0001193125-22-078086.txt : 20220317 0001193125-22-078086.hdr.sgml : 20220317 20220317124232 ACCESSION NUMBER: 0001193125-22-078086 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220317 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220317 DATE AS OF CHANGE: 20220317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOODYEAR TIRE & RUBBER CO /OH/ CENTRAL INDEX KEY: 0000042582 STANDARD INDUSTRIAL CLASSIFICATION: TIRES AND INNER TUBES [3011] IRS NUMBER: 340253240 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01927 FILM NUMBER: 22747581 BUSINESS ADDRESS: STREET 1: 1144 E MARKET ST CITY: AKRON STATE: OH ZIP: 44316 BUSINESS PHONE: 2167962121 MAIL ADDRESS: STREET 1: 1144 E MARKET ST CITY: AKRON STATE: OH ZIP: 44316 8-K 1 d325099d8k.htm 8-K 8-K
GOODYEAR TIRE & RUBBER CO /OH/ false 0000042582 0000042582 2022-03-17 2022-03-17

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  (March 17, 2022)

Month 1, 2022

 

 

THE GOODYEAR TIRE & RUBBER COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

Ohio   1-1927   34-0253240
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)

 

200 Innovation Way, Akron, Ohio   44316-0001
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (330) 796-2121

Not Applicable

Former name or former address, if changed since last report

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common Stock, Without Par Value   GT   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 8.01

Other Events.

Financial and Other Information Related to the Cooper Tire Transaction

The Goodyear Tire & Rubber Company (“Goodyear”) is filing this Current Report on Form 8-K to provide certain pro forma financial information giving effect to its acquisition of Cooper Tire & Rubber Company (“Cooper Tire”). As previously disclosed in Goodyear’s Current Report on Form 8-K filed on June 7, 2021, pursuant to the Agreement and Plan of Merger, dated as of February 22, 2021, by and among Goodyear, Vulcan Merger Sub Inc., a wholly owned subsidiary of Goodyear (“Merger Sub”), and Cooper Tire, on June 7, 2021, Merger Sub merged with and into Cooper Tire, with Cooper Tire surviving as a wholly owned subsidiary of Goodyear (the “Merger”).

Included as Exhibit 99.1 to this Current Report on Form 8-K is the unaudited pro forma condensed combined statement of operations of Goodyear for the year ended December 31, 2021 and the notes related thereto (the “pro forma financial information”), giving effect to the Merger as if it occurred on January 1, 2021.

The pro forma financial information included in this Current Report on Form 8-K has been presented for informational purposes only. It does not purport to represent the actual results of operations that Goodyear and Cooper Tire would have achieved had the companies been combined as of January 1, 2021 and is not intended to project the future results of operations that Goodyear may achieve as a result of the Merger.

Cautionary Notes on Forward-Looking Statements

This Form 8-K contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements regarding the effects of the Merger, including the expected benefits of the Merger, projected financial information, future opportunities, and any other statements regarding Goodyear’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions. All such forward-looking statements are based on current expectations of Goodyear’s management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements.

Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include uncertainties as to the risk that the anticipated U.S. federal income tax treatment of the Merger is not obtained; the effects of disruption to Goodyear’s business; the effects of industry, market, economic, political or regulatory conditions outside of Goodyear’s control; the ability of Goodyear to retain and hire key personnel; Goodyear’s ability to achieve the benefits from the Merger; Goodyear’s ability to effectively integrate acquired operations into its own operations; unknown liabilities; and the diversion of management time on transaction-related issues. Additional information concerning these risks, uncertainties and assumptions can be found in Goodyear’s filings with the SEC, including the risk factors discussed in Goodyear’s most recent annual report on Form 10-K and future filings with the SEC.

While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Goodyear’s financial condition, results of operations, credit rating or liquidity. Goodyear does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

 

1

Item 9.01

Exhibits.

