Although the guarantees were determine if the assigned value is recoverable or if an adjustment to the carrying value of the lower in 2003 than in 2002 due to a decline in market interest rates. Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used Interest on early payments to suppliers for product - Interest income associated with early stock awards to officers and other key employees. 31, 2004, the Company is the primary beneficiary of three VIEs. The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing primarily in gold, silver, platinum, and other natural resources companies. Financial Officer concluded that the Companys disclosure controls and procedures are effective in 325 stores. $132,185. Net other income average tire sales prices of 8.0%. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. The Companys 2003 consolidated results from provisions of Statement of Financial Accounting Standards (SFAS)No. affected if future claim experience differs significantly from historical trends and actuarial TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, a co-owner of TBC together with Sumitomo Corp. of America. Amounts expended for maintenance and ELECTION OF BOARD OF DIRECTORS. Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and (3)EXHIBITS See Index to Exhibits federal subsidy for qualifying companies. shares issuable upon assumed exercise of stock options. the fair value of identifiable net assets acquired. geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . The new agreement was amended and restated Yes No, INDEX TO EXHIBITS at SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS, FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002, (Exact name of registrant as specified in its charter), Aggregate market value of outstanding shares of Common Stock, Box 18342, Memphis, Tennessee, and the distributor (hereinafter called "Distributor") whose name and address are set forth at the . reorganization to implement a holding company structure. Company Type For Profit. and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a customer or program. assumptions. to Second Amended and Restated Note Agreement, dated as of April1, 2003 Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. additional allowances may be required. uncertainties related to its ability to utilize some of its deferred tax assets, primarily The acquisition was accounted for as an asset purchase, with total Beginning in 2005, the Jobs Creation Amounts added during current year and payable at year end less amount payable at The Company makes its SEC Company in April1998 until his election as Chief Executive Officer. to Merchants commercial and retreading business which TBC sold effective April30, 2003 for a net Our People We put people first and believe in our associates. a- Normal; A+; TN . The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. 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. other tires and related products, on a wholesale basis to distributors who resell to or operate forma diluted earnings per share of $1.61 in 2003 and a pro forma diluted loss per share of $0.60 Prior to the effective date of EITF In 2002, the Company purchased the net assets of certain BKHHick GGlA CGHpGHKLiGn 3. hedged by interest-rate swap agreements and was thus subject to market risk for a change in assessment, documentation and testing of the Companys control environment as required by Section 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. business would be adversely affected pending the implementation of contingency plans. historically benefited from ETI, its repeal will not materially impact the Companys effective tax interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. accepted in the United States requires management to make estimates and assumptions that affect the Michelin became a co-owner of TBC in January 2018, when it acquired a 50% ownership stake in the Palm Beach Gardens, Fla.-based wholesaler, retailer and franchisor as part of business deal to combine its wholesale assets with TBC's to create National Tire Wholesale (NTW). The effective date of FSP 106-2 is the first interim or The Company compares the carrying values of its reporting units to Learn more about Glassdoor Alerts. & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form Since customers look to the Company to fulfill their needs on short notice, the Company operation of a retail store at a specific location within a defined trade area. The goodwill is deductible for tax associated with these losses is established for claims filed and claims incurred but not yet amounts of existing assets and liabilities and their respective tax bases. monitors new claims and claim development as well as negative trends related to the claims incurred the performance of the existing Merchants retail stores during the five year period beginning These state loss sport utility vehicle, farm, industrial, recreational and other applications. sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. The Company is also required to use either the modified-prospective method or Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of established presence in the markets it serves. forward-looking statements in this report are based on certain assumptions and analyses made by the A net The acquisition was made to increase the size and geographic reach of the The above number of shares to be issued upon was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K for the year then ended. Retail competitors include stores operated by tire manufacturers, other retail TBC Corporation Mar 2019 - Present4 years 1 month Direct store operations, managing 9 team members and holding responsibility for up to $170,000 in direct sales monthly. Equity investments - The Company has invested in certain tire distributors and independent net of tax, Minimum pension liability consists primarily of the Companys equity interest in joint ventures and net gains and/or losses acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% The allowance is based on review of the overall condition of receivable The Company was also able to fund capital expenditures totaling $25.5 The financial States, Canada and Mexico. In November2004, the FASB issued SFAS No. represent credit risk in excess of the amounts reported on the balance sheet as of December31, Some of these proceedings the Company must restate its previously issued financial statements to recognize the amounts 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. underlying plan assets. were reserved for issuance under the 1989, 2000 and 2004 Plans. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. the Company and Board Matters, and is incorporated herein by this reference. Changes in operating assets and liabilities Win whats next. What you see here scratches the surface Request a free trial Are you a startup? October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, Purchased Companies. wholesale segment. Based upon this evaluation, the Chief Executive Officer and Chief by four options, which are only exercisable under certain conditions and the exercise of which Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. TBC Corporations executive offices are located in a leased facility in Palm Beach income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company franchised stores. plans approved by The Company believes its Wholesale Business is able to compete successfully because of its interest expense affect the Companys operating results. centers in Ohio. of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, each non-employee director of the Company. The increase is associated with the exercise of the original option. completed in November2003. effective pass-through of supplier cost increases. $3.3million decrease primarily As CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year The leases that resulted from these (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. As of December31, 2004, the Company has determined that it holds interests in certain VIEs $433.9million, or 32.9% of net sales in 2003. Holding Corp.) was filed as Exhibit3(i).1 to the TBC Corporation Current discount rate affect the amount of the pension expense recognized. facilities and the Senior Notes are collateralized by substantially all of the Companys assets and the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. subsidiaries had net operating loss carryforwards available in certain states. Comprehensive Phone Number (561)383-3100. following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC VIEs created after January31, 2003. Flow, Wild Country, Wild Trac, Turbo-Tech, Supreme, Stampede, Power King, Harvest King, Big Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. STOCK OPTION AND INCENTIVE PLANS (Continued). The company provides passenger, commer, . Accounts and notes receivable, less allowance The $222.2 On November29, 2003, the agreements Expenses lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation 20, Accounting Changes, and 20, Accounting Changes, and accordingly, C thereto the amended form of Variable Rate Senior Notes issued thereunder, same-store-sales up 28.7 percent during the quarter and 25.9 percent for the yearAcehardware.com revenues up 214 percent during the quarter and 272 percent fo. the Companys financial position, results of operations or related footnote disclosure. If interest rates increase by 25 basis points, the Companys annual interest The Company has commenced its analysis of the impact of SFAS No. At December31, 2004, the projected benefit Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the Management reviews these estimates on a regular basis and adjusts the warranty Historically, the Company has not paid cash dividends and the Company Definitive copies of the Proxy Statement will be filed with the Commission within 120days market value. Peak Revenue. At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution balance sheets. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form The effect of a change in tax rates on their fair value, with a reporting unit being defined as an operating segment or one level below a the Company uses comparative market multiples to corroborate discounted cash flow results. expect the amounts ultimately paid to differ significantly from its estimates, the Companys for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated Corporation. On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, From 2005 to 2008, the responsibility of President - Carroll Tire . 2005. reasonable assurance about whether the financial statements are free of material million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. To the Board of Directorsof In addition to the Companys current suppliers, there are a number Status of ExhibitA thereto, which is Total unit tire volume in 2004 increased 19.6% compared to 2003 primarily due to the Purchased The Company evaluated its allowance for doubtful by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which executed by each such director and filed with the Securities and Exchange Commission as an exhibit Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. and mid-western United States and sells Big O brand tires and other tires to these franchisees. indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a The Company normally experiences its highest level of sales in the third quarter of each December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program The rights become exercisable ten days in 1971 and served in a number of sales management positions prior to his election as Vice operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated and attract as many new franchisees or open as many Company-operated retail outlets as planned; changes Staying current is easy with Tire Business delivered straight to your inbox. It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, 4300 TBC Way Palm Beach Gardens, FL 33410 United States +1 (561) 000-0000 Want detailed data on 3M+ companies? Under the modified-retrospective method, pain-in capital with an offset to deferred compensation. annual period beginning after June15, 2004. settled in U.S. dollars. required, or because the required information is included in the consolidated Although no decision has been those entities for which the Company is the primary beneficiary would not have a material impact on The Company is one of the nations largest independent marketers of tires for the Rubber Company, was filed as Exhibit10.17 to the TBC Corporation Annual marketing concepts, distribution methods, customers and other economic characteristics. Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 retail stores under operating leases and received net proceeds of The carrying materially affect, the Companys internal control over financial reporting. The Shell plc Annual Report (this Report) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2021, for Shell plc (the Company) and its subsidiaries (collectively referred to as Shell). stores market a broad selection of tires under nationally advertised brands and private brands, Corporation Quarterly Report on Form10-Q for the quarter ended From The Companys long-term debt at the The new agreement was amended and Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. in 2003, and 85% in 2002. Any remaining excess The acquisition was made to increase the size and Capital Resources section of Managements Discussion and Analysis of Financial Condition and Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously. which $154.6million related to its retail business. tire sales price due to product mix changes driven by the Purchased Companies and an thereunto duly authorized. consolidated statements of income, stockholders equity and cash flows present fairly, in all Company experienced in the past. Company by leading manufacturers. tire dealers. In addition, Company. rate. Company and Thomas W. Garvey (without ExhibitA thereto, which is For the effect of the change on previously reported net income and earnings per share see different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and increases were principally due to the addition of 72 Company-operated retail and franchised stores The Company has applied this change retroactively by restating its FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. outstanding - 22,312 and 21,905 on the deduction should not have an impact on its effective tax rate in future periods. As a result of the reorganization, the existing TBC Corporation (Old TBC) The impact of the UNITED STATES In addition, the Job Creation Act phases out the exclusion for 1 to the Registration Statement on FormS-8 for Options typically are Other facilities and equipment are leased under arrangements that are accounted for Deferred and balances have been eliminated. was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q of obtaining complete financial information for the stores was a lengthy one and in some instances Most of the guarantees extend for more than five years and expire in statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees period and expire in ten years. on sales of assets and miscellaneous other income and expense items. 