0000059440-23-000042 | 10-Q | XBRL Viewer

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Contingencies - MSA and Other State Settlement Agreements (Details)		1 Months Ended		9 Months Ended	25 Months Ended
	Dec. 29, 2022 USD ($)	Apr. 30, 2023 USD ($)	Nov. 30, 1998 state	Sep. 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

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

9 Months Ended

Sep. 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:


	September 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 $1,847 and $2,209	531,936		539,926

Liggett:
Revolving credit agreement	—		22,035

Equipment loans	15		37

Notes payable, long-term debt and other obligations	1,406,951		1,436,998
Less:
Debt issuance costs	(21,437)		(24,672)
Total notes payable, long-term debt and other obligations	1,385,514		1,412,326
Less:
Current maturities	(15)		(22,065)
Amount due after one year	$	1,385,499	$	1,390,261

Schedule of Non-Cash Interest Expense

Non-Cash Interest Expense — Vector:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Amortization of debt discount, net	$	124	$	111	$	362	$	324
Amortization of debt issuance costs	1,104		1,036		3,254		3,052
(Gain) loss on repurchase of 10.5% Senior Notes	—		(412)		181		(412)



Total non-cash interest expense	$	1,228	$	735	$	3,797	$	2,964

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

Fair Value of Notes Payable and Long-Term Debt:


	September 30, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
5.75% Senior Secured Notes due 2029	$	875,000	$	742,796	$	875,000	$	758,993
10.5% Senior Notes due 2026	531,936		534,077		539,926		537,202

Liggett and other	15		15		22,072		22,072
Notes payable and long-term debt	$	1,406,951	$	1,276,888	$	1,436,998	$	1,318,267

Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Real Estate Segment Revenues
Sales on facilities located on investments in real estate	$	—	$	—	$	—	$	3,259
Revenues from investments in real estate	—		—		—		12,625
Total real estate revenues	$	—	$	—	$	—	$	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
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-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
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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

Contingencies - Individual Actions (Details) - Liggett	Sep. 30, 2023 case
Loss Contingencies [Line Items]
Cases pending	5
Individual Actions Cases
Loss Contingencies [Line Items]
Cases pending	60
Individual Actions Cases \| Massachusetts
Loss Contingencies [Line Items]
Cases pending	23
Individual Actions Cases \| Illinois
Loss Contingencies [Line Items]
Cases pending	16
Individual Actions Cases \| Florida
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 \| California
Loss Contingencies [Line Items]
Cases pending	1

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Leaf tobacco	$ 40,731	$ 39,893
Other raw materials	10,915	8,808
Work-in-process	903	798
Finished goods	64,348	64,865
Inventories at current cost	116,897	114,364
LIFO adjustments:	(27,633)	(21,916)
Inventory, net	89,264	92,448
Leaf tobacco
Inventory [Line Items]
LIFO adjustments:	(18,249)	(15,213)
Other raw materials
Inventory [Line Items]
LIFO adjustments:	(2,520)	(1,220)
Work-in-process
Inventory [Line Items]
LIFO adjustments:	(25)	(25)
Finished goods
Inventory [Line Items]
LIFO adjustments:	$ (6,839)	$ (5,458)

Contingencies - Overview and Bonds (Details) - Liggett - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2009
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs	$ 6,694	$ 6,035
Engle Progeny Cases \| Florida
Loss Contingencies [Line Items]
Maximum bond required for judgments on appeal			$ 200,000
Maximum bond for appeal			$ 5,000

Contingencies - Certain MSA Disputes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) state	Sep. 30, 2022 USD ($)
2003 NPM Adjustment
Loss Contingencies [Line Items]
Number of settling states with diligence not contested \| state	40
Combined allocable share, percentage	81.00%
MSA \| Liggett and Vector Tobacco \| Cost of Sales
Loss Contingencies [Line Items]
Settlement adjustment credit	$ 11,270	$ 9,665
2004-2010 NPM Adjustment \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Amounts accrued	$ 8,700

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 364,111	$ 377,995	$ 1,063,918	$ 1,077,239
Real estate
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	15,884
Real estate \| Sales on facilities located on investments in real estate
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	3,259
Real estate \| Revenues from investments in real estate
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 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
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Contingencies - Schedule of Litigation Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Current Liabilities
Current liabilities, beginning balance	$ 15,134	$ 15,804
Expenses	224,145	210,874
NPM Settlement adjustment	0	(15)
Change in MSA obligations capitalized as inventory	(65)	1,419
Payments	(35,431)	(13,929)
Reclassification to/(from) non-current liabilities	5,342	3,566
Interest on withholding	214	358
Current liabilities, ending balance	209,339	218,077
Non-Current Liabilities
Noncurrent liabilities, beginning balance	27,233	30,904
Expenses	0	0
NPM Settlement adjustment	(734)	(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	1,146	1,582
Noncurrent liabilities, ending balance	22,303	26,812
Amounts due under Master Settlement Agreement
Current Liabilities
Current liabilities, beginning balance	14,838	11,886
Expenses	205,590	210,714
NPM Settlement adjustment	0	(15)
Change in MSA obligations capitalized as inventory	(65)	1,419
Payments	(16,776)	(9,744)
Reclassification to/(from) non-current liabilities	1,635	0
Interest on withholding	0	0
Current liabilities, ending balance	205,222	214,260
Non-Current Liabilities
Noncurrent liabilities, beginning balance	11,116	13,224
Expenses	0	0
NPM Settlement adjustment	(734)	(2,108)
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(1,635)	0
Interest on withholding	0	0
Noncurrent liabilities, ending balance	8,747	11,116
Litigation Accruals
Current Liabilities
Current liabilities, beginning balance	296	3,918
Expenses	18,555	160
NPM Settlement adjustment	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	(18,655)	(4,185)
Reclassification to/(from) non-current liabilities	3,707	3,566
Interest on withholding	214	358
Current liabilities, ending balance	4,117	3,817
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	1,146	1,582
Noncurrent liabilities, ending balance	$ 13,556	$ 15,696

Investment Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

Investment securities consisted of the following:


	September 30, 2023		December 31, 2022
Debt securities available for sale	$	92,646	$	81,643


Equity securities at fair value:
Marketable equity securities	13,351		12,724
Mutual funds invested in debt securities	22,707		22,069
Long-term investment securities at fair value (1)	29,843		28,919
Total equity securities at fair value	65,901		63,712

Total investment securities at fair value	158,547		145,355
Less:
Long-term investment securities at fair value (1)	29,843		28,919
Current investment securities at fair value	$	128,704	$	116,436

Long-term investment securities at fair value (1)	$	29,843	$	28,919
Equity-method investments	15,900		16,040
Total long-term investments	$	45,743	$	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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	198	$	(2,174)	$	840	$	(7,513)
Net gains (losses) recognized on debt securities available for sale	2		—		(177)		6

Impairment expense	(34)		(953)		(290)		(2,789)




Net gains (losses) recognized on investment securities	$	166	$	(3,127)	$	373	$	(10,296)

(a) Debt Securities Available for Sale:

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


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	92,633	$	13	$	—	$	92,646

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


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. government securities	$	28,544	$	—	$	28,544	$	—
Corporate securities	20,857		16,474		4,383		—
U.S. mortgage-backed securities	24,298		20,247		4,019		32


Commercial paper	8,979		8,979		—		—
U.S. treasury bills	9,968		9,968		—		—


Total debt securities available for sale by maturity dates	$	92,646	$	55,668	$	36,946	$	32

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 as of September 30, 2023 and December 31, 2022, respectively.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Gross realized gains on sales	$	2	$	—	$	7	$	7
Gross realized losses on sales	—		—		(184)		(1)
Net gains (losses) recognized on debt securities available for sale	$	2	$	—	$	(177)	$	6

Impairment expense	$	(34)	$	(953)	$	(290)	$	(2,789)

Although management 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 nine months ended September 30, 2023 and 2022, respectively:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	198	$	(2,174)	$	840	$	(7,513)
Less: Net gains (losses) recognized on equity securities sold	32		(16)		303		290
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	166	$	(2,158)	$	537	$	(7,803)

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 $303 related to long-term investment securities at fair value as of September 30, 2023.

