Quarterly Report (10-q)

Date : 10/25/2019 @ 4:15PM
Source : Edgar (US Regulatory)
Stock : Goodyear Tire and Rubber Company (GT)
Quote : 5.76  0.0 (0.00%) @ 1:00AM

Quarterly Report (10-q)

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2019
Commission File Number: 1-1927
THE GOODYEAR TIRE & RUBBER COMPANY
(Exact Name of Registrant as Specified in Its Charter)
Ohio
 
34-0253240
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
200 Innovation Way,
Akron,
Ohio
 
 
44316-0001
(Address of Principal Executive Offices)
 
(Zip Code)
(330796-2121
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
 on which registered
Common Stock, Without Par Value
 
GT
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Number of Shares of Common Stock,
Without Par Value, Outstanding at September 30, 2019:
 
232,563,509
 




TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EX-101.INS INSTANCE DOCUMENT
 
EX-101.SCH SCHEMA DOCUMENT
 
EX-101.CAL CALCULATION LINKBASE DOCUMENT
 
EX-101.DEF DEFINITION LINKBASE DOCUMENT
 
EX-101.LAB LABELS LINKBASE DOCUMENT
 
EX-101.PRE PRESENTATION LINKBASE DOCUMENT
 
EX-104





PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.


THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Net Sales (Note 2)
$
3,802

 
$
3,928

 
$
11,032

 
$
11,599

Cost of Goods Sold
2,965

 
3,028

 
8,699

 
8,953

Selling, Administrative and General Expense
572

 
553

 
1,705

 
1,732

Rationalizations (Note 3)
21

 
5

 
128

 
40

Interest Expense
88

 
82

 
261

 
236

Other (Income) Expense (Note 4)
35

 
(253
)
 
74

 
(171
)
Income before Income Taxes
121

 
513

 
165

 
809

United States and Foreign Tax Expense (Note 5)
31

 
159

 
63

 
211

Net Income
90

 
354

 
102

 
598

Less: Minority Shareholders’ Net Income
2

 
3

 
21

 
15

Goodyear Net Income
$
88

 
$
351

 
$
81

 
$
583

Goodyear Net Income — Per Share of Common Stock
 
 
 
 
 
 
 
Basic
$
0.38

 
$
1.49

 
$
0.35

 
$
2.45

Weighted Average Shares Outstanding (Note 6)
233

 
236

 
233

 
238

Diluted
$
0.38

 
$
1.48

 
$
0.35

 
$
2.42

Weighted Average Shares Outstanding (Note 6)
234

 
238

 
234

 
241

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



- 1-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net Income
$
90

 
$
354

 
$
102

 
$
598

Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
Foreign currency translation, net of tax of ($1) and $3 in 2019 ($0 and ($8) in 2018)
(96
)
 
(86
)
 
(82
)
 
(235
)
Defined benefit plans:
 
 
 
 
 
 
 
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $8 and $24 in 2019 ($8 and $24 in 2018)
26

 
26

 
78

 
79

(Increase)/Decrease in net actuarial losses, net of tax of ($3) and $1 in 2019 (($4) and $2 in 2018)
(11
)
 
(20
)
 
2

 
(1
)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures, net of tax of $0 and $0 in 2019 ($2 and $4 in 2018)

 
9

 

 
13

Prior service (cost) credit from plan amendments, net of tax of $0 and $0 in 2019 ($0 and $0 in 2018)

 

 
(1
)
 

Deferred derivative gains (losses), net of tax of $4 and $4 in 2019 ($1 and $3 in 2018)
10

 

 
14

 
6

Reclassification adjustment for amounts recognized in income, net of tax of $0 and ($1) in 2019 ($0 and $2 in 2018)
(3
)
 
1

 
(8
)
 
6

Other Comprehensive Income (Loss)
(74
)
 
(70
)
 
3

 
(132
)
Comprehensive Income
16

 
284

 
105

 
466

Less: Comprehensive Income (Loss) Attributable to Minority Shareholders
(1
)
 
(6
)
 
21

 
(10
)
Goodyear Comprehensive Income
$
17

 
$
290

 
$
84

 
$
476

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

- 2-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
September 30,
 
December 31,
(In millions, except share data)
2019
 
2018
Assets:
 
 
 
Current Assets:
 
 
 
Cash and Cash Equivalents
$
868

 
$
801

Accounts Receivable, less Allowance — $114 ($113 in 2018)
2,748

 
2,030

Inventories:
 
 
 
Raw Materials
546

 
569

Work in Process
155

 
152

Finished Products
2,264

 
2,135

 
2,965

 
2,856

Prepaid Expenses and Other Current Assets
280

 
238

Total Current Assets
6,861

 
5,925

Goodwill
550

 
569

Intangible Assets
134

 
136

Deferred Income Taxes (Note 5)
1,839

 
1,847

Other Assets
1,055

 
1,136

Operating Lease Right-of-Use Assets (Note 8)
828

 

