Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2011

Consolidating Financial Information [Abstract]

Consolidating Balance Sheet

	Consolidating Balance Sheet
	June 30, 2011
										Consolidating
	Parent			Guarantor			Non-Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets:
Current Assets:
Cash and Cash Equivalents	$	569		$	39		$	1,196		$	—		$	1,804
Accounts Receivable		1,008			239			2,292			—			3,539
Accounts Receivable From Affiliates		—			492			114			(606	)		—
Inventories		1,700			214			2,222			(104	)		4,032
Prepaid Expenses and Other Current Assets		71			5			311			14			401
Total Current Assets		3,348			989			6,135			(696	)		9,776
Goodwill		—			24			505			191			720
Intangible Assets		109			1			51			—			161
Deferred Income Taxes		—			1			48			(1	)		48
Other Assets		233			49			207			—			489
Investments in Subsidiaries		4,075			341			4,324			(8,740	)		—
Property, Plant and Equipment		2,089			172			4,157			30			6,448
Total Assets	$	9,854		$	1,577		$	15,427		$	(9,216	)	$	17,642
Liabilities:
Current Liabilities:
Accounts Payable-Trade	$	875		$	194		$	2,446		$	—		$	3,515
Accounts Payable to Affiliates		606			—			—			(606	)		—
Compensation and Benefits		396			34			359			—			789
Other Current Liabilities		349			38			714			(4	)		1,097
Notes Payable and Overdrafts		—			—			261			—			261
Long Term Debt and Capital Leases Due Within One Year		1			—			256			—			257
Total Current Liabilities		2,227			266			4,036			(610	)		5,919
Long Term Debt and Capital Leases		3,243			—			1,543			—			4,786
Compensation and Benefits		2,232			204			948			—			3,384
Deferred and Other Noncurrent Income Taxes		31			3			229			6			269
Other Long Term Liabilities		646			34			207			—			887
Total Liabilities		8,379			507			6,963			(604	)		15,245
Commitments and Contingent Liabilities
Minority Shareholders’ Equity		—			—			411			227			638
Shareholders’ Equity:
Goodyear Shareholders’ Equity:
Preferred Stock		500			—			—			—			500
Common Stock		244			333			5,022			(5,355	)		244
Capital Surplus		2,801			35			1,025			(1,060	)		2,801
Retained Earnings		1,009			1,168			2,761			(3,929	)		1,009
Accumulated Other Comprehensive Loss		(3,079	)		(466	)		(1,039	)		1,505			(3,079	)
Goodyear Shareholders’ Equity		1,475			1,070			7,769			(8,839	)		1,475
Minority Shareholders’ Equity — Nonredeemable		—			—			284			—			284
Total Shareholders’ Equity		1,475			1,070			8,053			(8,839	)		1,759
Total Liabilities and Shareholders’ Equity	$	9,854		$	1,577		$	15,427		$	(9,216	)	$	17,642

	Consolidating Balance Sheet
	December 31, 2010
							Non-			Consolidating
	Parent			Guarantor			Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current Assets:
Cash and Cash Equivalents	$	792		$	38		$	1,175		$	—		$	2,005
Accounts Receivable		875			219			1,642			—			2,736
Accounts Receivable From Affiliates		—			434			197			(631	)		—
Inventories		1,259			185			1,610			(77	)		2,977
Prepaid Expenses and Other Current Assets		58			5			257			7			327
Total Current Assets		2,984			881			4,881			(701	)		8,045
Goodwill		—			24			476			183			683
Intangible Assets		109			1			51			—			161
Deferred Income Taxes		—			1			58			(1	)		58
Other Assets		241			48			229			—			518
Investments in Subsidiaries		3,879			313			4,324			(8,516	)		—
Property, Plant and Equipment		2,177			172			3,787			29			6,165
Total Assets	$	9,390		$	1,440		$	13,806		$	(9,006	)	$	15,630
Liabilities
Current Liabilities:
Accounts Payable-Trade	$	814		$	140		$	2,153		$	—		$	3,107
Accounts Payable to Affiliates		631			—			—			(631	)		—
Compensation and Benefits		411			34			311			—			756
Other Current Liabilities		369			33			618			(2	)		1,018
Notes Payable and Overdrafts		—			—			238			—			238
Long Term Debt and Capital Leases Due Within One Year		1			—			187			—			188
Total Current Liabilities		2,226			207			3,507			(633	)		5,307
Long Term Debt and Capital Leases		3,573			—			746			—			4,319
Compensation and Benefits		2,296			209			910			—			3,415
Deferred and Other Noncurrent Income Taxes		31			3			202			6			242
Other Long Term Liabilities		620			32			190			—			842
Total Liabilities		8,746			451			5,555			(627	)		14,125
Commitments and Contingent Liabilities
Minority Shareholders’ Equity		—			—			374			210			584
Shareholders’ Equity
Goodyear Shareholders’ Equity
Preferred Stock		—			—			—			—			—
Common Stock		243			333			5,021			(5,354	)		243
Capital Surplus		2,805			35			1,025			(1,060	)		2,805
Retained Earnings		866			1,098			2,698			(3,796	)		866
Accumulated Other Comprehensive Loss		(3,270	)		(477	)		(1,144	)		1,621			(3,270	)
Goodyear Shareholders’ Equity		644			989			7,600			(8,589	)		644
Minority Shareholders’ Equity — Nonredeemable		—			—			277			—			277
Total Shareholders’ Equity		644			989			7,877			(8,589	)		921
Total Liabilities and Shareholders’ Equity	$	9,390		$	1,440		$	13,806		$	(9,006	)	$	15,630

