0000950170-24-121152 | 10-Q | XBRL Viewer | Goodyear Tire Rubber CO OH

Other (Income) Expense

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

NOTE 4. OTHER (INCOME) EXPENSE


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Non-service related pension and other postretirement benefits cost	$	22		$	28		$	72		$	121
Financing fees and financial instruments expense		16			15			47			44
Net foreign currency exchange (gains) losses		—			(3	)		(3	)		38
Interest income		(14	)		(21	)		(41	)		(55	)
General and product liability expense - discontinued products		2			2			6			5
Royalty income		(5	)		(5	)		(16	)		(23	)
Net (gains) losses on asset sales		(1	)		(6	)		(95	)		(68	)
Miscellaneous (income) expense		14			11			22			20
	$	34		$	21		$	(8	)	$	82

Non-service related pension and other postretirement benefits cost consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost, as well as curtailments and settlements which are not related to rationalization plans. Pension expense for the nine months ended September 30, 2024 includes a pension settlement credit of $5 million related to a premium refund on the purchase of a group annuity contract for the Cooper Tire U.S. Salaried defined benefit pension plan in 2023. Pension expense for the three and nine months ended September 30, 2023 includes pension settlement charges of $4 million and $40 million, respectively, related to total lump sum payments exceeding annual service and interest cost for certain non-U.S. plans and the termination of the Cooper Tire U.S. Salaried and Ireland defined benefit pension plans. For further information, refer to Note to the Consolidated Financial Statements No. 10, Pension, Savings and Other Postretirement Benefit Plans.

Net foreign currency exchange (gains) losses for the three and nine months ended September 30, 2023 include a $16 million gain and a $3 million loss, respectively, related to the Turkish lira and losses of $15 million and $34 million, respectively, related to the Argentine peso.

Interest income for the three and nine months ended September 30, 2023 includes interest income in Argentina of $10 million and $28 million, respectively.

Net gains on asset sales for the nine months ended September 30, 2024 include an $80 million gain related to the sale of a distribution center in EMEA and a $14 million gain related to a sale and leaseback transaction for a warehouse in Americas. Cash proceeds for the sale and leaseback transaction in Americas totaled $16 million, which were received during the second quarter of 2024. Leaseback terms for this location include a 4-year initial term with one 5-year renewal option. We have determined that it is not probable that we will exercise the renewal option. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $6 million. Net gains on asset sales for the nine months ended September 30, 2023 include a $59 million gain related to a sale and leaseback transaction for a warehouse in Americas. Cash proceeds, which were received during the second quarter of 2023, related to this transaction totaled $66 million. Leaseback terms for this location include a 5-year initial term with one 5-year renewal option. We have determined it is not probable that we will exercise the renewal option. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $24 million.

Miscellaneous (income) expense for the three and nine months ended September 30, 2024 includes $11 million of transaction cost related to the sale of the OTR business. Miscellaneous (income) expense for the nine months ended September 30, 2024 also includes an $8 million loss related to the sale of receivables in Argentina. Miscellaneous (income) expense for the three and nine months ended September 30, 2023 includes non-indemnified costs for product liability claims related to products manufactured by a formerly consolidated joint venture entity totaling $4 million and $19 million, respectively. Miscellaneous (income) expense for the nine months ended September 30, 2023 also includes $11 million of income related to a favorable court decision setting aside a previous unfavorable verdict on intellectual property related legal claims, $5 million of income for the write-off of accumulated foreign currency translation related to our exited business in Russia and a $10 million loss related to the sale of a receivable in Argentina.

Other (Income) Expense also includes financing fees and financial instruments expense, which consists of commitment fees and charges incurred in connection with financing transactions; general and product liability expense - discontinued products, which consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries; and royalty income.

Capital Stock	9 Months Ended
Sep. 30, 2024
Capital Stock [Abstract]
Capital Stock	NOTE 13. CAPITAL STOCK Common Stock Repurchases We may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. During the first nine months of 2024, we did not repurchase any shares from employees.

Capital Stock

9 Months Ended

Sep. 30, 2024

Capital Stock [Abstract]

Capital Stock

NOTE 13. CAPITAL STOCK

Common Stock Repurchases

We may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. During the first nine months of 2024, we did not repurchase any shares from employees.

Business Segments - Rationalizations, Asset Sales, Other Expense and Asset Write-offs and Accelerated Depreciation Attributable to the SBUs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Rationalizations (Note 3)	$ 11	$ 198	$ 52	$ 302
Total Net (Gains) Losses on Asset Sales	1	6	95	68
Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	25	8	119	21
Operating Segments
Segment Reporting Information [Line Items]
Rationalizations (Note 3)	4	163	42	262
Total Net (Gains) Losses on Asset Sales	(1)	(6)	(95)	(68)
Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	25	8	98	21
Operating Segments \| Americas
Segment Reporting Information [Line Items]
Rationalizations (Note 3)	5	4	20	12
Total Net (Gains) Losses on Asset Sales	0	(6)	(14)	(68)
Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	1	3	11	18
Operating Segments \| Europe, Middle East & Africa
Segment Reporting Information [Line Items]
Rationalizations (Note 3)	(2)	139	8	227
Total Net (Gains) Losses on Asset Sales	0	0	(80)	0
Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	17	5	50	3
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Rationalizations (Note 3)	1	20	14	23
Total Net (Gains) Losses on Asset Sales	(1)	0	(1)	0
Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	7	0	37	0
Corporate
Segment Reporting Information [Line Items]
Rationalizations (Note 3)	7	35	10	40
Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	$ 0	$ 0	$ 21	$ 0

Financing Arrangements and Derivative Financial Instruments - Notes Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Aug. 07, 2024	Jul. 22, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable	$ 5,273			$ 5,571
Debt instrument, principal amount			$ 300
9.5% due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	9.50%			9.50%
Senior Notes \| 9.5% due 2025
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 300
Interest rate, stated percentage	9.50%	9.50%	9.50%	9.50%
Notes sold, percentage of principle amount		100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for Accounts Receivable	$ 94	$ 102
Accumulated Depreciation	$ 12,515	$ 12,472
Common Stock, par value (in dollars per share)	$ 0	$ 0
Common Stock, shares authorized (in shares)	450	450
Common Stock, shares outstanding (in shares)	285	284

Pension, Savings and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension, Savings and Other Postretirement Benefits Plans

NOTE 10. PENSION, SAVINGS AND OTHER POSTRETIREMENT BENEFIT PLANS

We provide employees with defined benefit pension or defined contribution savings plans.

Defined benefit pension cost follows:


	U.S.						U.S.
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Service cost	$	2		$	2		$	6		$	6
Interest cost		44			47			131			148
Expected return on plan assets		(52	)		(57	)		(156	)		(175	)
Amortization of net losses		24			25			72			74
Net periodic pension cost	$	18		$	17		$	53		$	53
Net curtailments/settlements/termination benefits		—			—			(5	)		33
Total defined benefit pension cost	$	18		$	17		$	48		$	86


	Non-U.S.						Non-U.S.
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Service cost	$	5		$	5		$	14		$	14
Interest cost		26			27			79			81
Expected return on plan assets		(23	)		(23	)		(68	)		(69	)
Amortization of prior service cost		—			—			1			1
Amortization of net losses		5			3			15			12
Net periodic pension cost	$	13		$	12		$	41		$	39
Net curtailments/settlements/termination benefits		—			4			—			7
Total defined benefit pension cost	$	13		$	16		$	41		$	46

Service cost is recorded in CGS or SAG. Other components of net periodic pension cost are recorded in Other (Income) Expense. Net curtailments, settlements and termination benefits, if any, are recorded in Other (Income) Expense or Rationalizations if related to a rationalization plan.

In the first nine months of 2024, a pension settlement credit of $5 million was recorded in Other (Income) Expense. The settlement credit resulted from a premium refund related to the purchase of a group annuity contract for the Cooper Tire U.S. Salaried defined benefit pension plan described below.

During the second quarter of 2023, we settled all plan benefits of the Cooper Tire U.S. Salaried defined benefit pension plan, with lump sum payments to electing participants and the purchase of a group annuity contract. During the second quarter of 2023, we also settled all plan benefits of the Ireland defined benefit pension plan. In the first nine months of 2023, pension settlement charges of $36 million were recorded in Other (Income) Expense in conjunction with the termination of these plans.

In the third quarter of 2023, we recorded settlement charges of $4 million in Other (Income) Expense resulting from total lump sum payments exceeding annual service and interest cost for certain non-U.S. defined benefit pension plans.

We also provide certain U.S. employees and employees at certain non-U.S. subsidiaries with health care benefits or life insurance benefits upon retirement. Other postretirement benefits expense for the three months ended September 30, 2024 and 2023 was $1 million and $2 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $5 million and $6 million, respectively.

During the third quarter of 2024, we approved changes to one of our U.S. other postretirement benefit plans, effective January 1, 2025, which resulted in a $24 million reduction of our U.S. other postretirement benefit obligation.

We expect to contribute $25 million to $35 million to our funded non-U.S. pension plans in 2024. For the three and nine months ended September 30, 2024, we contributed $7 million and $23 million, respectively, to our non-U.S. plans.

The expense recognized for our contributions to defined contribution savings plans for the three months ended September 30, 2024 and 2023 was $34 million and $33 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $104 million and $100 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Financing Arrangements and Derivative Financial Instruments - Other Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Credit arrangements, unused amount	$ 2,508
Debt, percentage bearing variable interest	33.00%
Interest rate	6.71%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 11,496
Line of Credit \| Revolving Credit Facility \| First lien revolving credit facility due 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,750
Interest rate	6.09%	6.71%
Long-term Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,580
Credit arrangements, unused amount	2,217
Short-term Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	916
Credit arrangements, unused amount	$ 291

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities at Fair Value

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023:


	Total Carrying Value in the Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
(In millions)	2024		2023		2024		2023		2024		2023		2024		2023
Assets:
Investments	$	16	$	19	$	16	$	19	$	—	$	—	$	—	$	—
Foreign Exchange Contracts		4		2		—		—		4		2		—		—
Total Assets at Fair Value	$	20	$	21	$	16	$	19	$	4	$	2	$	—	$	—

Liabilities:
Foreign Exchange Contracts	$	20	$	29	$	—	$	—	$	20	$	29	$	—	$	—
Total Liabilities at Fair Value	$	20	$	29	$	—	$	—	$	20	$	29	$	—	$	—

Supplemental Fair Value Information

The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at September 30, 2024 and December 31, 2023:


	September 30,		December 31,
(In millions)	2024		2023
Fixed Rate Debt:(1)
Carrying amount — liability	$	5,438	$	5,720
Fair value — liability		5,165		5,488

Variable Rate Debt:(1)
Carrying amount — liability	$	2,733	$	1,292
Fair value — liability		2,662		1,286

(1)

Excludes Notes Payable and Overdrafts of $587 million and $344 million at September 30, 2024 and December 31, 2023, respectively, of which $327 million and $111 million, respectively, are at fixed rates and $260 million and $233 million, respectively, are at variable rates. The carrying value of Notes Payable and Overdrafts approximates fair value due to the short term nature of the facilities.

Stock Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 6	$ 3	$ 15	$ 19
Unearned compensation cost related to the unvested portion of all stock-based awards	$ 27		$ 27
Remaining vesting period			through the third quarter of 2027
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments granted (shares)			2.1
Weighted average fair value per share granted (dollars per share)			$ 12.14
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments granted (shares)			1.2
Weighted average fair value per share granted (dollars per share)			$ 11.43

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Financing Arrangements and Derivative Financial Instruments - Classification of Changes in Fair Values of Foreign Currency Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss (''AOCL'')	$ 0	$ 0	$ 0	$ (4)
Reclassification adjustment for amounts recognized in Cost of Goods Sold (''CGS'')	$ 0	$ 1	$ 1	$ 1

Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

NOTE 7. BUSINESS SEGMENTS


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Sales:
Americas	$	2,858		$	3,120		$	8,143		$	8,926
Europe, Middle East and Africa		1,348			1,374			3,974			4,207
Asia Pacific		618			648			1,814			1,817
Net Sales	$	4,824		$	5,142		$	13,931		$	14,950
Segment Operating Income:
Americas	$	251		$	258		$	671		$	440
Europe, Middle East and Africa		24			22			67			11
Asia Pacific		72			56			195			134
Total Segment Operating Income	$	347		$	336		$	933		$	585
Less:
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
Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net (Note 3)		25			8			119			21
Corporate incentive compensation plans		14			2			50			43
Retained expenses of divested operations		3			2			11			10
Other(1)		25			26			130			93
Income (Loss) before Income Taxes	$	(25	)	$	(59	)	$	63		$	(369	)

(1)

Other for the three and nine months ended September 30, 2024 includes $14 million and $81 million, respectively, of costs related to the Goodyear Forward plan, primarily related to third-party advisory, legal and consulting fees and costs associated with planned asset sales. Other for the three and nine months ended September 30, 2023 includes $8 million related to the insurance deductible for the fire in Debica, Poland. Other for the nine months ended September 30, 2023 also includes $14 million related to the insurance deductible for the tornado in Tupelo, Mississippi.

Rationalizations and asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, as described in Note to the Consolidated Financial Statements No. 3, Costs Associated with Rationalization Programs, and net (gains) losses on asset sales, as described in Note to the Consolidated Financial Statements No. 4, Other (Income) Expense, were not charged to the strategic business units ("SBUs") for performance evaluation purposes but were attributable to the SBUs as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Rationalizations:
Americas	$	5		$	4		$	20		$	12
Europe, Middle East and Africa		(2	)		139			8			227
Asia Pacific		1			20			14			23
Total Segment Rationalizations	$	4		$	163		$	42		$	262
Corporate		7			35			10			40
Total Rationalizations	$	11		$	198		$	52		$	302

Net (Gains) Losses on Asset Sales:
Americas	$	—		$	(6	)	$	(14	)	$	(68	)
Europe, Middle East and Africa		—			—			(80	)		—
Asia Pacific		(1	)		—			(1	)		—
Total Segment Net (Gains) Losses on Asset Sales	$	(1	)	$	(6	)	$	(95	)	$	(68	)

Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net:
Americas	$	1		$	3		$	11		$	18
Europe, Middle East and Africa		17			5			50			3
Asia Pacific		7			—			37			—
Total Segment Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	$	25		$	8		$	98		$	21
Corporate		—			—			21			—
Total Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	$	25		$	8		$	119		$	21

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Net Sales - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue, current	$ 15	$ 18
Deferred revenue, noncurrent	$ 7	$ 10

Fair Value Measurements (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Assets:

Investments

$ 16

$ 19

Foreign Exchange Contracts

Total Assets at Fair Value

Liabilities:

Foreign Exchange Contracts

Total Liabilities at Fair Value

Supplemental Fair Value Information

Notes Payable and Overdrafts (Note 8)

587

344

Carrying amount — liability

8,174

7,012

Fixed Rate Debt, Excluding Capital Leases

Supplemental Fair Value Information

Notes Payable and Overdrafts (Note 8)

327

111

Carrying amount — liability

^[1]

5,438

5,720

Fair value — liability

^[1]

5,165

5,488

Variable Rate Debt, Excluding Capital Leases

Supplemental Fair Value Information

Notes Payable and Overdrafts (Note 8)

260

233

Carrying amount — liability

^[1]

2,733

1,292

Fair value — liability

^[1]

2,662

1,286

Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)

Assets:

Investments

Foreign Exchange Contracts

Total Assets at Fair Value

Liabilities:

Foreign Exchange Contracts

Total Liabilities at Fair Value

Supplemental Fair Value Information

Fair value — liability

4,970

5,301

Significant Other Observable Inputs (Level 2)

Assets:

Investments

Foreign Exchange Contracts

Total Assets at Fair Value

Liabilities:

Foreign Exchange Contracts

Total Liabilities at Fair Value

Significant Unobservable Inputs (Level 3)

Assets:

Investments

Foreign Exchange Contracts

Total Assets at Fair Value

Liabilities:

Foreign Exchange Contracts

Total Liabilities at Fair Value

$ 0

[1]

Costs Associated with Rationalization Programs

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Costs Associated with Rationalization Programs

NOTE 3. COSTS ASSOCIATED WITH RATIONALIZATION PROGRAMS

In order to improve our global competitiveness and as part of our execution of the Goodyear Forward transformation plan ("Goodyear Forward"), we have implemented, and are implementing, rationalization actions to reduce high-cost and excess manufacturing capacity and operating and administrative costs.