 

Exhibit

Number

   

Description of Exhibit

99.1    The unaudited pro forma condensed combined statement of operations of The Goodyear Tire & Rubber Company for the year ended December 31, 2021, giving effect to the acquisition of Cooper Tire & Rubber Company.
104    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Date: March 17, 2022     THE GOODYEAR TIRE & RUBBER COMPANY
    By:  

/s/ Darren R. Wells

      Darren R. Wells
      Executive Vice President and Chief Financial Officer
 EX-99.1 2 d325099dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

On June 7, 2021 (the “Closing Date”), The Goodyear Tire & Rubber Company (“Goodyear”) completed its acquisition of Cooper Tire & Rubber Company (“Cooper Tire”), pursuant to the terms of the Agreement and Plan of Merger, dated as of February 22, 2021 (the “Merger Agreement”), by and among Goodyear, Vulcan Merger Sub Inc., a direct, wholly owned subsidiary of Goodyear (“Merger Sub”), and Cooper Tire. On the Closing Date, Goodyear acquired Cooper Tire by way of the merger of Merger Sub with and into Cooper Tire, with Cooper Tire surviving the merger as a wholly owned subsidiary of Goodyear (the “Merger”). Cooper Tire stockholders received $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per share of Cooper Tire common stock (the “Merger Consideration”) as consideration pursuant to the terms of the Merger Agreement, which amounted to approximately $3.1 billion.

The following unaudited pro forma condensed combined statement of operations (“pro forma statement of operations”) gives effect to the Merger as if it had occurred on January 1, 2021. An unaudited pro forma condensed combined balance sheet for 2021 has not been presented as the acquisition and related financing transactions have already been fully reflected in the consolidated balance sheet included in Goodyear’s Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 14, 2022. This pro forma statement of operations and related notes, collectively referred to as “pro forma financial information”, have been prepared in accordance with Article 11 of Regulation S-X and have been derived from, and should be read in conjunction with, the historical consolidated financial statements and accompanying notes thereto in Goodyear’s Form 10-K for the year ended December 31, 2021, and in Cooper Tire’s Form 10-Q for the quarterly period ended March 31, 2021.

The pro forma financial information has been prepared using the acquisition method of accounting in accordance with Accounting Standard Codification (“ASC”) 805, “Business Combinations” which requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date with limited exceptions.

The historical consolidated financial information of Goodyear and Cooper Tire has been adjusted in the pro forma financial information to give effect to pro forma events, including the Merger and related financing. The pro forma statement of operations should be read in conjunction with the accompanying Notes to Unaudited Pro Forma Condensed Combined Statement of Operations and does not reflect pro forma adjustments for the costs of any integration activities or benefits that may result from the realization of future cost savings from operating efficiencies or any other synergies that may result from the Merger, including income tax synergies.

The statement and related notes are being provided for illustrative purposes only and do not purport to represent what Goodyear’s actual results of operations would have been had the Merger been completed on January 1, 2021, nor are they necessarily indicative of Goodyear’s results of operations for any future period. Under the acquisition method of accounting, the Merger Consideration is allocated, as of the Closing Date, to the identifiable assets acquired and liabilities assumed of Cooper Tire, which are recognized and measured at fair value based on management’s estimates, available information, and supportable assumptions that management considers reasonable. Certain of these fair value estimates, including those related to Property, Plant and Equipment, certain liabilities and Goodwill, are preliminary and dependent upon management completing further analyses and studies. Given the complex nature of the related valuations and analyses to be completed and the timing of the acquisition, the preliminary purchase price allocation is subject to change. The final valuation of assets acquired and liabilities assumed may be materially different from the estimated values presented in the preliminary allocation of the Merger Consideration in Note 4, Merger Consideration and Preliminary Allocation.

The accounting adjustments for the acquisition consist of those necessary to account for the acquisition and are based upon available information and certain assumptions that Goodyear believes are reasonable under the circumstances. The assumptions underlying the adjustments are described in greater detail in the accompanying Notes to Unaudited Pro Forma Condensed Combined Statement of Operations.