The Company received $4,062 and $4,953 of cash distributions for the nine months ended September 30, 2023 and 2022, respectively. The company recorded $88 of in-transit redemptions as of September 30, 2023. The Company classified all cash distributions as investing cash inflows.

Equity-method investments consisted of the following:


	September 30, 2023		December 31, 2022
Mutual fund and hedge funds	$	15,900	$	16,040

On September 30, 2023, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.40% to 38.67%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

Equity in losses from investments were:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Mutual fund and hedge funds	$	(941)	$	(619)	$	(141)	$	(5,172)

(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 nine months ended September 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 September 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 nine months ended September 30, 2023 and 2022, respectively.

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 364,111	$ 377,995	$ 1,063,918	$ 1,077,239
Operating income (loss)	90,505	83,901	236,445	249,738
Equity in earnings (losses) from real estate ventures	3,739	(1,903)	4,800	(4,240)
Depreciation and amortization	1,762	1,787	5,185	5,430
Capital expenditures			9,067	8,759
Litigation settlement and judgment expense	414	31	18,789	160
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(4,400)	(4,203)	(12,391)	(12,179)
Equity in earnings (losses) from real estate ventures	0	0	0	0
Depreciation and amortization	315	313	942	938
Capital expenditures			230	38
Tobacco \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	364,111	377,995	1,063,918	1,061,355
Operating income (loss)	94,821	88,107	248,542	254,078
Equity in earnings (losses) from real estate ventures	0	0	0	0
Depreciation and amortization	1,447	1,474	4,243	4,426
Capital expenditures			8,837	8,720
Tobacco \| Operating Segments \| MSA
Segment Reporting Information [Line Items]
Litigation settlement received	423		734	2,123
Litigation settlement and judgment expense	414	31	18,789	160
Real estate \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	15,884
Operating income (loss)	84	(3)	294	7,839
Equity in earnings (losses) from real estate ventures	3,739	(1,903)	4,800	(4,240)
Depreciation and amortization	$ 0	$ 0	0	66
Capital expenditures			$ 0	$ 1

Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

Tobacco-Related Litigation:

Overview. Since 1954, Liggett and other United States cigarette manufacturers have been named as defendants in numerous direct, third-party and purported class actions predicated on the theory that cigarette manufacturers should be liable for damages alleged to have been caused by cigarette smoking or by exposure to secondary smoke from cigarettes. The cases have generally fallen into the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs (“Individual Actions”); (ii) lawsuits by individuals requesting the benefit of the Engle ruling (“Engle progeny cases”); (iii) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring, as well as cases alleging that use of the terms “lights” and/or “ultra lights” constitutes a deceptive and unfair trade practice, common law fraud or violation of federal law, purporting to be brought on behalf of a class of individual plaintiffs (“Class Actions”); and (iv) health care cost recovery actions brought by various foreign and domestic governmental plaintiffs and non-governmental plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits (“Health Care Cost Recovery Actions”). The future financial impact of the risks and expenses of litigation are not quantifiable. For the nine months ended September 30, 2023 and 2022, Liggett incurred tobacco product liability legal expenses and costs totaling $6,694 and $6,035, respectively. Legal defense costs are expensed as incurred.

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

Bonds. Although Liggett has been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts are on appeal, there remains a risk that such relief may not be obtainable in all cases. This risk has been reduced given that a majority of states now limit the dollar amount of bonds or require no bond at all. As of September 30, 2023, there are no 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 September 30, 2023, there were 60 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						23
Illinois						16
Florida						10
Hawaii						4
Nevada						4
Louisiana						2
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 September 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 213 Engle progeny cases for approximately $8,400 in the aggregate. Two of these settlements occurred in the third quarter of 2023.

As of September 30, 2023, 15 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 September 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 September 30, 2023, there were five cases pending where Liggett is the sole defendant: Cowart, Cunningham, 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.

Upcoming Trials

As of September 30, 2023, there were five Individual Actions (Caravalho, Kanuha, Lane, Manious, and Silva) scheduled for trial through September 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 September 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 September 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 (including Florida, Mississippi, Texas and Minnesota) 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 nine 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.

To date, the PMs, have settled the NPM Adjustment dispute with 40 states representing approximately 81% of the MSA allocable share. As a result of the settlements, Liggett and Vector Tobacco reduced cost of sales for the nine months ended

September 30, 2023 and 2022 by $11,270 and $9,665, respectively. Liggett and Vector Tobacco may be entitled to further adjustments. As of September 30, 2023, Liggett and Vector Tobacco had accrued approximately $8,700 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.

The 2004 NPM Adjustment arbitration with the non-settling states commenced in 2016, with the arbitration panel finding three states liable for the NPM Adjustment. Two of these states filed motions 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 with the non-settling states.

Other State Settlements. The MSA replaced Liggett’s prior settlements with all states and territories except for Florida, Mississippi, Texas and Minnesota. In 1999, Liggett ceased making payments to those four states based on the most favored nation provisions contained in the settlement agreements. Thereafter, each of the four states disputed Liggett’s determination regarding its payment obligations.

In 2003, as a result of its dispute with Minnesota, Liggett agreed to pay $100 a year in any year cigarettes manufactured by Liggett are sold in that state, through 2022. In 2023, Minnesota and Liggett agreed to amend that agreement with Liggett agreeing to pay $1,000 per year for an additional ten years. In 2010, Liggett resolved the dispute with Florida and agreed to pay $1,200 and to make annual payments of $250 through 2032, with the payments in 2022 through the duration of the agreement subject to an inflation adjustment.

In January 2016, the Attorney General for Mississippi filed a motion in Chancery Court in Jackson County, Mississippi to enforce the March 1996 settlement agreement among Liggett, Mississippi and other states alleging that Liggett owed Mississippi at least $27,000 in compensatory damages, plus interest, attorneys’ fees and punitive damages. In August 2023, Liggett resolved the dispute with Mississippi for payment of $18,000.

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 nine months ended September 30, 2023 was as follows:


	Current Liabilities						Non-Current Liabilities
	Amounts due under Master Settlement Agreement		Litigation Accruals		Total		Amounts 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	205,590		18,555		224,145		—		—		—
NPM Settlement adjustment	—		—		—		(734)		—		(734)
Change in MSA obligations capitalized as inventory	(65)		—		(65)		—		—		—
Payments	(16,776)		(18,655)		(35,431)		—		—		—
Reclassification to/(from) non-current liabilities	1,635		3,707		5,342		(1,635)		(3,707)		(5,342)
Interest on withholding	—		214		214		—		1,146		1,146
Balance as of September 30, 2023	$	205,222	$	4,117	$	209,339	$	8,747	$	13,556	$	22,303

The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2022 was as follows:


	Current Liabilities						Non-Current Liabilities
	Amounts due under Master Settlement Agreement		Litigation Accruals		Total		Amounts 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	210,714		160		210,874		—		—		—
NPM Settlement adjustment	(15)		—		(15)		(2,108)		—		(2,108)
Change in MSA obligations capitalized as inventory	1,419		—		1,419		—		—		—
Payments	(9,744)		(4,185)		(13,929)		—		—		—
Reclassification to/(from) non-current liabilities	—		3,566		3,566		—		(3,566)		(3,566)
Interest on withholding	—		358		358		—		1,582		1,582
Balance as of September 30, 2022	$	214,260	$	3,817	$	218,077	$	11,116	$	15,696	$	26,812

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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation:

The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco 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 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	52,699	$	38,856	$	125,529	$	110,551
Income attributable to participating securities	(1,438)		(1,180)		(3,418)		(3,405)
Net income available to common stockholders	$	51,261	$	37,676	$	122,111	$	107,146

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2023	2022	2023	2022
Weighted-average shares for basic EPS	153,276,443	152,859,378	153,168,872	152,716,470

Incremental shares related to stock options and non-vested restricted stock	119,660	50,802	127,385	156,452
Weighted-average shares for diluted EPS	153,396,103	152,910,180	153,296,257	152,872,922