The following table presents a roll-forward of the liability balance between periods:


	Associate-
(In millions)	Related Costs			Other Costs			Total
Balance at December 31, 2023	$	518		$	16		$	534
2024 Charges		35			42			77
Incurred, net of foreign currency translation of $5 million and $0 million, respectively		(89	)		(55	)		(144	)
Reversed to the Statement of Operations		(25	)		—			(25	)
Balance at September 30, 2024	$	439		$	3		$	442

During the third quarter of 2024, as part of Goodyear Forward, we approved two rationalization plans to reduce Selling, Administrative and General expense ("SAG") and manufacturing costs, primarily in North America and Corporate functional areas. The plans include approximately 190 net headcount reductions as of the end of the third quarter. Total pre-tax charges are expected to be $9 million, substantially all of which are expected to be cash charges primarily for associate-related costs. During the third quarter of 2024, we accrued approximately $6 million for these plans, which is expected to be substantially paid through 2024.

During the second quarter of 2024, we approved a rationalization plan to open a shared service center in Costa Rica and to exit certain Commercial Tire and Service Center (“CTSC”) locations. Total pre-tax charges are expected to be $28 million, of which $18 million are expected to be cash charges primarily for associate-related costs. Non-cash charges are expected to be $10 million, consisting of accelerated lease amortization and pension settlement costs. We have approximately $10 million accrued for this plan at September 30, 2024, which is expected to be substantially paid through the end of 2025.

During the first quarter of 2024, we approved a rationalization plan in Asia Pacific to permanently close our Malaysia tire manufacturing facility as part of our strategy to improve profitability and reduce production costs. We have approximately $3 million accrued for this plan at September 30, 2024, which is expected to be substantially paid through the first quarter of 2025.

The remainder of the accrual balance at September 30, 2024 includes $253 million related to the closures of our Fulda, Germany ("Fulda") and our Fürstenwalde, Germany ("Fürstenwalde") tire manufacturing facilities, $130 million related to the rationalization and workforce reorganization plan in Europe, Middle East and Africa ("EMEA"), which reflects $19 million of reversals due to voluntary attrition, $11 million related to the plan to improve profitability in Australia and New Zealand, $8 million related to plans to reduce SAG headcount, $5 million related to the closed Amiens, France tire manufacturing facility, $4 million related to a global workforce reorganization plan to improve our cost structure, $3 million related to the closure of Cooper Tire's Melksham, United Kingdom tire manufacturing facility ("Melksham"), $3 million related to the plan to streamline our EMEA distribution network, and various other plans to reduce headcount and improve operating efficiency.

At September 30, 2024 and December 31, 2023, $358 million and $239 million were recorded in Other Current Liabilities in the Consolidated Balance Sheets, respectively.

The following table shows net rationalization charges included in Income (Loss) before Income Taxes:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Current Year Plans
Associate Severance and Other Related Costs	$	6		$	187		$	29		$	262
Other Exit Costs		1			3			2			16
Current Year Plans - Net Charges	$	7		$	190		$	31		$	278

Prior Year Plans
Associate Severance and Other Related Costs	$	(11	)	$	(2	)	$	(19	)	$	—
Other Exit Costs		15			10			40			24
Prior Year Plans - Net Charges	$	4		$	8		$	21		$	24
Total Net Charges	$	11		$	198		$	52		$	302
Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net	$	25		$	8		$	119		$	21

Substantially all of the new charges for the three and nine months ended September 30, 2024 and 2023 relate to future cash outflows. Net current year plan charges for the three months ended September 30, 2024 primarily relate to the plans to reduce SAG and manufacturing headcount. Net current year plan charges for the nine months ended September 30, 2024 also include the plan to open a new shared service center in Costa Rica, and the closure of our tire manufacturing facility in Malaysia. Net current year plan charges for the three months ended September 30, 2023 primarily relate to the rationalization and workforce reorganization plan in EMEA and the plan to improve profitability in Asia Pacific. Net current year plan charges for the nine months ended September 30, 2023 also include the plan to reduce production capacity at Fulda, the plan to streamline our EMEA distribution network, a plan to reduce costs associated with our global operations and technology organization, and a plan to reduce manufacturing staffing levels and capacity in EMEA.

Net prior year plan charges for the three months ended September 30, 2024 include $7 million related to the closures of Fulda and Fürstenwalde, $4 million related to the workforce reorganization plan in EMEA, $2 million related to the closure of Melksham, $1 million related to our closure of certain retail and warehouse locations in Americas, $1 million related to plans to reduce SAG headcount, $1 million related to the permanent closure of our Gadsden, Alabama tire manufacturing facility ("Gadsden"), and reversals of $12 million primarily related to voluntary attrition. Net prior year plan charges for the nine months ended September 30, 2024 include $15 million related to the closures of Fulda and Fürstenwalde, $9 million related to the closure of Melksham, $4 million related to the workforce reorganization plan in EMEA, $3 million related to the plan in Australia and New Zealand, $3 million related to the permanent closure of Gadsden, $3 million related to the closure of certain retail and warehouse locations in Americas, $2 million related to plans to reduce SAG headcount, $2 million related to the plan to streamline our EMEA distribution network, $1 million related to a plan in South Africa, $1 million related to the integration of Cooper Tire, and reversals of $25 million primarily related to voluntary attrition. Net prior year plan charges for the three months ended September 30, 2023 include $3 million related to the closure of Melksham, $3 million related to the integration of Cooper Tire, $1 million related to a plan in South Africa, $1 million related to the permanent closure of Gadsden, and reversals of $1 million for actions no longer needed for their originally intended purpose. Net prior year plan charges for the nine months ended September 30, 2023 include $9 million related to the closure of Melksham, $7 million related to the integration of Cooper Tire, $5 million for various plans to reduce global SAG headcount, $4 million related to the permanent closure of Gadsden, $2 million related to discontinued operations in Russia, $1 million related to a plan in South Africa, and reversals of $7 million for actions no longer needed for their originally intended purpose.

Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs for both the three and nine months ended September 30, 2024 primarily relate to plans to improve our cost structure through announced closures of our Fulda, Fürstenwalde and Malaysia tire manufacturing facilities, as well as the closure of a development center and warehouse in the U.S.

Asset write-offs (recoveries) and accelerated depreciation for the three months ended September 30, 2023 primarily relate to the integration of Cooper Tire and the closure of Melksham. Asset write-offs (recoveries) and accelerated depreciation for the nine months ended September 30, 2023 primarily relate to the integration of Cooper Tire and the closure of Melksham, partially offset by recoveries of previously written-off accounts receivable and other assets in Russia.

Ongoing rationalization plans had approximately $920 million in charges incurred prior to 2024 and have approximately $200 million in expected charges to be incurred in future periods.

Approximately 950 associates will be released under plans initiated in 2024, of which approximately 750 were released through September 30, 2024. In the first nine months of 2024, approximately 1,100 associates were released under plans initiated in prior years. Approximately 2,350 associates remain to be released under all ongoing rationalization plans.

Business Segments - Business Segment Reporting Information (Details) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Other	$ 14		$ 81
Insurance Deductible For Severe Weather Event In Mississippi [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Other		$ 8		$ 14

Other (Income) Expense (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income and Expense


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Non-service related pension and other postretirement benefits cost	$	22		$	28		$	72		$	121
Financing fees and financial instruments expense		16			15			47			44
Net foreign currency exchange (gains) losses		—			(3	)		(3	)		38
Interest income		(14	)		(21	)		(41	)		(55	)
General and product liability expense - discontinued products		2			2			6			5
Royalty income		(5	)		(5	)		(16	)		(23	)
Net (gains) losses on asset sales		(1	)		(6	)		(95	)		(68	)
Miscellaneous (income) expense		14			11			22			20
	$	34		$	21		$	(8	)	$	82

Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule Of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows:


	September 30,
(In millions)	2024		2023
Cash and Cash Equivalents	$	905	$	1,002
Restricted Cash		35		56
Total Cash, Cash Equivalents and Restricted Cash	$	940	$	1,058

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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	0
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)	0
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	0
Cash Proceeds from Sale and Leaseback Transaction (Note 4)	16	73
Asset Dispositions	110	3
Short Term Securities Acquired	0	(96)
Short Term Securities Redeemed	2	88
Long Term Securities Acquired	0	(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

Costs Associated with Rationalization Programs - Roll-Forward of Liability Balance (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Associate-Related Costs
Restructuring Cost and Reserve [Line Items]
Foreign currency translation	$ 5
Other Exit Costs
Restructuring Cost and Reserve [Line Items]
Foreign currency translation	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financing Arrangements and Derivative Financial Instruments - Credit Facilities Narrative (Details) € in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 16, 2024 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Aug. 07, 2024 USD ($)	Jul. 22, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)
Line Of Credit Facility [Line Items]
Debt instrument, principal amount							$ 300
Weighted average interest rate				6.71%	6.71%
Long Term Debt					$ 1,013				$ 449
Credit arrangements, unused amount					2,508
Debt instrument carrying amount					8,441				7,280
First lien revolving credit facility due 2026 \| Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity					2,750
Accounts Receivable Factoring Facilities \| Secured Debt
Line Of Credit Facility [Line Items]
Off-balance sheet accounts receivable securitization					631				693
Supplier Financing
Line Of Credit Facility [Line Items]
Amounts Available Under These Programs					852				892
Amount confirmed					606				580
Chinese credit facilities
Line Of Credit Facility [Line Items]
Credit arrangements, unused amount					$ 32				$ 93
9.50% Notes due 2025
Line Of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				9.50%	9.50%			9.50%	9.50%
Long Term Debt					$ 500				$ 0
Line of Credit
Line Of Credit Facility [Line Items]
Debt instrument carrying amount				€ 180	201
Line of Credit \| Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					11,496
Annual commitment fee percentage on undrawn amounts	0.25%
Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate {SOFR) \| Minimum
Line Of Credit Facility [Line Items]
Basis spread on reference rate	100.00%
Line of Credit \| All-Borrower Tranche
Line Of Credit Facility [Line Items]
Debt instrument carrying amount				€ 300	336
Line of Credit \| First lien revolving credit facility due 2026 \| Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity which may be requested from lenders					250
Basis spread	125.00%
Increase in value of principal trademarks					400
Line of credit facility, maximum borrowing capacity inputs, increase based on value of cash					275
Line of credit facility, maximum borrowing capacity					2,750
Letters of credit, amount outstanding					$ 1				$ 1
Weighted average interest rate				6.09%	6.09%			6.71%	6.71%
Available cash plus availability under facility	$ 750
Debt instrument carrying amount					$ 1,140				$ 385
Line of Credit \| First lien revolving credit facility due 2026 \| Revolving Credit Facility \| Secured Overnight Financing Rate {SOFR)
Line Of Credit Facility [Line Items]
Basis spread	125.00%
Basis spread on reference rate	50.00%
Line of Credit \| First lien revolving credit facility due 2026 \| Revolving Credit Facility \| Secured Overnight Financing Rate {SOFR) \| Maximum
Line Of Credit Facility [Line Items]
Basis spread	150.00%
Line of Credit \| First lien revolving credit facility due 2026 \| Revolving Credit Facility \| Base Rate
Line Of Credit Facility [Line Items]
Basis spread	50.00%
Line of Credit \| First lien revolving credit facility due 2026 \| Revolving Credit Facility \| Base Rate \| Minimum
Line Of Credit Facility [Line Items]
Basis spread	25.00%
Line of Credit \| First lien revolving credit facility due 2026 \| Letter of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 800
Line of Credit \| Pan-European Accounts Receivable Facility
Line Of Credit Facility [Line Items]
Weighted average interest rate				5.54%	5.54%			6.11%	6.11%
Debt instrument carrying amount					$ 231				$ 244
Line of Credit \| Pan-European Accounts Receivable Facility \| Secured Debt
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €			€ 300
Line of credit facility, current borrowing capacity				€ 207	231			€ 221	244
Line of Credit \| Pan-European Accounts Receivable Facility \| Secured Debt \| Minimum
Line Of Credit Facility [Line Items]
Line of credit facility, minimum borrowing capacity \| €				30
Line of Credit \| Pan-European Accounts Receivable Facility \| Secured Debt \| Maximum
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €				450
Line of Credit \| European Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity which may be requested from lenders \| €				200
Line of Credit \| European Revolving Credit Facility [Member] \| Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €				800
Letters of credit, amount outstanding				0					0
Annual commitment fee percentage on undrawn amounts	0.25%
Debt instrument carrying amount									0
Line of Credit \| European Revolving Credit Facility [Member] \| Revolving Credit Facility \| Secured Overnight Financing Rate {SOFR)
Line Of Credit Facility [Line Items]
Basis spread	150.00%
Line of Credit \| European Revolving Credit Facility [Member] \| Revolving Credit Facility \| Sterling Overnight Interbank Average Rate (SONIA)
Line Of Credit Facility [Line Items]
Basis spread	150.00%
Line of Credit \| European Revolving Credit Facility [Member] \| Revolving Credit Facility \| European Interbank Offer Rate (Euribor)
Line Of Credit Facility [Line Items]
Basis spread	150.00%
Line of Credit \| European Revolving Credit Facility [Member] \| Letter of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €				75
Line of Credit \| European Revolving Credit Facility [Member] \| Bridge Loan
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €				175
Line of Credit \| European Revolving Credit Facility [Member] \| German Tranche
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €				180
Line of Credit \| European Revolving Credit Facility [Member] \| All-Borrower Tranche
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity \| €				€ 620
Line of Credit \| Mexican Credit Facilities
Line Of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity					$ 200				$ 200
Amount utilized under facility		$ 84
Line of Credit \| Mexican Credit Facilities \| Foreign Line of Credit
Line Of Credit Facility [Line Items]
Weighted average interest rate				7.37%	7.37%			7.57%	7.57%
Debt instrument carrying amount					$ 200				$ 84
Line of Credit \| Chinese credit facilities \| Foreign Line of Credit
Line Of Credit Facility [Line Items]
Weighted average interest rate				2.83%	2.83%			3.94%	3.94%
Debt instrument carrying amount					$ 189				$ 174
Swingline Loans \| First lien revolving credit facility due 2026 \| Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 50
Senior Notes \| 9.50% Notes due 2025
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity							$ 500
Debt instrument, principal amount						$ 300
Debt Instrument, Interest Rate, Stated Percentage				9.50%	9.50%	9.50%	9.50%	9.50%	9.50%
Debt instrument carrying amount					$ 500				$ 801

Pension, Savings and Other Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Defined Benefit Pension Cost

Defined benefit pension cost follows:


	U.S.						U.S.
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Service cost	$	2		$	2		$	6		$	6
Interest cost		44			47			131			148
Expected return on plan assets		(52	)		(57	)		(156	)		(175	)
Amortization of net losses		24			25			72			74
Net periodic pension cost	$	18		$	17		$	53		$	53
Net curtailments/settlements/termination benefits		—			—			(5	)		33
Total defined benefit pension cost	$	18		$	17		$	48		$	86


	Non-U.S.						Non-U.S.
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Service cost	$	5		$	5		$	14		$	14
Interest cost		26			27			79			81
Expected return on plan assets		(23	)		(23	)		(68	)		(69	)
Amortization of prior service cost		—			—			1			1
Amortization of net losses		5			3			15			12
Net periodic pension cost	$	13		$	12		$	41		$	39
Net curtailments/settlements/termination benefits		—			4			—			7
Total defined benefit pension cost	$	13		$	16		$	41		$	46

Net Sales - Schedule of Balance of Deferred Revenue Related to Contracts with Customers (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Balance at December 31, 2023	$ 28
Revenue deferred during period	158
Revenue recognized during period	(164)
Impact of foreign currency translation	0
Balance at September 30, 2024	$ 22

Net Sales (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregated Net Sales From Contracts with Customers

The following tables show disaggregated net sales from contracts with customers by major source:


	Three Months Ended September 30, 2024
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	2,319	$	1,191	$	584	$	4,094
Other tire and related sales		197		125		30		352
Retail services and service related sales		203		32		4		239
Chemical sales		133		—		—		133
Other		6		—		—		6
Net Sales by reportable segment	$	2,858	$	1,348	$	618	$	4,824


	Three Months Ended September 30, 2023
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	2,616	$	1,228	$	616	$	4,460
Other tire and related sales		204		112		20		336
Retail services and service related sales		182		34		10		226
Chemical sales		110		—		—		110
Other		8		—		2		10
Net Sales by reportable segment	$	3,120	$	1,374	$	648	$	5,142


	Nine Months Ended September 30, 2024
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	6,616	$	3,470	$	1,714	$	11,800
Other tire and related sales		576		407		82		1,065
Retail services and service related sales		559		97		15		671
Chemical sales		377		—		—		377
Other		15		—		3		18
Net Sales by reportable segment	$	8,143	$	3,974	$	1,814	$	13,931


	Nine Months Ended September 30, 2023
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	7,428	$	3,715	$	1,719	$	12,862
Other tire and related sales		600		395		63		1,058
Retail services and service related sales		516		97		29		642
Chemical sales		366		—		—		366
Other		16		—		6		22
Net Sales by reportable segment	$	8,926	$	4,207	$	1,817	$	14,950

Balance and Changes in Deferred Revenue Related to Contracts with Customers

The following table presents the balance of deferred revenue related to contracts with customers, and changes during the nine months ended September 30, 2024:



(In millions)
Balance at December 31, 2023	$	28
Revenue deferred during period		158
Revenue recognized during period		(164	)
Impact of foreign currency translation		—
Balance at September 30, 2024	$	22

Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Accounting Policies

NOTE 1. ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by The Goodyear Tire & Rubber Company (the “Company,” “Goodyear,” “we,” “us” or “our”) in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America ("U.S. GAAP") and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to fairly state the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).

Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected in subsequent quarters or for the year ending December 31, 2024.

Recently Issued Accounting Standards

On March 6, 2024, the SEC issued final rules that require registrants to enhance and standardize climate-related disclosures in their annual reports beginning with periods ending December 31, 2025. The final rules will require information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a registrant’s business strategy, results of operations or financial condition, the governance of climate-related matters, certain climate-related targets and goals, and certain greenhouse gas emissions. The rules will also require certain financial statement disclosures related to the impact of severe weather events and other natural disasters. On April 4, 2024, the SEC stayed the final rules pending completion of judicial review of several lawsuits challenging the rules that have been consolidated in the U.S. Court of Appeals for the 8th Circuit. We are currently assessing the impact of these rules on our disclosures in both our Annual Report on Form 10-K and the notes to the consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if an indicator of impairment is present. Intangible assets with finite lives are amortized over their useful lives and are reviewed for impairment whenever events or circumstances warrant such review. Goodwill and intangible assets are written down to fair value if considered impaired. Goodwill and Intangible Assets totaled $759 million and $814 million, respectively, at September 30, 2024, compared to $781 million and $969 million, respectively, at December 31, 2023. The goodwill associated with reporting units in our Americas and Asia Pacific segments was $715 million and $44 million, respectively, at September 30, 2024, and $724 million and $57 million, respectively, at December 31, 2023.

In the third quarter, we experienced a decline in our market capitalization as a result of a decrease in our stock price. Our stock price has a history of volatility, however, given the decrease was sustained throughout the quarter, we viewed this event as a triggering event and performed a quantitative analysis of the fair value of the North America reporting unit in our Americas segment. We determined the estimated fair value of our North America reporting unit based on discounted cash flow projections. The most critical assumptions used in the calculation of the fair value of our North America reporting unit are the projected revenue, projected operating margin and discount rate. Our forecast of future cash flows is based on our best estimate of projected revenue and projected operating margin, based primarily on pricing, raw material costs, market share, industry outlook, general economic conditions and strategic actions to improve Americas' operating margin. Based on our interim impairment test, the North America reporting unit had an estimated fair value that exceeded its carrying value, including goodwill, by approximately 14%.

The fair value of the North America reporting unit’s goodwill is sensitive to differences between estimated and actual cash flows, including changes in the projected revenue, projected operating margin and discount rate used to evaluate the fair value of these assets. Although we believe our estimate of fair value is reasonable, the reporting unit’s future financial performance is dependent on our ability to execute our business plan and to successfully implement strategic actions which we expect will improve our long-term operating margin. If a reporting unit’s future financial performance falls below our expectations, there are adverse revisions to significant assumptions, or our market capitalization declines further or does not improve from the strategic actions we are implementing, this could be indicative that the fair values of each of our reporting units has declined below their carrying values, and therefore we may need to record a material, non-cash goodwill impairment charge in a future period.

During the third quarter, we experienced a decline in volumes primarily in our lower tier indefinite-lived intangible assets related to the acquisition of Cooper Tire as a result of increased competition from lower tier imports in the market. We viewed this event as a triggering event and performed a quantitative analysis of the fair value of our indefinite-lived intangible assets related to the acquisition of Cooper Tire as of September 30, 2024. Based on the results of the quantitative impairment assessments, the fair value of the intangible assets was less than the carrying value, resulting in a non-cash impairment charge of $125 million during the third quarter of 2024. We determined the fair value of the indefinite-lived intangible assets using the relief from royalty method, which calculates the cost savings associated with owning rather than licensing the assets. The most critical assumptions used in the calculation of the fair value are projected revenue, discount rate and royalty rate. The fair value of the indefinite-lived intangible assets is sensitive to differences between estimated and actual revenue, including changes in the discount rate and royalty rate used to evaluate the fair value of these assets.

At September 30, 2024, after evaluating macroeconomic conditions and our current and future results of operations, we concluded that there were no triggering events and it was not more likely than not that the fair values of goodwill of our reporting unit within our Asia Pacific segment or remaining indefinite-lived intangible assets were less than their respective carrying values and, therefore, did not have any impairment.

Principles of Consolidation

The consolidated financial statements include the accounts of all legal entities in which we hold a controlling financial interest. A controlling financial interest generally arises from our ownership of a majority of the voting shares of our subsidiaries. We would also hold a controlling financial interest in variable interest entities if we are considered to be the primary beneficiary. Investments in companies in which we do not own a majority interest and we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are primarily carried at cost. All intercompany balances and transactions have been eliminated in consolidation.

Assets and Liabilities Held for Sale

Assets and liabilities are classified as held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year, and it is unlikely that significant changes will be made to the plan. When all of these criteria have been met, the assets and liabilities are classified as held for sale in the balance sheet. Assets classified as held for sale are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation as held for sale.

On July 22, 2024, we signed a definitive agreement to sell our off-the-road ("OTR") tire business to The Yokohama Rubber Company, Limited ("Yokohama") for $905 million in cash, subject to certain adjustments. Pursuant to a product supply agreement to be entered into with Yokohama in connection with the closing of the transaction, we will manufacture certain OTR tires for Yokohama at some of our manufacturing facilities for an initial period of up to five years after the closing of the transaction. The closing of the transaction is expected to occur in early 2025 and is subject to regulatory approvals and other customary closing conditions and consultations. At September 30, 2024, assets classified as held for sale of $495 million were included in Assets Held for Sale and liabilities of $56 million were included in Other Current Liabilities in the Consolidated Balance Sheets.

Restricted Cash

The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows:


	September 30,
(In millions)	2024		2023
Cash and Cash Equivalents	$	905	$	1,002
Restricted Cash		35		56
Total Cash, Cash Equivalents and Restricted Cash	$	940	$	1,058

Restricted Cash primarily represents amounts required to be set aside for accounts receivable factoring programs. The restrictions lapse when cash from factored accounts receivable is remitted to the purchaser of those receivables. At both September 30, 2024 and 2023, restricted cash was recorded in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets.

Reclassifications and Adjustments

Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings per Common Share

Basic and diluted earnings per common share are calculated as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions, except per share amounts)	2024			2023			2024			2023
Earnings (loss) per share — basic:
Goodyear net income (loss)	$	(34	)	$	(89	)	$	(6	)	$	(398	)
Weighted average shares outstanding		287			285			286			285
Earnings (loss) per common share — basic	$	(0.12	)	$	(0.31	)	$	(0.02	)	$	(1.40	)

Earnings (loss) per share — diluted:
Goodyear net income (loss)	$	(34	)	$	(89	)	$	(6	)	$	(398	)
Weighted average shares outstanding		287			285			286			285
Dilutive effect of stock options and other dilutive securities		—			—			—			—
Weighted average shares outstanding — diluted		287			285			286			285
Earnings (loss) per common share — diluted	$	(0.12	)	$	(0.31	)	$	(0.02	)	$	(1.40	)

Weighted average shares outstanding — diluted for the three and nine months ended September 30, 2024 excludes the dilutive effect of approximately 1 million and 2 million equivalent shares, respectively, and for both the three and nine months ended September 30, 2023 excludes the dilutive effect of approximately 2 million equivalent shares, related primarily to options with exercise prices less than the average market price of our common shares (i.e., "in-the-money" options) and unvested restricted stock units, as their inclusion would have been anti-dilutive due to the Goodyear net loss. Additionally, weighted average shares outstanding — diluted for the three and nine months ended September 30, 2024 excludes approximately 4 million equivalent shares and 1 million equivalent shares, respectively, and, for both the three and nine months ended September 30, 2023, excludes approximately 2 million equivalent shares related to options with exercise prices greater than the average market price of our common shares (i.e., "underwater" options).

Other (Income) Expense - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other (Income) Expense [Line Items]
Pension Expense		$ 4	$ 5	$ 40
Interest income	$ 14	21	41	55
Proceeds from sale and leaseback of consumer and commercial tire and service centers			16	66
Recognition of Operating Lease Right-of-Use Assets			6
Sale leaseback transaction net gain			14	59
Operating lease right of use assets				24
Miscellaneous (Income) Expense	(34)	(21)	$ 8	(82)
Leaseback terms			Leaseback terms for this location include a 5-year initial term with one 5-year renewal option
Argentina [Member]
Other (Income) Expense [Line Items]
Interest income		10		28
Net foreign currency exchange (gains) losses include expense related to out of period adjustment		15		34
Miscellaneous Income Loss Expense				10
Turkish lira [Member]
Other (Income) Expense [Line Items]
Net foreign currency exchange (gains) losses include expense related to out of period adjustment		16		3
EMEA [Member]
Other (Income) Expense [Line Items]
Sale leaseback transaction net gain			$ 80
Miscellaneous Income Expense [Member]
Other (Income) Expense [Line Items]
Legal income				11
Income from write-off of accumulated foreign currency translation adjustment				5
Miscellaneous (Income) Expense		$ 4		$ 19
Miscellaneous Income Expense [Member] \| Argentina [Member]
Other (Income) Expense [Line Items]
Miscellaneous (Income) Expense			(8)
Miscellaneous Income Expense [Member] \| OTR \| Argentina [Member]
Other (Income) Expense [Line Items]
Miscellaneous (Income) Expense	$ 11		$ 11

Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases, Net of Unamortized Discounts, and Interest Rates (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Aug. 07, 2024	Jul. 22, 2024
Long-term Debt and Lease Obligation [Abstract]
Non Cash Financing Additions	$ 2	$ 17
9.5% due 2025
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	9.50%	9.50%
9.5% due 2025 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	9.50%	9.50%	9.50%	9.50%
5% due 2026 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	5.00%	5.00%
4.875% due 2027 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	4.875%	4.875%
7.625% due 2027 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	7.625%	7.625%
7% due 2028 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	7.00%	7.00%
2.75% Euro Notes due 2028 \| Euro Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	2.75%	2.75%
5% due 2029 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	5.00%	5.00%
5.25% due April 2031 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	5.25%	5.25%
5.25% due July 2031 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	5.25%	5.25%
5.625% due 2033 \| Senior Notes
Long-term Debt and Lease Obligation [Abstract]
Interest rate, stated percentage	5.625%	5.625%

Stock Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

NOTE 11. STOCK COMPENSATION PLANS

Our Board of Directors granted 2.1 million restricted stock units and 1.2 million performance share units during the nine months ended September 30, 2024 under our stock compensation plans. We measure the fair value of grants of restricted stock units and performance share units based primarily on the closing market price of a share of our common stock on the date of the grant, modified as appropriate to take into account the features of such grants. The weighted average fair value per share was $12.14 for restricted stock units and $11.43 for performance share units granted during the nine months ended September 30, 2024.

We recognized stock-based compensation expense of $6 million and $15 million during the three and nine months ended September 30, 2024, respectively. At September 30, 2024, unearned compensation cost related to the unvested portion of all stock-based awards was approximately $27 million and is expected to be recognized over the remaining vesting period of the respective grants, through the third quarter of 2027. We recognized stock-based compensation expense of $3 million and $19 million during the three and nine months ended September 30, 2023, respectively.

