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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended September 30, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
VECTOR GROUP LTD.
(Exact name of registrant as specified in its charter)
Delaware 1-5759 65-0949535
(State or other jurisdiction of incorporation Commission File Number (I.R.S. Employer Identification No.)
incorporation or organization)
4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)
Securities Registered Pursuant to 12(b) of the Act:
Title of each class: Trading Name of each exchange
Symbol(s) on which registered:
Common stock, par value $0.10 per share VGR New York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o No
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes o No
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging Growth Company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x No
    At November 3, 2021, Vector Group Ltd. had 153,959,427 shares of common stock outstanding.



VECTOR GROUP LTD.

FORM 10-Q

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1. Vector Group Ltd. Condensed Consolidated Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
2
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020
3
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020
4
Condensed Consolidated Statements of Stockholders' Deficiency for the three and nine months ended September 30, 2021 and 2020
5
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020
7
Notes to Condensed Consolidated Financial Statements
8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURE

1

VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
September 30,
2021
December 31,
2020
ASSETS:
Current assets:
Cash and cash equivalents $ 523,731  $ 352,842 
Investment securities at fair value 155,095  135,585 
Accounts receivable - trade, net 46,426  40,711 
Inventories 89,774  97,545 
Other current assets 42,976  37,220 
Total current assets 858,002  663,903 
Property, plant and equipment, net 77,812  77,988 
Investments in real estate, net 9,551  15,631 
Long-term investments (includes $38,539 and $34,218 at fair value)
58,411  52,528 
Investments in real estate ventures 74,199  85,400 
Operating lease right-of-use assets 136,515  145,356 
Goodwill and other intangible assets, net 214,701  207,577 
Other assets 106,767  95,026 
Total assets $ 1,535,958  $ 1,343,409 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt $ 12,583  $ 12,557 
 Current payments due under the Master Settlement Agreement
131,831  38,767 
Income taxes payable, net 10,291  5,847 
Current operating lease liability 26,305  27,207 
Other current liabilities 206,706  198,937 
Total current liabilities 387,716  283,315 
Notes payable, long-term debt and other obligations, less current portion 1,400,880  1,393,729 
Non-current employee benefits 66,937  66,616 
Deferred income taxes, net 37,263  32,456 
Non-current operating lease liability 141,671  154,199 
Payments due under the Master Settlement Agreement 13,224  17,933 
Other liabilities 61,399  54,848 
Total liabilities 2,109,090  2,003,096 
Commitments and contingencies (Note 9)
Stockholders' deficiency:
Preferred stock, par value $1 per share, 10,000,000 shares authorized
—  — 
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 153,959,427 and 153,324,629 shares issued and outstanding
15,396  15,332 
Additional paid-in capital 4,488  — 
Accumulated deficit (574,594) (653,945)
Accumulated other comprehensive loss (20,302) (21,074)
Total Vector Group Ltd. stockholders' deficiency (575,012) (659,687)
Non-controlling interest 1,880  — 
Total stockholders' deficiency (573,132) (659,687)
Total liabilities and stockholders' deficiency $ 1,535,958  $ 1,343,409 

The accompanying notes are an integral part of the condensed consolidated financial statements.
2


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Revenues:
   Tobacco* $ 297,942  $ 318,850  $ 895,901  $ 918,429 
   Real estate 354,704  228,981  1,030,038  529,650 
       Total revenues 652,646  547,831  1,925,939  1,448,079 
Expenses:
 Cost of sales:
   Tobacco* 186,398  204,101  556,574  615,458 
   Real estate 260,692  170,474  754,468  374,625 
       Total cost of sales 447,090  374,575  1,311,042  990,083 
Operating, selling, administrative and general expenses 98,925  77,019  280,982  238,600 
Litigation settlement and judgment expense 12  —  17  53 
Net gains on sales of assets (910) —  (910) — 
Impairments of goodwill and other intangible assets —  —  —  58,252 
Restructuring charges —  320  —  3,281 
Operating income 107,529  95,917  334,808  157,810 
Other income (expenses):
Interest expense (28,287) (28,163) (85,153) (93,148)
Loss on extinguishment of debt —  —  (21,362) — 
Change in fair value of derivatives embedded within convertible debt —  —  —  4,999 
Equity in earnings from investments 44  1,840  1,562  54,199 
Equity in (losses) earnings from real estate ventures (5,869) (8,536) 12,405  (27,301)
Other, net (969) (5,096) 7,363  (8,116)
Income before provision for income taxes 72,448  55,962  249,623  88,443 
Income tax expense 23,679  17,823  75,592  27,761 
Net income 48,769  38,139  174,031  60,682 
Net loss attributed to non-controlling interest 120  —  120  — 
Net income attributed to Vector Group Ltd. $ 48,889  $ 38,139  $ 174,151  $ 60,682 
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd. $ 0.32  $ 0.25  $ 1.13  $ 0.39 
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd. $ 0.32  $ 0.25  $ 1.13  $ 0.39 
                                      