Property, Plant and Equipment, less Accumulated Depreciation — $10,457 ($10,161 in 2018)
7,032

 
7,259

Total Assets
$
18,299

 
$
16,872

 
 
 
 
Liabilities:
 
 
 
Current Liabilities:
 
 
 
Accounts Payable — Trade
$
2,651

 
$
2,920

Compensation and Benefits (Notes 11 and 12)
539

 
471

Other Current Liabilities
690

 
737

Notes Payable and Overdrafts (Note 9)
486

 
410

Operating Lease Liabilities due Within One Year (Note 8)
197

 

Long Term Debt and Finance Leases due Within One Year (Notes 8 and 9)
610

 
243

Total Current Liabilities
5,173

 
4,781

Operating Lease Liabilities (Note 8)
642

 

Long Term Debt and Finance Leases (Notes 8 and 9)
5,580

 
5,110

Compensation and Benefits (Notes 11 and 12)
1,244

 
1,345

Deferred Income Taxes (Note 5)
91

 
95

Other Long Term Liabilities
534

 
471

Total Liabilities
13,264

 
11,802

Commitments and Contingent Liabilities (Note 13)

 

Shareholders’ Equity:
 

 
 

Goodyear Shareholders’ Equity:
 
 
 
Common Stock, no par value:
 

 
 

Authorized, 450 million shares, Outstanding shares — 233 and 232 million in 2019 and 2018
233

 
232

Capital Surplus
2,132

 
2,111

Retained Earnings
6,543

 
6,597

Accumulated Other Comprehensive Loss
(4,073
)
 
(4,076
)
Goodyear Shareholders’ Equity
4,835

 
4,864

Minority Shareholders’ Equity — Nonredeemable
200

 
206

Total Shareholders’ Equity
5,035

 
5,070

Total Liabilities and Shareholders’ Equity
$
18,299

 
$
16,872

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

- 3-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
Minority
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
Goodyear
 
Shareholders'
 
Total
 
 
Common Stock
 
Capital
 
Retained
 
Comprehensive
 
Shareholders'
 
Equity  Non-
 
Shareholders'
(Dollars in millions, except per share amounts)
 
Shares
 
Amount
 
Surplus
 
Earnings
 
Loss
 
Equity
 
Redeemable
 
Equity
Balance at December 31, 2018
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 46,292,384 common treasury shares)
 
232,171,043

 
$
232

 
$
2,111

 
$
6,597

 
$
(4,076
)
 
$
4,864

 
$
206

 
$
5,070

Comprehensive income:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income (loss)
 
 

 
 

 
 

 
(7
)
 
 
 
(7
)
 
19

 
12

Foreign currency translation (net of tax of $4)
 
 

 
 

 
 

 
 
 
11

 
11

 
3

 
14

Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $16)
 
 

 
 

 
 

 
 
 
52

 
52

 
 
 
52

Decrease in net actuarial losses (net of tax of $4)
 
 

 
 

 
 

 
 
 
13

 
13

 
 
 
13

Prior service costs from plan amendments (net of tax of $0)
 
 
 
 
 
 
 
 
 
(1
)
 
(1
)
 
 
 
(1
)
Deferred derivative gains (net of tax of $0)
 
 
 
 
 
 
 
 
 
4

 
4

 
 
 
4

Reclassification adjustment for amounts recognized in income (net of tax of ($1))
 
 
 
 
 
 
 
 
 
(5
)
 
(5
)
 
 
 
(5
)
Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
74

 
3

 
77

Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
67

 
22

 
89

Adoption of new accounting standards update
 
 
 
 
 
 
 
(23
)
 
 
 
(23
)
 
 
 
(23
)
Stock-based compensation plans
 
 
 
 
 
13

 
 
 
 
 
13

 
 
 
13

Dividends declared
 
 
 
 
 
 
 
(75
)
 
 
 
(75
)
 
(4
)
 
(79
)
Common stock issued from treasury
 
350,127

 
1

 
(1
)
 
 
 
 
 


 
 
 


Purchase of minority shares
 
 
 
 
 
1

 
 
 
 
 
1

 
(22
)
 
(21
)
Balance at June 30, 2019
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 45,942,257 common treasury shares)
 
232,521,170

 
$
233

 
$
2,124

 
$
6,492

 
$
(4,002
)
 
$
4,847

 
$
202

 
$
5,049

Comprehensive income (loss):
 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

Net income
 
 

 
 

 
 

 
88

 
 
 
88

 
2

 
90

Foreign currency translation (net of tax of ($1))
 
 

 
 

 
 

 
 
 
(93
)
 
(93
)
 
(3
)
 
(96
)
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $8)
 
 

 
 

 
 

