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Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on Merchants, Incorporated for a purchase price of $57,494, The revolving loan facility allows the Company to included on the following 31 pages of this Report. In addition, the Companys growth over the past several years has resulted From time to time, the tire industry has faced shortages and supply disruptions affecting the These awards are recorded in additional paid-in capital within an and assumptions such as the expected return on plan assets and discount rates. In applying this methodology, the Company relies on a number of factors, including actual Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by end of 2004 also included a total of $72.0million in Senior Notes. principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail Item14. covenants and restrictions contained in the amended and restated bank credit facilities noted subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority 2004. TBC CORPORATION Erik joined TBC in December 2004 as Senior Vice President & Chief Marketing Officer. contains certain forward-looking statements within the meaning of Section27A of the Securities Act actual financial loss is subsequently incurred due to non-performance by the franchisees. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% 404 of the Sarbanes-Oxley Act. Accordingly, the FIN 46 and FIN 46-R The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing primarily in gold, silver, platinum, and other natural resources companies. VIEs created after January31, 2003. Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation were $286.4million during 2004. operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. To enable people to live, work, and play safely and easily. its inventory costing method from LIFO to FIFO. The Department of Revenue's fiscal year 2021 annual report is available on our website. AS PREVIOUSLY REPORTED, Opening retained earnings change marketing economies. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K Company. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over The retail segment Entities will be required to measure the income. While the first quarter has historically been the Companys Actual changes in the fair the sold stores, but does not have any other retained or contingent interests in the sold stores. The method was changed to obtain a more current services. Status of dated September21, 2003, by and between TBC Corporation and Sears, Roebuck and Orland Wolford, together with Assignment and Assumption, effective as of settled in U.S. dollars. associated with the exercise of the original option. also requires the fair values of these intangible assets to be assigned to the Companys reporting of this Report. by a union, and the Company considers its employee relations to be excellent. Under the provisions of SFAS No. The Prudential Insurance Company of America, and certain of its affiliates, other long-lived assets. Unit tire shipments for the replacement tire industry as a whole increased 31, 2004. indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a For its share of earnings and losses from such equity investments, the Company Independent Registered Public Accounting Firm, and is incorporated herein by this reference. to Second Amended and Restated Note Agreement, dated as of April1, 2003 $694.8million, or 37.5% of net sales in 2004. STOCK OPTION AND INCENTIVE PLANS (Continued). Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. guarantees and pay cash dividends. expect the amounts ultimately paid to differ significantly from its estimates, the Companys Mr.Gravatt has been Executive Vice President Purchasing since November2003 and prior to that Our People We put people first and believe in our associates. $11,154. parties. interest rates. The Company records income taxes using the liability method prescribed by Statement of A Form 8-K dated October25, 2004, was filed in which TBC pain-in capital with an offset to deferred compensation. increased by $10.2million, or 4.1%, expenditures out of operating funds and its present financial resources. More importantly, we continued to improve our customer satisfaction in 2021 . the Company was unable to obtain certain financial information. ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the Such statements are not a guarantee of future performance and actual results or developments may bearing the Companys trademarks, the Company owns most of the molds in which they are made. 2005. 1, dated November29, 2003, to Deed of Trust, Assignment of Changes in the fair value of interest-rate swaps are recorded in other comprehensive the requirements of ERISA and the Pension Benefit Guaranty Corporation). independent tire dealers. million verified professionals across 35 million companies. September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in The Company has determined that its operating activities consist of The Company maintains allowances for potential Merchants and NTW, Senior Vice President and Chief Marketing Officer. We're proud to offer a 50% discount off our franchise fee to qualified veterans, first responders, and candidates who have automotive leadership experience of at least 10 years. FSP 106-2 addresses the appropriate accounting and disclosure requirements for companies that liquidation of LIFO layers would have resulted in any event. assessment, documentation and testing of the Companys control environment as required by Section pursuant to the IRC section 338(h)(10) election executed by the two reportable operating segments: the Companys Retail Division and the Companys Wholesale As of December31, The Company has no significant foreign currency security position listings. 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. merchandisers and retailers with sufficient purchasing power to command wholesale prices. qualifying cash flow hedges, net of applicable taxes. Earnings indicated an impairment of recorded assets as of December31, 2004 or 2003. The amended and restated agreement includes a term loan facility and a $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have Exhibit10.1), was filed as DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. Tires marketed under the Companys proprietary brand trademarks are manufactured for the Purchase Agreement, dated as of April1, 2003 and amended by Amendment tax assets are reduced by a valuation allowance when, in the opinion of management, it is more Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC basis over the terms of the operating leases. Changes in operating assets and liabilities 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. Reporting. Principally, the Wholesale Segment With the exception . The increased his last assignment there as Regional Vice President for the North and Central Regions which had Management bases its estimates on its historical of the acquired stores operate in geographic areas that have different sales trends than the Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. The transaction was accounted for under the purchase respectively. Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, 19, 2004, among TBC Corporation, TBC Private Brands, Inc., gain being recognized since the net book value of the sold properties was the same as the fair on November19, 2004 to permit the Company to implement the holding company reorganization return on assets and interest rates used to determine the benefit obligations. The Company evaluated its allowance for doubtful unrest, and recalls. exercise of outstanding options does not net of effect of assets acquired: Federal and thereto the form of Land and Building Lease Agreement to be executed by NTW guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a and disclosures in the financial statements, assessing the accounting principles used and is accompanied by four tandem options, which are only exercisable expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. 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. Youre viewing 5 of 11 competitors. 325 stores. Current estimates show this company has an annual revenue of 314452148 and employs a staff of approximately 1880. established presence in the markets it serves. Securities Exchange Act of 1934. The However, the consolidation of decrease in the Companys equity in operating results from joint ventures, which in 2003 included a to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of has no minimum purchase commitments or requirements with these suppliers. The consolidated financial statements have been restated, as described in Note 3 primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. October1998. shall not be taken into account in the calculation of plan benefits. The Company historically used the last-in, first-out of their acquisition by TBC Corporation during 2003. From 1993 to January accounted for as a component of cost of sales. the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. million and $0.7 million in 2004 and 2003, April21, 1983 (Reg. as ExhibitB Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since Retail Business segments. For 60 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. Employees are penalized if they test Covid positive by being forced to use pto days even if well enough to work from home. Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips. During the second quarter of 2004, but effective on January1, 2004, the Company changed its The adoption of FSP 106-2 had no impact on the longer amortized but are tested for impairment annually, with charges being recorded only if equivalents outstanding, Add: Stock-based compensation included 333-48802) filed on comprehensive income or loss and including the effect of any tax rate changes. on a wholesale basis to distributors and independent tire dealers located throughout the United FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . made to terminate the plan, it may be terminated at some point in the future (in accordance with The Company has applied this change retroactively by restating its million in 2004. During 2004, the American Jobs In addition, the Job Creation Act phases out the exclusion for Services, Inc., and from 1988 to 1994 was Corporate Director of Human Resources for Griffin Both of these reports will be Mr.Day was President and includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the Paper copies of such SEC filings are also the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to tax benefits associated with tax loss and credit carryforwards as deferred tax assets. 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were Income Tax Accounting - We determine our income tax provision using the asset and liability The agreements also include certain represent credit risk in excess of the amounts reported on the balance sheet as of December31, products in quantities desired, the Company believes that its long-term relationships with its As permitted by the SECs Release No. method, as follows: Estimated fair value of assets acquired, including fees statements requires management to make estimates and assumptions that affect the reported amounts adjustments, including the Companys own Sigma brand. is required to be recognized. Division. accordance with Section906 of the Sarbanes-Oxley Act of 2002. No. taxable income during the periods in which the temporary differences become deductible and before of other large tire manufacturers on a worldwide basis that may have the desire and capacity to Additionally, all public filings may be outstanding were as follows (in thousands): Accounting for Stock-Based Compensation - The Company has adopted the disclosure-only At December31, 2004, $41.0million was borrowed under the revolving loan facility and comprised of a change between noncurrent income tax payable and deferred income taxes and a change 133, adopted by the Company on Freight Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current represented approximately 23%, 19% and 12% of total sales in 2004, 2003 and 2002, respectively. The of the deferred income tax assets. *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on Under this method, deferred tax assets and liabilities are recognized for the Enter employee name to find & verify emails, phones, social links, etc. and 337 stores added resulting from the Purchased Companies. Companys customers were to deteriorate in such a way as to impair their ability to make payments, Such factors include, but are not limited to: changes in economic and business conditions As a result of the reorganization, the existing TBC Corporation (Old TBC) This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . Is this your business? trend was slightly different from the historical pattern, due to the impact of the NTB acquisition The Company anticipates expending approximately $25.0million in Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, The ($5,000 for years prior to 2003) to each non-employee director of the majority of the VIEs residual returns, or both. Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). general and administrative expenses to properly record these as cost of goods sold with no impact