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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 June 30, 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.

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 July 31, 2021:

 

281,192,923

 

 

 


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-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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net Sales (Note 3)

 

$

3,979

 

 

$

2,144

 

 

$

7,490

 

 

$

5,200

 

Cost of Goods Sold

 

 

3,078

 

 

 

2,216

 

 

 

5,829

 

 

 

4,768

 

Selling, Administrative and General Expense

 

 

658

 

 

 

451

 

 

 

1,222

 

 

 

1,032

 

Goodwill and Other Asset Impairments

 

 

 

 

 

148

 

 

 

 

 

 

330

 

Rationalizations (Note 4)

 

 

18

 

 

 

99

 

 

 

68

 

 

 

108

 

Interest Expense

 

 

97

 

 

 

85

 

 

 

176

 

 

 

158

 

Other (Income) Expense (Note 5)

 

 

30

 

 

 

34

 

 

 

64

 

 

 

61

 

Income (Loss) before Income Taxes

 

 

98

 

 

 

(889

)

 

 

131

 

 

 

(1,257

)

United States and Foreign Tax Expense (Benefit) (Note 6)

 

 

27

 

 

 

(186

)

 

 

42

 

 

 

63

 

Net Income (Loss)

 

 

71

 

 

 

(703

)

 

 

89

 

 

 

(1,320

)

Less: Minority Shareholders’ Net Income (Loss)

 

 

4

 

 

 

(7

)

 

 

10

 

 

 

(5

)

Goodyear Net Income (Loss)

 

$

67

 

 

$

(696

)

 

$

79

 

 

$

(1,315

)

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

 

$

(2.97

)

 

$

0.33

 

 

$

(5.62

)

Weighted Average Shares Outstanding (Note 7)

 

 

244

 

 

 

234

 

 

 

239

 

 

 

234

 

Diluted

 

$

0.27

 

 

$

(2.97

)

 

$

0.32

 

 

$

(5.62

)

Weighted Average Shares Outstanding (Note 7)

 

 

247

 

 

 

234

 

 

 

242

 

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net Income (Loss)

 

$

71

 

 

$

(703

)

 

$

89

 

 

$

(1,320

)

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax of $2 and $1 in 2021 ($4 and ($4) in 2020)

 

 

33

 

 

 

(7

)

 

 

(6

)

 

 

(232

)

Unrealized gain from securities, net of tax of $0 and $0 in 2021 ($0 and $0 in 2020)

 

 

8

 

 

 

 

 

 

8

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $8 and $17 in 2021 ($8 and $17 in 2020)

 

 

26

 

 

 

28

 

 

 

53

 

 

 

55

 

Decrease/(increase) in net actuarial losses, net of tax of $2 and $5 in 2021 (($2) and ($2) in 2020)

 

 

7

 

 

 

(8

)

 

 

16

 

 

 

(9

)

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of $4 and $4 in 2021 ($0 and ($1) in 2020)

 

 

15

 

 

 

1

 

 

 

15

 

 

 

 

Deferred derivative gains (losses), net of tax of $0 and $0 in 2021 (($4) and $1 in 2020)

 

 

(1

)

 

 

1

 

 

 

 

 

 

19

 

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

 

 

 

 

 

(4

)

 

 

(2

)

 

 

(8

)

Other Comprehensive Income (Loss)

 

 

88

 

 

 

11

 

 

 

84

 

 

 

(175

)

Comprehensive Income (Loss)

 

 

159

 

 

 

(692

)

 

 

173

 

 

 

(1,495

)

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders

 

 

3

 

 

 

(7

)

 

 

2

 

 

 

(14

)

Goodyear Comprehensive Income (Loss)

 

$

156

 

 

$

(685

)

 

$

171

 

 

$

(1,481

)

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)

 

 

 

June 30,

 

 

December 31,

 

(In millions, except share data)

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

1,030

 

 

$

1,539

 

Accounts Receivable, less Allowance — $141 ($150 in 2020)

