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2020-01-01 2020-03-31

Table of contents

 

 

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 March 31, 2021

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 March 31, 2021:

 

234,980,029

 

 

 

 

 


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-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

 

 

 

March 31,

 

(In millions, except per share amounts)

 

2021

 

 

2020

 

Net Sales (Note 2)

 

$

3,511

 

 

$

3,056

 

Cost of Goods Sold

 

 

2,751

 

 

 

2,552

 

Selling, Administrative and General Expense

 

 

564

 

 

 

581

 

Goodwill Impairment

 

 

 

 

 

182

 

Rationalizations (Note 3)

 

 

50

 

 

 

9

 

Interest Expense

 

 

79

 

 

 

73

 

Other (Income) Expense (Note 4)

 

 

34

 

 

 

27

 

Income (Loss) before Income Taxes

 

 

33

 

 

 

(368

)

United States and Foreign Tax Expense (Note 5)

 

 

15

 

 

 

249

 

Net Income (Loss)

 

 

18

 

 

 

(617

)

Less: Minority Shareholders’ Net Income

 

 

6

 

 

 

2

 

Goodyear Net Income (Loss)

 

$

12

 

 

$

(619

)

Goodyear Net Income (Loss) — Per Share of Common Stock

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

(2.65

)

Weighted Average Shares Outstanding (Note 6)

 

 

235

 

 

 

234

 

Diluted

 

$

0.05

 

 

$

(2.65

)

Weighted Average Shares Outstanding (Note 6)

 

 

238

 

 

 

234

 

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

 

 

 

March 31,

 

(In millions)

 

2021

 

 

2020

 

Net Income (Loss)

 

$

18

 

 

$

(617

)

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax of ($1) in 2021 (($8) in 2020)

 

 

(39

)

 

 

(225

)

Defined benefit plans:

 

 

 

 

 

 

 

 

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $9 in 2021 ($9 in 2020)

 

 

27

 

 

 

27

 

Decrease/(increase) in net actuarial losses, net of tax of $3 in 2021 ($0 in 2020)

 

 

9

 

 

 

(1

)

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of $0 in 2021 (($1) in 2020)

 

 

 

 

 

(1

)

Deferred derivative gains, net of tax of $0 in 2021 ($5 in 2020)

 

 

1

 

 

 

18

 

Reclassification adjustment for amounts recognized in income, net of tax of $0 in 2021 ($0 in 2020)

 

 

(2

)

 

 

(4

)

Other Comprehensive Income (Loss)

 

 

(4

)

 

 

(186

)

Comprehensive Income (Loss)

 

 

14

 

 

 

(803

)

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders

 

 

(1

)

 

 

(7

)

Goodyear Comprehensive Income (Loss)

 

$

15

 

 

$

(796

)

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)

 

 

 

March 31,

 

 

December 31,

 

(In millions, except share data)

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

1,223

 

 

$

1,539

 

Accounts Receivable, less Allowance — $144 ($150 in 2020)

 

 

2,159

 

 

 

1,691

 

Inventories:

 

 

 

 

 

 

 

 

Raw Materials

 

 

583

 

 

 

517

 

Work in Process

 

 

138

 

 

 

143

 

Finished Products

 

 

1,638

 

 

 

1,493

 

 

 

 

2,359

 

 

 

2,153

 

Prepaid Expenses and Other Current Assets

 

 

207

 

 

 

237

 

Total Current Assets

 

 

5,948

 

 

 

5,620

 

Goodwill

 

 

395

 

 

 

408

 

Intangible Assets

 

 

134

 

 

 

135

 

Deferred Income Taxes (Note 5)

 

 

1,471

 

 

 

1,467

 

Other Assets

 

 

938

 

 

 

952

 

Operating Lease Right-of-Use Assets

 

 

826

 

 

 

851

 

Property, Plant and Equipment, less Accumulated Depreciation — $10,935 ($10,991 in 2020)

 

 

6,857

 

 

 

7,073

 

Total Assets

 

$

16,569

 

 

$

16,506

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts Payable — Trade

 

$

3,037

 

 

$

2,945

 

Compensation and Benefits (Notes 10 and 11)

 

 

548

 

 

 

540

 

Other Current Liabilities

 

 

783

 

 

 

865

 

Notes Payable and Overdrafts (Note 8)

 

 

390

 

 

 

406

 

Operating Lease Liabilities due Within One Year

 

 

189

 

 

 

198

 

Long Term Debt and Finance Leases due Within One Year (Note 8)

 

 

386

 

 

 

152

 

Total Current Liabilities

 

 

5,333

 

 

 

5,106

 

