Company Quick10K Filing
Goodyear Tire & Rubber
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 234 $3,276
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-07-26 Quarter: 2019-06-30
10-Q 2019-04-26 Quarter: 2019-03-31
10-K 2019-02-08 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-04-25 Quarter: 2018-03-31
10-K 2018-02-08 Annual: 2017-12-31
10-Q 2017-10-27 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-02-08 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-27 Quarter: 2016-03-31
10-K 2016-02-09 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-07-29 Quarter: 2015-06-30
10-Q 2015-04-29 Quarter: 2015-03-31
10-K 2015-02-17 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-13 Annual: 2013-12-31
10-Q 2013-10-29 Quarter: 2013-09-30
10-Q 2013-07-30 Quarter: 2013-06-30
10-Q 2013-04-26 Quarter: 2013-03-31
10-K 2013-02-12 Annual: 2012-12-31
10-Q 2012-10-26 Quarter: 2012-09-30
10-Q 2012-07-31 Quarter: 2012-06-30
10-Q 2012-04-27 Quarter: 2012-03-31
10-Q 2011-10-28 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-29 Quarter: 2011-03-31
10-K 2011-02-10 Annual: 2010-12-31
10-Q 2010-10-28 Quarter: 2010-09-30
10-Q 2010-07-29 Quarter: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-K 2010-02-18 Annual: 2009-12-31
8-K 2019-12-03 Officers, Exhibits
8-K 2019-10-25 Earnings, Exhibits
8-K 2019-09-16 Exit Costs
8-K 2019-07-26 Earnings, Exhibits
8-K 2019-05-28 Officers
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-04-16 Officers
8-K 2019-04-08 Officers, Shareholder Vote
8-K 2019-03-27 Off-BS Arrangement
8-K 2019-03-18 Exit Costs
8-K 2019-02-26 Officers, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2019-01-15 Earnings
8-K 2018-12-04 Officers, Exhibits
8-K 2018-10-26 Earnings, Exhibits
8-K 2018-09-28 Off-BS Arrangement
8-K 2018-09-19 Officers, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-06-18 Officers, Exhibits
8-K 2018-06-15 Officers, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-04-16 Regulation FD
8-K 2018-04-09 Shareholder Vote
8-K 2018-02-08 Earnings, Exhibits
GT 2019-09-30
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. Leases
Note 9. Financing Arrangements and Derivative Financial Instruments
Note 10. Fair Value Measurements
Note 11. Pension, Savings and Other Postretirement Benefit Plans
Note 12. Stock Compensation Plans
Note 13. Commitments and Contingent Liabilities
Note 14. Capital Stock
Note 15. Reclassifications Out of Accumulated Other Comprehensive Loss
Note 16. Consolidating Financial Information
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-31.1 d33265dex311.htm
EX-31.2 d33265dex312.htm
EX-32.1 d33265dex321.htm

Goodyear Tire & Rubber Earnings 2019-09-30

GT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PAG 3,920 13,361 10,700 22,418 3,380 447 553 6,103 15% 11.0 3%
AN 3,800 10,700 7,817 21,086 3,443 398 567 5,729 16% 10.1 4%
GT 3,276 18,470 13,421 15,034 3,264 476 1,877 8,305 22% 4.4 3%
MNRO 2,837 1,578 860 1,221 476 82 103 2,989 39% 29.0 5%
LAD 2,734 5,775 4,500 12,137 1,852 271 442 4,014 15% 9.1 5%
MUSA 2,719 2,571 1,755 14,206 0 160 388 3,374 0% 8.7 6%
ABG 1,620 2,814 2,258 7,016 1,134 180 352 2,538 16% 7.2 6%
CTB 1,560 2,704 1,512 2,806 452 72 292 1,741 16% 6.0 3%
GPI 1,375 5,226 4,062 11,612 1,753 153 268 2,630 15% 9.8 3%
RUSHA 1,356 3,531 2,417 5,809 1,034 167 327 1,702 18% 5.2 5%

10-Q
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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 September 30, 2019
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 September 30, 2019:
 
232,563,509
 




TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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





PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.


THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Net Sales (Note 2)
$
3,802

 
$
3,928

 
$
11,032

 
$
11,599

Cost of Goods Sold
2,965

 
3,028

 
8,699

 
8,953

Selling, Administrative and General Expense
572

 
553

 
1,705

 
1,732

Rationalizations (Note 3)
21

 
5

 
128

 
40

Interest Expense
88

 
82

 
261

 
236

Other (Income) Expense (Note 4)
35

 
(253
)
 
74

 
(171
)
Income before Income Taxes
121

 
513

 
165

 
809

United States and Foreign Tax Expense (Note 5)
31

 
159

 
63

 
211

Net Income
90

 
354

 
102

 
598

Less: Minority Shareholders’ Net Income
2

 
3

 
21

 
15

Goodyear Net Income
$
88

 
$
351

 
$
81

 
$
583

Goodyear Net Income — Per Share of Common Stock
 
 
 
 
 
 
 
Basic
$
0.38

 
$
1.49

 
$
0.35

 
$
2.45

Weighted Average Shares Outstanding (Note 6)
233

 
236

 
233

 
238

Diluted
$
0.38

 
$
1.48

 
$
0.35

 
$
2.42

Weighted Average Shares Outstanding (Note 6)
234

 
238

 
234

 
241

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



- 1-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net Income
$
90

 
$
354

 
$
102

 
$
598

Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
Foreign currency translation, net of tax of ($1) and $3 in 2019 ($0 and ($8) in 2018)
(96
)
 
(86
)
 
(82
)
 
(235
)
Defined benefit plans:
 
 
 
 
 
 
 
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $8 and $24 in 2019 ($8 and $24 in 2018)
26

 
26

 
78

 
79

(Increase)/Decrease in net actuarial losses, net of tax of ($3) and $1 in 2019 (($4) and $2 in 2018)
(11
)
 
(20
)
 
2

 
(1
)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures, net of tax of $0 and $0 in 2019 ($2 and $4 in 2018)

 
9

 

 
13

Prior service (cost) credit from plan amendments, net of tax of $0 and $0 in 2019 ($0 and $0 in 2018)

 

 
(1
)
 

Deferred derivative gains (losses), net of tax of $4 and $4 in 2019 ($1 and $3 in 2018)
10

 

 
14

 
6

Reclassification adjustment for amounts recognized in income, net of tax of $0 and ($1) in 2019 ($0 and $2 in 2018)
(3
)
 
1

 
(8
)
 
6

Other Comprehensive Income (Loss)
(74
)
 
(70
)
 
3

 
(132
)
Comprehensive Income
16

 
284

 
105

 
466

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders
(1
)
 
(6
)
 
21

 
(10
)
Goodyear Comprehensive Income
$
17

 
$
290

 
$
84

 
$
476

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

- 2-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
September 30,
 
December 31,
(In millions, except share data)
2019
 
2018
Assets:
 
 
 
Current Assets:
 
 
 
Cash and Cash Equivalents
$
868

 
$
801

Accounts Receivable, less Allowance — $114 ($113 in 2018)
2,748

 
2,030

Inventories:
 
 
 
Raw Materials
546

 
569

Work in Process
155

 
152

Finished Products
2,264

 
2,135

 
2,965

 
2,856

Prepaid Expenses and Other Current Assets
280

 
238

Total Current Assets
6,861

 
5,925

Goodwill
550

 
569

Intangible Assets
134

 
136

Deferred Income Taxes (Note 5)
1,839

 
1,847

Other Assets
1,055

 
1,136

Operating Lease Right-of-Use Assets (Note 8)
828

 

Property, Plant and Equipment, less Accumulated Depreciation — $10,457 ($10,161 in 2018)
7,032

 
7,259

Total Assets
$
18,299

 
$
16,872

 
 
 
 
Liabilities:
 
 
 
Current Liabilities:
 
 
 
