0000059440-24-000025 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 88,978	$ 72,830
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,262	3,423
Non-cash stock-based expense	7,121	4,751
Loss on extinguishment of debt	0	181
Deferred income taxes	(4,074)	2,227
Equity in earnings from investments	(1,497)	(800)
Net gains on investment securities	(1,018)	(207)
Equity in losses (earnings) from real estate ventures	11,934	(1,061)
Distributions from real estate ventures	329	3,954
Non-cash interest expense	1,096	1,392
Non-cash lease expense	1,633	1,710
Changes in assets and liabilities:
Receivables	(3,195)	6,316
Inventories	(13,173)	(6,268)
Accounts payable and accrued liabilities	8,939	(1,028)
Amounts due under the Master Settlement Agreement	121,849	118,868
Litigation accruals	419	18,643
Other assets and liabilities, net	(7,282)	(6,713)
Net cash provided by operating activities	215,321	218,218
Cash flows from investing activities:
Sale of investment securities	427	9,505
Maturities of investment securities	23,550	39,764
Purchase of investment securities	(53,317)	(48,726)
Proceeds from sale or liquidation of long-term investments	4,750	0
Purchase of long-term investments	(2,000)	(5,088)
Investments in real estate ventures	(5,220)	(5,281)
Distributions from investments in real estate ventures	10,029	4,109
Increase in cash surrender value of life insurance policies	(1,329)	(1,109)
Increase in restricted assets	(15)	(18)
Capital expenditures	(3,387)	(7,790)
Paydowns of investment securities	40	65
Net cash used in investing activities	(26,472)	(14,569)
Cash flows from financing activities:
Repurchase and repayments of debt	(8)	(8,412)
Borrowings under revolving credit facility	299	87,429
Repayments on revolving credit facility	(299)	(109,460)
Dividends on common stock	(63,457)	(63,200)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options	(3,857)	(3,680)
Net cash used in financing activities	(67,322)	(97,323)
Net increase in cash, cash equivalents and restricted cash	121,527	106,326
Cash, cash equivalents and restricted cash, beginning of period	270,106	250,374
Cash, cash equivalents and restricted cash, end of period	$ 391,633	$ 356,700

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s business segments for the three and six months ended June 30, 2024 and 2023 were Tobacco and Real Estate. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Financial information for the Company’s operations before taxes for the three and six months ended June 30, 2024 and 2023 were as follows:


				Real		Corporate
	Tobacco			Estate		and Other		Total
Three months ended June 30, 2024
Revenues	$	371,914		$	—	$	—	$	371,914
Operating income (loss)	102,927		(1)	(56)		(5,085)		97,786
Equity in losses from real estate ventures	—			(1,213)		—		(1,213)
Depreciation and amortization	1,298			—		331		1,629

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

Six months ended June 30, 2024
Revenues	$	696,481		$	—	$	—	$	696,481
Operating income (loss)	185,926		(3)	(85)		(10,274)		175,567
Equity in losses from real estate ventures	—			(11,934)		—		(11,934)

Depreciation and amortization	2,610			—		652		3,262
Capital expenditures	3,300			—		87		3,387

Six months ended June 30, 2023
Revenues	$	699,807		$	—	$	—	$	699,807
Operating income (loss)	153,721		(4)	210		(7,991)		145,940
Equity in earnings from real estate ventures	—			1,061		—		1,061

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

(1) Operating income includes $73 of litigation settlement and judgment expense.

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

(3) Operating income includes $169 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $264 of litigation settlement and judgment expense.

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

- 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.

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+ Details

CONTINGENCIES - Engle Progeny Cases (Details) $ in Thousands		1 Months Ended	6 Months Ended
	Nov. 21, 1996 USD ($)	Oct. 31, 2013 USD ($)	Jun. 30, 2024 case plaintiff
Liggett
Loss Contingencies [Line Items]
Cases pending			3
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]
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
Engle Progeny Cases \| Liggett and Vector Tobacco
Loss Contingencies [Line Items]
Cases pending			6
Plaintiffs cases pending \| plaintiff			9

INVESTMENT SECURITIES - Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Debt securities available for sale	$ 102,849	$ 73,225
Long-term investment securities at fair value	29,435	29,402
Total equity securities at fair value	67,569	67,112
Total investment securities at fair value	170,418	140,337
Current investment securities at fair value	140,983	110,935
Equity-method investments	17,354	17,358
Total long-term investments	46,789	46,760
Equity securities and other long-term investments at cost	7,555	7,555
Marketable equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value:	14,103	14,286
Mutual funds invested in debt securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities at fair value:	$ 24,031	$ 23,424

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 390,758	$ 268,600
Investment securities at fair value	140,983	110,935
Accounts receivable - trade, net	29,637	26,442
Inventories	105,132	91,959
Income taxes receivable, net	583	0
Other current assets	14,094	11,665
Total current assets	681,187	509,601
Property, plant and equipment, net	43,609	43,380
Long-term investments (includes $29,435 and $29,402 at fair value)	46,789	46,760
Investments in real estate ventures	116,849	131,497
Operating lease right-of-use assets	11,377	11,017
Intangible assets	107,511	107,511
Other assets	86,699	84,329
Total assets	1,094,021	934,095
Current liabilities:
Current portion of notes payable and long-term debt	0	8
Current amounts due under the Master Settlement Agreement	131,200	8,812
Income taxes payable, net	0	717
Current operating lease liability	4,186	3,706
Other current liabilities	144,413	131,680
Total current liabilities	279,799	144,923
Notes payable, long-term debt and other obligations, less current portion	1,374,266	1,371,811
Non-current employee benefits	68,763	67,111
Deferred income taxes, net	53,897	57,970
Non-current operating lease liability	7,762	8,177
Amounts due under the Master Settlement Agreement	8,208	8,747
Other liabilities	14,672	17,170
Total liabilities	1,807,367	1,675,909
Commitments and contingencies (Note 6)
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, 157,377,564 and 155,978,020 shares issued and outstanding	15,738	15,598
Additional paid-in capital	14,508	11,384
Accumulated deficit	(730,793)	(755,883)
Accumulated other comprehensive loss	(12,799)	(12,913)
Total Vector Group Ltd. stockholders' deficiency	(713,346)	(741,814)
Total liabilities and stockholders' deficiency	$ 1,094,021	$ 934,095

CONTINGENCIES - Class Actions and Health Care Cost Recovery Actions (Details)	Jun. 30, 2024 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	3
Liggett \| Crow Creek Sioux Tribe v. American Tobacco Company
Loss Contingencies [Line Items]
Cases pending	1

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total debt securities available for sale	$ 102,849	$ 73,225
Total investment securities at fair value	140,983	110,935
Long-term investment securities at fair value	29,435	29,402
Marketable equity securities
Assets:
Total equity securities at fair value	14,103	14,286
Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	24,031	23,424
U.S. government securities
Assets:
Total debt securities available for sale	73,924
Corporate securities
Assets:
Total debt securities available for sale	6,516
U.S. government and federal agency
Assets:
Total debt securities available for sale	7,068
Recurring
Assets:
Total investment securities at fair value	140,983	110,935
Long-term investment securities at fair value	29,435	29,402
Total	542,431	407,139
Recurring \| Total equity securities at fair value
Assets:
Total equity securities at fair value	38,134	37,710
Recurring \| Marketable equity securities
Assets:
Total equity securities at fair value	14,103	14,286
Recurring \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	24,031	23,424
Recurring \| Total debt securities available for sale
Assets:
Total debt securities available for sale	102,849	73,225
Recurring \| U.S. government securities
Assets:
Total debt securities available for sale	73,924	38,657
Recurring \| Corporate securities
Assets:
Total debt securities available for sale	6,516	12,042
Recurring \| U.S. government and federal agency
Assets:
Total debt securities available for sale	7,068	17,358
Recurring \| Commercial paper
Assets:
Total debt securities available for sale	15,341	5,168
Recurring \| Money market funds
Assets:
Cash and cash equivalents	328,308	214,515
Recurring \| Commercial paper
Assets:
Cash and cash equivalents	43,705	52,287
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total investment securities at fair value	38,134	37,710
Long-term investment securities at fair value	0	0
Total	366,442	252,225
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Total equity securities at fair value
Assets:
Total equity securities at fair value	38,134	37,710
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Assets:
Total equity securities at fair value	14,103	14,286
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds invested in debt securities
Assets:
Total equity securities at fair value	24,031	23,424
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	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Cash and cash equivalents	328,308	214,515
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Assets:
Cash and cash equivalents	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total investment securities at fair value	102,849	73,225
Long-term investment securities at fair value	0	0
Total	146,554	125,512
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	102,849	73,225
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government securities
Assets:
Total debt securities available for sale	73,924	38,657
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate securities
Assets:
Total debt securities available for sale	6,516	12,042
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and federal agency
Assets:
Total debt securities available for sale	7,068	17,358
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total debt securities available for sale	15,341	5,168
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	43,705	52,287
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	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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

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, 2023 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.