* Revenues and cost of sales include federal excise taxes of $106,408, $120,320, $322,857, and $354,629 for the three and nine months ended September 30, 2021 and 2020, respectively.


The accompanying notes are an integral part of the condensed consolidated financial statements.
3


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
Unaudited
  Three Months Ended Nine Months Ended
September 30, September 30,
  2021 2020 2021 2020
 
Net income $ 48,769  $ 38,139  $ 174,031  $ 60,682 
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized losses (111) (242) (415) (262)
Net unrealized losses reclassified into net income 36  29  434 
Net unrealized (losses) gains on investment securities available for sale (75) (241) (386) 172 
Net change in pension-related amounts:
Amortization of loss 481  463  1,444  1,390 
Other comprehensive income 406  222  1,058  1,562 
Income tax effect on:
Change in net unrealized losses on investment securities 30  65  112  71 
Net unrealized losses reclassified into net income on investment securities (10) —  (8) (117)
Pension-related amounts (130) (125) (390) (375)
Income tax provision on other comprehensive income (110) (60) (286) (421)
Other comprehensive income, net of tax 296  162  772  1,141 
Comprehensive income 49,065  38,301  174,803  61,823 
Comprehensive loss attributed to non-controlling interest 120  —  120  — 
Comprehensive income attributed to Vector Group Ltd. $ 49,185  $ 38,301  $ 174,923  $ 61,823 

The accompanying notes are an integral part of the condensed consolidated financial statements.
4


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(Dollars in Thousands, Except Share Amounts)
Unaudited
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-In Accumulated
Other Comprehensive
Non-controlling
Common Stock Accumulated
Shares Amount Capital Deficit Loss Interest Total
Balance as of July 1, 2021 154,156,100  $ 15,416  $ 5,048  $ (591,911) $ (20,598) $ —  $ (592,045)
Net income (loss) —  —  —  48,889  —  (120) 48,769 
Total other comprehensive income —  —  —  —  296  —  296 
Dividends on common stock ($0.20 per share)
—  —  —  (31,572) —  —  (31,572)
Surrender of shares in connection with restricted stock vesting (196,673) (20) (2,935) —  —  —  (2,955)
Stock-based compensation —  —  2,375  —  —  —  2,375 
Acquisition of subsidiary —  —  —  —  —  500  500 
Contributions from non-controlling interest —  —  —  —  —  1,500  1,500 
Balance as of September 30, 2021 153,959,427  $ 15,396  $ 4,488  $ (574,594) $ (20,302) $ 1,880  $ (573,132)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-In Accumulated
Other Comprehensive
Non-controlling
Common Stock Accumulated
Shares Amount Capital Deficit Loss Interest Total
Balance as of July 1, 2020 153,484,477  $ 15,348  $ —  $ (663,723) $ (20,829) $ —  $ (669,204)
Net income —  —  —  38,139  —  —  38,139 
Total other comprehensive income —  —  —  —  162  —  162 
Distributions and dividends on common stock ($0.20 per share)
—  —  (366) (31,197) —  —  (31,563)
Restricted stock grant 20,000  (2) —  —  —  — 
Surrender of shares in connection with restricted stock vesting (211,119) (21) (2,103) —  —  —  (2,124)
Stock-based compensation —  —  2,471  —  —  —  2,471 
Balance as of September 30, 2020 153,293,358  $ 15,329  $ —  $ (656,781) $ (20,667) $ —  $ (662,119)

