2.2.0.25falsefalse0212 - Disclosure - Share Repurchase Programstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $ThreeMonthsEnded_31Mar2011http://www.sec.gov/CIK0001424847duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0PureStandardhttp://www.xbrl.org/2003/instancepurexbrli0USDUSD$2true0us-gaap_TreasuryStockNoteDisclosureAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseShare Repurchase Programs [Abstract]3false0us-gaap_ScheduleOfTreasuryStockByClassTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00   <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 Programs</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     As of January 19, 2010, the Company completed its $750 million share repurchase program that was announced on July 27, 2009, after repurchasing an additional 1.1 million shares in January 2010 for $90 million at an average purchase price of $78.36 per share. In February 2010, the Board of Directors authorized the repurchase of up to $250 million of the Company’s common stock, which was completed on May 26, 2010, after repurchasing 3.3 million shares at an average purchase price of $76.29 per share. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In August 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 are 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 first quarter of 2011, the Company repurchased approximately 3.8 million shares of its common stock at an average price of $76.76 per share, for a total of $289 million. As of March 31, 2011, the maximum value of shares that could yet be repurchased under the program was $335 million. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">     As of March 31, 2011, total shares repurchased under share repurchase programs authorized by the Board since the Separation were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="4%"> </td> <td width="18%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="15%"> </td> <td width="7%"> </td> <td width="15%"> </td> <td width="7%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Number of</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Amount</td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center">Shares</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Authorized</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Authorized</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000">Completed</td> <td> </td> <td nowrap="nowrap" align="center" colspan="1" style="border-bottom: 1px solid #000000">Repurchased</td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">(In millions)</td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="1">(In millions)</td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">July 2008 </div></td> <td> </td> <td align="left">$</td> <td align="right">400</td> <td> </td> <td> </td> <td align="left" valign="top" nowrap="nowrap">October 2008</td> <td align="left" valign="top"> </td> <td align="right" valign="top">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 align="left" valign="top"> </td> <td align="right" valign="top">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 align="left" valign="top"> </td> <td align="right" valign="top">9.7</td> </tr> <tr valign="bottom"> <td> <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="top">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 align="left" valign="top"> </td> <td align="right" valign="top">8.3</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> </td> <td nowrap="nowrap" colspan="1" align="right" valign="top" 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 align="left" valign="top"> </td> <td align="right" valign="top">30.9</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="right" valign="top" style="border-top: 3px double #000000"> </td> </tr>  </table> </div> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis 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.No authoritative reference available.falsefalseShare Repurchase Programs12Share Repurchase ProgramsUnKnownUnKnownUnKnownUnKnownfalsetrue