0000059440-23-000030 | 10-Q | XBRL Viewer

Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023
	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)	$	266,208	$	266,208	$	—	$	—

Commercial paper (1)	48,423		—		48,423		—



Money market funds securing legal bonds (2)	24,000		24,000		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	12,785		12,785		—		—
Mutual funds invested in debt securities	22,481		22,481		—		—
Total equity securities at fair value	35,266		35,266		—		—
Debt securities available for sale
U.S. government securities	797		—		797		—
Corporate securities	24,595		—		24,595		—
U.S. government and federal agency	25,439		—		25,439		—


Commercial paper	7,479		—		7,479		—
Index-linked U.S. bonds	22,555		—		22,555		—


Total debt securities available for sale	80,865		—		80,865		—

Total investment securities at fair value	116,131		35,266		80,865		—

Long-term investments
Long-term investment securities at fair value (3)	27,911		—		—		—

Total	$	482,673	$	325,474	$	129,288	$	—

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

(2) Amounts included in current restricted assets on the condensed consolidated balance sheets.

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


	Fair Value Measurements as of December 31, 2022
	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)	$	155,411	$	155,411	$	—	$	—

Commercial paper (1)	54,526		—		54,526		—



Money market funds securing legal bonds (2)	24,000		24,000		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	12,724		12,724		—		—
Mutual funds invested in debt securities	22,069		22,069		—		—
Total equity securities at fair value	34,793		34,793		—		—
Debt securities available for sale
U.S. government securities	779		—		779		—
Corporate securities	53,814		—		53,814		—
U.S. government and federal agency	27,050		—		27,050		—





Total debt securities available for sale	81,643		—		81,643		—

Total investment securities at fair value	116,436		34,793		81,643		—

Long-term investments
Long-term investment securities at fair value (3)	28,919		—		—		—

Total	$	379,292	$	214,204	$	136,169	$	—

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

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

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

Schedule of Investment in Real Estate Ventures Subject to Nonrecurring Fair Value Measurements

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


			Fair Value Measurement Using:
	Year Ended December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Impairment Charge		Total

Assets:
Investments in real estate ventures	$	490	$	—	$	—	$	—	$	—

New Valley LLC

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

New Valley LLC

NEW VALLEY LLC

Investments in real estate ventures:

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


	Range of Ownership (1)	June 30, 2023		December 31, 2022
Condominium and Mixed Use Development	4.1% - 77.8%	$	96,816	$	93,350
Apartment Buildings	15.0% - 50.0%	8,417		9,910
Hotels	0.4% - 49.0%	415		2,510
Commercial	1.6% - 49.0%	15,769		15,347

Investments in real estate ventures		$	121,417	$	121,117

_____________________________

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

Contributions:

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


	Six Months Ended
	June 30,
	2023		2022
Condominium and Mixed Use Development	$	5,166	$	2,180
Apartment Buildings	115		—
Hotels	—		206
Commercial	—		8,070

Total contributions	$	5,281	$	10,456

For ventures where New Valley previously held an investment, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the six months ended June 30, 2023 and 2022. New Valley’s direct investment percentage for these ventures did not significantly change.

Distributions:

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


	Six Months Ended
	June 30,
	2023		2022
Condominium and Mixed Use Development	$	7,883	$	1,032
Apartment Buildings	—		400

Commercial	179		476
Other	—		4,459
Total distributions	$	8,062	$	6,367

Of the distributions received by New Valley from its investment in real estate ventures, $3,954 and $2,726 were from distributions of earnings for the six months ended June 30, 2023 and 2022, respectively, and $4,109 and $3,641 were a return of capital for the six months ended June 30, 2023 and 2022, respectively. Distributions from earnings are included in cash from operations in the condensed consolidated statements of cash flows, while distributions from return of capital are included in cash flows from investing activities in the condensed consolidated statements of cash flows.

Equity in Earnings (Losses) from Real Estate Ventures:

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Condominium and Mixed Use Development	$	3,516	$	(1,434)	$	4,163	$	(3,132)
Apartment Buildings	(410)		(615)		(1,609)		(924)
Hotels	(171)		(290)		(2,094)		(1,047)
Commercial	19		144		601		516
Other	—		1,735		—		2,250
Equity in earnings (losses) from real estate ventures	$	2,954	$	(460)	$	1,061	$	(2,337)

The Company recorded impairment expense of $0 and $1,202 for the three and six months ended June 30, 2023, respectively. The expense related to one hotel venture. As a result of the Company recording impairment charges on certain of its investments in real estate ventures, the impaired real estate venture was recorded at fair value as of the period when the impairment charge was recorded. The impaired real estate venture was measured at fair value on a nonrecurring basis as a result of recording an other-than-temporary impairment charge.

Investment in Real Estate Ventures Entered Into During the Six Months Ended June 30, 2023:

In January 2023, New Valley invested $700 for an approximate 27% interest in 353 6th LLC. The joint venture plans to develop a condominium complex. The venture is a variable interest entity (“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 353 6th LLC was $714 at June 30, 2023.

VIE Consideration:

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

Maximum Exposure to Loss:

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


	June 30, 2023
Condominium and Mixed Use Development	$	96,816
Apartment Buildings	8,417
Hotels	415
Commercial	15,769

Total maximum exposure to loss	$	121,417

New Valley capitalized $1,071 and $2,128 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2023, respectively. New Valley capitalized $1,028 and $2,051 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2022, respectively.

Investments in Real Estate, net:

Escena. New Valley recorded operating income of $77 and $1,316 for the three and six months ended June 30, 2022 from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California. In April 2022, New Valley sold Escena.

Investments and Fair Value Measurements - Nonrecurring Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures impairment charge	$ 490
Investments in real estate ventures, fair value	121,117	$ 121,417
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
Nonrecurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
Nonrecurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	$ 0

Contingencies - Schedule of Litigation Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Current Liabilities
Current liabilities, beginning balance	$ 15,134	$ 15,804
Expenses	154,364	133,278
NPM Settlement adjustment	0	(15)
Change in MSA obligations capitalized as inventory	(35)	969
Payments	(17,411)	(13,881)
Reclassification to/(from) non-current liabilities	5,342	3,566
Interest on withholding	112	259
Current liabilities, ending balance	157,506	139,980
Non-Current Liabilities
Noncurrent liabilities, beginning balance	27,233	30,904
Expenses	0	0
NPM Settlement adjustment	(311)	(2,108)
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(5,342)	(3,566)
Interest on withholding	791	1,171
Noncurrent liabilities, ending balance	22,371	26,401
Payments due under Master Settlement Agreement
Current Liabilities
Current liabilities, beginning balance	14,838	11,886
Expenses	135,989	133,149
NPM Settlement adjustment	0	(15)
Change in MSA obligations capitalized as inventory	(35)	969
Payments	(16,776)	(9,744)
Reclassification to/(from) non-current liabilities	1,635	0
Interest on withholding	0	0
Current liabilities, ending balance	135,651	136,245
Non-Current Liabilities
Noncurrent liabilities, beginning balance	11,116	13,224
Expenses	0	0
NPM Settlement adjustment	(311)	(2,108)
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(1,635)
Interest on withholding	0	0
Noncurrent liabilities, ending balance	9,170	11,116
Litigation Accruals
Current Liabilities
Current liabilities, beginning balance	296	3,918
Expenses	18,375	129
NPM Settlement adjustment	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	(635)	(4,137)
Reclassification to/(from) non-current liabilities	3,707	3,566
Interest on withholding	112	259
Current liabilities, ending balance	21,855	3,735
Non-Current Liabilities
Noncurrent liabilities, beginning balance	16,117	17,680
Expenses	0	0
NPM Settlement adjustment	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(3,707)	(3,566)
Interest on withholding	791	1,171
Noncurrent liabilities, ending balance	$ 13,201	$ 15,285

Condensed Consolidated Statements of Stockholders' Deficiency - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)			154,840,902
Beginning Balance	$ (805,772)	$ (840,652)	$ (807,877)	$ (841,553)
Net income	38,089	39,153	72,830	71,695
Total other comprehensive income	161	295	370	552
Dividends on common stock	(31,755)	(31,759)	(63,519)	(63,526)
Restricted stock grants			0	0
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	(493)	(519)	(3,152)	(1,557)
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options			(12,633)
Exercise of stock options			12,105
Stock-based compensation	$ 2,645	2,570	$ 4,751	4,717
Reallocation of distribution of Douglas Elliman		0		0
Other				(1,240)
Ending Balance (in shares)	155,934,987		155,934,987
Ending Balance	$ (797,125)	$ (830,912)	$ (797,125)	$ (830,912)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	155,976,547	154,938,177	154,840,902	153,959,427
Beginning Balance	$ 15,598	$ 15,494	$ 15,484	$ 15,396
Restricted stock grants (in shares)			1,290,000	1,070,000
Restricted stock grants			$ 129	$ 107
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting (in shares)	(41,560)	(42,048)	(238,981)	(133,298)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	$ (5)	$ (4)	$ (25)	$ (13)
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options (in shares)			(1,012,249)
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options			$ (101)
Exercise of stock options (in shares)			1,055,315
Exercise of stock options			$ 106
Ending Balance (in shares)	155,934,987	154,896,129	155,934,987	154,896,129
Ending Balance	$ 15,593	$ 15,490	$ 15,593	$ 15,490
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	3,897	12,183	5,092	11,172
Restricted stock grants			(129)	(107)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	(488)	(515)	(3,127)	(1,544)
Withholding of shares as payment of payroll tax liabilities in connection with exercise of stock options			(12,532)
Exercise of stock options			11,999
Stock-based compensation	2,645	2,570	4,751	4,717
Reallocation of distribution of Douglas Elliman		(11,172)		(11,172)
Ending Balance	6,054	3,066	6,054	3,066
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(809,403)	(852,863)	(812,380)	(852,398)
Net income	38,089	39,153	72,830	71,695
Dividends on common stock	(31,755)	(31,759)	(63,519)	(63,526)
Reallocation of distribution of Douglas Elliman		11,172		11,172
Other				(1,240)
Ending Balance	(803,069)	(834,297)	(803,069)	(834,297)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(15,864)	(15,466)	(16,073)	(15,723)
Total other comprehensive income	161	295	370	552
Ending Balance	$ (15,703)	$ (15,171)	$ (15,703)	$ (15,171)