Accounts Payable — Trade
$
2,651

 
$
2,920

Compensation and Benefits (Notes 11 and 12)
539

 
471

Other Current Liabilities
690

 
737

Notes Payable and Overdrafts (Note 9)
486

 
410

Operating Lease Liabilities due Within One Year (Note 8)
197

 

Long Term Debt and Finance Leases due Within One Year (Notes 8 and 9)
610

 
243

Total Current Liabilities
5,173

 
4,781

Operating Lease Liabilities (Note 8)
642

 

Long Term Debt and Finance Leases (Notes 8 and 9)
5,580

 
5,110

Compensation and Benefits (Notes 11 and 12)
1,244

 
1,345

Deferred Income Taxes (Note 5)
91

 
95

Other Long Term Liabilities
534

 
471

Total Liabilities
13,264

 
11,802

Commitments and Contingent Liabilities (Note 13)

 

Shareholders’ Equity:
 

 
 

Goodyear Shareholders’ Equity:
 
 
 
Common Stock, no par value:
 

 
 

Authorized, 450 million shares, Outstanding shares — 233 and 232 million in 2019 and 2018
233

 
232

Capital Surplus
2,132

 
2,111

Retained Earnings
6,543

 
6,597

Accumulated Other Comprehensive Loss
(4,073
)
 
(4,076
)
Goodyear Shareholders’ Equity
4,835

 
4,864

Minority Shareholders’ Equity — Nonredeemable
200

 
206

Total Shareholders’ Equity
5,035

 
5,070

Total Liabilities and Shareholders’ Equity
$
18,299

 
$
16,872

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

- 3-




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, 2018
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 46,292,384 common treasury shares)
 
232,171,043

 
$
232

 
$
2,111

 
$
6,597

 
$
(4,076
)
 
$
4,864

 
$
206

 
$
5,070

Comprehensive income:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income (loss)
 
 

 
 

 
 

 
(7
)
 
 
 
(7
)
 
19

 
12

Foreign currency translation (net of tax of $4)
 
 

 
 

 
 

 
 
 
11

 
11

 
3

 
14

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $16)
 
 

 
 

 
 

 
 
 
52

 
52

 
 
 
52

Decrease in net actuarial losses (net of tax of $4)
 
 

 
 

 
 

 
 
 
13

 
13

 
 
 
13

Prior service costs from plan amendments (net of tax of $0)
 
 
 
 
 
 
 
 
 
(1
)
 
(1
)
 
 
 
(1
)
Deferred derivative gains (net of tax of $0)
 
 
 
 
 
 
 
 
 
4

 
4

 
 
 
4

Reclassification adjustment for amounts recognized in income (net of tax of ($1))
 
 
 
 
 
 
 
 
 
(5
)
 
(5
)
 
 
 
(5
)
Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
74

 
3

 
77

Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
67

 
22

 
89

Adoption of new accounting standards update
 
 
 
 
 
 
 
(23
)
 
 
 
(23
)
 
 
 
(23
)
Stock-based compensation plans
 
 
 
 
 
13

 
 
 
 
 
13

 
 
 
13

Dividends declared
 
 
 
 
 
 
 
(75
)
 
 
 
(75
)
 
(4
)
 
(79
)
Common stock issued from treasury
 
350,127

 
1

 
(1
)
 
 
 
 
 


 
 
 


Purchase of minority shares
 
 
 
 
 
1

 
 
 
 
 
1

 
(22
)
 
(21
)
Balance at June 30, 2019
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 45,942,257 common treasury shares)
 
232,521,170

 
$
233

 
$
2,124

 
$
6,492

 
$
(4,002
)
 
$
4,847

 
$
202

 
$
5,049

Comprehensive income (loss):
 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

Net income
 
 

 
 

 
 

 
88

 
 
 
88

 
2

 
90

Foreign currency translation (net of tax of ($1))
 
 

 
 

 
 

 
 
 
(93
)
 
(93
)
 
(3
)
 
(96
)
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $8)
 
 

