10-Q Filing

LORILLARD, INC. CIK: 1424847 Q1 2011

Filing Information

Form Type	10-Q
Accession Number	`0000950123-11-043635`
Period End Date	20110331
Filing Date	20110503
Fiscal Year	2011
Fiscal Period	Q1
XBRL Instance	lo-20110331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 49 Stockholders Equity 22

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowances, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.38B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.06B	USD	Point-in-time
Allowances, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.66B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.34B	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`	$12.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$68.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other receivables	`OtherReceivables`	$63.00M	USD	Point-in-time
Inventories	`InventoryNet`	$308.00M	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`	$277.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$505.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$503.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.24B	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
Total current assets	`AssetsCurrent`	$2.94B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	174.00M	shares	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$243.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	175.00M	shares	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$240.00M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$66.00M	USD	Point-in-time
Prepaid pension assets	`PrepaidPensionCosts`	$68.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	144.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	147.00M	shares	Point-in-time
Treasury stock at cost, shares	`TreasuryStockShares`	27.00M	shares	Point-in-time
Treasury stock at cost, shares	`TreasuryStockShares`	31.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$7.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$6.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$36.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$46.00M	USD	Point-in-time
Total assets	`Assets`	$3.59B	USD	Point-in-time
Total assets	`Assets`	$3.30B	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$19.00M	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$27.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$333.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$418.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.38B	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.06B	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$6.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$131.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.43B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.95B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.77B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.76B	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$284.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$284.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$42.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$47.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.04B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.52B	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 - 175 million and 174 million shares Outstanding - 144 million and 147 million shares	`CommonStockValue`	$2.00M	USD	Point-in-time
Authorized - 600 million shares; par value $0.01 per share Issued - 175 million and 174 million shares Outstanding - 144 million and 147 million shares	`CommonStockValue`	$2.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$242.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$246.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.73B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.67B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-108.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-109.00M	USD	Point-in-time
Treasury stock at cost, 31 million and 27 million shares	`TreasuryStockValue`	$2.03B	USD	Point-in-time
Treasury stock at cost, 31 million and 27 million shares	`TreasuryStockValue`	$2.31B	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$87.00M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-37.00M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-449.00M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-225.00M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$3.30B	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$3.59B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales (including excise taxes of $479 and $437, respectively)	`SalesRevenueNet`	$1.36B	USD	1 Quarter
Net sales (including excise taxes of $479 and $437, respectively)	`SalesRevenueNet`	$1.53B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$437.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$479.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$992.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$882.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$543.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$478.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$122.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$96.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$421.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$382.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$28.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$394.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$373.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$141.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$146.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$232.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$248.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.71	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.50	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.50	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.71	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	144.80M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	154.55M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	154.72M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	144.94M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$232.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$248.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.00M	USD	1 Quarter
Pension, health and life insurance contributions	`PensionAndOtherPostretirementBenefitContributions`	$12.00M	USD	1 Quarter
Pension, health and life insurance contributions	`PensionAndOtherPostretirementBenefitContributions`	$8.00M	USD	1 Quarter
Pension, health and life insurance benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$8.00M	USD	1 Quarter
Pension, health and life insurance benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$8.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-4.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$7.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$4.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$40.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$31.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$51.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$77.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$276.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$321.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$124.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$136.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-2.00M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$759.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$647.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$204.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$289.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$-155.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$-188.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$3.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-477.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-362.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$275.00M	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`	$2.06B	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`	$2.34B	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`	$2.06B	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`	$2.34B	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$13.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$14.00M	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Tax benefit/expense from other comprehensive gains (losses), pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$1.00M	USD	1 Quarter
Tax benefit/expense from other comprehensive gains (losses), pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$2.00M	USD	1 Quarter
Dividends paid	`DividendsPaid`	$1.30	USD	1 Quarter
Dividends paid	`DividendsPaid`	$1.00	USD	1 Quarter
Beginning Balance	`StockholdersEquity`	$87.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-37.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-449.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-225.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$232.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$248.00M	USD	1 Quarter
Other comprehensive gains, pension liability, net of tax expense of $2 and $1 in respectively 2010 and 2011	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.00M	USD	1 Quarter
Other comprehensive gains, pension liability, net of tax expense of $2 and $1 in respectively 2010 and 2011	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Dividends paid ($1.00 and $1.30 per share for periods ending March 31, 2010 and 2011, respectively)	`DividendsCommonStockCash`	$-155.00M	USD	1 Quarter
Dividends paid ($1.00 and $1.30 per share for periods ending March 31, 2010 and 2011, respectively)	`DividendsCommonStockCash`	$-188.00M	USD	1 Quarter
Shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$-289.00M	USD	1 Quarter
Shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$-204.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-1.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.00M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$87.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-37.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-449.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-225.00M	USD	Point-in-time

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