(b)Distributions and Dividends on Common Stock:

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

(c)Earnings Per Share (“EPS”):

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income	$	54,178	$	38,089	$	88,978	$	72,830
Income attributable to participating securities	(1,355)		(1,043)		(2,256)		(1,973)
Net income available to common stockholders	$	52,823	$	37,046	$	86,722	$	70,857

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Weighted-average shares for basic EPS	153,740,654	153,214,347	153,595,959	153,114,197

Incremental shares related to stock options and non-vested restricted stock	229,116	109,203	211,087	129,085
Weighted-average shares for diluted EPS	153,969,770	153,323,550	153,807,046	153,243,282

The following non-vested restricted stock was outstanding during the three and six months ended June 30, 2024 and 2023, 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023


Weighted-average shares of non-vested restricted stock	375,000		—		412,775		—
Weighted-average expense per share	$	12.90	$	—	$	12.90	$	—

(d)Other, net:

Other, net consisted of:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Interest and dividend income	$	6,028	$	4,916	$	11,487	$	8,851






Net (losses) gains recognized on investment securities	(178)		213		1,018		207
Net periodic benefit cost other than the service costs	(267)		(339)		(535)		(678)


Other income	2		1		—		31
Other, net	$	5,585	$	4,791	$	11,970	$	8,411

(e)Other Assets:

Other assets consisted of:


	June 30, 2024		December 31, 2023
Restricted assets	$	985	$	1,619
Prepaid pension costs	46,725		45,292
Other assets	38,989		37,418
Total other assets	$	86,699	$	84,329

(f)Other Current Liabilities:

Other current liabilities consisted of:


	June 30, 2024		December 31, 2023
Accounts payable	$	6,148	$	6,749
Accrued promotional expenses	58,067		51,146
Accrued excise and payroll taxes payable, net	17,386		13,144
Accrued interest	30,041		30,041
Accrued salaries and benefits	7,811		10,952
Allowance for sales returns	13,614		12,675
Other current liabilities	11,346		6,973
Total other current liabilities	$	144,413	$	131,680

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

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


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	390,758	$	268,600

Restricted cash and cash equivalents included in other assets	875		1,506
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	391,633	$	270,106

(h)Related Party Transactions:

Agreements with Douglas Elliman. The Company received $1,050 and $2,100 under the Transition Services Agreement for the three and six months ended June 30, 2024 and 2023, respectively, and $1,000 and $1,595 under the Aircraft Lease Agreements for the three and six months ended June 30, 2024 and $734 and $1,296 for the three and six months ended June 30, 2023, respectively.

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 $793 and $2,017 for the three and six months ended June 30, 2024 and $0 and $842 for the three and six months ended June 30, 2023.

(i)New Accounting Pronouncements:

ASUs to be adopted in future periods:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU requires that all public entities improve the reportable segment disclosure primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

SEC Rule Changes:

On March 6, 2024, the SEC passed rule changes that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules 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 will also include disclosure of a registrant's greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. On April 4, 2024, the SEC voluntarily stayed the rules pending the resolution of certain legal challenges. The Company is currently evaluating the impact of the rule changes.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income	$	54,178	$	38,089	$	88,978	$	72,830
Income attributable to participating securities	(1,355)		(1,043)		(2,256)		(1,973)
Net income available to common stockholders	$	52,823	$	37,046	$	86,722	$	70,857

Schedule of Basic and Diluted EPS

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Weighted-average shares for basic EPS	153,740,654	153,214,347	153,595,959	153,114,197

Incremental shares related to stock options and non-vested restricted stock	229,116	109,203	211,087	129,085
Weighted-average shares for diluted EPS	153,969,770	153,323,550	153,807,046	153,243,282

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023


Weighted-average shares of non-vested restricted stock	375,000		—		412,775		—
Weighted-average expense per share	$	12.90	$	—	$	12.90	$	—

Schedule of Other, Net

Other, net consisted of:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Interest and dividend income	$	6,028	$	4,916	$	11,487	$	8,851






Net (losses) gains recognized on investment securities	(178)		213		1,018		207
Net periodic benefit cost other than the service costs	(267)		(339)		(535)		(678)


Other income	2		1		—		31
Other, net	$	5,585	$	4,791	$	11,970	$	8,411

Schedule of Other Assets

Other assets consisted of:


	June 30, 2024		December 31, 2023
Restricted assets	$	985	$	1,619
Prepaid pension costs	46,725		45,292
Other assets	38,989		37,418
Total other assets	$	86,699	$	84,329

Schedule of Other Current Liabilities

Other current liabilities consisted of:


	June 30, 2024		December 31, 2023
Accounts payable	$	6,148	$	6,749
Accrued promotional expenses	58,067		51,146
Accrued excise and payroll taxes payable, net	17,386		13,144
Accrued interest	30,041		30,041
Accrued salaries and benefits	7,811		10,952
Allowance for sales returns	13,614		12,675
Other current liabilities	11,346		6,973
Total other current liabilities	$	144,413	$	131,680

Schedule of Cash and Cash Equivalents

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


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	390,758	$	268,600

Restricted cash and cash equivalents included in other assets	875		1,506
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	391,633	$	270,106

Schedule of Restricted Cash

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


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	390,758	$	268,600

Restricted cash and cash equivalents included in other assets	875		1,506
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	391,633	$	270,106

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 74,934	$ 53,183	$ 123,068	$ 101,433
Income tax expense using estimated annual effective income tax rate	20,756	14,997	34,090	28,603
Changes in effective tax rates	0	97	0	0
Income tax expense	$ 20,756	$ 15,094	$ 34,090	$ 28,603

- 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.

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- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)			155,978,020
Beginning Balance	$ (739,064)	$ (805,772)	$ (741,814)	$ (807,877)
Net income	54,178	38,089	88,978	72,830
Total other comprehensive income	125	161	114	370
Dividends on common stock	(31,940)	(31,755)	(63,888)	(63,519)
Restricted stock grants			0	0
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	(452)	(493)	(3,857)	(3,152)
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	$ 3,807	2,645	$ 7,121	4,751
Ending Balance (in shares)	157,377,564		157,377,564
Ending Balance	$ (713,346)	$ (797,125)	$ (713,346)	$ (797,125)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	157,419,093	155,976,547	155,978,020	154,840,902
Beginning Balance	$ 15,742	$ 15,598	$ 15,598	$ 15,484
Restricted stock grants (in shares)			1,745,000	1,290,000
Restricted stock grants			$ 175	$ 129
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting (in shares)	(41,529)	(41,560)	(345,456)	(238,981)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	$ (4)	$ (5)	$ (35)	$ (25)
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)	157,377,564	155,934,987	157,377,564	155,934,987
Ending Balance	$ 15,738	$ 15,593	$ 15,738	$ 15,593
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	11,149	3,897	11,384	5,092
Restricted stock grants			(175)	(129)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting	(448)	(488)	(3,822)	(3,127)
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	3,807	2,645	7,121	4,751
Ending Balance	14,508	6,054	14,508	6,054
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(753,031)	(809,403)	(755,883)	(812,380)
Net income	54,178	38,089	88,978	72,830
Dividends on common stock	(31,940)	(31,755)	(63,888)	(63,519)
Ending Balance	(730,793)	(803,069)	(730,793)	(803,069)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(12,924)	(15,864)	(12,913)	(16,073)
Total other comprehensive income	125	161	114	370
Ending Balance	$ (12,799)	$ (15,703)	$ (12,799)	$ (15,703)

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS - Non-cash Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of debt discount, net	$ 135	$ 121	$ 266	$ 238
Amortization of debt issuance costs	1,157	1,082	2,290	2,150
Total non-cash interest expense	$ 1,292	1,243	$ 2,556	2,569
10.5% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	10.50%		10.50%
Loss on repurchase of 10.5% Senior Notes	$ 0	$ 40	$ 0	$ 181

- 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.

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+ Details

INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

Investment securities consisted of the following:


	June 30, 2024		December 31, 2023
Debt securities available for sale	$	102,849	$	73,225


Equity securities at fair value:
Marketable equity securities	14,103		14,286
Mutual funds invested in debt securities	24,031		23,424
Long-term investment securities at fair value (1)	29,435		29,402
Total equity securities at fair value	67,569		67,112

Total investment securities at fair value	170,418		140,337
Less:
Long-term investment securities at fair value (1)	29,435		29,402
Current investment securities at fair value	$	140,983	$	110,935

Long-term investment securities at fair value (1)	$	29,435	$	29,402
Equity-method investments	17,354		17,358
Total long-term investments	$	46,789	$	46,760

Equity securities and other long-term investments at cost (2)	$	7,555	$	7,555

_____________________________

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

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net (losses) gains recognized on equity securities	$	(99)	$	424	$	1,121	$	642
Net gains (losses) recognized on debt securities available for sale	—		1		1		(179)

Impairment expense	(79)		(212)		(104)		(256)




Net (losses) gains recognized on investment securities	$	(178)	$	213	$	1,018	$	207

(a) Debt Securities Available for Sale:

The components of debt securities available for sale as of June 30, 2024 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	102,843	$	6	$	—	$	102,849

The table below summarizes the maturity dates of debt securities available for sale as of June 30, 2024.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. government securities	$	73,924	$	39,145	$	34,779	$	—
Corporate securities	6,516		6,516		—		—
U.S. mortgage-backed securities	7,068		6,970		98		—


Commercial paper	15,341		15,341		—		—



Total debt securities available for sale by maturity dates	$	102,849	$	67,972	$	34,877	$	—

The components of debt securities available for sale at December 31, 2023 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	72,939	$	286	$	—	$	73,225

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater as of June 30, 2024 and December 31, 2023, respectively.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Gross realized gains on sales	$	—	$	1	$	1	$	5
Gross realized losses on sales	—		—		—		(184)
Net gains (losses) recognized on debt securities available for sale	$	—	$	1	$	1	$	(179)

Impairment expense	$	(79)	$	(212)	$	(104)	$	(256)

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 recognized in net income on equity securities at fair value during the three and six months ended June 30, 2024 and 2023, respectively:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net (losses) gains recognized on equity securities	$	(99)	$	424	$	1,121	$	642
Less: Net (losses) gains recognized on equity securities sold	(22)		155		73		271
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$	(77)	$	269	$	1,048	$	371

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 8. 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 June 30, 2024.