Notes Payable, Long-Term Debt and Other Obligations - Senior Notes, Revolving Credit Facility, and Other (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (40)		$ 0	$ (181)	$ 0
Senior Notes \| 5.75% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate		5.75%			5.75%
Senior Notes \| 10.5% Senior Notes
Debt Instrument [Line Items]
Interest rate		10.50%			10.50%
Repurchase principal	$ 1,692		$ 6,660
Loss on extinguishment of debt	$ (40)		$ (141)
Revolving credit agreement \| Liggett
Debt Instrument [Line Items]
Average undrawn commitments					0.25%
Amount outstanding		$ 4			$ 4
Current borrowing capacity		$ 83,800			$ 83,800
Revolving credit agreement \| Liggett \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.00%
Revolving credit agreement \| Liggett \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Revolving credit agreement \| Liggett \| Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Revolving credit agreement \| Liggett \| Daily Simple SOFR
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%

Inventories - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Capitalized MSA cost in finished goods inventory	$ 23,050	$ 23,084
Inventories \| Liggett
Inventory [Line Items]
Purchase commitments	34,695
Inventories
Inventory [Line Items]
Federal excise tax in inventory	$ 25,237	$ 26,423

Contingencies - Other State Settlements (Details) - MSA		1 Months Ended			12 Months Ended		25 Months Ended
Contingencies - Other State Settlements (Details) - MSA	Jun. 30, 2022 USD ($)	Aug. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Jan. 31, 2016 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2003 USD ($)	Mar. 31, 1998 USD ($) state
Loss Contingencies [Line Items]
Annual payment requirement							$ 9,000,000,000
Liggett
Loss Contingencies [Line Items]
Number of states not included in settlement agreement \| state							4
Liggett \| Minnesota
Loss Contingencies [Line Items]
Annual payment requirement						$ 100,000
Liggett \| Florida
Loss Contingencies [Line Items]
Annual payment requirement					$ 250,000
Amount of litigation settlement awarded to other party					$ 1,200,000
Years annual payments required					21 years
Liggett \| Mississippi
Loss Contingencies [Line Items]
Damages sought			$ 16,700,000	$ 27,000,000
Damages awarded		$ 18,800,000
Liggett \| Mississippi \| Litigation Accruals
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 18,000,000
Liggett \| Mississippi \| Bonds
Loss Contingencies [Line Items]
Bond posted against final judgement	$ 24,000,000

Contingencies - Individual Actions (Details) - Liggett	Jun. 30, 2023 case
Loss Contingencies [Line Items]
Cases pending	4
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending	51
Individual Actions Cases \| Massachusetts
Loss Contingencies [Line Items]
Cases pending	19
Individual Actions Cases \| Florida
Loss Contingencies [Line Items]
Cases pending	10
Individual Actions Cases \| Illinois
Loss Contingencies [Line Items]
Cases pending	10
Individual Actions Cases \| Hawaii
Loss Contingencies [Line Items]
Cases pending	4
Individual Actions Cases \| Nevada
Loss Contingencies [Line Items]
Cases pending	4
Individual Actions Cases \| Louisiana
Loss Contingencies [Line Items]
Cases pending	2
Individual Actions Cases \| New Mexico
Loss Contingencies [Line Items]
Cases pending	1
Individual Actions Cases \| California
Loss Contingencies [Line Items]
Cases pending	1

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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

Financial information for the Company’s operations before taxes for the three and six months ended June 30, 2023 and 2022 were as follows:


				Real		Corporate
	Tobacco			Estate		and Other		Total
Three months ended June 30, 2023
Revenues	$	365,662		$	—	$	—	$	365,662
Operating income (loss)	75,122		(1)	148		(3,627)		71,643
Equity in earnings from real estate ventures	—			2,954		—		2,954
Depreciation and amortization	1,419			—		312		1,731

Three months ended June 30, 2022
Revenues	$	374,312		$	12,890	$	—	$	387,202
Operating income (loss)	88,332		(2)	6,867		(4,488)		90,711
Equity in losses from real estate ventures	—			(460)		—		(460)
Depreciation and amortization	1,475			6		312		1,793

Six months ended June 30, 2023
Revenues	$	699,807		$	—	$	—	$	699,807
Operating income (loss)	153,721		(3)	210		(7,991)		145,940
Equity in earnings from real estate ventures	—			1,061		—		1,061

Depreciation and amortization	2,796			—		627		3,423
Capital expenditures	7,576			—		214		7,790

Six months ended June 30, 2022
Revenues	$	683,360		$	15,884	$	—	$	699,244
Operating income (loss)	165,971		(4)	7,842		(7,976)		165,837
Equity in losses from real estate ventures	—			(2,337)		—		(2,337)

Depreciation and amortization	2,952			66		625		3,643
Capital expenditures	2,872			1		38		2,911

(1) Operating income includes $18,105 of litigation settlement and judgment expense.

(2) Operating income includes $57 of litigation settlement and judgment expense.

(3) Operating income includes $311 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,375 of litigation settlement and judgment expense.

(4) Operating income includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $129 of litigation settlement and judgment expense.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 53,183	$ 54,122	$ 101,433	$ 98,886
Income tax expense using estimated annual effective income tax rate	14,997	14,883	28,603	27,191
Changes in effective tax rates	97	86	0	0
Income tax expense	$ 15,094	$ 14,969	$ 28,603	$ 27,191

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accounts payable	$ 7,187	$ 6,351
Accrued promotional expenses	57,120	56,645
Accrued excise and payroll taxes payable, net	16,683	17,160
Accrued interest	30,305	30,451
Accrued salaries and benefits	5,619	9,614
Allowance for sales returns	10,004	7,526
Other current liabilities	28,820	7,423
Total other current liabilities	$ 155,738	$ 135,170

Investments and Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total debt securities available for sale	$ 80,865	$ 81,643
Total investment securities at fair value	116,131	116,436
Long-term investment securities at fair value	27,911	28,919
Marketable equity securities
Assets:
Total equity securities at fair value	12,785	12,724
Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	22,481	22,069
U.S. government securities
Assets:
Total debt securities available for sale	797
Corporate securities
Assets:
Total debt securities available for sale	24,595
U.S. government and federal agency
Assets:
Total debt securities available for sale	25,439
Recurring
Assets:
Total investment securities at fair value	116,131	116,436
Long-term investment securities at fair value	27,911	28,919
Total	482,673	379,292
Recurring \| Total equity securities at fair value
Assets:
Total equity securities at fair value	35,266	34,793
Recurring \| Marketable equity securities
Assets:
Total equity securities at fair value	12,785	12,724
Recurring \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	22,481	22,069
Recurring \| Total debt securities available for sale
Assets:
Total debt securities available for sale	80,865	81,643
Recurring \| U.S. government securities
Assets:
Total debt securities available for sale	797	779
Recurring \| Corporate securities
Assets:
Total debt securities available for sale	24,595	53,814
Recurring \| U.S. government and federal agency
Assets:
Total debt securities available for sale	25,439	27,050
Recurring \| Commercial paper
Assets:
Total debt securities available for sale	7,479
Recurring \| Index-linked U.S. bonds
Assets:
Total debt securities available for sale	22,555
Recurring \| Money market funds
Assets:
Cash and cash equivalents	266,208	155,411
Recurring \| Commercial paper
Assets:
Cash and cash equivalents	48,423	54,526
Recurring \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents	24,000	24,000
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total investment securities at fair value	35,266	34,793
Long-term investment securities at fair value	0	0
Total	325,474	214,204
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	35,266	34,793
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Assets:
Total equity securities at fair value	12,785	12,724
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	22,481	22,069
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Total debt securities available for sale
Assets:
Total debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government securities
Assets:
Total debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate securities
Assets:
Total debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and federal agency
Assets:
Total debt securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Total debt securities available for sale	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Index-linked U.S. bonds
Assets:
Total debt securities available for sale	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Cash and cash equivalents	266,208	155,411
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) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents	24,000	24,000
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total investment securities at fair value	80,865	81,643
Long-term investment securities at fair value	0	0
Total	129,288	136,169
Recurring \| Significant Other Observable Inputs (Level 2) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Marketable equity securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Total debt securities available for sale
Assets:
Total debt securities available for sale	80,865	81,643
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government securities
Assets:
Total debt securities available for sale	797	779
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Total debt securities available for sale	24,595	53,814
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and federal agency
Assets:
Total debt securities available for sale	25,439	27,050
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total debt securities available for sale	7,479
Recurring \| Significant Other Observable Inputs (Level 2) \| Index-linked U.S. bonds
Assets:
Total debt securities available for sale	22,555
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	48,423	54,526
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents	0	0
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Total investment securities at fair value	0	0
Long-term investment securities at fair value	0	0
Total	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Marketable equity securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Total debt securities available for sale
Assets:
Total debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. government securities
Assets:
Total debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate securities
Assets:
Total debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. government and federal agency
Assets:
Total debt securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Total debt securities available for sale	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Index-linked U.S. bonds
Assets:
Total debt securities available for sale	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) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents	$ 0	$ 0

Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

Tobacco-Related Litigation:

Overview. Since 1954, Liggett and other United States cigarette manufacturers have been named as defendants in numerous direct, third-party and purported class actions predicated on the theory that cigarette manufacturers should be liable for damages alleged to have been caused by cigarette smoking or by exposure to secondary smoke from cigarettes. The cases have generally fallen into the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs (“Individual Actions”); (ii) lawsuits by individuals requesting the benefit of the Engle ruling (“Engle progeny cases”); (iii) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring, as well as cases alleging that use of the terms “lights” and/or “ultra lights” constitutes a deceptive and unfair trade practice, common law fraud or violation of federal law, purporting to be brought on behalf of a class of individual plaintiffs (“Class Actions”); and (iv) health care cost recovery actions brought by various foreign and domestic governmental plaintiffs and non-governmental plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits (“Health Care Cost Recovery Actions”). The future financial impact of the risks and expenses of litigation are not quantifiable. For the six months ended June 30, 2023 and 2022, Liggett incurred tobacco product liability legal expenses and costs totaling $4,306 and $3,323, respectively. Legal defense costs are expensed as incurred.

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

Bonds. Although Liggett has been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts are on appeal, there remains a risk that such relief may not be obtainable in all cases. This risk has been reduced given that a majority of states now limit the dollar amount of bonds or require no bond at all. As of June 30, 2023, other than the bond regarding the Mississippi litigation (described below), there are no other litigation bonds posted.

