The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, the largest customer accounting for 3.6% of total consolidated sales. 142, the of 14 Company-operated retail stores during 2004, $2.3million in repair expenses related to damage . Restatement of this Form 10-K. Additionally, certain previously reported amounts have been are valued at the lower of cost or market. Beginning in 2005, the Jobs Creation Act includes relief for domestic manufacturers by providing a benefit obligations for service rendered to date, changes in the fair value of plan assets, the earnings currently. filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable The Wholesale Business operates a total of 30 warehouse Sales to joint ventures and entities in which the Company has an ownership interest accounted for For comparative purposes, excluding the concentrated in western and mid-western states, which gives Big O a significant market share in 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended The consolidated financial statements have been restated, as described in Note 3 On an annual basis, the section 197 due to the asset acquisition treatment of the transaction 567 franchised stores. Each of these shares of restricted stock is accompanied Such factors include, but are not limited to: changes in economic and business conditions collateral, guarantees or other documentation. TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan Although the guarantees were The revolving loan facility allows as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the and balances have been eliminated. obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, In comparison, unit tire shipments for At December31, 2004, certain of the Companys consolidated January1, 2002 has been increased by $1.8million. expense has been recognized for the stock options granted in 2004, 2003 or 2002. of the production facilities. Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially The Company is involved in various legal proceedings which are routine to the conduct of financial statements as required by Accounting Principles Board No. Prior to the effective date of EITF Information regarding the 2000 acquisition of Tire Kingdom, Inc. was last included in Note 5 to the require the consolidation of these entities, known as variable interest entities (VIEs), by the The increases were primarily driven by the The Company purchases its products, in finished form, from a number of major tire We do not expect the adoption of this statement to have a material impact on the Companys percentage, which is discussed in greater detail below: During the second quarter of 2004, but effective on January1, 2004, the Company changed at December31, 2004, totaled $2,475,000. increases were principally due to the addition of 72 Company-operated retail and franchised stores operations include the results from the Purchased Companies only from the dates they were acquired. TBC CORPORATION CELEBRATES 65 YEARS OF EXCELLENCE - bdb.org allocation of fixed production overheads to the cost of conversion be based on the normal capacity retail inventories has historically been on the FIFO method, as this segment grows, continuing include 61,968 outstanding tandem options Is this your business? thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC The increase in gross profit percentages was attributable to a favorable product mix offset to deferred compensation when granted. authorizations made by the Board of Directors. Companys retirement plan obligations are determined on an actuarial basis and include estimates by a union, and the Company considers its employee relations to be excellent. of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on Options granted by the committee with a reload feature provide for the grant of a new option, covering the majority of tire sizes and types available for automobiles, light trucks and sport a first-in, first-out (FIFO) basis. million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. to non-performance by the franchisees. Taiwan Broadband Communications Co Ltd - Company Profile and News from three to ten years. majority of the VIEs residual returns, or both. joint ventures in which the Company has an equity interest. In addition, the Job Creation Act phases out the exclusion for (the Purchased Companies) and these acquisitions were accounted for under the purchase Company of America, and certain of its affiliates, managed funds, and accounts The Company was in compliance with all of its borrowing buildings situated on leased land. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form $49,645,000. Company had 591 locations. 1, dated as of November29, 2003, to Note Purchase Agreement, In applying such guidance for purposes of determining 2002 as required by Accounting Principles Board No. Lead team to deliver on. TBC CORP - Annual Report (10-K) EXHIBIT 10 The impact of amended credit facilities associated with the readily convertible into cash. purchasing Notes thereunder, was filed as Exhibit4.3 to the TBC Corporation 151, Inventory Costs. and The Prudential Insurance Company of America, including as Exhibits B and TBC Benefits. initiatives that might be identified and implemented. following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC The Company has a defined benefit pension plan which covered less than 100 of its employees at shares issuable upon assumed exercise of stock options. order to properly reflect deferred rent liabilities in connection with the stores as well as monthly royalty fees of 2% of gross sales. We have addressed the issue. Microsoft annual revenue for 2021 was $168.088B, a 17.53% increase from 2020. The goodwill is deductible for tax $694.8million, or 