The Company received $4,750 of cash distributions for the six months ended June 30, 2024 and no cash distributions for the six months ended June 30, 2023. The Company recorded $151 of in-transit redemptions as of June 30, 2024. The Company classified all cash distributions as investing cash inflows.

Equity-method investments consisted of the following:


	June 30, 2024		December 31, 2023
Mutual fund and hedge funds	$	17,354	$	17,358

On June 30, 2024, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 8.13% to 35.89%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

Equity in (losses) earnings from investments were:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Mutual fund and hedge funds	$	(641)	$	959	$	1,497	$	800

(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. The total carrying value of these investments without readily determinable fair values that do not qualify for the NAV practical expedient was $7,555 as of June 30, 2024 and December 31, 2023, and was included in “Other assets” on the condensed consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and six months ended June 30, 2024 and 2023, respectively.

CONTINGENCIES - Liggett Only Cases and Upcoming Trials (Details) - Liggett	Jun. 30, 2024 case
Loss Contingencies [Line Items]
Cases pending	3
Cain, Gerace, Goodwin, Kanuha, Malevitis and Morton
Loss Contingencies [Line Items]
Cases pending	6

- 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

INVESTMENT SECURITIES - Equity in Losses from Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings from investments	$ (641)	$ 959	$ 1,497	$ 800
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings from investments	$ (641)	$ 959	$ 1,497	$ 800

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

CONTINGENCIES - MSA and Other State Settlement Agreements (Details)		1 Months Ended		6 Months Ended	25 Months Ended
	Dec. 28, 2023 USD ($)	Apr. 30, 2024 USD ($)	Nov. 30, 1998 state	Jun. 30, 2024 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				5.70%
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	$ 277,500,000
Payments for legal settlements	$ 263,000,000	$ 14,489,000

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS

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


	June 30, 2024		December 31, 2023
Vector:
5.75% Senior Secured Notes due 2029	$	875,000	$	875,000

10.5% Senior Notes due 2026, net of unamortized discount of $1,453 and $1,719	517,239		516,973

Liggett:


Equipment loans	—		8

Notes payable, long-term debt and other obligations	1,392,239		1,391,981
Less:
Debt issuance costs	(17,973)		(20,162)
Total notes payable, long-term debt and other obligations	1,374,266		1,371,819
Less:
Current maturities	—		(8)
Amount due after one year	$	1,374,266	$	1,371,811

5.75% Senior Secured Notes due 2029 — Vector:

As of June 30, 2024, 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:

During March and April 2023, the Company repurchased in the market $8,352 in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $40 and $181 associated with the repurchase for the three and six months ended June 30, 2023, respectively. The 10.5% Senior Notes that were repurchased have been retired.

As of June 30, 2024, the Company was in compliance with all debt covenants related to its 10.5% Senior Notes due 2026.

Revolving Credit Agreement — Liggett:

Liggett, 100 Maple LLC (“Maple”), a subsidiary of Liggett, and Vector Tobacco are party to the Credit Agreement with Wells Fargo, as agent and lender, which provides a maximum credit line of $90,000 and matures on March 22, 2026.

Loans under the Credit Agreement bear interest at a rate equal to, at the borrower’s option, (a) the base rate, (b) Term SOFR for the applicable interest period plus 2.25% or (c) Daily Simple SOFR plus 2.25%, where “SOFR” means the Secured Overnight Financing Rate. The interest rate as of June 30, 2024 was 7.56%. An unused line fee is also payable on the average undrawn commitments at a rate of 0.25%, regardless of the amount borrowed under the facility.

As of June 30, 2024, there was no outstanding balance due under the Credit Agreement. Availability, as determined under the Credit Agreement, was approximately $89,600 based on eligible collateral on June 30, 2024. As of June 30, 2024, Liggett, Maple, and Vector Tobacco were in compliance with all debt covenants under the Credit Agreement.

Non-Cash Interest Expense — Vector:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Amortization of debt discount, net	$	135	$	121	$	266	$	238
Amortization of debt issuance costs	1,157		1,082		2,290		2,150
Loss on repurchase of 10.5% Senior Notes	—		40		—		181



Total non-cash interest expense	$	1,292	$	1,243	$	2,556	$	2,569

Fair Value of Notes Payable and Long-Term Debt:


	June 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
5.75% Senior Secured Notes due 2029	$	875,000	$	818,589	$	875,000	$	800,126
10.5% Senior Notes due 2026	517,239		523,599		516,973		522,194

Liggett and other	—		—		8		8
Notes payable and long-term debt	$	1,392,239	$	1,342,188	$	1,391,981	$	1,322,328

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 8 if such liabilities were recorded on the condensed consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk. The Company used a derived price based upon quoted market prices and trade activity as of June 30, 2024 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 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		157,375,597
Entity Central Index Key	0000059440
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

INVESTMENT SECURITIES - Unrealized and Realized Net (Losses) and Gains Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net (losses) gains recognized on equity securities	$ (99)	$ 424	$ 1,121	$ 642
Less: Net (losses) gains recognized on equity securities sold	(22)	155	73	271
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$ (77)	$ 269	$ 1,048	$ 371

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS - Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 1,392,239	$ 1,391,981
Less: Debt issuance costs	(17,973)	(20,162)
Total notes payable, long-term debt and other obligations	1,374,266	1,371,819
Less: Current maturities	0	(8)
Amount due after one year	$ 1,374,266	1,371,811
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	$ 1,453	1,719
Notes payable, long-term debt and other obligations	517,239	516,973
Equipment loans \| Liggett:
Debt Instrument [Line Items]
Notes payable, long-term debt and other obligations	$ 0	$ 8

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Impairment of long-term investments	$ 1,202

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Tax portion of revenues and cost of goods sold	$ 120,452	$ 126,750	$ 226,275	$ 244,568

CONTINGENCIES - Litigation Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Current Liabilities
Current liabilities, beginning balance	$ 9,163	$ 15,134
Expenses	135,237	154,364
NPM Settlement adjustment	(5)	0
Change in MSA obligations capitalized as inventory	743	(35)
Payments	(15,158)	(17,411)
Reclassification to/(from) non-current liabilities	4,110	5,342
Interest on withholding	1,054	112
Current liabilities, ending balance	135,144	157,506
Non-Current Liabilities
Noncurrent liabilities, beginning balance	22,632	27,233
Expenses	0	0
NPM Settlement adjustment	(164)	(311)
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(4,110)	(5,342)
Interest on withholding	561	791
Noncurrent liabilities, ending balance	18,919	22,371
Amounts due under Master Settlement Agreement
Current Liabilities
Current liabilities, beginning balance	8,812	14,838
Expenses	134,973	135,989
NPM Settlement adjustment	(5)	0
Change in MSA obligations capitalized as inventory	743	(35)
Payments	(14,489)	(16,776)
Reclassification to/(from) non-current liabilities	375	1,635
Interest on withholding	791	0
Current liabilities, ending balance	131,200	135,651
Non-Current Liabilities
Noncurrent liabilities, beginning balance	8,747	11,116
Expenses	0	0
NPM Settlement adjustment	(164)	(311)
Change in MSA obligations capitalized as inventory	0	0
Payments	0	0
Reclassification to/(from) non-current liabilities	(375)	(1,635)
Interest on withholding	0	0
Noncurrent liabilities, ending balance	8,208	9,170
Litigation Accruals
Current Liabilities
Current liabilities, beginning balance	351	296
Expenses	264	18,375
NPM Settlement adjustment	0	0
Change in MSA obligations capitalized as inventory	0	0
Payments	(669)	(635)
Reclassification to/(from) non-current liabilities	3,735	3,707
Interest on withholding	263	112
Current liabilities, ending balance	3,944	21,855
Non-Current Liabilities
Noncurrent liabilities, beginning balance	13,885	16,117
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	(3,735)	(3,707)
Interest on withholding	561	791
Noncurrent liabilities, ending balance	$ 10,711	$ 13,201

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

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

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


	June 30, 2024		December 31, 2023
Vector:
5.75% Senior Secured Notes due 2029	$	875,000	$	875,000

10.5% Senior Notes due 2026, net of unamortized discount of $1,453 and $1,719	517,239		516,973

Liggett:


Equipment loans	—		8

Notes payable, long-term debt and other obligations	1,392,239		1,391,981
Less:
Debt issuance costs	(17,973)		(20,162)
Total notes payable, long-term debt and other obligations	1,374,266		1,371,819
Less:
Current maturities	—		(8)
Amount due after one year	$	1,374,266	$	1,371,811

