10-Q Filing

LORILLARD, INC. CIK: 1424847 Q3 2009

Filing Information

Form Type	10-Q
Accession Number	`0000950123-09-054738`
Period End Date	20090930
Filing Date	20091029
Fiscal Year	2009
Fiscal Period	Q3
XBRL Instance	lo-20090930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 60 Cash Flow Statement 62 Stockholders Equity 8

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.21B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.51B	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
Allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.00M	USD	Point-in-time
Allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Accounts receivables, less allowances of $3 and $2	`AccountsReceivableNetCurrent`	$13.00M	USD	Point-in-time
Accounts receivables, less allowances of $3 and $2	`AccountsReceivableNetCurrent`	$7.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$55.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$25.00M	USD	Point-in-time
Inventories	`InventoryNet`	$297.00M	USD	Point-in-time
Inventories	`InventoryNet`	$255.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$456.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$454.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$79.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.38B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.96B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	174.00M	shares	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$231.00M	USD	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$218.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	174.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	174.00M	shares	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$36.00M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$38.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	161.00M	shares	Point-in-time
Treasury shares at cost, shares	`TreasuryStockShares`	6.00M	shares	Point-in-time
Treasury shares at cost, shares	`TreasuryStockShares`	13.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$71.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$64.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$44.00M	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`	$2.76B	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$18.00M	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$30.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$306.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$255.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$884.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$974.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$14.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$9.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.22B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.27B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$751.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$317.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$312.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$100.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$100.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.38B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.69B	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 161 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 161 million and 174 million shares	`CommonStockValue`	$2.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$222.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$232.00M	USD	Point-in-time
Earnings retained in the business	`RetainedEarningsAccumulatedDeficit`	$965.00M	USD	Point-in-time
Earnings retained in the business	`RetainedEarningsAccumulatedDeficit`	$1.20B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-149.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-158.00M	USD	Point-in-time
Shareholders' equity before treasury shares	`ShareholdersEquityBeforeTreasuryShares`	$1.03B	USD	Point-in-time
Shareholders' equity before treasury shares	`ShareholdersEquityBeforeTreasuryShares`	$1.28B	USD	Point-in-time
Treasury shares at cost, 13 million and 6 million shares	`TreasuryStockValue`	$902.00M	USD	Point-in-time
Treasury shares at cost, 13 million and 6 million shares	`TreasuryStockValue`	$400.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$381.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$725.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$631.00M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.32B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.76B	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Excise taxes	`ExciseAndSalesTaxes`	$1.10B	USD	3 Qtrs
Net sales (including excise taxes of $466, $189, $1,101 and $536,respectively)	`SalesRevenueNet`	$3.85B	USD	3 Qtrs
Excise taxes	`ExciseAndSalesTaxes`	$189.00M	USD	1 Quarter
Net sales (including excise taxes of $466, $189, $1,101 and $536,respectively)	`SalesRevenueNet`	$3.12B	USD	3 Qtrs
Net sales (including excise taxes of $466, $189, $1,101 and $536,respectively)	`SalesRevenueNet`	$1.12B	USD	1 Quarter
Net sales (including excise taxes of $466, $189, $1,101 and $536,respectively)	`SalesRevenueNet`	$1.42B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$466.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$536.00M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$655.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.43B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$931.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.84B	USD	3 Qtrs
Gross profit	`GrossProfit`	$470.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.28B	USD	3 Qtrs
Gross profit	`GrossProfit`	$488.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.43B	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$282.00M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$96.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$276.00M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$88.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.14B	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$382.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.00B	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$392.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$4.00M	USD	3 Qtrs
Investment income	`InvestmentIncomeInterest`	$5.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$20.00M	USD	3 Qtrs
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00M	USD	3 Qtrs
Interest expense	`InterestExpense`	$18.00M	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.13B	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.02B	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$386.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$378.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$149.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$143.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$390.00M	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$423.00M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$235.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$237.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$629.00M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$706.00M	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$3.63	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$1.38	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.44	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$4.24	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.44	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$4.24	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$3.62	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.38	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	173.40M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	166.42M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	163.58M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	172.37M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	166.55M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	163.72M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	173.53M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	172.49M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$235.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$237.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$629.00M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$706.00M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$25.00M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$25.00M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$84.00M	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$4.00M	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.00M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-13.00M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$23.00M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-42.00M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-38.00M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$12.00M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$38.00M	USD	3 Qtrs
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$-24.00M	USD	3 Qtrs
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$-89.00M	USD	3 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$56.00M	USD	3 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-84.00M	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.00M	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$5.00M	USD	3 Qtrs
Postretirement health and life insurance benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-8.00M	USD	3 Qtrs
Postretirement health and life insurance benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-10.00M	USD	3 Qtrs
Other	`IncreaseDecreaseInOtherOperatingLiabilities`	$-2.00M	USD	3 Qtrs
Other	`IncreaseDecreaseInOtherOperatingLiabilities`	$10.00M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$728.00M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$585.00M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$800.00M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	-	USD	3 Qtrs
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$500.00M	USD	3 Qtrs
Proceeds from maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	-	USD	3 Qtrs
Proceeds from sales of investments	`ProceedsFromSaleOfShortTermInvestments`	$528.00M	USD	3 Qtrs
Proceeds from sales of investments	`ProceedsFromSaleOfShortTermInvestments`	-	USD	3 Qtrs
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.00M	USD	3 Qtrs
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.00M	USD	3 Qtrs
Net cash (used in)/provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.00M	USD	3 Qtrs
Net cash (used in)/provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$193.00M	USD	3 Qtrs
Dividends paid	`DividendsCommonStockCash`	$-649.00M	USD	3 Qtrs
Dividends paid	`DividendsCommonStockCash`	$-473.00M	USD	3 Qtrs
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$502.00M	USD	3 Qtrs
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$274.00M	USD	3 Qtrs
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	3 Qtrs
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$750.00M	USD	3 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	3 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$5.00M	USD	3 Qtrs
Excess tax benefits from share-based arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$7.00M	USD	3 Qtrs
Excess tax benefits from share-based arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-923.00M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-223.00M	USD	3 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.00M	USD	3 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$323.00M	USD	3 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.21B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.51B	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`	$1.21B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.51B	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`	$266.00M	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$478.00M	USD	3 Qtrs

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$381.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$725.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$631.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$381.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$725.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$631.00M	USD	Point-in-time

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