Consolidating Statement of Operations

	Consolidating Statement of Operations
	Three Months Ended June 30, 2011
							Non-			Consolidating
	Parent			Guarantor			Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	2,255		$	705		$	6,512		$	(3,852	)	$	5,620
Cost of Goods Sold		1,988			618			5,872			(3,906	)		4,572
Selling, Administrative and General Expense		248			45			462			(2	)		753
Rationalizations		33			1			12			—			46
Interest Expense		63			5			55			(42	)		81
Other (Income) and Expense		(30	)		(9	)		(20	)		107			48
Income (Loss) before Income Taxes and Equity in Earnings of Subsidiaries		(47	)		45			131			(9	)		120
United States and Foreign Taxes		2			4			60			(2	)		64
Equity in Earnings of Subsidiaries		96			4			—			(100	)		—
Net Income (Loss)		47			45			71			(107	)		56
Less: Minority Shareholders’ Net Income		—			—			9			—			9
Goodyear Net Income (Loss)		47			45			62			(107	)		47
Less: Preferred Stock Dividends		7			—			—			—			7
Goodyear Net Income (Loss) available to Common Shareholders	$	40		$	45		$	62		$	(107	)	$	40

	Three Months Ended June 30, 2010
							Non-			Consolidating
	Parent			Guarantor			Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	1,881		$	594		$	4,772		$	(2,719	)	$	4,528
Cost of Goods Sold		1,686			533			4,218			(2,751	)		3,686
Selling, Administrative and General Expense		250			47			374			(1	)		670
Rationalizations		(2	)		1			7			—			6
Interest Expense		64			4			35			(26	)		77
Other (Income) and Expense		(30	)		(9	)		(8	)		54			7
Income (Loss) before Income Taxes and Equity in Earnings of Subsidiaries		(87	)		18			146			5			82
United States and Foreign Taxes		(2	)		6			40			(1	)		43
Equity in Earnings of Subsidiaries		113			7			—			(120	)		—
Net Income (Loss)		28			19			106			(114	)		39
Less: Minority Shareholders’ Net Income		—			—			11			—			11
Goodyear Net Income (Loss)	$	28		$	19		$	95		$	(114	)	$	28

	Consolidating Statement of Operations
	Six Months Ended June 30, 2011
							Non-			Consolidating
	Parent			Guarantor			Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET SALES	$	4,394		$	1,366		$	12,793		$	(7,531	)	$	11,022
Cost of Goods Sold		3,923			1,212			11,519			(7,621	)		9,033
Selling, Administrative and General Expense		464			89			872			(4	)		1,421
Rationalizations		37			3			15			—			55
Interest Expense		127			10			95			(77	)		155
Other (Income) and Expense		(94	)		(12	)		(39	)		197			52
Income (Loss) before Income Taxes and Equity in Earnings of Subsidiaries		(63	)		64			331			(26	)		306
United States and Foreign Taxes		(1	)		8			124			(5	)		126
Equity in Earnings of Subsidiaries		212			14			—			(226	)		—
Net Income (Loss)		150			70			207			(247	)		180
Less: Minority Shareholders’ Net Income		—			—			30			—			30
Goodyear Net Income (Loss)		150			70			177			(247	)		150
Less: Preferred Stock Dividends		7			—			—			—			7
Goodyear Net Income (Loss) available to Common Shareholders	$	143		$	70		$	177		$	(247	)	$	143