The following non-vested restricted stock was outstanding during the three and nine months ended September 30, 2023 and 2022, respectively, and was not included in the computation of diluted EPS because the impact of the per share expense

associated with the non-vested restricted stock was greater than the average market price of the common shares during the respective periods.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022


Weighted-average shares of non-vested restricted stock	22,500		—		—		—
Weighted-average expense per share	$	11.23	$	—	$	—	$	—

(d)Other, net:

Other, net consisted of:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Interest and dividend income	$	6,808	$	2,406	$	15,659	$	3,791






Net gains (losses) recognized on investment securities	166		(3,127)		373		(10,296)
Net periodic benefit cost other than the service costs	(337)		(236)		(1,015)		(709)


Other income	470		153		501		2,171
Total other, net	$	7,107	$	(804)	$	15,518	$	(5,043)

(e)Other Assets:

Other assets consisted of:


	September 30, 2023		December 31, 2022
Restricted assets	$	1,604	$	25,907
Prepaid pension costs	39,951		38,100
Other assets	37,704		31,310
Total other assets	$	79,259	$	95,317

(f)Other Current Liabilities:

Other current liabilities consisted of:


	September 30, 2023		December 31, 2022
Accounts payable	$	6,364	$	6,351
Accrued promotional expenses	54,454		56,645
Accrued excise and payroll taxes payable, net	4,497		17,160
Accrued interest	31,738		30,451
Accrued salaries and benefits	8,572		9,614
Allowance for sales returns	11,468		7,526
Other current liabilities	12,132		7,423
Total other current liabilities	$	129,225	$	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:


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	436,522	$	224,580

Restricted cash and cash equivalents included in other assets	1,491		25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	438,013	$	250,374

(h)Related Party Transactions:

Agreements with Douglas Elliman. The Company received $1,050 and $3,150 under the Transition Services Agreement and $452 and $1,748 under the Aircraft Lease Agreements for the three and nine months ended September 30, 2023 and $352 and $1,529 for the three and nine months ended September 30, 2022, respectively.

The Company has agreed to indemnify Douglas Elliman for certain tax matters under the Tax Disaffiliation Agreement. The Company paid Douglas Elliman $581 as of September 30, 2022 and recorded Other expense of $28 and $581 in its condensed consolidated statement of operations for the three and nine months ended September 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 $104 and $946 for the three and nine months ended September 30, 2023 and $115 and $1,216 for the three and nine months ended September 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.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	52,699	$	38,856	$	125,529	$	110,551
Income attributable to participating securities	(1,438)		(1,180)		(3,418)		(3,405)
Net income available to common stockholders	$	51,261	$	37,676	$	122,111	$	107,146

Schedule of Basic and Diluted EPS

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2023	2022	2023	2022
Weighted-average shares for basic EPS	153,276,443	152,859,378	153,168,872	152,716,470

Incremental shares related to stock options and non-vested restricted stock	119,660	50,802	127,385	156,452
Weighted-average shares for diluted EPS	153,396,103	152,910,180	153,296,257	152,872,922

Schedule of Computation of Diluted EPS Expense Associated With Non-vested Restricted Stock of the Common Shares

associated with the non-vested restricted stock was greater than the average market price of the common shares during the respective periods.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022


Weighted-average shares of non-vested restricted stock	22,500		—		—		—
Weighted-average expense per share	$	11.23	$	—	$	—	$	—

Schedule of Other, Net

Other, net consisted of:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Interest and dividend income	$	6,808	$	2,406	$	15,659	$	3,791






Net gains (losses) recognized on investment securities	166		(3,127)		373		(10,296)
Net periodic benefit cost other than the service costs	(337)		(236)		(1,015)		(709)


Other income	470		153		501		2,171
Total other, net	$	7,107	$	(804)	$	15,518	$	(5,043)

Schedule of Other Assets

Other assets consisted of:


	September 30, 2023		December 31, 2022
Restricted assets	$	1,604	$	25,907
Prepaid pension costs	39,951		38,100
Other assets	37,704		31,310
Total other assets	$	79,259	$	95,317

Schedule of Other Current Liabilities

Other current liabilities consisted of:


	September 30, 2023		December 31, 2022
Accounts payable	$	6,364	$	6,351
Accrued promotional expenses	54,454		56,645
Accrued excise and payroll taxes payable, net	4,497		17,160
Accrued interest	31,738		30,451
Accrued salaries and benefits	8,572		9,614
Allowance for sales returns	11,468		7,526
Other current liabilities	12,132		7,423
Total other current liabilities	$	129,225	$	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:


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	436,522	$	224,580

Restricted cash and cash equivalents included in other assets	1,491		25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	438,013	$	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:


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	436,522	$	224,580

Restricted cash and cash equivalents included in other assets	1,491		25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	438,013	$	250,374

Notes Payable, Long-Term Debt and Other Obligations - Components of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 1,406,951	$ 1,436,998
Less: Debt issuance costs	(21,437)	(24,672)
Total notes payable, long-term debt and other obligations	1,385,514	1,412,326
Less: Current maturities	(15)	(22,065)
Amount due after one year	$ 1,385,499	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	$ 1,847	2,209
Notes payable, long-term debt and other obligations	531,936	539,926
Revolving credit agreement \| Liggett: \| Revolving credit agreement
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	0	22,035
Equipment loans \| Liggett:
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 15	$ 37

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 436,522	$ 224,580
Restricted cash and cash equivalents included in other assets	1,491	25,794
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 438,013	$ 250,374	$ 410,540	$ 194,849

Contingencies - Class Actions and Health Care Cost Recovery Actions (Details)	Sep. 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	5
Liggett \| Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending	1

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 122,943	$ 138,041	$ 367,511	$ 392,004

Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 were as follows:


				Real		Corporate
	Tobacco			Estate		and Other		Total
Three months ended September 30, 2023
Revenues	$	364,111		$	—	$	—	$	364,111
Operating income (loss)	94,821		(1)	84		(4,400)		90,505
Equity in earnings from real estate ventures	—			3,739		—		3,739
Depreciation and amortization	1,447			—		315		1,762

Three months ended September 30, 2022
Revenues	$	377,995		$	—	$	—	$	377,995
Operating income (loss)	88,107		(2)	(3)		(4,203)		83,901
Equity in losses from real estate ventures	—			(1,903)		—		(1,903)
Depreciation and amortization	1,474			—		313		1,787

Nine months ended September 30, 2023
Revenues	$	1,063,918		$	—	$	—	$	1,063,918
Operating income (loss)	248,542		(3)	294		(12,391)		236,445
Equity in earnings from real estate ventures	—			4,800		—		4,800

Depreciation and amortization	4,243			—		942		5,185
Capital expenditures	8,837			—		230		9,067

Nine months ended September 30, 2022
Revenues	$	1,061,355		$	15,884	$	—	$	1,077,239
Operating income (loss)	254,078		(4)	7,839		(12,179)		249,738
Equity in losses from real estate ventures	—			(4,240)		—		(4,240)

Depreciation and amortization	4,426			66		938		5,430
Capital expenditures	8,720			1		38		8,759

(1) Operating income includes $423 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $414 of litigation settlement and judgment expense.

(2) Operating income includes $31 of litigation settlement and judgment expense.

(3)Operating income includes $734 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,789 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 $160 of litigation settlement and judgment expense.

