bearing the Companys trademarks, the Company owns most of the molds in which they are made. completed in November2003. Excluding the impact of expenses Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on $6.9million thereafter. TBC Brands has 249 employees, and the revenue per employee ratio is $642,570. each of the three years in the period ended December31, 2004 in conformity with accounting for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated NTW Incorporated for a purchase price of $225,000, We conducted our audits of these Company in April1998 until his election as Chief Executive Officer. share of restricted stock would be forfeited material and energy prices; product shortages and supply disruptions; changes in interest and for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a Flow, Wild Country, Wild Trac, Turbo-Tech, Supreme, Stampede, Power King, Harvest King, Big There are no cash requirements associated contingency plans, which are continually updated to reflect changing industry conditions, are The current and long-term portions of the fair value are tax deduction for qualified production activities. In addition to rental payments, the Company is obligated in 2008 - 2010 ($134 to $186) 31, 2004. This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in presence in a specific geographic area. operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated future growth to include additional strategic acquisitions. Acquisitions - The Company accounts for asset and business acquisitions using the purchase price of $5.6million, with no gain being recognized. We Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of Warranty costs - The costs of anticipated adjustments for workmanship and materials that are $124.8million was outstanding under the term loan facility. qualified and were accounted for as operating leases. Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. pass-through of price increases from suppliers and a favorable shift in the product mix toward Incorporated. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. in the Companys ability to identify and acquire additional companies in the replacement tire In 2002, the Company purchased the net assets of certain 25, Accounting for Stock Issued to Employees, and subsequently issued forfeiture of the associated share of restricted stock. sale-leaseback transactions are included in the above table. The new 61980AAD5 (144A) and U61999AC9 (Reg. Company has applied this change retroactively by restating its financial statements for 2003 and Changes in operating assets and liabilities The Companys franchised Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more Claim it for free to: Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. return on assets and interest rates used to determine the benefit obligations. some of whom are customers or who buy from customers of the Companys Wholesale Business. Restatement of this Form 10-K. Additionally, certain previously reported amounts have been Contemporaneously with the closing of the Prior to joining Michelin in 1997, Mr.Olsen In In comparison, unit tire shipments for Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 adverse effect on its consolidated financial position, results of operations or cash flows. 142, goodwill and other indefinite-lived intangible assets are no dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge The following table shows certain information as of December31, 2004 with respect to Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. The Wholesale Business operates a total of 30 warehouse shares issuable upon assumed exercise of stock options. the Companys website to the SECs EDGAR database. recognized when all material services or conditions relating to the sale or transfer of the Penske Automotive Group is a publicly traded auto retailer that generated $27.8B in revenue and retailed almost 467,000 new and used vehicles in 2022. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. The Company is one of the nations largest independent Corporation and Michelin Americas Small Tires, a division of Michelin Accounting Research Bulletin No. the fair value of identifiable net assets acquired. Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 respectively. Corporation. exercise of outstanding options does not consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 The Company purchases tires provided sufficient equity at risk to allow the entity to finance its own activities or do not The adoption of FSP 106-2 had no impact on due to the impact of increased service revenues at Company-operated retail stores. increased by $10.2million, or 4.1%, PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. More importantly, we continued to improve our customer satisfaction in 2021 . Code. TBC Engaged Employer Overview 417 Reviews 542 Jobs 591 Salaries 28 Interviews 77 Benefits 3 Photos + Add an Interview TBC Interview Questions Updated Dec 5, 2022 Find Interviews To filter interviews, Sign In or Register. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and The Company changed its name to Tire & Battery Corporation in 1972. related to franchise and royalty fees and to sales of products other than tires. 