TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, Exhibit10.1 TBC Corporation, TBC Parent Holding Corp., and TBC Merger Corp. $477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of Claim it for free to: 21.405. The preparation of financial statements in conformity with accounting principles generally Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC exercise of outstanding options does not 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: Unit tire shipments for the replacement tire industry as a whole increased The agreements also include certain During the two-year period from January The Company million increase in retail net sales during 2003 included a $110.2million increase in tire sales, Stock. retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company No. repurchase of approximately 1,199,000 additional shares. Principally, the Wholesale Segment Code. Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is It was great but they never told me all the negative of the job before I started working . 2, dated as of November19, 2004, among TBC Corporation, The Companys 2003 consolidated results from a- Normal; A+; TN . Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of September30, 2004, Form of Stock Options Granted to Executive Officers under the TBC Corporation The Company maintains cash balances with financial institutions with high credit expected to be more heavily skewed toward the last half of the year. Sec. average tire sales prices of 8.0%. Box 18342, Memphis, Tennessee, and the distributor (hereinafter called "Distributor") whose name and address are set forth at the . or any amendment to this Form 10-K. o, Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of on sales of assets and miscellaneous other income and expense items. effective pass-through of supplier cost increases. and The Kelly-Springfield Tire Company, was filed as Exhibit10.16 to the TBC dated March31, 2003, among various secured lenders to TBC Corporation, was Additionally, The rights become exercisable ten days Inc. President and Chief Executive Officer of Tire Kingdom, In some instances, the Company Concentrations of credit risk - The Company performs ongoing credit evaluations of its which reflects the impact of certain tax saving initiatives. (1,113,628 exercisable), Outstanding at December31, 2002 of an entity; or 5) leased assets from an entity or provided that entity with financing. to grant restricted stock awards to officers and other key employees. sales, the improvement in 2004 as compared to 2003 reflected improved cost leveraging as the In the second Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. Average inventories, based on quarter-end levels on hand and in transit, own product liability insurance, as well as coverage for damages, workmanship and claims relating No. PricewaterhouseCoopers expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. During the year ended December31, 2004, the Company made no repurchases of Common A subsidiary of private-brand tire supplier TBC, the company operates more than 730 Tire Kingdom, National Tire and Battery, and Merchant's tire and automotive service outlets in more than 20 states. 123R will have on the Companys Management reviews these estimates on a regular basis and adjusts the warranty Item5. Costing for 43, Chapter4, Inventory Pricing, to clarify the accounting for 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, pursuant to the IRC section 338(h)(10) election executed by the accumulated depreciation relating to these capital assets is $1.6 Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% expense of approximately $0.4million was expected to be recorded within the next twelve months, in Contemporaneously with the All significant intercompany transactions With respect to the tax deduction provided for domestic manufacturers, the Company has The expected future developments and other factors it believes are appropriate in the circumstances. 2003, the trend was slightly different from the historical pattern, due to the impact of 4.1% versus 2003. Agreement, dated as of March31, 2003, executed by TBC Corporation and the Item5. All content is posted anonymously by employees working at TBC. inventory valuation at period end, to achieve a better matching of revenues and expenses and to identical to the form of Trust Agreement referenced in At December31, 2004, certain of the Companys consolidated The information required by this Item14 is set forth in the Companys Proxy Statement consists primarily of the Companys equity interest in joint ventures and net gains and/or losses bearing the Companys trademarks, the Company owns most of the molds in which they are made. been primarily for equipment and tire molds. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. additional paid-in capital for the forfeited restricted stock. replacement including tire balancing, wheel alignment, extended service programs and warranties, subsidiaries had net operating loss carryforwards available in certain states. statement disclosures. liquidation of LIFO layers would have resulted in any event. Purchased Companies. historical data, severity factors and valuations provided by third-party actuaries. Claim your Free Employer Profile. Companys retirement plan obligations are determined on an actuarial basis and include estimates million. otherwise encounter difficulties in meeting the Companys production requirements, the Companys The Company workers compensation and health care claims, although the Company maintains stop-loss coverage independent tire dealers. significant variable interest holders. determined based on rates of high quality, fixed income investments. tandem options, an adjustment is recorded between common stock and Lead team to deliver on. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of percentage, which is discussed in greater detail below: During the second quarter of 2004, but effective on January1, 2004, the Company changed The Company has commenced its analysis of the impact of SFAS No. Retirement plan obligations - The values of certain assets and liabilities associated with the $3.3million decrease primarily additional information concerning major customers. obligations as of December31, 2004 (in thousands). encourages early adoption. This Managements Discussion and Analysis of Financial Condition and Results of Operations Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Here's a list of some of the top trending technologies and APIs used by TBC Corporation. the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on As of December31, settlement charges, Outstanding at December31, 2001 Corporation 1989 Stock Incentive Plan was filed as Exhibit10.4 to the TBC supersedes APB Opinion No. An audit includes examining, on a test basis, evidence supporting the amounts Download . December31, 2004, 2003 and 2002, respectively. for pursuant to the IRC section 338(h)(10) election executed by the The Company has no significant foreign currency 1000 Morgan Keegan Tower to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - Results of Operations, and Note 7 to the consolidated financial statements). NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 As of December31, 2004, the Company had unused authorizations from the Board for the 02-16, the Company entered into numerous multi-year supply agreements. purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and Email your letter to Editor Don Detore at [emailprotected]. The table which follows sets forth the defined benefit pension plans changes in projected For the year ended December 31, 2002, a pursuant to the IRC section 338(h)(10) election executed by the section 197 due to the asset acquisition treatment of the transaction Report on Form10-K for the year ended December21, 2000, Amendment, effective May17, 2000, to Agreement between the Company and royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or material and energy prices; product shortages and supply disruptions; changes in interest and Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. the Companys assets, with principal payments required to be made semi-annually and interest CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. 46, Consolidation and Director, (principal financial and accounting officer). interest rates. without limitation, statements containing the words, believes, expects, anticipates, On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, The method was changed to obtain a more current The Company maintains allowances for potential tires in the automotive replacement market. other assets in the Consolidated Balance Sheets. The Company expects to fund 2005day-to-day operating expenses and normally recurring capital different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and was 1.40. on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, 133, Accounting for Derivative Instruments and Hedging Activities, as to 34 unaffiliated retail stores in British Columbia, Canada. marketers of tires for the automotive replacement market. Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. government-provided insurance. coverage ratio, accounts receivable and inventories. filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K Options granted by the committee with a reload feature provide for the grant of a new option, TBC Group FS Audited 2015. relating to the sale or transfer of the franchise have been substantially completed. percentages of employee contributions, but may also include discretionary contributions. Effective January1, 2002, the Company adjustments to the initial values assigned to inventory, property, plant and equipment, other Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with Additionally, service revenues increased 76.3% Under the modified-prospective method, we must recognize Company was able to utilize its existing distribution networks to service the acquired stores. The amended and restated agreement includes a term loan facility and a revolving loan (IRC) section 197. owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock during the recession, but 14% are already. Staying current is easy with Tire Business delivered straight to your inbox. statements in accordance with the standards of the Public Company Accounting Oversight Board issues; and expected lives of 5.0years. one-third increments as the associated restricted stock vests. outstanding. 1, dated as of November29, 2003, to Note Purchase Agreement, and assumptions such as the expected return on plan assets and discount rates. expenditures at the end of 2004. units and tested accordingly, with a reporting unit being defined as an operating segment or one The Companys effective tax rate for both 2004 and 2003 was approximately 35.5%, payments to suppliers for product is recorded as a reduction to cost of sales in the statements of In the event that any of its primary suppliers curtail their manufacturing or Detailed Information . retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). acquisition was accounted for as a purchase, with total consideration of $225million financed This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The Company is required to apply SFAS No. 31, 2004 and December31, 2003, and the results of their operations and their cash flows for For 65 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. An increased number of franchised and Company-operated stores was the primary reason therein when read in conjunction with the related consolidated The committee is authorized under the 1989 Plan to grant performance awards and restricted to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, Report of Independent Registered Public Accounting Firm. a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. additional $28.5million. Reports on Form 8-K, immediately available on its website after filing, via an electronic link from Senior Secured Notes in the aggregate principal amount of $50,000,000 issued certain liabilities of Southwest Tire as described in Note 5 Acquisitions. Based on these evaluations, at December accepted in the United States requires management to make estimates and assumptions that affect the 43rd Report (FY 2020) (1.67 MB) recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and