Summary of Significant Accounting Policies - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenue	$ 364,111	$ 377,995	$ 1,063,918	$ 1,077,239
Other expenses	7,107	(804)	15,518	(5,043)
Douglas Elliman \| Related Party \| Tax Disaffiliation Agreement
Related Party Transaction [Line Items]
Amount paid Douglas Elliman			581
Other expenses		28		581
Douglas Elliman \| VIE
Related Party Transaction [Line Items]
Proceeds from commissions received	104	115	946	1,216
Douglas Elliman \| Transition Services Agreement \| Related Party
Related Party Transaction [Line Items]
Revenue	1,050		3,150
Douglas Elliman \| Aviation Agreements \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 452	$ 352	$ 1,748	$ 1,529

Investment Securities - Gross Realized Gains and Losses on Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales	$ 2	$ 0	$ 7	$ 7
Gross realized losses on sales	0	0	(184)	(1)
Net gains (losses) recognized on debt securities available for sale	2	0	(177)	6
Impairment expense	$ (34)	$ (953)	$ (290)	$ (2,789)

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

Condensed Consolidated Statements of Stockholders' Deficiency (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Distributions and dividends on common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.60	$ 0.60

New Valley LLC - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Distributions from real estate ventures				$ 4,091	$ 2,986
Distributions from investments in real estate ventures				9,273	3,791
Impairment of long-term investments						$ 490
New Valley
Schedule of Investments [Line Items]
Distributions from real estate ventures				4,091	2,986
Distributions from investments in real estate ventures				9,273	3,791
Impairment of long-term investments		$ 0		1,202
Total maximum exposure to loss		122,172		122,172
Interest costs capitalized		966	$ 1,101	3,094	3,152
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		$ 721		$ 721
New Valley \| Escena
Schedule of Investments [Line Items]
Operating income			$ 0		$ 1,316

Investments and Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

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


	Fair Value Measurements as of September 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)	$	372,445	$	372,445	$	—	$	—

Commercial paper (1)	47,691		—		47,691		—





Investment securities at fair value
Equity securities at fair value
Marketable equity securities	13,351		13,351		—		—
Mutual funds invested in debt securities	22,707		22,707		—		—
Total equity securities at fair value	36,058		36,058		—		—
Debt securities available for sale
U.S. government securities	28,544		—		28,544		—
Corporate securities	20,857		—		20,857		—
U.S. government and federal agency	24,298		—		24,298		—


Commercial paper	8,979		—		8,979		—
Index-linked U.S. bonds	9,968		—		9,968		—


Total debt securities available for sale	92,646		—		92,646		—

Total investment securities at fair value	128,704		36,058		92,646		—

Long-term investments
Long-term investment securities at fair value (2)	29,843		—		—		—

Total	$	578,683	$	408,503	$	140,337	$	—

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

(2) 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 September 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

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Revenues:

Total revenues

$ 364,111

$ 377,995

$ 1,063,918

$ 1,077,239

Cost of sales:

Total cost of sales

245,680

267,023

726,950

751,076

Operating, selling, administrative and general expenses

27,512

27,040

81,734

76,265

Litigation settlement and judgment expense

414

18,789

160

Operating income

90,505

83,901

236,445

249,738

Other income (expenses):

Interest expense

(27,256)

(27,598)

(81,854)

(83,420)

Gain (loss) on extinguishment of debt

412

(181)

412

Equity in losses from investments

(941)

(619)

(141)

(5,172)

Equity in earnings (losses) from real estate ventures

3,739

(1,903)

4,800

(4,240)

Other, net

7,107

(804)

15,518

(5,043)

Income before provision for income taxes

73,154

53,389

174,587

152,275

Income tax expense

20,455

14,533

49,058

41,724

Net income

$ 52,699

$ 38,856

$ 125,529

$ 110,551

Per basic common share:

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

$ 0.33

$ 0.25

$ 0.80

$ 0.70

Per diluted common share:

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

$ 0.33

$ 0.25

$ 0.80

$ 0.70

Tobacco

Revenues:

Total revenues

^[1]

$ 364,111

$ 377,995

$ 1,063,918

$ 1,061,355

Cost of sales:

Total cost of sales

^[1]

245,680

267,023

726,950

743,749

Real estate

Revenues:

Total revenues

15,884

Cost of sales:

Total cost of sales

$ 0

$ 7,327

[1]	Revenues and cost of sales include federal excise taxes of $122,943, $138,041, $367,511, and $392,004 for the three and nine months ended September 30, 2023 and 2022, respectively.

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Earnings Per Share (Details) - Non-vested restricted stock - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares of non-vested restricted stock (in shares)	22,500	0	0	0
Weighted-average expense per share (in dollars per share)	$ 11.23	$ 0	$ 0	$ 0

New Valley LLC

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

NEW VALLEY LLC

Investments in real estate ventures:

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


	Range of Ownership (1)	September 30, 2023		December 31, 2022
Condominium and Mixed-Use Development	4.1% - 77.8%	$	98,275	$	93,350
Apartment Buildings	15.0% - 50.0%	8,184		9,910
Hotels	0.4% - 49.0%	138		2,510
Commercial	1.6% - 49.0%	15,575		15,347

Investments in real estate ventures		$	122,172	$	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:


	Nine Months Ended
	September 30,
	2023		2022
Condominium and Mixed-Use Development	$	6,484	$	11,368
Apartment Buildings	148		—
Hotels	—		206
Commercial	—		8,070

Total contributions	$	6,632	$	19,644

For ventures where New Valley previously held an investment and made an additional contribution, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the

nine months ended September 30, 2023 and 2022. New Valley’s direct investment percentage in its existing ventures did not significantly change.

Distributions:

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


	Nine Months Ended
	September 30,
	2023		2022
Condominium and Mixed-Use Development	$	7,798	$	1,032
Apartment Buildings	—		550
Hotels	5,164		—
Commercial	402		736
Other	—		4,459
Total distributions	$	13,364	$	6,777

Of the distributions received by New Valley from its investment in real estate ventures, $4,091 and $2,986 were from distributions of earnings for the nine months ended September 30, 2023 and 2022, respectively, and $9,273 and $3,791 were a return of capital for the nine months ended September 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Condominium and Mixed-Use Development	$	(912)	$	(2,142)	$	3,250	$	(5,274)
Apartment Buildings	(265)		(450)		(1,874)		(1,374)
Hotels	4,886		427		2,792		(620)
Commercial	30		262		632		778
Other	—		—		—		2,250
Equity in earnings (losses) from real estate ventures	$	3,739	$	(1,903)	$	4,800	$	(4,240)

The Company recorded impairment expense of $0 and $1,202 for the three and nine months ended September 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 Nine Months Ended September 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 $721 as of September 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:


	September 30, 2023
Condominium and Mixed-Use Development	$	98,275
Apartment Buildings	8,184
Hotels	138
Commercial	15,575

Total maximum exposure to loss	$	122,172

New Valley capitalized $966 and $3,094 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2023, respectively. New Valley capitalized $1,101 and $3,152 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2022, respectively.

Investments in Real Estate, net:

Escena. New Valley recorded operating income of $0 and $1,316 for the three and nine months ended September 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.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Income before provision for income taxes	$	73,154	$	53,389	$	174,587	$	152,275
Income tax expense using estimated annual effective income tax rate	20,556		14,629		49,058		41,724
Changes in effective tax rates	(101)		(96)		—		—








Income tax expense	$	20,455	$	14,533	$	49,058	$	41,724

There were no discrete items for the three and nine months ended September 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Income before provision for income taxes	$	73,154	$	53,389	$	174,587	$	152,275
Income tax expense using estimated annual effective income tax rate	20,556		14,629		49,058		41,724
Changes in effective tax rates	(101)		(96)		—		—








Income tax expense	$	20,455	$	14,533	$	49,058	$	41,724

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of:


	September 30, 2023		December 31, 2022
Leaf tobacco	$	40,731	$	39,893
Other raw materials	10,915		8,808
Work-in-process	903		798

Finished goods	64,348		64,865

Inventories at current cost	116,897		114,364
LIFO adjustments:
Leaf tobacco	(18,249)		(15,213)
Other raw materials	(2,520)		(1,220)
Work-in-process	(25)		(25)
Finished goods	(6,839)		(5,458)
Total LIFO adjustments	(27,633)		(21,916)
	$	89,264	$	92,448

Investment Securities - Equity in Losses from Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity in losses from investments	$ (941)	$ (619)	$ (141)	$ (5,172)
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in losses from investments	$ (941)	$ (619)	$ (141)	$ (5,172)

