Investments in real estate ventures	1,635	2,629
Total contributions	1,848	1,169
Total equity in earnings (losses) from real estate ventures	(1,597)	(3,248)	8,081
Total maximum exposure to loss	$ 1,635
Hotels: \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	0.40%
Hotels: \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	12.30%
Hotels: \| International
Schedule of Investments [Line Items]
Equity method ownership percentage	49.00%
Investments in real estate ventures	$ 1,522	1,852
Total equity in earnings (losses) from real estate ventures	(330)	(308)	41
Total maximum exposure to loss	1,522
Commercial:
Schedule of Investments [Line Items]
Investments in real estate ventures	7,290	9,675
Total distributions	575	714
Total equity in earnings (losses) from real estate ventures	(1,811)	903	774
Total maximum exposure to loss	$ 7,290
Commercial: \| New York City SMSA
Schedule of Investments [Line Items]
Equity method ownership percentage	49.00%
Investments in real estate ventures	$ 0	2,591
Total distributions	0	601
Total equity in earnings (losses) from real estate ventures	$ (2,591)	1,340	1
Commercial: \| All other U.S. areas
Schedule of Investments [Line Items]
Equity method ownership percentage	1.60%
Investments in real estate ventures	$ 7,290	7,084
Total distributions	575	113
Total equity in earnings (losses) from real estate ventures	780	(437)	773
Total maximum exposure to loss	7,290
Other
Schedule of Investments [Line Items]
Investments in real estate ventures	2,576	3,006
Total contributions	0	524
Total equity in earnings (losses) from real estate ventures	(430)	$ (8,046)	$ 743
Total maximum exposure to loss	$ 2,576
Other \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	15.00%
Other \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	49.00%

New Valley LLC (Investment in Real Estate Ventures Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) investment venture	Dec. 31, 2020 USD ($) investment	Dec. 31, 2019 USD ($) investment	Nov. 30, 2021 USD ($)	Oct. 31, 2021 USD ($)
Schedule of Investments [Line Items]
Distributions from real estate ventures, return on capital	$ 25,326	$ 1,903	$ 7,028
Distributions from real estate ventures	11,848	18,818	41,300
Impairment of real estate, net	2,713	16,513	39,757
Total equity in earnings (losses) from real estate ventures	10,250	(44,728)	(27,760)
Investment in real estate	105,062	85,400
Total maximum exposure to loss	105,061
Total assets	871,087	1,343,409
Interest costs capitalized	$ 2,669	4,003
VIE
Schedule of Investments [Line Items]
Number of variable interest entities \| venture	1
Total assets	$ 0	0
Riverchase AL JV LP
Schedule of Investments [Line Items]
Investment in real estate					$ 11,900
Equity method ownership percentage					50.00%
Total maximum exposure to loss	11,900
915 Division JV, LLC
Schedule of Investments [Line Items]
Investment in real estate				$ 19,500
Equity method ownership percentage				89.10%
Total maximum exposure to loss	19,884
2000 Atlantic LLC
Schedule of Investments [Line Items]
Investment in real estate				$ 1,882
Equity method ownership percentage				50.00%
Total maximum exposure to loss	1,919
Commercial:
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	(1,811)	903	$ 774
Investment in real estate	7,290	$ 9,675
Total maximum exposure to loss	$ 7,290
Commercial: \| New York City SMSA
Schedule of Investments [Line Items]
Number of impaired real estate properties \| investment	1	5	6
Total equity in earnings (losses) from real estate ventures	$ (2,591)	$ 1,340	$ 1
Investment in real estate	$ 0	2,591
Equity method ownership percentage	49.00%
Commercial: \| All other U.S. areas
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	$ 780	(437)	773
Investment in real estate	$ 7,290	7,084
Equity method ownership percentage	1.60%
Total maximum exposure to loss	$ 7,290
Condominium and Mixed Use Development:
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	(4,148)	(33,745)	(37,478)
Investment in real estate	80,139	68,238
Total maximum exposure to loss	80,138
Condominium and Mixed Use Development: \| New York City SMSA
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	(4,147)	(17,167)	$ (31,011)
Investment in real estate	22,654	$ 30,465
Total maximum exposure to loss	$ 22,654
Condominium and Mixed Use Development: \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	4.20%
Condominium and Mixed Use Development: \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	46.70%
Condominium and Mixed Use Development: \| All other U.S. areas
Schedule of Investments [Line Items]
Number of impaired real estate properties \| investment		1	1
Impairment of real estate, net			$ 39,717
Total equity in earnings (losses) from real estate ventures	$ (1)	$ (16,578)	(6,467)
Investment in real estate	57,485	37,773
Total maximum exposure to loss	$ 57,484
Condominium and Mixed Use Development: \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	19.60%
Condominium and Mixed Use Development: \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	89.10%
Apartment Buildings:
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	$ 18,566	(284)	79
Investment in real estate	11,900	0
Total maximum exposure to loss	11,900
Apartment Buildings: \| All other U.S. areas
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	18,566	(284)	79
Investment in real estate	11,900	0
Total maximum exposure to loss	$ 11,900
Apartment Buildings: \| All other U.S. areas \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	7.60%
Apartment Buildings: \| All other U.S. areas \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	50.00%
Hotels:
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	$ (1,927)	(3,556)	8,122
Investment in real estate	3,157	4,481
Total maximum exposure to loss	3,157
Hotels: \| New Valley’s Natura joint venture
Schedule of Investments [Line Items]
Investment in real estate	13,009
Hotels: \| New Valley’s Maryland joint venture
Schedule of Investments [Line Items]
Investment in real estate	0
Hotels: \| New York City SMSA
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	(1,597)	(3,248)	8,081
Investment in real estate	1,635	$ 2,629
Total maximum exposure to loss	$ 1,635
Hotels: \| New York City SMSA \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	0.40%
Hotels: \| New York City SMSA \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	12.30%
Hotels: \| New York City SMSA \| Park Lane Hotel
Schedule of Investments [Line Items]
Distributions from real estate ventures, return on capital			20,788
Total equity in earnings (losses) from real estate ventures			$ 10,328
Percent of interest in real estate venture sold			80.00%
Equity method ownership percentage		1.04%	5.20%
Hotels: \| International
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	$ (330)	$ (308)	$ 41
Investment in real estate	$ 1,522	1,852
Equity method ownership percentage	49.00%
Total maximum exposure to loss	$ 1,522
Hotels: \| Manhattan, NY \| New Valley’s Natura joint venture
Schedule of Investments [Line Items]
Distributions from real estate ventures, return on capital	5,168
Total equity in earnings (losses) from real estate ventures	3,899
Hotels: \| Manhattan, NY \| New Valley’s Maryland joint venture
Schedule of Investments [Line Items]
Distributions from real estate ventures, return on capital	18,566
Total equity in earnings (losses) from real estate ventures	18,566
Other
Schedule of Investments [Line Items]
Total equity in earnings (losses) from real estate ventures	(430)	(8,046)	743
Investment in real estate	2,576	$ 3,006
Total maximum exposure to loss	$ 2,576
Other \| Minimum
Schedule of Investments [Line Items]
Equity method ownership percentage	15.00%
Other \| Maximum
Schedule of Investments [Line Items]
Equity method ownership percentage	49.00%
Other \| One New York SMSA Venture
Schedule of Investments [Line Items]
Distributions from real estate ventures			2,524
Total equity in earnings (losses) from real estate ventures			$ 740
Investment in real estate	$ 0

