2.2.0.7 false Share Repurchase Program 0212 - Disclosure - Share Repurchase Program true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Share Repurchase Program [Abstract] 0 us-gaap_TreasuryStockNoteDisclosureAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Share Repurchase Program 1 us-gaap_ScheduleOfTreasuryStockByClassTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><b>12. Share Repurchase Program</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On August 20, 2010, Lorillard, Inc. announced that its Board of Directors had approved a new share repurchase program authorizing the Company to repurchase in the aggregate up to $1 billion of its outstanding common stock. Purchases by the Company under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchases or otherwise, as determined by the Company’s management. The repurchases will be funded from existing cash balances, including proceeds from the Company’s April 2010 issuance of the Notes (see Note 8 for a description of the Notes). </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     This program does not obligate the Company to acquire any particular amount of common stock. The timing, frequency and amount of repurchase activity will depend on a variety of factors such as levels of cash generation from operations, cash requirements for investment in the Company’s business, current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date. During the third quarter of 2010, the Company repurchased approximately 1.1 million shares of its common stock at an average price of $81.10 per share, for a total of $91 million. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     As of September 30, 2010, total shares repurchased under share repurchase programs authorized by the Board since the Separation were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="4%"> </td> <td width="18%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="15%"> </td> <td width="7%"> </td> <td width="15%"> </td> <td width="7%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Number of</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Amount</td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Shares</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Authorized</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Authorized</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Completed</td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Repurchased</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">(In millions)</td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">(In millions)</td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">July 2008 </div></td> <td> </td> <td align="left">$</td> <td align="right">400</td> <td> </td> <td> </td> <td align="left" valign="top" nowrap="nowrap">October 2008</td> <td> </td> <td align="right" valign="bottom">5.9</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">May 2009 </div></td> <td> </td> <td> </td> <td align="right">250</td> <td> </td> <td> </td> <td align="left" valign="top">July 2009</td> <td> </td> <td align="right" valign="bottom">3.7</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">July 2009 </div></td> <td> </td> <td> </td> <td align="right">750</td> <td> </td> <td> </td> <td align="left" valign="top" nowrap="nowrap">January 2010</td> <td> </td> <td align="right" valign="bottom">9.7</td> </tr> <tr valign="bottom"> <td nowrap="nowrap"> <div style="margin-left:15px; text-indent:-15px">February 2010 </div></td> <td> </td> <td> </td> <td align="right">250</td> <td> </td> <td> </td> <td align="left" valign="top">May 2010</td> <td> </td> <td align="right" valign="bottom">3.3</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">August 2010 </div></td> <td> </td> <td> </td> <td align="right">1,000</td> <td> </td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td align="right" valign="bottom">1.1</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td align="left" valign="top"> </td> <td align="left" valign="top"> </td> <td nowrap="nowrap" colspan="1" align="left" valign="bottom" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">2,650</td> <td> </td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td align="right" valign="bottom">23.7</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td align="left" valign="top"> </td> <td> </td> <td nowrap="nowrap" colspan="1" align="left" valign="bottom" style="border-top: 3px double #000000"> </td> </tr>  </table> </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock This element may be used to capture the complete disclosure pertaining to an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's Board of Directors, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation. 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