1.0.0.3 false Fair Value false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Fair Value [Abstract] 0 lo_FairValueAbstract lo false na duration string Fair Value false false false false false true false false false 1 false false 0 0 false false Fair Value false 3 Fair Value 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. Fair Value</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">          Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="6%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 1 — Quoted prices for identical instruments in active markets.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="6%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable directly or indirectly.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="6%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 3 — Valuations derived from valuation techniques in which one or more significant inputs are unobservable.</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">          Lorillard is responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. Lorillard performs due diligence to understand the inputs used or how the data was calculated or derived, and corroborates the reasonableness of external inputs in the valuation process. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">          Assets and liabilities measured at fair value on a recurring basis are summarized below. The valuation of securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and were valued as follows at June 30, 2009: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Total</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7"><b>(In millions)</b></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cash and Cash Equivalents: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Treasury money market funds </div></td> <td> </td> <td align="right">$</td> <td align="right">17</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">17</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Government money market funds </div></td> <td> </td> <td> </td> <td align="right">1,540</td> <td> </td> <td> </td> <td> </td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td> </td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td> </td> <td align="right">1,540</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Prime money market funds </div></td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td> </td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> </td> <td> </td> <td colspan="15" align="left" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total cash and cash equivalents </div></td> <td> </td> <td align="right">$</td> <td align="right">1,558</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">1,558</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> </td> <td> </td> <td colspan="15" align="left" style="border-top: 3px double #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Long Term Debt: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Senior notes </div></td> <td> </td> <td align="right">$</td> <td align="right">778</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">778</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> </td> <td> </td> <td colspan="15" align="left" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total long term debt </div></td> <td> </td> <td align="right">$</td> <td align="right">778</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right"><font style="font-family: Symbol">¾</font></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">778</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> </td> <td> </td> <td colspan="15" align="left" style="border-top: 3px double #000000"> </td> </tr>  </table> </div> </div> </body> </html>  6. Fair Value false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true