New Valley LLC (Combined Financial Statements for Unconsolidated Subsidiaries) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement
Total revenues	$ 313,673	$ 298,485	$ 337,554	$ 270,988	$ 287,129	$ 339,835	$ 312,831	$ 288,887	$ 1,220,700	$ 1,228,682	$ 1,119,603
Equity in (losses) earnings									2,675	56,268	17,000
Cost of sales									769,542	819,602	774,885
Income (loss) from discontinued operations	30,711	$ 29,912	$ 64,981	$ 21,550	21,839	$ 29,387	$ 29,762	$ 45,934	147,154	126,922	93,930
Balance Sheets
Investment in real estate	105,062				85,400				105,062	85,400
Total assets	871,087				1,343,409				871,087	1,343,409
Total liabilities	1,712,640				2,003,096				1,712,640	2,003,096
Condominium and Mixed Use Development:
Balance Sheets
Investment in real estate	80,139				68,238				80,139	68,238
Apartment Buildings:
Balance Sheets
Investment in real estate	11,900				0				11,900	0
Hotels:
Balance Sheets
Investment in real estate	3,157				4,481				3,157	4,481
Commercial:
Balance Sheets
Investment in real estate	7,290				9,675				7,290	9,675
Other
Balance Sheets
Investment in real estate	2,576				3,006				2,576	3,006
Unconsolidated Properties \| Condominium and Mixed Use Development:
Income Statement
Total revenues									301,703	386,859	208,767
Cost of sales									317,894	302,234	76,162
Other expenses									117,985	270,642	149,014
Income (loss) from discontinued operations									(134,176)	(186,017)	(16,409)
Balance Sheets
Investment in real estate	1,434,205				4,465,118				1,434,205	4,465,118
Total assets	1,513,581				4,551,788				1,513,581	4,551,788
Total debt	1,107,366				3,569,361				1,107,366	3,569,361
Total liabilities	1,284,579				3,921,492				1,284,579	3,921,492
Non-controlling interest	63,781				83,807				63,781	83,807
Unconsolidated Properties \| Apartment Buildings:
Income Statement
Total revenues									35,213	65,808	70,862
Other expenses									46,360	63,705	67,094
Income (loss) from discontinued operations									(11,147)	2,103	3,768
Balance Sheets
Investment in real estate	0				544,610				0	544,610
Total assets	6,780				563,523				6,780	563,523
Total debt	0				392,324				0	392,324
Total liabilities	131				399,269				131	399,269
Non-controlling interest	4,990				123,273				4,990	123,273
Unconsolidated Properties \| Hotels:
Income Statement
Total revenues									42,549	130,742	147,446
Cost of sales									3,671	2,671	5,399
Other expenses									201,211	256,973	220,045
Income (loss) from discontinued operations									(162,333)	(128,902)	(77,998)
Balance Sheets
Investment in real estate	1,553,911				1,489,085				1,553,911	1,489,085
Total assets	1,631,664				1,575,800				1,631,664	1,575,800
Total debt	1,110,700				1,071,445				1,110,700	1,071,445
Total liabilities	1,213,044				1,143,419				1,213,044	1,143,419
Non-controlling interest	412,165				427,439				412,165	427,439
Unconsolidated Properties \| Commercial:
Income Statement
Total revenues									1,662	7,911	7,821
Equity in (losses) earnings									24,383	(13,671)	24,159
Other expenses									1,412	4,740	7,724
Income (loss) from discontinued operations									24,633	(10,500)	24,256
Balance Sheets
Investment in real estate	51,173				51,487				51,173	51,487
Total assets	71,296				70,270				71,296	70,270
Total debt	55,625				55,625				55,625	55,625
Total liabilities	55,016				55,199				55,016	55,199
Unconsolidated Properties \| Other
Income Statement
Total revenues									180,092	571	390,478
Cost of sales									0	0	220,316
Other expenses									303,352	48,633	155,257
Income (loss) from discontinued operations									(123,260)	(48,062)	$ 14,905
Balance Sheets
Investment in real estate	392,754				1,216,819				392,754	1,216,819
Total assets	444,520				1,237,794				444,520	1,237,794
Total debt	227,724				722,930				227,724	722,930
Total liabilities	233,329				903,196				233,329	903,196
Non-controlling interest	$ 152,775				$ 272,196				$ 152,775	$ 272,196

New Valley LLC (Investments in Real Estate, net Schedules) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investment in real estate, net	$ 9,098	$ 15,631
Real estate investment, net	9,098	15,631
Escena
Schedule of Investments [Line Items]
Investment in real estate, net	9,098	9,735
Land and land improvements	8,520	8,911
Building and building improvements	1,926	1,926
Other	1,643	1,672
Investments in real estate, gross	12,089	12,509
Less accumulated depreciation	(2,991)	(2,774)
Real estate investment, net	9,098	9,735
Townhome A
Schedule of Investments [Line Items]
Investment in real estate, net	0	5,896
Real estate investment, net	$ 0	$ 5,896

New Valley LLC (Investments in Real Estate, net Narrative) (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Apr. 30, 2021 USD ($)	Aug. 31, 2020 USD ($)	Apr. 30, 2015 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Apr. 30, 2009 a lot hole room	Mar. 31, 2008 a
Escena
Schedule of Investments [Line Items]
Area of real estate property \| a								450
Number of real estate properties \| lot							615
Number of holes in golf course \| hole							18
Area of land \| a							7
Number of units in real estate property \| room							450
Operating losses				$ (63)	$ 735	$ 862
Sagaponack
Schedule of Investments [Line Items]
Payments to acquire real estate			$ 12,502
Sale of project		$ 20,500
Manhattan, NY
Schedule of Investments [Line Items]
Sale of project	$ 6,750

Notes Payable, Long-Term Debt and Other Obligations (Schedule of Components of Debt and Other Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Feb. 01, 2021	Jan. 28, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt issuance costs	$ 28,803			$ 21,247
Notes payable, long-term debt and other obligations	1,427,473			1,402,113
Debt issuance costs	(28,803)			(21,247)
Total notes payable, long-term debt and other obligations	1,398,670			1,380,866
Current maturities	(79)			(57)
Notes payable, long-term debt and other obligations, less current portion	1,398,591			1,380,809
Senior Notes \| 5.75% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate			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%
Debt issuance costs	8,348
Notes payable, long-term debt and other obligations	0			850,000
Debt issuance costs	$ (8,348)
Senior Notes \| 10.5% Senior Notes due 2026, net of unamortized discount of $2,647 and $3,040
Debt Instrument [Line Items]
Interest rate	10.50%
Debt issuance costs	$ 2,647			3,040
Notes payable, long-term debt and other obligations	552,353			551,960
Debt issuance costs	(2,647)			(3,040)
Revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	24			0
Equipment loans
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	64			89
Other
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 32			$ 64

Notes Payable, Long-Term Debt and Other Obligations (Notes Payable Narrative) (Details) - USD ($)				12 Months Ended
	Jan. 28, 2021	Nov. 18, 2019	Nov. 02, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 01, 2021	Jan. 31, 2019	Jan. 15, 2019	Jan. 27, 2017	Mar. 24, 2014
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 21,362,000	$ 0	$ 4,301,000
Other costs and non-cash interest expense				28,803,000	21,247,000
Douglas Elliman Realty, LLC
Debt Instrument [Line Items]
Equity method ownership percentage			100.00%
6.125% Senior Secured Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate							6.125%
Principal amount										$ 850,000,000
Loss on extinguishment of debt				21,362,000
Premium				13,014,000
Other costs and non-cash interest expense				$ 8,348,000
5.75% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Principal amount	$ 875,000,000
Net proceeds from issuance of debt	$ 855,500,000
5.75% Senior Secured Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%
10.5% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate				10.50%
Principal amount		$ 230,000,000	$ 325,000,000
Other costs and non-cash interest expense				$ 2,647,000	$ 3,040,000
Net proceeds from issuance of debt		$ 220,400,000	$ 315,000,000
Notes payable, long-term debt and other obligations, less current portion				$ 555,000,000
5.5% Convertible Notes \| Variable Interest Senior Convertible Debt
Debt Instrument [Line Items]
Interest rate				5.50%
Principal amount											$ 258,750,000
Notes payable, long-term debt and other obligations, less current portion				$ 169,610,000
7.5% Convertible Notes \| Variable Interest Senior Convertible Debt
Debt Instrument [Line Items]
Interest rate				7.50%					7.50%
Principal amount								$ 230,000,000