Inventories - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Capitalized MSA cost in finished goods inventory	$ 23,020	$ 23,084
Inventories \| Liggett
Inventory [Line Items]
Purchase commitments	40,210
Inventories
Inventory [Line Items]
Federal excise tax in inventory	$ 25,164	$ 26,423

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Restricted assets	$ 1,604	$ 25,907
Prepaid pension costs	39,951	38,100
Other assets	37,704	31,310
Total other assets	$ 79,259	$ 95,317

- Definition

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

+ References + Details

Investment Securities - Equity-Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 15,900	$ 16,040
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 15,900	$ 16,040

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following:


	September 30, 2023		December 31, 2022
Debt securities available for sale	$	92,646	$	81,643


Equity securities at fair value:
Marketable equity securities	13,351		12,724
Mutual funds invested in debt securities	22,707		22,069
Long-term investment securities at fair value (1)	29,843		28,919
Total equity securities at fair value	65,901		63,712

Total investment securities at fair value	158,547		145,355
Less:
Long-term investment securities at fair value (1)	29,843		28,919
Current investment securities at fair value	$	128,704	$	116,436

Long-term investment securities at fair value (1)	$	29,843	$	28,919
Equity-method investments	15,900		16,040
Total long-term investments	$	45,743	$	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 as of September 30, 2023 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	92,633	$	13	$	—	$	92,646

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	198	$	(2,174)	$	840	$	(7,513)
Less: Net gains (losses) recognized on equity securities sold	32		(16)		303		290
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	166	$	(2,158)	$	537	$	(7,803)

Schedule of Net Gains (Losses) Recognized on Investment Securities

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net gains (losses) recognized on equity securities	$	198	$	(2,174)	$	840	$	(7,513)
Net gains (losses) recognized on debt securities available for sale	2		—		(177)		6

Impairment expense	(34)		(953)		(290)		(2,789)




Net gains (losses) recognized on investment securities	$	166	$	(3,127)	$	373	$	(10,296)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Gross realized gains on sales	$	2	$	—	$	7	$	7
Gross realized losses on sales	—		—		(184)		(1)
Net gains (losses) recognized on debt securities available for sale	$	2	$	—	$	(177)	$	6

Impairment expense	$	(34)	$	(953)	$	(290)	$	(2,789)

Schedule of Maturity Dates of Debt Securities

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


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. government securities	$	28,544	$	—	$	28,544	$	—
Corporate securities	20,857		16,474		4,383		—
U.S. mortgage-backed securities	24,298		20,247		4,019		32


Commercial paper	8,979		8,979		—		—
U.S. treasury bills	9,968		9,968		—		—


Total debt securities available for sale by maturity dates	$	92,646	$	55,668	$	36,946	$	32

Schedule of Equity Method Investments

Equity-method investments consisted of the following:


	September 30, 2023		December 31, 2022
Mutual fund and hedge funds	$	15,900	$	16,040

Equity in losses from investments were:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Mutual fund and hedge funds	$	(941)	$	(619)	$	(141)	$	(5,172)

Investment Securities - Schedule of Unrealized and Realized Net (Losses) and Gains Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities	$ 198	$ (2,174)	$ 840	$ (7,513)
Less: Net gains (losses) recognized on equity securities sold	32	(16)	303	290
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$ 166	$ (2,158)	$ 537	$ (7,803)

Contingencies (Tables)

9 Months Ended

Sep. 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						23
Illinois						16
Florida						10
Hawaii						4
Nevada						4
Louisiana						2
California						1

The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2023 was as follows:


	Current Liabilities						Non-Current Liabilities
	Amounts due under Master Settlement Agreement		Litigation Accruals		Total		Amounts 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	205,590		18,555		224,145		—		—		—
NPM Settlement adjustment	—		—		—		(734)		—		(734)
Change in MSA obligations capitalized as inventory	(65)		—		(65)		—		—		—
Payments	(16,776)		(18,655)		(35,431)		—		—		—
Reclassification to/(from) non-current liabilities	1,635		3,707		5,342		(1,635)		(3,707)		(5,342)
Interest on withholding	—		214		214		—		1,146		1,146
Balance as of September 30, 2023	$	205,222	$	4,117	$	209,339	$	8,747	$	13,556	$	22,303

The activity in the Company’s accruals for the MSA and tobacco litigation for the nine months ended September 30, 2022 was as follows:


	Current Liabilities						Non-Current Liabilities
	Amounts due under Master Settlement Agreement		Litigation Accruals		Total		Amounts 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	210,714		160		210,874		—		—		—
NPM Settlement adjustment	(15)		—		(15)		(2,108)		—		(2,108)
Change in MSA obligations capitalized as inventory	1,419		—		1,419		—		—		—
Payments	(9,744)		(4,185)		(13,929)		—		—		—
Reclassification to/(from) non-current liabilities	—		3,566		3,566		—		(3,566)		(3,566)
Interest on withholding	—		358		358		—		1,582		1,582
Balance as of September 30, 2022	$	214,260	$	3,817	$	218,077	$	11,116	$	15,696	$	26,812

Contingencies - Judgments Paid in Engle Progeny Cases, Liggett Only Cases and Upcoming Trials (Details) - Liggett $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) case
Loss Contingencies [Line Items]
Cases pending	5
Lukacs, Campbell, Douglas, Clay, Tullo, Ward, Rizzuto, Lambert, Buchanan, and Santoro
Loss Contingencies [Line Items]
Payments for legal settlements \| $	$ 40,111
Caravalho, Kanuha, Lane, Manious, and Silva
Loss Contingencies [Line Items]
Cases pending	5

Summary of Significant Accounting Policies - Net Income for Purposes of Determining Basic and Diluted EPS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Net income	$ 52,699	$ 38,856	$ 125,529	$ 110,551
Income attributable to participating securities, basic	(1,438)	(1,180)	(3,418)	(3,405)
Income attributable to participating securities, diluted	(1,438)	(1,180)	(3,418)	(3,405)
Net income applicable to common shares, basic	51,261	37,676	122,111	107,146
Net income applicable to common shares, diluted	$ 51,261	$ 37,676	$ 122,111	$ 107,146

- 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))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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- 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

New Valley LLC (Tables)

9 Months Ended

Sep. 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)	September 30, 2023		December 31, 2022
Condominium and Mixed-Use Development	4.1% - 77.8%	$	98,275	$	93,350
Apartment Buildings	15.0% - 50.0%	8,184		9,910
Hotels	0.4% - 49.0%	138		2,510
Commercial	1.6% - 49.0%	15,575		15,347

Investments in real estate ventures		$	122,172	$	121,117

_____________________________

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


	Nine Months Ended
	September 30,
	2023		2022
Condominium and Mixed-Use Development	$	6,484	$	11,368
Apartment Buildings	148		—
Hotels	—		206
Commercial	—		8,070

Total contributions	$	6,632	$	19,644

Distributions:

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


	Nine Months Ended
	September 30,
	2023		2022
Condominium and Mixed-Use Development	$	7,798	$	1,032
Apartment Buildings	—		550
Hotels	5,164		—
Commercial	402		736
Other	—		4,459
Total distributions	$	13,364	$	6,777

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Condominium and Mixed-Use Development	$	(912)	$	(2,142)	$	3,250	$	(5,274)
Apartment Buildings	(265)		(450)		(1,874)		(1,374)
Hotels	4,886		427		2,792		(620)
Commercial	30		262		632		778
Other	—		—		—		2,250
Equity in earnings (losses) from real estate ventures	$	3,739	$	(1,903)	$	4,800	$	(4,240)


	September 30, 2023
Condominium and Mixed-Use Development	$	98,275
Apartment Buildings	8,184
Hotels	138
Commercial	15,575

Total maximum exposure to loss	$	122,172

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 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 (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Real Estate Segment Revenues Disaggregated