Operating Lease Liabilities

 

 

667

 

 

 

684

 

Long Term Debt and Finance Leases (Note 8)

 

 

5,326

 

 

 

5,432

 

Compensation and Benefits (Notes 10 and 11)

 

 

1,388

 

 

 

1,470

 

Deferred Income Taxes (Note 5)

 

 

86

 

 

 

84

 

Other Long Term Liabilities

 

 

483

 

 

 

471

 

Total Liabilities

 

 

13,283

 

 

 

13,247

 

Commitments and Contingent Liabilities (Note 12)

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Goodyear Shareholders’ Equity:

 

 

 

 

 

 

 

 

Common Stock, no par value:

 

 

 

 

 

 

 

 

Authorized, 450 million shares, Outstanding shares — 235 million in 2021

(233 million in 2020)

 

 

235

 

 

 

233

 

Capital Surplus

 

 

2,182

 

 

 

2,171

 

Retained Earnings

 

 

4,821

 

 

 

4,809

 

Accumulated Other Comprehensive Loss

 

 

(4,132

)

 

 

(4,135

)

Goodyear Shareholders’ Equity

 

 

3,106

 

 

 

3,078

 

Minority Shareholders’ Equity — Nonredeemable

 

 

180

 

 

 

181

 

Total Shareholders’ Equity

 

 

3,286

 

 

 

3,259

 

Total Liabilities and Shareholders’ Equity

 

$

16,569

 

 

$

16,506

 

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, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 45,243,329 common treasury shares)

 

 

233,220,098

 

 

$

233

 

 

$

2,171

 

 

$

4,809

 

 

$

(4,135

)

 

$

3,078

 

 

$

181

 

 

$

3,259

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

12

 

 

 

6

 

 

 

18

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

 

 

(7

)

 

 

(4

)

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

(1

)

 

 

14

 

Stock-based compensation plans

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

4

 

Common stock issued from treasury

 

 

1,759,931

 

 

 

2

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

9

 

Balance at March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 43,483,398 common treasury shares)

 

 

234,980,029

 

 

$

235

 

 

$

2,182

 

 

$

4,821

 

 

$

(4,132

)

 

$

3,106

 

 

$

180

 

 

$

3,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 45,813,109 common treasury shares)

 

 

232,650,318

 

 

$

233

 

 

$

2,141

 

 

$

6,113

 

 

$

(4,136

)

 

$

4,351

 

 

$

194

 

 

$

4,545

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(619

)

 

 

 

 

 

 

(619

)

 

 

2

 

 

 

(617

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(177

)

 

 

(177

)

 

 

(9

)

 

 

(186

)

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(796

)

 

 

(7

)

 

 

(803

)

Adoption of new accounting standards update

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

(12

)

Stock-based compensation plans

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

7

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

 

 

 

 

(38

)

 

 

 

 

 

 

(38

)

Common stock issued from treasury

 

 

347,232

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

(2

)

Balance at March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 45,465,877 common treasury shares)

 

 

232,997,550

 

 

$

233

 

 

$

2,146

 

 

$

5,444

 

 

$

(4,313

)

 

$

3,510

 

 

$

187

 

 

$

3,697

 

 

We declared and paid cash dividends of $0.00 and $0.16 for the three months ended March 31, 2021 and 2020, respectively.

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

 

 

4


Table of contents

 

 

THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In millions)

 

2021

 

 

2020

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

18

 

 

$

(617

)

Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

197

 

 

 

196

 

Amortization and Write-Off of Debt Issuance Costs

 

 

3

 

 

 

2

 

Goodwill Impairment

 

 

 

 

 

182

 

Provision for Deferred Income Taxes (Note 5)

 

 

(18

)

 

 

235

 

Net Pension Curtailments and Settlements

 

 

 

 

 

2

 

Net Rationalization Charges (Note 3)

 

 

50

 

 

 

9

 

Rationalization Payments

 

 

(83

)

 

 

(73

)

Net (Gains) Losses on Asset Sales (Note 4)

 

 

 

 

 

(1

)

Operating Lease Expense

 

 

70

 

 

 

69

 

Operating Lease Payments

 

 

(67

)

 

 

(66

)

Pension Contributions and Direct Payments

 

 

(9

)

 

 

(19

)

Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:

 

 

 

 

 

 

 

 

Accounts Receivable

 

 

(526

)

 

 

(206

)

Inventories

 

 

(258

)

 

 

(170

)

Accounts Payable — Trade

 

 

221

 

 

 

(106

)

Compensation and Benefits

 

 

19

 

 

 

(57

)

Other Current Liabilities

 

 

(4

)