goodyear 8K Reports 06/20/07

F
UNITED STATES
                                   SECURITIES AND EXCHANGE COMMISSION
                                                        WASHINGTON, D.C. 20549

                                                             FORM 8-K/A
                                                           CURRENT REPORT
                                                      Pursuant to Section 13 or 15(d)
                                                  of the Securities Exchange Act of 1934

                                        Date of Report (Date of Earliest Event Reported):        May 9, 2007


                    The Goodyear Tire & Rubber Company
                                                (Exact name of registrant as specified in its charter)

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

               1144 East Market Street, 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))
Item 8.01 Other Events
    On May 3, 2007, The Goodyear Tire & Rubber Company (the “Company”) filed a Current Report on Form 8-K for the purpose of
retrospectively adjusting portions of its Annual Report on Form 10-K for the year ended December 31, 2006 filed on February 16, 2007 (the
“2006 Annual Report”), to reflect the treatment of its Engineered Products Business Segment (“Engineered Products”) as a discontinued
operation. In addition, on May 9, 2007, the Company filed a Current Report on Form 8-K for the purpose of adjusting Item 6, Selected
Financial Data, of its 2006 Annual Report to retrospectively reflect the treatment of Engineered Products as a discontinued operation. The
Company is further adjusting Item 6, Selected Financial Data, of its 2006 Annual Report to correct references to “income from continuing
operations” or “loss from continuing operations” in certain footnotes to Item 6 by replacing such references with “net income” or “net loss”,
respectively, as the results described in such footnotes include the results of discontinued operations. Item 6, Selected Financial Data, as further
adjusted is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits
   (c) Exhibits
   99.1 Item 6 — Form 10-K, Selected Financial Data
SIGNATURES
   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.
                                                                        The Goodyear Tire & Rubber Company
June 19, 2007

                                                                         By: /s/ Richard J. Kramer
                                                                             Richard J. Kramer
                                                                             President, North American Tire and Chief Financial Officer
Exhibit Index

99.1 Item 6 — Form 10-K, Selected Financial Data
EXHIBIT 99.1
ITEM 6. SELECTED FINANCIAL DATA
                                                                                  Year Ended December 31,
                                                                         2006     2005     2004     2003       2002
(In millions, except per share amounts)
Net Sales                                                              $18,751 $18,098 $16,885 $13,900 $12,705
(Loss) Income from Continuing Operations                               $ (373) $ 124 $      14 $ (846) $ (1,325 )
Discontinued Operations                                                     43     115     101      39       78
(Loss) Income before Cumulative Effect of Accounting Change               (330)    239     115    (807) (1,247 )
Cumulative Effect of Accounting Change                                      —      (11 )    —       —        —
Net (Loss) Income                                                      $ (330) $ 228 $ 115 $ (807) $ (1,247 )
Net (Loss) Income Per Share — Basic
  (Loss) Income from Continuing Operations                             $ (2.11) $ 0.70 $      0.08 $ (4.83 ) $ (7.93 )
  Discontinued Operations                                                 0.25     0.66       0.57    0.22      0.46
  (Loss) Income before Cumulative Effect of Accounting Change            (1.86)    1.36       0.65   (4.61 ) (7.47 )
  Cumulative Effect of Accounting Change                                    —     (0.06)        —       —         —
  Net (Loss) Income Per Share — Basic                                  $ (1.86) $ 1.30 $      0.65 $ (4.61 ) $ (7.47 )
Net (Loss) Income Per Share — Diluted
  (Loss) Income from Continuing Operations                             $ (2.11) $ 0.66 $ 0.08 $ (4.83 ) $ (7.93 )
  Discontinued Operations                                                  0.25    0.55   0.57   0.22      0.46
  (Loss) Income before Cumulative Effect of Accounting Change             (1.86)   1.21   0.65  (4.61 ) (7.47 )
  Cumulative Effect of Accounting Change                                     —    (0.05)    —      —         —
  Net (Loss) Income Per Share — Diluted                                $ (1.86) $ 1.16 $ 0.65 $ (4.61 ) $ (7.47 )
Dividends Per Share                                                    $     —$      —$     —$     — $ 0.48
Total Assets                                                             17,029 15,598 16,082 14,283 12,456
Long Term Debt and Capital Leases due Within One Year                       405     448  1,010    113       369
Long Term Debt and Capital Leases                                         6,562  4,741   4,442  4,825     2,990
Shareholders’ (Deficit) Equity                                             (758)     73     74    (33)      221