Schedule of Non-Cash Interest Expense

Non-Cash Interest Expense — Vector:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Amortization of debt discount, net	$	135	$	121	$	266	$	238
Amortization of debt issuance costs	1,157		1,082		2,290		2,150
Loss on repurchase of 10.5% Senior Notes	—		40		—		181



Total non-cash interest expense	$	1,292	$	1,243	$	2,556	$	2,569

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

Fair Value of Notes Payable and Long-Term Debt:


	June 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
5.75% Senior Secured Notes due 2029	$	875,000	$	818,589	$	875,000	$	800,126
10.5% Senior Notes due 2026	517,239		523,599		516,973		522,194

Liggett and other	—		—		8		8
Notes payable and long-term debt	$	1,392,239	$	1,342,188	$	1,391,981	$	1,322,328

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 54,178	$ 38,089	$ 88,978	$ 72,830

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)(3)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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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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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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

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

Financial information for the Company’s operations before taxes for the three and six months ended June 30, 2024 and 2023 were as follows:


				Real		Corporate
	Tobacco			Estate		and Other		Total
Three months ended June 30, 2024
Revenues	$	371,914		$	—	$	—	$	371,914
Operating income (loss)	102,927		(1)	(56)		(5,085)		97,786
Equity in losses from real estate ventures	—			(1,213)		—		(1,213)
Depreciation and amortization	1,298			—		331		1,629

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

Six months ended June 30, 2024
Revenues	$	696,481		$	—	$	—	$	696,481
Operating income (loss)	185,926		(3)	(85)		(10,274)		175,567
Equity in losses from real estate ventures	—			(11,934)		—		(11,934)

Depreciation and amortization	2,610			—		652		3,262
Capital expenditures	3,300			—		87		3,387

Six months ended June 30, 2023
Revenues	$	699,807		$	—	$	—	$	699,807
Operating income (loss)	153,721		(4)	210		(7,991)		145,940
Equity in earnings from real estate ventures	—			1,061		—		1,061

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

(1) Operating income includes $73 of litigation settlement and judgment expense.

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

(3) Operating income includes $169 received from a litigation settlement associated with the MSA (which reduced cost of sales) and $264 of litigation settlement and judgment expense.

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

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Nonrecurring Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures impairment charge	$ 1,202
Investments in real estate ventures, fair value	131,497	$ 116,849
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
Nonrecurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
Nonrecurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	0
Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures, fair value	$ 0

CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

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						46 *
Illinois						22
Oregon						7
Florida						7
US Virgin Islands - St. Croix						5
Nevada						4
Louisiana						2
New Mexico						2
Hawaii						1
California						1

*In addition to the active lawsuits pending in Massachusetts, Liggett has received 82 notices of intent to initiate litigation under the Massachusetts Consumer Protection Act, Chapter 93 A. Under Chapter 93 A, consumers must serve a 30-day demand letter (the “Demand”) before filing a complaint alleging unfair or deceptive business practices. The Demand must include an offer of settlement and the business served with the Demand is required to make a “reasonable” counteroffer within 30-days. Chapter 93 A contains a legal fee shifting provision. Liggett is in the process of investigating these claims and complying with the procedural requirements of Chapter 93 A. Of the 82 claims, Liggett has determined that the vast majority never used a brand manufactured by Liggett.

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2024 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, 2024	$	8,812	$	351	$	9,163	$	8,747	$	13,885	$	22,632
Expenses	134,973		264		135,237		—		—		—
NPM Settlement adjustment	(5)		—		(5)		(164)		—		(164)
Change in MSA obligations capitalized as inventory	743		—		743		—		—		—
Payments	(14,489)		(669)		(15,158)		—		—		—
Reclassification to/(from) non-current liabilities	375		3,735		4,110		(375)		(3,735)		(4,110)
Interest on withholding	791		263		1,054		—		561		561
Balance as of June 30, 2024	$	131,200	$	3,944	$	135,144	$	8,208	$	10,711	$	18,919

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


	Current Liabilities						Non-Current Liabilities
	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	135,989		18,375		154,364		—		—		—
NPM Settlement adjustment	—		—		—		(311)		—		(311)
Change in MSA obligations capitalized as inventory	(35)		—		(35)		—		—		—
Payments	(16,776)		(635)		(17,411)		—		—		—
Reclassification to/(from) non-current liabilities	1,635		3,707		5,342		(1,635)		(3,707)		(5,342)
Interest on withholding	—		112		112		—		791		791
Balance as of June 30, 2023	$	135,651	$	21,855	$	157,506	$	9,170	$	13,201	$	22,371

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 390,758	$ 268,600
Restricted cash and cash equivalents included in other assets	875	1,506
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 391,633	$ 270,106	$ 356,700	$ 250,374

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Leaf tobacco	$ 57,852	$ 46,190
Other raw materials	10,463	9,372
Work-in-process	973	814
Finished goods	67,786	65,295
Inventories at current cost	137,074	121,671
LIFO adjustments:	(31,942)	(29,712)
Inventory, net	105,132	91,959
Leaf tobacco
Inventory [Line Items]
LIFO adjustments:	(21,616)	(19,941)
Other raw materials
Inventory [Line Items]
LIFO adjustments:	(2,636)	(2,411)
Work-in-process
Inventory [Line Items]
LIFO adjustments:	(110)	(105)
Finished goods
Inventory [Line Items]
LIFO adjustments:	$ (7,580)	$ (7,255)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Weighted-average shares for basic EPS (in shares)	153,740,654	153,214,347	153,595,959	153,114,197
Incremental shares related to stock options and non-vested restricted stock (in shares)	229,116	109,203	211,087	129,085
Weighted-average shares for diluted EPS (in shares)	153,969,770	153,323,550	153,807,046	153,243,282

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 371,914	$ 365,662	$ 696,481	$ 699,807
Operating income (loss)	97,786	71,643	175,567	145,940
Equity in losses from real estate ventures	(1,213)	2,954	(11,934)	1,061
Depreciation and amortization	1,629	1,731	3,262	3,423
Capital expenditures			3,387	7,790
Litigation settlement and judgment expense	73	18,105	264	18,375
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(5,085)	(3,627)	(10,274)	(7,991)
Equity in losses from real estate ventures	0	0	0	0
Depreciation and amortization	331	312	652	627
Capital expenditures			87	214
Tobacco \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	371,914	365,662	696,481	699,807
Operating income (loss)	102,927	75,122	185,926	153,721
Equity in losses from real estate ventures	0	0	0	0
Depreciation and amortization	1,298	1,419	2,610	2,796
Capital expenditures			3,300	7,576
Tobacco \| Operating Segments \| MSA
Segment Reporting Information [Line Items]
Litigation settlement received			169	311
Litigation settlement and judgment expense	73	18,105	264	18,375
Real estate \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(56)	148	(85)	210
Equity in losses from real estate ventures	(1,213)	2,954	(11,934)	1,061
Depreciation and amortization	$ 0	$ 0	0	0
Capital expenditures			$ 0	$ 0

INCOME TAXES

6 Months Ended

Jun. 30, 2024

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Income before provision for income taxes	$	74,934	$	53,183	$	123,068	$	101,433
Income tax expense using estimated annual effective income tax rate	20,756		14,997		34,090		28,603
Changes in effective tax rates	—		97		—		—








Income tax expense	$	20,756	$	15,094	$	34,090	$	28,603

There were no discrete items for the three and six months ended June 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS - Fair Value of Notes Payable and Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 1,392,239	$ 1,391,981
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	517,239	516,973
Carrying Value \| Liggett and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	0	8
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	1,342,188	1,322,328
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	818,589	800,126
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	523,599	522,194
Fair Value \| Liggett and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable and long-term debt	$ 0	$ 8

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1D
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of:


	June 30, 2024		December 31, 2023
Leaf tobacco	$	57,852	$	46,190
Other raw materials	10,463		9,372
Work-in-process	973		814

Finished goods	67,786		65,295

Inventories at current cost	137,074		121,671
LIFO adjustments:
Leaf tobacco	(21,616)		(19,941)
Other raw materials	(2,636)		(2,411)
Work-in-process	(110)		(105)
Finished goods	(7,580)		(7,255)
Total LIFO adjustments	(31,942)		(29,712)
	$	105,132	$	91,959

INVESTMENT SECURITIES - Maturity Dates of Marketable Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 102,849	$ 73,225
Total debt securities available for sale by maturity dates
Debt Securities, Available-for-sale [Line Items]
Fair Value	102,849
Under 1 Year	67,972
1 Year up to 5 Years	34,877
More than 5 Years	0
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	73,924
Under 1 Year	39,145
1 Year up to 5 Years	34,779
More than 5 Years	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	6,516
Under 1 Year	6,516
1 Year up to 5 Years	0
More than 5 Years	0
U.S. mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	7,068
Under 1 Year	6,970
1 Year up to 5 Years	98
More than 5 Years	0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	15,341
Under 1 Year	15,341
1 Year up to 5 Years	0
More than 5 Years	$ 0

INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following:


	June 30, 2024		December 31, 2023
Debt securities available for sale	$	102,849	$	73,225


Equity securities at fair value:
Marketable equity securities	14,103		14,286
Mutual funds invested in debt securities	24,031		23,424
Long-term investment securities at fair value (1)	29,435		29,402
Total equity securities at fair value	67,569		67,112