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

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 52,699	$ 38,856	$ 125,529	$ 110,551
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized losses	(38)	(948)	(464)	(2,841)
Net unrealized losses reclassified into net income	32	953	467	2,783
Net unrealized (losses) gains on investment securities available for sale	(6)	5	3	(58)
Net change in pension-related amounts:
Amortization of loss	245	403	735	1,211
Net change in pension-related amounts	245	403	735	1,211
Other comprehensive income	239	408	738	1,153
Income tax effect on:
Change in net unrealized losses on investment securities	11	245	120	733
Net unrealized losses reclassified into net income on investment securities	(9)	(246)	(121)	(718)
Pension-related amounts	(63)	(104)	(189)	(313)
Income tax provision on other comprehensive income	(61)	(105)	(190)	(298)
Other comprehensive income, net of tax	178	303	548	855
Comprehensive income	$ 52,877	$ 39,159	$ 126,077	$ 111,406

Contingencies - Other Matters (Details)	9 Months Ended
Contingencies - Other Matters (Details)	Sep. 30, 2023 indemnity_demand
Altria Client Services
Loss Contingencies [Line Items]
Indemnification demands	3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Long-term investments, fair value	$ 29,843	$ 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)	155,933,020	154,840,902
Common stock, shares outstanding (in shares)	155,933,020	154,840,902

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

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


				Real		Corporate
	Tobacco			Estate		and Other		Total
Three months ended September 30, 2023
Revenues	$	364,111		$	—	$	—	$	364,111
Operating income (loss)	94,821		(1)	84		(4,400)		90,505
Equity in earnings from real estate ventures	—			3,739		—		3,739
Depreciation and amortization	1,447			—		315		1,762

Three months ended September 30, 2022
Revenues	$	377,995		$	—	$	—	$	377,995
Operating income (loss)	88,107		(2)	(3)		(4,203)		83,901
Equity in losses from real estate ventures	—			(1,903)		—		(1,903)
Depreciation and amortization	1,474			—		313		1,787

Nine months ended September 30, 2023
Revenues	$	1,063,918		$	—	$	—	$	1,063,918
Operating income (loss)	248,542		(3)	294		(12,391)		236,445
Equity in earnings from real estate ventures	—			4,800		—		4,800

Depreciation and amortization	4,243			—		942		5,185
Capital expenditures	8,837			—		230		9,067

Nine months ended September 30, 2022
Revenues	$	1,061,355		$	15,884	$	—	$	1,077,239
Operating income (loss)	254,078		(4)	7,839		(12,179)		249,738
Equity in losses from real estate ventures	—			(4,240)		—		(4,240)

Depreciation and amortization	4,426			66		938		5,430
Capital expenditures	8,720			1		38		8,759

(1) Operating income includes $423 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $414 of litigation settlement and judgment expense.

(2) Operating income includes $31 of litigation settlement and judgment expense.

(3)Operating income includes $734 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $18,789 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 $160 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
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-Paragraph 22
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+ Details

Notes Payable, Long-Term Debt and Other Obligations

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS

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


	September 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 $1,847 and $2,209	531,936		539,926

Liggett:
Revolving credit agreement	—		22,035

Equipment loans	15		37

Notes payable, long-term debt and other obligations	1,406,951		1,436,998
Less:
Debt issuance costs	(21,437)		(24,672)
Total notes payable, long-term debt and other obligations	1,385,514		1,412,326
Less:
Current maturities	(15)		(22,065)
Amount due after one year	$	1,385,499	$	1,390,261

5.75% Senior Secured Notes due 2029 — Vector:

As of September 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. In October 2023, the Company repurchased in the market $6,250 in aggregate principal amount of its 10.5% Senior Notes outstanding and will record a loss of $103 associated with the repurchase. The 10.5% Senior Notes that were repurchased have been retired.

As of September 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 September 30, 2023, there was no outstanding balance due under the Credit Agreement. Availability, as determined under the Credit Agreement, was approximately $78,900 based on eligible collateral on September 30, 2023. As of September 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Amortization of debt discount, net	$	124	$	111	$	362	$	324
Amortization of debt issuance costs	1,104		1,036		3,254		3,052
(Gain) loss on repurchase of 10.5% Senior Notes	—		(412)		181		(412)



Total non-cash interest expense	$	1,228	$	735	$	3,797	$	2,964

Fair Value of Notes Payable and Long-Term Debt:


	September 30, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
5.75% Senior Secured Notes due 2029	$	875,000	$	742,796	$	875,000	$	758,993
10.5% Senior Notes due 2026	531,936		534,077		539,926		537,202

Liggett and other	15		15		22,072		22,072
Notes payable and long-term debt	$	1,406,951	$	1,276,888	$	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 September 30, 2023 to determine the fair value of its publicly-traded notes and debentures. The carrying value of the 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
-SubTopic 20
-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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 436,522	$ 224,580
Investment securities at fair value	128,704	116,436
Accounts receivable - trade, net	25,026	40,677
Inventories	89,264	92,448
Income taxes receivable, net	2,898	8,454
Other current assets	12,302	9,770
Total current assets	694,716	492,365
Property, plant and equipment, net	43,600	39,580
Long-term investments (includes $29,843 and $28,919 at fair value)	45,743	44,959
Investments in real estate ventures	122,172	121,117
Operating lease right-of-use assets	8,020	7,742
Intangible assets	107,511	107,511
Other assets	79,259	95,317
Total assets	1,101,021	908,591
Current liabilities:
Current portion of notes payable and long-term debt	15	22,065
Current amounts due under the Master Settlement Agreement	205,222	14,838
Current operating lease liability	3,854	3,551
Other current liabilities	129,225	135,170
Total current liabilities	338,316	175,624
Notes payable, long-term debt and other obligations, less current portion	1,385,499	1,390,261
Non-current employee benefits	65,509	63,216
Deferred income taxes, net	53,063	51,034
Non-current operating lease liability	5,147	5,469
Amounts due under the Master Settlement Agreement	8,747	11,116
Other liabilities	18,095	19,748
Total liabilities	1,874,376	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, 155,933,020 and 154,840,902 shares issued and outstanding	15,593	15,484
Additional paid-in capital	8,702	5,092
Accumulated deficit	(782,125)	(812,380)
Accumulated other comprehensive loss	(15,525)	(16,073)
Total Vector Group Ltd. stockholders' deficiency	(773,355)	(807,877)
Total liabilities and stockholders' deficiency	$ 1,101,021	$ 908,591

Investments and Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total debt securities available for sale	$ 92,646	$ 81,643
Total investment securities at fair value	128,704	116,436
Long-term investment securities at fair value	29,843	28,919
Marketable equity securities
Assets:
Total equity securities at fair value	13,351	12,724
Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	22,707	22,069
U.S. government securities
Assets:
Total debt securities available for sale	28,544
Corporate securities
Assets:
Total debt securities available for sale	20,857
U.S. government and federal agency
Assets:
Total debt securities available for sale	24,298
Recurring
Assets:
Total investment securities at fair value	128,704	116,436
Long-term investment securities at fair value	29,843	28,919
Total	578,683	379,292
Recurring \| Total equity securities at fair value
Assets:
Total equity securities at fair value	36,058	34,793
Recurring \| Marketable equity securities
Assets:
Total equity securities at fair value	13,351	12,724
Recurring \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	22,707	22,069
Recurring \| Total debt securities available for sale
Assets:
Total debt securities available for sale	92,646	81,643
Recurring \| U.S. government securities
Assets:
Total debt securities available for sale	28,544	779
Recurring \| Corporate securities
Assets:
Total debt securities available for sale	20,857	53,814
Recurring \| U.S. government and federal agency
Assets:
Total debt securities available for sale	24,298	27,050
Recurring \| Commercial paper
Assets:
Total debt securities available for sale	8,979
Recurring \| Index-linked U.S. bonds
Assets:
Total debt securities available for sale	9,968
Recurring \| Money market funds
Assets:
Cash and cash equivalents	372,445	155,411
Recurring \| Commercial paper
Assets:
Cash and cash equivalents	47,691	54,526
Recurring \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents		24,000
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total investment securities at fair value	36,058	34,793
Long-term investment securities at fair value	0	0
Total	408,503	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	36,058	34,793
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Assets:
Total equity securities at fair value	13,351	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	22,707	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	372,445	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
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total investment securities at fair value	92,646	81,643
Long-term investment securities at fair value	0	0
Total	140,337	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	92,646	81,643
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government securities
Assets:
Total debt securities available for sale	28,544	779
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Total debt securities available for sale	20,857	53,814
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and federal agency
Assets:
Total debt securities available for sale	24,298	27,050
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total debt securities available for sale	8,979
Recurring \| Significant Other Observable Inputs (Level 2) \| Index-linked U.S. bonds
Assets:
Total debt securities available for sale	9,968
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	47,691	54,526
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds securing legal bonds
Assets:
Cash and cash equivalents		0
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
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

