GOODYEAR TIRE RUBBER CO OH
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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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.
Jun 30, 2024 · Filed Aug 1, 2024
GT$4.18-4.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEM ENTS OF OPERATIONS
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| Net Sales (Note 2) | $4,570 | $4,867 | $9,107 | $9,808 |
| Cost of Goods Sold | 3,622 | 4,123 | 7,337 | 8,316 |
| Selling, Administrative and General Expense | 731 | 708 | 1,427 | 1,372 |
| Rationalizations (Note 3) | 19 | 72 | 41 | 104 |
| Interest Expense | 130 | 138 | 256 | 265 |
| Other (Income) Expense (Note 4) | (72) | 36 | (42) | 61 |
| Income (Loss) before Income Taxes | 140 | (210) | 88 | (310) |
| United States and Foreign Tax Expense (Benefit) (Note 5) | 60 | (2) | 66 | (3) |
| Net Income (Loss) | 80 | (208) | 22 | (307) |
| Less: Minority Shareholders’ Net Income (Loss) | (5) | — | (6) | 2 |
| Goodyear Net Income (Loss) | $85 | $(208) | $28 | $(309) |
| Goodyear Net Income (Loss) — Per Share of Common Stock | ||||
| Basic | $0.30 | $(0.73) | $0.10 | $(1.08) |
| Weighted Average Shares Outstanding (Note 6) | 287 | 285 | 286 | 285 |
| Diluted | $0.30 | $(0.73) | $0.10 | $(1.08) |
| Weighted Average Shares Outstanding (Note 6) | 288 | 285 | 288 | 285 |
CONSOLIDATED STATEMENTSOF COMPREHENSIVE INCOME
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| (In millions) | 2024 | 2023 | 2024 | 2023 |
| Net Income (Loss) | $80 | $(208) | $22 | $(307) |
| Other Comprehensive Income (Loss): | ||||
| Foreign currency translation, net of tax of ($1) and ($3) in 2024 ($1 and $2 in 2023) | (50) | (4) | (59) | 33 |
| Defined benefit plans: | ||||
| Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $6 and $13 in 2024 ($6 and $13 in 2023) | 20 | 20 | 41 | 41 |
| Change in net actuarial losses, net of tax of $6 and $7 in 2024 ($5 and $3 in 2023) | 6 | 13 | 10 | 11 |
| 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 2024 ($8 and $8 in 2023) | — | 28 | (4) | 28 |
| Deferred derivative gains (losses), net of tax of $0 and $0 in 2024 ($0 and ($1) in 2023) | — | (2) | — | (4) |
| Reclassification adjustment for amounts recognized in income, net of tax of $0 and $0 in 2024 ($0 and $0 in 2023) | — | — | 1 | — |
| Other Comprehensive Income (Loss) | (24) | 55 | (11) | 109 |
| Comprehensive Income (Loss) | 56 | (153) | 11 | (198) |
| Less: Comprehensive Income (Loss) Attributable to Minority Shareholders | (6) | (1) | (10) | 4 |
| Goodyear Comprehensive Income (Loss) | $62 | $(152) | $21 | $(202) |
CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |
|---|---|---|
| (In millions, except share data) | 2024 | 2023 |
| Assets: | ||
| Current Assets: | ||
| Cash and Cash Equivalents | $789 | $902 |
| Accounts Receivable, less Allowance — $87 ($102 in 2023) | 3,043 | 2,731 |
| Inventories: | ||
| Raw Materials | 850 | 785 |
| Work in Process | 213 | 206 |
| Finished Products | 2,985 | 2,707 |
| 4,048 | 3,698 | |
| Prepaid Expenses and Other Current Assets | 324 | 319 |
| Total Current Assets | 8,204 | 7,650 |
| Goodwill | 779 | 781 |
| Intangible Assets | 947 | 969 |
| Deferred Income Taxes (Note 5) | 1,634 | 1,630 |
| Other Assets | 1,108 | 1,075 |
| Operating Lease Right-of-Use Assets | 978 | 985 |
| Property, Plant and Equipment, less Accumulated Depreciation — $12,671 ($12,472 in 2023) | 8,375 | 8,492 |
| Total Assets | $22,025 | $21,582 |
| Liabilities: | ||
| Current Liabilities: | ||
| Accounts Payable — Trade | $4,181 | $4,326 |
| Compensation and Benefits (Notes 10 and 11) | 656 | 663 |
| Other Current Liabilities | 1,029 | 1,165 |
| Notes Payable and Overdrafts (Note 8) | 462 | 344 |
| Operating Lease Liabilities due Within One Year | 199 | 200 |
| Long Term Debt and Finance Leases due Within One Year (Note 8) | 1,182 | 449 |
| Total Current Liabilities | 7,709 | 7,147 |
| Operating Lease Liabilities | 827 | 825 |
| Long Term Debt and Finance Leases (Note 8) | 6,832 | 6,831 |
| Compensation and Benefits (Notes 10 and 11) | 889 | 974 |
| Deferred Income Taxes (Note 5) | 101 | 83 |
| Other Long Term Liabilities | 812 | 885 |
| Total Liabilities | 17,170 | 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 | 3,146 | 3,133 |
| Retained Earnings | 5,114 | 5,086 |
| Accumulated Other Comprehensive Loss (Note 14) | (3,842) | (3,835) |
| Goodyear Shareholders’ Equity | 4,703 | 4,668 |
| Minority Shareholders’ Equity — Nonredeemable | 152 | 169 |
| Total Shareholders’ Equity | 4,855 | 4,837 |
| Total Liabilities and Shareholders’ Equity | $22,025 | $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 | ||||||||
| Net income (loss) | 85 | 85 | (5) | 80 | ||||||||||||
| Other comprehensive income (loss) | (23) | (23) | (1) | (24) | ||||||||||||
| Total comprehensive income (loss) | 62 | (6) | 56 | |||||||||||||
| Stock-based compensation plans | 6 | 6 | 6 | |||||||||||||
| Dividends declared | (5) | (5) | ||||||||||||||
| (after deducting 39,600,900 common treasury shares) | 284,687,007 | $285 | $3,146 | $5,114 | $(3,842) | $4,703 | $152 | $4,855 | ||||||||
There were no dividends declared or paid during the three and six months ended June 30, 2024.