The accompanying notes are an integral part of the condensed consolidated financial statements.
5


Vector Group Ltd. Stockholders' Deficiency
Additional Paid-In Accumulated
Other Comprehensive
Non-controlling
Common Stock Accumulated
Shares Amount Capital Deficit Loss Interest Total
Balance as of January 1, 2021 153,324,629  $ 15,332  $ —  $ (653,945) $ (21,074) $ —  $ (659,687)
Impact of adoption of new accounting standards —  —  —  —  —  —  — 
Net income (loss) —  —  —  174,151  —  (120) 174,031 
Total other comprehensive income —  —  —  —  772  —  772 
Dividends on common stock ($0.60 per share)
—  —  —  (94,800) —  —  (94,800)
Restricted stock grants 873,500  88  (88) —  —  —  — 
Surrender of shares in connection with restricted stock vesting (238,702) (24) (3,539) —  —  —  (3,563)
Stock-based compensation —  —  8,115  —  —  —  8,115 
Acquisition of subsidiary —  —  —  —  —  500  500 
Contributions from non-controlling interest —  —  —  —  —  1,500  1,500 
Balance as of September 30, 2021 153,959,427  $ 15,396  $ 4,488  $ (574,594) $ (20,302) $ 1,880  $ (573,132)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-In Accumulated
Other Comprehensive
Non-controlling
Common Stock Accumulated
Shares Amount Capital Deficit Loss Interest Total
Balance as of January 1, 2020 148,084,900  $ 14,808  $ —  $ (678,464) $ (21,808) $ 448  $ (685,016)
Impact of adoption of new accounting standards —  —  —  (2,263) —  —  (2,263)
Net income —  —  —  60,682  —  —  60,682 
Total other comprehensive income —  —  —  —  1,141  —  1,141 
Distributions and dividends on common stock ($0.60 per share)
—  —  (56,868) (36,816) —  —  (93,684)
Restricted stock grant 425,000  43  (43) —  —  —  — 
Surrender of shares in connection with restricted stock vesting (216,542) (22) (2,164) —  —  —  (2,186)
Issuance of common stock 5,000,000  500  52,063  —  —  —  52,563 
Stock-based compensation —  —  7,012  —  —  —  7,012 
Distributions to non-controlling interest —  —  —  —  —  (448) (448)
Other —  —  —  80  —  —  80 
Balance as of September 30, 2020 153,293,358  $ 15,329  $ —  $ (656,781) $ (20,667) $ —  $ (662,119)

The accompanying notes are an integral part of the condensed consolidated financial statements.
6


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited
Nine Months Ended
September 30,
2021 2020
Net cash provided by operating activities $ 311,337  $ 318,660 
Cash flows from investing activities:
Sale of investment securities 33,517  20,773 
Maturities of investment securities 50,731  43,405 
Purchase of investment securities (99,287) (64,827)
Proceeds from sale or liquidation of long-term investments 8,509  30,255 
Purchase of long-term investments (13,053) (9,238)
Investments in real estate ventures (15,912) (6,239)
Distributions from investments in real estate ventures 11,879  11,606 
Increase in cash surrender value of life insurance policies (1,253) (723)
(Increase) decrease in restricted assets (5) 384 
Proceeds from sale of fixed assets 17  — 
Capital expenditures (11,103) (8,824)
Purchase of subsidiaries (500) — 
Paydowns of investment securities 415  627 
Investments in real estate, net —  (701)
Net cash (used in) provided by investing activities (36,045) 16,498 
Cash flows from financing activities:
Proceeds from issuance of debt 875,000  520 
Deferred financing costs (20,109) — 
Repayments of debt (859,801) (173,779)
Borrowings under revolver 7,778  130,686 
Repayments on revolver (7,778) (165,639)
Dividends and distributions on common stock (98,403) (97,781)
Contributions from non-controlling interest 1,500  — 
Distributions to non-controlling interest —  (448)
Proceeds from issuance of common stock —  52,563 
Other (102) — 
Net cash used in financing activities (101,915) (253,878)
Net increase in cash, cash equivalents and restricted cash 173,377  81,280 
Cash, cash equivalents and restricted cash, beginning of period 365,677  379,476 
Cash, cash equivalents and restricted cash, end of period $ 539,054  $ 460,756 