Goodyear used the net proceeds from the issuance of new senior notes with an aggregate principal amount of $1.45 billion, together with cash on hand and borrowings under its first lien revolving credit facility, to finance the cash portion of the Merger Consideration and related transaction costs. For purposes of the pro forma statement of operations, the adjustments related to the issuance of this debt are shown in a separate column as “Other Adjustments”.

 

1

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

 

    Year Ended December 31, 2021  

(In millions, except per
share amounts)

   Goodyear
(As Reported)		     Cooper Tire
(As Reported –
Three Months Ended
March 31, 2021)		     Cooper Tire
(Historical –
April 1, 2021 to
June 6, 2021)		     Reclassification
Adjustments		     Note     Transaction
Adjustments		     Note     Other
Adjustments		     Note     Combined
Pro Forma		     Note  

Net Sales

   $ 17,478     $ 656     $ 582     $ 45       3 (a)    $ (29 )      5 (a)    $ —         $ 18,732    

Cost of Goods Sold

     13,692       547       435       (15 )      3 (b)      (71 )      5 (b)      —           14,588    

Selling, Administrative and General Expense

     2,699       71       165       19       3 (c)      16       5 (c)      —           2,970    

Rationalizations

     93       —         —         —           —           —           93    

Interest Expense

     387       5       14       —           (3 )      5 (d)      31       6 (a)      434    

Interest Income

     —         (1 )      —         1       3 (d)      —           —           —      

Other Pension and Postretirement Benefit Expense

     —         3       (3 )      —           —           —           —      

Other (Income) Expense

     94       —         4       40       3 (d)      (18 )      5 (e)      —           120    
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

      

 

 

    

Income (Loss) before Income Taxes

     513       31       (33 )      —           47         (31 )        527    

United States and Foreign Tax Expense (Benefit)

     (267 )      9       (2 )      —           12       5 (f)      (8 )      6 (a)      (256 )   
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

      

 

 

    

Net Income (Loss)

     780       22       (31 )      —           35         (23 )        783    

Less: Minority Shareholders’ Net Income

     16       —         1       —           —           —           17    
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

      

 

 

    

Company Net Income (Loss)

  $ 764     $ 22     $ (32 )    $ —         $ 35       $ (23 )      $ 766    
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

      

 

 

    

Goodyear Net Income — Per Share of Common Stock

                      

Basic

  $ 2.92                     $ 2.73       5 (g) 
 

 

 

                    

 

 

    

Weighted Average Shares Outstanding*

     261               19             280    

Diluted

   $ 2.89                     $ 2.70       5 (g) 
 

 

 

                    

 

 

    

Weighted Average Shares Outstanding*

     264               19             283    

 

*

Goodyear (As Reported) Weighted Average Shares Outstanding Basic and Diluted as of December 31, 2021 each include 27 million equivalent shares related to the 46 million shares of Goodyear Common Stock issued on the Closing Date as part of the Merger Consideration. See Note 4, Merger Consideration and Preliminary Allocation.

 

2

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

Note 1. DESCRIPTION OF THE MERGER

On June 7, 2021, Goodyear completed its acquisition of all of the outstanding shares of common stock of Cooper Tire pursuant to the terms of the Merger Agreement. Cooper Tire’s results of operations have been included in Goodyear’s consolidated financial statements since the Closing Date. Cooper Tire stockholders received $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per share of Cooper Tire common stock as consideration pursuant to the terms of the Merger Agreement, which amounted to approximately $3.1 billion.

Note 2. BASIS OF PRESENTATION

The pro forma financial information has been prepared in accordance with Article 11 of Regulation S-X and has been compiled from historical consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with Goodyear’s Form 10-K for the year ended December 31, 2021, and Cooper Tire’s Form 10-Q for the quarterly period ended March 31, 2021. This pro forma financial information is presented for informational purposes only and is not necessarily indicative of what the combined company’s results of operations actually would have been had the Merger been completed as of January 1, 2021. In addition, this pro forma financial information does not purport to project the future operating results of the combined company.