	Six Months Ended June 30, 2010
							Non-		Consolidating
	Parent			Guarantor			Guarantor		Entries and
(In millions)	Company			Subsidiaries			Subsidiaries		Eliminations			Consolidated
NET SALES	$	3,585		$	1,092		$	9,416	$	(5,295	)	$	8,798
Cost of Goods Sold		3,225			977			8,280		(5,340	)		7,142
Selling, Administrative and General Expense		461			91			726		(3	)		1,275
Rationalizations		—			5			3		—			8
Interest Expense		127			8			69		(53	)		151
Other (Income) and Expense		(43	)		(11	)		66		99			111
Income (Loss) before Income Taxes and Equity in Earnings of Subsidiaries		(185	)		22			272		2			111
United States and Foreign Taxes		(2	)		7			92		(1	)		96
Equity in Earnings of Subsidiaries		164			18			—		(182	)		—
Net Income (Loss)		(19	)		33			180		(179	)		15
Less: Minority Shareholders’ Net Income		—			—			34		—			34
Goodyear Net Income (Loss)	$	(19	)	$	33		$	146	$	(179	)	$	(19	)

Consolidating Statement of Cash Flows

	Condensed Consolidating Statement of Cash Flows
	Six Months Ended June 30, 2011
							Non-			Consolidating
	Parent			Guarantor			Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash Flows from Operating Activities:
Total Cash Flows from Operating Activities	$	(337	)	$	15		$	(233	)	$	(114	)	$	(669	)
Cash Flows from Investing Activities:
Capital expenditures		(118	)		(13	)		(401	)		—			(532	)
Asset dispositions		98			—			2			—			100
Capital contributions		—			—			—			—			—
Increase in restricted cash		—			—			(51	)		—			(51	)
Total Cash Flows from Investing Activities		(20	)		(13	)		(450	)		—			(483	)
Cash Flows from Financing Activities:
Short term debt and overdrafts incurred		—			—			64			—			64
Short term debt and overdrafts paid		(6	)		(2	)		(46	)		—			(54	)
Long term debt incurred		—			—			1,890			—			1,890
Long term debt paid		(350	)		—			(1,082	)		—			(1,432	)
Proceeds from issuance of preferred stock		485			—			—			—			485
Common stock issued		7			—			—			—			7
Capital contributions		—			—			—			—			—
Intercompany dividends paid		—			—			(114	)		114			—
Dividends paid to minority shareholders		—			—			(14	)		—			(14	)
Debt related costs and other transactions		(2	)		—			(17	)		—			(19	)
Total Cash Flows from Financing Activities		134			(2	)		681			114			927
Effect of exchange rate changes on cash and cash equivalents		—			1			23			—			24
Net Change in Cash and Cash Equivalents		(223	)		1			21			—			(201	)
Cash and Cash Equivalents at Beginning of the Period		792			38			1,175			—			2,005
Cash and Cash Equivalents at End of the Period	$	569		$	39		$	1,196		$	—		$	1,804

	Condensed Consolidating Statement of Cash Flows
	Six Months Ended June 30, 2010
							Non-			Consolidating
	Parent			Guarantor			Guarantor			Entries and
(In millions)	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash Flows from Operating Activities:
Total Cash Flows from Operating Activities	$	(69	)	$	19		$	247		$	(14	)	$	183
Cash Flows from Investing Activities:
Capital expenditures		(141	)		(10	)		(207	)		—			(358	)
Asset dispositions		—			—			18			—			18
Capital contributions		—			—			(136	)		136			—
Increase in restricted cash		—			—			(37	)		—			(37	)
Return of investment in The Reserve Primary Fund		24			—			—			—			24
Total Cash Flows from Investing Activities		(117	)		(10	)		(362	)		136			(353	)
Cash Flows from Financing Activities:
Short term debt and overdrafts incurred		—			1			27			—			28
Short term debt and overdrafts paid		(1	)		—			(48	)		—			(49	)
Long term debt incurred		—			—			251			—			251
Long term debt paid		(1	)		—			(63	)		—			(64	)
Common stock issued		1			—			—			—			1
Capital contributions		—			—			136			(136	)		—
Intercompany dividends paid		—			—			(14	)		14			—
Dividends paid to minority shareholders		—			—			(2	)		—			(2	)
Debt related costs and other transactions		—			—			—			—			—
Total Cash Flows from Financing Activities		(1	)		1			287			(122	)		165
Effect of exchange rate changes on cash and cash equivalents		—			—			(234	)		—			(234	)
Net Change in Cash and Cash Equivalents		(187	)		10			(62	)		—			(239	)
Cash and Cash Equivalents at Beginning of the Period		802			17			1,103			—			1,922
Cash and Cash Equivalents at End of the Period	$	615		$	27		$	1,041		$	—		$	1,683