The accompanying notes are an integral part of the condensed consolidated financial statements.
7

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

1.     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 Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC (“Douglas Elliman”) 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 of the 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, 2020 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.
Certain reclassifications have been made to the 2020 financial information to conform to the 2021 presentation. Credit loss expense has been reclassified from Other (expense) income as components of Other, net.

(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. Any amounts exceeding retained earnings 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 was as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Net income attributed to Vector Group Ltd. $ 48,889  $ 38,139  $ 174,151  $ 60,682 
Income attributed to participating securities (823) (708) (2,510) (1,976)
Net income applicable to common shares attributed to Vector Group Ltd. $ 48,066  $ 37,431  $ 171,641  $ 58,706 










8

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited


Basic and diluted EPS were calculated using the following common shares:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Weighted-average shares for basic EPS 152,535,244  152,216,118  152,357,669  149,541,642 
Plus incremental shares related to stock options and non-vested restricted stock 34,376  8,470  132,411  32,007 
Weighted-average shares for diluted EPS 152,569,620  152,224,588  152,490,080  149,573,649 

The following non-vested restricted stock were outstanding during the three and nine months ended September 30, 2021 and 2020, but were not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock was greater than the average market price of the common shares during the respective periods. The following shares issuable upon the conversion of convertible debt were outstanding during the three and nine months ended September 30, 2020, but were not included in the computation of diluted EPS because the impact of the common shares issuable under the convertible debt were anti-dilutive to EPS.
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
  Weighted-average shares of non-vested restricted stock 210,642  612,538  —  555,918 
  Weighted-average expense per share $ 19.54  $ 18.29  $ —  $ 19.54 
  Weighted-average number of shares issuable upon conversion of debt —  —  —  3,237,522 
  Weighted-average conversion price $ —  $ —  $ —  $ 20.27 

(d)Restructuring:

During 2020, in response to the coronavirus pandemic (“COVID-19”), the Company's Real Estate segment, including Douglas Elliman, underwent a restructuring by realigning its administrative support function and office locations as well as adjusting its business model to more efficiently serve its clients. This included a reduction of brokerage personnel by approximately 25% at Douglas Elliman. For the three and nine months ended September 30, 2021, there were no restructuring charges. As of December 31, 2020, there was no accrual for restructuring charges.
9

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

The following table summarizes amounts expensed for the three and nine months ended September 30, 2020:

Three Months Ended Nine Months Ended
September 30, 2020 September 30, 2020
Cash Charges:
    Employee severance and benefits $ 186  $ 1,785 
    Other restructuring expenses 64  282
250  2,067 
Non-Cash:
     Loss on fixed assets associated with consolidation of sales offices 70  1,214 
Total restructuring charges $ 320  $ 3,281 

All amounts expensed for the three and nine months ended September 30, 2020 are included as Restructuring charges in the Company’s condensed consolidated statements of operations and are all attributable to the Company’s Real Estate segment.

Severance and benefits expensed for the three and nine months ended September 30, 2020 relate entirely to a reduction in administrative positions.

The following table presents the activity under the Real Estate segment restructuring plan for the nine months ended September 30, 2020:

Employee Severance and Benefits Other Non-Cash Loss on Fixed Assets Total
Accrual balance as of January 1, 2020 $ —  $ —  $ —  $ — 
Restructuring charges 1,785  282  1,214  3,281 
Utilized (1,735) (282) (1,214) (3,231)
Accrual balance as of September 30, 2020 $ 50  $ —  $ —  $ 50 

(e)Investments in Real Estate Ventures:

In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest.
The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s).
Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
10

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary.
On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.

