10-Q Filing

LORILLARD, INC. CIK: 1424847 Q1 2010

Filing Information

Form Type	10-Q
Accession Number	`0000950123-10-045069`
Period End Date	20100331
Filing Date	20100506
Fiscal Year	2010
Fiscal Period	Q1
XBRL Instance	lo-20100331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 29 Cash Flow Statement 46 Stockholders Equity 19

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.38B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.19B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.66B	USD	Point-in-time
Allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.48B	USD	Point-in-time
Allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Accounts receivable, less allowances of $3 and $3	`AccountsReceivableNetCurrent`	$9.00M	USD	Point-in-time
Accounts receivable, less allowances of $3 and $3	`AccountsReceivableNetCurrent`	$19.00M	USD	Point-in-time
Other receivables	`OtherReceivables`	$41.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$38.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$321.00M	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
Inventories	`InventoryNet`	$281.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$466.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$467.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.18B	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.50B	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	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
Plant and equipment	`PropertyPlantAndEquipmentNet`	$237.00M	USD	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$238.00M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$60.00M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$61.00M	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	`DeferredTaxAssetsNetNoncurrent`	$47.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$48.00M	USD	Point-in-time
Common stock, shares Outstanding	`CommonStockSharesOutstanding`	156.00M	shares	Point-in-time
Common stock, shares Outstanding	`CommonStockSharesOutstanding`	153.00M	shares	Point-in-time
Treasury stock at cost, shares	`TreasuryStockShares`	21.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$49.00M	USD	Point-in-time
Treasury stock at cost, shares	`TreasuryStockShares`	18.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$52.00M	USD	Point-in-time
Total assets	`Assets`	$2.90B	USD	Point-in-time
Total assets	`Assets`	$2.58B	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$23.00M	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$79.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$318.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$311.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.26B	USD	Point-in-time
Settlement costs	`SettlementCosts`	$982.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$14.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$138.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.34B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.79B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$722.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$735.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$294.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$300.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$124.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$129.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.94B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.49B	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-153 million and 156 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-153 million and 156 million shares	`CommonStockValue`	$2.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$233.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$234.00M	USD	Point-in-time
Earnings retained in the business	`RetainedEarningsAccumulatedDeficit`	$1.28B	USD	Point-in-time
Earnings retained in the business	`RetainedEarningsAccumulatedDeficit`	$1.36B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-117.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-121.00M	USD	Point-in-time
Treasury stock at cost, 21 million and 18 million shares	`TreasuryStockValue`	$1.51B	USD	Point-in-time
Treasury stock at cost, 21 million and 18 million shares	`TreasuryStockValue`	$1.31B	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-37.00M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$631.00M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$669.00M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$87.00M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.58B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.90B	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Excise taxes	`ExciseAndSalesTaxes`	$437.00M	USD	1 Quarter
Net sales (including excise taxes of $437 and $150, respectively)	`SalesRevenueNet`	$1.36B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$150.00M	USD	1 Quarter
Net sales (including excise taxes of $437 and $150, respectively)	`SalesRevenueNet`	$917.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$534.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$882.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$478.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$383.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$96.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$89.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$382.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$294.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$373.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$295.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$141.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$111.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$232.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.50	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.50	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.09	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	168.07M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	154.55M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	168.18M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	154.72M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$184.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$232.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$8.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Pension, health and life insurance benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$11.00M	USD	1 Quarter
Pension, health and life insurance benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$8.00M	USD	1 Quarter
Pension, health and life insurance contributions	`PensionAndOtherPostretirementBenefitContributions`	$-4.00M	USD	1 Quarter
Pension, health and life insurance contributions	`PensionAndOtherPostretirementBenefitContributions`	$-12.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$-7.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-98.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-40.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$51.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$16.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$243.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$276.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$97.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$124.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-4.00M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$647.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$453.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$-155.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$-155.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$204.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$3.00M	USD	1 Quarter
Excess tax benefits from share-based arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$4.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-151.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-362.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$292.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$275.00M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.38B	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`	$1.66B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.48B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.38B	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`	$1.66B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.48B	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$14.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$14.00M	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive gains, pension liability, tax	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$2.00M	USD	1 Quarter
Other comprehensive gains, pension liability, tax	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$2.00M	USD	1 Quarter
Beginning Balance	`StockholdersEquity`	$-37.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$631.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$669.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$87.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$184.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$232.00M	USD	1 Quarter
Other comprehensive gains, pension liability, net of tax expense of $2 and $2 for the period ended Mar 31, 2009 and Mar 31, 2010	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Other comprehensive gains, pension liability, net of tax expense of $2 and $2 for the period ended Mar 31, 2009 and Mar 31, 2010	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$3.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$-155.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$-155.00M	USD	1 Quarter
Shares repurchased	`StockRepurchasedDuringPeriodValue`	$-204.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-1.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.00M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-37.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$631.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$669.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$87.00M	USD	Point-in-time

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