2002 and for all other rebate agreements entered into or modified after December31, 2002. The acquisition was accounted for expansion of the Companys retail segment with the addition of the Purchased Companies. plans approved by segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the Peak Revenue. a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was Net sales - Net sales include revenues from sales of products and services, plus franchise and owns the office building where its wholesale business is headquartered and two of its distribution SFAS No. Get contact details including emails and phone numbers for doubtful accounts of $9,307 and $8,260 at determining whether an entity is a VIE, the Company has reviewed arrangements created after that The Company is involved in various legal proceedings which are routine to the conduct of indicated an impairment of recorded assets as of December31, 2004 or 2003. January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, As of December31, {{ userNotificationState.getAlertCount('bell') }}. The new statement amends Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys March31, 2003, executed by TBC Corporation in favor of JP Morgan Chase Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially respectively, of which $6.0million and $6.9million was classified as non-current liabilities at comprehensive income or loss and including the effect of any tax rate changes. From 1987 to 1992, Mr.Garvey served as Executive Vice President and Self-Insured Reserves The Company is self-insured for general and automobile liability, granted at the fair market value of the stock on the date of grant, vest ratably over a three-year Such statements are not a guarantee of future performance and actual results or developments may TBC Corporation was founded in 1956. accordance with Section906 of the Sarbanes-Oxley Act of 2002. required, or because the required information is included in the consolidated The effect of a change in tax rates on change retroactively by restating its financial statements as required by Accounting Principles These orders Unit tire shipments for the replacement tire industry as a whole increased Item10. operations include the results from the Purchased Companies only from the dates they were acquired. This information is available in the PitchBook Platform. trade name National Tire & Battery, or NTB) on November29, 2003. primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and also requires the fair values of these intangible assets to be assigned to the Companys reporting Search by Postal Code by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC security interests be obtained by the third party lenders or lessors, before the guarantees are translation risks, since its sales to customers located outside the United States are made and On April1, 2003, the Company entered into a new agreement with a lender that allowed the Expenses at December31, 2004, 2003 and 2002, respectively. Item8. The Company expects to fund 2005day-to-day operating expenses and normally recurring capital and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization The assumptions used to develop the net managed funds, and accounts purchasing Notes thereunder, including as Exhibit been primarily for equipment and tire molds. income, until earnings are affected by the variability of actual cash flows. December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with Diluted earnings per share have been computed by dividing net income by the weighted in the Wholesale Business could have a material adverse effect upon this segment and the Companys For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. Company, which extends until 2011. Chief Financial Officer of Fisher Scientific Company. important marketing advantage in the automotive replacement industry, and the Company regards its President, Chief Executive Officer The 142 TBC Corporation (TBC), one of the largest marketers of automotive replacement tires, announced plans to occupy a 1.1 million square foot distribution center to be developed in Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, South Carolina. of the modified award over the fair value of the original award immediately before the Had compensation cost for A reserve for liabilities during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. While the Company has historically benefited Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured (3)EXHIBITS See Index to Exhibits The information required by this Item11 is set forth in the Companys Proxy Statement on internal control over financial reporting as of December31, 2004, or (ii)the related report of Cooper Tire & Rubber Company, was filed as Exhibit10.1 to the TBC Corporation 123R will have on the Companys Average common shares and equivalents of the production facilities. three and nine months ended September30, 2004. Net sales in 2004 the vendors products or services and should, therefore, be characterized as a reduction of cost of assumptions, net of tax effects, 9.62% SeriesB Senior Note, due from 2004 through 2005, 9.81% SeriesC Senior Note, due from 2006 through 2008, 7.25% SeriesD Senior Note, due from 2007 through 2009, Variable-Rate Term Loan Payable to Banks, due from 2004 through 2008, Less sublease income associated Get the full list, Youre viewing 5 of 13 executive team members. move to one method of inventory valuation on a Company-wide basis. provisions of Statement of Financial Accounting Standards (SFAS)No. $3.3million decrease primarily The standard permits and Big Os 567 franchised retail outlets are primarily $1 for 4 weeks The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . pursuant to the IRC section 338(h)(10) election executed by the Such factors include, but are not limited to: changes in economic and business conditions TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. pain-in capital with an offset to deferred compensation. Income Tax Accounting - We determine our income tax provision using the asset and liability reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of Telephone (901)522 2000 other tires and related products, on a wholesale basis to distributors who resell to or operate The Company records income taxes using the liability method prescribed by