(f)Other, net:

Other, net consisted of:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Interest and dividend income $ 542  $ 1,251  $ 1,678  $ 5,331 
Net (losses) gains recognized on investment securities (1,549) 2,516  9,369  (4,943)
Net periodic benefit cost other than the service costs (243) (452) (730) (1,361)
Credit loss expense —  (8,576) —  (9,008)
Other income (expense) 281  165  (2,954) 1,865 
Other, net $ (969) $ (5,096) $ 7,363  $ (8,116)

(g)Other Assets:

Other assets consisted of:
September 30,
2021
December 31, 2020
Restricted assets $ 3,800  $ 3,456 
Prepaid pension costs 36,022  35,209 
Contract assets, net 28,688  24,002 
Property technology (“PropTech”) investments at cost 3,563  — 
Other assets 34,694  32,359 
Total other assets $ 106,767  $ 95,026 
11

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

(h)Other Current Liabilities:

Other current liabilities consisted of:
September 30,
2021
December 31, 2020
Accounts payable $ 15,918  $ 12,846 
Accrued promotional expenses 50,288  45,579 
Accrued excise and payroll taxes payable, net 3,869  13,849 
Accrued interest 32,706  31,624 
Commissions payable 24,973  25,615 
Accrued salaries and benefits 34,641  27,104 
Contract liabilities 5,843  7,633 
Allowance for sales returns 6,900  7,356 
Other current liabilities 31,568  27,331 
Total other current liabilities $ 206,706  $ 198,937 

(i)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:
September 30,
2021
December 31,
2020
Cash and cash equivalents
$ 523,731  $ 352,842 
Restricted cash and cash equivalents included in other current assets 11,979  10,374 
Restricted cash and cash equivalents included in other assets 3,344  2,461 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$ 539,054  $ 365,677 

Amounts included in current restricted assets and non-current restricted assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.

12

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

(j)Acquisitions:

On August 6, 2021, Douglas Elliman acquired an additional 49% ownership interest in Real Estate Associates of Houston LLC (“REAOH”), a licensed real estate service provider in Houston, Texas, for a purchase price of $500. REAOH is included in the Real Estate segment, as a subsidiary of Douglas Elliman. The purchase price allocation for this acquisition resulted in the recognition of $6,527 of intangible assets related to a non-compete agreement, $5,047 of assets, $11,389 of liabilities and $815 of goodwill. The goodwill is not expected to be deductible for income tax purposes. The non-compete agreement is expected to be amortized over ten years. Douglas Elliman controls the board of REAOH and consolidates its ownership interest under the voting interest model in accordance with ASC 810, resulting in a non-controlling interest for the remaining 50% of REAOH not owned by Douglas Elliman on the Company’s condensed consolidated financial statements.
The assets, liabilities and results of operations of REAOH were not material to the Company’s condensed consolidated financial position, results of operations, or cash flows and therefore pro forma financial information for the acquisition was not presented.

(k)New Accounting Pronouncements:

Accounting Standards Updates (“ASU”) adopted in 2021:
In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, and clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”). The new standard clarifies the interaction of accounting for the transition into and out of the equity method. The new standard also clarifies the accounting for measuring certain purchased options and forward contracts to acquire investments. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

ASUs to be adopted in future periods:
In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective for all entities for contract modifications beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify the scope of the guidance and allow certain aspects of Topic 848 to be applied to all derivative instruments that undergo a modification of the interest rate used for discounting, margining or contract price alignment as a result of the reference reform. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company does not anticipate an impact on its condensed consolidated financial statements.

13

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

2.    REVENUE RECOGNITION

Disaggregation of Revenue
In the following table, revenue is disaggregated by major product line for the Tobacco segment:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select, and Eve
$ 282,079  $ 300,487  $ 848,599  $ 864,880 
Other Brands 15,863  18,363  47,302  53,549 
Total tobacco revenues
$ 297,942  $ 318,850  $ 895,901  $ 918,429 

