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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2022

Commission File Number: 1-1927

THE GOODYEAR TIRE & RUBBER COMPANY

(Exact Name of Registrant as Specified in Its Charter)

 

Ohio

 

34-0253240

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

200 Innovation Way, Akron, Ohio

 

44316-0001

(Address of Principal Executive Offices)

 

(Zip Code)

 

(330) 796-2121

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, Without Par Value

 

GT

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YesNo

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

 

Number of Shares of Common Stock,

Without Par Value, Outstanding at July 31, 2022:

 

282,802,845

 

 

 


Table of Contents

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

ITEM 4. CONTROLS AND PROCEDURES

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

ITEM 1A. RISK FACTORS

EX-22.1

EX-31.1

EX-31.2

EX-32.1

EX-101.INS INSTANCE DOCUMENT

EX-101.SCH SCHEMA DOCUMENT

EX-101.CAL CALCULATION LINKBASE DOCUMENT

EX-101.DEF DEFINITION LINKBASE DOCUMENT

EX-101.LAB LABELS LINKBASE DOCUMENT

EX-101.PRE PRESENTATION LINKBASE DOCUMENT

EX-104

 

 

 

 


Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Sales (Note 3)

 

$

5,212

 

 

$

3,979

 

 

$

10,120

 

 

$

7,490

 

Cost of Goods Sold

 

 

4,172

 

 

 

3,078

 

 

 

8,138

 

 

 

5,829

 

Selling, Administrative and General Expense

 

 

717

 

 

 

658

 

 

 

1,405

 

 

 

1,222

 

Rationalizations (Note 4)

 

 

26

 

 

 

18

 

 

 

37

 

 

 

68

 

Interest Expense

 

 

110

 

 

 

97

 

 

 

214

 

 

 

176

 

Other (Income) Expense (Note 5)

 

 

(65

)

 

 

30

 

 

 

(60

)

 

 

64

 

Income before Income Taxes

 

 

252

 

 

 

98

 

 

 

386

 

 

 

131

 

United States and Foreign Tax Expense (Note 6)

 

 

82

 

 

 

27

 

 

 

120

 

 

 

42

 

Net Income

 

 

170

 

 

 

71

 

 

 

266

 

 

 

89

 

Less: Minority Shareholders’ Net Income

 

 

4

 

 

 

4

 

 

 

4

 

 

 

10

 

Goodyear Net Income

 

$

166

 

 

$

67

 

 

$

262

 

 

$

79

 

Goodyear Net Income — Per Share of Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.58

 

 

$

0.27

 

 

$

0.92

 

 

$

0.33

 

Weighted Average Shares Outstanding (Note 7)

 

 

284

 

 

 

244

 

 

 

284

 

 

 

239

 

Diluted

 

$

0.58

 

 

$

0.27

 

 

$

0.91

 

 

$

0.32

 

Weighted Average Shares Outstanding (Note 7)

 

 

286

 

 

 

247

 

 

 

286

 

 

 

242

 

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

 

$

170

 

 

$

71

 

 

$

266

 

 

$

89

 

Other Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax of ($6) and ($6) in 2022 ($2 and $1 in 2021)

 

 

(187

)

 

 

33

 

 

 

(184

)

 

 

(6

)

Unrealized gain from securities, net of tax of $0 and $0 in 2022 ($0 and $0 in 2021)

 

 

 

 

 

8

 

 

 

 

 

 

8

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $7 and $15 in 2022 ($8 and $17 in 2021)

 

 

24

 

 

 

26

 

 

 

48

 

 

 

53

 

Change in net actuarial losses, net of tax of ($2) and $3 in 2022 ($2 and $5 in 2021)

 

 

(2

)

 

 

7

 

 

 

14

 

 

 

16

 

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of $5 and $5 in 2022 ($4 and $4 in 2021)

 

 

13

 

 

 

15

 

 

 

13

 

 

 

15

 

Deferred derivative gains (losses), net of tax of $0 and $0 in 2022 ($0 and $0 in 2021)

 

 

3

 

 

 

(1

)

 

 

1

 

 

 

 

Reclassification adjustment for amounts recognized in income, net of tax of $0 and $0 in 2022 ($0 and $0 in 2021)

 

 

 

 

 

 

 

 

(1

)

 

 

(2

)

Other Comprehensive Income (Loss)

 

 

(149

)

 

 

88

 

 

 

(109

)

 

 

84

 

Comprehensive Income

 

 

21

 

 

 

159

 

 

 

157

 

 

 

173

 

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders

 

 

(3

)

 

 

3

 

 

 

(11

)

 

 

2

 

Goodyear Comprehensive Income

 

$

24

 

 

$

156

 

 

$

168

 

 

$

171

 

The accompanying notes are an integral part of these consolidated financial statements.