 

 

2,819

 

 

 

1,691

 

Inventories:

 

 

 

 

 

 

Raw Materials

 

 

782

 

 

 

517

 

Work in Process

 

 

174

 

 

 

143

 

Finished Products

 

 

2,358

 

 

 

1,493

 

 

 

3,314

 

 

 

2,153

 

Prepaid Expenses and Other Current Assets

 

 

356

 

 

 

237

 

Total Current Assets

 

 

7,519

 

 

 

5,620

 

Goodwill

 

 

874

 

 

 

408

 

Intangible Assets

 

 

1,216

 

 

 

135

 

Deferred Income Taxes (Note 6)

 

 

1,170

 

 

 

1,467

 

Other Assets

 

 

1,079

 

 

 

952

 

Operating Lease Right-of-Use Assets

 

 

1,025

 

 

 

851

 

Property, Plant and Equipment, less Accumulated Depreciation — $11,192 ($10,991 in 2020)

 

 

8,297

 

 

 

7,073

 

Total Assets

 

$

21,180

 

 

$

16,506

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts Payable — Trade

 

$

3,858

 

 

$

2,945

 

Compensation and Benefits (Notes 11 and 12)

 

 

687

 

 

 

540

 

Other Current Liabilities

 

 

849

 

 

 

865

 

Notes Payable and Overdrafts (Note 9)

 

 

459

 

 

 

406

 

Operating Lease Liabilities due Within One Year

 

 

215

 

 

 

198

 

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

 

 

535

 

 

 

152

 

Total Current Liabilities

 

 

6,603

 

 

 

5,106

 

Operating Lease Liabilities

 

 

843

 

 

 

684

 

Long Term Debt and Finance Leases (Note 9)

 

 

6,978

 

 

 

5,432

 

Compensation and Benefits (Notes 11 and 12)

 

 

1,677

 

 

 

1,470

 

Deferred Income Taxes (Note 6)

 

 

97

 

 

 

84

 

Other Long Term Liabilities

 

 

571

 

 

 

471

 

Total Liabilities

 

 

16,769

 

 

 

13,247

 

Commitments and Contingent Liabilities (Note 13)

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Goodyear Shareholders’ Equity:

 

 

 

 

 

 

Common Stock, no par value:

 

 

 

 

 

 

Authorized, 450 million shares, Outstanding shares — 281 million in 2021
(
233 million in 2020)

 

 

281

 

 

 

233

 

Capital Surplus

 

 

3,086

 

 

 

2,171

 

Retained Earnings

 

 

4,888

 

 

 

4,809

 

Accumulated Other Comprehensive Loss

 

 

(4,043

)

 

 

(4,135

)

Goodyear Shareholders’ Equity

 

 

4,212

 

 

 

3,078

 

Minority Shareholders’ Equity — Nonredeemable

 

 

199

 

 

 

181

 

Total Shareholders’ Equity

 

 

4,411

 

 

 

3,259

 

Total Liabilities and Shareholders’ Equity

 

$

21,180

 

 

$

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

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

67

 

 

 

 

 

 

67

 

 

 

4

 

 

 

71

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

 

 

89

 

 

 

(1

)

 

 

88

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

156

 

 

 

3

 

 

 

159

 

Common stock issued

 

 

45,824,480

 

 

 

46

 

 

 

892

 

 

 

 

 

 

 

 

 

938

 

 

 

 

 

 

938

 

Stock-based compensation plans

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

Common stock issued from treasury

 

 

387,763

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Acquisition of Cooper Tire's minority interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

21

 

Balance at June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(after deducting 43,095,635 common treasury shares)

 

 

281,192,272

 

 

$

281

 

 

$

3,086

 

 

$

4,888

 

 

$

(4,043

)

 

$

4,212

 

 

$

199

 

 

$

4,411

 

There were no dividends declared or paid during the three and six months ended June 30, 2021.

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 SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Minority