Notes Payable, Long-Term Debt and Other Obligations (Other Schedules) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 15, 2019
Fair Value Of Derivatives [Roll Forward]
Interest expense associated with beneficial conversion feature	$ 0	$ 1,223	$ 6,301
Unamortized Debt Discount Reconciliation [Roll Forward]
Amortization of beneficial conversion feature	0	(1,223)	(6,301)
Variable Interest Senior Convertible Debt
Debt Instrument [Line Items]
Interest expense associated with embedded derivatives	0	4,053	18,512
Gain on changes in fair value of derivatives embedded within convertible debt	0	4,999	26,425
Fair Value Of Derivatives [Roll Forward]
Gain from changes in fair value of embedded derivatives	0	(4,999)	(26,425)
Interest expense associated with beneficial conversion feature		1,223	6,301
Unamortized Debt Discount Reconciliation [Roll Forward]
Beginning balance of unamortized discount	0	5,276	32,824
Amortization of embedded derivatives		(4,053)	(18,512)
Amortization of beneficial conversion feature		(1,223)	(6,301)
Ending balance of unamortized discount		0	5,276
Variable Interest Senior Convertible Debt \| Embedded Derivatives
Debt Instrument [Line Items]
Gain on changes in fair value of derivatives embedded within convertible debt		4,999	26,425
Fair Value Of Derivatives [Roll Forward]
Beginning balance of derivative liability fair value	$ 0	4,999	31,424
Gain from changes in fair value of embedded derivatives		(4,999)	(26,425)
Beginning balance of derivative liability fair value		0	4,999
Variable Interest Senior Convertible Debt \| 7.5% Convertible Notes
Debt Instrument [Line Items]
Interest rate	7.50%			7.50%
Interest expense associated with embedded derivatives	$ 0	0	2,031
Gain on changes in fair value of derivatives embedded within convertible debt	0	0	6,635
Fair Value Of Derivatives [Roll Forward]
Gain from changes in fair value of embedded derivatives	0	0	(6,635)
Interest expense associated with beneficial conversion feature	0	0	1,328
Unamortized Debt Discount Reconciliation [Roll Forward]
Beginning balance of unamortized discount	0	0	3,359
Amortization of embedded derivatives		0	(2,031)
Amortization of beneficial conversion feature	0	0	(1,328)
Ending balance of unamortized discount		0	0
Variable Interest Senior Convertible Debt \| 7.5% Convertible Notes \| Embedded Derivatives
Debt Instrument [Line Items]
Gain on changes in fair value of derivatives embedded within convertible debt		0	6,635
Fair Value Of Derivatives [Roll Forward]
Beginning balance of derivative liability fair value	$ 0	0	6,635
Gain from changes in fair value of embedded derivatives		0	(6,635)
Beginning balance of derivative liability fair value		0	0
Variable Interest Senior Convertible Debt \| 5.5% Convertible Notes
Debt Instrument [Line Items]
Interest rate	5.50%
Interest expense associated with embedded derivatives	$ 0	4,053	16,481
Gain on changes in fair value of derivatives embedded within convertible debt	0	4,999	19,790
Fair Value Of Derivatives [Roll Forward]
Gain from changes in fair value of embedded derivatives	0	(4,999)	(19,790)
Interest expense associated with beneficial conversion feature	0	1,223	4,973
Unamortized Debt Discount Reconciliation [Roll Forward]
Beginning balance of unamortized discount	0	5,276	29,465
Amortization of embedded derivatives		(4,053)	(16,481)
Amortization of beneficial conversion feature	0	(1,223)	(4,973)
Ending balance of unamortized discount		0	5,276
Variable Interest Senior Convertible Debt \| 5.5% Convertible Notes \| Interest Rate Risk
Unamortized Debt Discount Reconciliation [Roll Forward]
Partial redemption of 5.5% convertible notes			(2,735)
Variable Interest Senior Convertible Debt \| 5.5% Convertible Notes \| Embedded Derivatives
Debt Instrument [Line Items]
Gain on changes in fair value of derivatives embedded within convertible debt		4,999	19,790
Fair Value Of Derivatives [Roll Forward]
Beginning balance of derivative liability fair value	$ 0	4,999	24,789
Gain from changes in fair value of embedded derivatives		(4,999)	(19,790)
Beginning balance of derivative liability fair value		$ 0	$ 4,999

Notes Payable, Long-Term Debt and Other Obligations (Revolving Credit and Other Narrative) (Details) - USD ($)	Oct. 31, 2019	Jan. 14, 2015	Dec. 31, 2021	Mar. 22, 2021	Mar. 21, 2021	Feb. 01, 2021	Jan. 28, 2021
Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 90,000,000	$ 60,000,000
Eligible trade receivables percent	85.00%
Covenant, capital expenditure requirement, maximum carryover amount	$ 15,000,000	$ 10,000,000
Eligible inventory percent	80.00%
Inventory multiplier percent	65.00%
Appraised liquidation of inventory percent	85.00%
Fair market value of eligible real property percent	60.00%
Interest rate at end of period			2.35%
Minimum EBITDA ratio on trailing 12-month basis		150,000,000
Covenant, excess availability in credit facility threshold		30,000,000
Maximum capital expenditures allowed before maximum carryover amount of $10,000		$ 20,000,000
Amount outstanding			$ 24,000
Current borrowing capacity			$ 80,771,000
Revolving credit facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Senior Notes \| 6.125% Senior Secured Notes due 2025
Debt Instrument [Line Items]
Interest rate						6.125%
Senior Notes \| 5.75% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate							5.75%
Senior Notes \| 10.5% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate			10.50%

Notes Payable, Long-Term Debt and Other Obligations (Fair Value of Notes Payable and Long Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,427,473	$ 1,402,113
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,426,300	1,464,369
Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,427,353	1,401,960
Senior Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,426,176	1,464,208
Liggett and other \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	120	153
Liggett and other \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 124	$ 161

Notes Payable, Long-Term Debt and Other Obligations (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Principal
2022	$ 79
2023	33
2024	8
2025	0
2026	555,000
Thereafter	875,000
Total	1,430,120
Unamortized Discount/ (Premium)
2022	0
2023	0
2024	0
2025	0
2026	2,647
Thereafter	0
Total	2,647
Net
2022	79
2023	33
2024	8
2025	0
2026	552,353
Thereafter	875,000
Total	$ 1,427,473	$ 1,402,113

Employee Benefit Plans (Narrative) (Details) $ in Thousands	12 Months Ended
Employee Benefit Plans (Narrative) (Details) $ in Thousands	Dec. 31, 2021 USD ($) plan employee	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	4
401 (k) plan cost recognized	$ 1,473	$ 1,465	$ 1,350
Hourly Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Period for amortization of benefit plan gains and losses	12 years 4 months 20 days
Salaried Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Period for amortization of benefit plan gains and losses	11 years 7 months 9 days
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	4
2022	$ 6,347
2023	5,993
2024	5,648
2025	5,289
2026	64,060
2027 - 2031	$ 26,666
Ten-year rate of return	7.74%	6.91%	7.59%
Five-year rate of return	7.86%	7.51%	5.41%
Pension Benefits \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	2
Pension Benefits \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	2
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Age requirement for participant	60 years
Required employment period	8 years
2022	$ 0
2023	0
2024	0
2025	0
2026	59,116
2027 - 2031	6,866
Supplemental Employee Retirement Plan \| President and Chief Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Additional benefit	$ 1,788
Service period credit upon termination	36 months
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
2022	$ 621
2023	627
2024	629
2025	606
2026	590
2027 - 2031	$ 2,596
Employee contribution percentage	100.00%
Number of retired employees \| employee	74
Postretirement Life Insurance
Defined Benefit Plan Disclosure [Line Items]
Number of retired employees \| employee	349
Number of active employees \| employee	89

