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Segment Information
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION

The Company’s business segments for the three months ended March 31, 2019 and 2018 were Tobacco and Real Estate. The Tobacco segment consisted of the manufacture and sale of conventional cigarettes. The Real Estate segment included the Company’s investment in New Valley LLC, which includes Douglas Elliman, Escena, Sagaponack and investments in real estate ventures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Financial information for the Company’s operations before taxes and non-controlling interests for the three months ended March 31, 2019 and 2018 were as follows:

 
 
 
Real
 
Corporate
 
 
 
Tobacco
 
Estate
 
and Other
 
Total
Three months ended March 31, 2019
 
 
 
 
 
 
 
Revenues
$
256,756

 
$
164,168

 
$
—

 
$
420,924

Operating income (loss)
60,144

 
(10,409
)
 
(7,145
)
 
42,590

Equity in losses from real estate ventures
—

 
(2,439
)
 
—

 
(2,439
)
Depreciation and amortization
1,957

 
2,501

 
250

 
4,708

Capital expenditures
1,638

 
2,187

 
—

 
3,825

 


 
 
 
 
 
 
Three months ended March 31, 2018
 
 
 
 
 
 
 
Revenues
$
267,116

 
$
161,850

 
$
—

 
$
428,966

Operating income (loss)
63,411

(1)
(8,760
)
(2)
(6,567
)
 
48,084

Equity in losses from real estate ventures
—

 
(6,560
)
 
—

 
(6,560
)
Depreciation and amortization
2,037

 
2,289

 
261

 
4,587

Capital expenditures
911

 
3,071

 
5

 
3,987


(1) 
Operating income includes $3,490 of income from a settlement of a long-standing dispute related to the Master Settlement Agreement.
(2) 
Operating income includes $2,469 of litigation settlement and judgment income.