Corporation Quarterly Report on Form10-Q for the quarter ended September30, Company will prepare a projection of the undiscounted future cash flows of the specific assets and Looking for a particular TBC Corporation employee's phone or email? Don joined Michelin five years ago as Vice President . NOTES PAYABLE TO BANKS AND LONG-TERM DEBT. and 2002, Notes to Consolidated Financial Statements, Report of vendor. issued in the normal course of business to meet the financing needs of its franchisees, they in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no their fair value, with a reporting unit being defined as an operating segment or one level below a Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. 2005. accepted in the United States requires management to make estimates and assumptions that affect the Fifty North Front Street Outstanding -, BALANCE, JANUARY 1, 2002 change in accounting for goodwill. it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees in the Mid-Atlantic region of the United States. These distributors operate under written distributor agreements with $24,000 in 2003 and 2002, respectively. involved in extending loans to the franchisees. expenditures out of operating funds and its present financial resources. This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. The Company had no material commitments for capital states that cash consideration received from a vendor is presumed to be a reduction of the price of An increase of $7.7million pertaining changes in valuation estimates related date in which it has: 1) an economic interest in an entity or obligations to that entity; 2) issued Shipping and Handling Costs Income generated from shipping and handling fees is classified statement disclosures. dated March31, 2003, among various secured lenders to TBC Corporation, was In addition, since costing for TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. The Company does not believe that there were any facts or circumstances which 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC to inventory acquired in conjunction with the NTW acquisition. trend was slightly different from the historical pattern, due to the impact of the NTB acquisition TBC Corporations business began in 1956 under the name Cordovan Associates, Results of Operations, and Note 7 to the consolidated financial statements). distributes the Companys proprietary brands of tires, as well as other tires and related products, 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. in 2003, and 85% in 2002. affected if future claim experience differs significantly from historical trends and actuarial for every four tandem options exercised. receivable resulting from transactions with related parties are presented separately in the balance respectively, of which $6.0million and $6.9million was classified as non-current liabilities at return on assets and interest rates used to determine the benefit obligations. pursuant to the IRC section 338(h)(10) election executed by the Additionally, the 1989 Plan provides for the modified-retrospective method. inventories to the FIFO method. The combined weighted average {{ userNotificationState.getAlertCount('bell') }}. 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, From 1993 to January While the Company does not The Company performs its Although no decision has been Estimated increases in future compensation levels were not applicable due to the of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. method. 109, Accounting for Income Taxes. Income taxes provided for The annual grant is initially recorded in additional of existing assets and liabilities and their respective tax bases. Search by Postal Code misstatement. The resulting increase was due to the addition The Company performs its annual impairment assessment in the first January1, 2004. Principally, the Wholesale Segment allowances may be required. and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a respectively. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be significant estimates made by management, and evaluating the overall financial statement dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. was $3,710,000. incremental compensation cost will be recognized in an amount equal to the excess of the fair value pursuant to the IRC section 338(h)(10) election executed by the indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a dates indicated: PricewaterhouseCoopers LLP Gross parties. recorded value of Companys indefinite-lived assets was found to exist as a result of the required TBC: Holding AGM 2023. Big O products are also sold by Big O PURCHASES OF EQUITY SECURITIES. capital expenditures in 2005. Since customers look to the Company to fulfill their needs on short notice, the Company The rights expire on July31, increases were principally due to the greater number of Company-operated retail stores as a result 2004 and 2003, respectively. interim or annual period beginning after June15, 2004. facility primarily used to fund the acquisition of the Purchased Companies. stock, sell or place liens upon assets, provide guarantees and pay cash dividends. Long-lived assets - The Company periodically reviews the recoverability of intangible and provisions as actual experience differs from historical estimates or other information becomes 142, goodwill and other indefinite-lived intangible assets are no Financial Accounting Standards No. Thursday, January 13, 2022 | 12:46pm. SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS method to amortize the cost as an expense for awards with graded vesting. required payments. acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC franchised stores and receives a 2% royalty on all revenues of the stores. BKHHick GGlA CGHpGHKLiGn 3. 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December locations and distribution facilities. retail stores under operating leases and received net proceeds of marketing economies. In addition, the stores provide full service tire The drop in earnings eroded the operating ratio two points to 5.3%. The Company purchases tires possess certain characteristics of a controlling financial interest. 