GOODYEAR TIRE RUBBER CO OH

For the period ended Mar 31, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

GT$4.18-4.1%Stored close · as of Nov 9, 2026

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Contents

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEM ENTS OF OPERATIONS

	Three Months Ended
	March 31,
(In millions, except per share amounts)	2024	2023
Net Sales (Note 2)	$4,537	$4,941
Cost of Goods Sold	3,715	4,193
Selling, Administrative and General Expense	696	664
Rationalizations (Note 3)	22	32
Interest Expense	126	127
Other (Income) Expense (Note 4)	30	25
Loss before Income Taxes	(52)	(100)
United States and Foreign Tax Expense (Benefit) (Note 5)	6	(1)
Net Loss	(58)	(99)
Less: Minority Shareholders’ Net Income (Loss)	(1)	2
Goodyear Net Loss	$(57)	$(101)
Goodyear Net Loss — Per Share of Common Stock
Basic	$(0.20)	$(0.35)
Weighted Average Shares Outstanding (Note 6)	286	285
Diluted	$(0.20)	$(0.35)
Weighted Average Shares Outstanding (Note 6)	286	285

CONSOLIDATED STATEMENTSOF COMPREHENSIVE INCOME

	Three Months Ended
	March 31,
(In millions)	2024	2023
Net Income (Loss)	$(58)	$(99)
Other Comprehensive Income (Loss):
Foreign currency translation, net of tax of ($2) in 2024 ($1 in 2023)	(9)	37
Defined benefit plans:
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $7 in 2024 ($7 in 2023)	21	21
Change in net actuarial losses, net of tax of $1 in 2024 (($2) in 2023)	4	(2)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of ($1) in 2024 ($0 in 2023)	(4)	—
Deferred derivative gains (losses), net of tax of $0 in 2024 (($1) in 2023)	—	(2)
Reclassification adjustment for amounts recognized in income, net of tax of $0 in 2024 ($0 in 2023)	1	—
Other Comprehensive Income (Loss)	13	54
Comprehensive Income (Loss)	(45)	(45)
Less: Comprehensive Income (Loss) Attributable to Minority Shareholders	(4)	5
Goodyear Comprehensive Income (Loss)	$(41)	$(50)

CONSOLIDATED BALANCE SHEETS

	March 31,	December 31,
(In millions, except share data)	2024	2023
Assets:
Current Assets:
Cash and Cash Equivalents	$893	$902
Accounts Receivable, less Allowance — $96 ($102 in 2023)	3,033	2,731
Inventories:
Raw Materials	783	785
Work in Process	209	206
Finished Products	2,839	2,707
	3,831	3,698
Prepaid Expenses and Other Current Assets	305	319
Total Current Assets	8,062	7,650
Goodwill	780	781
Intangible Assets	962	969
Deferred Income Taxes (Note 5)	1,661	1,630
Other Assets	1,094	1,075
Operating Lease Right-of-Use Assets	993	985
Property, Plant and Equipment, less Accumulated Depreciation — $12,587 ($12,472 in 2023)	8,439	8,492
Total Assets	$21,991	$21,582
Liabilities:
Current Liabilities:
Accounts Payable — Trade	$4,223	$4,326
Compensation and Benefits (Notes 10 and 11)	629	663
Other Current Liabilities	1,185	1,165
Notes Payable and Overdrafts (Note 8)	388	344
Operating Lease Liabilities due Within One Year	200	200
Long Term Debt and Finance Leases due Within One Year (Note 8)	395	449
Total Current Liabilities	7,020	7,147
Operating Lease Liabilities	841	825
Long Term Debt and Finance Leases (Note 8)	7,483	6,831
Compensation and Benefits (Notes 10 and 11)	913	974
Deferred Income Taxes (Note 5)	80	83
Other Long Term Liabilities	856	885
Total Liabilities	17,193	16,745
Commitments and Contingent Liabilities (Note 12)
Shareholders’ Equity:
Goodyear Shareholders’ Equity:
Common Stock, no par value:
Authorized, 450 million shares, Outstanding shares — 285 million in 2024 (284 million in 2023)	285	284
Capital Surplus	3,140	3,133
Retained Earnings	5,029	5,086
Accumulated Other Comprehensive Loss (Note 14)	(3,819)	(3,835)
Goodyear Shareholders’ Equity	4,635	4,668
Minority Shareholders’ Equity — Nonredeemable	163	169
Total Shareholders’ Equity	4,798	4,837
Total Liabilities and Shareholders’ Equity	$21,991	$21,582

