Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

				March 31, 2016
						Subsidiary					Consolidated
	Parent/			Subsidiary		Non-		Consolidating			Vector Group
	Issuer			Guarantors		Guarantors		Adjustments			Ltd.
ASSETS:
Current assets:
Cash and cash equivalents	$	94,637		$	23,664	$	90,747	$	—		$	209,048
Investment securities available for sale	111,659			41,041		—		—			152,700
Accounts receivable - trade, net	—			10,451		9,998		—			20,449
Intercompany receivables	14,986			—		—		(14,986		)	—
Inventories	—			92,451		—		—			92,451
Deferred income taxes	—			—		—		—			—
Income taxes receivable, net	23,815			—		—		(19,194		)	4,621
Restricted assets	—			8,214		1,414		—			9,628
Other current assets	1,422			3,588		32,738		—			37,748
Total current assets	246,519			179,409		134,897		(34,180		)	526,645
Property, plant and equipment, net	1,671			52,723		19,214		—			73,608
Real estate held for sale, net	—			—		23,366		—			23,366
Long-term investments	58,525			462		501		—			59,488
Investments in real estate ventures	—			—		225,033		—			225,033
Investments in consolidated subsidiaries	518,783			—		—		(518,783		)	—
Restricted assets	1,716			13,171		—		—			14,887
Goodwill and other intangible assets, net	—			107,511		155,902		—			263,413
Prepaid pension costs	—			20,976		—		—			20,976
Other assets	7,332			11,817		2,224		—			21,373
Total assets	$	834,546		$	386,069	$	561,137	$	(552,963	)	$	1,228,789
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt	$	—		$	25,836	$	91	$	—		$	25,927
Current portion of employee benefits	—			914		—		—			914
Intercompany payables	—			315		14,671		(14,986		)	—
Income taxes payable, net	—			18,949		245		(19,194		)	—
Litigation accruals and current payments due under the Master Settlement Agreement	—			51,391		—		—			51,391
Other current liabilities	24,938			54,885		33,262		—			113,085
Total current liabilities	24,938			152,290		48,269		(34,180		)	191,317
Notes payable, long-term debt and other obligations, less current portion	857,493			6,815		246		—			864,554
Fair value of derivatives embedded within convertible debt	134,348			—		—		—			134,348
Non-current employee benefits	39,660			15,511		—		—			55,171
Deferred income taxes, net	7,167			33,493		44,409		—			85,069
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	5,011			42,279		4,900		—			52,190
Total liabilities	1,068,617			250,388		97,824		(34,180		)	1,382,649
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.	(234,071		)	135,681		383,102		(518,783		)	(234,071		)
Non-controlling interest	—			—		80,211		—			80,211
Total stockholders' (deficiency) equity	(234,071		)	135,681		463,313		(518,783		)	(153,860		)
Total liabilities and stockholders' deficiency	$	834,546		$	386,069	$	561,137	$	(552,963	)	$	1,228,789

CONDENSED CONSOLIDATING BALANCE SHEETS

				December 31, 2015
						Subsidiary					Consolidated
	Parent/			Subsidiary		Non-		Consolidating			Vector Group
	Issuer			Guarantors		Guarantors		Adjustments			Ltd.
ASSETS:
Current assets:
Cash and cash equivalents	$	111,470		$	12,375	$	116,523	$	—		$	240,368
Investment securities available for sale	131,810			50,166		—		—			181,976
Accounts receivable - trade, net	—			15,913		7,976		—			23,889
Intercompany receivables	11,293			—		—		(11,293		)	—
Inventories	—			86,516		—		—			86,516
Income taxes receivable, net	8,213			—		—		(5,372		)	2,841
Restricted assets	—			7,781		1,414		—			9,195
Other current assets	575			3,747		34,632		—			38,954
Total current assets	263,361			176,498		160,545		(16,665		)	583,739
Property, plant and equipment, net	1,711			54,097		19,824		—			75,632
Real estate held for sale, net	—			—		23,318		—			23,318
Long-term investments	61,747			478		501		—			62,726
Investments in real estate ventures	—			—		217,168		—			217,168
Investments in consolidated subsidiaries	532,501			—		—		(532,501		)	—
Restricted assets	1,713			10,590		—		—			12,303
Goodwill and other intangible assets, net	—			107,511		156,448		—			263,959
Prepaid pension costs	—			20,650		—		—			20,650
Other assets	7,582			11,769		1,769		—			21,120
Total assets	$	868,615		$	381,593	$	579,573	$	(549,166	)	$	1,280,615
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt	$	—		$	8,733	$	186	$	—		$	8,919
Current portion of employee benefits	—			915		—		—			915
Intercompany payables	—			586		10,707		(11,293		)	—
Income taxes payable, net	—			5,464		4		(5,372		)	96
Litigation accruals and current payments due under the Master Settlement Agreement	—			52,145		—		—			52,145
Other current liabilities	38,140			74,083		41,994		—			154,217
Total current liabilities	38,140			141,926		52,891		(16,665		)	216,292
Notes payable, long-term debt and other obligations, less current portion	848,368			7,519		221		—			856,108
Fair value of derivatives embedded within convertible debt	144,042			—		—		—			144,042
Non-current employee benefits	39,244			15,811		—		—			55,055
Deferred income taxes, net	2,675			33,791		42,963		—			79,429
Other liabilities, primarily litigation accruals and payments due under the Master Settlement Agreement	2,193			44,982		4,675		—			51,850
Total liabilities	1,074,662			244,029		100,750		(16,665		)	1,402,776
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.	(206,047		)	137,564		394,937		(532,501		)	(206,047		)
Non-controlling interest	—			—		83,886		—			83,886
Total stockholders' (deficiency) equity	(206,047		)	137,564		478,823		(532,501		)	(122,161		)
Total liabilities and stockholders' deficiency	$	868,615		$	381,593	$	579,573	$	(549,166	)	$	1,280,615