2


Table of Contents

THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

(In millions, except share data)

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

1,248

 

 

$

1,088

 

Accounts Receivable, less Allowance — $112 ($123 in 2021)

 

 

3,306

 

 

 

2,387

 

Inventories:

 

 

 

 

 

 

Raw Materials

 

 

1,119

 

 

 

958

 

Work in Process

 

 

208

 

 

 

191

 

Finished Products

 

 

3,062

 

 

 

2,445

 

 

 

 

4,389

 

 

 

3,594

 

Prepaid Expenses and Other Current Assets

 

 

280

 

 

 

262

 

Total Current Assets

 

 

9,223

 

 

 

7,331

 

Goodwill

 

 

995

 

 

 

1,004

 

Intangible Assets

 

 

1,023

 

 

 

1,039

 

Deferred Income Taxes (Note 6)

 

 

1,512

 

 

 

1,596

 

Other Assets

 

 

1,099

 

 

 

1,106

 

Operating Lease Right-of-Use Assets

 

 

1,008

 

 

 

981

 

Property, Plant and Equipment, less Accumulated Depreciation — $11,045 ($11,130 in 2021)

 

 

8,041

 

 

 

8,345

 

Total Assets

 

$

22,901

 

 

$

21,402

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts Payable — Trade

 

$

4,593

 

 

$

4,148

 

Compensation and Benefits (Notes 11 and 12)

 

 

657

 

 

 

689

 

Other Current Liabilities

 

 

830

 

 

 

822

 

Notes Payable and Overdrafts (Note 9)

 

 

519

 

 

 

406

 

Operating Lease Liabilities due Within One Year

 

 

206

 

 

 

204

 

Long Term Debt and Finance Leases due Within One Year (Note 9)

 

 

316

 

 

 

343

 

Total Current Liabilities

 

 

7,121

 

 

 

6,612

 

Operating Lease Liabilities

 

 

844

 

 

 

819

 

Long Term Debt and Finance Leases (Note 9)

 

 

7,569

 

 

 

6,648

 

Compensation and Benefits (Notes 11 and 12)

 

 

1,293

 

 

 

1,445

 

Deferred Income Taxes (Note 6)

 

 

134

 

 

 

135

 

Other Long Term Liabilities

 

 

593

 

 

 

559

 

Total Liabilities

 

 

17,554

 

 

 

16,218

 

Commitments and Contingent Liabilities (Note 13)

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Goodyear Shareholders’ Equity:

 

 

 

 

 

 

Common Stock, no par value:

 

 

 

 

 

 

Authorized, 450 million shares, Outstanding shares — 282 million in 2022 (282 million in 2021)

 

 

282

 

 

 

282

 

Capital Surplus

 

 

3,114

 

 

 

3,107

 

Retained Earnings

 

 

5,835

 

 

 

5,573

 

Accumulated Other Comprehensive Loss

 

 

(4,057

)

 

 

(3,963

)

Goodyear Shareholders’ Equity

 

 

5,174

 

 

 

4,999

 

Minority Shareholders’ Equity — Nonredeemable

 

 

173

 

 

 

185

 

Total Shareholders’ Equity

 

 

5,347

 

 

 

5,184

 

Total Liabilities and Shareholders’ Equity

 

$

22,901

 

 

$

21,402

 

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Minority

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Goodyear

 

 

Shareholders'

 

 

Total

 

 

 

Common Stock

 

 

Capital

 

 

Retained

 

 

Comprehensive

 

 

Shareholders'

 

 

Equity — Non-

 

 

Shareholders'

 

(Dollars in millions, except per share amounts)

 

Shares

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

Redeemable

 

 

Equity

 

Balance at December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 42,494,684 common treasury shares)

 

 

281,793,223

 

 

$

282

 

 

$

3,107

 

 

$

5,573

 

 

$

(3,963

)

 

$

4,999

 

 

$

185

 

 

$

5,184

 

Net income

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

 

 

 

96

 

 

 

 

 

 

96

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

48

 

 

 

(8

)

 

 

40

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144

 

 

 

(8

)

 

 

136

 

Stock-based compensation plans

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

7

 

Common stock issued from treasury

 

 

635,149

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

Balance at March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 41,859,535 common treasury shares)

 

 

282,428,372

 

 

$

282

 

 

$

3,109

 

 

$

5,669

 

 

$

(3,915

)

 

$

5,145

 

 

$

177

 

 

$

5,322

 

Net income

 

 

 

 

 

 

 

 

 

 

 

166

 

 

 

 

 

 

166

 

 

 

4

 

 

 

170

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(142

)

 

 

(142

)

 

 

(7

)

 

 

(149

)

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

(3

)

 

 

21

 

Stock-based compensation plans

 

 

 

 

 

 

 

 

5