In June 2009, Florida amended its existing bond cap statute by adding a $200,000 bond cap that applies to all Florida tobacco litigation in the aggregate and establishes individual bond caps 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 7: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; or (ii) management is unable to reasonably estimate the possible loss or range of loss that could result from an unfavorable outcome of any of the pending tobacco-related cases and, therefore, management has not provided any amounts in the condensed consolidated financial statements for unfavorable outcomes, if any.

Although Liggett has generally been successful in managing the litigation filed against it, litigation is subject to uncertainty and significant challenges remain. 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. 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. The Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated.

Individual Actions

As of June 30, 2023, there were 51 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
Massachusetts						19
Florida						10
Illinois						10
Hawaii						4
Nevada						4
Louisiana						2
New Mexico						1
California						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.

Cautionary Statement About Engle Progeny Cases. Since 2009, judgments have been entered against Liggett and other cigarette manufacturers in Engle progeny cases. A number of the judgments were affirmed on appeal and satisfied by the

defendants. Many were overturned on appeal. As of June 30, 2023, 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 faces 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 7, 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, except as discussed herein and, in most of the remaining 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.

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 $4,000 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 212 Engle progeny cases for approximately $8,270 in the aggregate. Two of these settlements occurred in the second quarter of 2023.

As of June 30, 2023, 16 Engle progeny cases remain pending in state court where Liggett is a named defendant. Therefore, the Company and Liggett may still be subject to periodic adverse judgments which could have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows.

Judgments Paid in Engle Progeny Cases.

As of June 30, 2023, Liggett paid $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.

Liggett Only Cases

As of June 30, 2023, there were four cases where Liggett is the sole defendant: Cowart, Siler and Watson are Individual Actions and Forbing is an Engle progeny case. It is possible that cases where Liggett is the only defendant could increase as a result of the remaining Engle progeny cases and newly filed Individual Actions.

Upcoming Trials

As of June 30, 2023, there were eight Individual Actions (Caravalho, Kanuha, Lane, Lopez, H., Manious, Mathews, Rowan and Silva) scheduled for trial through June 30, 2024, where Liggett is a named defendant. Trial dates are subject to change and additional cases could be set for trial during this time.

City of Baltimore

In December 2022, the Mayor and City Council of Baltimore sued Liggett and others, claiming, among other things, that defendants’ failure to use biodegradable filters on their cigarette products resulted in littering by smokers of the city’s streets, sidewalks, beaches, parks, lawns and waterways, which in turn resulted in contamination of the soil and water, increased costs of clean-up and disposal of this litter, as well as the reduction of property values and tourism to the city. Plaintiffs seek compensatory damages, punitive damages, penalties, fines, disgorgement of profits and equitable relief.

Class Actions

As of June 30, 2023, 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.

In November 1997, in Young v. American Tobacco Co., a purported class action was brought on behalf of plaintiff and all similarly situated residents in Louisiana who, though not themselves cigarette smokers, allege they were exposed to and

suffered injury from secondhand smoke from cigarettes. The plaintiffs seek an unspecified amount of compensatory and punitive damages. The case has been stayed since March 2016 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 brought on behalf of plaintiff and all West Virginia residents who allegedly have claims arising from their exposure to cigarette smoke and asbestos fibers and seeks compensatory and punitive damages. The case has been stayed since December 2000 as a result of bankruptcy petitions filed by three co-defendants.

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.

Health Care Cost Recovery Actions

As of June 30, 2023, one Health Care Cost Recovery Action was pending against Liggett 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 have asserted 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.

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 5.5% of the total cigarettes sold in the United States in the first six months of 2023. 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 29, 2022, Liggett and Vector Tobacco pre-paid $268,250 of their approximate $285,000 2022 MSA obligation. The remaining balance of $16,780 was paid in April 2023.

Certain MSA Disputes

NPM Adjustment. Liggett and Vector Tobacco contend that they are entitled to an NPM Adjustment for 2003-2022. 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 - 2022, 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. Since then, the PMs have settled the NPM Adjustment dispute with 39 states representing approximately 80% of the MSA allocable share.

The 2004 NPM Adjustment arbitration commenced in 2016, with the arbitration panel eventually finding three states liable for the NPM Adjustment. Two of these states have since filed motions in applicable state courts and with the arbitration

panels challenging these determinations and several issues remain to be resolved by the arbitration panels that will affect the final amount of the 2004 NPM Adjustment. Individual state hearings with respect to the NPM Adjustments for 2005 - 2007 are ongoing.

As a result of the settlements described above, Liggett and Vector Tobacco reduced cost of sales for the six months ended June 30, 2023 and 2022 by $7,318 and $7,280, respectively. Liggett and Vector Tobacco may be entitled to further adjustments. As of June 30, 2023, Liggett and Vector Tobacco had accrued approximately $9,200 related to the disputed amounts withheld from the non-settling states for 2005 - 2010, which may be subject to payment, with interest, if Liggett and Vector Tobacco lose the disputes for those years.

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. In November 2022, Minnesota advised Liggett that the settlement agreement had terminated pursuant to its terms and that statutory fee-in-lieu of settlement payments will be collected from wholesalers distributing Liggett’s products in Minnesota. In July 2023, Minnesota and Liggett reached an agreement in principle to avoid the fee-in-lieu being applied to Liggett’s products in Minnesota in exchange for Liggett’s agreement to make annual payments to the state over the next 10 years. 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 in 2022 through the duration of the agreement subject to an inflation adjustment. As more fully described below, the claim by Mississippi for purported payments due has been resolved in principle.

Mississippi Litigation. 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 through August 3, 2021. In April 2022, the Mississippi Chancery Court affirmed the Special Master’s findings and a final judgment was entered by the court on June 1, 2022. 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. In June 2022, Liggett appealed the final judgment and posted a bond of $24,000. The parties recently reached an agreement in principle to settle this matter for $18,000, subject to execution of a settlement agreement. The Company recorded an accrual for the expense associated with the settlement in the second quarter of 2023. There are no assurances that a settlement will be finalized. When and if the settlement is concluded, the bond will be returned to Liggett.

Liggett may be required to make additional payments to Mississippi and/or 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 7, 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 condensed consolidated financial statements for unfavorable outcomes.

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

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

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2023 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, 2023	$	14,838	$	296	$	15,134	$	11,116	$	16,117	$	27,233
Expenses	135,989		18,375		154,364		—		—		—
NPM Settlement adjustment	—		—		—		(311)		—		(311)
Change in MSA obligations capitalized as inventory	(35)		—		(35)		—		—		—
Payments	(16,776)		(635)		(17,411)		—		—		—
Reclassification to/(from) non-current liabilities	1,635		3,707		5,342		(1,635)		(3,707)		(5,342)
Interest on withholding	—		112		112		—		791		791
Balance as of June 30, 2023	$	135,651	$	21,855	$	157,506	$	9,170	$	13,201	$	22,371

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2022 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, 2022	$	11,886	$	3,918	$	15,804	$	13,224	$	17,680	$	30,904
Expenses	133,149		129		133,278		—		—		—
NPM Settlement adjustment	(15)		—		(15)		(2,108)		—		(2,108)
Change in MSA obligations capitalized as inventory	969		—		969		—		—		—
Payments	(9,744)		(4,137)		(13,881)		—		—		—
Reclassification to/(from) non-current liabilities	—		3,566		3,566				(3,566)		(3,566)
Interest on withholding	—		259		259		—		1,171		1,171
Balance as of June 30, 2022	$	136,245	$	3,735	$	139,980	$	11,116	$	15,285	$	26,401

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.

Notes Payable, Long-Term Debt and Other Obligations - Fair Value of Notes Payable and Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,406,840	$ 1,436,998
Carrying Value \| Senior Notes \| 5.75% Senior Secured Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	875,000	875,000
Carrying Value \| Senior Notes \| 10.5% Senior Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	531,812	539,926
Carrying Value \| Liggett and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	28	22,072
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,300,035	1,318,267
Fair Value \| Senior Notes \| 5.75% Senior Secured Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	762,178	758,993
Fair Value \| Senior Notes \| 10.5% Senior Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	537,829	537,202
Fair Value \| Liggett and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 28	$ 22,072

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated. Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.
Basis of Accounting	The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
Distributions and Dividends on Common Stock	Distributions and Dividends on Common Stock: The Company records distributions on its common stock as dividends in its condensed consolidated statements of stockholders’ deficiency to the extent of retained earnings and net income for the respective fiscal year. Any amounts exceeding retained earnings and net income are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit.
New Accounting Pronouncements	New Accounting Pronouncements: Accounting Standards Updates (“ASUs”) adopted in 2023: In October 2021, the Financial Accounting Standards Board (“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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements. SEC Proposed Rules On March 21, 2022, the SEC proposed rule changes that would require registrants to provide certain climate-related information in their registration statements and annual reports. The proposed rules would require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks would also include disclosure of a registrant's greenhouse gas emissions, which have become a commonly used metric to assess a registrant's exposure to such risks. In addition, under the proposed rules, certain climate-related financial metrics would be required in a registrant's audited financial statements. The Company is currently evaluating the impact of the proposed rule changes.

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenues by segment.

Tobacco. Tobacco segment revenues are not disaggregated because all revenues are generated from the discount segment of the U.S. cigarette industry.

Real Estate. Real Estate segment revenues are disaggregated in the table below. The Real Estate segment includes the Company’s investment in New Valley, investments in real estate ventures and, prior to April 2022, when Escena was sold, included investments in real estate. After the sale of Escena, the Company has no revenues from its real estate segment.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Real Estate Segment Revenues
Sales on facilities located on investments in real estate	$	—	$	290	$	—	$	3,259
Revenues from investments in real estate	—		12,600		—		12,625
Total real estate revenues	$	—	$	12,890	$	—	$	15,884

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Investment Securities - Narrative (Details)	6 Months Ended
Investment Securities - Narrative (Details)	Jun. 30, 2023 USD ($) investment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Total long-term investments	$ 44,752,000		$ 44,959,000
Cash distributions received	0	$ 1,349,000
In-transit redemptions	1,900,000
Investment	$ 5,000,000
Number of investments not qualify for the NAV practical expedient \| investment	2,000
Equity securities and other long-term investments at cost	$ 7,755,000		$ 2,755,000
Impairment and other adjustments	$ 0	$ 0
Minimum \| Mutual Fund And Hedge Funds
Schedule of Equity Method Investments [Line Items]
Equity-method ownership percentage	7.02%
Maximum \| Mutual Fund And Hedge Funds
Schedule of Equity Method Investments [Line Items]
Equity-method ownership percentage	38.51%
Quoted Prices in Active Markets for Identical Assets (Level 1)
Schedule of Equity Method Investments [Line Items]
Total long-term investments	$ 426,000

Contingencies - Class Actions and Health Care Cost Recovery Actions (Details)	Jun. 30, 2023 case	Dec. 31, 2000 defendant
Parsons v. AC & S Inc.
Loss Contingencies [Line Items]
Number of defendants in bankruptcy \| defendant		3
Liggett and Other cigarette manufacturers \| Class Actions
Loss Contingencies [Line Items]
Cases pending	2
Liggett
Loss Contingencies [Line Items]
Cases pending	4
Liggett \| Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending	1

Investment Securities - Maturity Dates of Marketable Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 80,865	$ 81,643
Total debt securities available for sale by maturity dates
Debt Securities, Available-for-sale [Line Items]
Fair Value	80,865
Under 1 Year	66,134
1 Year up to 5 Years	14,677
More than 5 Years	54
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	797
Under 1 Year	797
1 Year up to 5 Years	0
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	24,595
Under 1 Year	16,833
1 Year up to 5 Years	7,762
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	25,439
Under 1 Year	18,470
1 Year up to 5 Years	6,915
More than 5 Years	54
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	7,479
Under 1 Year	7,479
1 Year up to 5 Years	0
More than 5 Years	0
U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Fair Value	22,555
Under 1 Year	22,555
1 Year up to 5 Years	0
More than 5 Years	$ 0

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation:

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

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

The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.