 
 

 
 

 
 
 
26

 
26

 
 
 
26

Increase in net actuarial losses (net of tax of ($3))
 
 

 
 

 
 

 
 
 
(11
)
 
(11
)
 
 
 
(11
)
Deferred derivative gains (net of tax of $4)
 
 
 
 
 
 
 
 
 
10

 
10

 
 
 
10

Reclassification adjustment for amounts recognized in income (net of tax of $0)
 
 
 
 
 
 
 
 
 
(3
)
 
(3
)
 
 
 
(3
)
Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(71
)
 
(3
)
 
(74
)
Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
17

 
(1
)
 
16

Stock-based compensation plans
 
 
 
 
 
8

 
 
 
 
 
8

 
 
 
8

Dividends declared
 
 
 
 
 
 
 
(37
)
 
 
 
(37
)
 
(1
)
 
(38
)
Common stock issued from treasury
 
42,339

 


 
 
 
 
 
 
 


 
 
 


Balance at September 30, 2019
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 45,899,918 common treasury shares)
 
232,563,509

 
$
233

 
$
2,132

 
$
6,543

 
$
(4,073
)
 
$
4,835

 
$
200

 
$
5,035

We declared and paid cash dividends of $0.16 and $0.48 per Common Share for the three and nine months ended September 30, 2019, respectively.
The accompanying notes are an integral part of these consolidated financial statements.

- 4-




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, 2017
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 38,308,825 common treasury shares)
 
240,154,602

 
$
240

 
$
2,295

 
$
6,044

 
$
(3,976
)
 
$
4,603

 
$
247

 
$
4,850

Comprehensive income (loss):
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income
 
 

 
 

 
 

 
232

 
 
 
232

 
12

 
244

Foreign currency translation (net of tax of ($8))
 
 

 
 

 
 

 
 
 
(133
)
 
(133
)
 
(16
)
 
(149
)
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $16)
 
 

 
 

 
 

 
 
 
53

 
53

 
 
 
53

Decrease in net actuarial losses (net of tax of $6)
 
 

 
 

 
 

 
 
 
19

 
19

 
 
 
19

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures (net of tax of $2)
 
 

 
 

 
 

 
 
 
4

 
4

 
 
 
4

Deferred derivative gains (net of tax of $2)
 
 
 
 
 
 
 
 
 
6

 
6

 
 
 
6

Reclassification adjustment for amounts recognized in income (net of tax of $2)
 
 
 
 
 
 
 
 
 
5

 
5

 
 
 
5

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(46
)
 
(16
)
 
(62
)
Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
186

 
(4
)
 
182

Adoption of new accounting standards updates
 
 
 
 
 
 
 
(1
)
 
 
 
(1
)
 
 
 
(1
)
Stock-based compensation plans
 


 


 
8

 
 
 
 
 
8

 
 
 
8

Repurchase of common stock
 
(3,851,092
)
 
(4
)
 
(96
)
 
 
 
 
 
(100
)
 
 
 
(100
)
Dividends declared
 
 
 
 
 
 
 
(67
)
 
 
 
(67
)
 
(7
)
 
(74
)
Common stock issued from treasury
 
712,235

 
1

 
2

 
 
 
 
 
3

 
 
 
3

Purchase of minority shares
 
 
 
 
 
5

 
 
 
 
 
5

 
(29
)
 
(24
)
Balance at June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(after deducting 41,447,682 common treasury shares)
 
237,015,745

 
$
237

 
$
2,214

 
$
6,208

 
$
(4,022
)
 
$
4,637

 
$
207

 
$
4,844

Comprehensive income (loss):
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income
 
 

 
 

 
 

 
351

 
 
 
351

 
3

 
354

Foreign currency translation (net of tax of $0)
 
 

 
 

 
 

 
 
 
(77
)
 
(77
)
 
(9
)
 
(86
)
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $8)
 
 

 
 

 
 

 
 
 
26

 
26

 
 
 
26

Increase in net actuarial losses (net of tax of ($4))