 
 
 
26

 
26

 
 
 
26

Increase in net actuarial losses (net of tax of ($3))
 
 

 
 

 
 

 
 
 
(11
)
 
(11
)
 
 
 
(11
)
Deferred derivative gains (net of tax of $4)
 
 
 
 
 
 
 
 
 
10

 
10

 
 
 
10

Reclassification adjustment for amounts recognized in income (net of tax of $0)
 
 
 
 
 
 
 
 
 
(3
)
 
(3
)
 
 
 
(3
)
Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(71
)
 
(3
)
 
(74
)
Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
17

 
(1
)
 
16

Stock-based compensation plans
 
 
 
 
 
8

 
 
 
 
 
8

 
 
 
8

Dividends declared
 
 
 
 
 
 
 
(37
)
 
 
 
(37
)
 
(1
)
 
(38
)
Common stock issued from treasury
 
42,339

 


 
 
 
 
 
 
 


 
 
 


Balance at September 30, 2019
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 45,899,918 common treasury shares)
 
232,563,509

 
$
233

 
$
2,132

 
$
6,543

 
$
(4,073
)
 
$
4,835

 
$
200

 
$
5,035

We declared and paid cash dividends of $0.16 and $0.48 per Common Share for the three and nine months ended September 30, 2019, respectively.
The accompanying notes are an integral part of these consolidated financial statements.

- 4-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
Minority
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
Goodyear
 
Shareholders'
 
Total
 
 
Common Stock
 
Capital
 
Retained
 
Comprehensive
 
Shareholders'
 
Equity  Non-
 
Shareholders'
(Dollars in millions, except per share amounts)
 
Shares
 
Amount
 
Surplus
 
Earnings
 
Loss
 
Equity
 
Redeemable
 
Equity
Balance at December 31, 2017
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

(after deducting 38,308,825 common treasury shares)
 
240,154,602

 
$
240

 
$
2,295

 
$
6,044

 
$
(3,976
)
 
$
4,603

 
$
247

 
$
4,850

Comprehensive income (loss):
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income
 
 

 
 

 
 

 
232

 
 
 
232

 
12

 
244

Foreign currency translation (net of tax of ($8))
 
 

 
 

 
 

 
 
 
(133
)
 
(133
)
 
(16
)
 
(149
)
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $16)
 
 

 
 

 
 

 
 
 
53

 
53

 
 
 
53

Decrease in net actuarial losses (net of tax of $6)
 
 

 
 

 
 

 
 
 
19

 
19

 
 
 
19

Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures (net of tax of $2)
 
 

 
 

 
 

 
 
 
4

 
4

 
 
 
4

Deferred derivative gains (net of tax of $2)
 
 
 
 
 
 
 
 
 
6

 
6

 
 
 
6

Reclassification adjustment for amounts recognized in income (net of tax of $2)
 
 
 
 
 
 
 
 
 
5

 
5

 
 
 
5

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(46
)
 
(16
)
 
(62
)
Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
186

 
(4
)
 
182

Adoption of new accounting standards updates
 
 
 
 
 
 
 
(1
)
 
 
 
(1
)
 
 
 
(1
)
Stock-based compensation plans
 


 


 
8

 
 
 
 
 
8

 
 
 
8

Repurchase of common stock
 
(3,851,092
)
 
(4
)
 
(96
)
 
 
 
 
 
(100
)
 
 
 
(100
)
Dividends declared
 
 
 
 
 
 
 
(67
)
 
 
 
(67
)
 
(7
)
 
(74
)
Common stock issued from treasury
 
712,235

 
1

 
2

 
 
 
 
 
3

 
 
 
3

Purchase of minority shares
 
 
 
 
 
5

 
 
 
 
 
5

 
(29
)
 
(24
)
Balance at June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(after deducting 41,447,682 common treasury shares)
 
237,015,745

 
$
237

 
$
2,214

 
$
6,208

 
$
(4,022
)
 
$
4,637

 
$
207

 
$
4,844

Comprehensive income (loss):
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income
 
 

 
 

 
 

 
351

 
 
 
351

 
3

 
354

Foreign currency translation (net of tax of $0)
 
 

 
 

 
 

 
 
 
(77
)
 
(77
)
 
(9
)
 
(86
)
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost (net of tax of $8)
 
 

 
 

 
 

 
 
 
26

 
26

 
 
 
26

Increase in net actuarial losses (net of tax of ($4))
 
 

 
 

 
 

 
 
 
(20
)
 
(20
)
 
 
 
(20
)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures (net of tax of $2)
 
 

 
 

 
 

 
 
 
9

 
9

 
 
 
9

Deferred derivative gains (net of tax of $1)
 
 
 
 
 
 
 
 
 

 

 
 
 

Reclassification adjustment for amounts recognized in income (net of tax of $0)
 