In the following table, revenue is disaggregated by major services line and primary geographical market for the Real Estate segment:
Three Months Ended September 30, 2021
New York City Northeast Southeast West Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales $ 117,488  $ 63,715  $ 75,904  $ 61,487  $ 318,594 
Commission and other brokerage income - development marketing 14,263  —  5,835  223  20,321 
Property management revenue 8,979  141  —  —  9,120 
Escrow and title fees 1,060  508  —  4,558  6,126 
Total Douglas Elliman revenue 141,790  64,364  81,739  66,268  354,161 
Other real estate revenues —  —  —  543  543 
  Total real estate revenues $ 141,790  $ 64,364  $ 81,739  $ 66,811  $ 354,704 

Three Months Ended September 30, 2020
New York City Northeast Southeast West Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales $ 43,039  $ 58,909  $ 43,883  $ 42,000  $ 187,831 
Commission and other brokerage income - development marketing 4,571  —  5,564  534  10,669 
Property management revenue 8,334  250  —  —  8,584 
Escrow and title fees 358  554  —  —  912 
Total Douglas Elliman revenue 56,302  59,713  49,447  42,534  207,996 
Other real estate revenues —  20,500  —  485  20,985 
  Total real estate revenues $ 56,302  $ 80,213  $ 49,447  $ 43,019  $ 228,981 
14

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Nine Months Ended September 30, 2021
New York City Northeast Southeast West Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales $ 293,475  $ 186,384  $ 273,423  $ 154,083  $ 907,365 
Commission and other brokerage income - development marketing 38,626  —  27,220  837  66,683 
Property management revenue 27,836  453  —  —  28,289 
Escrow and title fees 2,939  1,317  —  12,319  16,575 
Total Douglas Elliman revenue 362,876  188,154  300,643  167,239  1,018,912 
Other real estate revenues 6,750  —  —  4,376  11,126 
  Total real estate revenues $ 369,626  $ 188,154  $ 300,643  $ 171,615  $ 1,030,038 
Nine Months Ended September 30, 2020
New York City Northeast Southeast West Total
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales $ 129,009  $ 129,264  $ 97,293  $ 87,724  $ 443,290 
Commission and other brokerage income - development marketing 18,195  —  15,033  1,202  34,430 
Property management revenue 25,513  682  —  —  26,195 
Escrow and title fees 1,425  1,186  —  —  2,611 
Total Douglas Elliman revenue 174,142  131,132  112,326  88,926  506,526 
Other real estate revenues —  20,500  —  2,624  23,124 
  Total real estate revenues $ 174,142  $ 151,632  $ 112,326  $ 91,550  $ 529,650 

Contract Balances
The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
September 30, 2021 December 31, 2020
Receivables, which are included in accounts receivable - trade, net $ 2,248  $ 1,520 
Contract assets, net, which are included in other current assets 3,087  6,529 
Payables, which are included in other current liabilities 1,682  1,113 
Contract liabilities, which are included in other current liabilities 5,843  7,633 
Contract assets, net, which are included in other assets 28,688  24,002 
Contract liabilities, which are included in other liabilities 38,734  32,104 

The Company recognized revenue of $2,292 and $4,941 for the three and nine months ended September 30, 2021, that were included in the contract liabilities balances at December 31, 2020. The Company recognized revenue of $1,451 and $8,109 for the three and nine months ended September 30, 2020, that were included in the contract liabilities balances at December 31, 2019.

15

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

3.    CURRENT EXPECTED CREDIT LOSSES
Tobacco receivables: Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. Based on Tobacco historical and ongoing cash collections from customers, an estimated credit loss in accordance with ASU 2016-13 was not recorded for these trade receivables as of September 30, 2021 and December 31, 2020.
Real estate broker agent receivables: Douglas Elliman Realty is exposed to credit losses for various amounts due from real estate agents, which are included in Other current assets on the condensed consolidated balance sheets, net of an allowance for credit losses. The Company estimates its allowance for credit losses on receivables from agents based on an evaluation of aging, agent sales in pipeline, any security, specific exposures, historical experience of collections from the individual agents, and current and expected future market trends (such as the current and expected impact of COVID-19 on the real estate market). The Company estimated that the credit losses for these receivables were $7,623 and $7,038 at September 30, 2021 and December 31, 2020, respectively.
Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the condensed consolidated balance sheets. New Valley had two loans with a total amortized cost basis of $15,928, including accrued interest receivable of $6,428 at both September 30, 2021 and December 31, 2020, and have maturities in 2021 and beyond. The loans are secured by guarantees and given their risk profiles are evaluated individually. As New Valley does not have internal historical loss information by which to evaluate the risk of credit losses, external market data measuring default risks on high yield loans as of each measurement date was utilized to estimate reserves for credit losses on these loans. Pursuant to the requirements of ASU 2016-13, New Valley’s expected credit loss estimate was $15,928 at both September 30, 2021 and December 31, 2020.