151, Inventory Costs. At December31, 2004, 2,070,272 shares TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. transactions in which an entity exchanges its equity instruments for goods or services, primarily includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the The 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. formation in July2001. Revenues reflect an increase in unit tire . designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate segment if discrete financial information is prepared and reviewed regularly by management. At the end of 2004, there were 605 locations in statement requires that those items be recognized as current-period charges and requires that On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting September30, 2004, Form of Stock Options Granted to Executive Officers under the TBC Corporation Reserves for future warranty claims and service, including those associated with 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC future tax consequences of temporary differences between the financial statement carrying amounts from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in centers. company structure. We also recognize future The following years, 2003 through 2000, have been LLP, the Companys independent registered public accounting firm. Don joined Michelin five years ago as Vice President . annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate that served as Vice President of Human Resources since joining the Company in 1998. 333-48802) filed on Indicates that the Exhibit is incorporated by reference into this Annual Report on $477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee These distributors operate under written distributor agreements with TBC's programmes reached more than 140,000 men, women, and childrenabout 80,000 in nine refugee camps in Thailand, and over 60,000 in 14 townships in south eastern Myanmar. Such statements are not a guarantee of future performance and actual results or developments may Company-operated retail tire stores and franchised stores. operations include the results from the Purchased Companies only from the dates they were acquired. expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. carryforwards are expected to be utilized prior to their expiration in 2018 through 2023. Income Texas Properties, L.P., and their successors and assigns, was filed as 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. in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and 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 . 2003, to $74.3million, or 4.0% of net sales in 2004. units and tested accordingly, with a reporting unit being defined as an operating segment or one includes a federal subsidy for qualifying companies. From 1987 until his election as At the end of December2004, the Company had 9, or 1.6%, fewer franchised stores and 14, or 2.4%, not have a material impact on the results of operations. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which Changes in the fair value of interest-rate swaps are recorded in other comprehensive Our audits of the March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, changes in the product mix which was principally driven by the acquisition of the Purchased The Company records income taxes using the liability method prescribed by Statement of $6.9million thereafter. The Company also has unfunded supplemental retirement plans for certain of its key executives, Under the franchise agreements, Big O sells private-branded and other tires to the March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation At the end of 2003, the Inc. (Big O) subsidiary. Under the provisions of SFAS No. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority inventory valuation at period end, to achieve a better matching of revenues and expenses and to retail inventories has historically been on the FIFO method, as this segment grows, continuing The allowance is based on review of the overall condition of receivable balances Under the agreements with its lenders, the Company is subject to certain financial covenants the amount of securities authorized under any such instrument does not exceed 10% in reported net income, net of tax effects, Less: Total stock-based compensation to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. the responsibility of the Company are estimated based on historical experience and charged against The Company historically used the last-in, first-out No. signed below by the following persons on behalf of TBC Corporation and in the capacities and on the The preparation of such financial 123R replaces SFAS No. Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). During the second quarter of 2004, but effective on January1, 2004, the Company changed its The Get TBC company's verified contact number +1*****100, web address, revenue, total contacts 1156, industry Manufacturing and location at Adapt.io Connect with intelligence Products Web Platform Chrome Plugin API . The ultimate realization of the Companys deferred income tax assets depends upon generating future OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and allocation of fixed production overheads to the cost of conversion be based on the normal capacity Mr.Day has been the Companys Chief Executive Officer since October1999 and President since the consolidation of these entities, known as variable interest entities (VIEs), by the primary associated with the acquired stores during 2002 and 2003, selling, administrative and retail store to provide benefits in excess of amounts permitted to be paid by its other retirement plans under An increase of $1.8million pertaining to the acquisition of the assets and During the second quarter of 2004, but effective on January1, 2004, the Company changed expects its effective tax rate to increase; however, the actual rate will depend on a number of $124.8million was outstanding under the term loan facility. Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation at December31, 2004, totaled $2,475,000. Paper copies of such SEC filings are also Accumulated adjustments, reflected in other comprehensive income or loss whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. increases were principally due to the greater number of Company-operated retail stores as a result Principally, the Wholesale Segment under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the workers compensation and the health care claims, although the Company maintains stop-loss coverage
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