Employee Benefit Plans (Schedule of Defined Benefit Plan Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	$ 44,585	$ 35,209
Non-current employee benefit liabilities	(68,970)	(66,616)
Pension Benefits
Change in benefit obligation:
Benefit obligation at January 1	(125,842)	(128,997)
Service cost	(415)	(592)	$ (533)
Interest cost	(2,284)	(3,545)	(4,860)
Plan settlement	0	7,255
Plan amendment	0	0
Benefits paid	6,452	7,008
Expenses paid	291	255
Actuarial gain (loss)	632	(7,226)
Benefit obligation at December 31	(121,166)	(125,842)	(128,997)
Change in plan assets:
Fair value of plan assets at January 1	102,812	101,051
Actual return on plan assets	8,373	8,919
Plan settlement	0	(7,255)
Expenses paid	(291)	(255)
Contributions	103	7,360
Benefits paid	(6,452)	(7,008)
Fair value of plan assets at December 31	104,545	102,812	101,051
Unfunded status at December 31	(16,621)	(23,030)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	44,585	35,209
Other accrued liabilities	(95)	(100)
Non-current employee benefit liabilities	(61,111)	(58,139)
Net amounts recognized	(16,621)	(23,030)
Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation at January 1	(9,101)	(8,986)
Service cost	0	0	(3)
Interest cost	(224)	(286)	(347)
Plan settlement	0	0
Plan amendment	(48)	0
Benefits paid	471	500
Expenses paid	0	0
Actuarial gain (loss)	422	(329)
Benefit obligation at December 31	(8,480)	(9,101)	(8,986)
Change in plan assets:
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Plan settlement	0	0
Expenses paid	0	0
Contributions	471	500
Benefits paid	(471)	(500)
Fair value of plan assets at December 31	0	0	$ 0
Unfunded status at December 31	(8,480)	(9,101)
Amounts recognized in the consolidated balance sheets:
Prepaid pension costs	0	0
Other accrued liabilities	(621)	(624)
Non-current employee benefit liabilities	(7,859)	(8,477)
Net amounts recognized	$ (8,480)	$ (9,101)

Employee Benefit Plans (Net Periodic Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost — benefits earned during the period	$ 415	$ 592	$ 533
Interest cost on projected benefit obligation	2,284	3,545	4,860
Expected return on assets	(3,458)	(3,869)	(4,874)
Prior service cost	0	0	0
Settlement loss	0	1,805	0
Amortization of net loss (gain)	1,835	1,836	2,001
Net expense	1,076	3,909	2,520
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost — benefits earned during the period	0	0	3
Interest cost on projected benefit obligation	224	286	347
Expected return on assets	0	0	0
Prior service cost	4	4	4
Settlement loss	0	0	0
Amortization of net loss (gain)	86	11	(40)
Net expense	$ 314	$ 301	$ 314

Employee Benefit Plans (Amounts Recognized Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward]
Accumulated other comprehensive income (loss)	$ (29,305)	$ (30,458)
Amortization of prior service costs	4	4
Plan amendment	(48)
Effect of settlement	0	1,805	$ 0
Amortization of loss	1,921	1,847
Net gain (loss) arising during the year	5,967	(2,503)	1,454
Accumulated other comprehensive income (loss)	(21,461)	(29,305)	(30,458)
Pension Benefits
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward]
Accumulated other comprehensive income (loss)	(28,199)	(29,664)
Amortization of prior service costs	0	0
Plan amendment	0
Effect of settlement		1,805
Amortization of loss	1,835	1,836
Net gain (loss) arising during the year	5,547	(2,176)
Accumulated other comprehensive income (loss)	(20,817)	(28,199)	(29,664)
Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), before Income Taxes [Roll Forward]
Accumulated other comprehensive income (loss)	(1,106)	(794)
Amortization of prior service costs	4	4
Plan amendment	(48)
Effect of settlement		0
Amortization of loss	86	11
Net gain (loss) arising during the year	420	(327)
Accumulated other comprehensive income (loss)	$ (644)	$ (1,106)	$ (794)

Employee Benefit Plans (Accumulated Benefit Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Accumulated benefit obligation	$ 61,206	$ 58,239
Fair value of plan assets	0	0
Projected benefit obligation	$ 61,206	$ 58,239

Employee Benefit Plans (Defined Benefit Plan Assumptions Used) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Assumed rates of return on invested assets	3.50%	4.00%	5.50%
Pension Benefits \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rates — benefit obligation	1.80%	1.40%	2.55%
Discount rates — service cost	1.40%	2.55%	3.90%
Pension Benefits \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rates — benefit obligation	2.70%	2.30%	3.10%
Discount rates — service cost	2.30%	3.10%	4.25%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates — benefit obligation	2.85%	2.55%	3.30%
Discount rates — service cost	2.55%	3.30%	4.35%
Salary increase assumptions	3.00%	3.00%	3.00%

Employee Benefit Plans (Plan Asset Allocation) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target allocation, rebalancing range	5.00%
Actual allocation	100.00%	100.00%
U.S. equity securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target allocation	35.00%
Actual allocation	38.00%	35.00%
Investment grade fixed income securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Target allocation	65.00%
Actual allocation	62.00%	65.00%
High yield fixed income securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual allocation	0.00%	0.00%

Employee Benefit Plans (Pension Plan Assets Fair Value Measurements) (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 104,545	$ 102,812	$ 101,051
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	91	78
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,868	2,236
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,868	2,236
Insurance contracts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,868	2,236
Insurance contracts \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash, mutual funds and common stock
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	91	78
Cash, mutual funds and common stock \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	91	78
Cash, mutual funds and common stock \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash, mutual funds and common stock \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common collective trusts at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	102,586	100,498
Common collective trusts at NAV \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common collective trusts at NAV \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common collective trusts at NAV \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Plans (Assumed Health Care Cost Trend Rates) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Assumed annual increases in Medicare Part B trends after eight years	4.50%	4.50%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Assumed annual increases in Medicare Part B trends for next eight years	4.21%	2.87%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Assumed annual increases in Medicare Part B trends for next eight years	7.19%	6.06%

Employee Benefit Plans (Future Benefit Payments) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2022	$ 6,347
2023	5,993
2024	5,648
2025	5,289
2026	64,060
2027 - 2031	26,666
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
2022	621
2023	627
2024	629
2025	606
2026	590
2027 - 2031	$ 2,596

Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
U.S. Federal	$ 33,398	$ 30,583	$ 31,002
State	14,945	12,910	9,705
Current Total	48,343	43,493	40,707
Deferred:
U.S. Federal	11,399	7,343	(6,075)
State	3,065	3,285	(3,547)
Deferred Total	14,464	10,628	(9,622)
Income tax expense	$ 62,807	$ 54,121	$ 31,085

- Definition

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

+ References + Details

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Employee benefit accruals	$ 7,828	$ 10,529
Impairment of investments	12,337	13,961
Impact of timing of settlement payments	10,854	20,137
Various U.S. federal and state tax loss carryforwards	2,378	3,123
Operating lease liabilities	3,277	3,884
Current expected credit losses	4,111	4,299
Other	3,910	2,852
Deferred tax assets	44,695	58,785
Less: Valuation allowance	(348)	(852)
Net deferred tax assets	44,347	57,933
Deferred tax liabilities:
Basis differences on non-consolidated entities	(24,441)	(22,809)
Basis differences on fixed and intangible assets	(35,154)	(35,555)
Basis differences on inventory	(10,808)	(10,698)
Basis differences on long-term investments	(4,383)	(912)
Basis differences on available for sale securities	(1,490)	(3,579)
Operating lease right of use assets	(2,839)	(3,324)
Deferred tax liabilities	(79,115)	(76,877)
Net deferred tax liabilities	$ (34,768)	$ (18,944)

