VECTOR GROUP LTD - FORM 10-Q - EX-99.2 - May 6, 2021

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EX-99.1 - EX-99.1 - VECTOR GROUP LTDa2021q1ex991.htm
EX-32.2 - EX-32.2 - VECTOR GROUP LTDa2021q1ex322.htm
EX-32.1 - EX-32.1 - VECTOR GROUP LTDa2021q1ex321.htm
EX-31.2 - EX-31.2 - VECTOR GROUP LTDa2021q1ex312.htm
EX-31.1 - EX-31.1 - VECTOR GROUP LTDa2021q1ex311.htm
EX-10.2 - EX-10.2 - VECTOR GROUP LTDa2021q1ex102.htm
10-Q - 10-Q - VECTOR GROUP LTDvgr-20210331.htm

EXHIBIT 99.2
Vector Group Ltd.
Condensed Consolidating Financial Statements
March 31, 2021
(in thousands of dollars)

Presented herein are Condensed Consolidating Balance Sheet as of March 31, 2021 and the related Condensed Consolidating Statements of Operations for the three months ended March 31, 2021 of Vector Group Ltd. (Parent/Issuer), the guarantor subsidiaries (Subsidiary Guarantors) and the subsidiaries that are not guarantors (Subsidiary Non-Guarantors).
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2021
SubsidiaryConsolidated
Parent/SubsidiaryNon-ConsolidatingVector Group
IssuerGuarantorsGuarantorsAdjustmentsLtd.
ASSETS:
Current assets:
Cash and cash equivalents$173,718 $83,127 $125,542 $— $382,387 
Investment securities at fair value149,087 — — — 149,087 
Accounts receivable - trade, net— 23,016 22,889 — 45,905 
Intercompany receivables5,902 — — (5,902)— 
Inventories— 100,945 — — 100,945 
Income taxes receivable, net3,419 — — (3,419)— 
Other current assets1,245 5,813 39,848 — 46,906 
Total current assets333,371 212,901 188,279 (9,321)725,230 
Property, plant and equipment, net426 25,858 49,394 — 75,678 
Investments in real estate, net— — 15,802 — 15,802 
Long-term investment securities at fair value54,099 — 2,896 — 56,995 
Investments in real estate ventures— — 83,984 — 83,984 
Operating lease right-of-use assets5,672 5,658 129,447 — 140,777 
Investments in consolidated subsidiaries428,542 203,754 — (632,296)— 
Goodwill and other intangible assets, net— 107,511 100,025 — 207,536 
Other assets15,771 50,654 31,160 — 97,585 
Total assets$837,881 $606,336 $600,987 $(641,617)$1,403,587 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
Current portion of notes payable and long-term debt$— $12,525 $12,531 $(12,500)$12,556 
Intercompany payables— 4,073 1,829 (5,902)— 
Income taxes payable, net— 18,260 1,617 (3,419)16,458 
Current payments due under the Master Settlement Agreement— 73,036 — — 73,036 
Current operating lease liability1,640 1,589 23,978 — 27,207 
Other current liabilities43,152 90,176 70,341 (28)203,641 
Total current liabilities44,792 199,659 110,296 (21,849)332,898 
Notes payable, long-term debt and other obligations, less current portion1,395,522 9,433 9,819 (9,375)1,405,399 
Non-current employee benefits57,737 8,985 — — 66,722 
Deferred income taxes, net(9,936)23,789 21,001 — 34,854 
Non-current operating lease liability5,510 4,599 138,308 — 148,417 
Other liabilities, including litigation accruals and payments due under the Master Settlement Agreement755 35,197 36,770 (926)71,796 
Total liabilities1,494,380 281,662 316,194 (32,150)2,060,086 
Commitments and contingencies
Stockholders' (deficiency) equity attributed to Vector Group Ltd.(656,499)324,674 284,793 (609,467)(656,499)
Total stockholders' (deficiency) equity(656,499)324,674 284,793 (609,467)(656,499)
Total liabilities and stockholders' deficiency$837,881 $606,336 $600,987 $(641,617)$1,403,587 


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2021
SubsidiaryConsolidated
  Parent/  SubsidiaryNon-ConsolidatingVector Group
  Issuer  GuarantorsGuarantorsAdjustments        Ltd.        
Revenues$— $268,486 $275,493 $(215)$543,764 
Expenses:
Cost of sales— 164,031 199,511 — 363,542 
Operating, selling, administrative and general expenses9,646 19,786 60,797 (215)90,014 
Litigation settlement and judgment expense— 5 — — 5 
Management fee expense— 3,241 — (3,241)— 
Operating (loss) income(9,646)81,423 15,185 3,241 90,203 
Other income (expenses):
Interest expense(28,103)(645)(31)28 (28,751)
Loss on extinguishment of debt(21,362)— — — (21,362)
Equity in earnings from real estate ventures— — 1,589 — 1,589 
Equity in earnings from investments577 — — — 577 
Equity in earnings (losses) in consolidated subsidiaries72,844 13,924 — (86,768)— 
Management fee income3,241 — — (3,241)— 
Other, net2,435 362 30 (73)2,754 
Income before provision for income taxes19,986 95,064 16,773 (86,813)45,010 
Income tax benefit (expense)11,971 (20,317)(4,707)— (13,053)
Net income31,957 74,747 12,066 (86,813)31,957 
Net income attributed to Vector Group Ltd.$31,957 $74,747 $12,066 $(86,813)$31,957 
Comprehensive income attributed to Vector Group Ltd.$32,146 $74,862 $12,066 $(86,928)$32,146 

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