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
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)	0	4	(4)	32
Prior service credit from plan amendments, net of tax of $7 and $7 in 2024 ($0 and $0 in 2023)	21	0	21	0
Deferred derivative gains (losses), net of tax of $0 and $0 in 2024 ($0 and ($1) in 2023)	0	0	0	(4)
Reclassification adjustment for amounts recognized in income, net of tax of $0 and $0 in 2024 ($0 and $0 in 2023)	0	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)

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Underwater Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equivalent shares excluded from weighted average shares outstanding (in shares)	4	2	1	2
In-the-money Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equivalent shares excluded from weighted average shares outstanding (in shares)	1	2	2	2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax on foreign currency translation	$ 3	$ (2)	$ 0	$ 0
Defined benefit plans:
Tax on amortization of prior service cost and unrecognized gains and losses included in total benefit cost	7	6	20	19
Tax on (increase)/decrease in net actuarial losses	(1)	(3)	6	0
Tax on immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures	0	1	(1)	9
Prior service credit from plan amendments, tax	7	0	7	0
Tax effect of deferred derivative gains (losses)	0	0	0	(1)
Tax effect of reclassification adjustment for amounts recognized in income	$ 0	$ 0	$ 0	$ 0

Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Other (Income) Expense (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Non-service related pension and other postretirement benefits cost	$ 22	$ 28	$ 72	$ 121
Financing fees and financial instruments expense	16	15	47	44
Net foreign currency exchange (gains) losses	0	(3)	(3)	38
Interest income	(14)	(21)	(41)	(55)
General and product liability expense - discontinued products	2	2	6	5
Royalty income	(5)	(5)	(16)	(23)
Net (Gains) Losses on Asset Sales (Note 4)	(1)	(6)	(95)	(68)
Miscellaneous (income) expense	14	11	22	20
Other (income) expense	$ 34	$ 21	$ (8)	$ 82

Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segment Reporting Information


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Sales:
Americas	$	2,858		$	3,120		$	8,143		$	8,926
Europe, Middle East and Africa		1,348			1,374			3,974			4,207
Asia Pacific		618			648			1,814			1,817
Net Sales	$	4,824		$	5,142		$	13,931		$	14,950
Segment Operating Income:
Americas	$	251		$	258		$	671		$	440
Europe, Middle East and Africa		24			22			67			11
Asia Pacific		72			56			195			134
Total Segment Operating Income	$	347		$	336		$	933		$	585
Less:
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
Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net (Note 3)		25			8			119			21
Corporate incentive compensation plans		14			2			50			43
Retained expenses of divested operations		3			2			11			10
Other(1)		25			26			130			93
Income (Loss) before Income Taxes	$	(25	)	$	(59	)	$	63		$	(369	)

(1)

Rationalizations, Net (Gains) Losses on Asset Sales, Asset Write-offs and Accelerated Depreciation, net


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Rationalizations:
Americas	$	5		$	4		$	20		$	12
Europe, Middle East and Africa		(2	)		139			8			227
Asia Pacific		1			20			14			23
Total Segment Rationalizations	$	4		$	163		$	42		$	262
Corporate		7			35			10			40
Total Rationalizations	$	11		$	198		$	52		$	302

Net (Gains) Losses on Asset Sales:
Americas	$	—		$	(6	)	$	(14	)	$	(68	)
Europe, Middle East and Africa		—			—			(80	)		—
Asia Pacific		(1	)		—			(1	)		—
Total Segment Net (Gains) Losses on Asset Sales	$	(1	)	$	(6	)	$	(95	)	$	(68	)

Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net:
Americas	$	1		$	3		$	11		$	18
Europe, Middle East and Africa		17			5			50			3
Asia Pacific		7			—			37			—
Total Segment Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	$	25		$	8		$	98		$	21
Corporate		—			—			21			—
Total Asset Write-offs (Recoveries), Accelerated Depreciation, and Accelerated Lease Costs, net	$	25		$	8		$	119		$	21

Financing Arrangements and Derivative Financial Instruments - Fair Values for Foreign Currency Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Tax Liabilities, Unrealized Currency Transaction Losses	$ 0		$ 0
Foreign currency derivatives, net transaction gains (losses)	35	$ 26	11	$ 30
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	1,710		1,710		$ 1,930
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount					27
Accounts receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value - asset, not designated as hedging instrument	4		4		2
Fair value - asset, designated as hedging instrument	0		0		0
Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value - liability, not designated as hedging instrument	(20)		(20)		(27)
Fair value - liability, designated as hedging instrument	$ 0		$ 0		$ (2)

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component, After Tax and Minority Interest

The following tables present changes in AOCL, by component, for the nine months ended September 30, 2024 and 2023, after tax and minority interest.



(In millions) Income (Loss)	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) from Securities		Unrecognized Net Actuarial Losses and Prior Service Costs			Deferred Derivative Gains (Losses)		Total
Balance at December 31, 2023	$	(1,613	)	$	1	$	(2,224	)	$	1	$	(3,835	)
Other comprehensive income (loss) before reclassifications		(24	)		—		28			—		4
Amounts reclassified from accumulated other comprehensive loss		—			—		58			1		59
Balance at September 30, 2024	$	(1,637	)	$	1	$	(2,138	)	$	2	$	(3,772	)



(In millions) Income (Loss)	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) from Securities		Unrecognized Net Actuarial Losses and Prior Service Costs			Deferred Derivative Gains (Losses)			Total
Balance at December 31, 2022	$	(1,663	)	$	1	$	(2,215	)	$	2		$	(3,875	)
Other comprehensive income (loss) before reclassifications		(12	)		—		4			(4	)		(12	)
Amounts reclassified from accumulated other comprehensive loss		—			—		92			1			93
Balance at September 30, 2023	$	(1,675	)	$	1	$	(2,119	)	$	(1	)	$	(3,794	)

Reclassifications out of Accumulated Other Comprehensive Loss

The following table presents reclassifications out of AOCL:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
(In millions) (Income) Expense	Amount Reclassified						Amount Reclassified						Affected Line Item in the Consolidated
Component of AOCL	from AOCL						from AOCL						Statements of Operations
Amortization of prior service cost and unrecognized gains and losses	$	28		$	26		$	82		$	80		Other (Income) Expense
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures		—			5			(5	)		41		Other (Income) Expense / Rationalizations
Unrecognized net actuarial losses and prior service costs, before tax		28			31			77			121
Tax effect		(7	)		(7	)		(19	)		(28	)	United States and Foreign Taxes
Minority interest		—			(1	)		—			(1	)	Minority Shareholders' Net Income
Net of tax	$	21		$	23		$	58		$	92		Goodyear Net Income (Loss)

Deferred derivative (gains) losses, before tax	$	—		$	1		$	1		$	1		Cost of Goods Sold
Tax effect		—			—			—			—		United States and Foreign Taxes
Net of tax	$	—		$	1		$	1		$	1		Goodyear Net Income (Loss)
Total reclassifications	$	21		$	24		$	59		$	93		Goodyear Net Income (Loss)

Comprehensive Income (Loss) Attributable to Minority Shareholders

The following table presents the details of comprehensive income (loss) attributable to minority shareholders:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2024		2023			2024			2023
Net Income (Loss) Attributable to Minority Shareholders	$	—	$	5		$	(6	)	$	7
Other Comprehensive Income (Loss):
Foreign currency translation		8		(3	)		4			(1	)
Other Comprehensive Income (Loss)	$	8	$	(3	)	$	4		$	(1	)
Comprehensive Income (Loss) Attributable to Minority Shareholders	$	8	$	2		$	(2	)	$	6

Commitments and Contingent Liabilities - Asbestos Claims Activity (Details) - Asbestos Related Product Liability
$ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2024

USD ($)

Claim

Dec. 31, 2023

USD ($)

Claim

Number of claims filed

Pending claims, beginning of period

35,800

37,200

New claims filed

650

900

Claims settled/dismissed

(950)

(2,300)

Pending claims, end of period

35,500

35,800

Payments | $

^[1]

$ 9

$ 15

[1]	Represents cash payments made during the period by us and our insurers for asbestos litigation defense and claim resolution.

Accumulated Other Comprehensive Loss - Schedule of Comprehensive Income (Loss) Attributable to Minority Shareholders (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Net Income (Loss) Attributable to Minority Shareholders	$ 0	$ 5	$ (6)	$ 7
Other Comprehensive Income (Loss):
Foreign currency translation	8	(3)	4	(1)
Other Comprehensive Income (Loss)	8	(3)	4	(1)
Comprehensive Income (Loss) Attributable to Minority Shareholders	$ 8	$ 2	$ (2)	$ 6

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
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Amount of Net Income (Loss) attributable to noncontrolling interest.

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+ Details

Earnings Per Share - Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (loss) per share - basic:
Goodyear net income (loss)	$ (34)	$ (89)	$ (6)	$ (398)
Weighted average shares outstanding	287	285	286	285
Earnings (loss) per common share - basic	$ (0.12)	$ (0.31)	$ (0.02)	$ (1.4)
Earnings (loss) per share — diluted:
Net Income (Loss)	$ (34)	$ (89)	$ (6)	$ (398)
Weighted Average Shares Outstanding (Note 6)	287	285	286	285
Dilutive effect of stock options and other dilutive securities	0	0	0	0
Weighted average shares outstanding - diluted	287	285	286	285
Earnings (loss) per common share - diluted	$ (0.12)	$ (0.31)	$ (0.02)	$ (1.4)

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The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Entity File Number	1-1927
Entity Registrant Name	THE GOODYEAR TIRE & RUBBER COMPANY
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0253240
Entity Address, Address Line One	200 Innovation Way
Entity Address, City or Town	Akron
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44316-0001
City Area Code	330
Local Phone Number	796-2121
Title of 12(b) Security	Common Stock, Without Par Value
Trading Symbol	GT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Outstanding		284,919,673
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0000042582
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 9. FAIR VALUE MEASUREMENTS

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023:


	Total Carrying Value in the Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
(In millions)	2024		2023		2024		2023		2024		2023		2024		2023
Assets:
Investments	$	16	$	19	$	16	$	19	$	—	$	—	$	—	$	—
Foreign Exchange Contracts		4		2		—		—		4		2		—		—
Total Assets at Fair Value	$	20	$	21	$	16	$	19	$	4	$	2	$	—	$	—

Liabilities:
Foreign Exchange Contracts	$	20	$	29	$	—	$	—	$	20	$	29	$	—	$	—
Total Liabilities at Fair Value	$	20	$	29	$	—	$	—	$	20	$	29	$	—	$	—

The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at September 30, 2024 and December 31, 2023:


	September 30,		December 31,
(In millions)	2024		2023
Fixed Rate Debt:(1)
Carrying amount — liability	$	5,438	$	5,720
Fair value — liability		5,165		5,488

Variable Rate Debt:(1)
Carrying amount — liability	$	2,733	$	1,292
Fair value — liability		2,662		1,286

(1)

Long term debt with fair values of $4,970 million and $5,301 million at September 30, 2024 and December 31, 2023, respectively, were estimated using quoted Level 1 market prices. The carrying value of the remaining debt was based upon internal estimates of fair value derived from market prices for similar debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Capital Stock - Narrative (Details)	9 Months Ended
Capital Stock - Narrative (Details)	Sep. 30, 2024 shares
Common Stock \| Payments for Share Repurchases Related to Employee Stock Based Compensation
Class of Stock [Line Items]
Common stock repurchased (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-02(29))
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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 5. INCOME TAXES

For the third quarter of 2024, we recorded income tax expense of $9 million on a loss before income taxes of $25 million. For the first nine months of 2024, we recorded income tax expense of $75 million on income before income taxes of $63 million. Income tax expense for the three and nine months ended September 30, 2024 includes net discrete tax expense of $7 million and $6 million, respectively.

For the third quarter of 2023, we recorded income tax expense of $25 million on a loss before income taxes of $59 million. For the first nine months of 2023, we recorded income tax expense of $22 million on a loss before income taxes of $369 million. Income tax expense for the three and nine months ended September 30, 2023 includes net discrete tax benefit of $8 million and $5 million, respectively.

We record taxes based on overall estimated annual effective tax rates. The difference between our effective tax rate and the U.S. statutory rate of 21% for the three and nine months ended September 30, 2024 and three and nine months ended September 30, 2023 primarily relates to losses in foreign jurisdictions in which no tax benefits are recorded and the discrete items noted above.

The Organisation for Economic Co-operation and Development (OECD) have published the Pillar Two model rules which adopt a global corporate minimum tax of 15% for multinational enterprises with average revenue in excess of €750 million. Certain jurisdictions in which we operate enacted legislation consistent with one or more of the OECD Pillar Two model rules effective in 2024. The model rules include minimum domestic top-up taxes, income inclusion rules, and undertaxed profit rules all aimed to ensure that multinational corporations pay a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate. We do not expect the Pillar Two model rules to materially impact our annual effective tax rate in 2024. However, we are continuing to evaluate the Pillar Two model rules and related legislation and their potential impact on future periods.

We consider both positive and negative evidence when measuring the need for a valuation allowance. The weight given to the evidence is commensurate with the extent to which it may be objectively verified. Current and cumulative financial reporting results are a source of objectively verifiable evidence. We give operating results during the most recent three-year period a significant weight in our analysis. We typically only consider forecasts of future profitability when positive cumulative operating results exist in the most recent three-year period. We perform scheduling exercises to determine if sufficient taxable income of the appropriate character exists in the periods required in order to realize our deferred tax assets with limited lives (such as tax loss carryforwards and tax credits) prior to their expiration. We also consider prudent tax planning strategies (including an assessment of their feasibility) to accelerate taxable income if required to utilize expiring deferred tax assets. A valuation allowance is not required to the extent that, in our judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not that our deferred tax assets will be realized.

At September 30, 2024 and December 31, 2023, we had approximately $1.3 billion and $1.2 billion of U.S. federal, state and local net deferred tax assets, respectively, inclusive of valuation allowances totaling $29 million and $22 million, respectively, in each period, primarily for state tax loss carryforwards with limited lives. As of September 30, 2024, approximately $1.1 billion of these U.S. net deferred tax assets had unlimited lives and approximately $200 million had limited lives, including $22 million of foreign tax credits, and the majority do not start to expire until 2030. As of December 31, 2023, approximately $1.0 billion of these U.S. net deferred tax assets had unlimited lives and approximately $200 million had limited lives, including $22 million of foreign tax credits, and the majority do not start to expire until 2030. In the U.S., as of December 31, 2023, we emerged from a three-year cumulative loss which was driven by business disruptions created by the COVID-19 pandemic. Our U.S. cumulative income for the three-years ended September 30, 2024 is primarily a result of gains from other comprehensive income rather than consistently profitable U.S. operating results. Our U.S. operating results for the first nine months of 2024 have shown improvement when compared to the first nine months of 2023.

In assessing our ability to utilize our net deferred tax assets, we primarily consider objectively verifiable evidence, including the improvement of our U.S. operating results during the first nine months of 2024 as a result of lower raw material and transportation costs and benefits from the Goodyear Forward plan compared to the first nine months of 2023. In addition, we consider our current forecasts of future profitability in assessing our ability to realize our deferred tax assets as well as the impact of tax planning strategies. These forecasts include the impact of recent trends and various macroeconomic factors such as the impact of raw material, transportation, labor and energy costs on our profitability. Our tax planning strategies include accelerating income on cross border transactions, including sales of inventory or raw materials to our subsidiaries, reducing U.S. interest expense by, for example, reducing intercompany loans through repatriating current year earnings of foreign subsidiaries, repatriation of certain foreign royalty income, and other financing transactions, all of which would increase our domestic profitability.

We believe our improvement in U.S. operating results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, as well as forecasts of future profitability, provide us sufficient positive evidence to conclude that it is more likely than not that, at September 30, 2024, our U.S. net deferred tax assets will be fully utilized. However, macroeconomic factors such as raw material, transportation, labor and energy costs possess a high degree of volatility and can

significantly impact our profitability. In addition, certain tax provisions, such as the annual interest expense limitation under Section 163(j) of the Internal Revenue Code of 1986, if amended, could impact our analysis of the realizability of our U.S. deferred tax assets. If our U.S. operating results significantly decline in the future, we may need to record a valuation allowance which could adversely impact our operating results. As such, we will closely monitor our U.S. operations as well as any tax law changes to assess the realizability of our U.S. deferred tax assets.

At September 30, 2024 and December 31, 2023, we also had approximately $1.6 billion and $1.5 billion of foreign net deferred tax assets, respectively, and related valuation allowances of approximately $1.3 billion and $1.2 billion, respectively. Our losses in various foreign taxing jurisdictions in recent periods represented sufficient negative evidence to require us to maintain a full valuation allowance against certain of these net foreign deferred tax assets. Most notably, in Luxembourg, we maintain a valuation allowance of approximately $1.1 billion on all of our net deferred tax assets. Each reporting period, we assess available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize these existing deferred tax assets. We do not believe that sufficient positive evidence required to release valuation allowances on our foreign deferred tax assets having a significant impact on our financial position or results of operations will exist within the next twelve months.

