Company Quick10K Filing
Goodyear Tire & Rubber
Price13.82 EPS0
Shares234 P/E32
MCap3,234 P/FCF-23
Net Debt5,019 EBIT426
TEV8,253 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-11
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-12
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-04-27
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-10
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-18
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-05-20
8-K 2020-05-13
8-K 2020-04-30
8-K 2020-04-17
8-K 2020-04-16
8-K 2020-04-09
8-K 2020-04-06
8-K 2020-04-02
8-K 2020-03-18
8-K 2020-03-17
8-K 2020-02-24
8-K 2020-02-11
8-K 2019-12-03
8-K 2019-10-25
8-K 2019-09-16
8-K 2019-07-26
8-K 2019-05-28
8-K 2019-04-26
8-K 2019-04-16
8-K 2019-04-08
8-K 2019-03-27
8-K 2019-03-18
8-K 2019-02-26
8-K 2019-02-08
8-K 2019-01-15
8-K 2018-12-04
8-K 2018-10-26
8-K 2018-09-28
8-K 2018-09-19
8-K 2018-07-27
8-K 2018-06-18
8-K 2018-06-15
8-K 2018-04-25
8-K 2018-04-16
8-K 2018-04-09
8-K 2018-02-08

GT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1. Accounting Policies
Note 2. Net Sales
Note 3. Costs Associated with Rationalization Programs
Note 4. Other (Income) Expense
Note 5. Income Taxes
Note 6. Earnings per Share
Note 7. Business Segments
Note 8. Goodwill and Intangible Assets
Note 9. Other Assets and Investments
Note 10. Financing Arrangements and Derivative Financial Instruments
Note 11. Fair Value Measurements
Note 12. Pension, Savings and Other Postretirement Benefit Plans
Note 13. Stock Compensation Plans
Note 14. Commitments and Contingent Liabilities
Note 15. Capital Stock
Note 16. Reclassifications Out of Accumulated Other Comprehensive Loss
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
Item 6. Exhibits.
EX-22 gt-ex22_6.htm
EX-31.1 gt-ex311_7.htm
EX-31.2 gt-ex312_9.htm
EX-32.1 gt-ex321_8.htm

Goodyear Tire & Rubber Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
10.07.95.83.81.7-0.42012201420172020
Rev, G Profit, Net Income
1.51.00.50.1-0.4-0.92012201420172020
Ops, Inv, Fin

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us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30

Table of contents

 

 

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, 2020

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)

 

(330796-2121

(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.

Yes No

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).

Yes No

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 June 30, 2020:

 

233,010,562

 

 

 

 

 


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

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)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Sales (Note 2)

 

$

2,144

 

 

$

3,632

 

 

$

5,200

 

 

$

7,230

 

Cost of Goods Sold

 

 

2,216

 

 

 

2,855

 

 

 

4,768

 

 

 

5,734

 

Selling, Administrative and General Expense

 

 

451

 

 

 

586

 

 

 

1,032

 

 

 

1,133

 

Goodwill and Other Asset Impairments (Notes 8 and 9)

 

 

148

 

 

 

 

 

 

330

 

 

 

 

Rationalizations (Note 3)

 

 

99

 

 

 

4

 

 

 

108

 

 

 

107

 

Interest Expense

 

 

85

 

 

 

88

 

 

 

158

 

 

 

173

 

Other (Income) Expense (Note 4)

 

 

34

 

 

 

17

 

 

 

61

 

 

 

39

 

Income (Loss) before Income Taxes

 

 

(889

)

 

 

82

 

 

 

(1,257

)

 

 

44

 

United States and Foreign Tax Expense (Benefit) (Note 5)

 

 

(186

)

 

 

26

 

 

 

63

 

 

 

32

 

Net Income (Loss)

 

 

(703

)

 

 

56

 

 

 

(1,320

)

 

 

12

 

Less: Minority Shareholders’ Net Income (Loss)

 

 

(7

)

 

 

2

 

 

 

(5

)

 

 

19

 

Goodyear Net Income (Loss)

 

$

(696

)

 

$

54

 

 

$

(1,315

)

 

$

(7

)

Goodyear Net Income (Loss) — Per Share of Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.97

)

 

$

0.23

 

 

$

(5.62

)

 

$

(0.03

)

Weighted Average Shares Outstanding (Note 6)

 

 

234

 

 

 

233

 

 

 

234

 

 

 

232

 

Diluted

 

$

(2.97

)

 

$

0.23

 

 

$

(5.62

)

 

$

(0.03

)

Weighted Average Shares Outstanding (Note 6)

 

 

234

 

 

 

234

 

 

 

234

 

 

 

232

 

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

1


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)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Income (Loss)

 

$

(703

)

 

$

56

 

 

$

(1,320

)

 

$

12

 

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax of $4 and ($4) in 2020 ($2 and $4 in 2019)

 

 

(7

)

 

 

(16

)