 
 
 
 
 
 
 
 
1

 
1

 
 
 
1

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(61
)
 
(9
)
 
(70
)
Total comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
290

 
(6
)
 
284

Stock-based compensation plans
 
 
 
 
 
6

 
 
 
 
 
6

 
 
 
6

Repurchase of common stock
 
(4,188,492
)
 
(4
)
 
(96
)
 
 
 
 
 
(100
)
 
 
 
(100
)
Dividends declared
 
 
 
 
 
 
 
(34
)
 
 
 
(34
)
 
(1
)
 
(35
)
Common stock issued from treasury
 
182,793

 
 
 
1

 
 
 
 
 
1

 
 
 
1

Balance at September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(after deducting 45,453,381 common treasury shares)
 
233,010,046

 
$
233

 
$
2,125

 
$
6,525

 
$
(4,083
)
 
$
4,800

 
$
200

 
$
5,000

We declared and paid cash dividends of $0.14 and $0.42 per Common Share for the three and nine months ended September 30, 2018, respectively.
The accompanying notes are an integral part of these consolidated financial statements.

- 5-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Nine Months Ended
 
September 30,
(In millions)
2019
 
2018
Cash Flows from Operating Activities:
 
 
 
Net Income
$
102

 
$
598

Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
 
 
 
Depreciation and Amortization
584

 
589

Amortization and Write-Off of Debt Issuance Costs
12

 
11

Provision for Deferred Income Taxes
(33
)
 
59

Net Pension Curtailments and Settlements
1

 
13

Net Rationalization Charges (Note 3)
128

 
40

Rationalization Payments
(46
)
 
(151
)
Net (Gains) Losses on Asset Sales (Note 4)
(5
)
 
(1
)
Gain on TireHub Transaction, Net of Transaction Costs (Note 4)

 
(273
)
Operating Lease Expense (Note 8)
221

 

Operating Lease Payments (Note 8)
(201
)
 

Pension Contributions and Direct Payments
(51
)
 
(56
)
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:
 
 
 
Accounts Receivable
(785
)
 
(807
)
Inventories
(166
)
 
(254
)
Accounts Payable — Trade
(110
)
 
235

Compensation and Benefits
129

 
7

Other Current Liabilities
16

 
(119
)
Other Assets and Liabilities
65

 
85

Total Cash Flows from Operating Activities
(139
)
 
(24
)
Cash Flows from Investing Activities:
 
 
 
Capital Expenditures
(561
)
 
(615
)
Asset Dispositions (Note 4)
2

 
2

Short Term Securities Acquired
(73
)
 
(61
)
Short Term Securities Redeemed
67

 
61

Notes Receivable
(7
)
 
(50
)
Other Transactions
(12
)
 
(1
)
Total Cash Flows from Investing Activities
(584
)
 
(664
)
Cash Flows from Financing Activities:
 
 
 
Short Term Debt and Overdrafts Incurred
1,451

 
1,458

Short Term Debt and Overdrafts Paid
(1,357
)
 
(1,267
)
Long Term Debt Incurred
4,797

 
4,704

Long Term Debt Paid
(3,941
)
 
(3,992
)
Common Stock Issued
1

 
4

Common Stock Repurchased (Note 14)

 
(200
)
Common Stock Dividends Paid (Note 14)
(111
)
 
(100
)
Transactions with Minority Interests in Subsidiaries
(26
)
 
(27
)
Debt Related Costs and Other Transactions
(25
)
 
(3
)
Total Cash Flows from Financing Activities
789

 
577

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(13
)
 
(37
)
Net Change in Cash, Cash Equivalents and Restricted Cash
53

 
(148
)
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period
873

 
1,110

Cash, Cash Equivalents and Restricted Cash at End of the Period
$
926

 
$
962

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

- 6-




THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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 rules and regulations and generally accepted accounting principles in the United States of America ("US 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 US 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, 2018 (the “2018 Form 10-K”).
Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results expected in subsequent quarters or for the year ending December 31, 2019.
Recently Adopted Accounting Standards
Effective January 1, 2019, we adopted an accounting standards update with new guidance intended to increase transparency and comparability among organizations relating to leases.  The new guidance requires lessees to recognize a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term.  The standards update retained a dual model for lease classification, requiring leases to be classified as finance or operating leases to determine recognition in the statements of operations and cash flows; however, substantially all leases are now required to be recognized on the balance sheet. The standards update also requires quantitative and qualitative disclosures regarding key information about leasing arrangements. We elected the optional transition method and applied the new guidance at the date of adoption, without adjusting the comparative periods presented. We also elected the practical expedients permitted under the transition guidance that retain the lease classification and initial direct costs for any leases that existed prior to adoption of the standard, and we have elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. In addition, we did not reassess whether any contracts entered into prior to adoption are leases.
The adoption of this standards update had a material impact on our Consolidated Balance Sheets and related disclosures. In addition to recognizing right-of-use assets and lease liabilities for our operating leases, we recorded $23 million as a cumulative effect adjustment to decrease Retained Earnings as a result of using the modified retrospective adoption approach. The adoption of this standards update did not have a material impact on our results of operations or cash flows.
The cumulative effect of the changes made to our January 1, 2019 balance sheet for the adoption of the standards update was as follows:
 
