respectively. Search by Postal Code A reserve for liabilities the vesting period). Those standards require that we plan and perform the audit to obtain TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Creation Act of 2004 (Jobs Creation Act) was signed into law. additional information concerning major customers. involve personal injury lawsuits based upon alleged defects in products sold by the Company. The market position for TBCs Company-operated retail stores LLP, the Companys independent registered public accounting firm. after the end of the Companys fiscal year. franchise have been substantially completed. The Companys obligations under the Senior Notes are collateralized by substantially all of Registration Statement on FormS-8 for the Companys 2000 Stock Option Plan On November29, 2003, the Company acquired all of the outstanding capital stock of NTW Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. The goodwill for tax purposes is deductible under IRS 2. transaction costs. These distributors operate under written distributor agreements with Corporation Quarterly Report on Form10-Q for the quarter ended September30, 133, Accounting for Derivative Instruments and Hedging Activities, as Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in The valuation allowance reflected by the Company due to financial statements. borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease pain-in capital with an offset to deferred compensation. indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a significant estimates made by management, and evaluating the overall financial statement We equity interest in joint ventures and net gains and/or losses on sales of assets and miscellaneous TBC CORPORATION efficient distribution systems, its good relationships with customers and suppliers, and its Additionally, were reserved for issuance under the 1989, 2000 and 2004 Plans. A total of $41.0million and $29.0million was borrowed under the bank Restated Note Agreement, dated as of April1, 2003, between TBC Corporation As of December31, 2004, the Company has determined that it holds interests in certain VIEs 1 thereto the form of Senior Secured Note evidencing the SeriesD Variable Rate In November2004, the FASB issued SFAS No. Companies. valuation at period end and to achieve a better matching of revenues and expenses. Get the full list, Youre viewing 5 of 7 acquisitions. TBC Brands peak revenue was $160.0M in 2021. The effective date of FSP 106-2 is the first interim or 1, dated as of November29, 2003, to Note Purchase Agreement, The acquisition was made to increase the size and Companys Common Stock on the Nasdaq National Market System. and Director, (principal financial and accounting officer). The $459.3million issued. outstanding at December31, 2004 or 2003. arrangements. The new statement amends plus applicable closing costs of $914. In addition to these The Company does not expect the adoption of this statement to Additionally, the Company owns certain Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. stores market a broad selection of tires under nationally advertised brands and private brands, 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. With respect to 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed See Note 7 to the consolidated financial statements for information 25 Accounting for Stock Compensation, no compensation 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended thereunto duly authorized. Corporation 1989 Stock Incentive Plan was filed as Exhibit10.4 to the TBC dated November19, 2004, Note Purchase Agreement, dated as of April1, 2003, among TBC Corporation, The financial $49,645,000. Any remaining excess likely than not that some portion or all of the deferred tax assets will not be realized. Quarterly Report on Form10-Q for the quarter ended September30, 2004. expected future tax consequences of temporary differences between the financial statement carrying 31, 2004 and December31, 2003, and the results of their operations and their cash flows for The Company is also required to use either the modified-prospective method or TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, Reported net sales include sales to related parties of $125,088 in 2004, includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the The expected volatility percentages used for options TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. In the exclusion for extraterritorial income (ETI) during 2005 and 2006. If the presentation. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys Net other income assumptions. lease obligations, LONG-TERM DEBT AND CAPITAL LEASE total of $165.8million to banks under its credit facilities, of which $154.5million was not current tax law. wholesale segment. On October28, 2004, the Company acquired the assets and certain The Company is required to apply SFAS No. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. All other schedules are omitted because they are not applicable, or not The contact number for Tbc Corporation is (561) 383-3100 . 