Total investment securities at fair value	170,418		140,337
Less:
Long-term investment securities at fair value (1)	29,435		29,402
Current investment securities at fair value	$	140,983	$	110,935

Long-term investment securities at fair value (1)	$	29,435	$	29,402
Equity-method investments	17,354		17,358
Total long-term investments	$	46,789	$	46,760

Equity securities and other long-term investments at cost (2)	$	7,555	$	7,555

_____________________________

(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 June 30, 2024 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	102,843	$	6	$	—	$	102,849

The components of debt securities available for sale at December 31, 2023 were as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


Marketable debt securities	$	72,939	$	286	$	—	$	73,225

The following is a summary of unrealized and realized net gains recognized in net income on equity securities at fair value during the three and six months ended June 30, 2024 and 2023, respectively:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net (losses) gains recognized on equity securities	$	(99)	$	424	$	1,121	$	642
Less: Net (losses) gains recognized on equity securities sold	(22)		155		73		271
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$	(77)	$	269	$	1,048	$	371

Schedule of Net Gains (Losses) Recognized on Investment Securities

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net (losses) gains recognized on equity securities	$	(99)	$	424	$	1,121	$	642
Net gains (losses) recognized on debt securities available for sale	—		1		1		(179)

Impairment expense	(79)		(212)		(104)		(256)




Net (losses) gains recognized on investment securities	$	(178)	$	213	$	1,018	$	207

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Gross realized gains on sales	$	—	$	1	$	1	$	5
Gross realized losses on sales	—		—		—		(184)
Net gains (losses) recognized on debt securities available for sale	$	—	$	1	$	1	$	(179)

Impairment expense	$	(79)	$	(212)	$	(104)	$	(256)

Schedule of Maturity Dates of Debt Securities

The table below summarizes the maturity dates of debt securities available for sale as of June 30, 2024.


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. government securities	$	73,924	$	39,145	$	34,779	$	—
Corporate securities	6,516		6,516		—		—
U.S. mortgage-backed securities	7,068		6,970		98		—


Commercial paper	15,341		15,341		—		—



Total debt securities available for sale by maturity dates	$	102,849	$	67,972	$	34,877	$	—

Schedule of Equity Method Investments

Equity-method investments consisted of the following:


	June 30, 2024		December 31, 2023
Mutual fund and hedge funds	$	17,354	$	17,358

Equity in (losses) earnings from investments were:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Mutual fund and hedge funds	$	(641)	$	959	$	1,497	$	800

CONTINGENCIES - Overview (Details) - USD ($) $ in Thousands	6 Months Ended
CONTINGENCIES - Overview (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Liggett
Loss Contingencies [Line Items]
Tobacco product liability legal expenses and costs	$ 4,115	$ 4,306

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Related Party Transactions (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenue

^[1]

$ 371,914

$ 365,662

$ 696,481

$ 699,807

Douglas Elliman | VIE

Proceeds from commissions received

793

2,017

842

Douglas Elliman | Transition Services Agreement | Related Party

Revenue

1,050

2,100

Douglas Elliman | Aviation Agreements | Related Party

Revenue

$ 1,000

$ 734

$ 1,595

$ 1,296

[1]	Revenues and cost of sales include federal excise taxes of $120,452, $126,750, $226,275 and $244,568 for the three and six months ended June 30, 2024 and 2023, respectively.

- 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 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 5
-Publisher FASB
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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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

+ Details

NEW VALLEY LLC

6 Months Ended

Jun. 30, 2024

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)	June 30, 2024		December 31, 2023
Condominium and Mixed-Use Development	4.1% - 77.8%	$	93,976	$	108,334
Apartment Buildings	1.5% - 50.0%	6,285		7,791
Hotels	0.4% - 49.0%	5		138
Commercial	1.6% - 49.0%	16,583		15,234

Investments in real estate ventures		$	116,849	$	131,497

_____________________________

(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 because of a number of factors including potential dilution, financing or admission of additional partners.

Contributions:

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


	Six Months Ended
	June 30,
	2024		2023
Condominium and Mixed-Use Development	$	3,649	$	5,166
Apartment Buildings	249		115
Hotels	57		—
Commercial	1,265		—

Total contributions	$	5,220	$	5,281

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 six months ended June 30, 2024 and 2023. 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:


	Six Months Ended
	June 30,
	2024		2023
Condominium and Mixed-Use Development	$	10,029	$	7,883


Commercial	329		179

Total distributions	$	10,358	$	8,062

Of the distributions received by New Valley from its investment in real estate ventures, $329 and $3,954 were from distributions of earnings for the six months ended June 30, 2024 and 2023, respectively, and $10,029 and $4,109 were a return of capital for the six months ended June 30, 2024 and 2023, 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 (Losses) Earnings from Real Estate Ventures:

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Condominium and Mixed-Use Development	$	(441)	$	3,516	$	(10,401)	$	4,163
Apartment Buildings	(541)		(410)		(1,756)		(1,609)
Hotels	(26)		(171)		(189)		(2,094)
Commercial	(205)		19		412		601

Equity in (losses) earnings from real estate ventures	$	(1,213)	$	2,954	$	(11,934)	$	1,061

The Company recorded impairment expense of $0 and $7,030 for the three and six months ended June 30, 2024, respectively. The expense related to two ventures, which were condominium and mixed-use development ventures. The Company recorded impairment expense of $0 and $1,202 for the three and six months ended June 30, 2023, which related to one hotel venture. These ventures were recorded at fair value when the impairment charges were recorded.

VIE Consideration:

The Company has determined that the entities in the real estate ventures were variable interest entities (“VIEs”) and New Valley was not the primary beneficiary. Therefore, New Valley’s investment in such real estate ventures has been accounted for under the equity method of accounting.

Maximum Exposure to Loss:

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


	June 30, 2024
Condominium and Mixed-Use Development	$	93,976
Apartment Buildings	6,285
Hotels	5
Commercial	16,583

Total maximum exposure to loss	$	116,849

New Valley capitalized $1,233 and $2,424 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2024, respectively. New Valley capitalized $1,071 and $2,128 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and six months ended June 30, 2023, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accounts payable	$ 6,148	$ 6,749
Accrued promotional expenses	58,067	51,146
Accrued excise and payroll taxes payable, net	17,386	13,144
Accrued interest	30,041	30,041
Accrued salaries and benefits	7,811	10,952
Allowance for sales returns	13,614	12,675
Other current liabilities	11,346	6,973
Total other current liabilities	$ 144,413	$ 131,680

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted assets	$ 985	$ 1,619
Prepaid pension costs	46,725	45,292
Other assets	38,989	37,418
Total other assets	$ 86,699	$ 84,329

- Definition

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

+ References + Details

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total long-term investments	$ 46,789,000		$ 46,789,000		$ 46,760,000
Cash distributions received			4,750,000	$ 0
In-transit redemptions	151,000		151,000
Equity securities and other long-term investments at cost	7,555,000		7,555,000		$ 7,555,000
Impairment and other adjustments	$ 0	$ 0	$ 0	$ 0
Minimum \| Mutual Fund And Hedge Funds
Schedule of Equity Method Investments [Line Items]
Equity-method ownership percentage	8.13%		8.13%
Maximum \| Mutual Fund And Hedge Funds
Schedule of Equity Method Investments [Line Items]
Equity-method ownership percentage	35.89%		35.89%
Quoted Prices in Active Markets for Identical Assets (Level 1)
Schedule of Equity Method Investments [Line Items]
Total long-term investments	$ 303,000		$ 303,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Long-term investments, fair value	$ 29,435	$ 29,402
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)	157,377,564	155,978,020
Common stock, shares outstanding (in shares)	157,377,564	155,978,020

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 54,178	$ 38,089	$ 88,978	$ 72,830
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized losses	(129)	(237)	(387)	(426)
Net unrealized losses reclassified into net income	79	211	103	435
Net unrealized (losses) gains on investment securities available for sale	(50)	(26)	(284)	9
Net change in pension-related amounts:
Amortization of loss	218	244	437	490
Net change in pension-related amounts	218	244	437	490
Other comprehensive income	168	218	153	499
Income tax effect on:
Change in net unrealized losses on investment securities	32	60	97	109
Net unrealized losses reclassified into net income on investment securities	(20)	(54)	(26)	(112)
Pension-related amounts	(55)	(63)	(110)	(126)
Income tax provision on other comprehensive income	(43)	(57)	(39)	(129)
Other comprehensive income, net of tax	125	161	114	370
Comprehensive income	$ 54,303	$ 38,250	$ 89,092	$ 73,200

INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of:


	June 30, 2024		December 31, 2023
Leaf tobacco	$	57,852	$	46,190
Other raw materials	10,463		9,372
Work-in-process	973		814

Finished goods	67,786		65,295

Inventories at current cost	137,074		121,671
LIFO adjustments:
Leaf tobacco	(21,616)		(19,941)
Other raw materials	(2,636)		(2,411)
Work-in-process	(110)		(105)
Finished goods	(7,580)		(7,255)
Total LIFO adjustments	(31,942)		(29,712)
	$	105,132	$	91,959

All inventories as of June 30, 2024 and December 31, 2023 are reported under the LIFO method.

The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $23,731 and $22,988 as of June 30, 2024 and December 31, 2023, respectively. Federal excise tax capitalized in inventory was $25,193 and $25,151 as of June 30, 2024 and December 31, 2023, respectively.