The following is the rollforward of the allowance for credit losses for the nine months ended September 30, 2021:
January 1,
2021
Current Period Provision Write-offs Recoveries September 30,
2021
Allowance for credit losses:
Real estate broker agent receivables
$ 7,038  $ 904  (1) $ 319  $ —  $ 7,623 
New Valley term loan receivables
15,928  —  —  —  15,928 
_____________________________
(1) The bad debt expense related to the real estate broker agent receivables is included in Operating, selling, administrative and general expenses on the condensed consolidated statements of operations.

The following is the rollforward of the allowance for credit losses for the nine months ended September 30, 2020:
January 1,
2020
Current Period Provision Write-offs Recoveries September 30,
2020
Allowance for credit losses:
Real estate broker agent receivables
$ 6,132  $ 1,724  (1) $ 141  $ —  $ 7,715 
New Valley term loan receivables
3,100  9,008  (2) —  —  12,108 
_____________________________
(1) The bad debt expense related to the real estate broker agent receivables is included in Operating, selling, administrative and general expenses on the condensed consolidated statements of operations.
(2) The credit losses related to the New Valley term loan receivables are included in Other, net on the condensed consolidated statements of operations.

16

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

4.    LEASES

Leases
The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment. The components of lease expense were as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Operating lease cost $ 9,332  $ 9,475  $ 27,925  $ 28,255 
Short-term lease cost
224  218  776  1,007 
Variable lease cost
821  663  2,858  1,818 
Finance lease cost:
Amortization
14  17  44  94 
Interest on lease liabilities
11 
Total lease cost
$ 10,393  $ 10,377  $ 31,610  $ 31,185 

Supplemental cash flow information related to leases was as follows:
Nine Months Ended
September 30,
2021 2020
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases
$ 32,861  $ 19,376 
Operating cash flows from finance leases
11 
Financing cash flows from finance leases
42  86 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
7,451  13,711 
Finance leases
—  60 

17

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Supplemental balance sheet information related to leases was as follows:
September 30, December 31,
2021 2020
Finance leases:
Investments in real estate, net (1)
$ 38  $ 62 
Property, plant and equipment, at cost
$ 127  $ 127 
Accumulated amortization
(63) (44)
Property and equipment, net
$ 64  $ 83 
Current portion of notes payable and long-term debt
$ 57  $ 57 
Notes payable, long-term debt and other obligations, less current portion
53  96 
Total finance lease liabilities
$ 110  $ 153 
Weighted average remaining lease term:
Operating leases
7.47 7.87
Finance leases
2.05 2.71
Weighted average discount rate:
Operating leases
9.18  % 9.26  %
Finance leases
8.09  % 7.82  %
(1)     Included in Investments in real estate, net on the condensed consolidated balance sheets are financing lease equipment, at cost of $748 and $748 and accumulated amortization of $710 and $686 as of September 30, 2021 and December 31, 2020, respectively.

As of September 30, 2021, maturities of lease liabilities were as follows:
Operating Leases Finance
 Leases
Period Ending December 31:    
Remainder of 2021 $ 11,293  $ 16 
2022 39,846  61 
2023 35,031  35 
2024 28,777 
2025 23,291  — 
2026 19,484  — 
Thereafter 79,656  — 
Total lease payments 237,378  120 
 Less imputed interest
(69,402) (10)
Total $ 167,976  $ 110 
As of September 30, 2021, the Company had no undiscounted lease payments relating to operating leases for office space and equipment that have not yet commenced.
As a result of the COVID-19 pandemic, the Company received lease concessions from landlords in 2020 mostly in the form of rent deferrals and a few in the form of rent abatements. The Company elected to treat these deferrals and abatements as lease modifications and the existing lease liabilities were remeasured with a corresponding adjustment to the right-of-use asset on the effective date of the modification in 2020. The deferrals varied as to the timing of repayment but all agreements required repayment of the deferrals over the remaining lease terms.
18