The pro forma financial information has been prepared using the acquisition method of accounting in accordance with ASC 805, “Business Combinations” which requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date with limited exceptions. The acquisition method of accounting uses the fair value concepts defined in ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”).

ASC 820 defines fair value, establishes the framework for measuring fair value for any asset acquired or liability assumed under GAAP, and specifies a hierarchy of valuation techniques based on the nature of the inputs used to develop the fair value measurements. Fair value is defined in ASC 820 as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements can be highly subjective, and it is possible the application of reasonable judgement could develop different assumptions resulting in a range of alternative estimates using the same facts and circumstances.

Under the acquisition method of accounting, the Merger Consideration is allocated, as of the Closing Date, to the identifiable assets acquired and liabilities assumed of Cooper Tire, which are recognized and measured at fair value based on management’s estimates, available information, and supportable assumptions that management considers reasonable. Certain of these fair value estimates, including those related to Property, Plant and Equipment, certain liabilities and Goodwill, are preliminary and dependent upon management completing further analyses and studies. Given the complex nature of the related valuations and analyses to be completed and the timing of the acquisition, the preliminary purchase price allocation is subject to change. The final valuation of assets acquired and liabilities assumed may be materially different from the estimated values presented in the preliminary allocation of the Merger Consideration in Note 4, Merger Consideration and Preliminary Allocation. Certain amounts from the historical financial statements of Cooper Tire were reclassified to conform the presentation to that of Goodyear. (See Note 3, Pro Forma Reclassification Adjustments.)

The total Merger Consideration has been measured using the closing market price of Goodyear common stock as of June 4, 2021 (the last trading day prior to the Closing Date).

The pro forma financial adjustments do not reflect any of the following:

 

  •  

cost savings,

 

  •  

operating synergies,

 

  •  

revenue enhancements,

 

  •  

costs to combine the operations of Goodyear and Cooper Tire, or

 

  •  

realization of potential income tax synergies and benefits.

The pro forma financial information has been compiled using Goodyear’s historical information and accounting policies and combining the assets and liabilities of Cooper Tire at their respective estimated fair values, as well as Cooper Tire’s historical results of operations. Goodyear’s management conducted a review of Cooper Tire’s accounting policies in order to determine if differences require adjustment or reclassification of Cooper Tire’s results of operations, assets or liabilities to conform to Goodyear’s accounting policies and classifications.

 

3

Note 3. PRO FORMA RECLASSIFICATION ADJUSTMENTS

Certain reclassifications have been recorded to Cooper Tire’s historical financial statements to conform to Goodyear’s presentation, as follows:

 

(a)

Net Sales – reclassification to Cost of Goods Sold (“CGS”) of $45 million for the period January 1, 2021 to June 6, 2021 for costs incurred for transportation of products to customers.

 

(b)

Cost of Goods Sold

 

(In millions)    Reclassification
Adjustments for the
Period January 1, 2021
to June 6, 2021		  

Reclassification of costs incurred for transportation of products to customers from Net Sales

    $ 45  

Reclassification of warehouse overhead expense to Selling, Administrative and General Expense (“SAG”)

      (45 ) 

Reclassification of product liability expense to SAG

      (17 ) 

Other reclassifications from SAG

      2  
  

 

 

  
   $ (15 ) 
  

 

 

  

 

(c)

Selling, Administrative and General Expense

 

(In millions)    Reclassification
Adjustments for the
Period January 1, 2021
to June 6, 2021		  

Reclassification of warehouse overhead expense from CGS

    $ 45  

Reclassification of acquisition-related transaction costs to Other (Income) Expense

      (41 ) 

Reclassification of product liability expense from CGS

      17  

Other reclassifications to CGS

      (2 ) 
  

 

 

  
   $ 19  
  

 

 

  

 

(d)

Other (Income) Expense

 

(In millions)    Reclassification
Adjustments for the
Period January 1, 2021
to June 6, 2021		  

Reclassification of acquisition-related transaction costs from SAG

    $ 41  

Reclassification from Interest Income

      (1 ) 
  

 

 

  
   $ 40  
  

 

 

  

Note 4. MERGER CONSIDERATION AND PRELIMINARY ALLOCATION

Merger Consideration

The Merger Consideration amounted to approximately $3.1 billion.