(b)Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its condensed consolidated statements of stockholders’ deficiency to the extent of retained earnings and net income for the respective fiscal year. Any amounts exceeding retained earnings and net income are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit.

(c)Earnings Per Share (“EPS”):

Net income for purposes of determining basic and diluted EPS applicable to common shares was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	38,089	$	39,153	$	72,830	$	71,695
Income attributable to participating securities	(1,043)		(1,249)		(1,973)		(2,226)
Net income available to common stockholders	$	37,046	$	37,904	$	70,857	$	69,469

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2023	2022	2023	2022
Weighted-average shares for basic EPS	153,214,347	152,700,134	153,114,197	152,643,830

Incremental shares related to stock options and non-vested restricted stock	109,203	263,362	129,085	210,230
Weighted-average shares for diluted EPS	153,323,550	152,963,496	153,243,282	152,854,060

(d)Other, net:

Other, net consisted of:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Interest and dividend income	$	4,916	$	935	$	8,851	$	1,385






Net gains (losses) recognized on investment securities	213		(4,130)		207		(7,169)
Net periodic benefit cost other than the service costs	(339)		(237)		(678)		(473)


Other income	1		338		31		2,018
Other, net	$	4,791	$	(3,094)	$	8,411	$	(4,239)

(e)Other Assets:

Other assets consisted of:


	June 30, 2023		December 31, 2022
Restricted assets	$	1,591	$	25,907
Prepaid pension costs	39,334		38,100
Other assets	37,709		31,310
Total other assets	$	78,634	$	95,317

(f)Other Current Liabilities:

Other current liabilities consisted of:


	June 30, 2023		December 31, 2022
Accounts payable	$	7,187	$	6,351
Accrued promotional expenses	57,120		56,645
Accrued excise and payroll taxes payable, net	16,683		17,160
Accrued interest	30,305		30,451
Accrued salaries and benefits	5,619		9,614
Allowance for sales returns	10,004		7,526
Other current liabilities	28,820		7,423
Total other current liabilities	$	155,738	$	135,170

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

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


	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	330,323	$	224,580
Restricted cash and cash equivalents included in other current assets	24,899		—
Restricted cash and cash equivalents included in other assets	1,478		25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	356,700	$	250,374

(h)Related Party Transactions:

Agreements with Douglas Elliman. The Company received $1,050 and $2,100 under the Transition Services Agreement and $734 and $1,296 under the Aircraft Lease Agreement for the three and six months ended June 30, 2023 and $686 and $1,177 for the three and six months ended June 30, 2022, respectively.

The Company has agreed to indemnify Douglas Elliman for certain tax matters under the Tax Disaffiliation Agreement. The Company recorded Other expense of $553 in its condensed consolidated statement of operations for the three and six months ended June 30, 2022 related to the tax indemnification.

Real estate venture investments. Douglas Elliman has been engaged by the developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. Douglas Elliman had gross commissions from these projects of approximately $0 and $842 for the three and six months ended June 30, 2023 and $201 and $1,101 for the three and six months ended June 30, 2022, respectively.

(i)New Accounting Pronouncements:

Accounting Standards Updates (“ASUs”) adopted in 2023:

In October 2021, the Financial Accounting Standards Board (“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. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

SEC Proposed Rules

On March 21, 2022, the SEC proposed rule changes that would require registrants to provide certain climate-related information in their registration statements and annual reports. The proposed rules would require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks would also include disclosure of a registrant's greenhouse gas emissions, which have become a commonly used metric to assess a registrant's exposure to such risks. In addition, under the proposed rules, certain climate-related financial metrics would be required in a registrant's audited financial statements. The Company is currently evaluating the impact of the proposed rule changes.

New Valley LLC - Investment in Real Estate Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 121,417		$ 121,417		$ 121,117
Contributions to real estate ventures			5,281	$ 10,456
Equity in earnings (losses) from real estate ventures	2,954	$ (460)	1,061	(2,337)
New Valley
Schedule of Investments [Line Items]
Investments in real estate ventures	121,417		121,417		121,117
Contributions to real estate ventures			5,281	10,456
Distributions from real estate ventures			8,062	6,367
Equity in earnings (losses) from real estate ventures	2,954	(460)	1,061	(2,337)
Total maximum exposure to loss	121,417		121,417
New Valley \| Condominium and Mixed Use Development
Schedule of Investments [Line Items]
Investments in real estate ventures	96,816		96,816		93,350
Contributions to real estate ventures			5,166	2,180
Distributions from real estate ventures			7,883	1,032
Equity in earnings (losses) from real estate ventures	3,516	(1,434)	4,163	(3,132)
Total maximum exposure to loss	96,816		96,816
New Valley \| Apartment Buildings
Schedule of Investments [Line Items]
Investments in real estate ventures	8,417		8,417		9,910
Contributions to real estate ventures			115	0
Distributions from real estate ventures			0	400
Equity in earnings (losses) from real estate ventures	(410)	(615)	(1,609)	(924)
Total maximum exposure to loss	8,417		8,417
New Valley \| Hotels
Schedule of Investments [Line Items]
Investments in real estate ventures	415		415		2,510
Contributions to real estate ventures			0	206
Equity in earnings (losses) from real estate ventures	(171)	(290)	(2,094)	(1,047)
Total maximum exposure to loss	415		415
New Valley \| Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures	15,769		15,769		$ 15,347
Contributions to real estate ventures			0	8,070
Distributions from real estate ventures			179	476
Equity in earnings (losses) from real estate ventures	19	144	601	516
Total maximum exposure to loss	15,769		15,769
New Valley \| Other
Schedule of Investments [Line Items]
Distributions from real estate ventures			0	4,459
Equity in earnings (losses) from real estate ventures	$ 0	$ 1,735	$ 0	$ 2,250
New Valley \| Minimum \| Investments In Real Estate Ventures \| Condominium and Mixed Use Development
Schedule of Investments [Line Items]
Range of ownership	4.10%		4.10%
New Valley \| Minimum \| Investments In Real Estate Ventures \| Apartment Buildings
Schedule of Investments [Line Items]
Range of ownership	15.00%		15.00%
New Valley \| Minimum \| Investments In Real Estate Ventures \| Hotels
Schedule of Investments [Line Items]
Range of ownership	0.40%		0.40%
New Valley \| Minimum \| Investments In Real Estate Ventures \| Commercial
Schedule of Investments [Line Items]
Range of ownership	1.60%		1.60%
New Valley \| Maximum \| Investments In Real Estate Ventures \| Condominium and Mixed Use Development
Schedule of Investments [Line Items]
Range of ownership	77.80%		77.80%
New Valley \| Maximum \| Investments In Real Estate Ventures \| Apartment Buildings
Schedule of Investments [Line Items]
Range of ownership	50.00%		50.00%
New Valley \| Maximum \| Investments In Real Estate Ventures \| Hotels
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%
New Valley \| Maximum \| Investments In Real Estate Ventures \| Commercial
Schedule of Investments [Line Items]
Range of ownership	49.00%		49.00%

Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Litigation Activity

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


State						Number of Cases
Massachusetts						19
Florida						10
Illinois						10
Hawaii						4
Nevada						4
Louisiana						2
New Mexico						1
California						1

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2023 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, 2023	$	14,838	$	296	$	15,134	$	11,116	$	16,117	$	27,233
Expenses	135,989		18,375		154,364		—		—		—
NPM Settlement adjustment	—		—		—		(311)		—		(311)
Change in MSA obligations capitalized as inventory	(35)		—		(35)		—		—		—
Payments	(16,776)		(635)		(17,411)		—		—		—
Reclassification to/(from) non-current liabilities	1,635		3,707		5,342		(1,635)		(3,707)		(5,342)
Interest on withholding	—		112		112		—		791		791
Balance as of June 30, 2023	$	135,651	$	21,855	$	157,506	$	9,170	$	13,201	$	22,371

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2022 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, 2022	$	11,886	$	3,918	$	15,804	$	13,224	$	17,680	$	30,904
Expenses	133,149		129		133,278		—		—		—
NPM Settlement adjustment	(15)		—		(15)		(2,108)		—		(2,108)
Change in MSA obligations capitalized as inventory	969		—		969		—		—		—
Payments	(9,744)		(4,137)		(13,881)		—		—		—
Reclassification to/(from) non-current liabilities	—		3,566		3,566				(3,566)		(3,566)
Interest on withholding	—		259		259		—		1,171		1,171
Balance as of June 30, 2022	$	136,245	$	3,735	$	139,980	$	11,116	$	15,285	$	26,401

Contingencies - Cautionary Statement About Engle Progeny Cases (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended
	Nov. 21, 1996 USD ($)	Oct. 31, 2013 USD ($)	Jun. 30, 2023 case
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 145,000,000
Liggett
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party \| $	$ 790,000	$ 110,000
Cases with verdicts			25
Cases with verdicts in favor of plaintiffs			16
Cases with verdicts in favor of defendants			9
Cases with verdicts in favor of plaintiffs and punitive damages awarded			5

Condensed Consolidated Statements of Stockholders' Deficiency (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Distributions and dividends on common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.40	$ 0.40

