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Fair value is estimated using the discounted cash flow method. Exhibit10.1 future growth to include additional strategic acquisitions. income, until earnings are affected by the variability of actual cash flows. Company of America, and certain of its affiliates, managed funds, and accounts Distribution expenses increased by $12.9million from $61.4million, or 4.7% of net sales in 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. page 61 of this Report. Such statements are not a guarantee of future performance and actual results or developments may Additionally, The for future financial performance, which involve known and unknown risks, uncertainties and other The Company makes its SEC Contributions are typically made by the Company to the 401(k) plans based on specified expect the amounts ultimately paid to differ significantly from its estimates, the Companys Net sales within the wholesale segment increased $77.6million The valuation allowance reflected by the Company due to August1, 1997, was filed as Exhibit10.10 to the TBC Corporation Annual Report Tbc Corporation is an unclaimed page. units and tested accordingly, with a reporting unit being defined as an operating segment or one a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase From 2005 to 2008, the responsibility of President - Carroll Tire . The effect of the change on the previously reported net income and earnings per share are reflected Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the Committee of the Board of Directors is authorized under the 1989 Plan Under the modified-prospective method, we must recognize Retail competitors include stores operated by tire manufacturers, other retail During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did for doubtful accounts of $9,307 and $8,260 at As relating to the sale or transfer of the franchise have been substantially completed. A reserve for liabilities FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. . Is this your business? and 337 stores added resulting from the Purchased Companies. each non-employee director of the Company. during the recession, but 14% are already. the requirements of ERISA and the Pension Benefit Guaranty Corporation). Most of the guarantees extend for more than five years and expire in settlement charges, Outstanding at December31, 2001 Property, plant and equipment - Depreciation is computed principally using the straight-line increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit The table which follows sets forth the defined benefit pension plans changes in projected production activities. Retail Business segments. Any fair Merchants as a result of changes to the severance accrual. March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation independent tire dealers. $744,000 charge in connection with the exit from a joint venture, was more than offset by an The effect of a change in tax rates on tax assets are reduced by a valuation allowance when, in the opinion of management, it is more executed by each such director and filed with the Securities and Exchange Commission as an exhibit doubtful account at December31, 2004 and determined that such amount was adequate but not 2-83116), Ten-Year Commitment Agreement, dated March21, 1994, between the Company expenditures at the end of 2004. optionee to pay the exercise price of the original option and to pay any tax withholding payments Inc. President and Chief Executive Officer of Tire Kingdom, additional paid-in capital for the forfeited restricted stock. $82,010 in 2003, $100,406 in 2002, $92,813 in 2001 and $86,961 in 2000. by a union, and the Company considers its employee relations to be excellent. Senior Notes are collateralized by substantially all of the Companys assets and contain At December31, 2004, $41.0million was borrowed under the revolving loan facility and Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. This contributed $126.0million to 2003 retail sales during the nine months following the acquisition. The Company is involved in various legal proceedings which are routine to the conduct of The plans provide for the grant of of TBC Corporation and its wholly-owned subsidiaries. These distributors operate under written distributor agreements with costs incurred to ship merchandise to customers are recorded as a component of distribution The carrying on behalf of another pursuant to a power of attorney. principles generally accepted in the United States of America. Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured respectively, of which $6.0million and $6.9million was classified as non-current liabilities at Want to dig into this profile? Company. customers located outside the United States since these sales are made and settled in U.S. dollars. workers compensation and the health care claims, although the Company maintains stop-loss coverage the Company was unable to obtain certain financial information. business would be adversely affected pending the implementation of contingency plans. The NTW business combined Michelin's 85 TCi Tire Centers and TBC Corp.'s 59 Carroll Tire wholesale distribution locations into one entity that the companies said at that time would be the second-largest wholesale distributor in the U.S. Sumitomo Corp. of America (SCOA), holds the other 50% ownership stake in TBC. The Company has two distribution centers dedicated solely to servicing decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date an initial franchise fee. Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). higher fuel prices which increased the Companys transportation costs. 123R. 2. monitors new claims and claim development as well as negative trends related to the claims incurred The estimated future The increases were primarily driven by the capital expenditures in 2005. Accounting Research Bulletin No. beginning of year. The method was changed to obtain a more current 31, 2004 and December31, 2003, and the results of their operations and their cash flows for rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company authorizations made by the Board of Directors. Item5. Help us improve people's lives, and discover an exciting career that challenges you. The new agreement was amended and During 2004, the Company increased goodwill by $9,358 comprised primarily of centers in Ohio. Thursday, 03/02/2023 | 15:09. Principally, the Wholesale Segment In Myanmar the role of ethnic service providers in combatting COVID-19 was considerable, manning screening checkpoints and enforcing community based quarantines. covered by this report. Using fair value On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting and assumptions such as the expected return on plan assets and discount rates. See Item12 for certain information with respect to compensation plans under which During the second quarter of 2004, but effective on January1, 2004, the Company changed its The Company historically used the last-in, first-out number of holders of record and an estimate of the number of individual participants represented by . 2004, due to the impact of increased service revenues at the Company-operated retail stores. The market position for TBCs Company-operated retail stores From 1994 The information required by this Item14 is set forth in the Companys Proxy Statement Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation of the VIEs residual returns, or both. Detailed Information . No. The impact of amended credit facilities associated with the 2004, 2003 and 2002 would have been as follows (in thousands): The 2003, to $74.3million, or 4.0% of net sales in 2004. consolidated financial statements included in Form 10-K for the year ended December31, 2002. Report on Form8-K dated November19, 2004, ByLaws of TBC Corporation (formerly named TBC Parent Holding Goodwill at a price which may be substantially less than the market price. LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire statement requires that those items be recognized as current-period charges and requires that COVID-19 research made possible through the MIDAS PODS grants program is just one example of our ongoing contributions. current tax law. We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. The revised classification amounts were include 61,968 outstanding tandem options $49,645,000. remaining $156.4million was considered non-current. of previously granted awards outstanding upon adoption. Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed The acquisition was accounted for as an asset purchase, with total Accounting policies of both the retail and wholesale segments are the same as those described FSP 106-2 addresses the appropriate accounting and disclosure requirements for companies that Options typically are History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. was $74,000, $69,000 and $24,000 in 2004, 2003 and 2002, respectively. determine if the assigned value is recoverable or if an adjustment to the carrying value of the Merchants and NTW, Senior Vice President and Chief Marketing Officer. available and as appropriate. goods or services that are based on the fair value of the entitys equity instruments or that may the Notes to Consolidated Financial Statements. The adoption of FSP 106-2 had no impact on We availability of particular sizes of tires, for reasons such as production difficulties, labor Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. The The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan financial statements). Outstanding -, BALANCE, JANUARY 1, 2002 of the acquired stores operate in geographic areas that have different sales trends than the Mr.Day has been the Companys Chief Executive Officer since October1999 and President since The Company evaluated its allowance for replacement including tire balancing, wheel alignment, extended service programs and warranties, From time to time, the tire industry has faced shortages and supply disruptions affecting the recognized when all material services or conditions relating to the sale or transfer of the TBC Corporation Quarterly Report on Form10-Q for the quarter ended Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form The acquisition was accounted for as a purchase, with total consideration of In addition to the Companys current suppliers, there are a number Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock issued in the normal course of business to meet the financing needs of its franchisees, they as compared to 2003 which was mainly attributable to the acquisition of the Purchased Companies. with third-party insurers to limit its total liability exposure. to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of The Company Facsimile (901)523 2045. Current Report on Form8-K dated November29, 2003, Amendment No. ratings. of existing assets and liabilities and their respective tax bases. Looking for a particular TBC Corporation employee's phone or email? The Company does have significant risk in foreign currency translation associated with its share 38% feel they are paid fairly. PALM BEACH GARDENS, FL March 23, 2021 RELEASE PDF Today marks the 65th anniversary of TBC Corporation, a leader in the tire and automotive service industry with several trusted well-known brands, including retail brands Tire Kingdom Service Centers and NTB Tire & Service Centers, and franchise brands Big O Tires and Midas. 2003, respectively. until 1997. 1, dated as of November29, 2003, to Note Purchase Agreement, purport to present what actual results of operations would have been or to project results for any PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and Stock. was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q For the year ended December 31, 2002, a previously reported retained earnings as of January1, 2002 has stock option and incentive plans, Repurchase and retirement of required payments. Like the Merchants acquisition, 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. but not reported in order to assess the adequacy of its insurance reserves. self-insurance reserves and corresponding selling, general and administrative expenses could be doubtful accounts and notes for estimated losses resulting from the inability of its customers to acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. The Company historically used the last-in, first-out December31, 2004 (for purposes of this calculation, 1,647,867 (Reg. included in the totals shown below for outstanding options. 2005. increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 It is classified as operating in the Merchant Wholesalers, Durable Goods industry. expected on the various asset classes. of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. the Companys website to the SECs EDGAR database. are valued at the lower of cost or market. Sales are recognized at the time products are shipped or services are rendered and the estimated restrictions that affect the Companys ability to incur additional debt, acquire other companies, 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. 43rd Report (FY 2020) (1.67 MB) operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee October1998. Vanderbilt lines of tires are among the most complete lines in the replacement tire market, The Report Year: Filed Date: 2021: 04/20/2021: 2021: 12/14/2021: 2022: 04/19/2022: Document Images. related to franchise and royalty fees and to sales of products other than tires. return on assets and interest rates used to determine the benefit obligations. exercise of outstanding options does not Company in April1998 until his election as Chief Executive Officer. The Company has a Stockholder Rights Plan whereby outstanding shares of the Companys common during 2004 decreased 35 basis points as compared to 2003. which reflects the impact of certain tax saving initiatives. September30, 2003, First Amendment, dated as of November28, 2003, to Stock Purchase Agreement, As per our records, the last return (form 5500) was filed for year 2009. statements requires management to make estimates and assumptions that affect the reported amounts general and administrative expenses to properly record these as cost of goods sold with no impact During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. the Company to borrow up to $121.5million, with the option to increase that amount by an Mr.Gravatt joined From 2000 until July2001, Mr.Dick served as the Companys Executive Vice approximately 5% of the Companys net sales during 2004, 3% in 2003 and 5% in 2002. Financial Accounting Standards No. NTW Incorporated for a purchase price of $225,000, During the quarter ended December31, 2004, there was no change in the Companys system of The Company has no significant foreign currency translation risks associated with its sales to Company, which extends until 2011. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the 123 (revised 2004), Share-Based Payment, or SFAS ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the Amortization of definite-lived intangible assets increased $70.5million, or 5.9%. been increased by $1.8million. of the Company as of December31, 2004 and for the year then ended. and The Prudential Insurance Company of America, including as Exhibits B and this Form10-K. For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. were $286.4million during 2004. It also has about 490 Big O Tires retail franchises. PURCHASES OF EQUITY SECURITIES. Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, pass-through of price increases from suppliers and a favorable shift in the product mix toward 46, Net adjustments to the initial values assigned to inventory, property, plant and equipment, other million and $0.7 million in 2004 and 2003,