  (1) Refer to “Principles of Consolidation” and “Recently Issued Accounting Standards” in the Note to the
      Consolidated Financial Statements No. 1, Accounting Policies, in our Current Report on Form 8-K, dated
      May 3, 2007.
  (2) Net loss in 2006 included net after-tax charges of $804 million, or $4.54 per share — diluted, due to the impact
      of the USW strike, rationalization charges, accelerated depreciation and asset write offs, and general and
      product liability — discontinued products. Net loss in 2006 included net after-tax benefits of $283 million, or
      $1.60 per share — diluted, from certain tax adjustments, settlements with raw material suppliers, asset sales
      and increased estimated useful lives of our tire mold equipment. Of these amounts, discontinued operations in
      2006 included net after-tax charges of $56 million, or $0.32 per share — diluted, due to the impact of the USW
      strike, rationalization charges, accelerated depreciation and asset write offs, and net after-tax benefits of
      $16 million, or $0.09 per share — diluted, from settlements with raw material suppliers.
  (3) Net income in 2005 included net after-tax charges of $68 million, or $0.33 per share — diluted, due to
      reductions in production resulting from the impact of hurricanes, fire loss recovery, favorable settlements with
      certain chemical suppliers, rationalizations, receipt of insurance proceeds for an environmental insurance
      settlement, general and product liability — discontinued products, asset sales, write-off of debt fees, the
      cumulative effect of adopting FIN 47, and the impact of certain tax adjustments. Of these amounts,
      discontinued operations in 2005 included after-tax charges of $4 million, or $0.02 per share — diluted, for
      rationalizations.
  (4) Net sales in 2004 increased $1 billion resulting from the consolidation of two businesses in accordance with
      FIN 46R. Net income in 2004 included net after-tax charges of $154 million, or $0.87 per share — diluted, for
      rationalizations and related accelerated depreciation, general and product liability-discontinued products,
insurance fire loss deductibles, external professional fees associated with an accounting investigation and asset
    sales. Net income in 2004 also included net after-tax benefits of $239 million, or $1.34 per share — diluted,
    from an environmental insurance settlement, net favorable tax adjustments and a favorable lawsuit settlement.
    Of these amounts, discontinued operations in 2004 included net after-tax charges of $28 million, or $0.16 per
    share — diluted, for rationalizations and related acceleration depreciation, and after-tax gains of $4 million, or
    $0.02 per share — diluted, from asset sales and a favorable lawsuit settlement.
(5) Net loss in 2003 included net after-tax charges of $516 million, or $2.93 per share — diluted, for
    rationalizations, general and product liability — discontinued products, accelerated depreciation and asset
    write-offs, net favorable tax adjustments, and an unfavorable settlement of a lawsuit. In addition, we recorded
    account reconciliation adjustments related to Engineered Products in the restatements totaling $19 million or
    $0.11 per share in 2003. Of these amounts, discontinued operations in 2003 included net after-tax charges of
    $29 million, or $0.17 per share — diluted, for rationalizations, favorable tax adjustments and asset sales. In
    addition, discontinued operations included charges for account reconciliation adjustments in the restatements
    totaling $19 million or $0.11 per share in 2003.
(6) Net loss in 2002 included net after-tax charges of $24 million, or $0.14 per share — diluted, for general and
    product liability — discontinued products, asset sales, rationalizations, and the write-off of a miscellaneous
    investment. Net loss also included a non-cash charge of $1.2 billion, or $7.31 per share — diluted, to establish
    a valuation allowance against net federal and state deferred tax assets. Of these amounts, discontinued
    operations in 2002 included net after-tax charges of $5 million, or $0.03 per share — diluted, for
    rationalizations and after-tax gains of $1 million, or $0.01 per share — diluted, from asset sales.