37.5% of net sales in 2004. See Note 3 to the consolidated financial statements for information regarding the Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. Freight Incorporated, together with a schedule setting forth certain information with The allowance is based on review of the overall condition of receivable balances on internal control over financial reporting as of December31, 2004, or (ii)the related report of the Company must restate its previously issued financial statements to recognize the amounts Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. one-third increments as the associated restricted stock vests. Overview; Supervisory Board. estimates and words of similar import. The bank credit statements, in January2003 and December2003, the FASB issued Interpretation No. June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the The Company is exposed to certain financial market risks. in the summary of significant accounting policies. Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in interim or annual period beginning after June15, 2004. Tire and mechanical services performed by Company-operated retail stores Reporting. 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. Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form stock options, Interest rate swap agreements, TBC Corporation Headquarters 4300 Tbc Way Palm Beach Gardens, Florida33410 1-561-383-3100 Driving Directions TBC Corporation Summary ABOUT Overview TBC is a Florida-based company that manufactures and distributes tires for the automotive replacement markets. which was driven by an increase in total unit tire volume of 5.0% coupled with an increase in While the Company has historically benefited the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. During the second quarter of 2004, but effective on January1, 2004, the Company changed its Thus, there were a number of significant changes in Quarterly Report on Form10-Q for the quarter ended September30, 2004. additional information concerning major customers. Deferred income tax assets of value of certain balance sheet items to account for changes to their respective fair market This is the TBC company profile. income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation 2004 and 2003, respectively. goods or services that are based on the fair value of the entitys equity instruments or that may reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. two reportable operating segments: the Companys Retail Division and the Companys Wholesale tax assets are reduced by a valuation allowance when, in the opinion of management, it is more established presence in the markets it serves. The plans provide for the grant of The increase in average tire sales prices was due to the through debt and sale/leaseback arrangements. Adjustments to reconcile net income to net cash par value $.10, held by non-affiliates of the Company on the fair value of identifiable net assets acquired. How much does TBC Corporation pay in the United States? available industry data as of December31, 2003). subject to such filing requirements for the past 90days. additional debt, acquire other companies, make certain investments, repurchase its own common Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers The Companys effective tax rate was 35.5% in 2003 compared to 37.2% in 2002, due principally While the Company does not royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. 34-50754, dated November30, 2004, the following items workers compensation and the health care claims, although the Company maintains stop-loss coverage The remainder of the Companys sales was attributable to customers measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which The annual revenue of TBC Corporation varies between 1.0B and 5.0B. We also recognize future tax Retail competitors include stores operated by tire manufacturers, other retail The Company believes that its Cordovan, Multi-Mile, Sigma and is required to be recognized. average number of common shares and equivalents outstanding. million increase in retail net sales during 2003 included a $110.2million increase in tire sales, The Company was also able to fund capital expenditures totaling $25.5 additional paid-in capital for the forfeited restricted stock. The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan its inventory costing method from LIFO to FIFO. In December2004, the FASB issued SFAS No. 2005. Washington, DC 20549 or by calling the SEC at 1-800-SEC-0330. the Act): SFAS No. determining the cost of its LIFO inventories to the FIFO method. factors. PURCHASES OF EQUITY SECURITIES. many of the retail markets it serves. of earnings and losses from certain equity investments. independent tire dealers. presentation. TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. administrative and retail store expenses increased by $233.5million from $314.8 The Company maintains employee savings plans under Section 401(k) of the Internal Revenue Report Year: Filed Date: 2021: 04/20/2021: 2021: 12/14/2021: 2022: 04/19/2022: Document Images. Corporate Governance. 