At June 30, 2024, Liggett had tobacco purchase commitments of approximately $31,363. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2025.

NEW VALLEY LLC (Tables)

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate Ventures

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


	Range of Ownership (1)	June 30, 2024		December 31, 2023
Condominium and Mixed-Use Development	4.1% - 77.8%	$	93,976	$	108,334
Apartment Buildings	1.5% - 50.0%	6,285		7,791
Hotels	0.4% - 49.0%	5		138
Commercial	1.6% - 49.0%	16,583		15,234

Investments in real estate ventures		$	116,849	$	131,497

_____________________________

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


	Six Months Ended
	June 30,
	2024		2023
Condominium and Mixed-Use Development	$	3,649	$	5,166
Apartment Buildings	249		115
Hotels	57		—
Commercial	1,265		—

Total contributions	$	5,220	$	5,281

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


	Six Months Ended
	June 30,
	2024		2023
Condominium and Mixed-Use Development	$	10,029	$	7,883


Commercial	329		179

Total distributions	$	10,358	$	8,062

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Condominium and Mixed-Use Development	$	(441)	$	3,516	$	(10,401)	$	4,163
Apartment Buildings	(541)		(410)		(1,756)		(1,609)
Hotels	(26)		(171)		(189)		(2,094)
Commercial	(205)		19		412		601

Equity in (losses) earnings from real estate ventures	$	(1,213)	$	2,954	$	(11,934)	$	1,061


	June 30, 2024
Condominium and Mixed-Use Development	$	93,976
Apartment Buildings	6,285
Hotels	5
Commercial	16,583

Total maximum exposure to loss	$	116,849

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Antidilutive Securities Excluded from Earnings Per Share (Details) - Non-vested restricted stock - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares of non-vested restricted stock (in shares)	375,000	0	412,775	0
Weighted-average expense per share (in dollars per share)	$ 12.90	$ 0	$ 12.90	$ 0

INVESTMENT SECURITIES - Net Gains (Losses) Recognized on Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net (losses) gains recognized on equity securities	$ (99)	$ 424	$ 1,121	$ 642
Net gains (losses) recognized on debt securities available for sale	0	1	1	(179)
Impairment expense	(79)	(212)	(104)	(256)
Net (losses) gains recognized on investment securities	$ (178)	$ 213	$ 1,018	$ 207

- Definition

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

+ References + Details

CONTINGENCIES

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and 2023, Liggett incurred tobacco product liability legal expenses and costs totaling $4,115 and $4,306, respectively. Legal defense costs are expensed as incurred.

Litigation is subject to uncertainty and it is possible 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 to prevent plaintiffs from seeking to collect judgments while adverse verdicts are on appeal, there remains a risk that such relief may not be obtainable in all cases. This risk has been reduced given that a majority of states now limit the dollar amount of bonds or require no bond at all. As of June 30, 2024, there are no litigation bonds posted.

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 6: (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. As cases proceed through the appellate process, the Company will consider accruals on a case-by-case basis if an unfavorable outcome becomes probable and the amount can be reasonably estimated.

Individual Actions

As of June 30, 2024, there were 97 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						46 *
Illinois						22
Oregon						7
Florida						7
US Virgin Islands - St. Croix						5
Nevada						4
Louisiana						2
New Mexico						2
Hawaii						1
California						1

The plaintiffs’ allegations of liability in cases in which individuals seek recovery for injuries allegedly caused by cigarette smoking are based on various theories of recovery, including negligence, gross negligence, breach of special duty, strict liability, fraud, concealment, misrepresentation, design defect, failure to warn, breach of express and implied warranties, conspiracy, aiding and abetting, concert of action, unjust enrichment, common law public nuisance, property damage, invasion of privacy, mental anguish, emotional distress, disability, shock, indemnity, violations of deceptive trade practice laws, the federal Racketeer Influenced and Corrupt Organizations Act (“RICO”), state RICO statutes and antitrust statutes. In many of these cases, in addition to compensatory damages, plaintiffs also seek other forms of relief including treble/multiple damages, medical monitoring, disgorgement of profits, punitive damages and attorneys’ fees. 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. As of June 30, 2024, 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. As of June 30, 2024, six Engle progeny cases, on behalf of nine plaintiffs, remain pending in state court.

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 Only Cases

As of June 30, 2024, there were three cases pending where Liggett is the sole defendant: Cowart and Cunningham 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 June 30, 2024, there were six Individual Actions (Cain, Gerace, Goodwin, Kanuha, Malevitis and Morton) scheduled for trial through June 30, 2025, where Liggett is a named defendant. Trial dates are subject to change and additional cases could be set for trial during this time.

City of Baltimore

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

Class Actions

As of June 30, 2024, two actions were pending for which either a class had been certified or plaintiffs were seeking class certification where Liggett is a named defendant. Other cigarette manufacturers are also named in these two cases.

In November 1997, in Young v. American Tobacco Co., a purported class action was brought on behalf of plaintiff and all similarly situated residents in Louisiana who, though not themselves cigarette smokers, allege they were exposed to and suffered injury from secondhand smoke from cigarettes. The plaintiffs seek an unspecified amount of compensatory and punitive damages. The case has been stayed since March 2016 pending completion of the smoking cessation program ordered by the court in Scott v. The American Tobacco Co.

In February 1998, in Parsons v. AC & S Inc., a purported class action was brought on behalf of plaintiff and all West Virginia residents who allegedly have claims arising from their exposure to cigarette smoke and asbestos fibers and seeks compensatory and punitive damages. The case has been stayed since December 2000 as a result of bankruptcy petitions filed by three co-defendants.

Plaintiffs’ allegations of liability in class action cases are based on various theories of recovery, including negligence, gross negligence, strict liability, fraud, misrepresentation, design defect, failure to warn, nuisance, breach of express and implied warranties, breach of special duty, conspiracy, concert of action, violation of deceptive trade practice laws and consumer protection statutes and claims under the federal and state anti-racketeering statutes. Plaintiffs in the class actions seek various forms of relief, including compensatory and punitive damages, treble/multiple damages and other statutory damages and penalties, creation of medical monitoring and smoking cessation funds, disgorgement of profits, and injunctive and equitable relief.

Defenses raised in these cases include, among others, lack of proximate cause, individual issues predominate, assumption of the risk, comparative fault and/or contributory negligence, statute of limitations and federal preemption.

Health Care Cost Recovery Actions

As of June 30, 2024, one Health Care Cost Recovery Action was pending against Liggett where the plaintiff seeks to recover damages from Liggett and other cigarette manufacturers based on various theories of recovery as a result of alleged sales of tobacco products to minors. The case is dormant.

The claims asserted in health care cost recovery actions vary, but can include the equitable claim of indemnity, common law claims of negligence, strict liability, breach of express and implied warranty, breach of special duty, fraud, negligent misrepresentation, conspiracy, public nuisance, claims under state and federal statutes governing consumer fraud, antitrust, deceptive trade practices and false advertising, and claims under RICO. Although no specific damage amounts are typically pleaded, it is possible that requested damages might be in the billions of dollars. In these cases, plaintiffs have asserted equitable claims that the tobacco industry was “unjustly enriched” by their payment of health care costs allegedly attributable to smoking and seek reimbursement of those costs. Relief sought by some, but not all, plaintiffs include punitive damages, multiple damages and other statutory damages and penalties, injunctions prohibiting alleged marketing and sales to minors, disclosure of research, disgorgement of profits, funding of anti-smoking programs, additional disclosure of nicotine yields, and payment of attorney and expert witness fees.

MSA and Other State Settlement Agreements

In March 1996, March 1997 and March 1998, Liggett entered into settlements of smoking-related litigation with 45 states and territories. The settlements released Liggett from all smoking-related claims made by those states and territories, including claims for health care cost reimbursement and claims concerning sales of cigarettes to minors.

In November 1998, Philip Morris, R.J. Reynolds and two other companies (the “Original Participating Manufacturers” or “OPMs”) and Liggett and Vector Tobacco (together with any other tobacco product manufacturer that becomes a signatory, the “Subsequent Participating Manufacturers” or “SPMs”) (the OPMs and SPMs are hereinafter referred to jointly as “PMs”) entered into the Master Settlement Agreement (the “MSA”) with 46 states, the District of Columbia, Puerto Rico, Guam, the United States Virgin Islands, American Samoa and the Northern Mariana Islands (collectively, the “Settling States”) to settle the asserted and unasserted health care cost recovery and certain other claims of the Settling States. The MSA received final judicial approval in each Settling State.

As a result of the MSA, the Settling States released Liggett and Vector Tobacco from:

•all claims of the Settling States and their respective political subdivisions and other recipients of state health care funds, relating to: (i) past conduct arising out of the use, sale, distribution, manufacture, development, advertising and marketing of tobacco products; (ii) the health effects of, the exposure to, or research, statements or warnings about, tobacco products; and

•all monetary claims of the Settling States and their respective subdivisions and other recipients of state health care funds relating to future conduct arising out of the use of, or exposure to, tobacco products that have been manufactured in the ordinary course of business.