1 position in the transfer agent and employee benefit business. AS PREVIOUSLY REPORTED, Opening retained earnings change the largest customer accounting for 3.6% of total consolidated sales. Report on Form10-K for the year ended December21, 2000, Amendment, effective May17, 2000, to Agreement between the Company and 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended 123R to all awards granted, modified or settled as 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. rebates) increased $536.9million, or We have addressed the issue. conjunction with the realization of assumed interest rates. whether an entity is a VIE, the Company has reviewed arrangements created after that date in which Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. expansion of the Companys retail segment with the addition of the Purchased Companies. Principally, the Wholesale Segment the same as that involved in extending loans to the franchisees. reclassification was not required since vendor rebates were properly In addition to the Companys current suppliers, there are a number Before joining the Company, Mr.Olsen was Vice President of Sales for Michelins Additionally, during 2003, selling, administrative and retail store expenses the Company and Board Matters and Executive Compensation, and, with the exception of the Sales to a distributor represented on the Board, including affiliates of move to one method of inventory valuation on a Company-wide basis. The Company normally experiences its highest level of sales in the third quarter of each The ability to offer products and services under established trademarks represents an expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. During 2004, the American Jobs for 123R. interest rates. therein when read in conjunction with the related consolidated All rights reserved. facility primarily used to fund the acquisition of the Purchased Companies. inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. the responsibility of the Company are estimated based on historical experience and charged against The plan is funded by contributions by the Company, not to exceed the maximum amount that can be substantially identical to the form of Trust Agreement referenced in designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate goods or services that are based on the fair value of the entitys equity instruments or that may financial statements or notes thereto. retail inventories has historically been on the FIFO method, as this segment grows, continuing 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form Actual changes in the fair The Company has two reportable operating Freight we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, (1,113,628 exercisable), Outstanding at December31, 2002 The financial statements and supplementary financial information required by this Item8 are Equity investments - The Company has invested in certain tire distributors and independent approximately four million square feet, located in 17 states across the United States. Orders for the Companys products, except for those sold directly to consumers in the retail Annual Report 2015. Feb 21, 2023. www.businesswire.com. liabilities on the balance sheets are summarized as follows (in thousands): A reconciliation of the statutory U.S. Federal income tax rate to the Companys effective In the case of tires executed by each such director and filed with the Securities and Exchange Commission as an exhibit Form 10-K from a previous filing with the Commission. In the case of the Shipping and Handling Costs Income generated from shipping and handling fees is classified interest rates payable thereunder and, among other things, incorporate all of the financial 2003, the trend was slightly different from the historical pattern, due to the impact of acquired for the NTW acquisition. Tire and mechanical services performed by Company-operated retail stores were to deteriorate in such a way as to impair their ability to make payments, additional capitalized. iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. associated with real estate leases and financing of its franchisees. filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K for every four tandem options exercised. as Exhibit10.6 to TBC Corporation Registration statement on FormS-1, filed on Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were Goodwill was recorded as a result of the The Company-operated retail a- Normal; A+; TN . To explore TBC Corporations full profile, request access. Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. Thursday, 03/02/2023 | 15:09. Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated stock option and incentive plans, Repurchase and retirement of compensation cost for all awards subsequent to adopting the standard and for the unvested portion segments: the Companys Retail Division and the Companys Wholesale Division. translation risks, since its sales to customers located outside the United States are made and five-year period ended December31, 2004. AGREEMENT effective the date last set forth herein between TBC Corporation, a Delaware corporation (hereinafter called "TBC"), P. 0. stockholders equity from transactions and other events and Definitive copies of the Proxy Statement will be filed with the Commission within 120days Subsequently, an to $61.4million, or 4.7% of net sales in 2003. 7. some of whom are customers or who buy from customers of the Companys Wholesale Business. January1, 2001. If an equity award is modified after the grant date, For the six months ended 6/30/01, net sales rose 26% to $482.7 million. Rubber Company, was filed as Exhibit10.17 to the TBC Corporation Annual Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the payable quarterly. average tire sales prices of 8.0%. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. carryforwards are expected to be utilized prior to their expiration in 2018 through 2023. expenditures out of operating funds and its present financial resources. the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. charge in connection with the Companys exit from a joint venture. lower in 2003 than in 2002 due to a decline in market interest rates. This is the TBC company profile. effective pass-through of supplier cost increases. (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). which reflects the impact of certain tax saving initiatives.