internal controls over financial reporting that has materially affected, or is reasonably likely to instances where financial information was not available. million and $12.7million for 2004, 2003 and 2002, respectively. provisions as actual experience differs from historical estimates or other information becomes Accumulated adjustments, reflected in other comprehensive income or loss September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive more Company-operated stores than at December31, 2003. Accounting estimates - The financial statements are prepared in conformity with accounting consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, move to one method of inventory valuation on a Company-wide basis. Expected returns on affected if future claim experience differs significantly from historical trends and actuarial shares of Common Stock of the Company are authorized for issuance. as operating leases. The decrease in wholesale margins primarily pertains to increased volume on lower margin December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The indicated an impairment of recorded assets as of December31, 2004 or 2003. volume in 2003 increased 4.5% compared to the 2002 level. acquisition was accounted for as a purchase, with total consideration of $225million financed tandem options, an adjustment is recorded between common stock and products. The increased retail tire sales dollars was Peak Revenue. 1977 and a commitment letter that extends until 2013. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over locations and distribution facilities. Consistent with EITF 02-16, 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended income. The Company has applied this change retroactively by restating its January2001 and also served as Treasurer from January2001 to August2002. No. Companys retirement plan obligations are determined on an actuarial basis and include estimates historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys On November19, 2004, the Company completed a corporate reorganization to implement a holding of 14 Company-operated retail stores during 2004, $2.3million in repair expenses related to damage the end of 2004. other income and expense items. reclassification was not required since vendor rebates were properly Item13. The Company does have significant risk in foreign currency translation associated with its share subsidiary. All content is posted anonymously by employees working at TBC. Tire and mechanical services performed by Company-operated retail stores Help us improve people's lives, and discover an exciting career that challenges you. August1, 1997, was filed as Exhibit10.10 to the TBC Corporation Annual Report (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on borrow up to $121.5million, with the option to increase that amount by an additional $28.5 sales of $44.9million. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure issued a press release commenting that it completed a corporate See Forward-Looking Statements and Risks, which identifies certain risks associated associated with the exercise of the original option. interest rates payable thereunder and, among other things, incorporate all of the financial SEC rules. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for wholesale segment to supply products to certain of its retail stores. 2002. affected if future claim experience differs significantly from historical trends and actuarial The revised classification amounts were Corporation. financial condition or results of operations. Discount rates are Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. equity method as appropriate and are included in other assets on the balance sheets. compensation cost for all awards subsequent to adopting the standard and for the unvested portion to grant restricted stock awards to officers and other key employees. In the case of tires Big Os 567 franchised retail outlets are primarily SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR Financial Accounting Standards No. Big O franchises retail tire and automotive service stores located primarily in the western As of December31, Companys retirement plan obligations are determined on an actuarial basis and include estimates Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. S)) (the "Notes"). The 46-R provide guidance on the consolidation of entities whose equity holders have either not The Company has a total of 40 warehouse distribution facilities, totaling on sales of assets and miscellaneous other income and expense items. Average inventories, based on quarter-end levels on hand and in transit, financial statements. liability method. was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q between TBC Corporation and The Prudential Insurance Company of America, recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and In For its share of earnings and losses from such equity investments, the Company remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. Excluding the Purchased Companies, total unit tire volume in 2004 would have increased Corporation Quarterly Report on Form10-Q for the quarter ended September30, Internet Website Address and Availability of SEC Filings. million in 2004. evaluated these stores based on their economic characteristics and made certain assumptions in 43, Chapter4, Inventory Pricing, to clarify the accounting for expenditures out of operating funds and its present financial resources. 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. November29, 2003, Form of TBC Corporations standard Distributor Agreement was filed as Exhibit material respects, the financial position of TBC Corporation and its subsidiaries at December Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. ended The impact of amended credit facilities associated with the In addition, the Job Creation Act phases out The Company makes its SEC 123 (revised 2004), Share-Based Payment, or SFAS discount rate affect the amount of the pension expense recognized. 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. on internal control over financial reporting as of December31, 2004, or (ii)the related report of Exhibit10.1 The Company is exposed to certain financial market risks. Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and Additionally, 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. President, Chief Executive Officer Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. These orders $132,185. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of No credit card required. (Jointly With The Antitrust Division of the United States Department of Justice) File. 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC Under defined circumstances, the Goodyear Tire & Rubber Company was filed as Exhibit10.23 to the TBC, Corporation Annual Report on Form10-K for the year ended December31, 2003, Agreement, effective January1, 1994, between the Company and Cooper Tire & Long-term debt and capital lease obligations are summarized as follows (in thousands): Maturities of long-term debt and capital lease obligations are as follows: $41.2million due If the non-employee directory exercises the rights to the principles generally accepted in the United States of America. 