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Ownership percentage of subsidiaries included in tax return (more than 80%)	80.00%
Various U.S. federal and state tax loss carryforwards	$ 2,378	$ 3,123
Valuation allowance	348	852
Unrecognized tax benefits	2,209	$ 1,653	$ 1,647	$ 391
Reasonably possible amount recognized over next 12 months	$ 45

Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 209,961	$ 181,043	$ 125,015
Federal income tax expense at statutory rate	44,092	38,018	26,253
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	13,946	12,974	6,047
Non-deductible expenses	6,205	2,859	2,048
Excess tax benefits on stock-based compensation	(561)	(206)	(1,488)
Changes in valuation allowance, net of equity and tax audit adjustments	(504)	(440)	(2,525)
Other	(371)	916	750
Income tax expense	$ 62,807	$ 54,121	$ 31,085

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance	$ 1,653	$ 1,647	$ 391
Additions based on tax positions related to prior years	1,640	458	1,586
Settlements	(1,065)	(402)
Expirations of the statute of limitations	(19)	(50)	(330)
Balance	$ 2,209	$ 1,653	$ 1,647

Stock Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Feb. 24, 2021	May 02, 2019	Jul. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized				$ 381
Granted (in shares)						406,875
Exercise price of options (in dollars per share)						$ 10.92
Option exercises in period, intrinsic value					$ 835	$ 6,577
Tax benefit of options exercised					$ 104	$ 1,546
Exercise of stock options (in shares)				0	620,527	1,824,351
Corporate and Other \| Spin-off of Douglas Elliman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock compensation				$ 4,317
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 849	$ 1,428	$ 1,923
Contractual term				10 years
Total compensation cost not yet recognized, period for recognition				7 months 24 days
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				2 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				7 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized, period for recognition				1 year 4 months 28 days
Total compensation cost not yet recognized				$ 10,627	12,081
Restricted Stock \| July 2020 \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				2,271	747
Award vesting period			4 years
Other than options, grants in period (shares)			425,000
Total compensation cost not yet recognized			$ 5,041
Restricted Stock \| May 2, 2019 \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				209	188	124
Award vesting period		3 years
Other than options, grants in period (shares)		63,000
Total compensation cost not yet recognized		$ 564
Restricted Stock \| February 24, 2021 \| President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				1,699
Award vesting period	4 years
Other than options, grants in period (shares)	250,000
Total compensation cost not yet recognized	$ 3,578
Restricted Stock \| July 23, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 5,525	$ 7,022	$ 7,043
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period				12 months
Shares available for issuance				6,377,538

Stock Compensation (Fair Value Assumptions) (Details) - Stock Options	12 Months Ended
	Dec. 31, 2019 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, Minimum	250.00%
Risk-free interest rate, Maximum	270.00%
Expected volatility, Minimum	20.24%
Expected volatility, Maximum	20.45%
Dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected holding period	4 years
Weighted-average grant date fair value (in dollars per share)	$ 2.36
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected holding period	10 years
Weighted-average grant date fair value (in dollars per share)	$ 4.08

Stock Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Outstanding (in shares)	3,822,819	4,443,346	5,860,833
Granted (in shares)			406,875
Exercised (in shares)	0	(620,527)	(1,824,351)
Canceled (in shares)			(11)
Outstanding (in shares)	3,822,819	3,822,819	4,443,346	5,860,833
Options exercisable (in shares)	2,988,727	2,540,150	2,689,673
Weighted-Average Exercise Price
Outstanding (in dollars per share)	$ 15.40	$ 14.80	$ 13.16
Granted (in dollars per share)			10.92
Exercised (in dollars per share)	0	11.14	8.67
Cancelled (in dollars per share)			0
Outstanding (in dollars per share)		$ 15.40	$ 14.80	$ 13.16
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.40
Weighted-Average Remaining Contractual Term (Years)		4 years 7 months 6 days	5 years	4 years 1 month 6 days
Outstanding, Weighted Average Remaining Contractual Life	3 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value	$ 238	$ 487	$ 4,427	$ 1,095
Common stock fair value (in dollars per share)	$ 11.48	$ 11.65	$ 13.39

Stock Compensation (Shares Authorized under Stock Option Plans by Exercise Price Range) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding (in shares) \| shares	3,822,819
Outstanding, Weighted Average Remaining Contractual Life	3 years 7 months 6 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.40
Options Exercisable (in shares) \| shares	2,988,727
Options Exercisable, Weighted Average Remaining Contractual Life	2 years 9 months 18 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 15.57
Options Exercisable, Aggregate Intrinsic Value \| $	$ 238
Exercise Price Range One
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 9.86
Range of Exercise Prices, Maximum (in dollars per share)	$ 11.83
Options Outstanding (in shares) \| shares	1,462,190
Outstanding, Weighted Average Remaining Contractual Life	2 years 9 months 18 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 11.32
Options Exercisable (in shares) \| shares	1,055,315
Options Exercisable, Weighted Average Remaining Contractual Life	1 year 2 months 12 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 11.47
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Two
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 11.83
Range of Exercise Prices, Maximum (in dollars per share)	$ 13.80
Options Outstanding (in shares) \| shares	0
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable (in shares) \| shares	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Three
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 13.80
Range of Exercise Prices, Maximum (in dollars per share)	$ 15.77
Options Outstanding (in shares) \| shares	519,278
Outstanding, Weighted Average Remaining Contractual Life	2 years 4 months 24 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 14.68
Options Exercisable (in shares) \| shares	519,278
Options Exercisable, Weighted Average Remaining Contractual Life	2 years 4 months 24 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 14.68
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Four
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 15.77
Range of Exercise Prices, Maximum (in dollars per share)	$ 17.74
Options Outstanding (in shares) \| shares	0
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable (in shares) \| shares	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0
Exercise Price Range Five
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum (in dollars per share)	$ 17.74
Range of Exercise Prices, Maximum (in dollars per share)	$ 19.71
Options Outstanding (in shares) \| shares	1,841,351
Outstanding, Weighted Average Remaining Contractual Life	4 years 7 months 6 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 18.84
Options Exercisable (in shares) \| shares	1,414,134
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 1 month 6 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 18.96
Options Exercisable, Aggregate Intrinsic Value \| $	$ 0

Stock Compensation (Restricted Stock Activity) (Details) - Restricted Stock - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	May 02, 2019	Jul. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized			$ 10,627	$ 12,081
Total compensation cost not yet recognized, period for recognition			1 year 4 months 28 days
February 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares)			623,500
Award vesting period			4 years
Total compensation cost not yet recognized			$ 8,919
Share-based compensation expense			4,245
July 23, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			5,525	7,022	$ 7,043
Directors \| May 2, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares)	63,000
Award vesting period	3 years
Total compensation cost not yet recognized	$ 564
Share-based compensation expense			209	188	$ 124
Executive Officer \| July 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period (shares)		425,000
Award vesting period		4 years
Total compensation cost not yet recognized		$ 5,041
Share-based compensation expense			$ 2,271	$ 747

