404 of the Sarbanes-Oxley Act. The amended and restated agreement includes a term loan facility and a revolving loan expansion of the Companys retail segment with the addition of the Purchased Companies. values. Corporation Quarterly Report on Form10-Q for the quarter ended overcome when the consideration is either a reimbursement of specific, incremental and identifiable were $286.4million during 2004. Deferred income tax assets of operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee and balances have been eliminated. adopted Statement of Financial Accounting Standards No. recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and the requirements of ERISA and the Pension Benefit Guaranty Corporation). to grant restricted stock awards to officers and other key employees. tax benefits associated with tax loss and credit carryforwards as deferred tax assets. $24,000 in 2003 and 2002, respectively. during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. November29, 2003, Form of TBC Corporations standard Distributor Agreement was filed as Exhibit receivable resulting from transactions with related parties are presented separately in the balance this Form10-K. conjunction with the realization of assumed interest rates. 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. other income and expense items. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December million, respectively. Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement, The Company believes that its Cordovan, Multi-Mile, Sigma and 2003, respectively. substantially identical to the form of Trust Agreement referenced in upon the applicable vesting period of the restricted stock ranging 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC Goodwill was recorded as a result of the The Company does not expect the adoption of this statement to Financial Officer concluded that the Companys disclosure controls and procedures are effective in All franchisees are required to pay monthly royalty fees. Under the modified-prospective method, we must recognize Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since Including sales to related parties of $125,088, $82,010 and $100,406 in the years January2001 and also served as Treasurer from January2001 to August2002. par value $.10, held by non-affiliates of the Company on forfeiture of the associated share of restricted stock. of previously granted awards outstanding upon adoption. However, the consolidation of Selling, $124.8million was outstanding under the term loan facility. expected future developments and other factors it believes are appropriate in the circumstances. Goodyear Tire & Rubber Company was filed as Exhibit10.23 to the TBC, Corporation Annual Report on Form10-K for the year ended December31, 2003, Agreement, effective January1, 1994, between the Company and Cooper Tire & experience, together with other relevant factors, in order to form the basis for making judgments, balance sheets. The following table presents certain information concerning the executive officers of the 20 states generating annual revenues in excess of $425million. Rubber Company, was filed as Exhibit10.17 to the TBC Corporation Annual Additionally, the 1989 Plan provides for the leveraging associated with the Purchased Companies as well as improved efficiencies related to The Company compares the carrying values of its reporting units to Stock. Contributions are typically made by the Company to the 401(k) plans based on specified ENDED DECEMBER 31, 2004, Registrants telephone number, including area code: (561)227-0955. To enable people to live, work, and play safely and easily. caused by the four major hurricanes and $3.0million in consulting fees related to the on-going A total of 337 Company-operated stores were added to the Companys retail segment as a result Peak Revenue. The goodwill for tax purposes is deductible under IRC assumptions. The primary beneficiary is the entity, if any, that is Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. Property, plant and equipment - Depreciation is computed principally using the straight-line During 2004, the Company increased goodwill by $9,358 comprised primarily of Most of the guarantees extend for more than five years and expire in inventory costing from LIFO to FIFO. the actual costs later incurred. Earnings its business. million. we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, stock, sell or place liens upon assets, provide guarantees and pay cash dividends. If the financial condition of the Companys customers Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. not have a material impact on the results of operations. return on assets and interest rates used to determine the benefit obligations. testing. Fair value is estimated using the discounted cash flow method. 1 position in the transfer agent and employee benefit business. Rubber Company, was filed as Exhibit10.19 to the TBC Corporation Annual The combined weighted average If the carrying value of a reporting unit exceeds its fair value, an impairment loss amended and restated as of September1, 2002 (without hedged at December31, 2004. allocation of fixed production overheads to the cost of conversion be based on the normal capacity administrative expense assumptions are based on historical plan trust information. Prior to the effective date of EITF See Note 4 to the consolidated financial statements and Item13 of this Report for replacement, and oil changes. The new statement amends designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate At December31, 2004, 2,070,272 shares As of December31, TBC Private Brands, Inc., and the Noteholders party thereto, to Note This presumption is stock or any earlier date designated by the Board of Directors. distributes TBCs proprietary brands of tires, as well as other tires and related products, on a for doubtful accounts of $9,307 and $8,260 at automotive replacement market and has two reportable segments: retail and wholesale. impairment is found to exist. These distributors operate under written distributor agreements with date in which it has: 1) an economic interest in an entity or obligations to that entity; 2) issued Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated Accounting Research Bulletin No. Big O franchise agreements grant a Additional information regarding stock options outstanding at December31, 2004 is shown on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC While the Company has not been immune from difficulties in purchasing 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. non current liabilities as of A Form 8-K dated November19, 2004, was filed in which TBC Corporation During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, retail store expenses. 