The calculation of the Merger Consideration is as follows:

 

(In millions, except share and per share amounts)    Shares      Per Share (4)      Total  

Cash paid for Cooper Tire Shares(1)

          $ 2,121  

Cash paid for other Cooper Tire incentive compensation awards(2)

            34  
        

 

 

  

Cash component of the Merger Consideration

          $ 2,155  

Shares of Goodyear Common Stock issued to Cooper Tire Stockholders(3)

      46,060,349      $ 20.46        942  
        

 

 

  

Merger Consideration

          $ 3,097  
        

 

 

  

 

  (1)

The cash component of the Merger Consideration is computed based on 100% of the outstanding shares of Cooper Tire common stock as of the closing date, including shares issuable pursuant to the conversion of certain equity-based awards outstanding under Cooper Tire’s equity-based incentive compensation plans (“Cooper Tire Shares”), being exchanged, in part, for the per

 

4

  share cash amount of $41.75. Awards outstanding under Cooper Tire equity-based incentive compensation plans that were converted include Cooper Tire restricted stock units and Cooper Tire performance stock units. These Cooper Tire equity-based awards were canceled and each share equivalent unit was converted, as appropriate, into the Merger Consideration.

 

(In millions, except share and per share amounts)    Shares      Per Share      Total  

Shares of Cooper Tire Common Stock outstanding

      50,523,922        

Shares issuable pursuant to conversion of share units outstanding under Cooper Tire equity-based compensation plans

      269,238        
  

 

 

        

Cooper Tire Shares

      50,793,160      $ 41.75      $ 2,121  

 

  (2)

Cash consideration for the settlement of outstanding Cooper Tire stock options, Cooper Tire performance cash units and Cooper Tire notional deferred stock units, all of which were canceled at the Closing Date and paid in cash.

 

  (3)

The stock component of the Merger Consideration is computed based on a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper Tire Share being exchanged. Shares issued of 46,060,349 are comprised of 45,824,480 of newly issued shares and 235,869 of shares issued from treasury.

 

     Shares      Exchange
Ratio		      Total  

Cooper Tire Shares

      50,793,160        

Less: Cooper Tire Shares settled in cash(5)

      9,975        
  

 

 

        
     50,783,185        0.907        46,060,349  

 

  (4)

Represents the closing market price of Goodyear common stock as of June 4, 2021, the last trading day prior to the Closing Date.

 

  (5)

Represents fractional and certain other shares that were settled in cash.

Allocation of Merger Consideration

Under the acquisition method of accounting, the Merger Consideration is allocated, as of the Closing Date, to the identifiable assets acquired and liabilities assumed of Cooper Tire, which are recognized and measured at fair value based on management’s estimates, available information, and supportable assumptions that management considers reasonable. Certain of these fair value estimates, including those related to Property, Plant and Equipment, certain liabilities and Goodwill, are preliminary and dependent upon management completing further analyses and studies. Given the complex nature of the related valuations and analyses to be completed and the timing of the acquisition, the preliminary purchase price allocation is subject to change. The final valuation of assets acquired and liabilities assumed may be materially different from the estimated values shown below.