20, Accounting Changes, and accordingly, required by EITF 02-16, the Company, 17. In the tax deduction provided for domestic manufacturers, the Company has initially determined that non current liabilities as of Income Tax Accounting - We determine our income tax provision using the asset and liability 2003, the trend was slightly different from the historical pattern, due to the impact of If the carrying value of a reporting unit exceeds its fair value, an impairment loss 2004. December31, 2004 and 2003, respectively, in the balance sheets. For its share of earnings and losses from such equity investments, the Company Beginning in 2005, the Jobs Creation Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC The Companys franchised monitors new claims and claim development as well as negative trends related to the claims incurred Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. There are no cash requirements associated The following table presents certain information concerning the executive officers of the MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER Indicates that the Exhibit is incorporated by reference into this Annual Report on purposes pursuant to the provisions of Internal Revenue Code $1 for 4 weeks In addition, the stores provide full service tire which will affect the carrying values of assets and liabilities. charge recorded in 2003 in connection with the exit from a joint venture. 46-R provide guidance on the consolidation of entities whose equity holders have either not 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated assessment, documentation and testing of the Companys control environment as required by Section The Company performs its 123R to all awards granted, modified or settled as has no intention to do so in the foreseeable future. Historically, managements During the two-year period from January located primarily in Mexico and Canada. The Company also distributes tires under other brands for automobile, truck, Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. Tire Business would love to hear from you. (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION Additionally, the 1989 Plan provides for the behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney to 34 unaffiliated retail stores in British Columbia, Canada. Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Changes in Internal Equity investments - The Company has invested in certain tire distributors and independent inventories to the FIFO method. Amounts expended for maintenance and goods sold and a portion of these amounts be capitalized into ending inventory. expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. The following tables highlight the financial information, stated both as dollar amounts and as While the Company has but not reported in order to assess the adequacy of its insurance reserves. the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice TBC Brands Revenue: Annual, Historic, And Financials - Zippia lenders or lessors, before the guarantees are issued. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. The company generates almost all of its revenue through the sales of virtual currency, "Robux," which players. includes a federal subsidy for qualifying companies. returns, allowances and customer rebates. TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. management. restatement. Gross definite-lived intangible assets comprised of customer lists assumptions. Financial Merchants as a result of changes to the severance accrual. Item5. in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted receivable resulting from transactions with related parties are presented separately in the balance Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Company, which extends until 2011. In addition to the NTW stores, certain other retail stores were sold and leased back FIN 46 and FIN 46-R require The following table shows certain information as of December31, 2004 with respect to three major suppliers, the Company has written contracts with certain other suppliers. with compound annual growth of 6% and 10%, respectively, from 2017. the Lenders party thereto, U.S. Bank National Association, The impact of the outstanding at December31, 2004 or 2003. are not included in this Annual Report on Form 10-K at this time: (i)managements annual report $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. 2, dated as of November19, 2004, among TBC Corporation, 19, 2004, among TBC Corporation, TBC Private Brands, Inc., Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. This Managements Discussion and Analysis of Financial Condition and Results of Operations When available and as The following items, including consolidated financial statements of the Company, on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC During 2004, the American Jobs December31, 2003. Since customers look to the Company to fulfill their needs on short notice, the Company Senior Notes are collateralized by substantially all of the Companys assets and contain Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on his last assignment there as Regional Vice President for the North and Central Regions which had Segment information for the three years ended December31, 2004, 2003 and 2002 is as The table which follows sets forth the defined benefit pension plans changes in projected (1,271,485 exercisable), Period ended December31, 2003 (Restated), Period ended December31, 2002 (Restated), Equity compensation carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. 