10-Q Filing

LORILLARD, INC. CIK: 1424847 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-189238`
Period End Date	20120331
Filing Date	20120427
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	lo-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 23 Comprehensive Income 10

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowances, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.00M	USD	Point-in-time
Allowances, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.00M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.93B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.34B	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.63B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.06B	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, less allowances of $2 and $2	`AccountsReceivableNetCurrent`	$10.00M	USD	Point-in-time
Accounts receivable, less allowances of $2 and $2	`AccountsReceivableNetCurrent`	$10.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	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`	$67.00M	USD	Point-in-time
Other receivables	`OtherReceivables`	$83.00M	USD	Point-in-time
Inventories	`InventoryNet`	$277.00M	USD	Point-in-time
Inventories	`InventoryNet`	$342.00M	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`	175.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$534.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$535.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	175.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	132.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$28.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$25.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	131.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.56B	USD	Point-in-time
Treasury stock at cost, shares	`TreasuryStockShares`	43.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.91B	USD	Point-in-time
Treasury stock at cost, shares	`TreasuryStockShares`	44.00M	shares	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$268.00M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$262.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$54.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$52.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$128.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$121.00M	USD	Point-in-time
Total assets	`Assets`	$3.35B	USD	Point-in-time
Total assets	`Assets`	$3.01B	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$32.00M	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$27.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$296.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$366.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.15B	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.49B	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$6.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$110.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.99B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.49B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.59B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.60B	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$383.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$388.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$53.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$57.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.02B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.52B	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-175 million and 175 million shares (outstanding 131 million and 132 million shares)	`CommonStockValue`	$2.00M	USD	Point-in-time
Authorized-600 million shares; par value $0.01 per share Issued-175 million and 175 million shares (outstanding 131 million and 132 million shares)	`CommonStockValue`	$2.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$276.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$266.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.08B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.06B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-224.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-228.00M	USD	Point-in-time
Treasury stock at cost, 44 million and 43 million shares	`TreasuryStockValue`	$3.61B	USD	Point-in-time
Treasury stock at cost, 44 million and 43 million shares	`TreasuryStockValue`	$3.80B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-225.00M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.51B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-449.00M	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.35B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.01B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Excise taxes	`ExciseAndSalesTaxes`	$479.00M	USD	1 Quarter
Net sales (including excise taxes of $467 and $479, respectively)	`SalesRevenueNet`	$1.53B	USD	1 Quarter
Net sales (including excise taxes of $467 and $479, respectively)	`SalesRevenueNet`	$1.53B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$467.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.00B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$992.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$543.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$523.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$131.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$122.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$392.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$421.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$39.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$28.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$354.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$394.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$146.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$131.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$248.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$223.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.71	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.71	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.71	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.70	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	144.80M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	130.48M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	144.94M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	130.80M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$248.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$223.00M	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`	$8.00M	USD	1 Quarter
Pension, health and life insurance contributions	`PensionAndOtherPostretirementBenefitContributions`	$10.00M	USD	1 Quarter
Pension, health and life insurance benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$12.00M	USD	1 Quarter
Pension, health and life insurance benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$8.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-4.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Excess tax benefits from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$5.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$4.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$2.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$31.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$65.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$65.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$77.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$321.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$337.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$118.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$136.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-2.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-5.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$759.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$690.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$289.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$188.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$188.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$202.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$202.00M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$6.00M	USD	1 Quarter
Excess tax benefits from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-477.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-379.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$295.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$275.00M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.93B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.34B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.63B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.06B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.93B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.34B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.63B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.06B	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$13.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$10.00M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$18.00M	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Tax benefit/expense from other comprehensive gains (loss), pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$2.00M	USD	1 Quarter
Tax benefit/expense from other comprehensive gains (loss), pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$1.00M	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$1.30	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$1.55	USD	1 Quarter
Beginning Balance	`StockholdersEquity`	$-225.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.51B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-449.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$248.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$223.00M	USD	1 Quarter
Other comprehensive gains, net of tax expense	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Other comprehensive gains, net of tax expense	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$188.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$202.00M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$202.00M	USD	Annual
Shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$188.00M	USD	1 Quarter
Shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$289.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$10.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.00M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-225.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.51B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-449.00M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$223.00M	USD	1 Quarter
Net income	`ProfitLoss`	$248.00M	USD	1 Quarter
Tax benefit/expense from other comprehensive gains (loss), pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$2.00M	USD	1 Quarter
Tax benefit/expense from other comprehensive gains (loss), pension liability	`OtherComprehensiveIncomeDefinedBenefitPlansTax`	$1.00M	USD	1 Quarter
Defined benefit retirement plan gains, net of tax expense of $2 and $1	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Defined benefit retirement plan gains, net of tax expense of $2 and $1	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$1.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$227.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$249.00M	USD	1 Quarter

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