Balance at
 
Adjustment for
 
Balance at
(In millions)
December 31, 2018
 
New Standard
 
January 1, 2019
Deferred Income Taxes — Asset
$
1,847

 
$
7

 
$
1,854

Operating Lease Right-of-Use Assets

 
882

 
882

Property, Plant and Equipment, less Accumulated Depreciation
7,259

 
(16
)
 
7,243

Operating Lease Liabilities due Within One Year

 
204

 
204

Operating Lease Liabilities

 
684

 
684

Long Term Debt and Finance Leases
5,110

 
14

 
5,124

Other Long Term Liabilities
471

 
(6
)
 
465

Retained Earnings
6,597

 
(23
)
 
6,574


Effective January 1, 2019, we adopted an accounting standards update with new guidance intended to reduce complexity in hedge accounting and make hedge results easier to understand. This includes simplifying how hedge results are presented and disclosed in the financial statements, expanding the types of hedge strategies allowed and providing relief around the documentation and assessment requirements. The adoption of this standards update did not have a material impact on our consolidated financial statements.
Effective January 1, 2019, we adopted an accounting standards update that allows an optional one-time reclassification from Accumulated Other Comprehensive Income (Loss) ("AOCL") to Retained Earnings for the stranded tax effects resulting from the

- 7-



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

new corporate tax rate under the Tax Cuts and Jobs Act (the "Tax Act") that was enacted on December 22, 2017 in the United States. We have elected not to reclassify the income tax effects of the Tax Act from AOCL to Retained Earnings. As such, the adoption of this standards update did not impact our consolidated financial statements. Our policy is to utilize an item-by-item approach to release stranded income tax effects from AOCL. Under this approach, the stranded income tax effects are released from AOCL when the related item ceases to exist.
Recently Issued Accounting Standards
In August 2018, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update with new guidance requiring a customer in a cloud computing arrangement that is a service contract to follow existing internal-use software guidance to determine which implementation costs to capitalize as an asset. The standards update is effective for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted, and may be applied retrospectively or as of the beginning of the period of adoption. The adoption of this accounting standards update is not expected to have a material impact on our consolidated financial statements.
In January 2017, the FASB issued an accounting standards update with new guidance intended to simplify the subsequent measurement of goodwill. The standards update eliminates the requirement for an entity to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an entity will perform its annual, or interim, goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recording an impairment charge for the amount by which the carrying amount exceeds the fair value. The standards update is effective prospectively for annual and interim goodwill impairment testing performed in fiscal years beginning after December 15, 2019, with early adoption permitted. The adoption of this standards update is not expected to have a material impact on our consolidated financial statements.
In June 2016, the FASB issued an accounting standards update with new guidance on accounting for credit losses on financial instruments. The new guidance includes an impairment model for estimating credit losses that is based on expected losses, rather than incurred losses. The standards update is effective prospectively for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted. The adoption of this standards update is not expected to have a material impact on our consolidated financial statements.
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 carried at cost. All intercompany balances and transactions have been eliminated in consolidation.
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)
2019
 
2018
Cash and Cash Equivalents
$
868

 
$
896

Restricted Cash
58

 
66

Total Cash, Cash Equivalents and Restricted Cash
$
926

 
$
962


Restricted Cash, which is included in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets, primarily represents amounts required to be set aside in connection with accounts receivable factoring programs.  The restrictions lapse when cash from factored accounts receivable is remitted to the purchaser of those receivables.
Reclassifications and Adjustments
Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.


- 8-



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 2. NET SALES
The following tables show disaggregated net sales from contracts with customers by major source:
 
Three Months Ended September 30, 2019
 
 
 
Europe, Middle East
 
 
 
 
(In millions)
Americas
 
and Africa
 
Asia Pacific
 
Total
Tire unit sales
$
1,624

 
$
1,109

 
$
500

 
$
3,233

Other tire and related sales
185

 
82

 
25

 
292

Retail services and service related sales
136

 
12

 
23

 
171

Chemical sales
99

 

 

 
99

Other
5

 
2

 

 
7

Net Sales by reportable segment
$
2,049

 
$
1,205

 
$
548

 
$
3,802


 
Three Months Ended September 30, 2018
 
 
 
Europe, Middle East
 
 
 