 

5

The following table sets forth the allocation of the Merger Consideration to the estimated fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of Cooper Tire, with the excess recorded to Goodwill, as of the Closing Date:

 

(In millions)    June 7, 2021  

Cash and Cash Equivalents

    $ 231  

Accounts Receivable

      541  

Inventories(a)

      695  

Property, Plant and Equipment(b)

      1,348  

Goodwill

      618  

Intangible Assets(c)

      926  

Other Assets

      357  
  

 

 

  
     4,716  

Accounts Payable – Trade

      (381 ) 

Compensation and Benefits

      (356 ) 

Debt, Finance Leases and Notes Payable and Overdrafts(d)

      (151 ) 

Deferred Tax Liabilities, net(e)

      (292 ) 

Other Liabilities

      (418 ) 

Minority Equity

      (21 ) 
  

 

 

  
     (1,619 ) 
  

 

 

  

Merger Consideration

    $ 3,097  
  

 

 

  

 

(a)

Inventories

The estimated value of Inventory includes adjustments totaling $232 million at the Closing Date, comprised of $122 million, primarily to adjust inventory valued on a last-in, first-out (“LIFO”) basis to a current cost basis, and $110 million to step-up inventory to estimated fair value. Goodyear has eliminated the LIFO reserve on Cooper Tire’s U.S. inventories as Goodyear predominately determines the value of its inventory using the first-in, first-out method. To estimate the fair value of inventory, Goodyear considered the components of Cooper Tire’s inventory, as well as estimates of selling prices and selling and distribution costs that were based on Cooper Tire’s historical experience.

 

(b)

Property, Plant and Equipment

The estimated value of Property, Plant and Equipment includes adjustments totaling $138 million to increase the net book value of $1,210 million to the preliminary fair value estimate of $1,348 million. This estimate is based on a combination of cost and market approaches, including appraisals, and preliminary expectations as to the duration of time Goodyear expects to realize benefits from those assets, as we continue to assess the underlying condition of Cooper Tire’s fixed assets.

 

(c)

Intangible Assets

The estimated fair values of identifiable intangible assets acquired were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method. The estimated useful lives are based on Goodyear’s historical experience and expectations as to the duration of time Goodyear expects to realize benefits from those assets. The estimated fair values of the identifiable intangible assets acquired, their weighted average useful lives and related valuation methodology are as follows:

 

(In millions)    Fair Value      Weighted
Average
Useful Lives		      Valuation Methodology  

Trade names (indefinite-lived)

    $ 560        N/A        Relief-from-royalty  

Trade names (definite-lived)

      10        14 years        Relief-from-royalty  

Customer relationships

      350        12 years        Multi-period excess earnings  

Non-compete and other

      6        2 years        Discounted cash flow  
  

 

 

        
   $ 926        
  

 

 

        

 

(d)

Debt, Finance Leases and Notes Payable and Overdrafts

Includes the estimated fair value of Cooper Tire’s existing debt that was assumed in the Merger of $136 million, comprised of $117 million in aggregate principal amount of 7.625% senior notes due 2027 and a $19 million fair-value step-up adjustment which will be amortized against Interest Expense over the remaining life of the notes.

 

6

(e)

Deferred Tax Liabilities, net

Includes a ($312) million deferred tax impact related to the allocation of the Merger Consideration to the identifiable tangible and intangible assets acquired and liabilities assumed and Cooper Tire’s historical net deferred tax assets of $20 million.

Note 5. PRO FORMA STATEMENT OF OPERATIONS TRANSACTION ADJUSTMENTS

The pro forma financial information has been prepared using Cooper Tire’s financial statements and disclosures, as well as certain assumptions made by Goodyear. Estimates of the fair value of assets acquired and liabilities assumed are described in Note 4, Merger Consideration and Preliminary Allocation.

 

(a)

Net Sales – Reflects the adjustment for certain product sales between Goodyear and Cooper Tire which were eliminated in consolidation.

 

(b)

Cost of Goods Sold

 

(In millions)    Transaction
Adjustments for the
Year Ended
December 31, 2021		  

Elimination of Net Sales between Goodyear and Cooper Tire

    $ (29 ) 

Elimination of change in LIFO reserve

      (44 ) 

Additional depreciation related to step-up of Property, Plant and Equipment

      2  
  

 

 

  
   $ (71 ) 
  

 

 

  

The depreciation expense related to Property, Plant and Equipment is based on the estimated fair values amortized over the respective estimated remaining useful lives.

