Goodyear Tire & Rubber Co. Files 10-Q for Period Ending March 31, 2024
Ticker: GT · Form: 10-Q · Filed: May 7, 2024 · CIK: 42582
Sentiment: neutral
Topics: Goodyear, 10-Q, Financials, Tires, Quarterly Report
Related Tickers: GT
TL;DR
<b>Goodyear Tire & Rubber Co. filed its Q1 2024 10-Q, detailing financial positions and segment performance.</b>
AI Summary
GOODYEAR TIRE & RUBBER CO /OH/ (GT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Goodyear Tire & Rubber Co. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various segments such as Americas, EMEA, and Asia Pacific. Key financial items mentioned include common stock, accumulated other comprehensive income, and debt. The company has various credit facilities, including European and Mexican credit facilities. Liabilities such as general product liability and asbestos-related product liability are noted.
Why It Matters
For investors and stakeholders tracking GOODYEAR TIRE & RUBBER CO /OH/, this filing contains several important signals. This 10-Q provides an update on Goodyear's financial health and operational performance for the first quarter of 2024, crucial for investors assessing current standing. The detailed segment information and liability disclosures offer insights into the company's geographical performance and potential risks.
Risk Assessment
Risk Level: medium — GOODYEAR TIRE & RUBBER CO /OH/ shows moderate risk based on this filing. The filing details various liabilities including general product liability and asbestos-related product liability, indicating potential ongoing legal and financial risks.
Analyst Insight
Investors should review the detailed segment performance and liability disclosures in the 10-Q to assess Goodyear's current financial health and future outlook.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Americas | ||
| Asia Pacific | ||
| EMEA |
Key Numbers
- 2024-03-31 — Period End Date (Conformed Period of Report)
- 2024-05-07 — Filing Date (Filed As Of Date)
- Q1 — Fiscal Quarter (Fiscal Quarter)
- 1231 — Fiscal Year End (Fiscal Year End)
Key Players & Entities
- GOODYEAR TIRE & RUBBER CO /OH/ (company) — Filer
- 2024-03-31 (date) — Period of Report
- 2024-05-07 (date) — Filed as of Date
- OH (location) — State of Incorporation
- AKRON (location) — Business Address City
- 330-796-2121 (phone) — Business Phone
- Americas (segment) — Operating Segment
- EMEA (segment) — Operating Segment
FAQ
When did GOODYEAR TIRE & RUBBER CO /OH/ file this 10-Q?
GOODYEAR TIRE & RUBBER CO /OH/ filed this Quarterly Report (10-Q) with the SEC on May 7, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by GOODYEAR TIRE & RUBBER CO /OH/ (GT).
Where can I read the original 10-Q filing from GOODYEAR TIRE & RUBBER CO /OH/?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GOODYEAR TIRE & RUBBER CO /OH/.
What are the key takeaways from GOODYEAR TIRE & RUBBER CO /OH/'s 10-Q?
GOODYEAR TIRE & RUBBER CO /OH/ filed this 10-Q on May 7, 2024. Key takeaways: Goodyear Tire & Rubber Co. filed a 10-Q report for the period ending March 31, 2024.. The filing includes data related to various segments such as Americas, EMEA, and Asia Pacific.. Key financial items mentioned include common stock, accumulated other comprehensive income, and debt..
Is GOODYEAR TIRE & RUBBER CO /OH/ a risky investment based on this filing?
Based on this 10-Q, GOODYEAR TIRE & RUBBER CO /OH/ presents a moderate-risk profile. The filing details various liabilities including general product liability and asbestos-related product liability, indicating potential ongoing legal and financial risks.
What should investors do after reading GOODYEAR TIRE & RUBBER CO /OH/'s 10-Q?
Investors should review the detailed segment performance and liability disclosures in the 10-Q to assess Goodyear's current financial health and future outlook. The overall sentiment from this filing is neutral.
Risk Factors
- General Product Liability [medium — financial]: The company reports on general product liability as a current liability.
- Asbestos Related Product Liability [medium — financial]: Asbestos-related product liability is noted as a liability for the company.
- Long Term Debt and Capital Leases Current [medium — financial]: Details on current portions of long-term debt and capital leases are provided.
- Variable Rate Credit Arrangements [medium — financial]: The company has variable rate credit arrangements.
- Accounts Receivable Factoring Facilities [medium — financial]: The company utilizes accounts receivable factoring facilities.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
Filing Stats: 4,607 words · 18 min read · ~15 pages · Grade level 18.9 · Accepted 2024-05-07 10:11:15
Filing Documents
- gt-20240331.htm (10-Q) — 2294KB
- gt-ex22_1.htm (EX-22.1) — 20KB
- gt-ex31_1.htm (EX-31.1) — 34KB
- gt-ex31_2.htm (EX-31.2) — 34KB
- gt-ex32_1.htm (EX-32.1) — 16KB
- 0000950170-24-054023.txt ( ) — 11873KB
- gt-20240331.xsd (EX-101.SCH) — 1765KB
- gt-20240331_htm.xml (XML) — 2426KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES
OTHER INFORMATION
PART II. OTHER INFORMATION
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS
RISK FACTORS
ITEM 1A. RISK FACTORS
OTHER INFORMATION
ITEM 5. OTHER INFORMATION EX-22.1 EX-31.1 EX-31.2 EX-32.1 EX-101.INS INSTANCE DOCUMENT EX-101.SCH SCHEMA DOCUMENT EX-104 Table of Contents
FINANCI AL INFORMATION
PART I. FINANCI AL INFORMATION
FINANCI AL STATEMENTS
ITEM 1. FINANCI AL STATEMENTS. THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES CONSOLIDATED STATEM ENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, (In millions, except per share amounts) 2024 2023 Net Sales (Note 2) $ 4,537 $ 4,941 Cost of Goods Sold 3,715 4,193 Selling, Administrative and General Expense 696 664 Rationalizations (Note 3) 22 32 Interest Expense 126 127 Other (Income) Expense (Note 4) 30 25 Loss before Income Taxes ( 52 ) ( 100 ) United States and Foreign Tax Expense (Benefit) (Note 5) 6 ( 1 ) Net Loss ( 58 ) ( 99 ) Less: Minority Shareholders' Net Income (Loss) ( 1 ) 2 Goodyear Net Loss $ ( 57 ) $ ( 101 ) Goodyear Net Loss — Per Share of Common Stock Basic $ ( 0.20 ) $ ( 0.35 ) Weighted Average Shares Outstanding (Note 6) 286 285 Diluted $ ( 0.20 ) $ ( 0.35 ) Weighted Average Shares Outstanding (Note 6) 286 285 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (In millions) 2024 2023 Net Income (Loss) $ ( 58 ) $ ( 99 ) Other Comprehensive Income (Loss): Foreign currency translation, net of tax of ($ 2 ) in 2024 ($ 1 in 2023) ( 9 ) 37 Defined benefit plans: Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $ 7 in 2024 ($ 7 in 2023) 21 21 Change in net actuarial losses, net of tax of $ 1 in 2024 (($ 2 ) in 2023) 4 ( 2 ) Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of ($ 1 ) in 2024 ($ 0 in 2023) ( 4 ) — Deferred derivative gains (losses), net of tax of $ 0 in 2024 (($