 
(In millions)
Americas
 
and Africa
 
Asia Pacific
 
Total
Tire unit sales
$
1,638

 
$
1,197

 
$
479

 
$
3,314

Other tire and related sales
175

 
86

 
32

 
293

Retail services and service related sales
145

 
6

 
19

 
170

Chemical sales
146

 

 

 
146

Other
3

 
1

 
1

 
5

Net Sales by reportable segment
$
2,107

 
$
1,290

 
$
531

 
$
3,928


 
Nine Months Ended September 30, 2019
 
 
 
Europe, Middle East
 
 
 
 
(In millions)
Americas
 
and Africa
 
Asia Pacific
 
Total
Tire unit sales
$
4,658

 
$
3,264

 
$
1,425

 
$
9,347

Other tire and related sales
496

 
272

 
87

 
855

Retail services and service related sales
406

 
27

 
55

 
488

Chemical sales
322

 

 

 
322

Other
14

 
4

 
2

 
20

Net Sales by reportable segment
$
5,896

 
$
3,567

 
$
1,569

 
$
11,032

 
Nine Months Ended September 30, 2018
 
 
 
Europe, Middle East
 
 
 
 
(In millions)
Americas
 
and Africa
 
Asia Pacific
 
Total
Tire unit sales
$
4,693

 
$
3,565

 
$
1,508

 
$
9,766

Other tire and related sales
488

 
282

 
94

 
864

Retail services and service related sales
426

 
28

 
60

 
514

Chemical sales
437

 

 

 
437

Other
10

 
5

 
3

 
18

Net Sales by reportable segment
$
6,054

 
$
3,880

 
$
1,665

 
$
11,599


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, motorcycle and all-terrain vehicle 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

- 9-



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

third parties, and exclude intercompany sales. Other sales include items such as franchise fees and ancillary tire parts, such as tire rims, tire valves and valve stems.
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 $32 million and $39 million at September 30, 2019 and December 31, 2018, respectively. Deferred revenue included in Other Long Term Liabilities in the Consolidated Balance Sheets totaled $30 million and $39 million at September 30, 2019 and December 31, 2018, 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, 2019:
(In millions)
 
Balance at December 31, 2018
$
78

Revenue deferred during period
112

Revenue recognized during period
(128
)
Impact of foreign currency translation

Balance at September 30, 2019
$
62


NOTE 3. COSTS ASSOCIATED WITH RATIONALIZATION PROGRAMS
In order to maintain our global competitiveness, we have implemented rationalization actions over the past several years to reduce high-cost and excess manufacturing capacity and associate headcount.
The following table shows the roll-forward of our liability between periods:
 
Associate-
 
 
 
 
(In millions)
Related Costs
 
Other Exit Costs
 
Total
Balance at December 31, 2018
$
80

 
$
1

 
$
81

2019 Charges
117

 
14

 
131

Incurred, including net Foreign Currency Translation of $(6) million and $0 million, respectively
(38
)
 
(14
)
 
(52
)
Reversed to the Statement of Operations
(3
)
 

 
(3
)
Balance at September 30, 2019
$
156

 
$
1

 
$
157


On March 18, 2019, we approved a plan to modernize two of our tire manufacturing facilities in Germany. The plan is in furtherance of our strategy to strengthen the competitiveness of our manufacturing footprint and increase production of premium, large-rim diameter consumer tires. The plan will result in approximately 1,100 job reductions as a result of changes to the layout of the plants, efficiency gains from new equipment and a reduction in the production of tires for declining, less profitable market segments. We have $96 million accrued related to this plan at September 30, 2019, which is expected to be substantially paid through 2023.
On September 16, 2019, we approved a plan primarily to offer voluntary buy-outs to certain associates at our tire manufacturing facility in Gadsden, Alabama, in furtherance of our strategy to strengthen the competitiveness of our manufacturing footprint by curtailing production of tires for declining, less profitable segments of the tire market. Eligible associates must submit applications for buy-outs between October 1, 2019 and November 1, 2019 and can revoke any submitted applications up to the November 1, 2019 deadline. As of September 30, 2019, we have $6 million accrued related to this plan. The total amount expected to be incurred in connection with this plan is dependent upon the number of eligible associates who apply for buy-outs and our acceptance of those applications. As such, we cannot currently estimate the amount of the total cost, the amount for each major type of cost, or the amount of total future cash expenditures expected to be incurred in connection with this plan.
The remainder of the accrual balance at September 30, 2019 is expected to be substantially utilized in the next 12 months and includes $27 million related to plans to reduce manufacturing headcount and improve operating efficiency in Europe, Middle East and Africa ("EMEA"), $18 million related to global plans to reduce Selling, Administrative and General Expense ("SAG") headcount and $5 million related to a plan to reduce manufacturing headcount and improve operating efficiency in Americas.

