GOODYEAR TIRE RUBBER CO OH

For the period ended Sep 30, 2024. Filed Nov 5, 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.

Sep 30, 2024 · Filed Nov 5, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEM ENTS OF OPERATIONS

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(In millions, except per share amounts)	2024	2023	2024	2023
Net Sales (Note 2)	$4,824	$5,142	$13,931	$14,950
Cost of Goods Sold	3,881	4,171	11,218	12,487
Selling, Administrative and General Expense	663	673	2,090	2,045
Intangible Asset Impairment (Note 1)	125	—	125	—
Rationalizations (Note 3)	11	198	52	302
Interest Expense	135	138	391	403
Other (Income) Expense (Note 4)	34	21	(8)	82
Income (Loss) before Income Taxes	(25)	(59)	63	(369)
United States and Foreign Tax Expense (Note 5)	9	25	75	22
Net Income (Loss)	(34)	(84)	(12)	(391)
Less: Minority Shareholders’ Net Income (Loss)	—	5	(6)	7
Goodyear Net Income (Loss)	$(34)	$(89)	$(6)	$(398)
Goodyear Net Income (Loss) — Per Share of Common Stock
Basic	$(0.12)	$(0.31)	$(0.02)	$(1.40)
Weighted Average Shares Outstanding (Note 6)	287	285	286	285
Diluted	$(0.12)	$(0.31)	$(0.02)	$(1.40)
Weighted Average Shares Outstanding (Note 6)	287	285	286	285

CONSOLIDATED STATEMENTSOF COMPREHENSIVE INCOME

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(In millions)	2024	2023	2024	2023
Net Income (Loss)	$(34)	$(84)	$(12)	$(391)
Other Comprehensive Income (Loss):
Foreign currency translation, net of tax of $3 and $0 in 2024 (($2) and $0 in 2023)	39	(46)	(20)	(13)
Defined benefit plans:
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $7 and $20 in 2024 ($6 and $19 in 2023)	21	20	62	61
Change in net actuarial losses, net of tax of ($1) and $6 in 2024 (($3) and $0 in 2023)	(3)	(8)	7	3
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 ($1 and $9 in 2023)	—	4	(4)	32
Prior service credit from plan amendments, net of tax of $7 and $7 in 2024 ($0 and $0 in 2023)	21	—	21	—
Deferred derivative gains (losses), net of tax of $0 and $0 in 2024 ($0 and ($1) in 2023)	—	—	—	(4)
Reclassification adjustment for amounts recognized in income, net of tax of $0 and $0 in 2024 ($0 and $0 in 2023)	—	1	1	1
Other Comprehensive Income (Loss)	78	(29)	67	80
Comprehensive Income (Loss)	44	(113)	55	(311)
Less: Comprehensive Income (Loss) Attributable to Minority Shareholders	8	2	(2)	6
Goodyear Comprehensive Income (Loss)	$36	$(115)	$57	$(317)

CONSOLIDATED BALANCE SHEETS

	September 30,	December 31,
(In millions, except share data)	2024	2023
Assets:
Current Assets:
Cash and Cash Equivalents	$905	$902
Accounts Receivable, less Allowance — $94 ($102 in 2023)	3,380	2,731
Inventories:
Raw Materials	796	785
Work in Process	212	206
Finished Products	2,804	2,707
	3,812	3,698
Assets Held for Sale (Note 1)	495	—
Prepaid Expenses and Other Current Assets	309	319
Total Current Assets	8,901	7,650
Goodwill (Note 1)	759	781
Intangible Assets (Note 1)	814	969
Deferred Income Taxes (Note 5)	1,662	1,630
Other Assets	1,147	1,075
Operating Lease Right-of-Use Assets	981	985
Property, Plant and Equipment, less Accumulated Depreciation — $12,515 ($12,472 in 2023)	8,285	8,492
Total Assets	$22,549	$21,582
Liabilities:
Current Liabilities:
Accounts Payable — Trade	$4,050	$4,326
Compensation and Benefits (Notes 10 and 11)	685	663
Other Current Liabilities	1,261	1,165
Notes Payable and Overdrafts (Note 8)	587	344
Operating Lease Liabilities due Within One Year	202	200
Long Term Debt and Finance Leases due Within One Year (Note 8)	1,013	449
Total Current Liabilities	7,798	7,147
Operating Lease Liabilities	829	825
Long Term Debt and Finance Leases (Note 8)	7,428	6,831
Compensation and Benefits (Notes 10 and 11)	877	974
Deferred Income Taxes (Note 5)	103	83
Other Long Term Liabilities	610	885
Total Liabilities	17,645	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	3,152	3,133
Retained Earnings	5,080	5,086
Accumulated Other Comprehensive Loss (Note 14)	(3,772)	(3,835)
Goodyear Shareholders’ Equity	4,745	4,668
Minority Shareholders’ Equity — Nonredeemable	159	169
Total Shareholders’ Equity	4,904	4,837
Total Liabilities and Shareholders’ Equity	$22,549	$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)					28			28			(6)			22
Other comprehensive income (loss)						(7)		(7)			(4)			(11)
Total Comprehensive Income (Loss)							21			(10)			11
Stock-based compensation plans			17					17					17
Dividends declared									(7)			(7)
Common stock issued from treasury	900,744	1		(4)					(3)						(3)
(after deducting 39,600,900 common treasury shares)	284,687,007	$285		$3,146		$5,114		$(3,842)			$4,703			$152		$4,855
Net income (loss)					(34)			(34)						(34)
Other comprehensive income (loss)						70		70			8			78
Total comprehensive income (loss)							36			8			44
Stock-based compensation plans			6					6					6
Dividends declared									(1)			(1)
Common stock issued from treasury	228,014
(after deducting 39,372,886 common treasury shares)	284,915,021	$285		$3,152		$5,080		$(3,772)			$4,745			$159		$4,904