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goodyear 8K Reports 06/20/07

  • 1. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): May 9, 2007 The Goodyear Tire & Rubber Company (Exact name of registrant as specified in its charter) Ohio 1-1927 34-0253240 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1144 East Market Street, 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))
  • 2. Item 8.01 Other Events On May 3, 2007, The Goodyear Tire & Rubber Company (the “Company”) filed a Current Report on Form 8-K for the purpose of retrospectively adjusting portions of its Annual Report on Form 10-K for the year ended December 31, 2006 filed on February 16, 2007 (the “2006 Annual Report”), to reflect the treatment of its Engineered Products Business Segment (“Engineered Products”) as a discontinued operation. In addition, on May 9, 2007, the Company filed a Current Report on Form 8-K for the purpose of adjusting Item 6, Selected Financial Data, of its 2006 Annual Report to retrospectively reflect the treatment of Engineered Products as a discontinued operation. The Company is further adjusting Item 6, Selected Financial Data, of its 2006 Annual Report to correct references to “income from continuing operations” or “loss from continuing operations” in certain footnotes to Item 6 by replacing such references with “net income” or “net loss”, respectively, as the results described in such footnotes include the results of discontinued operations. Item 6, Selected Financial Data, as further adjusted is attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Item 6 — Form 10-K, Selected Financial Data
  • 3. SIGNATURES 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. The Goodyear Tire & Rubber Company June 19, 2007 By: /s/ Richard J. Kramer Richard J. Kramer President, North American Tire and Chief Financial Officer
  • 4. Exhibit Index 99.1 Item 6 — Form 10-K, Selected Financial Data
  • 5. EXHIBIT 99.1 ITEM 6. SELECTED FINANCIAL DATA Year Ended December 31, 2006 2005 2004 2003 2002 (In millions, except per share amounts) Net Sales $18,751 $18,098 $16,885 $13,900 $12,705 (Loss) Income from Continuing Operations $ (373) $ 124 $ 14 $ (846) $ (1,325 ) Discontinued Operations 43 115 101 39 78 (Loss) Income before Cumulative Effect of Accounting Change (330) 239 115 (807) (1,247 ) Cumulative Effect of Accounting Change — (11 ) — — — Net (Loss) Income $ (330) $ 228 $ 115 $ (807) $ (1,247 ) Net (Loss) Income Per Share — Basic (Loss) Income from Continuing Operations $ (2.11) $ 0.70 $ 0.08 $ (4.83 ) $ (7.93 ) Discontinued Operations 0.25 0.66 0.57 0.22 0.46 (Loss) Income before Cumulative Effect of Accounting Change (1.86) 1.36 0.65 (4.61 ) (7.47 ) Cumulative Effect of Accounting Change — (0.06) — — — Net (Loss) Income Per Share — Basic $ (1.86) $ 1.30 $ 0.65 $ (4.61 ) $ (7.47 ) Net (Loss) Income Per Share — Diluted (Loss) Income from Continuing Operations $ (2.11) $ 0.66 $ 0.08 $ (4.83 ) $ (7.93 ) Discontinued Operations 0.25 0.55 0.57 0.22 0.46 (Loss) Income before Cumulative Effect of Accounting Change (1.86) 1.21 0.65 (4.61 ) (7.47 ) Cumulative Effect of Accounting Change — (0.05) — — — Net (Loss) Income Per Share — Diluted $ (1.86) $ 1.16 $ 0.65 $ (4.61 ) $ (7.47 ) Dividends Per Share $ —$ —$ —$ — $ 0.48 Total Assets 17,029 15,598 16,082 14,283 12,456 Long Term Debt and Capital Leases due Within One Year 405 448 1,010 113 369 Long Term Debt and Capital Leases 6,562 4,741 4,442 4,825 2,990 Shareholders’ (Deficit) Equity (758) 73 74 (33) 221 (1) Refer to “Principles of Consolidation” and “Recently Issued Accounting Standards” in the Note to the Consolidated Financial Statements No. 1, Accounting Policies, in our Current Report on Form 8-K, dated May 3, 2007. (2) Net loss in 2006 included net after-tax charges of $804 million, or $4.54 per share — diluted, due to