Contingencies (Overview and Bonds) (Details) - USD ($)	12 Months Ended
Contingencies (Overview and Bonds) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2009
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs	$ 6,256,000	$ 6,476,000	$ 7,363,000
Engle Progeny Cases \| Florida
Loss Contingencies [Line Items]
Maximum bond required				$ 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)	Dec. 31, 2021 case
Loss Contingencies [Line Items]
Cases pending (in cases)	6
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending (in cases)	79
Individual Actions Cases \| Florida
Loss Contingencies [Line Items]
Cases pending (in cases)	44
Individual Actions Cases \| Illinois
Loss Contingencies [Line Items]
Cases pending (in cases)	19
Individual Actions Cases \| Nevada
Loss Contingencies [Line Items]
Cases pending (in cases)	7
Individual Actions Cases \| New Mexico
Loss Contingencies [Line Items]
Cases pending (in cases)	5
Individual Actions Cases \| Louisiana
Loss Contingencies [Line Items]
Cases pending (in cases)	2
Individual Actions Cases \| Hawaii
Loss Contingencies [Line Items]
Cases pending (in cases)	1
Individual Actions Cases \| Massachusetts
Loss Contingencies [Line Items]
Cases pending (in cases)	1

Contingencies (Engle Progeny Cases and Cautionary Statement About Engle Progeny Cases) (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2013 USD ($)	Dec. 31, 2021 case
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 790,000	$ 23,150	$ 110,000
Cases with verdicts				25
Plaintiffs' verdicts (in cases)				16
Cases with verdicts in favor of defendants				9
Cases including punitive damages (in cases)				5

Contingencies (Engle Progeny Cases and Settlements) (Details) $ in Thousands		1 Months Ended			12 Months Ended
	Nov. 21, 1996 USD ($)	Dec. 31, 2016 USD ($) case	Feb. 28, 2015	Oct. 31, 2013 USD ($) case	Dec. 31, 2021 USD ($) case agreement
Loss Contingencies [Line Items]
Cases pending (in cases)					6
Engle Progeny Cases
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 790,000	$ 23,150		$ 110,000
Cases with verdicts					25
Plaintiffs' verdicts (in cases)					16
Cases with verdicts in favor of defendants					9
Cases including punitive damages (in cases)					5
Cases settled		152		4,900	204
Litigation settlement amount paid in lump sum \| $				$ 61,600
Litigation settlement, installment term			14 years
Litigation settlement amount of estimated future payments per annum \| $				$ 3,600
Payments for legal settlements \| $					$ 8,100
Cases pending (in cases)					28
Engle Progeny Cases, Settled Separate
Loss Contingencies [Line Items]
Cases settled \| agreement					2

Contingencies (Judgments Paid Maryland and Liggett Only Cases) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) case
Loss Contingencies [Line Items]
Cases pending (in cases)	6
Lukacs, Campbell, Douglas, Clay, Tullo, Ward Rizzuto, Lambert and Buchanan
Loss Contingencies [Line Items]
Payments for legal settlements \| $	$ 40,111
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending (in cases)	79
Pending claims scheduled for trial	12
Engle Progeny Cases
Loss Contingencies [Line Items]
Payments for legal settlements \| $	$ 8,100
Cases pending (in cases)	28
Pending claims scheduled for trial	2
Maryland \| Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending (in cases)	16

Contingencies (Upcoming Trials, Class Actions and Health Care Cost Recovery Actions) (Details)	Dec. 31, 2021 case defendant
Loss Contingencies [Line Items]
Cases pending (in cases)	6
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending (in cases)	79
Pending claims scheduled for trial	12
Class Actions
Loss Contingencies [Line Items]
Cases pending (in cases)	2
Parsons v. AC & S Inc.
Loss Contingencies [Line Items]
Number of defendants in bankruptcy \| defendant	3
Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending (in cases)	1

Contingencies (MSA and Other State Settlement Agreements) (Details)		12 Months Ended	25 Months Ended
	Dec. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) sponsorship	Mar. 31, 1998 USD ($) state
Loss Contingencies [Line Items]
Number of states with settled litigation \| state			45
Product Concentration Risk \| Sales Revenue
Loss Contingencies [Line Items]
Concentration risk percentage		4.10%
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
Estimated litigation liability		$ 181,000,000
Percentage of cigarettes sales exceeds market share exemption		0.28%
Payments for legal settlements	$ 169,500,000

Contingencies (Certain MSA Disputes) (Details) $ in Thousands	12 Months Ended	108 Months Ended
	Dec. 31, 2021 USD ($) state	Dec. 31, 2021 USD ($) state
2003 NPM Adjustment
Loss Contingencies [Line Items]
Number of states agreed to single arbitration \| state	48
Aggregate number of settling states \| state	49
Number of settling states with diligent enforcement not contested \| state	38	38
Combined allocable share, percentage	75.00%
2004-2010 NPM Adjustment
Loss Contingencies [Line Items]
Amounts accrued	$ 13,200	$ 13,200
2011-2020 NPM Adjustment
Loss Contingencies [Line Items]
Amounts accrued	49,800	49,800
Cost of Sales \| Health Care Cost Recovery Actions
Loss Contingencies [Line Items]
Settlement adjustment credit	$ 7,896
Cost of Sales \| Health Care Cost Recovery Actions, NPM Adjustment
Loss Contingencies [Line Items]
Settlement adjustment credit		$ 62,278

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 ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2003 USD ($)	Mar. 31, 1998 USD ($) state
Loss Contingencies [Line Items]
Number of states not included in settlement agreement \| state						4
Annual payment requirement						$ 9,000,000,000
Minnesota
Loss Contingencies [Line Items]
Annual payment requirement					$ 100,000
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
Mississippi
Loss Contingencies [Line Items]
Damages sought	$ 18,800,000	$ 16,700,000	$ 27,000,000

Contingencies (Activity in Accruals for MSA and Tobacco Litigation Schedule) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingency, Current [Abstract]
Current liabilities, beginning balance	$ 42,734	$ 38,365	$ 36,871
Expenses	173,997	175,850	166,461
NPM Settlement adjustment		299
Change in MSA obligations capitalized as inventory	(670)	182	4,936
Payments	(208,797)	(174,847)	(172,630)
Reclassification to/(from) non-current liabilities	8,060	2,397	2,446
Interest on withholding	480	488	281
Current liabilities, ending balance	15,804	42,734	38,365
Loss Contingency, Noncurrent [Abstract]
Noncurrent liabilities, beginning balance	37,201	37,869	38,177
Expenses	0	0	0
NPM Settlement adjustment		0
Payments, net of credits received	0	(197)	0
Change in MSA obligations capitalized as inventory	0	0	0
Reclassification to/(from) non-current liabilities	(8,060)	(2,397)	(2,446)
Interest on withholding	1,763	1,926	2,138
Noncurrent liabilities, ending balance	30,904	37,201	37,869
Payments due under Master Settlement Agreement
Loss Contingency, Current [Abstract]
Current liabilities, beginning balance	38,767	34,116	36,561
Expenses	173,786	175,538	165,471
NPM Settlement adjustment		299
Change in MSA obligations capitalized as inventory	(670)	182	4,936
Payments	(204,706)	(170,513)	(171,960)
Reclassification to/(from) non-current liabilities	4,709	(855)	(892)
Interest on withholding	0	0	0
Current liabilities, ending balance	11,886	38,767	34,116
Loss Contingency, Noncurrent [Abstract]
Noncurrent liabilities, beginning balance	17,933	17,275	16,383
Expenses	0	0	0
NPM Settlement adjustment		0
Payments, net of credits received	0	(197)	0
Change in MSA obligations capitalized as inventory	0	0	0
Reclassification to/(from) non-current liabilities	(4,709)	855	892
Interest on withholding	0	0	0
Noncurrent liabilities, ending balance	13,224	17,933	17,275
Litigation Accruals
Loss Contingency, Current [Abstract]
Current liabilities, beginning balance	3,967	4,249	310
Expenses	211	312	990
NPM Settlement adjustment		0
Change in MSA obligations capitalized as inventory	0	0	0
Payments	(4,091)	(4,334)	(670)
Reclassification to/(from) non-current liabilities	3,351	3,252	3,338
Interest on withholding	480	488	281
Current liabilities, ending balance	3,918	3,967	4,249
Loss Contingency, Noncurrent [Abstract]
Noncurrent liabilities, beginning balance	19,268	20,594	21,794
Expenses	0	0	0
NPM Settlement adjustment		0
Payments, net of credits received	0	0	0
Change in MSA obligations capitalized as inventory	0	0	0
Reclassification to/(from) non-current liabilities	(3,351)	(3,252)	(3,338)
Interest on withholding	1,763	1,926	2,138
Noncurrent liabilities, ending balance	$ 17,680	$ 19,268	$ 20,594