CONSOLIDATED STATEMENTS OF 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 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 | ||||||||
| Net income (loss) | (208) | (208) | (208) | |||||||||||||
| Other comprehensive income (loss) | 56 | 56 | (1) | 55 | ||||||||||||
| Total comprehensive income (loss) | (152) | (1) | (153) | |||||||||||||
| Stock-based compensation plans | 5 | 5 | 5 | |||||||||||||
| Dividends declared | (2) | (2) | ||||||||||||||
| Common stock issued from treasury | 25,016 | (1) | (1) | (1) | ||||||||||||
| (after deducting 40,835,590 common treasury shares) | 283,452,317 | $283 | $3,124 | $5,466 | $(3,768) | $5,105 | $168 | $5,273 | ||||||||
There were no dividends declared or paid during the three and six months ended June 30, 2023.
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| (In millions) | 2024 | 2023 |
| Cash Flows from Operating Activities: | ||
| Net Income (Loss) | $22 | $(307) |
| Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 546 | 506 |
| Amortization and Write-Off of Debt Issuance Costs | 7 | 7 |
| Provision for Deferred Income Taxes (Note 5) | (6) | (108) |
| Net Pension Curtailments and Settlements | (5) | 36 |
| Net Rationalization Charges (Note 3) | 41 | 104 |
| Rationalization Payments | (105) | (50) |
| Net (Gains) Losses on Asset Sales (Note 4) | (94) | (62) |
| Gain on Insurance Recoveries for Damaged Property, Plant and Equipment | (50) | — |
| Operating Lease Expense | 164 | 148 |
| Operating Lease Payments | (139) | (139) |
| Pension Contributions and Direct Payments | (29) | (38) |
| Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions: | ||
| Accounts Receivable | (354) | (375) |
| Inventories | (409) | 229 |
| Accounts Payable — Trade | (25) | (404) |
| Compensation and Benefits | 6 | — |
| Other Current Liabilities | (91) | 104 |
| Other Assets and Liabilities | 3 | (85) |
| Total Cash Flows from Operating Activities | (518) | (434) |
| Cash Flows from Investing Activities: | ||
| Capital Expenditures | (634) | (536) |
| Insurance Recoveries for Damaged Property, Plant and Equipment | 37 | — |
| Cash Proceeds from Sale and Leaseback Transactions (Note 4) | 16 | 66 |
| Asset Dispositions | 108 | 3 |
| Short Term Securities Acquired | — | (102) |
| Short Term Securities Redeemed | — | 2 |
| Long Term Securities Redeemed | 1 | — |
| Notes Receivable | (17) | (65) |
| Other Transactions | 1 | (13) |
| Total Cash Flows from Investing Activities | (488) | (645) |
| Cash Flows from Financing Activities: | ||
| Short Term Debt and Overdrafts Incurred | 595 | 583 |
| Short Term Debt and Overdrafts Paid | (464) | (439) |
| Long Term Debt Incurred | 7,068 | 4,758 |
| Long Term Debt Paid | (6,280) | (4,020) |
| Common Stock Issued | (3) | (2) |
| Transactions with Minority Interests in Subsidiaries | (2) | (2) |
| Debt Related Costs and Other Transactions | (18) | (2) |
| Total Cash Flows from Financing Activities | 896 | 876 |
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (23) | 4 |
| Net Change in Cash, Cash Equivalents and Restricted Cash | (133) | (199) |
| 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 | $852 | $1,112 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.