The MSA restricts tobacco product advertising and marketing within the Settling States and otherwise restricts the activities of PMs. Among other things, the MSA prohibits the targeting of youth in the advertising, promotion or marketing of tobacco products; bans the use of cartoon characters in all tobacco advertising and promotion; limits each PM to one tobacco brand name sponsorship during any 12-month period; bans all outdoor advertising, with certain limited exceptions; prohibits payments for tobacco product placement in various media; bans gift offers based on the purchase of tobacco products without sufficient proof that the intended recipient is an adult; prohibits PMs from licensing third parties to advertise tobacco brand names in any manner prohibited under the MSA; and prohibits PMs from using as a tobacco product brand name any nationally recognized non-tobacco brand or trade name or the names of sports teams, entertainment groups or individual celebrities.

The MSA also requires PMs to affirm corporate principles to comply with the MSA and to reduce underage use of tobacco products and imposes restrictions on lobbying activities conducted on behalf of PMs. In addition, the MSA provides for the appointment of an independent auditor to calculate and determine the amounts of payments owed pursuant to the MSA.

Under the payment provisions of the MSA, PMs are required to make annual payments of $9,000,000 (subject to applicable adjustments, offsets and reductions including a “Non-Participating Manufacturers Adjustment” or “NPM Adjustment”). These annual payments are allocated based on unit volume of domestic cigarette shipments. The payment obligations under the MSA are the several, and not joint, obligations of each PM and are not the responsibility of any parent or affiliate of a PM.

Liggett has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 1.65% of total cigarettes sold in the United States. Vector Tobacco has no payment obligations under the MSA except to the extent its market share exceeds a market share exemption of approximately 0.28% of total cigarettes sold in the United States. Liggett and Vector Tobacco’s domestic shipments accounted for approximately 5.7% of the total cigarettes sold in the United States in the first six months of 2024. 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. Liggett and Vector Tobacco’s MSA obligation for 2023 was approximately $277,500, of which $263,000 was prepaid on December 28, 2023. The remaining balance of $14,489 was paid in April 2024.

Certain MSA Disputes

NPM Adjustment. Liggett and Vector Tobacco contend that they are entitled to an NPM Adjustment for 2003 - 2023. 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 - 2023, 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 41 states and territories representing approximately 82% of the MSA allocable share. As of June 30, 2024, Liggett and Vector Tobacco had accrued approximately $8,208 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 which by their terms, expire 25 years after execution, unless otherwise extended as set forth below. Each of these four states, prior to the effective date of the MSA, negotiated and executed settlement agreements with each of the other major tobacco companies, separate from those settlements reached previously with Liggett. With respect to all non-economic obligations under the previous settlements, Liggett believes it is entitled to the most favorable provisions as between the MSA and each state’s respective settlement with the other major tobacco companies. Therefore, Liggett’s non-economic obligations to all states and territories are now defined by the MSA.

In 2003, as a result of 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, with certain terms under the agreement extending in perpetuity.

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 6, management is unable to estimate the loss or range of loss that could result from an unfavorable outcome of the cases pending against Liggett or the costs of defending such cases and as a result has not provided any amounts in its condensed consolidated financial statements for unfavorable outcomes.

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

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

The activity in the Company’s accruals for the MSA and tobacco litigation for the six months ended June 30, 2024 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, 2024	$	8,812	$	351	$	9,163	$	8,747	$	13,885	$	22,632
Expenses	134,973		264		135,237		—		—		—
NPM Settlement adjustment	(5)		—		(5)		(164)		—		(164)
Change in MSA obligations capitalized as inventory	743		—		743		—		—		—
Payments	(14,489)		(669)		(15,158)		—		—		—
Reclassification to/(from) non-current liabilities	375		3,735		4,110		(375)		(3,735)		(4,110)
Interest on withholding	791		263		1,054		—		561		561
Balance as of June 30, 2024	$	131,200	$	3,944	$	135,144	$	8,208	$	10,711	$	18,919

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


	Current Liabilities						Non-Current Liabilities
	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	135,989		18,375		154,364		—		—		—
NPM Settlement adjustment	—		—		—		(311)		—		(311)
Change in MSA obligations capitalized as inventory	(35)		—		(35)		—		—		—
Payments	(16,776)		(635)		(17,411)		—		—		—
Reclassification to/(from) non-current liabilities	1,635		3,707		5,342		(1,635)		(3,707)		(5,342)
Interest on withholding	—		112		112		—		791		791
Balance as of June 30, 2023	$	135,651	$	21,855	$	157,506	$	9,170	$	13,201	$	22,371

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.

Over the years, Liggett and the Company have received various 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. It is unclear what, if any, liability the Company may have in connection with these matters.

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.

CONTINGENCIES - Schedule of Litigation Activity (Details)	6 Months Ended
	Jun. 30, 2024 case notice
Liggett
Loss Contingencies [Line Items]
Cases pending	3
Liggett \| Oregon
Loss Contingencies [Line Items]
Cases pending	7
Liggett \| New Mexico
Loss Contingencies [Line Items]
Cases pending	2
Individual Actions Cases \| Liggett
Loss Contingencies [Line Items]
Cases pending	97
Individual Actions Cases \| Liggett \| Massachusetts
Loss Contingencies [Line Items]
Cases pending	46
Individual Actions Cases \| Liggett \| Illinois
Loss Contingencies [Line Items]
Cases pending	22
Individual Actions Cases \| Liggett \| Florida
Loss Contingencies [Line Items]
Cases pending	7
Individual Actions Cases \| Liggett \| US Virgin Islands - St. Croix
Loss Contingencies [Line Items]
Cases pending	5
Individual Actions Cases \| Liggett \| Nevada
Loss Contingencies [Line Items]
Cases pending	4
Individual Actions Cases \| Liggett \| Louisiana
Loss Contingencies [Line Items]
Cases pending	2
Individual Actions Cases \| Liggett \| Hawaii
Loss Contingencies [Line Items]
Cases pending	1
Individual Actions Cases \| Liggett \| California
Loss Contingencies [Line Items]
Cases pending	1
Massachusetts Consumer Protection Act
Loss Contingencies [Line Items]
Notices received \| notice	82

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
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, 2023 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: ASUs to be adopted in future periods: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU requires that all public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU requires that all public entities improve the reportable segment disclosure primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. SEC Rule Changes: On March 6, 2024, the SEC passed rule changes that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules 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 will also include disclosure of a registrant's greenhouse gas emissions. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. On April 4, 2024, the SEC voluntarily stayed the rules pending the resolution of certain legal challenges. The Company is currently evaluating the impact of the rule changes.

NEW VALLEY LLC - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
NEW VALLEY LLC - Narrative (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) venture	Jun. 30, 2023 USD ($) venture	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Distributions from real estate ventures			$ 329,000	$ 3,954,000
Distributions from investments in real estate ventures			10,029,000	4,109,000
Impairment of long-term investments					$ 1,202,000
New Valley
Schedule of Investments [Line Items]
Distributions from real estate ventures			329,000	3,954,000
Distributions from investments in real estate ventures			10,029,000	4,109,000
Impairment of long-term investments	$ 0	$ 0	7,030,000	1,202,000
Interest costs capitalized	$ 1,233,000	$ 1,071,000	$ 2,424,000	$ 2,128,000
New Valley \| Building
Schedule of Investments [Line Items]
Number of impaired real estate properties \| venture			2
New Valley \| Hotels
Schedule of Investments [Line Items]
Number of impaired real estate properties \| venture				1

- 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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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income for Purposes of Determining Basic and Diluted EPS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Net income	$ 54,178	$ 38,089	$ 88,978	$ 72,830
Income attributable to participating securities, basic	(1,355)	(1,043)	(2,256)	(1,973)
Income attributable to participating securities, diluted	(1,355)	(1,043)	(2,256)	(1,973)
Net income applicable to common shares, basic	52,823	37,046	86,722	70,857
Net income applicable to common shares, diluted	$ 52,823	$ 37,046	$ 86,722	$ 70,857

- Definition

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

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

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

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INVESTMENT SECURITIES - Components of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 102,849	$ 73,225
Marketable debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	102,843	72,939
Gross Unrealized Gains	6	286
Gross Unrealized Losses	0	0
Fair Value	$ 102,849	$ 73,225

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024
	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)	$	328,308	$	328,308	$	—	$	—

Commercial paper (1)	43,705		—		43,705		—





Investment securities at fair value
Equity securities at fair value
Marketable equity securities	14,103		14,103		—		—
Mutual funds invested in debt securities	24,031		24,031		—		—
Total equity securities at fair value	38,134		38,134		—		—
Debt securities available for sale
U.S. government securities	73,924		—		73,924		—
Corporate securities	6,516		—		6,516		—
U.S. government and federal agency	7,068		—		7,068		—


Commercial paper	15,341		—		15,341		—



Total debt securities available for sale	102,849		—		102,849		—

Total investment securities at fair value	140,983		38,134		102,849		—

Long-term investments
Long-term investment securities at fair value (2)	29,435		—		—		—

Total	$	542,431	$	366,442	$	146,554	$	—

(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, 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)	$	214,515	$	214,515	$	—	$	—

Commercial paper (1)	52,287		—		52,287		—





Investment securities at fair value
Equity securities at fair value
Marketable equity securities	14,286		14,286		—		—
Mutual funds invested in debt securities	23,424		23,424		—		—
Total equity securities at fair value	37,710		37,710		—		—
Debt securities available for sale
U.S. government securities	38,657		—		38,657		—
Corporate securities	12,042		—		12,042		—
U.S. government and federal agency	17,358		—		17,358		—

Commercial paper	5,168		—		5,168		—



Total debt securities available for sale	73,225		—		73,225		—

Total investment securities at fair value	110,935		37,710		73,225		—

Long-term investments
Long-term investment securities at fair value (2)	29,402		—		—		—

Total	$	407,139	$	252,225	$	125,512	$	—

(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.