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 38,089	$ 39,153	$ 72,830	$ 71,695
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized losses	(237)	(671)	(426)	(1,893)
Net unrealized losses reclassified into net income	211	665	435	1,830
Net unrealized (losses) gains on investment securities available for sale	(26)	(6)	9	(63)
Net change in pension-related amounts:
Amortization of loss	244	404	490	808
Net change in pension-related amounts	244	404	490	808
Other comprehensive income	218	398	499	745
Income tax effect on:
Change in net unrealized losses on investment securities	60	172	109	488
Net unrealized losses reclassified into net income on investment securities	(54)	(171)	(112)	(472)
Pension-related amounts	(63)	(104)	(126)	(209)
Income tax provision on other comprehensive income	(57)	(103)	(129)	(193)
Other comprehensive income, net of tax	161	295	370	552
Comprehensive income	$ 38,250	$ 39,448	$ 73,200	$ 72,247

Investment Securities - Equity in Earnings (Losses) from Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	$ 959	$ (2,311)	$ 800	$ (4,553)
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) from investments	$ 959	$ (2,311)	$ 800	$ (4,553)

Investments and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 June 30, 2023
	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)	$	266,208	$	266,208	$	—	$	—

Commercial paper (1)	48,423		—		48,423		—



Money market funds securing legal bonds (2)	24,000		24,000		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	12,785		12,785		—		—
Mutual funds invested in debt securities	22,481		22,481		—		—
Total equity securities at fair value	35,266		35,266		—		—
Debt securities available for sale
U.S. government securities	797		—		797		—
Corporate securities	24,595		—		24,595		—
U.S. government and federal agency	25,439		—		25,439		—


Commercial paper	7,479		—		7,479		—
Index-linked U.S. bonds	22,555		—		22,555		—


Total debt securities available for sale	80,865		—		80,865		—

Total investment securities at fair value	116,131		35,266		80,865		—

Long-term investments
Long-term investment securities at fair value (3)	27,911		—		—		—

Total	$	482,673	$	325,474	$	129,288	$	—

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

(2) Amounts included in current restricted assets on the condensed consolidated balance sheets.

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


	Fair Value Measurements as of December 31, 2022
	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)	$	155,411	$	155,411	$	—	$	—

Commercial paper (1)	54,526		—		54,526		—



Money market funds securing legal bonds (2)	24,000		24,000		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	12,724		12,724		—		—
Mutual funds invested in debt securities	22,069		22,069		—		—
Total equity securities at fair value	34,793		34,793		—		—
Debt securities available for sale
U.S. government securities	779		—		779		—
Corporate securities	53,814		—		53,814		—
U.S. government and federal agency	27,050		—		27,050		—





Total debt securities available for sale	81,643		—		81,643		—

Total investment securities at fair value	116,436		34,793		81,643		—

Long-term investments
Long-term investment securities at fair value (3)	28,919		—		—		—

Total	$	379,292	$	214,204	$	136,169	$	—

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

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

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

The fair value of 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.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of June 30, 2023 and December 31, 2022, respectively, except for investments in real estate ventures that were impaired as of December 31, 2022.

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


			Fair Value Measurement Using:
	Year Ended December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Impairment Charge		Total

Assets:
Investments in real estate ventures	$	490	$	—	$	—	$	—	$	—

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 decline 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 $490 of impairment charges were included in equity in losses from real estate ventures for the year ended December 31, 2022.

- 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

Notes Payable, Long-Term Debt and Other Obligations - Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 1,406,840	$ 1,436,998
Less: Debt issuance costs	(22,490)	(24,672)
Total notes payable, long-term debt and other obligations	1,384,350	1,412,326
Less: Current maturities	(27)	(22,065)
Amount due after one year	$ 1,384,323	1,390,261
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	875,000
Senior Notes \| 10.5% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate	10.50%
Unamortized discount	$ 1,971	2,209
Notes payable, long-term debt and other obligations	531,812	539,926
Revolving credit agreement \| Liggett: \| Revolving credit agreement
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	4	22,035
Equipment loans \| Liggett:
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 24	$ 37

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 365,662	$ 387,202	$ 699,807	$ 699,244
Operating income (loss)	71,643	90,711	145,940	165,837
Equity in earnings (losses) from real estate ventures	2,954	(460)	1,061	(2,337)
Depreciation and amortization	1,731	1,793	3,423	3,643
Capital expenditures			7,790	2,911
Litigation settlement and judgment expense	18,105	57	18,375	129
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(3,627)	(4,488)	(7,991)	(7,976)
Equity in earnings (losses) from real estate ventures	0	0	0	0
Depreciation and amortization	312	312	627	625
Capital expenditures			214	38
Tobacco \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	365,662	374,312	699,807	683,360
Operating income (loss)	75,122	88,332	153,721	165,971
Equity in earnings (losses) from real estate ventures	0	0	0	0
Depreciation and amortization	1,419	1,475	2,796	2,952
Capital expenditures			7,576	2,872
Tobacco \| Operating Segments \| MSA
Segment Reporting Information [Line Items]
Litigation settlement and judgment expense	18,105	57	18,375	129
Litigation settlement received			(311)	(2,123)
Real estate \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	12,890	0	15,884
Operating income (loss)	148	6,867	210	7,842
Equity in earnings (losses) from real estate ventures	2,954	(460)	1,061	(2,337)
Depreciation and amortization	$ 0	$ 6	0	66
Capital expenditures			$ 0	$ 1

Contingencies - Overview and Bonds (Details) - Liggett - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2009
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs	$ 4,306	$ 3,323
Engle Progeny Cases \| Florida
Loss Contingencies [Line Items]
Maximum bond required for judgments on appeal			$ 200,000
Maximum bond for appeal			$ 5,000

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 365,662	$ 387,202	$ 699,807	$ 699,244
Real estate
Disaggregation of Revenue [Line Items]
Total revenues	0	12,890	0	15,884
Real estate \| Sales on facilities located on investments in real estate
Disaggregation of Revenue [Line Items]
Total revenues	0	290	0	3,259
Real estate \| Revenues from investments in real estate
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 12,600	$ 0	$ 12,625

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Net Income for Purposes of Determining Basic and Diluted EPS Applicable to Common Shares

Net income for purposes of determining basic and diluted EPS applicable to common shares was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	38,089	$	39,153	$	72,830	$	71,695
Income attributable to participating securities	(1,043)		(1,249)		(1,973)		(2,226)
Net income available to common stockholders	$	37,046	$	37,904	$	70,857	$	69,469

Schedule of Basic and Diluted EPS

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2023	2022	2023	2022
Weighted-average shares for basic EPS	153,214,347	152,700,134	153,114,197	152,643,830

Incremental shares related to stock options and non-vested restricted stock	109,203	263,362	129,085	210,230
Weighted-average shares for diluted EPS	153,323,550	152,963,496	153,243,282	152,854,060

Schedule of Other, Net

Other, net consisted of:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Interest and dividend income	$	4,916	$	935	$	8,851	$	1,385






Net gains (losses) recognized on investment securities	213		(4,130)		207		(7,169)
Net periodic benefit cost other than the service costs	(339)		(237)		(678)		(473)


Other income	1		338		31		2,018
Other, net	$	4,791	$	(3,094)	$	8,411	$	(4,239)

Schedule of Other Assets

Other assets consisted of:


	June 30, 2023		December 31, 2022
Restricted assets	$	1,591	$	25,907
Prepaid pension costs	39,334		38,100
Other assets	37,709		31,310
Total other assets	$	78,634	$	95,317

Schedule of Other Current Liabilities

Other current liabilities consisted of:


	June 30, 2023		December 31, 2022
Accounts payable	$	7,187	$	6,351
Accrued promotional expenses	57,120		56,645
Accrued excise and payroll taxes payable, net	16,683		17,160
Accrued interest	30,305		30,451
Accrued salaries and benefits	5,619		9,614
Allowance for sales returns	10,004		7,526
Other current liabilities	28,820		7,423
Total other current liabilities	$	155,738	$	135,170

Schedule of Cash and Cash Equivalents

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


	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	330,323	$	224,580
Restricted cash and cash equivalents included in other current assets	24,899		—
Restricted cash and cash equivalents included in other assets	1,478		25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	356,700	$	250,374

Schedule of Restricted Cash

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


	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	330,323	$	224,580
Restricted cash and cash equivalents included in other current assets	24,899		—
Restricted cash and cash equivalents included in other assets	1,478		25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	356,700	$	250,374

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of:


	June 30, 2023		December 31, 2022
Leaf tobacco	$	46,020	$	39,893
Other raw materials	11,232		8,808
Work-in-process	589		798

Finished goods	66,128		64,865

Inventories at current cost	123,969		114,364
LIFO adjustments:
Leaf tobacco	(17,248)		(15,213)
Other raw materials	(1,470)		(1,220)
Work-in-process	(25)		(25)
Finished goods	(6,510)		(5,458)
Total LIFO adjustments	(25,253)		(21,916)
	$	98,716	$	92,448

All of the Company’s inventories at June 30, 2023 and December 31, 2022 are reported under the LIFO method.

The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $23,050 and $23,084 at June 30, 2023 and December 31, 2022, respectively. Federal excise tax capitalized in inventory was $25,237 and $26,423 at June 30, 2023 and December 31, 2022, respectively.

At June 30, 2023, Liggett had tobacco purchase commitments of approximately $34,695. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2025.

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Revenues:

Total revenues

$ 365,662

$ 387,202

$ 699,807

$ 699,244

Cost of sales:

Total cost of sales

248,984

271,238

481,270

484,053

Operating, selling, administrative and general expenses

26,930

25,196

54,222

49,225

Litigation settlement and judgment expense

18,105

18,375

129

Operating income

71,643

90,711

145,940

165,837

Other income (expenses):

Interest expense

(27,124)

(30,724)

(54,598)

(55,822)

Loss on extinguishment of debt

(40)

(181)

Equity in earnings (losses) from investments

959

(2,311)

800

(4,553)

Equity in earnings (losses) from real estate ventures

2,954

(460)

1,061

(2,337)

Other, net

4,791

(3,094)

8,411

(4,239)

Income before provision for income taxes

53,183

54,122

101,433

98,886

Income tax expense

15,094

14,969

28,603

27,191

Net income

$ 38,089

$ 39,153

$ 72,830

$ 71,695

Per basic common share:

Net income applicable to common shares (in dollars per share)

$ 0.24

$ 0.25

$ 0.46

Per diluted common share:

Net income applicable to common shares (in dollars per share)

$ 0.24

$ 0.25

$ 0.46

$ 0.45

Tobacco

Revenues:

Total revenues

^[1]

$ 365,662

$ 374,312

$ 699,807

$ 683,360

Cost of sales:

Total cost of sales

^[1]

248,984

265,189

481,270

476,726

Real estate

Revenues:

Total revenues

12,890

15,884

Cost of sales:

Total cost of sales

$ 0

$ 6,049

$ 0

$ 7,327

[1]	Revenues and cost of sales include federal excise taxes of $126,750, $137,884, $244,568, and $253,963 for the three and six months ended June 30, 2023 and 2022, respectively.