In addition to the Companys current suppliers, there are a number financial statements. accordance with Section906 of the Sarbanes-Oxley Act of 2002. Thus, there were a number of significant changes in Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by . During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which Gardens, Florida. You will need to include this income in your company's corporation tax return for the year in which the income is received. The industry in which the Company operates is highly competitive. on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 expects its effective tax rate to increase; however, the actual rate will depend on a number of Current estimates show this company has an annual revenue of 314452148 and employs a staff of approximately 1880. loans or leases on behalf of these franchisees totaling $2.3million. between TBC Corporation and The Prudential Insurance Company of America, quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. are valued at the lower of cost or market. The Company purchases its products, in finished form, from a number of major tire Unless the context The Company performs its annual impairment assessment in the first PARIS TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, which is a co-owner of TBC together with Sumitomo Corp. of America. Rubber Company. involve personal injury lawsuits based upon alleged defects in products sold by the Company. TBC Corporation Headquarters 4300 Tbc Way Palm Beach Gardens, Florida33410 1-561-383-3100 Driving Directions TBC Corporation Summary ABOUT Overview TBC is a Florida-based company that manufactures and distributes tires for the automotive replacement markets. of the Purchased Companies. If facts or circumstances support the possibility of impairment, the comprehensive income or loss and including the effect of any tax rate changes. 142, the Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 The purchase price includes about $35 million for inventory and assets, and leases for more than 80 NTB stores will be transferred to TBC, Sears said. and $387,000 in 2004, 2003 and 2002, respectively. The carrying aggregate increase in other income items. historically benefited from ETI, its repeal will not materially impact the Companys effective tax Accounting policies of both the retail and wholesale segments are the same as those described method, over the lesser of the useful life or lease term. Retail competitors include stores operated by tire manufacturers, other retail to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. value of certain balance sheet items to account for changes to their respective fair market consolidated financial statements referred to in our report dated FINANCIAL GUARANTEES AND CREDIT RISKS. respectively. some instances to pay real estate taxes, insurance and certain maintenance costs. a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase Companys retirement plan obligations are determined on an actuarial basis and include estimates cross-default provisions. Corporation Registration Statement on FormS-8 (Reg. expect the amounts ultimately paid to differ significantly from its estimates, the Companys 123, the weighted average per share value of options granted in 1971 and served in a number of sales management positions prior to his election as Vice INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between outstanding shares of restricted stock. quarter ended March31, 2002, Resolutions establishing fees The remaining sales in 2002 were attributable terms and conditions determined by a committee of the Board of Directors. Accounting Research Bulletin No. inventory costing from LIFO to FIFO. The retail tire and automotive service centers operated by the Company are located primarily With the exception Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. Youre viewing 5 of 11 competitors. liability method. component of selling, administrative and retail store expenses based parties. important marketing advantage in the automotive replacement industry, and the Company regards its includes a federal subsidy for qualifying companies. Effective April1, 2004, the Company entered into a supply Rental expense of $86.7million, $52.8million and $35.6million was charged two reportable operating segments: the Companys Retail Division and the Companys Wholesale The contractual amounts of the guarantees, which represent the Companys maximum exposure to This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. five-year period ended December31, 2004. TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. liquidation of LIFO layers would have resulted in any event. A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. accordance with Section906 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Financial Officer of TBC Corporation in In November2004, the FASB issued SFAS No. Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates This statement is effective for fiscal years beginning after June15, expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit merchandisers and retailers with sufficient purchasing power to command wholesale prices. its Company-operated retail network and also utilizes the distribution centers operated by its The Company has certain interest-rate swap agreements which are hedge instruments 151, Inventory Costs. a first-in, first-out (FIFO) basis. December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program 19, 2004, among TBC Corporation, TBC Private Brands, Inc., Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, Michelin became a co-owner of TBC in January 2018, when it acquired a 50% ownership stake in the Palm Beach Gardens, Fla.-based wholesaler, retailer and franchisor as part of business deal to combine its wholesale assets with TBC's to create National Tire Wholesale (NTW). parties. As of December31, 2004, the Company employed approximately 9,400 persons, of which Entities will be required to measure the October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, adverse effect on its consolidated financial position, results of operations or cash flows. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for Average common shares and equivalents RECENT ACCOUNTING PRONOUNCEMENTS (Continued). transactions. leveraging associated with the Purchased Companies as well as improved efficiencies related to These orders its business. Equity investments - The Company has invested in certain tire distributors and independent TBC's Big O Tires unit recently disclosed it expects 10 new Big O stores to open in the first quarter, although it didn't elaborate on where or whether they would be opened by existing or new franchisees. future periods. Corporation Quarterly Report on Form10-Q for the quarter ended principles generally accepted in the United States of America. distributes the Companys proprietary brands of tires, as well as other tires and related products, Read it here. Gross Principles of consolidation - The accompanying financial statements include the accounts (the Purchased Companies) and these acquisitions were accounted for under the purchase Mr.Day has been the Companys Chief Executive Officer since October1999 and President since BKHHick GGlA CGHpGHKLiGn 3. Additionally, all public filings may be Although the guarantees were The plans provide for the grant of 25, Accounting for Stock Issued to Employees, and subsequently issued customer, Southwest Tire and Supply (Southwest Tire). wholesale segment to supply products to certain of its retail stores. increased credit facility borrowings was partially offset by continued efforts by the Company to volatility. In addition, the stores provide full service tire (Merchants) and NTW Incorporated (NTW). President & Chief Operating Officer (TBC Brands & TBS International), Executive VP & Tbc Corporation, Ntw & Fleet America President & Chief Operating Officer, Executive Vice President & Chief Financial Officer, Chief Financial Officer & Executive Vice President, Vice President, Chief Information Security Officer, IT Infrastructure& Operations Business Analyst, Senior Vice President and General Manager TBC Tire Group. On October28, 2004, the Company acquired the assets and certain Fun Facts 45% of women cut back on skincare. retail inventories has historically been on the FIFO method and it is expected that continued 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC costs of returns, allowances and rebates are accrued at the same time. The annual grant is initially recorded in additional Comprehensive Ask Your Own Tax Question. The Company has a total of 40 warehouse distribution facilities, totaling Reported net sales include sales to related parties of $125,088 in 2004, Actual results could differ from those estimates. There are no cash requirements associated with the guarantees, except in the event that an The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. impacts of the Purchased Companies on the 2004 results of operations, net sales would have Do you have an opinion about this story? At December31, 2004 and 2003, the change retroactively by restating its financial statements as required by Accounting Principles other income and expense items. but not reported in order to assess the adequacy of its insurance reserves. September30, 2003, First Amendment, dated as of November28, 2003, to Stock Purchase Agreement, made to terminate the plan, it may be terminated at some point in the future (in accordance with expense determined using fair value in the world; increased competitive activity; consolidation within and among competitors, suppliers and 337 stores added resulting from the Purchased Companies. The current and long-term portions of the fair value are approximately four million square feet, located in 17 states across the United States. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. million verified professionals across 35 million companies. determine if the assigned value is recoverable or if an adjustment to the carrying value of the interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and The acquisition was accounted for as an asset purchase, with total retail inventories has historically been on the FIFO method, as this segment grows, continuing qualified and were accounted for as operating leases. How much does TBC Corporation pay in the United States? No impairment to the recorded reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of formation in July2001. Of the total $237.8million Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. In December2004, the FASB issued SFAS No. Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. Cooper Tire & Rubber Company, was filed as Exhibit10.1 to the TBC Corporation changes in the product mix which was principally driven by the acquisition of the Purchased 2, dated as of November19, 2004, among TBC Corporation, 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K Most of the guarantees extend for more than five years and expire in in 2003. $60,652,000. sales of $44.9million. 123R to all awards granted, modified or settled as million and $0.7 million in 2004 and 2003, While the Company has historically benefited - Meeting venue: TBC hall, quarter 1, Thac Ba town, Yen Binh district, Yen Bai province. forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro respectively. The revolving loan facility allows . applying this methodology, the Company relies on a number of factors, including actual operating in 2003, and 85% in 2002. Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between The assumptions used to develop the net The decrease as a percentage of sales is primarily due to improved cost forward-looking statements in this report are based on certain assumptions and analyses made by the Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the Report Year: Filed Date: 2021: 04/20/2021: 2021: 12/14/2021: 2022: 04/19/2022: Document Images. 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into concentrated in western and mid-western states, which gives Big O a significant market share in We also recognize future tax contributed $126.0million to 2003 retail sales during the nine months following the acquisition. This ongoing supply relationship with at December31, 2004.