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, 2023				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	$	1,202	$	—	$	—	$	—	$	—

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Distributions and dividends on common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.40	$ 0.40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Interest and dividend income	$ 6,028	$ 4,916	$ 11,487	$ 8,851
Net (losses) gains recognized on investment securities	(178)	213	1,018	207
Net periodic benefit cost other than the service costs	(267)	(339)	(535)	(678)
Other income	2	1	0	31
Other, net	$ 5,585	$ 4,791	$ 11,970	$ 8,411

INVESTMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

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 June 30, 2024
	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)	$	328,308	$	328,308	$	—	$	—

Commercial paper (1)	43,705		—		43,705		—





Investment securities at fair value
Equity securities at fair value
Marketable equity securities	14,103		14,103		—		—
Mutual funds invested in debt securities	24,031		24,031		—		—
Total equity securities at fair value	38,134		38,134		—		—
Debt securities available for sale
U.S. government securities	73,924		—		73,924		—
Corporate securities	6,516		—		6,516		—
U.S. government and federal agency	7,068		—		7,068		—


Commercial paper	15,341		—		15,341		—



Total debt securities available for sale	102,849		—		102,849		—

Total investment securities at fair value	140,983		38,134		102,849		—

Long-term investments
Long-term investment securities at fair value (2)	29,435		—		—		—

Total	$	542,431	$	366,442	$	146,554	$	—

(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, 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)	$	214,515	$	214,515	$	—	$	—

Commercial paper (1)	52,287		—		52,287		—





Investment securities at fair value
Equity securities at fair value
Marketable equity securities	14,286		14,286		—		—
Mutual funds invested in debt securities	23,424		23,424		—		—
Total equity securities at fair value	37,710		37,710		—		—
Debt securities available for sale
U.S. government securities	38,657		—		38,657		—
Corporate securities	12,042		—		12,042		—
U.S. government and federal agency	17,358		—		17,358		—

Commercial paper	5,168		—		5,168		—



Total debt securities available for sale	73,225		—		73,225		—

Total investment securities at fair value	110,935		37,710		73,225		—

Long-term investments
Long-term investment securities at fair value (2)	29,402		—		—		—

Total	$	407,139	$	252,225	$	125,512	$	—

(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.

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 because of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of June 30, 2024 and December 31, 2023, respectively, except for investments in real estate ventures that were impaired as of December 31, 2023.

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, 2023				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	$	1,202	$	—	$	—	$	—	$	—

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 $1,202 of impairment charges were included in equity in earnings from real estate ventures for the year ended December 31, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONTINGENCIES - Other State Settlements (Details) - MSA	1 Months Ended		12 Months Ended				25 Months Ended
CONTINGENCIES - Other State Settlements (Details) - MSA	Aug. 31, 2023 USD ($)	Jan. 31, 2016 USD ($)	Dec. 31, 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 years expire after execution						25 years
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

CONTINGENCIES - Engle Progeny Settlements (Details) - Engle Progeny Cases $ in Thousands		1 Months Ended
	Nov. 21, 1996 USD ($)	Feb. 28, 2015	Oct. 31, 2013 USD ($) case
Loss Contingencies [Line Items]
Amount of litigation settlement awarded to other party	$ 145,000,000
Liggett
Loss Contingencies [Line Items]
Cases settled \| case			4,900
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

- 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

INVESTMENT SECURITIES - Equity-Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 17,354	$ 17,358
Mutual fund and hedge funds
Schedule of Equity Method Investments [Line Items]
Equity-method investments	$ 17,354	$ 17,358

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

INVENTORIES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
INVENTORIES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Capitalized MSA cost in finished goods inventory	$ 23,731	$ 22,988
Inventories \| Liggett
Inventory [Line Items]
Purchase commitments	31,363
Inventories
Inventory [Line Items]
Federal excise tax in inventory	$ 25,193	$ 25,151

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Income before provision for income taxes	$	74,934	$	53,183	$	123,068	$	101,433
Income tax expense using estimated annual effective income tax rate	20,756		14,997		34,090		28,603
Changes in effective tax rates	—		97		—		—








Income tax expense	$	20,756	$	15,094	$	34,090	$	28,603

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenues:

Total revenues

^[1]

$ 371,914

$ 365,662

$ 696,481

$ 699,807

Cost of sales:

Total cost of sales

^[1]

244,594

248,984

462,495

481,270

Operating, selling, administrative and general expenses

29,461

26,930

58,155

54,222

Litigation settlement and judgment expense

18,105

264

18,375

Operating income

97,786

71,643

175,567

145,940

Other income (expenses):

Interest expense

(26,583)

(27,124)

(54,032)

(54,598)

Loss on extinguishment of debt

(40)

(181)

Equity in (losses) earnings from investments

(641)

959

1,497

800

Equity in (losses) earnings from real estate ventures

(1,213)

2,954

(11,934)

1,061

Other, net

5,585

4,791

11,970

8,411

Income before provision for income taxes

74,934

53,183

123,068

101,433

Income tax expense

20,756

15,094

34,090

28,603

Net income

$ 54,178

$ 38,089

$ 88,978

$ 72,830

Per basic common share:

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

$ 0.34

$ 0.24

$ 0.56

$ 0.46

Per diluted common share:

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

$ 0.34

$ 0.24

$ 0.56

$ 0.46

Revenue, Product and Service [Extensible Enumeration]

Tobacco [Member]

[1]	Revenues and cost of sales include federal excise taxes of $120,452, $126,750, $226,275 and $244,568 for the three and six months ended June 30, 2024 and 2023, respectively.

INVESTMENT SECURITIES - Gross Realized Gains and Losses on Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales	$ 0	$ 1	$ 1	$ 5
Gross realized losses on sales	0	0	0	(184)
Net gains (losses) recognized on debt securities available for sale	0	1	1	(179)
Impairment expense	$ (79)	$ (212)	$ (104)	$ (256)

CONTINGENCIES - Certain MSA Disputes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) state
2003 NPM Adjustment
Loss Contingencies [Line Items]
Number of settling states with diligence not contested \| state	41
Combined allocable share, percentage	82.00%
MSA \| Liggett and Vector Tobacco \| Cost of Sales
Loss Contingencies [Line Items]
Amounts accrued \| $	$ 8,208

- 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

NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0	$ 40,000	$ 0	$ 181,000
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					$ 8,352,000
Loss on extinguishment of debt		$ 40,000		$ 181,000
Revolving credit agreement \| Liggett, Maple and Vector Tobacco
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 90,000,000		$ 90,000,000
Interest rate	7.56%		7.56%
Average undrawn commitments			0.25%
Revolving credit agreement \| Liggett, Maple and Vector Tobacco \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Revolving credit agreement \| Liggett, Maple and Vector Tobacco \| Daily Simple SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Revolving credit agreement \| Liggett
Debt Instrument [Line Items]
Amount outstanding	$ 0		$ 0
Current borrowing capacity	$ 89,600,000		$ 89,600,000

NEW VALLEY LLC - Investment in Real Estate Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments in real estate ventures	$ 116,849		$ 116,849		$ 131,497
Contributions to real estate ventures			5,220	$ 5,281
Equity in (losses) earnings from real estate ventures	(1,213)	$ 2,954	(11,934)	1,061
New Valley
Schedule of Investments [Line Items]
Investments in real estate ventures	116,849		116,849		131,497
Contributions to real estate ventures			5,220	5,281
Distributions from real estate ventures			10,358	8,062
Equity in (losses) earnings from real estate ventures	(1,213)	2,954	(11,934)	1,061
Total maximum exposure to loss	116,849		116,849
New Valley \| Condominium and Mixed-Use Development
Schedule of Investments [Line Items]
Investments in real estate ventures	93,976		93,976		108,334
Contributions to real estate ventures			3,649	5,166
Distributions from real estate ventures			10,029	7,883
Equity in (losses) earnings from real estate ventures	(441)	3,516	(10,401)	4,163
Total maximum exposure to loss	93,976		93,976
New Valley \| Apartment Buildings
Schedule of Investments [Line Items]
Investments in real estate ventures	6,285		6,285		7,791
Contributions to real estate ventures			249	115
Equity in (losses) earnings from real estate ventures	(541)	(410)	(1,756)	(1,609)
Total maximum exposure to loss	6,285		6,285
New Valley \| Hotels
Schedule of Investments [Line Items]
Investments in real estate ventures	5		5		138
Contributions to real estate ventures			57	0
Equity in (losses) earnings from real estate ventures	(26)	(171)	(189)	(2,094)
Total maximum exposure to loss	5		5
New Valley \| Commercial
Schedule of Investments [Line Items]
Investments in real estate ventures	16,583		16,583		$ 15,234
Contributions to real estate ventures			1,265	0
Distributions from real estate ventures			329	179
Equity in (losses) earnings from real estate ventures	(205)	$ 19	412	$ 601
Total maximum exposure to loss	$ 16,583		$ 16,583
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	1.50%		1.50%
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%