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Leaf tobacco	$ 46,020	$ 39,893
Other raw materials	11,232	8,808
Work-in-process	589	798
Finished goods	66,128	64,865
Inventories at current cost	123,969	114,364
LIFO adjustments:	(25,253)	(21,916)
Inventory, net	98,716	92,448
Leaf tobacco
Inventory [Line Items]
LIFO adjustments:	(17,248)	(15,213)
Other raw materials
Inventory [Line Items]
LIFO adjustments:	(1,470)	(1,220)
Work-in-process
Inventory [Line Items]
LIFO adjustments:	(25)	(25)
Finished goods
Inventory [Line Items]
LIFO adjustments:	$ (6,510)	$ (5,458)

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Real Estate Segment Revenues Disaggregated


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Real Estate Segment Revenues
Sales on facilities located on investments in real estate	$	—	$	290	$	—	$	3,259
Revenues from investments in real estate	—		12,600		—		12,625
Total real estate revenues	$	—	$	12,890	$	—	$	15,884

Investment Securities - Gross Realized Gains and Losses on Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales	$ 1	$ 6	$ 5	$ 7
Gross realized losses on sales	0	(1)	(184)	(1)
Net gains (losses) recognized on debt securities available for sale	1	5	(179)	6
Impairment expense	$ (212)	$ (671)	$ (256)	$ (1,836)

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 330,323	$ 224,580
Restricted cash and cash equivalents included in other current assets	24,899	0
Restricted cash and cash equivalents included in other assets	1,478	25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 356,700	$ 250,374	$ 349,341	$ 194,849

Summary of Significant Accounting Policies - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Revenue	$ 365,662	$ 387,202	$ 699,807	$ 699,244
Douglas Elliman \| Related Party \| Tax Disaffiliation Agreement
Related Party Transaction [Line Items]
Other expenses		553		553
Douglas Elliman \| VIE
Related Party Transaction [Line Items]
Proceeds from commissions received	0	201	842	1,101
Douglas Elliman \| Transition Services Agreement \| Related Party
Related Party Transaction [Line Items]
Revenue	1,050		2,100
Douglas Elliman \| Aviation Agreements \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 734	$ 686	$ 1,296	$ 1,177

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Income before provision for income taxes	$	53,183	$	54,122	$	101,433	$	98,886
Income tax expense using estimated annual effective income tax rate	14,997		14,883		28,603		27,191
Changes in effective tax rates	97		86		—		—








Income tax expense	$	15,094	$	14,969	$	28,603	$	27,191

Contingencies - Judgments Paid in Engle Progeny Cases, Liggett Only Cases and Upcoming Trials (Details) - Liggett $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) case
Loss Contingencies [Line Items]
Cases pending	4
Lukacs, Campbell, Douglas, Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan, and Santoro
Loss Contingencies [Line Items]
Payments for legal settlements \| $	$ 40,111
Engle Progeny Cases Bennett, Camacho, Geist, Grace, Lopez, Martinez, McMakin, Mier, Ricapor-Hall, Roach, Schnitzer And Tully
Loss Contingencies [Line Items]
Cases pending	8

New Valley LLC (Tables)

6 Months Ended

Jun. 30, 2023

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)	June 30, 2023		December 31, 2022
Condominium and Mixed Use Development	4.1% - 77.8%	$	96,816	$	93,350
Apartment Buildings	15.0% - 50.0%	8,417		9,910
Hotels	0.4% - 49.0%	415		2,510
Commercial	1.6% - 49.0%	15,769		15,347

Investments in real estate ventures		$	121,417	$	121,117

_____________________________

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


	Six Months Ended
	June 30,
	2023		2022
Condominium and Mixed Use Development	$	5,166	$	2,180
Apartment Buildings	115		—
Hotels	—		206
Commercial	—		8,070

Total contributions	$	5,281	$	10,456

Distributions:

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


	Six Months Ended
	June 30,
	2023		2022
Condominium and Mixed Use Development	$	7,883	$	1,032
Apartment Buildings	—		400

Commercial	179		476
Other	—		4,459
Total distributions	$	8,062	$	6,367

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Condominium and Mixed Use Development	$	3,516	$	(1,434)	$	4,163	$	(3,132)
Apartment Buildings	(410)		(615)		(1,609)		(924)
Hotels	(171)		(290)		(2,094)		(1,047)
Commercial	19		144		601		516
Other	—		1,735		—		2,250
Equity in earnings (losses) from real estate ventures	$	2,954	$	(460)	$	1,061	$	(2,337)


	June 30, 2023
Condominium and Mixed Use Development	$	96,816
Apartment Buildings	8,417
Hotels	415
Commercial	15,769

Total maximum exposure to loss	$	121,417

Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Weighted-average shares for basic EPS (in shares)	153,214,347	152,700,134	153,114,197	152,643,830
Incremental shares related to stock options and non-vested restricted stock (in shares)	109,203	263,362	129,085	210,230
Weighted-average shares for diluted EPS (in shares)	153,323,550	152,963,496	153,243,282	152,854,060

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 330,323	$ 224,580
Investment securities at fair value	116,131	116,436
Accounts receivable - trade, net	34,496	40,677
Inventories	98,716	92,448
Income taxes receivable, net	10,935	8,454
Other current assets	37,458	9,770
Total current assets	628,059	492,365
Property, plant and equipment, net	44,049	39,580
Long-term investments (includes $27,911 and $28,919 at fair value)	44,752	44,959
Investments in real estate ventures	121,417	121,117
Operating lease right-of-use assets	8,801	7,742
Intangible assets	107,511	107,511
Other assets	78,634	95,317
Total assets	1,033,223	908,591
Current liabilities:
Current portion of notes payable and long-term debt	27	22,065
Current payments due under the Master Settlement Agreement	135,651	14,838
Current operating lease liability	3,847	3,551
Other current liabilities	155,738	135,170
Total current liabilities	295,263	175,624
Notes payable, long-term debt and other obligations, less current portion	1,384,323	1,390,261
Non-current employee benefits	64,744	63,216
Deferred income taxes, net	53,312	51,034
Non-current operating lease liability	6,036	5,469
Payments due under the Master Settlement Agreement	9,170	11,116
Other liabilities	17,500	19,748
Total liabilities	1,830,348	1,716,468
Commitments and contingencies (Note 7)
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, 155,934,987 and 154,840,902 shares issued and outstanding	15,593	15,484
Additional paid-in capital	6,054	5,092
Accumulated deficit	(803,069)	(812,380)
Accumulated other comprehensive loss	(15,703)	(16,073)
Total Vector Group Ltd. stockholders' deficiency	(797,125)	(807,877)
Total liabilities and stockholders' deficiency	$ 1,033,223	$ 908,591

Investment Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES

Investment securities consisted of the following:


	June 30, 2023		December 31, 2022
Debt securities available for sale	$	80,865	$	81,643


Equity securities at fair value:
Marketable equity securities	12,785		12,724
Mutual funds invested in debt securities	22,481		22,069
Long-term investment securities at fair value (1)	27,911		28,919
Total equity securities at fair value	63,177		63,712

Total investment securities at fair value	144,042		145,355
Less:
Long-term investment securities at fair value (1)	27,911		28,919
Current investment securities at fair value	$	116,131	$	116,436

Long-term investment securities at fair value (1)	$	27,911	$	28,919
Equity-method investments	16,841		16,040
Total long-term investments	$	44,752	$	44,959

Equity securities and other long-term investments at cost (2)	$	7,755	$	2,755

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

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	424	$	(3,465)	$	642	$	(5,339)
Net gains (losses) recognized on debt securities available for sale	1		6		(179)		6

Impairment expense	(212)		(671)		(256)		(1,836)




Net gains (losses) recognized on investment securities	$	213	$	(4,130)	$	207	$	(7,169)

(a) Debt Securities Available for Sale:

The components of debt securities available for sale at June 30, 2023 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	80,846	$	19	$	—	$	80,865

The table below summarizes the maturity dates of debt securities available for sale at June 30, 2023.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. government securities	$	797	$	797	$	—	$	—
Corporate securities	24,595		16,833		7,762		—
U.S. mortgage-backed securities	25,439		18,470		6,915		54


Commercial paper	7,479		7,479		—		—
U.S. treasury bills	22,555		22,555		—		—


Total debt securities available for sale by maturity dates	$	80,865	$	66,134	$	14,677	$	54

The components of debt securities available for sale at December 31, 2022 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	81,629	$	14	$	—	$	81,643

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at June 30, 2023 and December 31, 2022, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Gross realized gains on sales	$	1	$	6	$	5	$	7
Gross realized losses on sales	—		(1)		(184)		(1)
Net gains (losses) recognized on debt securities available for sale	$	1	$	5	$	(179)	$	6

Impairment expense	$	(212)	$	(671)	$	(256)	$	(1,836)

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

(b) Equity Securities at Fair Value:

The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value during the three and six months ended June 30, 2023 and 2022, respectively:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	424	$	(3,465)	$	642	$	(5,339)
Less: Net gains recognized on equity securities sold	155		13		271		306
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	269	$	(3,478)	$	371	$	(5,645)

The Company’s investments in mutual funds that invest in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 9. 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 $426 related to long-term investment securities at fair value as of June 30, 2023.

The Company received no cash distributions for the six months ended June 30, 2023 and $1,349 of cash distributions for the six months ended June 30, 2022. The company recorded $1,900 of in-transit redemptions as of June 30, 2023. The Company classified all cash distributions as investing cash inflows.

Equity-method investments consisted of the following:


	June 30, 2023		December 31, 2022
Mutual fund and hedge funds	$	16,841	$	16,040

At June 30, 2023, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.02% to 38.51%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

Equity in earnings (losses) from investments were:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Mutual fund and hedge funds	$	959	$	(2,311)	$	800	$	(4,553)

(d) Equity Securities and Other Long-Term Investments Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient

Equity securities and other long-term investments without readily determinable fair values that do not qualify for the NAV practical expedient consisted of profit participation agreements and investments in various limited liability companies. During the six months ended June 30, 2023, the Company invested $5,000 into two additional investments, which do not qualify for the NAV practical expedient. The total carrying value of these investments that do not qualify for the NAV practical expedient was $7,755 as of June 30, 2023 and $2,755 as of December 31, 2022, and was included in “Other assets” on the condensed consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and six months ended June 30, 2023 and 2022, respectively.