For the nine months ended September 30, 2024, changes to our unrecognized tax benefits did not, and for the full year of 2024 are not expected to, have a significant impact on our financial position or results of operations.

We are open to examination in the United States from 2021 onward and in Germany from 2018 onward. Generally, for our remaining tax jurisdictions, years from 2019 onward are still open to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 12. COMMITMENTS AND CONTINGENT LIABILITIES

Environmental Matters

We have recorded liabilities totaling $83 million and $80 million at September 30, 2024 and December 31, 2023, respectively, for anticipated costs related to various environmental matters, primarily the remediation of numerous waste disposal sites and certain properties sold by us. Of these amounts, $25 million and $27 million were included in Other Current Liabilities at September 30, 2024 and December 31, 2023, respectively. The costs include legal and consulting fees, site studies, the design and implementation of remediation plans, post-remediation monitoring and related activities, and will be paid over several years. The amount of our ultimate liability in respect of these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute. We have limited potential insurance coverage for future environmental claims.

Since many of the remediation activities related to environmental matters vary substantially in duration and cost from site to site and the associated costs for each vary depending on the mix of unique site characteristics, in some cases we cannot reasonably estimate a range of possible losses. Although it is not possible to estimate with certainty the outcome of all of our environmental matters, management believes that potential losses in excess of current reserves for environmental matters, individually and in the aggregate, will not have a material adverse effect on our financial position, cash flows or results of operations.

Workers’ Compensation

We have recorded liabilities, on a discounted basis, totaling $172 million and $167 million for anticipated costs related to workers’ compensation at September 30, 2024 and December 31, 2023, respectively. Of these amounts, $33 million and $37 million were included in Current Liabilities as part of Compensation and Benefits at September 30, 2024 and December 31, 2023, respectively. The costs include an estimate of expected settlements on pending claims, defense costs and a provision for claims incurred but not reported. These estimates are based on our assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and current cost trends. The amount of our ultimate liability in respect of these matters may differ from these estimates. We periodically, and at least annually, update our loss development factors based on actuarial analyses. At September 30, 2024 and December 31, 2023, the liability was discounted using a risk-free rate of return. At September 30, 2024, we estimate that it is reasonably possible that the liability could exceed our recorded amounts by approximately $20 million.

General and Product Liability and Other Litigation

We have recorded liabilities for both asserted and unasserted claims totaling $416 million and $438 million, including related legal fees expected to be incurred, for potential product liability and other tort claims, including asbestos claims, at September 30, 2024 and December 31, 2023, respectively. Of these amounts, $72 million and $46 million were included in Other Current Liabilities at September 30, 2024 and December 31, 2023, respectively. The amounts recorded were estimated based on an assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and, where available, recent and current trends. Based upon that assessment, at September 30, 2024, we do not believe that estimated reasonably possible losses associated with general and product liability claims in excess of the amounts recorded will have a material adverse effect on our financial position, cash flows or results of operations. However, the amount of our ultimate liability in respect of these matters may differ from these estimates.

We have recorded an indemnification asset within Other Assets of $3 million for Sumitomo Rubber Industries, Ltd.'s ("SRI") obligation to indemnify us for certain product liability claims related to products manufactured by a formerly consolidated joint venture entity, subject to certain caps and restrictions.

Asbestos. We are a defendant in numerous lawsuits alleging various asbestos-related personal injuries purported to result from alleged exposure to asbestos in certain products manufactured by us or present in certain of our facilities. Typically, these lawsuits have been brought against multiple defendants in state and federal courts. To date, we have disposed of approximately 160,850 claims by defending, obtaining the dismissal thereof, or entering into a settlement. The sum of our accrued asbestos-related liability and gross payments to date, including legal costs, by us and our insurers totaled approximately $591 million through September 30, 2024 and $580 million through December 31, 2023.

A summary of recent approximate asbestos claims activity follows. Because claims are often filed and disposed of by settlement or dismissal in large numbers, the amount and timing of filings, settlements and dismissals and the number of open claims during a particular period can fluctuate significantly.


	Nine Months Ended			Year Ended
(Dollars in millions)	September 30, 2024			December 31, 2023
Pending claims, beginning of period		35,800			37,200
New claims filed		650			900
Claims settled/dismissed		(950	)		(2,300	)
Pending claims, end of period		35,500			35,800
Payments(1)	$	9		$	15

(1)

Represents cash payments made during the period by us and our insurers for asbestos litigation defense and claim resolution.

We periodically, and at least annually, review our existing reserves for pending claims, including a reasonable estimate of the liability associated with unasserted asbestos claims, and estimate our receivables from probable insurance recoveries. We recorded gross liabilities for both asserted and unasserted claims, inclusive of defense costs, totaling $122 million and $120 million at September 30, 2024 and December 31, 2023, respectively. In determining the estimate of our asbestos liability, we evaluated claims over the next ten-year period. Due to the difficulties in making these estimates, analysis based on new data and/or a change in circumstances arising in the future may result in an increase in the recorded obligation, and that increase could be significant.

We maintain certain primary and excess insurance coverage under coverage-in-place agreements, and also have additional excess liability insurance with respect to asbestos liabilities. After consultation with our outside legal counsel and giving consideration to agreements with certain of our insurance carriers, the financial viability and legal obligations of our insurance carriers and other relevant factors, we determine an amount we expect is probable of recovery from such carriers. We record a receivable with respect to such policies when we determine that recovery is probable and we can reasonably estimate the amount of a particular recovery.

We recorded an insurance receivable related to asbestos claims of $65 million and $66 million at September 30, 2024 and December 31, 2023, respectively. We expect that approximately 55% of asbestos claim related losses would be recoverable through insurance during the ten-year period covered by the estimated liability. Of these amounts, $10 million were included in Current Assets as part of Accounts Receivable at both September 30, 2024 and December 31, 2023. The recorded receivable consists of an amount we expect to collect under coverage-in-place agreements with certain primary and excess insurance carriers as well as an amount we believe is probable of recovery from certain of our other excess insurance carriers.

We believe that, at December 31, 2023, we had approximately $520 million in excess level policy limits applicable to indemnity and defense costs for asbestos products claims under coverage-in-place agreements. We also had additional unsettled excess level policy limits potentially applicable to such costs. In addition, we had coverage under certain primary policies for indemnity and defense costs for asbestos products claims under remaining aggregate limits pursuant to a coverage-in-place agreement, as well as coverage for indemnity and defense costs for asbestos premises claims pursuant to coverage-in-place agreements.

With respect to both asserted and unasserted claims, it is reasonably possible that we may incur a material amount of cost in excess of the current reserve; however, such amounts cannot be reasonably estimated. Coverage under insurance policies is subject to varying characteristics of asbestos claims including, but not limited to, the type of claim (premise vs. product exposure), alleged date of first exposure to our products or premises and disease alleged. Recoveries may also be limited by insurer insolvencies or financial difficulties. Depending upon the nature of these characteristics or events, as well as the resolution of certain legal issues, some portion of the insurance may not be accessible by us.

Other Actions

We are currently a party to various claims, indirect tax assessments and legal proceedings in addition to those noted above. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed

and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on our financial position or overall trends in results of operations.

Our recorded liabilities and estimates of reasonably possible losses for the contingent liabilities described above are based on our assessment of potential liability using the information available to us at the time and, where applicable, any past experience and recent and current trends with respect to similar matters. Our contingent liabilities are subject to inherent uncertainties, and unfavorable judicial or administrative decisions could occur which we did not anticipate. Such an unfavorable decision could include monetary damages, fines or other penalties or an injunction prohibiting us from taking certain actions or selling certain products. If such an unfavorable decision were to occur, it could result in a material adverse impact on our financial position and results of operations in the period in which the decision occurs or in future periods.

Income Tax Matters

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize income tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. We derecognize income tax benefits when based on new information we determine that it is no longer more likely than not that our position will be sustained. To the extent we prevail in matters for which liabilities have been established, or determine we need to derecognize tax benefits recorded in prior periods, our results of operations and effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash, and lead to recognition of expense to the extent the settlement amount exceeds recorded liabilities and, in the case of an income tax settlement, result in an increase in our effective tax rate in the period of resolution. A favorable tax settlement would be recognized as a reduction of expense to the extent the settlement amount is lower than recorded liabilities and, in the case of an income tax settlement, would result in a reduction in our effective tax rate in the period of resolution.

While the Company applies consistent transfer pricing policies and practices globally, supports transfer prices through economic studies, seeks advance pricing agreements and joint audits to the extent possible and believes its transfer prices to be appropriate, such transfer prices, and related interpretations of tax laws, are occasionally challenged by various taxing authorities globally. We have received various tax assessments challenging our interpretations of applicable tax laws in various jurisdictions. Although we believe we have complied with applicable tax laws, have strong positions and defenses and have historically been successful in defending such claims, our results of operations could be materially adversely affected in the case we are unsuccessful in the defense of existing or future claims.

Binding Commitments and Guarantees

We have off-balance sheet financial guarantees and other commitments totaling $32 million and $31 million at September 30, 2024 and December 31, 2023, respectively. We issue guarantees to financial institutions or other entities on behalf of certain of our affiliates, lessors or customers. We generally do not require collateral in connection with the issuance of these guarantees.

In 2015, as a result of the dissolution of the global alliance with SRI, we issued a guarantee of $46 million to an insurance company related to SRI's obligation to pay certain outstanding workers' compensation claims of a formerly consolidated joint venture entity. As of September 30, 2024, this guarantee amount has been reduced to $18 million. We have concluded the probability of our performance to be remote and, therefore, have not recorded a liability for this guarantee. While there is no fixed duration of this guarantee, we expect the amount of this guarantee to continue to decrease over time as the formerly consolidated joint venture entity pays its outstanding claims.

If our performance under these guarantees is triggered by non-payment or another specified event, we would be obligated to make payment to the financial institution or the other entity, and would typically have recourse to the affiliate, lessor, customer or SRI, as applicable. We are unable to estimate the extent to which our lessors’, customers’ or SRI's assets would be adequate to recover any payments made by us under the related guarantees.

We have an agreement to provide a revolving loan commitment to TireHub. During the first quarter of 2024, the revolving loan commitment increased from $100 million to $130 million. At September 30, 2024, $124 million was drawn on this commitment, which includes $2 million of interest. At December 31, 2023, $96 million was drawn on this commitment, which includes $2 million of interest.

Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases Due Within One Year (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Notes Payable and Overdrafts

$ 587

$ 344

Long Term Debt and Finance Leases due Within One Year

$ 1,013

449

Weighted average interest rate

6.71%

Total obligations due within one year

$ 1,600

$ 793

Long Term Debt And Capital Leases, Current

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Weighted average interest rate

8.01%

7.27%

Other Foreign and Domestic Debt

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Notes Payable and Overdrafts

$ 471

$ 329

Long Term Debt and Finance Leases due Within One Year

$ 402

$ 395

Weighted average interest rate

^[1]

6.90%

7.44%

Chinese credit facilities | Long Term Debt And Capital Leases, Current

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Long Term Debt and Finance Leases due Within One Year

$ 111

$ 54

9.50% Notes due 2025

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Long Term Debt and Finance Leases due Within One Year

500

Foreign Line of Credit | Chinese credit facilities

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Notes Payable and Overdrafts

$ 116

$ 15

Notes Payable and Overdrafts

Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year

Weighted average interest rate

7.37%

10.52%

[1]	Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions.

Pension, Savings and Other Postretirement Benefit Plans - Defined Benefit Pension Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Type [Extensible Enumeration]	Pension Plan	Pension Plan	Pension Plan	Pension Plan
Service cost	$ 2	$ 2	$ 6	$ 6
Interest cost	44	47	131	148
Expected return on plan assets	(52)	(57)	(156)	(175)
Amortization of net losses	24	25	72	74
Net periodic pension cost	18	17	53	53
U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net curtailments/settlements/termination benefits	0	0	(5)	33
Total defined benefit pension cost	$ 18	$ 17	$ 48	$ 86
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Type [Extensible Enumeration]	Pension Plan	Pension Plan	Pension Plan	Pension Plan
Service cost	$ 5	$ 5	$ 14	$ 14
Interest cost	26	27	79	81
Expected return on plan assets	(23)	(23)	(68)	(69)
Amortization of prior service cost	0	0	1	1
Amortization of net losses	5	3	15	12
Net periodic pension cost	13	12	41	39
Non-U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net curtailments/settlements/termination benefits	0	4	0	7
Total defined benefit pension cost	$ 13	$ 16	$ 41	$ 46

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Goodyear Shareholders' Equity	Minority Shareholders' Equity - Non-Redeemable
Beginning balance at Dec. 31, 2022	$ 5,466	$ 283	$ 3,117	$ 5,775	$ (3,875)	$ 5,300	$ 166
Common stock beginning balance (in shares) at Dec. 31, 2022		282,896,352
Net Income (Loss)	(307)			(309)		(309)	2
Other comprehensive income (loss)	109				107	107	2
Comprehensive Income (Loss)	(198)					(202)	4
Stock-based compensation plans	9		9			9
Dividends declared	(2)						(2)
Common stock issued from treasury	(2)		(2)			(2)
Common stock issued from treasury (in shares)		555,965
Ending balance at Jun. 30, 2023	5,273	$ 283	3,124	5,466	(3,768)	5,105	168
Common stock ending balance (in shares) at Jun. 30, 2023		283,452,317
Beginning balance at Dec. 31, 2022	5,466	$ 283	3,117	5,775	(3,875)	5,300	166
Common stock beginning balance (in shares) at Dec. 31, 2022		282,896,352
Net Income (Loss)	(391)
Other comprehensive income (loss)	80
Comprehensive Income (Loss)	(311)
Ending balance at Sep. 30, 2023	5,161	$ 284	3,126	5,377	(3,794)	4,993	168
Common stock ending balance (in shares) at Sep. 30, 2023		283,545,707
Beginning balance at Jun. 30, 2023	5,273	$ 283	3,124	5,466	(3,768)	5,105	168
Common stock beginning balance (in shares) at Jun. 30, 2023		283,452,317
Net Income (Loss)	(84)			(89)		(89)	5
Other comprehensive income (loss)	(29)				(26)	(26)	(3)
Comprehensive Income (Loss)	(113)					(115)	2
Stock-based compensation plans	2		2			2
Dividends declared	(2)						(2)
Common stock issued from treasury	1	$ 1				1
Common stock issued from treasury (in shares)		93,390
Ending balance at Sep. 30, 2023	5,161	$ 284	3,126	5,377	(3,794)	4,993	168
Common stock ending balance (in shares) at Sep. 30, 2023		283,545,707
Beginning balance at Dec. 31, 2023	$ 4,837	$ 284	3,133	5,086	(3,835)	4,668	169
Common stock beginning balance (in shares) at Dec. 31, 2023	284,000,000	283,786,263
Net Income (Loss)	$ 22			28		28	(6)
Other comprehensive income (loss)	(11)				(7)	(7)	(4)
Comprehensive Income (Loss)	11					21	(10)
Stock-based compensation plans	17		17			17
Dividends declared	(7)						(7)
Common stock issued from treasury	(3)	$ 1	(4)			(3)
Common stock issued from treasury (in shares)		900,744
Ending balance at Jun. 30, 2024	4,855	$ 285	3,146	5,114	(3,842)	4,703	152
Common stock ending balance (in shares) at Jun. 30, 2024		284,687,007
Beginning balance at Dec. 31, 2023	$ 4,837	$ 284	3,133	5,086	(3,835)	4,668	169
Common stock beginning balance (in shares) at Dec. 31, 2023	284,000,000	283,786,263
Net Income (Loss)	$ (12)
Other comprehensive income (loss)	67
Comprehensive Income (Loss)	55
Ending balance at Sep. 30, 2024	$ 4,904	$ 285	3,152	5,080	(3,772)	4,745	159
Common stock ending balance (in shares) at Sep. 30, 2024	285,000,000	284,915,021
Beginning balance at Jun. 30, 2024	$ 4,855	$ 285	3,146	5,114	(3,842)	4,703	152
Common stock beginning balance (in shares) at Jun. 30, 2024		284,687,007
Net Income (Loss)	(34)			(34)		(34)
Other comprehensive income (loss)	78				70	70	8
Comprehensive Income (Loss)	44					36	8
Stock-based compensation plans	6		6			6
Dividends declared	(1)						(1)
Common stock issued from treasury (in shares)		228,014
Ending balance at Sep. 30, 2024	$ 4,904	$ 285	$ 3,152	$ 5,080	$ (3,772)	$ 4,745	$ 159
Common stock ending balance (in shares) at Sep. 30, 2024	285,000,000	284,915,021