Contingencies (Other Matters) (Details)	12 Months Ended
Contingencies (Other Matters) (Details)	Dec. 31, 2021 indemnity_demand
Altria Client Services
Loss Contingencies [Line Items]
Indemnification Demands	3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid during the period for:
Interest, including interest related to finance leases	$ 111,759	$ 118,807	$ 118,966
Income taxes, net	92,698	41,372	44,184
Non-cash investing and financing activities:
Issuance of stock dividend	$ 0	$ 0	$ 703

Related Party Transactions (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Feb. 14, 2020	Apr. 30, 2020	Oct. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2012
Related Party Transaction [Line Items]
Pre-tax gain				$ 2,675	$ 56,268	$ 17,000
LTS
Related Party Transaction [Line Items]
Pre-tax gain				0	53,424	(410)
Equity Method Investee \| Castle Brands Management Agreement \| Common Stock
Related Party Transaction [Line Items]
Investment owned (in shares)							12,895,017
Equity method ownership percentage							7.60%
Proceeds from common shares of LTS			$ 16,377
Pre-tax gain			$ 16,377
Equity Method Investee \| LTS
Related Party Transaction [Line Items]
Revenue from related parties				103	$ 850
Equity Method Investee \| LTS \| LTS Common Stock \| Common Stock
Related Party Transaction [Line Items]
Investment owned (in shares)	15,191,205
Equity method ownership percentage	10.20%
Proceeds from common shares of LTS	$ 53,169
Pre-tax gain	$ 53,424
Equity Method Investee \| LTS \| LTS Preferred \| Series A Cumulative Redeemable Preferred Stock
Related Party Transaction [Line Items]
Investment owned (in shares)					240,000
Proceeds from common shares of LTS					$ 6,009
Preferred stock dividend rate					8.00%
Equity Method Investee \| Castle Brands Inc.
Related Party Transaction [Line Items]
Revenue from related parties						75
President and Chief Executive Officer \| Insurance Commissions
Related Party Transaction [Line Items]
Amount of transaction				$ 241	$ 265	215
President and Chief Executive Officer \| LTS \| Compensation Paid to Vice Chairman of LTS
Related Party Transaction [Line Items]
Amount of transaction					19	1,600
President and Chief Executive Officer \| Castle Brands Inc. \| Compensation Paid to President and CEO of Castle
Related Party Transaction [Line Items]
Amount of transaction						515
Executive Vice President \| LTS \| Compensation Paid to President and CEO of LTS
Related Party Transaction [Line Items]
Amount of transaction					$ 41	2,142
Directors \| LTS Common Stock \| Dr. Phillip Frost
Related Party Transaction [Line Items]
Percent of ownership by management (more than 10%)				5.00%
Directors \| Compensation Paid to Director of Liggett
Related Party Transaction [Line Items]
Amount of transaction				$ 540
Compensation received per month		$ 60
Beneficial Owner \| Dr. Phillip Frost
Related Party Transaction [Line Items]
Percent of ownership by management (more than 10%)					10.00%
Beneficial Owner \| CoCrystal \| Dr. Phillip Frost
Related Party Transaction [Line Items]
Percent of ownership by management (more than 10%)					5.00%
Affiliated Entity \| Frost Real Estate Holdings, LLC
Related Party Transaction [Line Items]
Monthly lease payments, initial								$ 36
Monthly lease payments, increase								$ 41
Expenses from transactions with related party				458	$ 458	458
Son of Company's President and Chief Executive Officer \| Douglas Elliman Realty, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party				925	870	712
Subsidiaries
Related Party Transaction [Line Items]
Gross commissions				8,956	$ 10,783	$ 18,952
Subsidiaries \| Transition Services Agreement
Related Party Transaction [Line Items]
Current receivables				$ 4,200

Investments and Fair Value Measurements (Fair Value Measurements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets:
Debt securities available for sale	$ 103,906	$ 91,204
Total investment securities at fair value	$ 146,687	135,585
Long-term investment securities at fair value		33,981
Douglas Elliman
Liabilities:
Voting interest acquired	29.41%
Payout agreement period (in years)	4 years
Marketable equity securities
Assets:
Equity Securities, FV-NI, Current	$ 19,560	21,155
Mutual funds invested in debt securities
Assets:
Equity Securities, FV-NI, Current	23,221	23,226
U.S. Government securities
Assets:
Debt securities available for sale	6,481
Corporate securities
Assets:
Debt securities available for sale	47,531
U.S. mortgage-backed securities
Assets:
Debt securities available for sale	19,572
Commercial paper
Assets:
Debt securities available for sale	29,103
Foreign fixed-income securities
Assets:
Debt securities available for sale	1,219
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Debt securities available for sale		0
Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Debt securities available for sale		9,086
Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Debt securities available for sale		0
Recurring
Assets:
Total investment securities at fair value	146,687	135,585
Long-term investment securities at fair value	32,089	33,981
Total	333,895	410,135
Liabilities:
Fair value of contingent liability	2,646
Total	2,646
Recurring \| Marketable equity securities
Assets:
Equity Securities, FV-NI, Current	19,560	21,155
Recurring \| Mutual funds invested in debt securities
Assets:
Equity Securities, FV-NI, Current	23,221	23,226
Recurring \| Total equity securities at fair value
Assets:
Equity Securities, FV-NI, Current	42,781	44,381
Recurring \| U.S. Government securities
Assets:
Debt securities available for sale	6,481	19,200
Recurring \| Corporate securities
Assets:
Debt securities available for sale	47,531	52,434
Recurring \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	19,572	10,484
Recurring \| Commercial paper
Assets:
Debt securities available for sale	29,103	9,086
Recurring \| Foreign fixed-income securities
Assets:
Debt securities available for sale	1,219
Recurring \| Total debt securities available for sale
Assets:
Debt securities available for sale	103,906	91,204
Recurring \| Money market funds
Assets:
Cash and cash equivalents	130,583	194,095
Recurring \| Commercial paper
Assets:
Cash and cash equivalents	24,426	44,397
Recurring \| Certificates of deposit
Assets:
Cash and cash equivalents	110	1,542
Recurring \| Bonds
Assets:
Cash and cash equivalents		535
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total investment securities at fair value	42,781	44,381
Long-term investment securities at fair value		0
Total	173,364	239,011
Liabilities:
Fair value of contingent liability	0
Total	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Assets:
Equity Securities, FV-NI, Current	19,560	21,155
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds invested in debt securities
Assets:
Equity Securities, FV-NI, Current	23,221	23,226
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Total equity securities at fair value
Assets:
Equity Securities, FV-NI, Current	42,781	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
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) \| Money market funds
Assets:
Cash and cash equivalents	130,583	194,095
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) \| Bonds
Assets:
Cash and cash equivalents		535
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total investment securities at fair value	103,906	91,204
Long-term investment securities at fair value		0
Total	128,442	137,143
Liabilities:
Fair value of contingent liability	0
Total	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Marketable equity securities
Assets:
Equity Securities, FV-NI, Current	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds invested in debt securities
Assets:
Equity Securities, FV-NI, Current	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Total equity securities at fair value
Assets:
Equity Securities, FV-NI, Current	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government securities
Assets:
Debt securities available for sale	6,481	19,200
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Debt securities available for sale	47,531	52,434
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. mortgage-backed securities
Assets:
Debt securities available for sale	19,572	10,484
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Debt securities available for sale	29,103
Recurring \| Significant Other Observable Inputs (Level 2) \| Foreign fixed-income securities
Assets:
Debt securities available for sale	1,219
Recurring \| Significant Other Observable Inputs (Level 2) \| Total debt securities available for sale
Assets:
Debt securities available for sale	103,906	91,204
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	24,426	44,397
Recurring \| Significant Other Observable Inputs (Level 2) \| Certificates of deposit
Assets:
Cash and cash equivalents	110	1,542
Recurring \| Significant Other Observable Inputs (Level 2) \| Bonds
Assets:
Cash and cash equivalents		0
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Total investment securities at fair value	0	0
Long-term investment securities at fair value		0
Total	0	0
Liabilities:
Fair value of contingent liability	2,646
Total	2,646
Recurring \| Significant Unobservable Inputs (Level 3) \| Marketable equity securities
Assets:
Equity Securities, FV-NI, Current	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds invested in debt securities
Assets:
Equity Securities, FV-NI, Current	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Total equity securities at fair value
Assets:
Equity Securities, FV-NI, Current	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
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) \| 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) \| Bonds
Assets:
Cash and cash equivalents		$ 0