Investment Securities - Equity-Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 16,841	$ 16,040
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 16,841	$ 16,040

Notes Payable, Long-Term Debt and Other Obligations - Schedule of Non-cash Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Amortization of debt discount, net	$ 121	$ 108	$ 238	$ 213
Amortization of debt issuance costs	1,082	1,018	2,150	2,016
Non-cash interest expense	$ 1,243	1,126	$ 2,569	2,229
10.5% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	10.50%		10.50%
Loss on repurchase of 10.5% Senior Notes	$ 40	$ 0	$ 181	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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-Topic 470
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-Section 50
-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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-Topic 470
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-Topic 470
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-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

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-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Contingencies - Certain MSA Disputes (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2010 state	Jun. 30, 2023 USD ($) state	Jun. 30, 2022 USD ($)
2003 NPM Adjustment
Loss Contingencies [Line Items]
Number of states agreed to single arbitration	48
Aggregate number of settling states	49
Number of settling states with diligence not contested		39
Combined allocable share, percentage		80.00%
MSA \| Liggett and Vector Tobacco \| Cost of Sales
Loss Contingencies [Line Items]
Settlement adjustment credit \| $		$ 7,318	$ 7,280
2004-2010 NPM Adjustment \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Amounts accrued \| $		$ 9,200

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 38,089	$ 39,153	$ 72,830	$ 71,695

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-Topic 942
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+ Details

Contingencies - Engle Progeny Cases and Settlements (Details) $ in Thousands		1 Months Ended		6 Months Ended
	Nov. 21, 1996 USD ($)	Feb. 28, 2015	Oct. 31, 2013 USD ($) case	Jun. 30, 2023 USD ($) case agreement plaintiff
Liggett
Loss Contingencies [Line Items]
Cases pending \| case				4
Engle Progeny Cases
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 145,000,000
Engle Progeny Cases \| Liggett
Loss Contingencies [Line Items]
Cases settled \| case			4,900	212
Amount of litigation settlement awarded to other party	$ 790,000		$ 110,000
Litigation settlement amount paid in lump sum			61,600
Litigation settlement, installment term		14 years
Litigation settlement amount of estimated future payments per annum			$ 4,000
Payments for legal settlements				$ 8,270
Engle Progeny Cases \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Cases pending \| case				16
Engle Progeny separate settlement cases \| Liggett
Loss Contingencies [Line Items]
Cases settled \| agreement				2
Amount of litigation settlement awarded to other party				$ 23,150
Plaintiffs \| plaintiff				152

Investment Securities - Components of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 80,865	$ 81,643
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	80,846	81,629
Gross Unrealized Gains	19	14
Gross Unrealized Losses	0	0
Fair Value	$ 80,865	$ 81,643

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

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

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

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

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


	June 30, 2023		December 31, 2022
Vector:
5.75% Senior Secured Notes due 2029	$	875,000	$	875,000

10.5% Senior Notes due 2026, net of unamortized discount of $1,971 and $2,209	531,812		539,926

Liggett:
Revolving credit agreement	4		22,035

Equipment loans	24		37

Notes payable, long-term debt and other obligations	1,406,840		1,436,998
Less:
Debt issuance costs	(22,490)		(24,672)
Total notes payable, long-term debt and other obligations	1,384,350		1,412,326
Less:
Current maturities	(27)		(22,065)
Amount due after one year	$	1,384,323	$	1,390,261

Schedule of Non-Cash Interest Expense

Non-Cash Interest Expense — Vector:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Amortization of debt discount, net	$	121	$	108	$	238	$	213
Amortization of debt issuance costs	1,082		1,018		2,150		2,016
Loss on repurchase of 10.5% Senior Notes	40		—		181		—



	$	1,243	$	1,126	$	2,569	$	2,229

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

Fair Value of Notes Payable and Long-Term Debt:


	June 30, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
5.75% Senior Secured Notes due 2029	$	875,000	$	762,178	$	875,000	$	758,993
10.5% Senior Notes due 2026	531,812		537,829		539,926		537,202

Liggett and other	28		28		22,072		22,072
Notes payable and long-term debt	$	1,406,840	$	1,300,035	$	1,436,998	$	1,318,267

Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Debt securities available for sale	$ 80,865	$ 81,643
Long-term investment securities at fair value	27,911	28,919
Total equity securities at fair value	63,177	63,712
Total investment securities at fair value	144,042	145,355
Current investment securities at fair value	116,131	116,436
Equity-method investments	16,841	16,040
Total long-term investments	44,752	44,959
Equity securities and other long-term investments at cost	7,755	2,755
Marketable equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value:	12,785	12,724
Mutual funds invested in debt securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value:	$ 22,481	$ 22,069

Notes Payable, Long-Term Debt and Other Obligations

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Notes Payable, Long-Term Debt and Other Obligations

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS

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


	June 30, 2023		December 31, 2022
Vector:
5.75% Senior Secured Notes due 2029	$	875,000	$	875,000

10.5% Senior Notes due 2026, net of unamortized discount of $1,971 and $2,209	531,812		539,926

Liggett:
Revolving credit agreement	4		22,035

Equipment loans	24		37

Notes payable, long-term debt and other obligations	1,406,840		1,436,998
Less:
Debt issuance costs	(22,490)		(24,672)
Total notes payable, long-term debt and other obligations	1,384,350		1,412,326
Less:
Current maturities	(27)		(22,065)
Amount due after one year	$	1,384,323	$	1,390,261

5.75% Senior Secured Notes due 2029 — Vector:

As of June 30, 2023, the Company was in compliance with all debt covenants related to its 5.75% Senior Secured Notes due 2029.

10.5% Senior Notes due 2026 — Vector:

In March 2023, the Company repurchased in the market $6,660 in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $141 associated with the repurchase. In April 2023, the Company repurchased in the market $1,692 in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $40 associated with the repurchase. The 10.5% Senior Notes that were repurchased have been retired.

As of June 30, 2023, the Company was in compliance with all debt covenants related to its 10.5% Senior Notes due 2026.

Revolving Credit Agreement — Liggett:

On May 8, 2023, Liggett, 100 Maple LLC (“Maple”) and Vector Tobacco entered into Amendment No. 5 to the Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as agent and lender. The existing credit agreement was amended to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) as the applicable reference rate and to reduce the unused line fee. Following the amendment, loans under the Credit Agreement will bear interest at a rate equal to, at the borrower’s option, (a) the base rate (which is the highest of (i) 0%, (ii) the federal funds rate plus 0.50%, (iii) the prime rate of Wells Fargo or (iv) Term SOFR for a one month interest period), (b) Term SOFR for the applicable interest period plus 2.25% or (c) Daily Simple SOFR plus 2.25%. The amendment also reduced the unused line fee applicable to the average undrawn commitments to 0.25%, regardless of the amount borrowed under the facility.

As of June 30, 2023, there was $4 in outstanding balance under the Credit Agreement. Availability, as determined under the Credit Agreement, was approximately $83,800 based on eligible collateral at June 30, 2023. As of June 30, 2023, Liggett, Maple, and Vector Tobacco were in compliance with all debt covenants under the Credit Agreement.

Non-Cash Interest Expense — Vector:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Amortization of debt discount, net	$	121	$	108	$	238	$	213
Amortization of debt issuance costs	1,082		1,018		2,150		2,016
Loss on repurchase of 10.5% Senior Notes	40		—		181		—



	$	1,243	$	1,126	$	2,569	$	2,229

Fair Value of Notes Payable and Long-Term Debt:


	June 30, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
5.75% Senior Secured Notes due 2029	$	875,000	$	762,178	$	875,000	$	758,993
10.5% Senior Notes due 2026	531,812		537,829		539,926		537,202

Liggett and other	28		28		22,072		22,072
Notes payable and long-term debt	$	1,406,840	$	1,300,035	$	1,436,998	$	1,318,267

Notes payable and long-term debt are recorded on the condensed 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 9 if such liabilities were recorded on the condensed consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk. The Company used a derived price based upon quoted market prices and trade activity as of June 30, 2023 to determine the fair value of its publicly-traded notes and

debentures. The carrying value of the revolving Credit Agreement is equal to fair value. The fair value of the equipment loans and other obligations was determined by calculating the present value of the required future cash flows. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Investment Securities - Schedule of Net Gains (Losses) Recognized on Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities	$ 424	$ (3,465)	$ 642	$ (5,339)
Net gains (losses) recognized on debt securities available for sale	1	6	(179)	6
Impairment expense	(212)	(671)	(256)	(1,836)
Net gains (losses) recognized on investment securities	$ 213	$ (4,130)	$ 207	$ (7,169)

- Definition

Amount of realized gain (loss) on investment in debt and equity securities.