- 10-



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The following table shows net rationalization charges included in Income before Income Taxes:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Current Year Plans
 
 
 
 
 
 
 
Associate Severance and Other Related Costs
$
17

 
$

 
$
115

 
$
32

Benefit Plan Termination Benefits

 

 
1

 

Other Exit Costs
3

 
1

 
7

 
1

    Current Year Plans - Net Charges
$
20

 
$
1

 
$
123

 
$
33

 
 
 
 
 
 
 
 
Prior Year Plans
 
 
 
 
 
 
 
Associate Severance and Other Related Costs
$
(2
)
 
$
1

 
$
(2
)
 
$
(6
)
Benefit Plan Termination Benefits

1

 

 

 

Other Exit Costs
2

 
3

 
7

 
13

    Prior Year Plans - Net Charges
1

 
4

 
5

 
7

        Total Net Charges
$
21

 
$
5

 
$
128

 
$
40

 
 
 
 
 
 
 
 
Asset Write-off and Accelerated Depreciation Charges
$
1

 
$

 
$
2

 
$
2


Substantially all of the new charges for the three and nine months ended September 30, 2019 and 2018 related to future cash outflows. Net current year plan charges for the three and nine months ended September 30, 2019 include $11 million and $105 million, respectively, related to plans to reduce manufacturing headcount and improve operating efficiency in EMEA and $9 million and $18 million, respectively, related to plans to reduce manufacturing headcount and improve operating efficiency in Americas. Net current year plan charges for the three and nine months ended September 30, 2018 include $1 million and $27 million, respectively, related to a global plan to reduce SAG headcount. Net current year plan charges for the nine months ended September 30, 2018 also include charges of $6 million related to a plan to improve operating efficiency in EMEA.
Net prior year plan charges for the three and nine months ended September 30, 2019 were $1 million and $5 million, respectively, primarily related to EMEA manufacturing plans. Net prior year plan charges for the nine months ended September 30, 2019 also include reversals of $3 million for actions no longer needed for their originally intended purposes. Net prior year plan charges for the three and nine months ended September 30, 2018 include $2 million and $11 million, respectively, related to the closure of our tire manufacturing facility in Philippsburg, Germany and $2 million and $4 million, respectively, related to a plan to reduce manufacturing headcount in EMEA. Net prior year plan charges for the nine months ended September 30, 2018 also include $3 million related to a global plan to reduce SAG headcount. Net prior year plan charges for the three and nine months ended September 30, 2018 include reversals of $1 million and $13 million, respectively, for actions no longer needed for their originally intended purposes.
Ongoing rationalization plans had approximately $720 million in charges incurred prior to 2019 and approximately $110 million is expected to be incurred in future periods.
Approximately 1,200 associates will be released under new plans initiated in 2019, of which approximately 250 were released through September 30, 2019. In the first nine months of 2019, approximately 300 associates were released under plans initiated in prior years. Approximately 1,200 associates remain to be released under all ongoing rationalization plans.
Approximately 850 former associates of the closed Amiens, France manufacturing facility have asserted wrongful termination or other claims against us. Refer to Note to the Consolidated Financial Statements No. 13, Commitments and Contingent Liabilities, in this Form 10-Q.

- 11-



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 4. OTHER (INCOME) EXPENSE
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Gain on TireHub transaction, net of transaction costs
$

 
$
(287
)
 
$

 
$
(273
)
Non-service related pension and other postretirement benefits cost
28

 
33

 
85

 
92

Financing fees and financial instruments expense
8

 
9

 
26

 
27

Net foreign currency exchange (gains) losses
3

 
(2
)
 
(15
)
 
(7
)
General and product liability expense - discontinued products
2

 
5

 
10

 
3

Royalty income
(5
)
 
(5
)
 
(15
)
 
(15
)
Net (gains) losses on asset sales
1

 
(1
)
 
(5
)
 
(1
)
Interest income
(5
)
 
(6
)
 
(13
)
 
(12
)
Miscellaneous expense
3

 
1

 
1

 
15

 
$
35

 
$
(253
)
 
$
74

 
$
(171
)