There were no dividends declared or paid during the three and nine months ended September 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)						(309)			(309)				2			(307)
Other comprehensive income (loss)							107		107				2			109
Total Comprehensive Income (Loss)								(202)				4			(198)
Stock-based compensation plans			9						9						9
Dividends declared											(2)			(2)
Common stock issued from treasury	555,965			(2)						(2)						(2)
(after deducting 40,835,590 common treasury shares)	283,452,317	$283			$3,124		$5,466		$(3,768)				$5,105			$168	$5,273
Net income (loss)						(89)			(89)				5			(84)
Other comprehensive income (loss)							(26)		(26)				(3)			(29)
Total comprehensive income (loss)								(115)				2			(113)
Stock-based compensation plans			2						2						2
Dividends declared											(2)			(2)
Common stock issued from treasury	93,390	1								1						1
(after deducting 40,742,200 common treasury shares)	283,545,707	$284			$3,126		$5,377		$(3,794)				$4,993			$168	$5,161

There were no dividends declared or paid during the three and nine months ended September 30, 2023.

CONSOLIDATED STATEM ENTS OF CASH FLOWS

	Nine Months Ended
	September 30,
(In millions)	2024	2023
Cash Flows from Operating Activities:
Net Income (Loss)	$(12)	$(391)
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Depreciation and Amortization	800	751
Amortization and Write-Off of Debt Issuance Costs	10	11
Intangible Asset Impairment (Note 1)	125	—
Provision for Deferred Income Taxes (Note 5)	(37)	(138)
Net Pension Curtailments and Settlements	(5)	40
Net Rationalization Charges (Note 3)	52	302
Rationalization Payments	(149)	(72)
Net (Gains) Losses on Asset Sales (Note 4)	(95)	(68)
Gain on Insurance Recoveries for Damaged Property, Plant and Equipment	(61)	—
Operating Lease Expense	249	224
Operating Lease Payments	(211)	(207)
Pension Contributions and Direct Payments	(45)	(54)
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:
Accounts Receivable	(658)	(816)
Inventories	(259)	590
Accounts Payable — Trade	(207)	(585)
Compensation and Benefits	39	45
Other Current Liabilities	(58)	222
Other Assets and Liabilities	(69)	(58)
Total Cash Flows from Operating Activities	(591)	(204)
Cash Flows from Investing Activities:
Capital Expenditures	(912)	(807)
Insurance Recoveries for Damaged Property, Plant and Equipment	48	—
Cash Proceeds from Sale and Leaseback Transactions (Note 4)	16	73
Asset Dispositions	110	3
Short Term Securities Acquired	—	(96)
Short Term Securities Redeemed	2	88
Long Term Securities Acquired	—	(11)
Long Term Securities Redeemed	4	6
Notes Receivable	(28)	(61)
Other Transactions	1	(13)
Total Cash Flows from Investing Activities	(759)	(818)
Cash Flows from Financing Activities:
Short Term Debt and Overdrafts Incurred	1,034	793
Short Term Debt and Overdrafts Paid	(803)	(863)
Long Term Debt Incurred	10,315	7,321
Long Term Debt Paid	(9,180)	(6,464)
Common Stock Issued	(3)	(2)
Transactions with Minority Interests in Subsidiaries	(2)	(4)
Debt Related Costs and Other Transactions	(46)	(7)
Total Cash Flows from Financing Activities	1,315	774
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(10)	(5)
Net Change in Cash, Cash Equivalents and Restricted Cash	(45)	(253)
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	$940	$1,058

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.