Investment Securities - Narrative (Details)	9 Months Ended
Investment Securities - Narrative (Details)	Sep. 30, 2023 USD ($) investment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Total long-term investments	$ 45,743,000		$ 44,959,000
Cash distributions received	4,062,000	$ 4,953,000
In-transit redemptions	88,000
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	7.40%
Maximum \| Mutual Fund And Hedge Funds
Schedule of Equity Method Investments [Line Items]
Equity-method ownership percentage	38.67%
Quoted Prices in Active Markets for Identical Assets (Level 1)
Schedule of Equity Method Investments [Line Items]
Total long-term investments	$ 303,000

Notes Payable, Long-Term Debt and Other Obligations - Senior Notes, Revolving Credit Facility, and Other (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ 0	$ 412,000	$ (181,000)	$ 412,000
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		$ 1,692,000	$ 6,660,000
Gain (loss) on extinguishment of debt		$ (40,000)	$ (141,000)
Senior Notes \| 10.5% Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repurchase principal	$ 6,250,000
Gain (loss) on extinguishment of debt	$ (103,000)
Revolving credit agreement \| Liggett
Debt Instrument [Line Items]
Average undrawn commitments						0.25%
Amount outstanding				$ 0		$ 0
Current borrowing capacity				$ 78,900,000		$ 78,900,000
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%

Investment Securities - Components of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 92,646	$ 81,643
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	92,633	81,629
Gross Unrealized Gains	13	14
Gross Unrealized Losses	0	0
Fair Value	$ 92,646	$ 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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of:


	September 30, 2023		December 31, 2022
Leaf tobacco	$	40,731	$	39,893
Other raw materials	10,915		8,808
Work-in-process	903		798

Finished goods	64,348		64,865

Inventories at current cost	116,897		114,364
LIFO adjustments:
Leaf tobacco	(18,249)		(15,213)
Other raw materials	(2,520)		(1,220)
Work-in-process	(25)		(25)
Finished goods	(6,839)		(5,458)
Total LIFO adjustments	(27,633)		(21,916)
	$	89,264	$	92,448

All inventories as of September 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 $23,020 and $23,084 as of September 30, 2023 and December 31, 2022, respectively. Federal excise tax capitalized in inventory was $25,164 and $26,423 as of September 30, 2023 and December 31, 2022, respectively.

At September 30, 2023, Liggett had tobacco purchase commitments of approximately $40,210. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2025.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 125,529	$ 110,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,185	5,430
Non-cash stock-based expense	7,424	6,275
Loss (gain) on extinguishment of debt	181	(412)
Deferred income taxes	1,953	2,724
Distributions from investments	0	540
Equity in losses from investments	141	5,172
Net (gains) losses on investment securities	(373)	10,296
Equity in (earnings) losses from real estate ventures	(4,800)	4,240
Distributions from real estate ventures	4,091	2,986
Non-cash interest expense	1,814	3,333
Non-cash lease expense	2,597	2,530
Other	7	0
Changes in assets and liabilities:
Receivables	15,829	(11,519)
Inventories	3,184	8,514
Accounts payable and accrued liabilities	(11,198)	(21,099)
Amounts due under the Master Settlement Agreement	188,016	200,266
Litigation accruals	1,260	0
Other assets and liabilities, net	131	(810)
Net cash provided by operating activities	340,971	329,017
Cash flows from investing activities:
Sale of investment securities	9,492	21,152
Maturities of investment securities	58,563	49,789
Purchase of investment securities	(79,099)	(48,828)
Proceeds from sale or liquidation of long-term investments	4,062	4,413
Purchase of long-term investments	(9,361)	(4,312)
Investments in real estate ventures	(6,632)	(19,644)
Distributions from investments in real estate ventures	9,273	3,791
Increase in cash surrender value of life insurance policies	(1,263)	(1,268)
(Increase) decrease in restricted assets	(18)	5
Issuance of notes receivable	(500)	0
Proceeds from sale of fixed assets	3	0
Capital expenditures	(9,067)	(8,759)
Paydowns of investment securities	91	157
Net cash used in investing activities	(24,456)	(3,504)
Cash flows from financing activities:
Repurchase and repayments of debt	(8,420)	(12,246)
Borrowings under revolving credit facility	87,497	67,451
Repayments on revolving credit facility	(109,532)	(67,453)
Dividends on common stock	(94,716)	(96,636)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options	(3,705)	0
Other	0	(938)
Net cash used in financing activities	(128,876)	(109,822)
Net increase in cash, cash equivalents and restricted cash	187,639	215,691
Cash, cash equivalents and restricted cash, beginning of period	250,374	194,849
Cash, cash equivalents and restricted cash, end of period	$ 438,013	$ 410,540

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Debt securities available for sale	$ 92,646	$ 81,643
Long-term investment securities at fair value	29,843	28,919
Total equity securities at fair value	65,901	63,712
Total investment securities at fair value	158,547	145,355
Current investment securities at fair value	128,704	116,436
Equity-method investments	15,900	16,040
Total long-term investments	45,743	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:	13,351	12,724
Mutual funds invested in debt securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value:	$ 22,707	$ 22,069

Investment Securities - Maturity Dates of Marketable Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 92,646	$ 81,643
Total debt securities available for sale by maturity dates
Debt Securities, Available-for-sale [Line Items]
Fair Value	92,646
Under 1 Year	55,668
1 Year up to 5 Years	36,946
More than 5 Years	32
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	28,544
Under 1 Year	0
1 Year up to 5 Years	28,544
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	20,857
Under 1 Year	16,474
1 Year up to 5 Years	4,383
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	24,298
Under 1 Year	20,247
1 Year up to 5 Years	4,019
More than 5 Years	32
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	8,979
Under 1 Year	8,979
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	9,968
Under 1 Year	9,968
1 Year up to 5 Years	0
More than 5 Years	$ 0

Investments and Fair Value Measurements - Nonrecurring Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Sep. 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	$ 122,172
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

Condensed Consolidated Statements of Stockholders' Deficiency - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)			154,840,902
Beginning Balance	$ (797,125)	$ (830,912)	$ (807,877)	$ (841,553)
Net income	52,699	38,856	125,529	110,551
Total other comprehensive income	178	303	548	855
Dividends on common stock	(31,755)	(31,739)	(95,274)	(95,265)
Restricted stock grants			0	0
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	(25)	(1,111)	(3,177)	(2,668)
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	$ 2,673	1,558	$ 7,424	6,275
Reallocation of distribution of Douglas Elliman				0
Other		(265)		(1,505)
Ending Balance (in shares)	155,933,020		155,933,020
Ending Balance	$ (773,355)	$ (823,310)	$ (773,355)	$ (823,310)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	155,934,987	154,896,129	154,840,902	153,959,427
Beginning Balance	$ 15,593	$ 15,490	$ 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)	(1,967)	(100,227)	(240,948)	(233,525)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting		$ (10)	$ (25)	$ (23)
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)	155,933,020	154,795,902	155,933,020	154,795,902
Ending Balance	$ 15,593	$ 15,480	$ 15,593	$ 15,480
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	6,054	3,066	5,092	11,172
Restricted stock grants			(129)	(107)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	(25)	(1,101)	(3,152)	(2,645)
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	2,673	1,558	7,424	6,275
Reallocation of distribution of Douglas Elliman				(11,172)
Ending Balance	8,702	3,523	8,702	3,523
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(803,069)	(834,297)	(812,380)	(852,398)
Net income	52,699	38,856	125,529	110,551
Dividends on common stock	(31,755)	(31,739)	(95,274)	(95,265)
Reallocation of distribution of Douglas Elliman				11,172
Other		(265)		(1,505)
Ending Balance	(782,125)	(827,445)	(782,125)	(827,445)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(15,703)	(15,171)	(16,073)	(15,723)
Total other comprehensive income	178	303	548	855
Ending Balance	$ (15,525)	$ (14,868)	$ (15,525)	$ (14,868)

Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Company's Recurring Financial Assets and Liabilities Subject to Fair Value Measurements

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


	Fair Value Measurements as of September 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)	$	372,445	$	372,445	$	—	$	—

Commercial paper (1)	47,691		—		47,691		—





Investment securities at fair value
Equity securities at fair value
Marketable equity securities	13,351		13,351		—		—
Mutual funds invested in debt securities	22,707		22,707		—		—
Total equity securities at fair value	36,058		36,058		—		—
Debt securities available for sale
U.S. government securities	28,544		—		28,544		—
Corporate securities	20,857		—		20,857		—
U.S. government and federal agency	24,298		—		24,298		—


Commercial paper	8,979		—		8,979		—
Index-linked U.S. bonds	9,968		—		9,968		—


Total debt securities available for sale	92,646		—		92,646		—

Total investment securities at fair value	128,704		36,058		92,646		—

Long-term investments
Long-term investment securities at fair value (2)	29,843		—		—		—

Total	$	578,683	$	408,503	$	140,337	$	—

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

(2) 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	$	—	$	—	$	—	$	—

Contingencies - Cautionary Statement About Engle Progeny Cases (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended
	Nov. 21, 1996 USD ($)	Oct. 31, 2013 USD ($)	Sep. 30, 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

Notes Payable, Long-Term Debt and Other Obligations - Fair Value of Notes Payable and Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,406,951	$ 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	531,936	539,926
Carrying Value \| Liggett and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	15	22,072
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,276,888	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	742,796	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	534,077	537,202
Fair Value \| Liggett and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 15	$ 22,072

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 52,699	$ 38,856	$ 125,529	$ 110,551

- Definition

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

+ References

+ Details

Notes Payable, Long-Term Debt and Other Obligations - Schedule of Non-cash Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of debt discount, net	$ 124	$ 111	$ 362	$ 324
Amortization of debt issuance costs	1,104	1,036	3,254	3,052
Total non-cash interest expense	$ 1,228	735	$ 3,797	2,964
10.5% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	10.50%		10.50%
(Gain) loss on repurchase of 10.5% Senior Notes	$ 0	$ (412)	$ 181	$ (412)

- 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

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+ Details

Summary of Significant Accounting Policies - Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accounts payable	$ 6,364	$ 6,351
Accrued promotional expenses	54,454	56,645
Accrued excise and payroll taxes payable, net	4,497	17,160
Accrued interest	31,738	30,451
Accrued salaries and benefits	8,572	9,614
Allowance for sales returns	11,468	7,526
Other current liabilities	12,132	7,423
Total other current liabilities	$ 129,225	$ 135,170

Contingencies - Engle Progeny Cases and Settlements (Details) $ in Thousands		1 Months Ended		3 Months Ended	9 Months Ended
	Nov. 21, 1996 USD ($)	Feb. 28, 2015	Oct. 31, 2013 USD ($) case	Sep. 30, 2023 case agreement	Sep. 30, 2023 USD ($) case agreement plaintiff
Liggett
Loss Contingencies [Line Items]
Cases pending \| case				5	5
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		213
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					$ 8,400
Engle Progeny Cases \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Cases pending \| case				15	15
Engle Progeny separate settlement cases \| Liggett
Loss Contingencies [Line Items]
Cases settled \| agreement				2	2
Amount of litigation settlement awarded to other party					$ 23,150
Plaintiffs \| plaintiff					152

Contingencies - Other State Settlements (Details) - MSA	1 Months Ended		9 Months Ended	12 Months Ended			25 Months Ended
Contingencies - Other State Settlements (Details) - MSA	Aug. 31, 2023 USD ($)	Jan. 31, 2016 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2003 USD ($)	Dec. 31, 1999 state	Mar. 31, 1998 USD ($)
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			$ 1,000,000		$ 100,000
Years annual payments required			10 years
Liggett \| Florida
Loss Contingencies [Line Items]
Annual payment requirement				$ 250,000
Amount of litigation settlement awarded to other party				$ 1,200,000
Liggett \| Mississippi
Loss Contingencies [Line Items]
Damages sought		$ 27,000,000
Liggett \| Mississippi \| Litigation Accruals
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 18,000,000

Summary of Significant Accounting Policies - Schedule of Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Interest and dividend income	$ 6,808	$ 2,406	$ 15,659	$ 3,791
Net gains (losses) recognized on investment securities	166	(3,127)	373	(10,296)
Net periodic benefit cost other than the service costs	(337)	(236)	(1,015)	(709)
Other income	470	153	501	2,171
Total other, net	$ 7,107	$ (804)	$ 15,518	$ (5,043)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 73,154	$ 53,389	$ 174,587	$ 152,275
Income tax expense using estimated annual effective income tax rate	20,556	14,629	49,058	41,724
Changes in effective tax rates	(101)	(96)	0	0
Income tax expense	$ 20,455	$ 14,533	$ 49,058	$ 41,724

- 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

New Valley LLC - Investment in Real Estate Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 122,172		$ 122,172		$ 121,117
Contributions to real estate ventures			6,632	$ 19,644
Equity in earnings (losses) from real estate ventures	3,739	$ (1,903)	4,800	(4,240)
New Valley
Schedule of Investments [Line Items]
Investments in real estate ventures	122,172		122,172		121,117
Contributions to real estate ventures			6,632	19,644
Distributions from real estate ventures			13,364	6,777
Equity in earnings (losses) from real estate ventures	3,739	(1,903)	4,800	(4,240)
Total maximum exposure to loss	122,172		122,172
New Valley \| Condominium and Mixed-Use Development
Schedule of Investments [Line Items]
Investments in real estate ventures	98,275		98,275		93,350
Contributions to real estate ventures			6,484	11,368
Distributions from real estate ventures			7,798	1,032
Equity in earnings (losses) from real estate ventures	(912)	(2,142)	3,250	(5,274)
Total maximum exposure to loss	98,275		98,275
New Valley \| Apartment Buildings
Schedule of Investments [Line Items]
Investments in real estate ventures	8,184		8,184		9,910
Contributions to real estate ventures			148	0
Distributions from real estate ventures			0	550
Equity in earnings (losses) from real estate ventures	(265)	(450)	(1,874)	(1,374)
Total maximum exposure to loss	8,184		8,184
New Valley \| Hotels
Schedule of Investments [Line Items]
Investments in real estate ventures	138		138		2,510
Contributions to real estate ventures			0	206
Distributions from real estate ventures			5,164	0
Equity in earnings (losses) from real estate ventures	4,886	427	2,792	(620)
Total maximum exposure to loss	138		138
New Valley \| Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures	15,575		15,575		$ 15,347
Contributions to real estate ventures			0	8,070
Distributions from real estate ventures			402	736
Equity in earnings (losses) from real estate ventures	30	262	632	778
Total maximum exposure to loss	15,575		15,575
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	$ 0	$ 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%

Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Weighted-average shares for basic EPS (in shares)	153,276,443	152,859,378	153,168,872	152,716,470
Incremental shares related to stock options and non-vested restricted stock (in shares)	119,660	50,802	127,385	156,452
Weighted-average shares for diluted EPS (in shares)	153,396,103	152,910,180	153,296,257	152,872,922

Investment Securities - Schedule of Net Gains (Losses) Recognized on Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities	$ 198	$ (2,174)	$ 840	$ (7,513)
Net gains (losses) recognized on debt securities available for sale	2	0	(177)	6
Impairment expense	(34)	(953)	(290)	(2,789)
Net gains (losses) recognized on investment securities	$ 166	$ (3,127)	$ 373	$ (10,296)

- Definition

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

+ References + Details