CONSOLIDATED STATEMENTSOF SHAREHOLDERS’ EQUITY

Accumulated · Minority
Other · Goodyear · Shareholders' · Total
Common Stock · Capital · Retained · Comprehensive · Shareholders' · Equity — Non- · Shareholders'
(In millions, except share data) · Shares · Amount · Surplus · Earnings · Loss · Equity · Redeemable · Equity
(after deducting 40,501,644 common treasury shares)	283,786,263	$284		$3,133		$5,086		$(3,835)			$4,668			$169	$4,837
Net income (loss)					(57)		(57)			(1)			(58)
Other comprehensive income (loss)						16		16				(3)		13
Total Comprehensive Income (Loss)							(41)			(4)			(45)
Stock-based compensation plans			11					11						11
Dividends declared										(2)			(2)
Common stock issued from treasury	900,744	1		(4)					(3)					(3)
(after deducting 39,600,900 common treasury shares)	284,687,007	$285		$3,140		$5,029		$(3,819)			$4,635			$163	$4,798

Accumulated · Minority
Other · Goodyear · Shareholders' · Total
Common Stock · Capital · Retained · Comprehensive · Shareholders' · Equity — Non- · Shareholders'
(In millions, except share data) · Shares · Amount · Surplus · Earnings · Loss · Equity · Redeemable · Equity
(after deducting 41,391,555 common treasury shares)	282,896,352	$283			$3,117		$5,775		$(3,875)			$5,300		$166	$5,466
Net income (loss)						(101)			(101)			2		(99)
Other comprehensive income (loss)							51		51			3		54
Total Comprehensive Income (Loss)								(50)			5		(45)
Stock-based compensation plans			4						4				4
Common stock issued from treasury	530,949			(1)						(1)				(1)
(after deducting 40,860,606 common treasury shares)	283,427,301	$283			$3,120		$5,674		$(3,824)			$5,253		$171	$5,424

There wereno dividends declared or paid during the three months ended March 31, 2024 and 2023.

CONSOLIDATED STATEM ENTS OF CASH FLOWS

	Three Months Ended
	March 31,
(In millions)	2024	2023
Cash Flows from Operating Activities:
Net Income (Loss)	$(58)	$(99)
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Depreciation and Amortization	284	251
Amortization and Write-Off of Debt Issuance Costs	3	2
Provision for Deferred Income Taxes (Note 5)	(42)	(60)
Net Pension Curtailments and Settlements	(5)	—
Net Rationalization Charges (Note 3)	22	32
Rationalization Payments	(55)	(21)
Net (Gains) Losses on Asset Sales (Note 4)	2	(2)
Operating Lease Expense	85	74
Operating Lease Payments	(69)	(70)
Pension Contributions and Direct Payments	(16)	(20)
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:
Accounts Receivable	(325)	(603)
Inventories	(167)	46
Accounts Payable — Trade	(47)	(302)
Compensation and Benefits	(38)	(42)
Other Current Liabilities	(45)	61
Other Assets and Liabilities	20	(22)
Total Cash Flows from Operating Activities	(451)	(775)
Cash Flows from Investing Activities:
Capital Expenditures	(318)	(291)
Asset Dispositions	108	2
Short Term Securities Acquired	—	(82)
Short Term Securities Redeemed	—	1
Notes Receivable	(21)	(76)
Other Transactions	—	(10)
Total Cash Flows from Investing Activities	(231)	(456)
Cash Flows from Financing Activities:
Short Term Debt and Overdrafts Incurred	282	294
Short Term Debt and Overdrafts Paid	(230)	(175)
Long Term Debt Incurred	3,964	2,840
Long Term Debt Paid	(3,332)	(1,883)
Common Stock Issued	(3)	(1)
Transactions with Minority Interests in Subsidiaries	(2)	—
Debt Related Costs and Other Transactions	(18)	—
Total Cash Flows from Financing Activities	661	1,075
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(10)	8
Net Change in Cash, Cash Equivalents and Restricted Cash	(31)	(148)
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period	985	1,311
Cash, Cash Equivalents and Restricted Cash at End of the Period	$954	$1,163

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.