 

(c)

Selling, Administrative and General Expense

 

(In millions)    Transaction
Adjustments for the
Year Ended
December 31, 2021		  

Amortization of acquired Intangible Assets, net of Cooper Tire’s historical amortization

    $ 14  

Change in timing for employee retention

      2  
  

 

 

  
   $ 16  
  

 

 

  

The amortization expense related to the acquired Intangible Assets is based on the estimated fair values amortized over the respective estimated remaining useful lives.

 

(d)

Interest Expense

 

(In millions)    Transaction
Adjustments for the
Year Ended
December 31, 2021		  

Elimination of Cooper Tire’s historical Interest Expense on debt not assumed

    $ (2 ) 

Amortization of fair value adjustment on Cooper Tire debt

      (1 ) 
  

 

 

  
   $ (3 ) 
  

 

 

  

 

(e)

Other (Income) Expense– Reflects the elimination of Cooper Tire’s amortization of actuarial losses from Accumulated Other Comprehensive Loss (“AOCL”) to net periodic benefit cost. In accordance with acquisition accounting, the funded status of defined benefit plans as of the acquisition date is recognized as an asset or liability on the balance sheet and previously unrecognized amounts related to actuarial gains or losses in AOCL are not carried forward and, thus, no longer amortized.

 

(f)

United States and Foreign Tax Expense

This adjustment reflects the income tax expense (benefit) effects of the transaction-related adjustments based on applicable statutory tax rates. The tax rates used for this pro forma financial information are an estimate, and therefore, the blended rate will likely vary from the actual effective rate in periods subsequent to the completion of the Merger. A pro forma blended statutory tax rate of 25.0% was used in determining the tax impact of certain pro forma adjustments. This rate was estimated using the statutory income tax rate for Goodyear and Cooper Tire, weighted based on respective income (loss) before income taxes. The pro forma blended statutory tax rate for Goodyear and Cooper Tire is based on the U.S. statutory income tax rate of 21%, plus 4% related to the tax rate impact of state and local income taxes and income taxes of non-U.S. operations.

 

7

(g)

Company Net Income (Loss) Per Common Share

Pro forma Company Net Income (Loss) per common share for the year ended December 31, 2021, has been calculated based on the estimated weighted-average number of common shares outstanding on a pro forma basis, as described below. The pro forma weighted-average shares outstanding have been calculated as if the acquisition-related shares had been issued and outstanding and outstanding Cooper Tire shares canceled as of January 1, 2021. For additional information on the calculation of acquisition-related shares, see Note 4, Merger Consideration and Preliminary Allocation.

 

     Year Ended December 31, 2021  
(In millions, except per share amounts)    Goodyear
(As Reported)		      Combined
Pro Forma		  

Net Income attributable to common shareholders

    $ 764      $ 766  

Weighted-average number of common shares outstanding – diluted

      264        283  

Less dilutive effect of stock options and restricted awards

      (3 )       (3 ) 
  

 

 

     

 

 

  

Weighted-average number of common shares outstanding – basic

      261        280  
  

 

 

     

 

 

  

Income per common share

      

Diluted

    $ 2.89      $ 2.70  

Basic

      2.92        2.73  

Note 6. OTHER ADJUSTMENTS

Other adjustments consist of transactions related to the Merger but outside of the Merger transaction as follows:

 

(a)

Interest Expense and United States and Foreign Tax Expense

Represents pro forma interest expense of $31 million for the year ended December 31, 2021, assuming that the new senior notes were issued on January 1, 2021, and we borrowed approximately $475 million on Goodyear’s first lien revolving credit facility from January 1, 2021 through the Closing Date. The interest rate assumed on the revolving credit facility from January 1, 2021 to the Closing Date is one-month LIBOR plus 125 basis points.

A blended statutory rate of 25.0% was used to determine the tax impact related to the pro forma interest expense associated with the new senior notes and borrowings on Goodyear’s first lien revolving credit facility.

 

8

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