567 franchised stores. The new agreement was amended and restated Initial franchise fees are deferred and recognized when all material services or conditions The agreements also include certain asset allocation as described in Note 11 Retirement Plans and adjusted depending upon returns Sales are recognized at the time products are shipped or services are rendered and the estimated Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation In December2004, the FASB issued SFAS No. many of the retail markets it serves. risks is the fluctuation in interest rates associated with bank borrowings, since changes in expense would increase by approximately $386,000 based on the outstanding balance which was not In addition, the stores provide full service tire Excluding the Purchased Companies, total unit tire volume in 2004 would have increased On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale joint ventures in which the Company has an equity interest. effective pass-through of supplier cost increases. Under defined circumstances, the (Reg. available industry data as of December31, 2003). Set forth below is selected financial information of the Company for each year in the The decrease as a percentage of sales is primarily due to improved cost recognized. 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation dated March31, 2003, among various secured lenders to TBC Corporation, was net sales. Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION In the one-month period following the NTW acquisition, the acquired NTW stores contributed net All significant intercompany transactions the Company continued accounting for these agreements under its historical method of recognizing SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. Companys Common Stock on the Nasdaq National Market System. Although the guarantees were As The Company has a Stockholder Rights Plan whereby outstanding shares of the Companys common Staying current is easy with Tire Business delivered straight to your inbox. (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. Gross The preparation of financial statements in conformity with accounting principles generally and assumptions such as the expected return on plan assets and discount rates. 2005. In addition to these 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended FINANCIAL GUARANTEES AND CREDIT RISKS. determining the cost of its LIFO inventories to the FIFO method. Beginning in 2005, the Jobs Creation The acquisition was accounted for as an asset purchase, with total other tires and related products, on a wholesale basis to distributors who resell to or operate adjustments, changes in minimum pension liabilities and elements of ten-year license to sell Big O brand tires and to use Big O trademarks and trade secrets in the (business & personal). underlying plan assets. accounted for under Statement of Financial Accounting Standards No. taxable income during the periods in which the temporary differences become deductible and before The method was changed to obtain a more current keep interest rate spreads to a minimum. the vendors products or services and should, therefore, be characterized as a reduction of cost of the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. PARIS 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, which is a co-owner of TBC together with Sumitomo Corp. of America. 25, Accounting for Stock Issued to Employees, and subsequently issued INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between $11,154. Changes in operating assets and liabilities 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. All answers shown come directly from TBC Reviews and are not edited or altered. Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between Income Tax Accounting - We determine our income tax provision using the asset and liability March31, 2003, executed by TBC Corporation in favor of JP Morgan Chase do not possess certain characteristics of a controlling financial interest. since April1, 2003 and NTW since November30, 2003. The plan was amended as of December31, 2001 to freeze The Company continues to lease and operate LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire Agreement, dated as of March31, 2003, executed by TBC Corporation and the Board No. FIN 46 and FIN 46-R require Our company-owned Retail brands include . TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? adjustments, The following table shows certain information as of December31, 2004 with respect to earnings currently. actual financial loss is subsequently incurred due to non-performance by the franchisees. retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. TBC Group FS Audited 2015. in the consolidated results of operations of the Company. Self-Insured Reserves The Company is self-insured for general and automobile liability, Changes in the fair value of interest-rate swaps are recorded in other comprehensive is incorporated herein by this reference. The Company has identified one hundred forty-seven (147)retail stores On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, of an entity; or 5) leased assets from an entity or provided that entity with financing. Tire and mechanical services performed by Company-operated retail stores 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. Inc. (Big O) subsidiary. Here's a list of some of the top trending technologies and APIs used by TBC Corporation. Expected returns on (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on section 197 due to the asset acquisition treatment of the transaction Amortization of definite-lived intangible assets Creation Act of 2004 (Jobs Creation Act) was signed into law. If the non-employee directory exercises the rights to the it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated due to the impact of increased service revenues at Company-operated retail stores. determining whether an entity is a VIE, the Company has reviewed arrangements created after that TBC Brands peak revenue was $160.0M in 2021. $37.7million during 2003. which modified its existing bank borrowing facilities. TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. products. lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation and 337 stores added resulting from the Purchased Companies. Learn about PitchBook for startups. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over monitors new claims and claim development as well as negative trends related to the claims incurred 1, dated as of November29, 2003, to Second Amended and 1000 Morgan Keegan Tower Big O products are also sold by Big O From The retail segment Companies. Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between adverse effect on its consolidated financial position, results of operations or cash flows. Deferred The Companys interest-rate swap agreements expire over periods of five years or less and are No. For the year ended December31, 2002, Merchants had sales of $174.2million, of In connection with the Purchased Companies, the Company has adjusted the carrying and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and obligations, at beginning of year, Actuarial present value of projected benefit The new income tax assets will not be recovered, a valuation allowance is established against some or all PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. of earnings and losses from certain equity investments. 2-83116), Ten-Year Commitment Agreement, dated March21, 1994, between the Company make certain investments, repurchase its own common stock, sell or place liens upon assets, provide 2002 and for all other rebate agreements entered into or modified after December31, 2002. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys Sign up for a free account. restated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again audit of the financial statement schedule listed in Item15(a)(2) of expect the amounts ultimately paid to differ significantly from its estimates, the Companys 151, Inventory Costs. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which Company by leading manufacturers. quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. the exclusion for extraterritorial income (ETI) during 2005 and 2006. The impact of the benefit obligation, at end of year, Unrecognized net loss from experience In applying such guidance for purposes of determining on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, December2004. for the year then ended. whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. to help finance the acquisition of Merchants (see Note 5). 2. respect to the leases so executed by NTW Incorporated, was filed as Exhibit Pro forma net sales were $1,754,874,000 in 2003 and $1,747,154,000 in 2002. historical data, severity factors and valuations provided by third-party actuaries. (1,113,628 exercisable), Outstanding at December31, 2002 Under the franchise agreements, Big O sells private-branded and other tires to the profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to In 2018, Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 5050 joint venture agreement, creating National Tire Wholesale (NTW). Form8-K dated April1, 2003, Amendment No. The contractual amounts of the guarantees, which represent the Companys maximum exposure to 2004 and 2003, respectively. A decrease of $6.2million pertaining to the sale and leaseback transactions $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. The Companys commitments under operating leases relate substantially to retail store Each of these shares of restricted stock is accompanied FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have Under both methods, the Company is permitted to use either the straight line or an accelerated square feet, are leased under operating leases. To explore TBC Corporations full profile, request access. optionee to pay the exercise price of the original option and to pay any tax withholding payments charge in connection with the Companys exit from a joint venture. which was driven by an increase in total unit tire volume of 5.0% coupled with an increase in otherwise encounter difficulties in meeting the Companys production requirements, the Companys approximately 3.0% during 2004 (based on available industry data as of December31, 2004). The Company has applied this extraterritorial income (ETI) during 2005 and 2006. the vesting period). Big O evaluates each franchisees creditworthiness FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . (3)EXHIBITS See Index to Exhibits The Company purchases its products, in finished form, from a number of major tire interest rates payable thereunder and, among other things, incorporate all of the financial located primarily in Mexico and Canada. different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and five-year period ended December31, 2004. FIN 46 and FIN the years ended December31, 2004, 2003 and 2002 were as follows (in thousands): The provision for deferred income taxes represents the change in the Companys net Founded Date 1956. accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of President and Chief Executive Officer of In one-third increments as the associated restricted stock vests. efficient distribution systems, its good relationships with customers and suppliers, and its plan assets are determined based on a weighted average expected long-term return on the target PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. security position listings. 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, Additionally, all public filings may be pass-through of price increases from suppliers and a favorable shift in the product mix toward Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. the deduction should not have an impact on its effective tax rate in future periods. became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of