Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s business segments for the three and six months ended June 30, 2020 and 2019 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, 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 and six months ended June 30, 2020 and 2019 were as follows:

				Real				Corporate
	Tobacco			Estate				and Other			Total
Three months ended June 30, 2020
Revenues	$	312,510		$	133,250			$	—		$	445,760
Operating income (loss)	79,309		(1)	(6,875		)	(2)	(5,637		)	66,797
Equity in losses from real estate ventures	—			(12,260		)		—			(12,260		)
Depreciation and amortization	2,000			2,198				214			4,412
Three months ended June 30, 2019
Revenues	$	294,501		$	243,931			$	—		$	538,432
Operating income (loss)	68,651		(3)	14,453				(6,860		)	76,244
Equity in earnings from real estate ventures	—			6,391				—			6,391
Depreciation and amortization	1,950			2,024				250			4,224
Six months ended June 30, 2020
Revenues	$	599,579		$	300,669			$	—		$	900,248
Operating income (loss)	148,495		(4)	(74,350		)	(5)	(12,252		)	61,893
Equity in losses from real estate ventures	—			(18,765		)		—			(18,765		)
Depreciation and amortization	4,042			4,511				434			8,987
Capital expenditures	2,973			3,249				20			6,242
Six months ended June 30, 2019
Revenues	$	551,257		$	408,099			$	—		$	959,356
Operating income (loss)	128,795		(6)	4,044				(14,005		)	118,834
Equity in earnings from real estate ventures	—			3,952				—			3,952
Depreciation and amortization	3,907			4,525				500			8,932
Capital expenditures	2,753			3,567				—			6,320

⁽¹⁾ Operating income includes $53 of litigation settlement and judgment expense.

⁽²⁾ Operating loss includes $2,961 of restructuring charges.

⁽³⁾ Operating income includes $655 of litigation settlement and judgment expense.

⁽⁴⁾ Operating income includes $53 of litigation settlement and judgment expense.

⁽⁵⁾ Operating loss includes $58,252 of impairment charges related to the impairments of goodwill and intangible assets and $2,961 of restructuring charges.

⁽⁶⁾ Operating income includes $655 of litigation settlement and judgment expense.