+ References + Details

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Restricted assets	$ 1,591	$ 25,907
Prepaid pension costs	39,334	38,100
Other assets	37,709	31,310
Total other assets	$ 78,634	$ 95,317

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 72,830	$ 71,695
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,423	3,643
Non-cash stock-based expense	4,751	4,717
Loss on extinguishment of debt	181	0
Deferred income taxes	2,227	1,410
Distributions from investments	0	248
Equity in (earnings) losses from investments	(800)	4,553
Net (gains) losses on investment securities	(207)	7,169
Equity in (earnings) losses from real estate ventures	(1,061)	2,337
Distributions from real estate ventures	3,954	2,726
Non-cash interest expense	1,392	2,360
Non-cash lease expense	1,710	1,676
Changes in assets and liabilities:
Receivables	6,316	(13,713)
Inventories	(6,268)	1,196
Accounts payable and accrued liabilities	(1,028)	(4,210)
Payments due under the Master Settlement Agreement	118,868	122,251
Litigation accruals	18,643	(2,578)
Other assets and liabilities, net	(6,713)	5,731
Net cash provided by operating activities	218,218	211,211
Cash flows from investing activities:
Sale of investment securities	9,505	21,011
Maturities of investment securities	39,764	36,357
Purchase of investment securities	(48,726)	(39,000)
Proceeds from sale or liquidation of long-term investments	0	1,101
Purchase of long-term investments	(5,088)	(1,000)
Investments in real estate ventures	(5,281)	(10,456)
Distributions from investments in real estate ventures	4,109	3,641
Increase in cash surrender value of life insurance policies	(1,109)	(1,282)
Increase in restricted assets	(18)	0
Issuance of notes receivable	0	(10)
Capital expenditures	(7,790)	(2,911)
Paydowns of investment securities	65	114
Net cash (used in) provided by investing activities	(14,569)	7,565
Cash flows from financing activities:
Repurchase and repayments of debt	(8,412)	(17)
Borrowings under revolving credit facility	87,429	67,373
Repayments on revolving credit facility	(109,460)	(67,375)
Dividends on common stock	(63,200)	(63,327)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options	(3,680)	0
Other	0	(938)
Net cash used in financing activities	(97,323)	(64,284)
Net increase in cash, cash equivalents and restricted cash	106,326	154,492
Cash, cash equivalents and restricted cash, beginning of period	250,374	194,849
Cash, cash equivalents and restricted cash, end of period	$ 356,700	$ 349,341

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies - Schedule of Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Interest and dividend income	$ 4,916	$ 935	$ 8,851	$ 1,385
Net gains (losses) recognized on investment securities	213	(4,130)	207	(7,169)
Net periodic benefit cost other than the service costs	(339)	(237)	(678)	(473)
Other income	1	338	31	2,018
Other, net	$ 4,791	$ (3,094)	$ 8,411	$ (4,239)

Contingencies - MSA and Other State Settlement Agreements (Details)		1 Months Ended		6 Months Ended	25 Months Ended
	Dec. 29, 2022 USD ($)	Apr. 30, 2023 USD ($)	Nov. 30, 1998 state	Jun. 30, 2023 USD ($)	Mar. 31, 1998 USD ($) state sponsorship
Liggett
Loss Contingencies [Line Items]
Number of states with settled litigation \| state					45
Liggett and Vector Tobacco \| Sales Revenue \| Product Concentration Risk
Loss Contingencies [Line Items]
Concentration risk percentage				5.50%
MSA
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
MSA \| Liggett
Loss Contingencies [Line Items]
Estimated litigation liability				$ 0
Percentage of cigarettes sales exceeds market share exemption				1.65%
MSA \| Vector Tobacco
Loss Contingencies [Line Items]
Estimated litigation liability				$ 0
Percentage of cigarettes sales exceeds market share exemption				0.28%
MSA \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Estimated litigation liability	$ 285,000,000
Payments for legal settlements	$ 268,250,000	$ 16,780,000

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments for the three and six months ended June 30, 2023 and 2022 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 for the three and six months ended June 30, 2023 and 2022 were as follows:


				Real		Corporate
	Tobacco			Estate		and Other		Total
Three months ended June 30, 2023
Revenues	$	365,662		$	—	$	—	$	365,662
Operating income (loss)	75,122		(1)	148		(3,627)		71,643
Equity in earnings from real estate ventures	—			2,954		—		2,954
Depreciation and amortization	1,419			—		312		1,731

Three months ended June 30, 2022
Revenues	$	374,312		$	12,890	$	—	$	387,202
Operating income (loss)	88,332		(2)	6,867		(4,488)		90,711
Equity in losses from real estate ventures	—			(460)		—		(460)
Depreciation and amortization	1,475			6		312		1,793

Six months ended June 30, 2023
Revenues	$	699,807		$	—	$	—	$	699,807
Operating income (loss)	153,721		(3)	210		(7,991)		145,940
Equity in earnings from real estate ventures	—			1,061		—		1,061

Depreciation and amortization	2,796			—		627		3,423
Capital expenditures	7,576			—		214		7,790

Six months ended June 30, 2022
Revenues	$	683,360		$	15,884	$	—	$	699,244
Operating income (loss)	165,971		(4)	7,842		(7,976)		165,837
Equity in losses from real estate ventures	—			(2,337)		—		(2,337)

Depreciation and amortization	2,952			66		625		3,643
Capital expenditures	2,872			1		38		2,911

(1) Operating income includes $18,105 of litigation settlement and judgment expense.

(2) Operating income includes $57 of litigation settlement and judgment expense.

(3) Operating income includes $311 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,375 of litigation settlement and judgment expense.

(4) Operating income includes $2,123 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $129 of litigation settlement and judgment expense.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following:


	June 30, 2023		December 31, 2022
Debt securities available for sale	$	80,865	$	81,643


Equity securities at fair value:
Marketable equity securities	12,785		12,724
Mutual funds invested in debt securities	22,481		22,069
Long-term investment securities at fair value (1)	27,911		28,919
Total equity securities at fair value	63,177		63,712

Total investment securities at fair value	144,042		145,355
Less:
Long-term investment securities at fair value (1)	27,911		28,919
Current investment securities at fair value	$	116,131	$	116,436

Long-term investment securities at fair value (1)	$	27,911	$	28,919
Equity-method investments	16,841		16,040
Total long-term investments	$	44,752	$	44,959

Equity securities and other long-term investments at cost (2)	$	7,755	$	2,755

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

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

The components of debt securities available for sale at June 30, 2023 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	80,846	$	19	$	—	$	80,865

The components of debt securities available for sale at December 31, 2022 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	81,629	$	14	$	—	$	81,643


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	424	$	(3,465)	$	642	$	(5,339)
Less: Net gains recognized on equity securities sold	155		13		271		306
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	269	$	(3,478)	$	371	$	(5,645)

Schedule of Net Gains (Losses) Recognized on Investment Securities

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	424	$	(3,465)	$	642	$	(5,339)
Net gains (losses) recognized on debt securities available for sale	1		6		(179)		6

Impairment expense	(212)		(671)		(256)		(1,836)




Net gains (losses) recognized on investment securities	$	213	$	(4,130)	$	207	$	(7,169)

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Gross realized gains on sales	$	1	$	6	$	5	$	7
Gross realized losses on sales	—		(1)		(184)		(1)
Net gains (losses) recognized on debt securities available for sale	$	1	$	5	$	(179)	$	6

Impairment expense	$	(212)	$	(671)	$	(256)	$	(1,836)

Schedule of Maturity Dates of Debt Securities

The table below summarizes the maturity dates of debt securities available for sale at June 30, 2023.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. government securities	$	797	$	797	$	—	$	—
Corporate securities	24,595		16,833		7,762		—
U.S. mortgage-backed securities	25,439		18,470		6,915		54


Commercial paper	7,479		7,479		—		—
U.S. treasury bills	22,555		22,555		—		—


Total debt securities available for sale by maturity dates	$	80,865	$	66,134	$	14,677	$	54

Schedule of Equity Method Investments

Equity-method investments consisted of the following:


	June 30, 2023		December 31, 2022
Mutual fund and hedge funds	$	16,841	$	16,040

Equity in earnings (losses) from investments were:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Mutual fund and hedge funds	$	959	$	(2,311)	$	800	$	(4,553)

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 126,750	$ 244,568	$ 137,884	$ 253,963

Contingencies - Other Matters (Details)	6 Months Ended
Contingencies - Other Matters (Details)	Jun. 30, 2023 indemnity_demand
Altria Client Services
Loss Contingencies [Line Items]
Indemnification demands	3

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of:


	June 30, 2023		December 31, 2022
Leaf tobacco	$	46,020	$	39,893
Other raw materials	11,232		8,808
Work-in-process	589		798

Finished goods	66,128		64,865

Inventories at current cost	123,969		114,364
LIFO adjustments:
Leaf tobacco	(17,248)		(15,213)
Other raw materials	(1,470)		(1,220)
Work-in-process	(25)		(25)
Finished goods	(6,510)		(5,458)
Total LIFO adjustments	(25,253)		(21,916)
	$	98,716	$	92,448

Investments and Fair Value Measurements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value Disclosures [Abstract]
Impairment of long-term investments	$ 490

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity Registrant Name	VECTOR GROUP LTD
Entity Incorporation, State or Country Code	DE
Entity File Number	1-5759
Entity Tax Identification Number	65-0949535
Entity Address, Address Line One	4400 Biscayne Boulevard
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33137
City Area Code	305
Local Phone Number	579-8000
Title of 12(b) Security	Common stock, par value $0.10 per share
Trading Symbol	VGR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		155,933,020
Entity Central Index Key	0000059440
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Long-term investments, fair value	$ 27,911	$ 28,919
Stockholders' deficiency:
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	155,934,987	154,840,902
Common stock, shares outstanding (in shares)	155,934,987	154,840,902

Summary of Significant Accounting Policies - Net Income for Purposes of Determining Basic and Diluted EPS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Net income	$ 38,089	$ 39,153	$ 72,830	$ 71,695
Income attributable to participating securities, basic	(1,043)	(1,249)	(1,973)	(2,226)
Income attributable to participating securities, diluted	(1,043)	(1,249)	(1,973)	(2,226)
Net income applicable to common shares, basic	37,046	37,904	70,857	69,469
Net income applicable to common shares, diluted	$ 37,046	$ 37,904	$ 70,857	$ 69,469

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

- Definition

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

+ References + Details

Investment Securities - Schedule of Unrealized and Realized Net (Losses) and Gains Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities	$ 424	$ (3,465)	$ 642	$ (5,339)
Less: Net gains recognized on equity securities sold	155	13	271	306
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$ 269	$ (3,478)	$ 371	$ (5,645)

New Valley LLC - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Distributions from real estate ventures				$ 3,954	$ 2,726
Distributions from investments in real estate ventures				4,109	3,641
Impairment of long-term investments						$ 490
New Valley
Schedule of Investments [Line Items]
Distributions from real estate ventures				3,954	2,726
Distributions from investments in real estate ventures				4,109	3,641
Impairment of long-term investments		$ 0		1,202
Total maximum exposure to loss		121,417		121,417
Interest costs capitalized		$ 1,071	$ 1,028	$ 2,128	2,051
New Valley \| 353 6th LLC \| Joint Venture
Schedule of Investments [Line Items]
Payments to acquire real estate	$ 700
Equity-method ownership percentage	27.00%
Total maximum exposure to loss	$ 714
New Valley \| Escena
Schedule of Investments [Line Items]
Operating income			$ 77		$ 1,316

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Income before provision for income taxes	$	53,183	$	54,122	$	101,433	$	98,886
Income tax expense using estimated annual effective income tax rate	14,997		14,883		28,603		27,191
Changes in effective tax rates	97		86		—		—








Income tax expense	$	15,094	$	14,969	$	28,603	$	27,191

There were no discrete items for the three and six months ended June 30, 2023 and 2022.

- 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.

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+ Details