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Income Taxes - Narrative (Details) € in Millions, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Income tax expense (benefit)	$ 9		$ 25			$ 75	$ 22
Loss before income taxes	25	$ (25)	59	$ (59)		(63)	369
Unrecognized tax benefits	0					0
Net discrete tax adjustments	$ 7		$ 8			$ 6	$ 5
Minimum effective corporate tax rate					15.00%	15.00%
U.S. statutory rate	21.00%		21.00%		21.00%	21.00%	21.00%
Corporate average revenue excess amount \| €					€ 750
Corporate alternative minimum tax					15.00%	15.00%
U.S.
Income Taxes [Line Items]
Net deferred tax assets, unlimited lives	$ 1,100					$ 1,100			$ 1,000
Net deferred tax assets, limited lives	200					200			200
Deferred tax asset, tax credit carryforwards, foreign								$ 22	22
Foreign Country [Member]
Income Taxes [Line Items]
Net deferred tax assets	1,600					1,600			1,500
Valuation allowance	1,300					1,300			1,200
Foreign Country [Member] \| Luxembourg
Income Taxes [Line Items]
Valuation allowance	1,100					1,100
State And Local Authority
Income Taxes [Line Items]
Net deferred tax assets	1,300					1,300			1,200
Valuation allowance	$ 29					$ 29			$ 22

Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases Due Within One Year (Parenthetical) (Details)	Sep. 30, 2024	Dec. 31, 2023
9.50% Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	9.50%	9.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Costs Associated with Rationalization Programs - Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) Employee	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Employee	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	$ 11		$ 198	$ 52	$ 302
Cash charges				$ 77
Expected number of position to be released (in employees) \| Employee				2,350
Restructuring reserve	442			$ 442		$ 534
Rationalization charges to date	920			920
Future rationalization charges expected	$ 200			200
Number of associates released \| Employee	750
Other Current Liabilities	$ 1,261			1,261		1,165
Amiens Labor Claims
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	5			5
June 2024
Restructuring Cost and Reserve [Line Items]
Estimated total pre-tax charges		$ 28
Non cash charges		10
Accrued related plans	10			10
March 2024
Restructuring Cost and Reserve [Line Items]
Accrued related plans	$ 3			$ 3
September 2024
Restructuring Cost and Reserve [Line Items]
Number Of Job Reduction \| Employee	190			190
Estimated total pre-tax charges				$ 9
Accrued related plans	$ 6			6
EMEA
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)				19
Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	4		8	$ 21	24
Expected number of position to be released (in employees) \| Employee				1,100
Restructuring reserve	4			$ 4
Prior Year Plans \| Selling Administrative and General Expense
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	1			2	5
Current Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	$ 7		190	31	278
Expected number of position to be released (in employees) \| Employee	950
AUSTRALIA \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)				3
AMERICAS \| Prior Year Plans \| Selling Administrative and General Expense
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	$ 1			3
Russia \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)					2
South Africa \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)			1	1	1
EMEA \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)				2
EMEA \| Prior Year Plans \| Workforce reorganization plan
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	4			4
Reversals Charges \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	12		1	25	7
Melksham \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	2		3	9	9
Cooper Tier
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	3			3
Cooper Tier \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)			3	1	7
Fulda
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	253			253
Fulda \| Selling Administrative and General Expense
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	8			8
Fulda \| EMEA
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	130			130
Fulda \| AUSTRALIA
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	11			11
Fulda And Furstenwalde \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	7			15
Associate-Related Costs
Restructuring Cost and Reserve [Line Items]
Cash charges				35
Restructuring reserve	439			439		518
Other Current Liabilities	358			358		$ 239
Associate-Related Costs \| June 2024
Restructuring Cost and Reserve [Line Items]
Cash charges		$ 18
Associate-Related Costs \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	(11)		(2)	(19)	0
Associate-Related Costs \| Current Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	6		187	29	262
Gadsden \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	1		$ 1	3	$ 4
Global Operations And Technology Organization \| EMEA Distribution Network
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 3			$ 3

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Recent Approximate Asbestos Claims Activity


	Nine Months Ended			Year Ended
(Dollars in millions)	September 30, 2024			December 31, 2023
Pending claims, beginning of period		35,800			37,200
New claims filed		650			900
Claims settled/dismissed		(950	)		(2,300	)
Pending claims, end of period		35,500			35,800
Payments(1)	$	9		$	15

(1)

Represents cash payments made during the period by us and our insurers for asbestos litigation defense and claim resolution.

Financing Arrangements and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Debt Instrument [Line Items]

Schedule Of Long Term Debt and Finance Leases Due Within One Year

The following table presents amounts due within one year:


	September 30,			December 31,
(In millions)	2024			2023
Chinese credit facilities	$	116		$	15
Other foreign and domestic debt		471			329
Notes Payable and Overdrafts	$	587		$	344
Weighted average interest rate		7.37	%		10.52	%

Chinese credit facilities	$	111		$	54
9.50% Notes due 2025		500			—
Other foreign and domestic debt (including finance leases)		402			395
Long Term Debt and Finance Leases due Within One Year	$	1,013		$	449
Weighted average interest rate		8.01	%		7.27	%
Total obligations due within one year	$	1,600		$	793

Schedule of Debt

The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:


	September 30, 2024						December 31, 2023
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
9.5% due 2025	$	500					$	801
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		125						128
7% due 2028		150						150
2.75% Euro Notes due 2028		448						442
5% due 2029		850						850
5.25% due April 2031		550						550
5.25% due July 2031		600						600
5.625% due 2033		450						450
Credit Facilities:
First lien revolving credit facility due 2026		1,140			6.09	%		385			6.71	%
European revolving credit facility due 2028		537			4.94	%		—			—
Pan-European accounts receivable facility		231			5.54	%		244			6.11	%
Mexican credit facility		200			7.37	%		84			7.57	%
Chinese credit facilities		189			2.83	%		174			3.94	%
Other foreign and domestic debt(1)		638			6.90	%		591			7.44	%
		8,208						7,049
Unamortized deferred financing fees		(34	)					(37	)
		8,174						7,012
Finance lease obligations(2)		267						268
		8,441						7,280
Less portion due within one year		(1,013	)					(449	)
	$	7,428					$	6,831

(1)

Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions.

(2)

Includes $2 million of non-cash financing additions during the nine months ended September 30, 2024, and $17 million of non-cash financing additions during the twelve months ended December 31, 2023.

Schedule Of Fair Values for Foreign Currency Contracts not Designated as Hedging Instruments

The following table presents the fair values for foreign currency hedge contracts that do not meet the criteria to be accounted for as cash flow hedging instruments:


	September 30,			December 31,
(In millions)	2024			2023
Fair Values — Current asset (liability):
Accounts receivable	$	4		$	2
Other current liabilities		(20	)		(27	)

Schedule Of Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedges

The following table presents fair values for foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments:


	September 30,		December 31,
(In millions)	2024		2023
Fair Values — Current asset (liability):
Accounts receivable	$	—	$	—
Other current liabilities		—		(2	)

Schedule Of Classification of Changes in Fair Values of Foreign Currency Contracts Designated as Cash Flow Hedging Instruments

The following table presents the classification of changes in fair values of foreign currency contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2024		2023		2024		2023
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	—	$	—	$	—	$	(4	)
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS")		—		1		1		1

Chinese Credit Facilities [Member]

Debt Instrument [Line Items]

Schedule of Debt

The following table presents the total amounts available and utilized under the Chinese financing arrangements:


	September 30,		December 31,
(In millions)	2024		2023
Total available	$	828	$	937
Amounts utilized:
Notes Payable and Overdrafts	$	116	$	15
Long Term Debt due Within One Year		111		54
Long Term Debt		78		120
Letters of credit, bank acceptances and other utilization		182		91
Total utilized	$	487	$	280

Maturities	10/24-8/28		2/24-8/28

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
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	125	0	125	0
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)	0	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)	$ (1.4)
Weighted Average Shares Outstanding (Note 6)	287	285	286	285
Diluted	$ (0.12)	$ (0.31)	$ (0.02)	$ (1.4)
Weighted Average Shares Outstanding (Note 6)	287	285	286	285

Costs Associated with Rationalization Programs - Roll-Forward of Liability Balance (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 534
2024 Charges	77
Incurred, net of foreign currency translation of $5 million and $0 million, respectively	(144)
Reversed to the Statement of Operations	(25)
Ending Balance	442
Associate-Related Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance	518
2024 Charges	35
Incurred, net of foreign currency translation of $5 million and $0 million, respectively	(89)
Reversed to the Statement of Operations	(25)
Ending Balance	439
Other Exit Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance	16
2024 Charges	42
Incurred, net of foreign currency translation of $5 million and $0 million, respectively	(55)
Reversed to the Statement of Operations	0
Ending Balance	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accounting Policies - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 22, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Fair Value Over Carrying Value				14.00%
Impairment of goodwill		$ 759		$ 759		$ 781
Intangible Asset impairment		125	$ 0	125	$ 0
Intangible Assets (Note 1)		814	$ 969	814	$ 969	969
Indefinite-lived intangible assets		125		125
Goodwill		759		759		781
Asset held for sale		495		495
Liabilities held for sale		56		56
Yokohama Rubber Company [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amounts Of Transaction	$ 905
Americas
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill		715		715		724
Asia Pacific
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill		$ 44		$ 44		$ 57

Pension, Savings and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Postretirement benefits expense (credit)	$ 1	$ 2	$ 5	$ 6
Defined contribution plans, contribution expenses	34	33	104	100
U.S.
Defined Benefit Plan Disclosure [Line Items]
Other postretirement benefit obligation	24
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension settlement charges		$ 4	5	$ 36
Pension Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Contributions to pension plans	7		23
Pension Plan \| Minimum \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to funded pension plans in current year	25		25
Pension Plan \| Maximum \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to funded pension plans in current year	$ 35		$ 35

Costs Associated with Rationalization Programs - Schedule of Net Rationalization Charges Included in Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	$ 11	$ 198	$ 52	$ 302
Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net	25	8	119	21
Current Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	7	190	31	278
Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	4	8	21	24
Associate Severance and Other Related Costs \| Current Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	6	187	29	262
Associate Severance and Other Related Costs \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	(11)	(2)	(19)	0
Other Exit Costs \| Current Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	1	3	2	16
Other Exit Costs \| Prior Year Plans
Restructuring Cost and Reserve [Line Items]
Net Rationalization Charges (Note 3)	$ 15	$ 10	$ 40	$ 24

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Sales

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Net Sales

NOTE 2. NET SALES

The following tables show disaggregated net sales from contracts with customers by major source:


	Three Months Ended September 30, 2024
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	2,319	$	1,191	$	584	$	4,094
Other tire and related sales		197		125		30		352
Retail services and service related sales		203		32		4		239
Chemical sales		133		—		—		133
Other		6		—		—		6
Net Sales by reportable segment	$	2,858	$	1,348	$	618	$	4,824


	Three Months Ended September 30, 2023
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	2,616	$	1,228	$	616	$	4,460
Other tire and related sales		204		112		20		336
Retail services and service related sales		182		34		10		226
Chemical sales		110		—		—		110
Other		8		—		2		10
Net Sales by reportable segment	$	3,120	$	1,374	$	648	$	5,142


	Nine Months Ended September 30, 2024
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	6,616	$	3,470	$	1,714	$	11,800
Other tire and related sales		576		407		82		1,065
Retail services and service related sales		559		97		15		671
Chemical sales		377		—		—		377
Other		15		—		3		18
Net Sales by reportable segment	$	8,143	$	3,974	$	1,814	$	13,931


	Nine Months Ended September 30, 2023
			Europe, Middle East
(In millions)	Americas		and Africa		Asia Pacific		Total
Tire unit sales	$	7,428	$	3,715	$	1,719	$	12,862
Other tire and related sales		600		395		63		1,058
Retail services and service related sales		516		97		29		642
Chemical sales		366		—		—		366
Other		16		—		6		22
Net Sales by reportable segment	$	8,926	$	4,207	$	1,817	$	14,950

Tire unit sales consist of consumer, commercial, farm and off-the-road tire sales, including the sale of new Company-branded tires through Company-owned retail channels. Other tire and related sales consist of aviation, race and motorcycle tire sales, retread sales and other tire related sales. Sales of tires in this category are not included in reported tire unit information. Retail services and service related sales consist of automotive services performed for customers through our Company-owned retail channels, and includes service related products. Chemical sales relate to the sale of synthetic rubber and other chemicals to third parties, and exclude intercompany sales. Other sales include items such as franchise fees and ancillary tire parts.

When we receive consideration from a customer prior to transferring goods or services under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Deferred revenue included in Other Current Liabilities in the Consolidated Balance Sheets totaled $15 million and $18 million at September 30, 2024 and December 31, 2023, respectively. Deferred revenue included in Other Long Term Liabilities in the Consolidated Balance Sheets totaled $7 million and $10 million at September 30, 2024 and December 31, 2023, respectively. We recognize deferred revenue after we have transferred control of the goods or services to the customer and all revenue recognition criteria are met.