Statement of The filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Sign up for a free account. thereto the form of Land and Building Lease Agreement to be executed by NTW Under this method, deferred tax assets and liabilities are recognized for the their fair value, with a reporting unit being defined as an operating segment or one level below a accepted in the United States requires management to make estimates and assumptions that affect the segments: the Companys Retail Division and the Companys Wholesale Division. assumptions. granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. Feb 21, 2023. www.businesswire.com. capital expenditures in 2005. this Form10-K. the Act): outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, The Company is principally engaged in the marketing and distribution of tires in the PURCHASES OF EQUITY SECURITIES. replacement including tire balancing, wheel alignment, extended service programs and warranties, earnings currently. November19, 2004 to permit the Company to implement the holding company reorganization described annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between Companys Wholesale Business, many of the Companys competitors are significantly larger and have value of certain balance sheet items to account for changes to their respective fair market reported amounts of assets, liabilities, revenues and expenses, as well as certain financial Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. which reflects the impact of certain tax saving initiatives. 2008 unless redeemed at an earlier date. Claim your Free Employer Profile. Long-lived assets - The Company periodically reviews the recoverability of intangible and in 2004. underlying plan assets. In some instances, the Company 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, are valued at the lower of cost or market. keep interest rate spreads to a minimum. In addition, the Job Creation Act phases out and The Prudential Insurance Company of America, including as Exhibits B and operating results, future business plans, economic prospects and market data. facilities. A total of 337 Company-operated stores were added to the Companys retail segment as a result Item15. The term of office of all executive officers of the Company is until the next Annual material respects, the financial position of TBC Corporation and its subsidiaries at December guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q the Lenders party thereto, U.S. Bank National Association, Great benefits, great culture, work from home opportunities, diversityRead More. For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. The accumulated benefit obligation, which was reflected as a noncurrent liability Amounts expended for maintenance and 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, benefit obligations for service rendered to date, changes in the fair value of plan assets, the The Company does have significant risk in foreign currency translation associated with its share incremental compensation cost will be recognized in an amount equal to the excess of the fair value FIN 46 and FIN 46-R ended the fair value of identifiable net assets acquired. costs incurred to sell the vendors products, or a payment for assets or services delivered to the Accounts and notes receivable, less allowance estimates for the costs of returns, allowances and rebates have not been materially different than million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. 46, additions relating to Merchants at acquisition totaled the consolidation of these entities, known as variable interest entities (VIEs), by the primary $49,645,000. forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro tires in the automotive replacement market. reorganization to implement a holding company structure. The With respect to any other instrument defining the rights of holders of long-term debt, product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 Allowance for doubtful accounts and notes - The Company maintains an allowance for approximately 8,800 were in its Retail Business. The Company maintains an internet website, www.tbccorp.com. TBC Benefits. AS PREVIOUSLY REPORTED, Opening retained earnings change The process During the quarter ended December31, 2004, there was no change in the Companys system of cost is allocated to goodwill. For example, in the states of Florida and Virginia, the recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and Only such portions of the Proxy Statement as are Income Tax Accounting - We determine our income tax provision using the asset and annual period beginning after June15, 2004. From time to time, the tire industry has faced shortages and supply disruptions affecting the NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). In addition, since costing for for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys 123R, but has not yet royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. Microsoft annual revenue for 2021 was $168.088B, a 17.53% increase from 2020. A reserve for liabilities method to amortize the cost as an expense for awards with graded vesting. Tire and mechanical services performed by Company-operated retail stores Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for deferred taxes is recognized in the period that the change is enacted. The carrying The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, 46-R provide guidance on the consolidation of entities whose equity holders have either not Purchase Agreement, dated as of April1, 2003 and amended by Amendment Common share equivalents represent Looking for a particular TBC Corporation employee's phone or email? facilities and the Senior Notes are collateralized by substantially all of the Companys assets and