10-Q Filing

LORILLARD, INC. CIK: 1424847 Q2 2009

Filing Information

Form Type	10-Q
Accession Number	`0000950123-09-027485`
Period End Date	20090630
Filing Date	20090730
Fiscal Year	2009
Fiscal Period	Q2
XBRL Instance	lo-20090630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 60 Cash Flow Statement 64 Stockholders Equity 8

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.00M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.16B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.56B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.19B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.21B	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivables, less allowances of $3 and $2	`AccountsReceivableNetCurrent`	$7.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivables, less allowances of $3 and $2	`AccountsReceivableNetCurrent`	$15.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$55.00M	USD	Point-in-time
Other receivables	`OtherReceivables`	$35.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Inventories	`InventoryNet`	$326.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Inventories	`InventoryNet`	$255.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	174.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	174.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$454.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$454.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	174.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$75.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	166.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.46B	USD	Point-in-time
Treasury shares at cost, shares	`TreasuryStockShares`	6.00M	shares	Point-in-time
Treasury shares at cost, shares	`TreasuryStockShares`	8.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.96B	USD	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$221.00M	USD	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$218.00M	USD	Point-in-time
Prepaid pension assets	`DefinedBenefitPlanNoncurrentAssetsForPlanBenefits`	$36.00M	USD	Point-in-time
Prepaid pension assets	`DefinedBenefitPlanNoncurrentAssetsForPlanBenefits`	$37.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$71.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$67.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$46.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$34.00M	USD	Point-in-time
Total assets	`Assets`	$2.32B	USD	Point-in-time
Total assets	`Assets`	$2.83B	USD	Point-in-time
Accounts and drafts payable	`AccountsPayable`	$30.00M	USD	Point-in-time
Accounts and drafts payable	`AccountsPayable`	$23.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilities`	$255.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilities`	$386.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$604.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$974.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesPayable`	$5.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesPayable`	$14.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.27B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.02B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$750.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansNoncurrentLiabilities`	$309.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansNoncurrentLiabilities`	$317.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$100.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$98.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.69B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.17B	USD	Point-in-time
Commitments and Contingent Liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingent Liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value, authorized 10 million shares	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, authorized 10 million shares	`PreferredStockValue`	-	USD	Point-in-time
Authorized - 600 million shares; par value - $0.01 per share Issued - 174 million and 174 million shares Outstanding - 166 million and 174 million shares	`CommonStockValue`	$2.00M	USD	Point-in-time
Authorized - 600 million shares; par value - $0.01 per share Issued - 174 million and 174 million shares Outstanding - 166 million and 174 million shares	`CommonStockValue`	$2.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$229.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$222.00M	USD	Point-in-time
Earnings retained in the business	`RetainedEarningsAccumulatedDeficit`	$1.13B	USD	Point-in-time
Earnings retained in the business	`RetainedEarningsAccumulatedDeficit`	$965.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-158.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-152.00M	USD	Point-in-time
Shareholders' equity before treasury shares	`ShareholdersEquityBeforeTreasuryShares`	$1.21B	USD	Point-in-time
Shareholders' equity before treasury shares	`ShareholdersEquityBeforeTreasuryShares`	$1.03B	USD	Point-in-time
Treasury shares at cost, 8 million and 6 million shares	`TreasuryStockValue`	$400.00M	USD	Point-in-time
Treasury shares at cost, 8 million and 6 million shares	`TreasuryStockValue`	$546.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$917.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$659.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$631.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.32B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.83B	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net sales (including excise taxes of $486, $184, $635 and $347, respectively)	`SalesRevenueNet`	$1.52B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$184.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$486.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$635.00M	USD	2 Qtrs
Net sales (including excise taxes of $486, $184, $635 and $347, respectively)	`SalesRevenueNet`	$1.99B	USD	2 Qtrs
Excise taxes	`ExciseAndSalesTaxes`	$347.00M	USD	2 Qtrs
Net sales (including excise taxes of $486, $184, $635 and $347, respectively)	`SalesRevenueNet`	$2.44B	USD	2 Qtrs
Net sales (including excise taxes of $486, $184, $635 and $347, respectively)	`SalesRevenueNet`	$1.07B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.18B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$627.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.50B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$965.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$940.00M	USD	2 Qtrs
Gross profit	`GrossProfit`	$810.00M	USD	2 Qtrs
Gross profit	`GrossProfit`	$443.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$554.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$98.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$91.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$189.00M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$191.00M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$352.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$751.00M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$456.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$619.00M	USD	2 Qtrs
Investment income	`InvestmentIncomeInterest`	$6.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$16.00M	USD	2 Qtrs
Investment income	`InvestmentIncomeInterest`	$2.00M	USD	2 Qtrs
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00M	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00M	USD	2 Qtrs
Interest expense	`InterestExpense`	$2.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$751.00M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$455.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$357.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$633.00M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$169.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$281.00M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$140.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$242.00M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$286.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$391.00M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$217.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$470.00M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$2.80	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.25	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$2.25	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.71	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.71	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.80	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.25	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.25	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	167.87M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	173.92M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	173.92M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	167.66M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	173.92M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	167.79M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	173.92M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	167.98M	shares	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$286.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$391.00M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$217.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$470.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$17.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$17.00M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$87.00M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.00M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$1.00M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.00M	USD	2 Qtrs
Investment income	`OtherNoncashIncome`	$1.00M	USD	2 Qtrs
Investment income	`OtherNoncashIncome`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-16.00M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-71.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-71.00M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$123.00M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$40.00M	USD	2 Qtrs
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$-370.00M	USD	2 Qtrs
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$-315.00M	USD	2 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-69.00M	USD	2 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$136.00M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.00M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.00M	USD	2 Qtrs
Postretirement health and life insurance benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-11.00M	USD	2 Qtrs
Postretirement health and life insurance benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-10.00M	USD	2 Qtrs
Other	`IncreaseDecreaseInOtherOperatingLiabilities`	$-2.00M	USD	2 Qtrs
Other	`IncreaseDecreaseInOtherOperatingLiabilities`	$6.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$92.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$260.00M	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	-	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$800.00M	USD	2 Qtrs
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$497.00M	USD	2 Qtrs
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	-	USD	2 Qtrs
Proceeds from sales of investments	`ProceedsFromSaleOfShortTermInvestments`	$500.00M	USD	2 Qtrs
Proceeds from sales of investments	`ProceedsFromSaleOfShortTermInvestments`	-	USD	2 Qtrs
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.00M	USD	2 Qtrs
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.00M	USD	2 Qtrs
Net cash (used in)/provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.00M	USD	2 Qtrs
Net cash (used in)/provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$179.00M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$309.00M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$491.00M	USD	2 Qtrs
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$146.00M	USD	2 Qtrs
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	2 Qtrs
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$750.00M	USD	2 Qtrs
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$5.00M	USD	2 Qtrs
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Excess tax benefits from share-based arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.00M	USD	2 Qtrs
Excess tax benefits from share-based arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	2 Qtrs
Net cash provided by/(used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-491.00M	USD	2 Qtrs
Net cash provided by/(used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$295.00M	USD	2 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-52.00M	USD	2 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$367.00M	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.16B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.56B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.19B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.21B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.16B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.56B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.19B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.21B	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$345.00M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$37.00M	USD	2 Qtrs

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$917.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$659.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$631.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$917.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$659.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$631.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.01B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.