The following table presents the balance of deferred revenue related to contracts with customers, and changes during the nine months ended September 30, 2024:



(In millions)
Balance at December 31, 2023	$	28
Revenue deferred during period		158
Revenue recognized during period		(164	)
Impact of foreign currency translation		—
Balance at September 30, 2024	$	22

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Business Segments - Business Segment Reporting Information (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Segment Operating Income:

Net Sales by reportable segment

$ 4,824

$ 5,142

$ 13,931

$ 14,950

Less:

Intangible Asset impairment

125

Rationalizations (Note 3)

198

302

Interest Expense

135

138

391

403

Other (Income) Expense (Note 4)

(8)

Other

Income (Loss) before Income Taxes

(25)

$ 25

(59)

$ 59

(369)

Segment Reconciling Items

Less:

Interest Expense

135

138

391

403

Other (Income) Expense (Note 4)

(8)

Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net

119

Corporate incentive compensation plans

Retained expenses of divested operations

Other

^[1]

130

Operating Segments

Less:

Rationalizations (Note 3)

163

262

Income (Loss) before Income Taxes

347

336

933

585

Americas

Segment Operating Income:

Net Sales by reportable segment

2,858

3,120

8,143

8,926

Americas | Operating Segments

Less:

Rationalizations (Note 3)

Income (Loss) before Income Taxes

251

258

671

440

Europe, Middle East and Africa

Segment Operating Income:

Net Sales by reportable segment

1,348

1,374

3,974

4,207

Europe, Middle East and Africa | Operating Segments

Less:

Rationalizations (Note 3)

(2)

139

227

Income (Loss) before Income Taxes

Asia Pacific

Segment Operating Income:

Net Sales by reportable segment

618

648

1,814

1,817

Asia Pacific | Operating Segments

Less:

Rationalizations (Note 3)

Income (Loss) before Income Taxes

$ 72

$ 56

$ 195

$ 134

[1]

Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases, Net of Unamortized Discounts, and Interest Rates (Details)
€ in Millions, $ in Millions

Sep. 30, 2024

EUR (€)

Sep. 30, 2024

USD ($)

Dec. 31, 2023

USD ($)

Long-term Debt and Lease Obligation [Abstract]

Long-term debt and capital leases

$ 8,208

$ 7,049

Unamortized deferred financing fees

(34)

(37)

Total long term debt excluding capital leases

8,174

7,012

Finance lease obligations

^[1]

267

268

Long-term debt, before deferred financing fees

8,441

7,280

Less portion due within one year

(1,013)

(449)

Long-term debt and capital leases, excluding current maturities

$ 7,428

6,831

Interest rate

6.71%

Line of Credit

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

€ 180

$ 201

Other Foreign and Domestic Debt

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

^[2]

638

591

Less portion due within one year

$ (402)

$ (395)

Interest rate

^[2]

6.90%

7.44%

9.5% due 2025

Long-term Debt and Lease Obligation [Abstract]

Less portion due within one year

$ (500)

$ 0

9.5% due 2025 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

500

801

5% due 2026 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

900

4.875% due 2027 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

700

7.625% due 2027 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

125

128

7% due 2028 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

150

2.75% Euro Notes due 2028 | Euro Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

448

442

5% due 2029 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

850

5.25% due April 2031 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

550

5.25% due July 2031 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

600

5.625% due 2033 | Senior Notes

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

450

First lien revolving credit facility due 2026 | Revolving Credit Facility | Line of Credit

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

$ 1,140

$ 385

Interest rate

6.09%

6.71%

European revolving credit facility due 2028 | Revolving Credit Facility | Line of Credit

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

$ 537

$ 0

Interest rate

4.94%

0.00%

Pan-European accounts receivable facility | Line of Credit

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

$ 231

$ 244

Interest rate

5.54%

6.11%

Mexican credit facility | Foreign Line of Credit | Line of Credit

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

$ 200

$ 84

Interest rate

7.37%

7.57%

Chinese credit facilities | Foreign Line of Credit | Line of Credit

Long-term Debt and Lease Obligation [Abstract]

Long-term debt, before deferred financing fees

$ 189

$ 174

Interest rate

2.83%

3.94%

[1]	Includes $2 million of non-cash financing additions during the nine months ended September 30, 2024, and $17 million of non-cash financing additions during the twelve months ended December 31, 2023.
[2]	Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions.

Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected in subsequent quarters or for the year ending December 31, 2024.

Recently Issued Accounting Standards

Goodwill and Intangible Assets

Principles of Consolidation

Assets and Liabilities Held for Sale

Restricted Cash

The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows:


	September 30,
(In millions)	2024		2023
Cash and Cash Equivalents	$	905	$	1,002
Restricted Cash		35		56
Total Cash, Cash Equivalents and Restricted Cash	$	940	$	1,058

Reclassifications and Adjustments

Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.

Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 905	$ 902	$ 1,002
Restricted Cash	35		56
Total Cash, Cash Equivalents and Restricted Cash	$ 940	$ 985	$ 1,058	$ 1,311

Net Sales - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Sales by reportable segment	$ 4,824	$ 5,142	$ 13,931	$ 14,950
Americas
Net Sales by reportable segment	2,858	3,120	8,143	8,926
Europe, Middle East and Africa
Net Sales by reportable segment	1,348	1,374	3,974	4,207
Asia Pacific
Net Sales by reportable segment	618	648	1,814	1,817
Tire unit sales
Net Sales by reportable segment	4,094	4,460	11,800	12,862
Tire unit sales \| Americas
Net Sales by reportable segment	2,319	2,616	6,616	7,428
Tire unit sales \| Europe, Middle East and Africa
Net Sales by reportable segment	1,191	1,228	3,470	3,715
Tire unit sales \| Asia Pacific
Net Sales by reportable segment	584	616	1,714	1,719
Other tire and related sales
Net Sales by reportable segment	352	336	1,065	1,058
Other tire and related sales \| Americas
Net Sales by reportable segment	197	204	576	600
Other tire and related sales \| Europe, Middle East and Africa
Net Sales by reportable segment	125	112	407	395
Other tire and related sales \| Asia Pacific
Net Sales by reportable segment	30	20	82	63
Retail services and service related sales
Net Sales by reportable segment	239	226	671	642
Retail services and service related sales \| Americas
Net Sales by reportable segment	203	182	559	516
Retail services and service related sales \| Europe, Middle East and Africa
Net Sales by reportable segment	32	34	97	97
Retail services and service related sales \| Asia Pacific
Net Sales by reportable segment	4	10	15	29
Chemical sales
Net Sales by reportable segment	133	110	377	366
Chemical sales \| Americas
Net Sales by reportable segment	133	110	377	366
Chemical sales \| Europe, Middle East and Africa
Net Sales by reportable segment	0	0	0	0
Chemical sales \| Asia Pacific
Net Sales by reportable segment	0	0	0	0
Other
Net Sales by reportable segment	6	10	18	22
Other \| Americas
Net Sales by reportable segment	6	8	15	16
Other \| Europe, Middle East and Africa
Net Sales by reportable segment	0	0	0	0
Other \| Asia Pacific
Net Sales by reportable segment	$ 0	$ 2	$ 3	$ 6

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 30
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Topic 280
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - shares	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Treasury Stock, Common, Shares	39,372,886	39,600,900	40,501,644	40,742,200	40,835,590	41,391,555

Accumulated Other Comprehensive Loss - Changes in AOCL, After Tax and Minority Interest (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,837	$ 5,466
Ending balance	4,904	5,161
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,613)	(1,663)
Other comprehensive income (loss) before reclassifications	(24)	(12)
Amounts reclassified from accumulated other comprehensive loss	0	0
Ending balance	(1,637)	(1,675)
Unrealized Gains (Losses) from Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1	1
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Ending balance	1	1
Unrecognized Net Actuarial Losses and Prior Service Costs
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,224)	(2,215)
Other comprehensive income (loss) before reclassifications	28	4
Amounts reclassified from accumulated other comprehensive loss	58	92
Ending balance	(2,138)	(2,119)
Deferred Derivative Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1	2
Other comprehensive income (loss) before reclassifications	0	(4)
Amounts reclassified from accumulated other comprehensive loss	1	1
Ending balance	2	(1)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,835)	(3,875)
Other comprehensive income (loss) before reclassifications	4	(12)
Amounts reclassified from accumulated other comprehensive loss	59	93
Ending balance	$ (3,772)	$ (3,794)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financing Arrangements and Derivative Financial Instruments - Summary of Available and Utilized Under the Chinese Financing Arrangements (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Notes Payable and Overdrafts	$ 587	$ 344
Long Term Debt	1,013	449
Chinese credit facilities
Line of Credit Facility [Line Items]
Total available	828	937
Notes Payable and Overdrafts	116	15
Long Term Debt due Within One Year	111	54
Long Term Debt	78	120
Letters of credit, bank acceptances and other utilization	182	91
Total utilized	$ 487	$ 280
Maturity date, start	Oct. 31, 2024	Feb. 28, 2024
Maturity date, end	Aug. 31, 2028	Aug. 31, 2028

Commitments and Contingent Liabilities - Narrative (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2015 USD ($)
Loss Contingencies [Line Items]
Liability for anticipated environmental matters	$ 83	$ 80
Liability for anticipated environment matters, current	25	27
Workers' compensation liability	172	167
Workers' compensation liability, current	33	37
Potential workers' compensation liability in excess of recorded amount	20
Off-balance sheet financial guarantees and other commitments	32	31
TireHub [Member]
Loss Contingencies [Line Items]
Financing receivable, joint venture, face amount		100	$ 130
Loans receivable, related parties	124	96
Interest Receivable	2	2
Other Assets \| Sumitomo Rubber Industries
Loss Contingencies [Line Items]
Indemnification asset	3
General Product Liability
Loss Contingencies [Line Items]
Loss contingency accrual product liability net	416	438
General Product Liability \| Other Current Liabilities
Loss Contingencies [Line Items]
Loss contingency accrual product liability net	72	46
Asbestos Related Product Liability
Loss Contingencies [Line Items]
Loss contingency accrual product liability net	$ 122	120
Asbestos claims dismissed to date (in claims) \| Segment	160,850
Accrued asbestos-related liability and gross payments to date	$ 591	$ 580
Product liability contingency, evaluation period	10 years	10 years
Asbestos claims receivable	$ 65	$ 66
Expected percentage of asbestos claim related losses recoverable through insurance	55.00%
Asbestos claims receivable, current	$ 10	10
Limits of excess insurance policies		$ 520
Workers' Compensation Claims
Loss Contingencies [Line Items]
Guarantee issued	$ 18			$ 46

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

NOTE 14. ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present changes in AOCL, by component, for the nine months ended September 30, 2024 and 2023, after tax and minority interest.



(In millions) Income (Loss)	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) from Securities		Unrecognized Net Actuarial Losses and Prior Service Costs			Deferred Derivative Gains (Losses)		Total
Balance at December 31, 2023	$	(1,613	)	$	1	$	(2,224	)	$	1	$	(3,835	)
Other comprehensive income (loss) before reclassifications		(24	)		—		28			—		4
Amounts reclassified from accumulated other comprehensive loss		—			—		58			1		59
Balance at September 30, 2024	$	(1,637	)	$	1	$	(2,138	)	$	2	$	(3,772	)



(In millions) Income (Loss)	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) from Securities		Unrecognized Net Actuarial Losses and Prior Service Costs			Deferred Derivative Gains (Losses)			Total
Balance at December 31, 2022	$	(1,663	)	$	1	$	(2,215	)	$	2		$	(3,875	)
Other comprehensive income (loss) before reclassifications		(12	)		—		4			(4	)		(12	)
Amounts reclassified from accumulated other comprehensive loss		—			—		92			1			93
Balance at September 30, 2023	$	(1,675	)	$	1	$	(2,119	)	$	(1	)	$	(3,794	)

The following table presents reclassifications out of AOCL:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
(In millions) (Income) Expense	Amount Reclassified						Amount Reclassified						Affected Line Item in the Consolidated
Component of AOCL	from AOCL						from AOCL						Statements of Operations
Amortization of prior service cost and unrecognized gains and losses	$	28		$	26		$	82		$	80		Other (Income) Expense
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures		—			5			(5	)		41		Other (Income) Expense / Rationalizations
Unrecognized net actuarial losses and prior service costs, before tax		28			31			77			121
Tax effect		(7	)		(7	)		(19	)		(28	)	United States and Foreign Taxes
Minority interest		—			(1	)		—			(1	)	Minority Shareholders' Net Income
Net of tax	$	21		$	23		$	58		$	92		Goodyear Net Income (Loss)

Deferred derivative (gains) losses, before tax	$	—		$	1		$	1		$	1		Cost of Goods Sold
Tax effect		—			—			—			—		United States and Foreign Taxes
Net of tax	$	—		$	1		$	1		$	1		Goodyear Net Income (Loss)
Total reclassifications	$	21		$	24		$	59		$	93		Goodyear Net Income (Loss)

The following table presents the details of comprehensive income (loss) attributable to minority shareholders:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2024		2023			2024			2023
Net Income (Loss) Attributable to Minority Shareholders	$	—	$	5		$	(6	)	$	7
Other Comprehensive Income (Loss):
Foreign currency translation		8		(3	)		4			(1	)
Other Comprehensive Income (Loss)	$	8	$	(3	)	$	4		$	(1	)
Comprehensive Income (Loss) Attributable to Minority Shareholders	$	8	$	2		$	(2	)	$	6

Accumulated Other Comprehensive Loss - Schedule of Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (Income) Expense / Rationalizations	$ 34	$ 21	$ (8)	$ 82
Income tax expense (benefit)	(9)	(25)	(75)	(22)
Transactions with Minority Interests in Subsidiaries			(2)	(4)
Goodyear Net Income (Loss)	(34)	(89)	(6)	(398)
Cost of Goods Sold	3,881	4,171	11,218	12,487
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Goodyear Net Income (Loss)	21	24	59	93
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (Income) Expense / Rationalizations	28	26	82	80
Income (Loss) Attributable to Parent	28	31	77	121
Income tax expense (benefit)	(7)	(7)	(19)	(28)
Minority Interest	0	(1)	0	(1)
Goodyear Net Income (Loss)	0	1	1	1
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment, Immediate Recognition of Prior Service and Gain (Loss) Attributable to Parent, Due to Divestitures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (Income) Expense / Rationalizations	0	5	(5)	41
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)	0	0	0	0
Goodyear Net Income (Loss)	21	23	58	92
Cost of Goods Sold	$ 0	$ 1	$ 1	$ 1

Financing Arrangements and Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Financing Arrangements And Derivative Financial Instruments [Abstract]

Financing Arrangements and Derivative Financial Instruments

NOTE 8. FINANCING ARRANGEMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS

At September 30, 2024, we had total credit arrangements of $11,496 million, of which $2,508 million were unused. At that date, approximately 33% of our debt was at variable interest rates averaging 6.71%.

Notes Payable and Overdrafts, Long Term Debt and Finance Leases due Within One Year and Short Term Financing Arrangements

At September 30, 2024, we had short term committed and uncommitted credit arrangements totaling $916 million, of which $291 million were unused. These arrangements are available primarily to certain of our foreign subsidiaries through various banks at quoted market interest rates.

The following table presents amounts due within one year:


	September 30,			December 31,
(In millions)	2024			2023
Chinese credit facilities	$	116		$	15
Other foreign and domestic debt		471			329
Notes Payable and Overdrafts	$	587		$	344
Weighted average interest rate		7.37	%		10.52	%

Chinese credit facilities	$	111		$	54
9.50% Notes due 2025		500			—
Other foreign and domestic debt (including finance leases)		402			395
Long Term Debt and Finance Leases due Within One Year	$	1,013		$	449
Weighted average interest rate		8.01	%		7.27	%
Total obligations due within one year	$	1,600		$	793

Long Term Debt and Finance Leases and Financing Arrangements

At September 30, 2024, we had long term credit arrangements totaling $10,580 million, of which $2,217 million were unused.

The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:


	September 30, 2024						December 31, 2023
				Interest						Interest
(In millions)	Amount			Rate			Amount			Rate
Notes:
9.5% due 2025	$	500					$	801
5% due 2026		900						900
4.875% due 2027		700						700
7.625% due 2027		125						128
7% due 2028		150						150
2.75% Euro Notes due 2028		448						442
5% due 2029		850						850
5.25% due April 2031		550						550
5.25% due July 2031		600						600
5.625% due 2033		450						450
Credit Facilities:
First lien revolving credit facility due 2026		1,140			6.09	%		385			6.71	%
European revolving credit facility due 2028		537			4.94	%		—			—
Pan-European accounts receivable facility		231			5.54	%		244			6.11	%
Mexican credit facility		200			7.37	%		84			7.57	%
Chinese credit facilities		189			2.83	%		174			3.94	%
Other foreign and domestic debt(1)		638			6.90	%		591			7.44	%
		8,208						7,049
Unamortized deferred financing fees		(34	)					(37	)
		8,174						7,012
Finance lease obligations(2)		267						268
		8,441						7,280
Less portion due within one year		(1,013	)					(449	)
	$	7,428					$	6,831

(1)

Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions.