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

				Three Months Ended March 31, 2016
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	221,142		$	159,747		$	(89	)	$	380,800
Expenses:
Cost of sales	—			136,744			99,678			—			236,422
Operating, selling, administrative and general expenses	9,196			18,273			52,448			(89		)	79,828
Litigation settlement and judgment expense	—			2,350			—			—			2,350
Management fee expense	—			2,662			—			(2,662		)	—
Restructuring charges	—			41			—			—			41
Operating (loss) income	(9,196		)	61,072			7,621			2,662			62,159
Other income (expenses):
Interest expense	(29,758		)	(959		)	(3		)	—			(30,720		)
Change in fair value of derivatives embedded within convertible debt	9,694			—			—			—			9,694
Equity in losses from real estate ventures	—			—			(507		)	—			(507		)
Equity in losses from investments	(1,655		)	(16		)	—			—			(1,671		)
Gain on sale of investment securities available for sale	176			391			—			—			567
Impairment of investment securities available for sale	(41		)	(4,772		)	—			—			(4,813		)
Equity in earnings in consolidated subsidiaries	35,610			—			—			(35,610		)	—
Management fee income	2,662			—			—			(2,662		)	—
Other, net	400			237			410			—			1,047
Income before provision for income taxes	7,892			55,953			7,521			(35,610		)	35,756
Income tax benefit (expense)	11,446			(23,386		)	(2,423		)	—			(14,363		)
Net income	19,338			32,567			5,098			(35,610		)	21,393
Net income attributed to non-controlling interest	—			—			(2,055		)	—			(2,055		)
Net income attributed to Vector Group Ltd.	$	19,338		$	32,567		$	3,043		$	(35,610	)	$	19,338
Comprehensive income attributed to non-controlling interest	$	—		$	—		$	(2,055	)	$	—		$	(2,055	)
Comprehensive income attributed to Vector Group Ltd.	$	19,381		$	32,710		$	3,043		$	(35,753	)	$	19,381

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

				Three Months Ended March 31, 2015
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Revenues	$	—		$	228,623		$	132,256		$	(119	)	$	360,760
Expenses:
Cost of sales	—			157,660			84,358			—			242,018
Operating, selling, administrative and general expenses	7,194			21,337			45,769			(119		)	74,181
Litigation settlement and judgment expense	—			843			—			—			843
Management fee expense	—			2,562			—			(2,562		)	—
Operating (loss) income	(7,194		)	46,221			2,129			2,562			43,718
Other income (expenses):
Interest expense	(30,754		)	(991		)	(1		)	—			(31,746		)
Change in fair value of derivatives embedded within convertible debt	6,460			—			—			—			6,460
Equity in earnings from real estate ventures	—			—			338			—			338
(Loss) gain on sale of investment securities available for sale	(146		)	13,175			—			—			13,029
Equity in earnings from investments	604			8			—			—			612
Equity in earnings in consolidated subsidiaries	35,994			—			—			(35,994		)	—
Management fee income	2,562			—			—			(2,562		)	—
Other, net	1,065			320			552			—			1,937
Income before provision for income taxes	8,591			58,733			3,018			(35,994		)	34,348
Income tax benefit (expense)	12,625			(24,184		)	(1,308		)	—			(12,867		)
Net income	21,216			34,549			1,710			(35,994		)	21,481
Net income attributed to non-controlling interest	—			—			(260		)	—			(260		)
Net income attributed to Vector Group Ltd.	$	21,216		$	34,549		$	1,450		$	(35,994	)	$	21,221
Comprehensive income attributed to non-controlling interest	$	—		$	—		$	(260	)	$	—		$	(260	)
Comprehensive income attributed to Vector Group Ltd.	$	27,592		$	32,267		$	1,450		$	(35,106	)	$	26,203

