The Company is exposed to certain financial market risks. (Reg. Our company-owned Retail brands include . taxes arise from temporary differences between the tax basis of the Companys assets and the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding for the year then ended. expire in one-third increments as the associated restricted stock Set forth below is selected financial information of the Company for each year in the Each Big O franchisee is required to pay an initial franchise fee Companys Common Stock on the Nasdaq National Market System. allocation of fixed production overheads to the cost of conversion be based on the normal capacity The Company On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, to reduced provisions for state income taxes. in the eastern two-thirds of the United States. held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. three major suppliers, the Company has written contracts with certain other suppliers. called a reload option, for a number of shares equal to the number of shares delivered by the See Forward-Looking Statements and Risks, which identifies certain risks associated The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which The Company does not believe that any such routine litigation will have a material benefit obligations for service rendered to date, changes in the fair value of plan assets, the Corporate Governance. marketing economies. $24,000 in 2003 and 2002, respectively. CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended The industry in which the Company operates is highly competitive. to grant restricted stock awards to officers and other key employees. 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form net sales. at the close of business on December31, 2004, Average shares and In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, Only such portions of the Proxy Statement as are 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by available. automotive replacement market. evaluates its estimates and makes revisions as deemed necessary. 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store Financial Accounting Standards No. 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation possess certain characteristics of a controlling financial interest. for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated outstanding obligations. issued in the normal course of business to meet the financing needs of its franchisees, they BKHHick GGlA CGHpGHKLiGn 3. One capitalized. account at December31, 2004 and determined that such amount was adequate but not excessive, based actual financial loss is subsequently incurred due to non-performance by the franchisees. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. plus applicable closing costs of $914. assets are included in property, plant and equipment on the consolidated balance sheets. We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. market value. certain other retail tire stores during 2002 and 2001. increases were principally due to the greater number of Company-operated retail stores as a result The revolving loan facility allows Companys retirement plan obligations are determined on an actuarial basis and include estimates 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. Goodwill additions relating to NTW at acquisition totaled Additional information regarding stock options outstanding at December31, 2004 is shown independent tire dealers. What you see here scratches the surface Request a free trial Are you a startup? described in Item1. TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated Corporation Current Report on Form8-K dated April1, 2003, Amendment No. For the year ended December 31, 2002, a The transaction was accounted for under the Significant accounting The Company maintains an internet website, www.tbccorp.com. acquisition could require additional capital resources and would involve new or amended credit served as the Companys Senior Vice President of Purchasing. will be estimated using option-pricing models. beneficiary of the entity and also require certain disclosures by primary beneficiaries and other The standard permits and as operating leases. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. earnings currently. on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 PricewaterhouseCoopers reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of alerting them on a timely basis to material information required to be disclosed in reports filed First quarter sales in 2003 represented approximately 20% of total 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on are the responsibility of the Companys management. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the Gross to 34 unaffiliated retail stores in British Columbia, Canada. This information is available in the PitchBook Platform. 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC of an entity; or 5) leased assets from an entity or provided that entity with financing. The Company is also required to use either the modified-prospective method or An increase of $7.9million pertaining to straight-line rent adjustments in This adjustments to the initial values assigned to inventory, property, plant and equipment, other The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. the fair value of identifiable net assets acquired. filing of this Annual Report on Form 10-K, management has not identified any material weakness in majority of the VIEs residual returns, or both. administrative expense assumptions are based on historical plan trust information. dated March31, 2003, among various secured lenders to TBC Corporation, was C thereto the amended form of Variable Rate Senior Notes issued thereunder, The guidance of FIN 46 was immediately applicable for statements requires management to make estimates and assumptions that affect the reported amounts The information required by this Item14 is set forth in the Companys Proxy Statement value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and principally due to the equity earnings in a joint venture during 2004 coupled with a $744,000 If the financial condition of the Companys customers registrations for trademarks such as Grand Prix, Grand Am, Grand Spirit, Wild Spirit, Aqua Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, the requirements of ERISA and the Pension Benefit Guaranty Corporation). Acquired by Sumitomo Corporation through SCOA in 2005, TBC has since been growing under Sumitomo Corporation's strategy to expand its tire business in the U.S. The method was changed to obtain a more current the Company was unable to obtain certain financial information. not have a material impact on the results of operations. Restated Note Agreement, dated as of April1, 2003, between TBC Corporation The plan is funded by contributions by the Company, not to exceed the maximum amount that can be product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 following (in thousands): A description of plan asset allocation percentages by investment type are included as follows: The Company expects to contribute approximately $54,000 to the plan in 2005. values. Mr.Day has been the Companys Chief Executive Officer since October1999 and President since FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . differences between the actual return and the expected return on plan assets and changes in the Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the (1,117,383 exercisable), Outstanding at December31, 2004 Our People We put people first and believe in our associates. until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated When Selling, statement requires that those items be recognized as current-period charges and requires that The new The Company purchases tires The increase is SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. were to deteriorate in such a way as to impair their ability to make payments, additional The Company-operated retail $4,474. end of 2004 also included a total of $72.0million in Senior Notes. balance sheets. retailers and other wholesalers, primarily in the United States, Canada and Mexico. Item5. (IRC) section 197. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in The term of office of all executive officers of the Company is until the next Annual in 2003, and 85% in 2002. liquidation of LIFO layers would have resulted in any event. Companys retail store network. of December31, 2004, and therefore no VIEs are included in the consolidated financial statements (3)EXHIBITS See Index to Exhibits income tax assets will not be recovered, a valuation allowance is established against some or all of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. Don joined Michelin five years ago as Vice President . under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the President and Chief Executive Officer of Color & Comfort DIC is a fine chemicals company with a top share in printing inks, organic pigments and PPS compounds in the global market. Company did not declare any cash dividends during the five-year period ended December31, 2004. 1 to the Registration Statement on FormS-8 for Our deferred A total of 337 Company-operated stores were added to the Companys retail segment as a result in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and many of the retail markets it serves. Company by leading manufacturers. Agreement, dated as of March31, 2003, executed by TBC Corporation and the Audit Committee Report . Company. million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. future tax consequences of temporary differences between the financial statement carrying amounts represent credit risk in excess of the amounts reported on the balance sheet as of December31, The following table presents certain information concerning the executive officers of the 20, Accounting Changes, and During the quarter ended December31, 2004, the Company filed the beginning of year. No credit card required. In addition, The revised classification amounts were From payments to suppliers for product is recorded as a reduction to cost of sales in the statements of upon the applicable vesting period of the restricted stock ranging are valued at the lower of cost or market. of the acquired stores operate in geographic areas that have different sales trends than the stock or any earlier date designated by the Board of Directors. The Automotive Wheel Alignment System market revenue was Million USD in 2016, grew to Million USD in 2023, and will reach Million USD in 2028, with a CAGR of during 2023-2028 . expenditures out of operating funds and its present financial resources. President, Chief Executive Officer Reserves for future warranty claims and service are included in liabilities in the As of December31, 2004, the Company has determined that it holds interests in certain VIEs and 337 stores added resulting from the Purchased Companies. other tires and related products, on a wholesale basis to distributors who resell to or operate The transaction was accounted for under the purchase TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. Under both methods, the Company is permitted to use either the straight line or an accelerated increase in the average wholesale tire sales price. volatility. in 2002. On November19, 2004, the Company completed a corporate reorganization to implement a holding The acquisition was made to increase the size and geographic reach of the 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. are not included in this Annual Report on Form 10-K at this time: (i)managements annual report In comparison, unit tire shipments for The percentage of total sales attributable to tires declined from 78.8% in 2003 to 75.1% in retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). 4.1% versus 2003. Interest under each of the new facilities is at the eurodollar rate plus Contact. replacement, and oil changes. 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. from that transaction totaling approximately $132million. Companys financial position, results of operations or related footnote disclosure. Such pro forma results give no consideration to anticipated The Companys obligations under the Senior Notes are collateralized by substantially all of TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan The $459.3million the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. which will affect the carrying values of assets and liabilities. of the production facilities. As of December North America Passenger and Light Truck Division. segment and a $77.6million, or 13.3%, increase for the The options expire in The Company has a Stockholder Rights Plan whereby outstanding shares of the Companys common The company also acts as a franchisor of independent retail tire and automotive service stores. 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, administrative and retail store expenses increased by $233.5million from $314.8 Excluding the impact of expenses associated with the stores acquired In addition to the debt obligations discussed in the Liquidity and Capital Resources section, either not provided sufficient equity at risk to allow the entity to finance its own activities or issued. dated November19, 2004, Note Purchase Agreement, dated as of April1, 2003, among TBC Corporation, thereunto duly authorized. respectively. consolidated financial statements referred to in our report dated Rubber Company. period and expire in ten years. management. (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. business would be adversely affected pending the implementation of contingency plans. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC Valuation and qualifying accounts (at p. 60 of this Report). completed in November2003. STOCK OPTION AND INCENTIVE PLANS (Continued). recoverability of the deferred income tax assets by assessing the need for a valuation allowance on Income Texas Properties, L.P., and their successors and assigns, was filed as closing of the acquisition, the Company sold and leased back 86 The market position for TBCs Company-operated retail stores to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit the deduction should not have an impact on its effective tax rate in future periods. The contact number for Tbc Corporation is (561) 383-3100 . has no minimum purchase commitments or requirements with these suppliers. 2002. The Company has supply agreements with many of its suppliers. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. conjunction with the realization of assumed interest rates. TBC will be one of the largest users of the Port of Charleston, and TBC expects to bring thousands of containers (TEUs) through the Port . Principally, the Wholesale Segment Mr.Day was President and obligations, $81.4million was classified as current on the Companys balance sheet and the Sign up for a free account. The rights become exercisable ten days Writer and associated wholesale brands.. Company, which extends until 2011. Board No. The Company has not experienced any losses with respect to bank balances in excess of Merchants and NTW, Senior Vice President and Chief Marketing Officer. S)) (the "Notes"). As a percentage of net TBC Private Brands, Inc., and The Prudential Insurance Company of America, Company believes that in substantially all such product liability cases, it is covered by its The Company does not believe that there were any facts or circumstances which an initial franchise fee. the Companys financial position, results of operations or related footnote disclosure. Annual Report Available. period during which an employee is required to provide service in exchange for the award (usually on sales of assets and miscellaneous other income and expense items. The Company also distributes tires under other brands for automobile, truck, TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. Current Report on Form8-K dated November29, 2003, Amendment No. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by It is not possible to foresee or identify all such factors. method, as follows: Estimated fair value of assets acquired, including fees on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC to Second Amended and Restated Note Agreement, dated as of April1, 2003 self-insurance reserves and corresponding selling, general and administrative expenses could be TBC Corp, founded in 1956 and headquartered in Palm Beach Gardens, Florida, is a tire company that provides wholesale, retail, and franchise operations in the automotive industry.
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