the impact of the USW strike, rationalization charges, accelerated depreciation and asset write offs, and general and product liability — discontinued products. Net loss in 2006 included net after-tax benefits of $283 million, or $1.60 per share — diluted, from certain tax adjustments, settlements with raw material suppliers, asset sales and increased estimated useful lives of our tire mold equipment. Of these amounts, discontinued operations in 2006 included net after-tax charges of $56 million, or $0.32 per share — diluted, due to the impact of the USW strike, rationalization charges, accelerated depreciation and asset write offs, and net after-tax benefits of $16 million, or $0.09 per share — diluted, from settlements with raw material suppliers. (3) Net income in 2005 included net after-tax charges of $68 million, or $0.33 per share — diluted, due to reductions in production resulting from the impact of hurricanes, fire loss recovery, favorable settlements with certain chemical suppliers, rationalizations, receipt of insurance proceeds for an environmental insurance settlement, general and product liability — discontinued products, asset sales, write-off of debt fees, the cumulative effect of adopting FIN 47, and the impact of certain tax adjustments. Of these amounts, discontinued operations in 2005 included after-tax charges of $4 million, or $0.02 per share — diluted, for rationalizations. (4) Net sales in 2004 increased $1 billion resulting from the consolidation of two businesses in accordance with FIN 46R. Net income in 2004 included net after-tax charges of $154 million, or $0.87 per share — diluted, for rationalizations and related accelerated depreciation, general and product liability-discontinued products,
  • 6. insurance fire loss deductibles, external professional fees associated with an accounting investigation and asset sales. Net income in 2004 also included net after-tax benefits of $239 million, or $1.34 per share — diluted, from an environmental insurance settlement, net favorable tax adjustments and a favorable lawsuit settlement. Of these amounts, discontinued operations in 2004 included net after-tax charges of $28 million, or $0.16 per share — diluted, for rationalizations and related acceleration depreciation, and after-tax gains of $4 million, or $0.02 per share — diluted, from asset sales and a favorable lawsuit settlement. (5) Net loss in 2003 included net after-tax charges of $516 million, or $2.93 per share — diluted, for rationalizations, general and product liability — discontinued products, accelerated depreciation and asset write-offs, net favorable tax adjustments, and an unfavorable settlement of a lawsuit. In addition, we recorded account reconciliation adjustments related to Engineered Products in the restatements totaling $19 million or $0.11 per share in 2003. Of these amounts, discontinued operations in 2003 included net after-tax charges of $29 million, or $0.17 per share — diluted, for rationalizations, favorable tax adjustments and asset sales. In addition, discontinued operations included charges for account reconciliation adjustments in the restatements totaling $19 million or $0.11 per share in 2003. (6) Net loss in 2002 included net after-tax charges of $24 million, or $0.14 per share — diluted, for general and product liability — discontinued products, asset sales, rationalizations, and the write-off of a miscellaneous investment. Net loss also included a non-cash charge of $1.2 billion, or $7.31 per share — diluted, to establish a valuation allowance against net federal and state deferred tax assets. Of these amounts, discontinued operations in 2002 included net after-tax charges of $5 million, or $0.03 per share — diluted, for rationalizations and after-tax gains of $1 million, or $0.01 per share — diluted, from asset sales.