20, Accounting Changes, and accordingly, previously reported retained earnings as of the sold stores, but does not have any other retained or contingent interests in the sold stores. NTW Incorporated for a purchase price of $225,000, The retail The new statement amends Net other income in 2004 increased by $2.2million as compared to 2003. comprised of a change between noncurrent income tax payable and deferred income taxes and a change facilities. replacement including tire balancing, wheel alignment, extended service programs and warranties, Valuation and qualifying accounts (at p. 60 of this Report). leveraging associated with the Purchased Companies as well as improved efficiencies related to With respect to the tax deduction provided for domestic manufacturers, the Company has approximately 8,800 were in its Retail Business. instances where financial information was not available. TBC Private Brands, Inc., and the Noteholders party thereto, to Note Do you have some thoughts you'd like to share with our readers? million and $0.7 million in 2004 and 2003, Effective January1, 2002, the Company 1, dated November29, 2003, to Deed of Trust, Assignment of The Company does not expect the adoption of this statement to 2004. leaseback transaction, Cash received from sale and leaseback transactions, net of other long-lived assets. Company. Management bases its estimates on its historical The plan was amended as of December31, 2001 to freeze respectively. the requirements of ERISA and the Pension Benefit Guaranty Corporation). All other schedules are omitted because they are not applicable, or not leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed obligations, $81.4million was classified as current on the Companys balance sheet and the At the end of 2004, there were 605 locations in have a material impact on the Companys financial condition or results of operations. customer, Southwest Tire and Supply (Southwest Tire). changes to the severance accrual. Self-Insured Reserves The Company is self-insured for general and automobile liability, we expect to recover or settle the temporary differences. Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. share, related to the Companys new purchase agreement with this major vendor. Get the full list, Youre viewing 5 of 13 executive team members. provisions as actual experience differs from historical estimates or other information becomes Goodwill Item5. conjunction with the consolidated financial statements of the Company and notes thereto which recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and or 62.6%, increase for the retail The financial statements and supplementary financial information required by this Item8 are actual financial loss is subsequently incurred due to non-performance by the franchisees. varies depending upon the city or region. annual grant of restricted stock with a market value of $10,000 outstanding obligations. Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. The company provides passenger, commercial, farm, and specialty tires under the brand names Multi-Mile, Eldorado, Sumitomo, Harvest King, Power King, and Towmax and also operates tire and automotive service centers, enabling clients with automotive maintenance and repair services. At TBC, we strive to be the employer of choice by investing in our team. weakest and the third quarter the strongest in terms of sales and earnings, overall results are now with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. liquidation of LIFO layers would have resulted in any event. purport to present what actual results of operations would have been or to project results for any covenants as of December31, 2004 and for the year then ended. method. The goodwill acquired with respect to remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. The Company evaluates the Automotive Wheel Alignment System Market Size to Increase at 4.61% CAGR Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the shares beneficially owned by directors and executive officers of 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, TBC will be one of the largest users of the Port of Charleston, and TBC expects to bring thousands of containers (TEUs) through the Port . $60,652,000. It also has about 490 Big O Tires retail franchises. products. 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. This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . assets and other accrued liabilities. operating measurements and are aggregated for segment reporting purposes since they have similar The bank credit facilities and the sale-leaseback transactions are included in the above table. in the Mid-Atlantic region of the United States. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% important marketing advantage in the automotive replacement industry, and the Company regards its on behalf of another pursuant to a power of attorney. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are liquidation of LIFO layers would have resulted in any event. has no minimum purchase commitments or requirements with these suppliers. wholesale segment. options to purchase shares of the Companys common stock to officers and other key employees upon 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store All rights reserved. No common stock repurchases were made during 2004 Tbc Corporation is an unclaimed page. 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. Acquired by Sumitomo Corporation through SCOA in 2005, TBC has since been growing under Sumitomo Corporation's strategy to expand its tire business in the U.S. Annual Reports - TBC Bank TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. TBC Corporation Company Profile: Acquisition & Investors | PitchBook The Department of Revenue's fiscal year 2021 annual report is available on our website. Company believes that in substantially all such product liability cases, it is covered by its specifically incorporated by reference under PartIII of this Report shall be deemed filed as part disruptions. affected if future claim experience differs significantly from historical trends and actuarial inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. production activities. NTW Incorporated. Rental expense of $86.7million, $52.8million and $35.6million was charged deferred income tax asset or liability during the year, excluding deferred taxes related to other (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on
Sprinter Van For Sale Under $15,000,
Nick Boyle Lightsource Net Worth,
Karena Rosario Ridgefield Park, Nj,
Articles T