Investments and Fair Value Measurements (Quantitative Information about Level 3 Fair Value Measurements) (Details) - Recurring $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	$ 2,646
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	2,646
Significant Unobservable Inputs (Level 3) \| 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	$ 776,351
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent liability, measurement input term	9 months
Measurement input	0.0039
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model \| Leverage-adjusted equity volatility of peer firms
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2613

Investments and Fair Value Measurements (Investments in Real Estate Ventures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, net	$ 2,713	$ 16,513	$ 39,757
Investments in real estate ventures	105,062	$ 85,400
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, net	2,713		16,513
Investments in real estate ventures	0		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	0		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	0		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	$ 0		$ 0

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues									$ 1,220,700	$ 1,228,682	$ 1,119,603
Operating income (loss)	$ 68,556	$ 82,015	$ 93,893	$ 75,975	$ 74,011	$ 84,130	$ 71,803	$ 64,484	320,439	294,428	234,615
Equity in earnings (losses) from real estate ventures									10,250	(44,728)	(27,760)
Identifiable assets of continuing operations	871,087				889,427				871,087	889,427	1,016,482
Depreciation and amortization									7,816	9,092	9,213
Capital expenditures									9,400	12,937	4,496
Litigation settlement and judgment expense									211	337	990
Current investment securities at fair value	146,687				135,585				146,687	135,585
Long-term investments	53,073				52,291				53,073	52,291
Investment securities at fair value	178,776				169,566				178,776	169,566
Equity-method investments	20,984				18,310				20,984	18,310
Operating Segments \| Tobacco
Segment Reporting Information [Line Items]
Revenues									1,202,497	1,204,501	1,114,840
Operating income (loss)									360,317	319,536	261,630
Equity in earnings (losses) from real estate ventures									0	0	0
Identifiable assets of continuing operations	302,051				357,518				302,051	357,518	336,566
Depreciation and amortization									6,525	7,877	7,824
Capital expenditures									5,827	4,491	4,173
Litigation settlement and judgment expense									211	337	990
Operating Segments \| Tobacco \| Health Care Cost Recovery Actions
Segment Reporting Information [Line Items]
Litigation settlement, amount awarded from other party									(2,722)
Litigation settlement and judgment expense										299
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Revenues									18,203	24,181	4,763
Operating income (loss)									4,066	(610)	550
Equity in earnings (losses) from real estate ventures									10,250	(44,728)	(27,760)
Identifiable assets of continuing operations	128,256				103,523				128,256	103,523	177,943
Depreciation and amortization									249	337	395
Capital expenditures									3	100	197
Investments in real estate ventures	105,062				85,400				105,062	85,400	131,556
Corporate and Other
Segment Reporting Information [Line Items]
Revenues									0	0	0
Operating income (loss)									(43,944)	(24,498)	(27,565)
Equity in earnings (losses) from real estate ventures									0	0	0
Identifiable assets of continuing operations	440,780				428,386				440,780	428,386	501,973
Depreciation and amortization									1,042	878	994
Capital expenditures									3,570	8,346	126
Gain on sale of assets									(910)	(2,283)
Cash	167,383				211,729				167,383	211,729	272,459
Current investment securities at fair value	146,687								146,687
Long-term investments	$ 53,073				52,291				53,073	52,291
Investment securities at fair value					$ 135,585					$ 135,585	129,641
Equity-method investments											$ 61,723
Corporate and Other \| Spin-off of Douglas Elliman
Segment Reporting Information [Line Items]
Transaction charges									10,468
Accelerated stock compensation									$ 4,317

Quarterly Financial Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 313,673	$ 298,485	$ 337,554	$ 270,988	$ 287,129	$ 339,835	$ 312,831	$ 288,887	$ 1,220,700	$ 1,228,682	$ 1,119,603
Gross Profit	110,373	111,041	125,148	104,596	105,872	114,406	98,201	90,601
Operating income	68,556	82,015	93,893	75,975	74,011	84,130	71,803	64,484	320,439	294,428	234,615
Income from continuing operations	30,711	29,912	64,981	21,550	21,839	29,387	29,762	45,934	147,154	126,922	93,930
Net income from discontinued operations	14,531	18,857	28,324	10,407	10,417	8,752	(3,988)	(49,165)	72,119	(33,984)	7,085
Net income (loss) applicable to common shares attributed to Vector Group Ltd.	$ 45,312	$ 48,889	$ 93,305	$ 31,957	$ 32,256	$ 38,139	$ 25,774	$ (3,231)	$ 219,463	$ 92,938	$ 100,974
Per basic common share:
Net income from continued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share)	$ 0.20	$ 0.19	$ 0.41	$ 0.14	$ 0.14	$ 0.19	$ 0.20	$ 0.30	$ 0.94	$ 0.83	$ 0.59
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share)	0.09	0.12	0.19	0.06	0.07	0.06	(0.03)	(0.33)	0.46	(0.23)	0.05
Net income applicable to common shares attributed to Vector Group Ltd. (in dollars per share)	0.29	0.31	0.60	0.20	0.21	0.25	0.17	(0.03)	1.40	0.60	0.64
Per diluted common share:
Net income from continued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share)	0.20	0.19	0.41	0.14	0.14	0.19	0.19	0.30	0.94	0.83	0.58
Net income (loss) from discontinued operations applicable to common shares attributed to Vector Group Ltd.(in dollars per share)	0.09	0.12	0.19	0.06	0.07	0.06	(0.03)	(0.33)	0.46	(0.23)	0.05
Net income applicable to common share attributed to Vector Group Ltd. (in dollars per share)	$ 0.29	$ 0.31	$ 0.60	$ 0.20	$ 0.21	$ 0.25	$ 0.16	$ (0.03)	$ 1.40	$ 0.60	$ 0.63

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 8,542	$ 9,396	$ 11,069
Additions Charged to Costs and Expenses	31,102	30,663	30,038
Deductions	32,301	31,517	31,711
Balance at End of Period	7,343	8,542	9,396
Cash discounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	334	319	317
Additions Charged to Costs and Expenses	28,663	28,046	25,970
Deductions	28,671	28,031	25,968
Balance at End of Period	326	334	319
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	852	1,292	3,817
Additions Charged to Costs and Expenses	0	0	0
Deductions	504	440	2,525
Balance at End of Period	348	852	1,292
Sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	7,356	7,785	6,935
Additions Charged to Costs and Expenses	2,439	2,617	4,068
Deductions	3,126	3,046	3,218
Balance at End of Period	$ 6,669	$ 7,356	$ 7,785