10-Q Filing

LORILLARD, INC. CIK: 1424847 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-170342`
Period End Date	20130331
Filing Date	20130424
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	lo-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 32 Cash Flow Statement 55 Stockholders Equity 23 Comprehensive Income 8

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowances, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Allowances, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.93B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.72B	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
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, less allowances of $3 and $3	`AccountsReceivableNetCurrent`	$23.00M	USD	Point-in-time
Accounts receivable, less allowances of $3 and $3	`AccountsReceivableNetCurrent`	$18.00M	USD	Point-in-time
Other receivables	`OtherReceivables`	$31.00M	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`	$52.00M	USD	Point-in-time
Inventories	`InventoryNet`	$446.00M	USD	Point-in-time
Inventories	`InventoryNet`	$410.00M	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
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$557.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	525.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	381.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$556.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	382.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$32.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$20.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	378.00M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	3.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.78B	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	143.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.15B	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$294.00M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$298.00M	USD	Point-in-time
Goodwill	`Goodwill`	$64.00M	USD	Point-in-time
Goodwill	`Goodwill`	$64.00M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$57.00M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$57.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$47.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$48.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$152.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$142.00M	USD	Point-in-time
Total assets	`Assets`	$3.40B	USD	Point-in-time
Total assets	`Assets`	$3.75B	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$23.00M	USD	Point-in-time
Accounts and drafts payable	`AccountsPayableCurrent`	$39.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$356.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$419.00M	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.36B	USD	Point-in-time
Settlement costs	`SettlementCosts`	$1.18B	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$23.00M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$189.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.99B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.60B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.11B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.10B	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$402.00M	USD	Point-in-time
Postretirement pension, medical and life insurance benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$409.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$52.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$55.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.54B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.17B	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-381 million and 525 million shares (outstanding 378 million and 382 million shares)	`CommonStockValue`	$5.00M	USD	Point-in-time
Authorized-600 million shares; par value $0.01 per share Issued-381 million and 525 million shares (outstanding 378 million and 382 million shares)	`CommonStockValue`	$4.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$223.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$298.00M	USD	Point-in-time
Accumulated (deficit)/Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-1.68B	USD	Point-in-time
Accumulated (deficit)/Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.35B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-237.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-241.00M	USD	Point-in-time
Treasury stock at cost, 3 million and 143 million shares	`TreasuryStockValue`	$4.19B	USD	Point-in-time
Treasury stock at cost, 3 million and 143 million shares	`TreasuryStockValue`	$110.00M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.78B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.51B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.80B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.40B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.75B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Excise taxes	`ExciseAndSalesTaxes`	$455.00M	USD	1 Quarter
Net sales (including excise taxes of $455 and $467, respectively)	`SalesRevenueNet`	$1.58B	USD	1 Quarter
Net sales (including excise taxes of $455 and $467, respectively)	`SalesRevenueNet`	$1.53B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$467.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$455.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$467.00M	USD	1 Quarter
Cost of sales (including excise taxes of $455 and $467, respectively)	`CostOfGoodsAndServicesSold`	$1.00B	USD	1 Quarter
Cost of sales (including excise taxes of $455 and $467, respectively)	`CostOfGoodsAndServicesSold`	$864.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$713.00M	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`	$152.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$392.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$561.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$41.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$39.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$354.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$521.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$131.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$193.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$223.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$328.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.86	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.86	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	378.62M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	391.45M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	379.42M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	392.40M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Cash received from interest rate swaps	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$6.00M	USD	1 Quarter
Cash received from interest rate swaps	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$6.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$223.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$328.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$11.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.00M	USD	1 Quarter
Pension and other postretirement benefits contributions	`PensionAndOtherPostretirementBenefitContributions`	$10.00M	USD	1 Quarter
Pension and other postretirement benefits contributions	`PensionAndOtherPostretirementBenefitContributions`	$12.00M	USD	1 Quarter
Pension and other postretirement benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$12.00M	USD	1 Quarter
Pension and other postretirement benefits expense	`PensionAndOtherPostretirementBenefitExpense`	$9.00M	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`	$3.00M	USD	1 Quarter
Excess tax benefits from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$5.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$5.00M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$2.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$65.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$36.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$65.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$47.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$173.00M	USD	1 Quarter
Settlement costs	`IncreaseDecreaseSettlementCostsLegal`	$337.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$179.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$118.00M	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
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$699.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$690.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00M	USD	1 Quarter
Additions to plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$202.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$209.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$149.00M	USD	1 Quarter
Shares repurchased	`PaymentsForRepurchaseOfCommonStock`	$188.00M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$6.00M	USD	1 Quarter
Excess tax benefits from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$3.00M	USD	1 Quarter
Excess tax benefits from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-379.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-355.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$295.00M	USD	1 Quarter
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$337.00M	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`	$1.72B	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`	$1.72B	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`	$14.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$10.00M	USD	1 Quarter
Cash paid for interest, net of cash received from interest rate swaps of $6 and $6	`InterestPaidNet`	$17.00M	USD	1 Quarter
Cash paid for interest, net of cash received from interest rate swaps of $6 and $6	`InterestPaidNet`	$18.00M	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Defined benefit retirement plan gains (loss), tax expense	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$2.00M	USD	1 Quarter
Defined benefit retirement plan gains (loss), tax expense	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$2.00M	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.52	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.55	USD	1 Quarter
Beginning Balance	`StockholdersEquity`	$-1.78B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.51B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.80B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Net income	`NetIncomeLoss`	$223.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$328.00M	USD	1 Quarter
Other comprehensive (loss) income, net of tax expense $2 for 2012 and $2 for 2013	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.00M	USD	1 Quarter
Other comprehensive (loss) income, net of tax expense $2 for 2012 and $2 for 2013	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.00M	USD	1 Quarter
Dividends paid ($0.52 per share) in 2012, ($0.55 per share) in 2013	`DividendsCommonStockCash`	$202.00M	USD	1 Quarter
Dividends paid ($0.52 per share) in 2012, ($0.55 per share) in 2013	`DividendsCommonStockCash`	$209.00M	USD	1 Quarter
Shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$188.00M	USD	1 Quarter
Shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$149.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$10.00M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.00M	USD	1 Quarter
Excess tax benefit on share-based compensation	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$3.00M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-1.78B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.51B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.80B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.67B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$223.00M	USD	1 Quarter
Defined benefit retirement plan gains, tax expense	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$2.00M	USD	1 Quarter
Defined benefit retirement plan gains, tax expense	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$2.00M	USD	1 Quarter
Net income	`ProfitLoss`	$328.00M	USD	1 Quarter
Defined benefit retirement plan gains, net of tax expense of $2 and $2	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.00M	USD	1 Quarter
Defined benefit retirement plan gains, net of tax expense of $2 and $2	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$227.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$332.00M	USD	1 Quarter

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