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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 September 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 October 28, 2022:

 

282,861,018

 

 

 


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-10.1

EX-10.2

EX-10.3

EX-10.4

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In millions, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Sales (Note 3)

 

$

5,311

 

 

$

4,934

 

 

$

15,431

 

 

$

12,424

 

Cost of Goods Sold

 

 

4,305

 

 

 

3,894

 

 

 

12,443

 

 

 

9,723

 

Selling, Administrative and General Expense

 

 

696

 

 

 

727

 

 

 

2,101

 

 

 

1,949

 

Rationalizations (Note 4)

 

 

45

 

 

 

13

 

 

 

82

 

 

 

81

 

Interest Expense

 

 

117

 

 

 

104

 

 

 

331

 

 

 

280

 

Other (Income) Expense (Note 5)

 

 

42

 

 

 

9

 

 

 

(18

)

 

 

73

 

Income before Income Taxes

 

 

106

 

 

 

187

 

 

 

492

 

 

 

318

 

United States and Foreign Tax Expense (Note 6)

 

 

58

 

 

 

53

 

 

 

178

 

 

 

95

 

Net Income

 

 

48

 

 

 

134

 

 

 

314

 

 

 

223

 

Less: Minority Shareholders’ Net Income

 

 

4

 

 

 

2

 

 

 

8

 

 

 

12

 

Goodyear Net Income

 

$

44

 

 

$

132

 

 

$

306

 

 

$

211

 

Goodyear Net Income — Per Share of Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.16

 

 

$

0.47

 

 

$

1.08

 

 

$

0.83

 

Weighted Average Shares Outstanding (Note 7)

 

 

284

 

 

 

283

 

 

 

284

 

 

 

254

 

Diluted

 

$

0.16

 

 

$

0.46

 

 

$

1.07

 

 

$

0.82

 

Weighted Average Shares Outstanding (Note 7)

 

 

286

 

 

 

286

 

 

 

286

 

 

 

257

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

 

$

48

 

 

$

134

 

 

$

314

 

 

$

223

 

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax of ($9) and ($15) in 2022 ($2 and $1 in 2021)

 

 

(172

)

 

 

(75

)

 

 

(356

)

 

 

(81

)

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

 

 

 

 

 

(7

)

 

 

 

 

 

1

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $8 and $23 in 2022 ($8 and $25 in 2021)

 

 

24

 

 

 

26

 

 

 

72

 

 

 

79

 

Change in net actuarial losses, net of tax of ($1) and $2 in 2022 ($2 and $7 in 2021)

 

 

(4

)

 

 

6

 

 

 

10

 

 

 

22

 

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of $2 and $7 in 2022 ($3 and $7 in 2021)

 

 

8

 

 

 

8

 

 

 

21

 

 

 

23

 

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

 

 

2

 

 

 

2

 

 

 

3

 

 

 

2

 

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)

 

 

(142

)

 

 

(40

)

 

 

(251

)

 

 

44

 

Comprehensive Income (Loss)

 

 

(94

)

 

 

94

 

 

 

63

 

 

 

267

 

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders

 

 

(3

)

 

 

1

 

 

 

(14

)

 

 

3

 

Goodyear Comprehensive Income (Loss)

 

$

(91

)

 

$

93

 

 

$

77

 

 

$

264

 

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)

 

 

 

September 30,

 

 

December 31,

 

(In millions, except share data)

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

1,243

 

 

$

1,088

 

Accounts Receivable, less Allowance — $102 ($123 in 2021)

 

 

3,560

 

 

 

2,387

 

Inventories:

 

 

 

 

 

 

Raw Materials

 

 

1,288

 

 

 

958

 

Work in Process

 

 

201

 

 

 

191

 

Finished Products

 

 

3,372

 

 

 

2,445

 

 

 

 

4,861

 

 

 

3,594

 

Prepaid Expenses and Other Current Assets

 

 

287

 

 

 

262

 

Total Current Assets

 

 

9,951

 

 

 

7,331

 

Goodwill

 

 

995

 

 

 

1,004

 

Intangible Assets

 

 

1,013

 

 

 

1,039

 

Deferred Income Taxes (Note 6)

 

 

1,487

 

 

 

1,596

 

Other Assets

 

 

1,066

 

 

 

1,106

 

Operating Lease Right-of-Use Assets

 

 

976

 

 

 

981

 

Property, Plant and Equipment, less Accumulated Depreciation — $10,950 ($11,130 in 2021)

 

 

7,890

 

 

 

8,345

 

Total Assets

 

$

23,378

 

 

$

21,402

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts Payable — Trade

 

$

4,891

 

 

$

4,148

 

Compensation and Benefits (Notes 11 and 12)

 

 

670

 

 

 

689

 

Other Current Liabilities

 

 

896

 

 

 

822

 

Notes Payable and Overdrafts (Note 9)

 

 

541

 

 

 

406

 

Operating Lease Liabilities due Within One Year

 

 

195

 

 

 

204

 

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

 

 

266

 

 

 

343

 

Total Current Liabilities

 

 

7,459

 

 

 

6,612

 

Operating Lease Liabilities

 

 

823

 

 

 

819

 

Long Term Debt and Finance Leases (Note 9)

 

 

7,839

 

 

 

6,648

 

Compensation and Benefits (Notes 11 and 12)

 

 

1,250

 

 

 

1,445

 

Deferred Income Taxes (Note 6)

 

 

132

 

 

 

135

 

Other Long Term Liabilities

 

 

625

 

 

 

559

 

Total Liabilities

 

 

18,128

 

 

 

16,218

 

Commitments and Contingent Liabilities (Note 13)

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Goodyear Shareholders’ Equity:

 

 

 

 

 

 

Common Stock, no par value:

 

 

 

 

 

 

Authorized, 450 million shares, Outstanding shares — 283 million in 2022 (282 million in 2021)

 

 

283

 

 

 

282

 

Capital Surplus

 

 

3,117

 

 

 

3,107

 

Retained Earnings

 

 

5,879

 

 

 

5,573

 

Accumulated Other Comprehensive Loss (Note 15)

 

 

(4,192

)

 

 

(3,963

)

Goodyear Shareholders’ Equity

 

 

5,087

 

 

 

4,999

 

Minority Shareholders’ Equity — Nonredeemable

 

 

163

 

 

 

185

 

Total Shareholders’ Equity

 

 

5,250

 

 

 

5,184

 

Total Liabilities and Shareholders’ Equity

 

$

23,378

 

 

$

21,402

 

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, 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

 

 

 

 

 

 

 

 

 

 

 

262

 

 

 

 

 

 

262

 

 

 

4

 

 

 

266

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94

)

 

 

(94

)

 

 

(15

)

 

 

(109

)

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168

 

 

 

(11

)

 

 

157

 

Stock-based compensation plans

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Common stock issued from treasury

 

 

678,010

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

Balance at June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 41,816,674 common treasury shares)

 

 

282,471,233

 

 

$

282

 

 

$