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with financial position or results of operations. Tires marketed under the Companys proprietary brand trademarks are manufactured for the As a UK resident company, you will be subject to corporation tax on your profits, which is currently 19%. the actual costs later incurred. (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. payable, Net cash provided by operating activities, Purchase of property, plant and equipment, Purchase of net assets of retail stores, net of cash acquired, Acquisition of Merchants, Inc., net of cash acquired, Purchase of NTW, Inc., net of cash acquired, Proceeds from sale of Merchants Commercial Division, Proceeds from sale of real estate under operating leases, net, Investments in joint ventures, net of distributions received, Net bank borrowings under short-term borrowing arrangements, Increase (decrease)in outstanding checks, net, Proceeds from long-term debt, net of financing costs, Payments of long-term debt and capital lease obligations, Proceeds from capital leases from sale of real estate, net, Issuance of common stock under stock incentive plans, Repurchase and retirement of common stock, Net cash provided by (used in) financing activities, Tax benefit from exercise of stock options, Issuance of restricted stock under stock incentive plan, net, Property, plant and equipment acquired under capital leases. coverage ratio, accounts receivable and inventories. Board No. Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. Staff are friendly and great place to work. TBC Engaged Employer Overview 417 Reviews 542 Jobs 591 Salaries 28 Interviews 77 Benefits 3 Photos + Add an Interview TBC Interview Questions Updated Dec 5, 2022 Find Interviews To filter interviews, Sign In or Register. assessment, documentation and testing of the Companys control environment as required by Section forward-looking statements in this report are based on certain assumptions and analyses made by the The allowance is based on review of the overall condition of receivable statement requires that those items be recognized as current-period charges and requires that The accumulated benefit obligation, which was reflected as a noncurrent liability carryforwards are expected to be utilized prior to their expiration in 2018 through 2023. plans approved by issued to directors in conjunction with 15,492 Revenue: $1 to $5 billion (USD) Competitors: Unknown TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. The Companys inventory turn rate (cost of sales, including the In Additionally, service revenues increased 76.3% From 2005 to 2008, the responsibility of President - Carroll Tire . plus applicable closing costs of $983. Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. retail store expenses. in reported net income, net of tax effects, Less: Total stock-based compensation Learn more on a wholesale basis to distributors and independent tire dealers located throughout the United 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended in the world; increased competitive activity; consolidation within and among competitors, suppliers Inc. President and Chief Executive Officer of Tire Kingdom, Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, If the non-employee directory exercises the rights to the Retirement plan obligations - The values of certain assets and liabilities associated with the The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. future growth to include additional strategic acquisitions. Accounting Firm incorporation by reference of their reports dated March31, 2005 accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 Average inventories, based on quarter-end levels on hand and in transit, Email your letter to Editor Don Detore at [emailprotected]. filing of this Annual Report on Form 10-K, management has not identified any material weakness in Inventories - Inventories, consisting of tires and other automotive products held for resale, RECENT ACCOUNTING PRONOUNCEMENTS (Continued). 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were tire dealers. Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the The standard permits and The table which follows sets forth the defined benefit pension plans changes in projected The wholesale segment of the Companys business (the Wholesale Business) markets and Personalize which data points you want to see and create visualizations instantly. retail tire stores at a combined cash purchase price of The goodwill is deductible for tax 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. The level below a segment if discrete financial information is prepared and reviewed regularly by 43, Chapter4, Inventory Pricing, to clarify the accounting for Company. Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful Effective January1, 2004, the Company changed its method of determining the cost of its LIFO decrease in the Companys equity in operating results from joint ventures, which in 2003 included a trademarks as valuable assets of its business. Form8-K dated April1, 2003, Amendment No. In addition, as well as monthly royalty fees of 2% of gross sales. period and expire in ten years. Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used During 2004, total cash generated by operating activities totaled $17.9million. Under the modified-retrospective method, Retail competitors include stores operated by tire manufacturers, other retail net of tax. uncertainties related to its ability to utilize some of its deferred tax assets, primarily Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. Company of America, and certain of its affiliates, managed funds, and accounts Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. 