2.2.0.25falsefalse0204 - Disclosure - Notes Payable, Long Term Debt and Other Obligationstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000059440duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vgr_NotesPayableLongTermDebtAndOtherObligationsAbstractvgrfalsenadurationNotes payable, long-term debt and other obligations.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNotes payable, long-term debt and other obligations.falsefalse
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<!-- Begin Block Tagged Note 4 - us-gaap:DebtDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"><b>4.</b></td>
<td width="1%"> </td>
<td><b>NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS</b>            </td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Notes payable, long-term debt and other obligations consist of:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">March 31,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">December 31,</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vector:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">11% Senior Secured Notes due 2015, net of unamortized
discount of $701 and $730
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">414,299</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">414,270</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">6.75% Variable Interest Senior Convertible Note due
2014, net of unamortized discount of $37,860 and $38,353*
</div></td>
<td> </td>
<td> </td>
<td align="right">12,140</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11,647</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">6.75% Variable Interest Senior Convertible Exchange Notes
due 2014, net of unamortized discount of $63,124 and $64,713*
</div></td>
<td> </td>
<td> </td>
<td align="right">44,406</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42,817</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">3.875% Variable Interest Senior Convertible Debentures due
2026, net of unamortized discount of $82,888 and $83,060*
</div></td>
<td> </td>
<td> </td>
<td align="right">27,112</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26,940</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Liggett:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Revolving credit facility
</div></td>
<td> </td>
<td> </td>
<td align="right">8,477</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35,710</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Term loan under credit facility
</div></td>
<td> </td>
<td> </td>
<td align="right">6,089</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,222</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Equipment loans
</div></td>
<td> </td>
<td> </td>
<td align="right">18,347</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19,030</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">745</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">761</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total notes payable, long-term debt and other obligations
</div></td>
<td> </td>
<td> </td>
<td align="right">531,615</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">557,397</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Less:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Current maturities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(29,864</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(51,345</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amount due after one year
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">501,751</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">506,052</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">*</td>
<td> </td>
<td>The fair value of the derivatives embedded within the 6.75% Variable Interest
Convertible Note ($19,485 at March 31, 2011 and $20,219 at December 31, 2010,
respectively), the 6.75% Variable Interest Senior Convertible Exchange Notes
($36,931 at March 31, 2011 and $38,324 at December 31, 2010, respectively), and the
3.875% Variable Interest Senior Convertible Debentures ($85,651 at March 31, 2011
and $82,949 at December 31, 2010, respectively) is separately classified as
a derivative liability in the condensed consolidated balance sheets.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><u>Revolving Credit Facility — Liggett</u>:
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Liggett has a $50,000 credit facility with Wachovia Bank, N.A. (“Wachovia”) under which $8,477
was outstanding at March 31, 2011. Availability as determined under the facility was
approximately $27,500 based on eligible collateral at March 31, 2011.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><u>11% Senior Secured Notes due 2015 — Vector</u>:
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">The Company has outstanding $415,000 principal amount of its 11% Senior Secured Notes due 2015
(the “Senior Secured Notes”). The Senior Secured Notes were sold in August 2007 ($165,000),
September 2009 ($85,000),
April 2010 ($75,000) and December 2010 ($90,000) in private offerings to qualified
institutional investors in accordance with Rule 144A of the Securities Act of 1933.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">In May 2008 and June 2010, the Company completed offers to exchange the Senior Secured Notes
then outstanding for an equal amount of newly issued 11% Senior Secured Notes due 2015. On
April 12, 2011, the Company commenced an offer to exchange the Senior Secured Notes issued in
December 2010 for an equal amount of newly issued 11% Senior Secured Notes due 2015. The new
Senior Secured Notes have substantially the same terms as the original Notes, except that the
new Senior Secured Notes have been registered under the Securities Act.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><u>Non-cash Interest Expense — Vector</u>:
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Components of non-cash interest expense is as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Three Months</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Three Months</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Ended</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization of debt discount
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,282</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,638</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization of deferred finance costs
</div></td>
<td> </td>
<td> </td>
<td align="right">1,417</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,002</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,699</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,640</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><u>Fair Value of Notes Payable and Long-term Debt:</u>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">March 31, 2011</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">December 31, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Carrying</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Fair</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Carrying</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Fair</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Notes payable and
long-term debt
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">531,615</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">802,503</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">557,397</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">827,247</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
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<!-- Begin Block Tagged Notefalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringInformation 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, 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
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12Notes Payable, Long Term Debt and Other ObligationsUnKnownUnKnownUnKnownUnKnownfalsetrue