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited


5.    INVENTORIES

Inventories consisted of:
September 30,
2021
December 31,
2020
Leaf tobacco $ 35,339  $ 42,988 
Other raw materials 6,166  5,987 
Work-in-process 644  520 
Finished goods 67,356  68,781 
Inventories at current cost 109,505  118,276 
LIFO adjustments (19,731) (20,731)
$ 89,774  $ 97,545 

All of the Company’s inventories at September 30, 2021 and December 31, 2020 are reported under the LIFO method. The $19,731 LIFO adjustment as of September 30, 2021 decreased the current cost of inventories by $13,139 for Leaf tobacco, $474 for Other raw materials, $26 for Work-in-process and $6,092 for Finished goods. The $20,731 LIFO adjustment as of December 31, 2020 decreased the current cost of inventories by $14,139 for Leaf tobacco, $474 for Other raw materials, $26 for Work-in-process and $6,092 for Finished goods.
The amount of capitalized MSA cost in “Finished goods” inventory was $21,765 and $21,120 at September 30, 2021 and December 31, 2020, respectively. Federal excise tax capitalized in inventory was $25,136 and $27,683 at September 30, 2021 and December 31, 2020, respectively.
At September 30, 2021, Liggett had tobacco purchase commitments of approximately $17,350. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through 2022.
19

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

6.    INVESTMENT SECURITIES

Investment securities consisted of the following:
September 30,
2021
December 31, 2020
Debt securities available for sale $ 110,781  $ 91,204 
PropTech convertible trading debt securities 2,208  — 
Equity securities at fair value:
Marketable equity securities 20,953  21,155 
Mutual funds invested in debt securities 23,361  23,226 
Long-term investment securities at fair value (1)
36,331  34,218 
          Total equity securities at fair value 80,645  78,599 
Total investment securities at fair value 193,634  169,803 
Less:
Long-term investment securities at fair value (1)
36,331  34,218 
PropTech convertible trading debt securities 2,208  — 
Current investment securities at fair value $ 155,095  $ 135,585 
Long-term investment securities at fair value (1)
$ 36,331  $ 34,218 
Equity-method investments 19,872  18,310 
PropTech convertible trading debt securities 2,208  — 
Total long-term investments $ 58,411  $ 52,528 
Equity securities at cost: (2)
PropTech investments at cost $ 3,563  $ — 
Other equity securities at cost 5,200  5,200 
Total equity securities at cost $ 8,763  $ 5,200 
(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.

20

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Net (losses) gains recognized on investment securities were as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Net (losses) gains recognized on equity securities $ (1,578) $ 2,516  $ 9,352  $ (4,510)
Net (losses) gains recognized on debt securities available for sale (29) 22  36  (25)
Impairment expense (7) (22) (65) (408)
Net gains recognized on PropTech convertible trading debt securities 65  —  46  — 
Net (losses) gains recognized on investment securities $ (1,549) $ 2,516  $ 9,369  $ (4,943)
(a) Debt Securities Available for Sale:
The components of debt securities available for sale at September 30, 2021 were as follows:
Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Marketable debt securities $ 110,584  $ 197  $ —  $ 110,781 


The table below summarizes the maturity dates of debt securities available for sale at September 30, 2021.
Investment Type: Fair Value Under 1 Year 1 Year up to 5 Years More than 5 Years
U.S. Government securities $ 10,143  $ 8,531  $ 1,612  $ — 
Corporate securities 49,960  29,002  20,958  — 
U.S. mortgage-backed securities 17,069  2,688  14,381  — 
Commercial paper 32,387  32,387  —  — 
Foreign fixed-income securities 1,222  1,222  —  — 
Total debt securities available for sale by maturity dates
$ 110,781  $ 73,830