 

 

(232

)

 

 

14

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $8 and $17 in 2020 ($8 and $16 in 2019)

 

 

28

 

 

 

26

 

 

 

55

 

 

 

52

 

(Increase)/decrease in net actuarial losses, net of tax of ($2) and ($2) in 2020 ($3 and $4 in 2019)

 

 

(8

)

 

 

9

 

 

 

(9

)

 

 

13

 

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of $0 and ($1) in 2020 ($0 and $0 in 2019)

 

 

1

 

 

 

 

 

 

 

 

 

 

Prior service cost from plan amendments, net of tax of $0 and $0 in 2020 ($0 and $0 in 2019)

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Deferred derivative gains (losses), net of tax of ($4) and $1 in 2020 ($0 and $0 in 2019)

 

 

1

 

 

 

(1

)

 

 

19

 

 

 

4

 

Reclassification adjustment for amounts recognized in income, net of tax of $0 and $0 in 2020 (($1) and ($1) in 2019)

 

 

(4

)

 

 

(2

)

 

 

(8

)

 

 

(5

)

Other Comprehensive Income (Loss)

 

 

11

 

 

 

15

 

 

 

(175

)

 

 

77

 

Comprehensive Income (Loss)

 

 

(692

)

 

 

71

 

 

 

(1,495

)

 

 

89

 

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders

 

 

(7

)

 

 

5

 

 

 

(14

)

 

 

22

 

Goodyear Comprehensive Income (Loss)

 

$

(685

)

 

$

66

 

 

$

(1,481

)

 

$

67

 

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)

 

2020

 

 

2019

 

Assets:

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

1,006

 

 

$

908

 

Accounts Receivable, less Allowance — $143 ($111 in 2019)

 

 

1,727

 

 

 

1,941

 

Inventories:

 

 

 

 

 

 

 

 

Raw Materials

 

 

594

 

 

 

530

 

Work in Process

 

 

128

 

 

 

143

 

Finished Products

 

 

1,752

 

 

 

2,178

 

 

 

 

2,474

 

 

 

2,851

 

Prepaid Expenses and Other Current Assets

 

 

206

 

 

 

234

 

Total Current Assets

 

 

5,413

 

 

 

5,934

 

Goodwill (Note 8)

 

 

383

 

 

 

565

 

Intangible Assets (Note 8)

 

 

135

 

 

 

137

 

Deferred Income Taxes (Note 5)

 

 

1,434

 

 

 

1,527

 

Other Assets (Note 9)

 

 

794

 

 

 

959

 

Operating Lease Right-of-Use Assets

 

 

869

 

 

 

855

 

Property, Plant and Equipment, less Accumulated Depreciation — $10,293 ($10,488 in 2019)

 

 

6,799

 

 

 

7,208

 

Total Assets

 

$

15,827

 

 

$

17,185

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts Payable — Trade

 

$

1,858

 

 

$

2,908

 

Compensation and Benefits (Notes 12 and 13)

 

 

485

 

 

 

536

 

Other Current Liabilities

 

 

798

 

 

 

734

 

Notes Payable and Overdrafts (Note 10)

 

 

712

 

 

 

348

 

Operating Lease Liabilities due Within One Year

 

 

192

 

 

 

199

 

Long Term Debt and Finance Leases due Within One Year (Note 10)

 

 

581

 

 

 

562

 

Total Current Liabilities

 

 

4,626

 

 

 

5,287

 

Operating Lease Liabilities

 

 

698

 

 

 

668

 

Long Term Debt and Finance Leases (Note 10)

 

 

5,688

 

 

 

4,753

 

Compensation and Benefits (Notes 12 and 13)

 

 

1,273

 

 

 

1,334

 

Deferred Income Taxes (Note 5)

 

 

80

 

 

 

90

 

Other Long Term Liabilities

 

 

449

 

 

 

508

 

Total Liabilities

 

 

12,814

 

 

 

12,640

 

Commitments and Contingent Liabilities (Note 14)

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Goodyear Shareholders’ Equity:

 

 

 

 

 

 

 

 

Common Stock, no par value:

 

 

 

 

 

 

 

 

Authorized, 450 million shares, Outstanding shares — 233 million in 2020 and 2019

 

 

233

 

 

 

233

 

Capital Surplus

 

 

2,154

 

 

 

2,141

 

Retained Earnings

 

 

4,748

 

 

 

6,113

 

Accumulated Other Comprehensive Loss

 

 

(4,302

)

 

 

(4,136

)

Goodyear Shareholders’ Equity

 

 

2,833

 

 

 

4,351

 

Minority Shareholders’ Equity — Nonredeemable

 

 

180

 

 

 

194

 

Total Shareholders’ Equity

 

 

3,013

 

 

 

4,545

 

Total Liabilities and Shareholders’ Equity

 

$

15,827

 

 

$

17,185

 

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

 

 

3


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, 2019