(2)

Includes $2 million of non-cash financing additions during the nine months ended September 30, 2024, and $17 million of non-cash financing additions during the twelve months ended December 31, 2023.

NOTES

At September 30, 2024, we had $5,273 million of outstanding notes, compared to $5,571 million at December 31, 2023.

On August 7, 2024 (the “Redemption Date”), we redeemed $300 million in aggregate principal amount of our outstanding 9.5% Senior Notes due 2025. The redemption price was equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.

CREDIT FACILITIES

$2.75 billion Amended and Restated First Lien Revolving Credit Facility due 2026

Our amended and restated first lien revolving credit facility matures on June 8, 2026 and is available in the form of loans or letters of credit. Up to $800 million in letters of credit and $50 million of swingline loans are available for issuance under the facility. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to $250 million.

Our obligations under the facility are guaranteed by most of our wholly-owned U.S. and Canadian subsidiaries. Our obligations under the facility and our subsidiaries' obligations under the related guarantees are secured by first priority security interests in a variety of collateral. Availability under the facility is subject to a borrowing base, which is based on (i) eligible accounts receivable and inventory of The Goodyear Tire & Rubber Company and certain of its U.S. and Canadian subsidiaries, (ii) the value of our principal trademarks in an amount not to exceed $400 million, (iii) the value of eligible machinery and equipment, and (iv) certain cash in an amount not to exceed $275 million. To the extent that our eligible accounts receivable, inventory and other components of the borrowing base decline in value, our borrowing base will decrease and the availability under the facility

may decrease below $2.75 billion. As of September 30, 2024, our borrowing base was above the facility's stated amount of $2.75 billion.

The facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2020. The facility also has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries.

If Available Cash (as defined in the facility) plus the availability under the facility is greater than $750 million, amounts drawn under the facility will bear interest, at our option, at (i) 125 basis points over SOFR or (ii) 25 basis points over an alternate base rate (the higher of (a) the prime rate, (b) the federal funds effective rate or the overnight bank funding rate plus 50 basis points or (c) SOFR for a one month interest period plus 100 basis points). If Available Cash plus the availability under the facility is equal to or less than $750 million, then amounts drawn under the facility will bear interest, at our option, at (i) 150 basis points over SOFR or (ii) 50 basis points over an alternate base rate. Based on our current liquidity, amounts drawn under this facility bear interest at SOFR plus 125 basis points. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.

At September 30, 2024, we had $1,140 million of borrowings and $1 million of letters of credit issued under the revolving credit facility. At December 31, 2023, we had $385 million of borrowings and $1 million of letters of credit issued under the revolving credit facility.

€800 million Amended and Restated Senior Secured European Revolving Credit Facility due 2028

The European revolving credit facility matures on January 14, 2028 and consists of (i) a €180 million German tranche that is available only to Goodyear Germany GmbH and (ii) a €620 million all-borrower tranche that is available to Goodyear Europe B.V. ("GEBV"), Goodyear Germany and Goodyear Operations S.A. Up to €175 million of swingline loans and €75 million in letters of credit are available for issuance under the all-borrower tranche. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to €200 million. Amounts drawn under this facility will bear interest at SOFR plus 150 basis points for loans denominated in U.S. dollars, EURIBOR plus 150 basis points for loans denominated in euros, and SONIA plus 150 basis points for loans denominated in pounds sterling. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.

GEBV and certain of its subsidiaries in the United Kingdom, Luxembourg, France and Germany provide guarantees to support the facility. The German guarantors secure the German tranche on a first-lien basis and the all-borrower tranche on a second-lien basis. GEBV and its other subsidiaries that provide guarantees secure the all-borrower tranche on a first-lien basis and generally do not provide collateral support for the German tranche. The Company and its U.S. and Canadian subsidiaries that guarantee our U.S. first lien revolving credit facility described above also provide unsecured guarantees in support of the facility.

The facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2021. The facility also has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries.

At September 30, 2024, there were $201 million (€180 million) of borrowings outstanding under the German tranche, $336 million (€300 million) of borrowings outstanding under the all-borrower tranche and no letters of credit outstanding under the European revolving credit facility. At December 31, 2023, we had no borrowings and no letters of credit outstanding under the European revolving credit facility.

Potential Future Financings

On July 22, 2024, we entered into a commitment letter (the “Commitment Letter”) to provide us a 364-day senior unsecured committed credit facility in an aggregate principal amount not to exceed $500 million (the “Committed Credit Facility”). If drawn, borrowings under the Committed Credit Facility would be required to be used solely to redeem our remaining outstanding 9.5% Senior Notes Due 2025 (the “9.5% Notes”).

Prior to any funding under the Committed Credit Facility, the aggregate commitments under the Commitment Letter for the Committed Credit Facility would be reduced by the amount of any proceeds received by us in respect of certain asset sales and by the amount of any 9.5% Notes redeemed, repurchased or otherwise repaid by us after the date of the Commitment Letter (other than the partial redemption of $300 million of the 9.5% Notes that occurred on August 7, 2024). The commitments of the lenders under the Commitment Letter are subject to the execution and delivery of definitive documentation with respect to the Committed Credit Facility and other customary conditions. The Commitment Letter will terminate on the earliest of (i) the redemption, repurchase or other repayment of all of the 9.5% Notes without the funding of the Committed Credit Facility, (ii) the execution and delivery of the Committed Credit Facility, (iii) our election to terminate the Commitment Letter, or (iv) June 2, 2025 (the final payment date for the 9.5% Notes).

Accounts Receivable Securitization Facilities (On-Balance Sheet)

GEBV and certain other of our European subsidiaries are parties to a pan-European accounts receivable securitization facility that expires in 2027. The terms of the facility provide the flexibility to designate annually the maximum amount of funding available under the facility in an amount of not less than €30 million and not more than €450 million. For the period from October 19, 2023 through October 16, 2024, the designated maximum amount of the facility was €300 million. For the period from October 17, 2024 through October 16, 2025, the designated maximum amount of the facility will remain €300 million.

The facility involves an ongoing daily sale of substantially all of the trade accounts receivable of certain GEBV subsidiaries. These subsidiaries retain servicing responsibilities. Utilization under this facility is based on eligible receivable balances.

The funding commitments under the facility will expire upon the earliest to occur of: (a) October 19, 2027, (b) the non-renewal and expiration (without substitution) of all of the back-up liquidity commitments, (c) the early termination of the facility according to its terms (generally upon an Early Amortisation Event (as defined in the facility), which includes, among other things, events similar to the events of default under our first lien revolving credit facility; certain tax law changes; or certain changes to law, regulation or accounting standards), or (d) our request for early termination of the facility. The facility’s current back-up liquidity commitments will expire on October 16, 2025.

At September 30, 2024, the amounts available and utilized under this program totaled $231 million (€207 million). At December 31, 2023, the amounts available and utilized under this program totaled $244 million (€221 million). The program does not qualify for sale accounting, and accordingly, these amounts are included in Long Term Debt and Finance Leases.

For a description of the collateral securing the credit facilities described above as well as the covenants applicable to them, refer to Note to the Consolidated Financial Statements No. 16, Financing Arrangements and Derivative Financial Instruments, in our 2023 Form 10-K.

Accounts Receivable Factoring Facilities (Off-Balance Sheet)

We have sold certain of our trade receivables under off-balance sheet programs. For these programs, we have concluded that there is generally no risk of loss to us from non-payment of the sold receivables. At September 30, 2024, the gross amount of receivables sold was $631 million, compared to $693 million at December 31, 2023.

Supplier Financing

We have entered into supplier finance programs with several financial institutions. Under these programs, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. We agree to pay the financial institutions the stated amount of the confirmed invoices from the designated suppliers on the original due dates of the invoices. Invoice payment terms can be up to 120 days based on industry norms for the specific item purchased. We do not pay any fees to the financial institutions and we do not pledge any assets as security or provide other forms of guarantees for these programs. These programs allow our suppliers to sell their receivables to the financial institutions at the sole discretion of the suppliers and the financial institutions on terms that are negotiated among them. We are not always notified when our suppliers sell receivables under these programs. Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under these programs. The amounts available under these programs were $852 million and $892 million at September 30, 2024 and December 31, 2023, respectively. The amounts confirmed to the financial institutions were $606 million and $580 million at September 30, 2024 and December 31, 2023, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets. All activity related to these obligations is presented within operating activities on the Consolidated Statements of Cash Flows.

Other Foreign Credit Facilities

A Mexican subsidiary and a U.S. subsidiary have a revolving credit facility in Mexico. At September 30, 2024, the amounts available and utilized under this facility were $200 million. At December 31, 2023, the amounts available and utilized under this facility were $200 million and $84 million, respectively. The facility matures on November 22, 2026, has covenants relating to the Mexican and U.S. subsidiaries and has customary representations and warranties and defaults relating to the Mexican and U.S. subsidiaries' ability to perform their respective obligations under the facility.

Our Chinese subsidiaries have several financing arrangements in China. These facilities contain covenants relating to these Chinese subsidiaries and have customary representations and warranties and defaults relating to these Chinese subsidiaries' ability to perform their respective obligations under these facilities. These facilities are also available for other off-balance sheet utilization, such as letters of credit and bank acceptances.

The following table presents the total amounts available and utilized under the Chinese financing arrangements:


	September 30,		December 31,
(In millions)	2024		2023
Total available	$	828	$	937
Amounts utilized:
Notes Payable and Overdrafts	$	116	$	15
Long Term Debt due Within One Year		111		54
Long Term Debt		78		120
Letters of credit, bank acceptances and other utilization		182		91
Total utilized	$	487	$	280

Maturities	10/24-8/28		2/24-8/28

Certain of these facilities can only be used to finance the expansion of our manufacturing facilities in China and the unused amounts available under these facilities were $32 million and $93 million at September 30, 2024 and December 31, 2023, respectively.

DERIVATIVE FINANCIAL INSTRUMENTS

We utilize derivative financial instrument contracts and nonderivative instruments to manage interest rate, foreign exchange and commodity price risks. We have established a control environment that includes policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. We do not hold or issue derivative financial instruments for trading purposes.

Foreign Currency Contracts

We enter into foreign currency contracts in order to manage the impact of changes in foreign exchange rates on our consolidated results of operations and future foreign currency-denominated cash flows. These contracts may be used to reduce exposure to currency movements affecting existing foreign currency-denominated assets, liabilities, firm commitments and forecasted transactions resulting primarily from trade purchases and sales, equipment acquisitions, intercompany loans and royalty agreements. Contracts hedging short term trade receivables and payables normally have no hedging designation.

The following table presents the fair values for foreign currency hedge contracts that do not meet the criteria to be accounted for as cash flow hedging instruments:


	September 30,			December 31,
(In millions)	2024			2023
Fair Values — Current asset (liability):
Accounts receivable	$	4		$	2
Other current liabilities		(20	)		(27	)

At September 30, 2024 and December 31, 2023, these outstanding foreign currency derivatives had notional amounts of $1,710 million and $1,930 million, respectively, and were primarily related to intercompany loans. Other (Income) Expense included net transaction losses on derivatives of $35 million for three months ended September 30, 2024 and net transaction gains of $11 million for the nine months ended September 30, 2024. Other (Income) Expense included net transaction gains on derivatives of $26 million and $30 million for the three and nine months ended September 30, 2023, respectively. These amounts were substantially offset in Other (Income) Expense by the effect of changing exchange rates on the underlying currency exposures.

The following table presents fair values for foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments:


	September 30,		December 31,
(In millions)	2024		2023
Fair Values — Current asset (liability):
Accounts receivable	$	—	$	—
Other current liabilities		—		(2	)

As of September 30, 2024, no such foreign currency derivatives were outstanding. At December 31, 2023, the outstanding foreign currency derivatives had notional amounts of $27 million and primarily related to U.S. dollar denominated intercompany transactions.

We enter into master netting agreements with counterparties. The amounts eligible for offset under the master netting agreements are not material and we have elected a gross presentation of foreign currency contracts in the Consolidated Balance Sheets.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2024		2023		2024		2023
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL")	$	—	$	—	$	—	$	(4	)
Reclassification adjustment for amounts recognized in Cost of Goods Sold ("CGS")		—		1		1		1

No net deferred losses at September 30, 2024 are expected to be reclassified to earnings within the next twelve months.

The counterparties to our foreign currency contracts were considered by us to be substantial and creditworthy financial institutions that were recognized market makers at the time we entered into those contracts. We seek to control our credit exposure to these counterparties by diversifying across multiple counterparties, by setting counterparty credit limits based on long term credit ratings and other indicators of counterparty credit risk such as credit default swap spreads and default probabilities, and by monitoring the financial strength of these counterparties on a regular basis. We also enter into master netting agreements with counterparties when possible. By controlling and monitoring exposure to counterparties in this manner, we believe that we effectively manage the risk of loss due to nonperformance by a counterparty. However, the inability of a counterparty to fulfill its contractual obligations to us could have a material adverse effect on our liquidity, financial position or results of operations in the period in which it occurs.

Costs Associated with Rationalization Programs (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Roll-Forward of Liability Balance

The following table presents a roll-forward of the liability balance between periods:


	Associate-
(In millions)	Related Costs			Other Costs			Total
Balance at December 31, 2023	$	518		$	16		$	534
2024 Charges		35			42			77
Incurred, net of foreign currency translation of $5 million and $0 million, respectively		(89	)		(55	)		(144	)
Reversed to the Statement of Operations		(25	)		—			(25	)
Balance at September 30, 2024	$	439		$	3		$	442

Net Rationalization Charges Included in Income (Loss) Before Income Taxes

The following table shows net rationalization charges included in Income (Loss) before Income Taxes:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2024			2023			2024			2023
Current Year Plans
Associate Severance and Other Related Costs	$	6		$	187		$	29		$	262
Other Exit Costs		1			3			2			16
Current Year Plans - Net Charges	$	7		$	190		$	31		$	278

Prior Year Plans
Associate Severance and Other Related Costs	$	(11	)	$	(2	)	$	(19	)	$	—
Other Exit Costs		15			10			40			24
Prior Year Plans - Net Charges	$	4		$	8		$	21		$	24
Total Net Charges	$	11		$	198		$	52		$	302
Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net	$	25		$	8		$	119		$	21

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
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
Inventories	3,812	3,698
Assets Held for Sale (Note 1)	495	0
Prepaid Expenses and Other Current Assets	309	319
Total Current Assets	8,901	7,650
Goodwill	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
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	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)
Goodyear Shareholders’ Equity:
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

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (34)	$ (89)	$ (6)	$ (398)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 6. EARNINGS PER SHARE

Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are calculated to reflect the potential dilution that could occur if securities or other contracts were exercised or converted into common stock.

Basic and diluted earnings per common share are calculated as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions, except per share amounts)	2024			2023			2024			2023
Earnings (loss) per share — basic:
Goodyear net income (loss)	$	(34	)	$	(89	)	$	(6	)	$	(398	)
Weighted average shares outstanding		287			285			286			285
Earnings (loss) per common share — basic	$	(0.12	)	$	(0.31	)	$	(0.02	)	$	(1.40	)

Earnings (loss) per share — diluted:
Goodyear net income (loss)	$	(34	)	$	(89	)	$	(6	)	$	(398	)
Weighted average shares outstanding		287			285			286			285
Dilutive effect of stock options and other dilutive securities		—			—			—			—
Weighted average shares outstanding — diluted		287			285			286			285
Earnings (loss) per common share — diluted	$	(0.12	)	$	(0.31	)	$	(0.02	)	$	(1.40	)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false