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

				Three Months Ended March 31, 2016
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Net cash provided by operating activities	$	12,633		$	30,671		$	1,917		$	(50,157	)	$	(4,936	)
Cash flows from investing activities:
Sale of investment securities	46,497			4,721			—			—			51,218
Maturities of investment securities	343			—			—			—			343
Purchase of investment securities	(29,112		)	—			—			—			(29,112		)
Investments in real estate ventures	—			—			(5,795		)	—			(5,795		)
Distributions from investments in real estate ventures	—			—			12			—			12
Increase in cash surrender value of life insurance policies	—			(62		)	—			—			(62		)
Increase in restricted assets	(3		)	(3,014		)	—			—			(3,017		)
Investments in subsidiaries	(471		)	—			—			471			—
Capital expenditures	(18		)	(2,618		)	(1,279		)	—			(3,915		)
Pay downs of investment securities	2,174			—			—			—			2,174
Investments in real estate held for sale	—			—			(49		)	—			(49		)
Net cash provided by (used in) investing activities	19,410			(973		)	(7,111		)	471			11,797
Cash flows from financing activities:
Proceeds from issuance of debt	—			—			57			—			57
Repayments of debt	—			(1,545		)	(31		)	—			(1,576		)
Borrowings under revolver	—			59,426			—			—			59,426
Repayments on revolver	—			(41,482		)	—			—			(41,482		)
Capital contributions received	—			100			371			(471		)	—
Intercompany dividends paid	—			(34,908		)	(15,249		)	50,157			—
Dividends and distributions on common stock	(48,876		)	—			—			—			(48,876		)
Contributions from non-controlling interest	—			—			248			—			248
Distributions to non-controlling interest	—			—			(5,978		)	—			(5,978		)
Net cash used in financing activities	(48,876		)	(18,409		)	(20,582		)	49,686			(38,181		)
Net (decrease) increase in cash and cash equivalents	(16,833		)	11,289			(25,776		)	—			(31,320		)
Cash and cash equivalents, beginning of period	111,470			12,375			116,523			—			240,368
Cash and cash equivalents, end of period	$	94,637		$	23,664		$	90,747		$	—		$	209,048

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

				Three Months Ended March 31, 2015
							Subsidiary						Consolidated
	Parent/			Subsidiary			Non-			Consolidating			Vector Group
	Issuer			Guarantors			Guarantors			Adjustments			Ltd.
Net cash (used in) provided by operating activities	$	(1,451	)	$	58,885		$	(4,122	)	$	(45,484	)	$	7,828
Cash flows from investing activities:
Sale of investment securities	60,176			14,415			—			—			74,591
Maturities of investment securities	947			—			—			—			947
Purchase of investment securities	(66,152		)	(1,476		)	—			—			(67,628		)
Proceeds from sale or liquidation of long-term investments	1,106			—			110			—			1,216
Purchase of long-term investments	(5,000		)	—			—			—			(5,000		)
Investments in real estate ventures	—			—			(7,816		)	—			(7,816		)
Increase in cash surrender value of life insurance policies	(558		)	(48		)	—			—			(606		)
Increase in restricted assets	(1		)	(6,932		)	—			—			(6,933		)
Pay downs of investment securities	1,594			—			—			—			1,594
Proceeds from sale of fixed assets	—			3			—			—			3
Investments in subsidiaries	(1,969		)	—			—			1,969			—
Capital expenditures	—			(956		)	(2,200		)	—			(3,156		)
Net cash (used in) provided by investing activities	(9,857		)	5,006			(9,906		)	1,969			(12,788		)
Cash flows from financing activities:
Deferred financing costs	—			(585		)	—			—			(585		)
Repayments of debt	—			(1,797		)	(60		)	—			(1,857		)
Borrowings under revolver	—			107,668			—			—			107,668
Repayments on revolver	—			(110,792		)	—			—			(110,792		)
Capital contributions received	—			1,950			19			(1,969		)	—
Intercompany dividends paid	—			(43,955		)	(1,529		)	45,484			—
Dividends and distributions on common stock	(46,350		)	—			—			—			(46,350		)
Proceeds from exercise of Vector options	809			—			—			—			809
Tax benefit of options exercised	274			—			—			—			274
Net cash used in financing activities	(45,267		)	(47,511		)	(1,570		)	43,515			(50,833		)
Net (decrease) increase in cash and cash equivalents	(56,575		)	16,380			(15,598		)	—			(55,793		)
Cash and cash equivalents, beginning of period	211,751			9,724			104,890			—			326,365
Cash and cash equivalents, end of period	$	155,176		$	26,104		$	89,292		$	—		$	270,572