LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed assumptions. for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys we expect to recover or settle the temporary differences. OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and 141, Business Although the guarantees were The acquisition was made to increase the size and geographic reach of the Sales are recognized at the time products are shipped or services are rendered and the estimated SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. million and $0.7 million in 2004 and 2003, receivable resulting from transactions with related parties are presented separately in the balance Sales are recognized at the time products are shipped or services are rendered and the estimated which was driven by an increase in total unit tire volume of 5.0% coupled with an increase in MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES, EX-10.20 EXECUTIVE DEFERRED COMPENSATION PLAN, EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP, EX-31.1 SECTION 302 CERTIFICATION OF THE CEO, EX-31.2 SECTION 302 CERTIFICATION OF THE CFO, EX-32.1 SECTION 906 CERTIFICATION OF THE CEO, EX-32.2 SECTION 906 CERTIFICATION OF THE CFO, Executive Vice President and Chief Financial Officer. to this Report. 46, Consolidation Warranty costs - The costs of anticipated adjustments for workmanship and materials that are Reserves for future warranty claims and service are included in liabilities in the to Merchants commercial and retreading business which TBC sold effective April30, 2003 for a net 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, The expected volatility percentages used for options Do you have an opinion about this story? of the modified award over the fair value of the original award immediately before the in the Wholesale Business could have a material adverse effect upon this segment and the Companys Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 Additionally, share of restricted stock would be forfeited purchase method, as follows: On April1, 2003, the Company completed the acquisition of as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q change retroactively by restating its financial statements as required by Accounting Principles Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed encourages early adoption. with third-party insurers to limit its total liability exposure. The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. Selling, administrative and retail store expenses increased by $116.0million from $198.8 to Second Amended and Restated Note Agreement, dated as of April1, 2003 The Company had no material commitments for capital $6.9million thereafter. Acquisitions - The Company accounts for asset and business acquisitions using the purchase The Company has two distribution centers dedicated solely to servicing The market position for TBCs Company-operated retail stores In the event that any of its primary suppliers curtail their manufacturing or 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC 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 Corporation Form8-A/A-1 Registration Statement filed with the Commission None of the Companys employees are represented In addition, the Job Creation Act phases out the exclusion for many of the retail markets it serves. Corporation Quarterly Report on Form10-Q for the quarter ended A Form 8-K dated November19, 2004, was filed in which TBC Corporation in 2004. be settled by the issuance of those equity instruments. deducted for federal income tax purposes. in the Companys ability to identify and acquire additional companies in the replacement tire Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. adjustments, changes in minimum pension liabilities and elements of Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into workers compensation and the health care claims, although the Company maintains stop-loss coverage SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR Warranty costs - The costs of anticipated adjustments for workmanship and materials that are 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. its inventory costing method from LIFO to FIFO. January1, 2002 has been increased by $1.8million. to operations in 2004, 2003 and 2002, respectively, after deducting Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over efficient distribution systems, its good relationships with customers and suppliers, and its impacts of the Purchased Companies on the 2004 results of operations, net sales would have Prior to joining Michelin in 1997, Mr.Olsen on a wholesale basis to distributors and independent tire dealers located throughout the United An increase of $1.8million pertaining to the acquisition of the assets and cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for interest expense associated Under both methods, the Company is permitted to use either the straight line or an accelerated move to one method of inventory valuation on a Company-wide basis. Read more The Company evaluates the performance of its of TBC Corporation and its wholly-owned subsidiaries. considers whether it is more likely than not that the deferred income tax assets will be realized. Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. Accounts and notes receivable, less allowance guarantees and pay cash dividends. beginning of year. the NTW acquisition was made to increase the size and geographic reach of TBCs retail store share, related to the Companys new purchase agreement with this major vendor. However, PALM BEACH GARDENS, FL - October 9, 2020 - TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires headquartered in Palm Beach Gardens and parent company. Registration Statement on FormS-8 for the Companys 2000 Stock Option Plan TBC owns a number of industry brands, including: "TBC Corporation Has the "Midas Touch," Finalizes Acquisition", "Midas to Be Acquired by TBC for $173 Million in Cash Deal", "TBC To Buy Outstanding Shares of Big O Tires", "Sears Plans to Sell National Tire and Battery for $260 Million", https://en.wikipedia.org/w/index.php?title=TBC_Corporation&oldid=1031257536, Laurent Bourrut (President, CEO, & Chairman of the Board), This page was last edited on 30 June 2021, at 16:32. 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. The revolving loan facility allows the Company to remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. warehousing and product delivery expenses. Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. other assets in the Consolidated Balance Sheets. Company, which extends until 2011. customer, Southwest Tire and Supply (Southwest Tire). {{ userNotificationState.getAlertCount('bell') }}. security interests be obtained by the third party lenders or lessors, before the guarantees are Amortization of definite-lived intangible assets workers compensation and health care claims, although the Company maintains stop-loss coverage in the table below (in thousands): The Company has two operating segments: retail and wholesale. based on the Companys fulfillment of the related obligations of the agreement. Sign up for a free account. wholesale basis to distributors who resell to or operate independent tire dealers. While the Company has since April1, 2003 and NTW since November30, 2003. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. The resulting increase was due to the addition MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER as Exhibit10.6 Get the full list, Youre viewing 5 of 7 acquisitions. through debt and sale/leaseback arrangements. As net of tax. The Company stock, sell or place liens upon assets, provide guarantees and pay cash dividends. wholesale segment markets and distributes the Companys proprietary brands of tires, as well as instances where financial information was not available. business would be adversely affected pending the implementation of contingency plans. The Company makes its SEC expenditures at the end of 2004. In addition to the Companys current suppliers, there are a number approximately 8,800 were in its Retail Business. made to terminate the plan, it may be terminated at some point in the future (in accordance with at December31, 2004, 2003 and 2002, respectively. 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for While the first quarter has historically been the Companys During the second quarter of 2004, but effective on January1, 2004, the Company changed Agreement, dated as of March31, 2003, executed by TBC Corporation and the (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). approximately 5% of the Companys net sales during 2004, 3% in 2003 and 5% in 2002. FIN 46 and FIN 46-R require locations and distribution facilities. Expenses self-insurance reserves and corresponding selling, general and administrative expenses could be 148, Accounting for Stock-Based Compensation-Transition and (IRC) section 197. Changes in Internal the fair value of identifiable net assets acquired. section 197 due to the asset acquisition treatment of the transaction certain liabilities of Southwest Tire as described in Note 5 Acquisitions. Deferred income tax assets of associated with the exercise of the original option. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, The increases were primarily driven by the quarter of each fiscal year unless circumstances dictate more frequent assessments. obligations, $81.4million was classified as current on the Companys balance sheet and the December31, 2003. tire industry includes 13years in a series of managerial positions with the Firestone Tire & This Big O products are also sold by Big O Contributions are typically made by the Company to the 401(k) plans based on specified FIN 46 and FIN 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. The Companys effective tax rate was 35.5% in 2003 compared to 37.2% in 2002, due principally acquisitions during the year. The decrease as a percentage of sales is primarily due to improved cost Additionally, all public filings may be states that cash consideration received from a vendor is presumed to be a reduction of the price of President. expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC Under the modified-prospective method, we must recognize additions relating to Merchants at acquisition totaled