Gain on TireHub transaction represents the difference between the fair value of the equity interest received and the net book value of the assets and liabilities contributed in connection with the formation of TireHub, a distribution joint venture in the United States. For the three and nine months ended September 30, 2018, we recognized a gain of $286 million and incurred transaction costs of ($1) million and $13 million, respectively.
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. Non-service related pension and other postretirement benefits cost for the nine months ended September 30, 2018 includes expense of $9 million related to the adoption of the new accounting standards update which no longer allows non-service related pension and other postretirement benefits cost to be capitalized in inventory. For further information, refer to Note to the Consolidated Financial Statements No. 11, Pension, Savings and Other Postretirement Benefit Plans, in this Form 10-Q.
Miscellaneous expense for the three and nine months ended September 30, 2019 includes expenses of $5 million incurred by the Company as a direct result of flooding at our Beaumont, Texas chemical facility during the third quarter of 2019. Miscellaneous expense for the three and nine months ended September 30, 2018 includes continuing repair expenses of $2 million and $12 million, respectively, incurred by the Company as a direct result of hurricanes Harvey and Irma during the third quarter of 2017.
Other (Income) Expense also includes financing fees and financial instruments expense which consists of commitment fees and charges incurred in connection with financing transactions; net foreign currency exchange (gains) and losses; 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; royalty income which is derived primarily from licensing arrangements; net (gains) and losses on asset sales; and interest income.
NOTE 5. INCOME TAXES
For the third quarter of 2019, we recorded tax expense of $31 million on income before income taxes of $121 million. For the first nine months of 2019, we recorded tax expense of $63 million on income before income taxes of $165 million. Income tax expense for the three months ended September 30, 2019 was favorably impacted by $6 million of various discrete tax adjustments. Income tax expense for the nine months ended September 30, 2019 includes net discrete charges of $7 million, primarily related to a charge of $6 million to adjust our deferred tax assets in Luxembourg for a newly enacted tax rate during the second quarter of 2019.
In the third quarter of 2018, we recorded tax expense of $159 million on income before income taxes of $513 million. For the first nine months of 2018, we recorded tax expense of $211 million on income before income taxes of $809 million. Income tax expense for the three and nine months ended September 30, 2018 includes net discrete charges of $31 million and $10 million, respectively. Net discrete tax charges for the three months ended September 30, 2018 include a charge of $25 million due to proposed regulations released in the third quarter of 2018 that required the reversal of the benefit for foreign tax credits on dividends, primarily from subsidiaries in Japan and Singapore, to the United States recorded in the second quarter of 2018. Net discrete tax charges for the three and nine months ended September 30, 2018 also include charges of $11 million and $14 million, respectively, to adjust our

- 12-



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

provisional tax obligation for the one-time transition tax imposed by the Tax Act, and benefits of $5 million and $4 million, respectively, for various other discrete tax adjustments.
We record taxes based on overall estimated annual effective tax rates. The difference between our effective tax rates and the U.S. statutory rate of 21% for the three and nine months ended September 30, 2019 and September 30, 2018 primarily relates to the discrete items noted above and an overall higher effective tax rate in the foreign jurisdictions in which we operate, partially offset by a benefit from our foreign derived intangible income deduction provided for in the Tax Act.
At September 30, 2019, our valuation allowance on certain of our U.S. federal, state and local deferred tax assets was $114 million, primarily related to deferred tax assets for foreign tax credits, and our valuation allowance on our foreign deferred tax assets was $226 million. At December 31, 2018, our valuation allowance on certain U.S. federal, state and local deferred tax assets was $113 million, and our valuation allowance on our foreign deferred tax assets was $204 million.
Our net deferred tax assets include approximately $637 million of foreign tax credits, net of valuation allowances of $103 million, generated primarily from the receipt of foreign dividends. Our earnings and forecasts of future profitability along with three significant sources of foreign income provide us sufficient positive evidence to utilize these credits, despite the negative evidence of their limited carryforward periods. Those sources of foreign income are (1) 100% of our domestic profitability can be re-characterized as foreign source income under current U.S. tax law to the extent domestic losses have offset foreign source income in prior years, (2) annual net foreign source income, exclusive of dividends, primarily from royalties and (3) tax planning strategies, including capitalizing research and development costs, accelerating income on cross border sales of inventory or raw materials to our subsidiaries and reducing U.S. interest expense by, for example, reducing intercompany loans through repatriating current year earnings of foreign subsidiaries, all of which would increase our domestic profitability.
We considered our current forecasts of future profitability in assessing our ability to realize our foreign tax credits. These forecasts include the impact of recent trends, including various macroeconomic factors such as raw material prices, on our profitability, as well as the impact of tax planning strategies. Macroeconomic factors, including raw material prices, possess a high degree of volatility and can significantly impact our profitability. As such, there is a risk that future foreign source income will not be sufficient to fully utilize these foreign tax credits. However, we believe our forecasts of future profitability along with the three significant sources of foreign income described above provide us sufficient positive evidence to conclude that it is more likely than not that the remaining foreign tax credits, net of valuation allowances, will be fully utilized prior to their various expiration dates. Currently, we are also evaluating the feasibility of certain tax planning actions that would increase the likelihood that we would be able to fully utilize our foreign tax credits prior to their expiration, as well as the related tax consequences. If implemented, these tax planning actions may result in a non-cash increase in tax expense in the period implemented, partially offset by a reduction of our valuation allowances related to foreign tax credits.
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 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 having a significant impact on our financial position or results of operations will exist within the next twelve months.
For the nine months ending September 30, 2019, changes to our unrecognized tax benefits did not, and for the full ye