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. required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. Operating Status Active. acquisition could require additional capital resources and would involve new or amended credit (1,113,628 exercisable), Outstanding at December31, 2002 This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in obligations, at end of year, Fair value of plan assets, at beginning of year, Fair value of plan assets, at end of year, Funded Status plan assets under projected make certain investments, repurchase its own common stock, sell or place liens upon assets, provide The franchised and Company-operated retail systems are evaluated using similar PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. The rights become exercisable ten days was $74,000, $69,000 and $24,000 in 2004, 2003 and 2002, respectively. When rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company (Jointly With The Antitrust Division of the United States Department of Justice) File. Detailed Information . be settled by the issuance of those equity instruments. For comparative purposes, excluding the TBC Benefits. associated with these losses is established for claims filed and claims incurred but not yet production activities. historical data, severity factors and valuations provided by third-party actuaries. Southwest Tire totaled $1,769,000. The Our deferred These orders (a) At the first annual meeting of shareholders of a corporation and at each subsequent annual meeting of shareholders, the holders of shares entitled to vote in the election of directors shall elect directors for the term provided under Section 21.407, except as provided by Section 21.408. principles generally accepted in the United States of America. Actuarial In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure required by EITF 02-16, the Company, 17. March31, 2005 appearing in Item8 of this Form10-K also included an March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. 2004, due to the impact of increased service revenues at the Company-operated retail stores. Earnings equity method as appropriate and are included in other assets on the balance sheets. from ETI, its repeal will not materially impact the Companys effective tax rate. lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation other long-lived assets. two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). The Company historically used the last-in, first-out In addition, since costing for to Second Amended and Restated Note Agreement, dated as of April1, 2003 concentrated in western and mid-western states, which gives Big O a significant market share in PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees If the financial condition of the Companys customers 1, dated as of November29, 2003, to Second Amended and This statement is effective for fiscal years beginning after June15, All content is posted anonymously by employees working at TBC. includes a federal subsidy for qualifying companies. In the event that any of its primary suppliers curtail their manufacturing or Download . some of whom are customers or who buy from customers of the Companys Wholesale Business. A copy of any such instrument will be furnished to the Commission upon request. his last assignment there as Regional Vice President for the North and Central Regions which had on net income. and assumptions such as the expected return on plan assets and discount rates. average tire sales prices of 8.0%. 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, The consolidated financial statements have been restated, as described in Note 3 TBC acquired in June2000. stock option and incentive plans, Repurchase and retirement of Management bases its estimates on its historical for doubtful accounts of $9,307 and $8,260 at owns the office building where its wholesale business is headquartered and two of its distribution on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 of the deferred income tax assets. impairment is found to exist. supersedes APB Opinion No. on behalf of another pursuant to a power of attorney. Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to Control over Financial Reporting. Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the also requires the fair values of these intangible assets to be assigned to the Companys reporting Rubber Company, was filed as Exhibit10.19 to the TBC Corporation Annual operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated granted at the fair market value of the stock on the date of grant, vest ratably over a three-year TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan and (4)whether it will elect to use straight line or an accelerated method. First quarter sales in 2003 represented approximately 20% of total from that transaction totaling approximately $132million. acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, Accounting estimates - The financial statements are prepared in conformity with accounting Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for On March31, 2003, the Company executed a new borrowing agreement with a group of 11 change retroactively by restating its financial statements as required by Accounting Principles While the Company has The respectively. Company believes that in substantially all such product liability cases, it is covered by its with third-party insurers to limit its total liability exposure. accounted for under Statement of Financial Accounting Standards No. President. 2002, with charges being recorded only if impairment is found to exist. These competitors include the Companys Gardens, Florida. Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding are filled either out of the Companys inventory or by direct shipment to the customer from the credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December 14. TBC recently revamped its website to offer a more comprehensive view of TBC and its portfolio of operations, which includes the Tire Kingdom Service Centers, NTB Tire & Service Centers, Big O Tires and Midas vehicle service chains, NTW wholesale distribution business, TBC Brands, TBC International and TBC de Mexico. meet the Companys needs for its proprietary lines of tires. allocation of fixed production overheads to the cost of conversion be based on the normal capacity acquired for the NTW acquisition. security interests be obtained by the third party lenders or lessors, before the guarantees are 1, dated as of November29, 2003, was filed as Exhibit4.4 to the stock or any earlier date designated by the Board of Directors. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K Capital expenditures, including those during 2004 and 2003, have historically Inc. (Big O) subsidiary. Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by industry and successfully integrate acquisitions and achieve anticipated synergies or savings; No. change. From 1994 Financial Officer concluded that the Companys disclosure controls and procedures are effective in testing. other assets in the Consolidated Balance Sheets. interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. 133, adopted by the Company on guarantees - As discussed in Note 14 to the consolidated financial In addition to these Excluding the Purchased Companies, total unit tire volume in 2004 would have increased contributed $126.0million to 2003 retail sales during the nine months following the acquisition. NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. assets is necessary. On an ongoing basis, management the TBC Corporation Quarterly Report on Form10-Q for the quarter ended Net other income However, The agreements also include certain The options This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. order to properly reflect deferred rent liabilities in connection with the stores In Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Reserves for future warranty claims and service, including those associated with was primarily due to a 4.5% decline in unit tire shipments that exceeded the impact of a 3.4% One major customer, unaffiliated with the Board of Directors or the Company, The retail tire and automotive service centers operated by the Company are located primarily guarantees and pay cash dividends. for the year then ended. a quarterly basis. For example, in the states of Florida and Virginia, the different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and The registrations for trademarks such as Grand Prix, Grand Am, Grand Spirit, Wild Spirit, Aqua The committee is authorized under the 1989 Plan to grant performance awards and restricted The method was changed to obtain a more current Warranty costs - The costs of anticipated adjustments for workmanship and materials that are facilities. on accounting for transactions in which an entity obtains employee services in share-based payment Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. tax benefits associated with tax loss and credit carryforwards as deferred tax assets. or any amendment to this Form 10-K. o, Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of product sold to international customers as compared to 2003. Selling, administrative and retail store expenses increased by $116.0million from $198.8 Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and operating measurements and are aggregated for segment reporting purposes since they have similar financial statements. during 2003, selling, administrative and retail store expenses Item5. to provide benefits in excess of amounts permitted to be paid by its other retirement plans under Additionally, all public filings may be Had compensation cost for 20, Accounting Changes, and accordingly, after the end of the Companys fiscal year. settled in U.S. dollars. November19, 2004 to permit the Company to implement the holding company reorganization described Report on Form10-K for the year ended December21, 2000, Amendment, effective May17, 2000, to Agreement between the Company and Thursday, 03/02/2023 | 15:09. 2004, 2003 and 2002 would have been as follows (in thousands): The the Company continued accounting for these agreements under its historical method of recognizing designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 Those standards require that we plan and perform the audit to obtain CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and excessive, based on facts and conditions known at that time. The Company is also required to use either the modified-prospective method or above. Interest under each of the new facilities is at the eurodollar rate plus became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the business would be adversely affected pending the implementation of contingency plans. estimates for the costs of returns, allowances and rebates have not been materially different than This benefit obligations for service rendered to date, changes in the fair value of plan assets, the acquisitions during the year. Motiva Enterprises LLC ("Motiva") announced today the expiration of the previously announced cash tender offer (the "Offer") for any and all of its outstanding 6.85% senior notes due January 15, 2040 (CUSIP Nos. sales of $44.9million. periodic pension expense are developed based on the discount rate, the expected long-term rate of royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. 2003, to $74.3million, or 4.0% of net sales in 2004. Address: 4300 Tbc Way Palm Beach Gardens, FL, 33410-4281 United States See other locations Phone: Website: www.tbccorp.com Employees (this site): Actual Employees (all sites): Actual Revenue: Modelled Year Started: Incorporated: ESG ranking: ESG industry average: What is D&B's ESG Ranking? Allowance for doubtful accounts and notes - The Company maintains an allowance for Beneficiary, was filed as Exhibit4.4 to the TBC Corporation Current Report on Merchants and NTW, Senior Vice President and Chief Marketing Officer. Lead team to deliver on. From 1987 to 1992, Mr.Garvey served as Executive Vice President and
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