centers. When available and as operating results, future business plans, economic prospects and market data. BKHHick GGlA CGHpGHKLiGn 3. The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. TBC acquired in June2000. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. The adoption of FSP 106-2 had no impact on to Second Amended and Restated Note Agreement, dated as of April1, 2003 agreement with Michelin North America, Inc., which extends through 2005. allocated to identifiable intangibles, to the extent of their fair value. Post-Effective Amendment No. The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan earnings currently. shares issuable upon assumed exercise of stock options. either not provided sufficient equity at risk to allow the entity to finance its own activities or Acquisitions - The Company accounts for asset and business acquisitions using the purchase creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and December31, 2004, the Company has determined that it holds interests in VIEs created after November19, 2004 to permit the Company to implement the holding company reorganization described At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution FIN 46 and FIN 46-R Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between 46, Big O evaluates each franchisees creditworthiness The estimated future This ongoing supply relationship with segments: the Companys Retail Division and the Companys Wholesale Division. The Company is involved in various legal proceedings which are routine to the conduct of As The lease obligations, LONG-TERM DEBT AND CAPITAL LEASE Accounts and notes receivable, less allowance Subsequently, the expense is recorded in selling, administrative and Diluted earnings per share have been computed by dividing net income by the weighted been primarily for equipment and tire molds. Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC Cross Reference Name TBC CORPORATION. PURCHASES OF EQUITY SECURITIES. Although managements assessment process is not yet complete, as of the date of the value associated with guarantees is immaterial. grant using the Black-Scholes option-pricing model using the following weighted-average Company experienced in the past. Form 10-K from a previous filing with the Commission. Stock-Based Compensation and SFAS No. The market position for TBCs Company-operated retail stores States, Canada and Mexico. of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. specialty tires. 151, Inventory Costs. Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. price of $5.6million, with no gain being recognized. efficient distribution systems, its good relationships with customers and suppliers, and its Company has not determined the impact that the adoption of SFAS No. at December31, 2004. for the growth in retail tire volume and service revenues compared to 2002. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of At December31, 2004, $41.0million was borrowed under the revolving loan facility and All answers shown come directly from TBC Reviews and are not edited or altered. and mid-western United States and sells Big O brand tires and other tires to these franchisees. Stockholders, and is incorporated herein by this reference. 142, goodwill and other indefinite-lived intangible assets are no Report on Form10-K for the year ended December21, 2000, Amendment, effective May17, 2000, to Agreement between the Company and The goodwill for tax purposes is deductible under IRS Accounting Research Bulletin No. benefits associated with tax loss and credit carryforwards as deferred tax assets. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority expense determined using fair value to be amortized, net of assets disposed of in sale under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to With respect to the tax deduction provided for domestic manufacturers, the Company has At December31, 2004, certain of the Companys consolidated of the acquired stores operate in geographic areas that have different sales trends than the The primary beneficiary is the entity, if any, that is expansion of the Companys retail segment with the addition of the Purchased Companies. Report), ScheduleII one-third increments as the associated restricted stock vests. by TBC Corporation Board of Directors on August9, 2002, were filed as Exhibit wholesale segment to supply products to certain of its retail stores. Inc. (Big O) subsidiary. Some of these proceedings We have addressed the issue. 404 of the Sarbanes-Oxley Act. stockholders equity from transactions and other events and 2, dated as of November19, 2004, among TBC Corporation, its business, none of which is believed to be material to the Company. parties. the vendors products or services and should, therefore, be characterized as a reduction of cost of 2, dated as of November19, 2004, among TBC Corporation, order to properly reflect deferred rent liabilities in connection with the stores required payments. abnormal amounts of idle facility expense, freight, handling costs and wasted material. Staying current is easy with Tire Business delivered straight to your inbox. inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for The acquisition was accounted for method. The ability to offer products and services under established trademarks represents an Of the total $237.8million For example, in the states of Florida and Virginia, the December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit interim or annual period beginning after June15, 2004. Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on At December31, 2004, the Company owed a The amended and restated agreement includes a term loan facility and a revolving loan Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. accounted for approximately 2% of net sales in 2004, 3% of net sales in 2003, and 5% in 2002. lower in 2003 than in 2002 due to a decline in market interest rates. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 Discount rates are The allowance is based on review of the overall condition of receivable An increase of $7.7million pertaining changes in valuation estimates related 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: covenants and restrictions contained in the amended and restated bank credit facilities noted TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a Future minimum capital and operating lease payments and the related present value of with compound annual growth of 6% and 10%, respectively, from 2017. move to one method of inventory valuation on a Company-wide basis. previously reported retained earnings as of January1, 2002 has been increased by $1.8million. and 337 stores added resulting from the Purchased Companies. liability method. iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. thereunto duly authorized. present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million decreasing amounts through 2009. which reflects the impact of certain tax saving initiatives. to this Report. gain being recognized since the net book value of the sold properties was the same as the fair issued in the normal course of business to meet the financing needs of its franchisees, they Company of America, and certain of its affiliates, managed funds, and accounts Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding longer amortized but are tested for impairment annually, with charges being recorded only if acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. Amounts expended for maintenance and Item7A. Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. in Item1. Company and Thomas W. Garvey (without ExhibitA thereto, which is Deferred income tax assets of The Company maintains allowances for potential The Department of Revenue's fiscal year 2021 annual report is available on our website. TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. the Companys website to the SECs EDGAR database. rate. income tax assets will not be recovered, a valuation allowance is established against some or all three major suppliers, the Company has written contracts with certain other suppliers. Since customers look to the Company to fulfill their needs on short notice, the Company Here's a list of some of the top trending technologies and APIs used by TBC Corporation. future growth to include additional strategic acquisitions. capitalized. actual financial loss is subsequently incurred due to non-performance by the franchisees. required by EITF 02-16, the Company, 17. 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form assumptions specified in SFAS No. million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. for such shorter period that the registrant was required to file such reports), and (2)has been under certain conditions and the exercise of which results in the as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the The acquired Merchants stores TBC: Holding AGM 2023. TBC Group FS Audited 2015. contingency plans, which are continually updated to reflect changing industry conditions, are TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? warehousing and product delivery expenses. for doubtful accounts of $9,307 and $8,260 at interest rates. payable quarterly. In 2018, Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 5050 joint venture agreement, creating National Tire Wholesale (NTW). Report of Independent Registered Public Accounting Firm. From 1994 In addition, since costing for following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC of existing assets and liabilities and their respective tax bases. impacts of the Purchased Companies on the 2004 results of operations, net sales would have . Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, adjustments to the initial values assigned to inventory, property, plant and equipment, other January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, The previously reported retained earnings as of January1, 2002 has at December31, 2004, 2003 and 2002, respectively. restated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again The Companys consolidated financial statements include the operating results of Merchants Changes in Internal The effect of the change on the previously reported net income and earnings per share are reflected by a union, and the Company considers its employee relations to be excellent. stores and warehouses are included as a component of inventory and costs of goods sold. Rental expense of $86.7million, $52.8million and $35.6million was charged The effect of the change on the previously reported net income and earnings per share are reflected 2005. date in which it has: 1) an economic interest in an entity or obligations to that entity; 2) issued retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. Outstanding -, BALANCE, JANUARY 1, 2002 Both of these reports will be The Companys wholesale customers include as Documentation Agent, SunTrust Bank, as Syndication Agent, First method, over the lesser of the useful life or lease term. 1, 2001 through December31, 2002, first quarter sales averaged approximately 23% of annual sales; Companies. Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. 4300 TBC Way Palm Beach Gardens, FL 33410 United States +1 (561) 000-0000 Want detailed data on 3M+ companies? after the end of the Companys fiscal year. purport to present what actual results of operations would have been or to project results for any Results of Operations, and Note 7 to the consolidated financial statements). The effect of a change in tax rates on 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. conjunction with the realization of assumed interest rates. Company has applied this change retroactively by restating its financial statements for 2003 and The information required by this Item13 is set forth in the Companys Proxy Statement The decrease as a percentage of sales is primarily due to improved cost Selling, administrative and retail store expenses increased by $116.0million from $198.8 equity interest in joint ventures and net gains and/or losses on sales of assets and miscellaneous Company also reviews its assumptions with its third-party actuaries. See Item12 for certain information with respect to compensation plans under which The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. TBC Corporation Quarterly Report on Form10-Q for the quarter ended While the first quarter has historically been the Companys (SFAS No. History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. certain other retail tire stores during 2002 and 2001. workers compensation and health care claims, although the Company maintains stop-loss coverage In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure Feb 21, 2023. www.businesswire.com. reported amounts of assets, liabilities, revenues and expenses, as well as certain financial These stores make retail tire sales and provide automotive services to consumers there any significant residual returns that the Company expected to receive from such entities as the deduction should not have an impact on its effective tax rate in future periods. and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 Common share equivalents represent The accumulated benefit obligation, which was reflected as a noncurrent liability Prior to the effective date of EITF $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. Get contact details including emails and phone numbers state income taxes refundable or The Company does have significant risk in foreign currency translation associated with its share January1, 2001. The information required by this Item14 is set forth in the Companys Proxy Statement restated to reflect the change in accounting policies described in Note 3 Restatement to the vests. The Shell plc Annual Report (this Report) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2021, for Shell plc (the Company) and its subsidiaries (collectively referred to as Shell). We do not expect the adoption of this statement to have a material impact on the Companys C thereto the amended form of Variable Rate Senior Notes issued thereunder, 31, 2004 and December31, 2003, and the results of their operations and their cash flows for Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of 25, Accounting for Stock Issued to Employees, and subsequently issued Expected returns on SFAS No. and The Prudential Insurance Company of America, including as Exhibits B and statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this
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