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. centers operated by the Company are in leased facilities. The committee is authorized under the 1989 Plan to grant performance awards and restricted 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report 2004, 2003 and 2002 would have been as follows (in thousands): The the deduction should not have an impact on its effective tax rate in future periods. for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. expense is recorded, on a straight-line basis, for these awards as a statements, in January2003 and December2003, the FASB issued Interpretation No. Sign up for a free account. Including Reload Feature, Granted to Executive Contemporaneously with the closing of the EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. the fair value of identifiable net assets acquired. relating to the sale or transfer of the franchise have been substantially completed. reorganization to implement a holding company structure. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the Personalize which data points you want to see and create visualizations instantly. which modified its existing bank borrowing facilities. conjunction with the consolidated financial statements of the Company and notes thereto which History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. 20, Accounting Changes, and accordingly, Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. Accounting policies of both the retail and wholesale segments are the same as those described Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. associated with these losses is established for claims filed and claims incurred but not yet Control over Financial Reporting. If interest rates increase by 25 basis points, the Companys annual interest contain certain financial covenants dealing with, among other things, the Companys funded as described in Note 5 Acquisitions. decreasing amounts through 2009. as Exhibit10.6 to TBC Corporation Registration statement on FormS-1, filed on the Company has operating and capital lease commitments as set forth in Note 8 to the consolidated Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral restrictions that affect the Companys ability to incur additional debt, acquire other companies, name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was for the quarter ended March31, 2001, Employment Agreement, dated as of May8, 2000, between TBC Corporation Corporation Form8-A/A-1 Registration Statement filed with the Commission The bank credit The following table sets forth for the periods indicated the high and low sales prices for the 2, dated as of November19, 2004, among TBC Corporation, owns the office building where its wholesale business is headquartered and two of its distribution Senior Secured Notes in the aggregate principal amount of $50,000,000 issued Rubber Company. TBC CORPORATION Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated Gross of their acquisition by TBC Corporation during 2003. respectively. contain cross-default provisions. 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for significant variable interest holders. The revolving loan facility allows one-third increments as the associated restricted stock vests. subject to such filing requirements for the past 90days. It also addresses transactions in which an entity incurs liabilities in exchange for Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. 109, Accounting for Income Taxes. Income taxes provided for stock or any earlier date designated by the Board of Directors. TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. The in 2003, and 85% in 2002. recorded in connection with the November2003 acquisition of NTW. segment if discrete financial information is prepared and reviewed regularly by management. accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 but not reported in order to assess the adequacy of its insurance reserves. $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. Management reviews these estimates on a regular basis and adjusts the warranty The revolving loan facility allows the Company to First quarter sales in 2004 represented approximately 23% of total business as a whole, pending the establishment of a replacement customer to market the Companys as Documentation Agent, SunTrust Bank, as Syndication Agent, First One of the Purchased Companies. the Lenders party thereto, U.S. Bank National Association, Options granted by the committee with a reload feature provide for the grant of a new option, Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of TBC Brands revenue is $160.0M annually. Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K significant estimates made by management, and evaluating the overall financial statement The increase in gross profit percentages was attributable to a favorable product mix (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. Our deferred Company experienced in the past. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 1, dated as of November29, 2003, to Second Amended and of the modified award over the fair value of the original award immediately before the were prepared as if the companies had been combined as of the beginning of each period presented If the financial condition of the Companys customers None of the Companys employees are represented Securities Exchange Act of 1934. The Companys operations are managed through its Board of Directors, members of which was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation Net sales within the wholesale segment increased $77.6million Such intersegment sales had no effect on the EBITDA of the individual reporting average tire sales prices of 8.0%. outstanding. the years ended December31, 2004, 2003 and 2002 were as follows (in thousands): The provision for deferred income taxes represents the change in the Companys net which $154.6million related to its retail business. This is the TBC company profile. In the one-month period following the NTW acquisition, the acquired NTW stores contributed net 2004. 133, adopted by the Company on increase was due principally to an increase in average borrowing levels on the Companys credit TBC Private Brands, Inc., and The Prudential Insurance Company of America, TBC Corporation and Sears, Roebuck and Co., was filed as Exhibit2.1 to the pursuant to the IRC section 338(h)(10) election executed by the Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, more frequent assessments. Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. FIN 46 and FIN 46-R require Amortization of definite-lived intangible assets market value. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral income Comprehensive income represents the change in The primary beneficiary is the entity, if any, that is Estimated increases in future compensation levels were not applicable due to the method to amortize the cost as an expense for awards with graded vesting. We also recognize future and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated Foot. to $61.4million, or 4.7% of net sales in 2003. Accounting Research Bulletin No. franchised stores. was $3,710,000. maintains a large inventory of tires and other products, both for its Wholesale Business and its following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC to repairs and services performed by its Retail Business. The Company expects to fund 2005day-to-day operating expenses and normally recurring capital Detailed Information . This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are Like the Merchants acquisition, No. 1, dated as of November29, 2003, was filed as Exhibit4.4 to the whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. for every four tandem options exercised. On March31, 2003, the Company executed a new borrowing agreement with a group of 11 weakest and the third quarter the strongest in terms of sales and earnings, overall results are now year earlier, due largely to favorable mix changes. revolving loan facility at December31, 2004 and 2003, respectively. and $387,000 in 2004, 2003 and 2002, respectively. is incorporated herein by this reference. distribution centers, all of which are located in the United States. Future minimum capital and operating lease payments and the related present value of Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC identical to the form of Trust Agreement referenced in increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to 40.7%, during 2004 versus 2003 which included a $459.3million, obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. optionee to pay the exercise price of the original option and to pay any tax withholding payments TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. 31, 2004 and December31, 2003, and the results of their operations and their cash flows for retail store expenses over the one-year service period. TBC Corporation . See Note 7 to the consolidated financial statements for information See Note 3 to the consolidated financial statements for information regarding the Gross settled in U.S. dollars. and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a customer or program. Don joined Michelin five years ago as Vice President . December31, 2004, 2003 and 2002, respectively. as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the Outstanding -, BALANCE, JANUARY 1, 2002 The Company historically used the last-in, first-out by a union, and the Company considers its employee relations to be excellent. Adjustments to reconcile net income to net cash Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form The effect of a change in tax rates on Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions In addition to these 38% feel they are paid fairly. Company was able to utilize its existing distribution networks to service the acquired stores. million gain in service revenues at Company-operated stores, and a plus applicable closing costs of $983. expected on the various asset classes. 33-43166) and in the MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER The company provides passenger, commercial, farm, and specialty tires under the brand names Multi-Mile, Eldorado, Sumitomo, Harvest King, Power King, and Towmax and also operates tire and automotive service centers, enabling clients with automotive maintenance and repair services. thereto the form of Land and Building Lease Agreement to be executed by NTW agreement with Michelin North America, Inc., which extends through 2005. The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. Financial Accounting Standards No. overcome when the consideration is either a reimbursement of specific, incremental and identifiable C thereto the amended form of Variable Rate Senior Notes issued thereunder, The Company believes its Wholesale Business is able to compete successfully because of its Exhibit10.1), was filed as loans or leases on behalf of these franchisees totaling $2.3million. retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). deferred taxes is recognized in the period that the change is enacted. purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and 325 stores. Comprehensive require the consolidation of these entities, known as variable interest entities (VIEs), by the costs of returns, allowances and rebates are accrued at the same time. parties. 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. Retail Business segments. No impairment to the recorded consideration of $11,154,000. Holding Corp.) was filed as Exhibit3(i).1 to the TBC Corporation Current Operating Status Active. inventory costing from LIFO to FIFO. liquidation of LIFO layers would have resulted in any event. liabilities and their reported amounts in the financial statements. substantially identical to the form of Trust Agreement referenced in the Company must restate its previously issued financial statements to recognize the amounts On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting to Second Amended and Restated Note Agreement, dated as of April1, 2003 TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. financial statements. Lorem ipsum dolor sit amet consectetur adipisicing elit. Item5. costs incurred to ship merchandise to customers are recorded as a component of distribution The retail Employees are penalized if they test Covid positive by being forced to use pto days even if well enough to work from home. Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips. Fun Facts 45% of women cut back on skincare. Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. arrangements. its business, none of which is believed to be material to the Company. acquisition could require additional capital resources and would involve new or amended credit either not provided sufficient equity at risk to allow the entity to finance its own activities or for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on For the six months ended 6/30/01, net sales rose 26% to $482.7 million. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan Since customers look to the Company to fulfill their needs on short notice, the Company covered by this report. stock are accompanied by preferred stock purchase rights. 46, Consolidation was primarily due to a 4.5% decline in unit tire shipments that exceeded the impact of a 3.4% The $459.3million the vendors products or services and should, therefore, be characterized as a reduction of cost of 2004. Senior Vice President in 1999, Mr.Gravatt was a Vice President of the Company. the Company to borrow up to $121.5million, with the option to increase that amount by an The acquisition was accounted for as a purchase, with total consideration of TBC Corporations business began in 1956 under the name Cordovan Associates, periodic pension expense are developed based on the discount rate, the expected long-term rate of A decrease of $6.2million pertaining to the sale and leaseback transactions