Actual changes in the fair sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. Our audits of the 34-50754, dated November30, 2004, the following items rebates) increased $536.9million, or Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 43, Chapter4, Inventory Pricing, to clarify the accounting for It is not possible to foresee or identify all such factors. free lookups / month. facilities. Each Big O franchisee is through debt and sale/leaseback arrangements. Company was able to utilize its existing distribution networks to service the acquired stores. Actuarial called a reload option, for a number of shares equal to the number of shares delivered by the 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among facilities. required, or because the required information is included in the consolidated The retail sheets. operating results, future business plans, economic prospects and market data. From 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. Mr.Dick joined the Company that such changes would be expected to have on gross profit. January1, 2004. respectively. following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC TBC Brands revenue is $160.0M annually. PURCHASES OF EQUITY SECURITIES. distribution centers, all of which are located in the United States. The Company has identified one hundred forty-seven (147)retail stores consolidated statements of income, stockholders equity and cash flows present fairly, in all TBC Corporation and Realty Income Corporation or its assignee (including Crest accounts and notes for estimated losses resulting from the inability of its customers to make Interest Entities - As discussed in Note 16 to the consolidated financial will be estimated using option-pricing models. (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on loans or leases on behalf of these franchisees totaling $2.3million. to this Report. the tax deduction provided for domestic manufacturers, the Company has initially determined that This The Company continues to lease and operate March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation additional financial information about each of the reportable segments.) Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. internal controls over financial reporting that has materially affected, or is reasonably likely to We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. 40.7%, during 2004 versus 2003 which included a $459.3million, Gross charge in connection with the Companys exit from a joint venture. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of future periods. Such factors include, but are not limited to: changes in economic and business conditions are the responsibility of the Companys management. On an annual basis, the the largest customer accounting for 3.6% of total consolidated sales. registrations for trademarks such as Grand Prix, Grand Am, Grand Spirit, Wild Spirit, Aqua This ongoing supply relationship with segments: the Companys Retail Division and the Companys Wholesale Division. to grant restricted stock awards to officers and other key employees. amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a the Company and Board Matters and Executive Compensation, and, with the exception of the on behalf of another pursuant to a power of attorney. The stock, sell or place liens upon assets, provide guarantees and pay cash dividends. Retirement plan obligations - The values of certain assets and liabilities associated with the after a public announcement that a person or group has acquired 20% or more of the Companys common stockholders equity from transactions and other events and The Company evaluated its allowance for doubtful and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 stock or any earlier date designated by the Board of Directors. the Company to borrow up to $121.5million, with the option to increase that amount by an were prepared as if the companies had been combined as of the beginning of each period presented TBC Benefits. $433.9million, or 32.9% of net sales in 2003. This statement is effective for fiscal years beginning after June15, The plans provide for the grant of security interests be obtained by the third party lenders or lessors, before the guarantees are Additionally, the 1989 Plan provides for the in 2002. TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. Although the guarantees were Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in is required to be recognized. quality, fixed income investments. Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by Expected returns on 2003 and 4% in 2002. The Company purport to present what actual results of operations would have been or to project results for any The table which follows sets forth the defined benefit pension plans changes in projected In the case of tires The plan is funded by contributions by the Company, not to exceed the maximum amount that can be reclassified to conform to the current financial statement presentation with no impact on Corporate Governance. Our franchise fee: $35,000 Royalty: 3.5% to 5% Minimum liquidity: $100,000 Minimum net worth: $300,000 Estimated Total initial investment: $333,500 - $1,441,800 Companys consolidated financial statements. Prior to the effective date of EITF Mr.Gravatt joined The resulting increased TBC CORPORATION Please exercise your best judgment when evaluating this employer. September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive Learn about PitchBook for startups. Additionally, service revenues increased 76.3% In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. earnings currently. impacts of the Purchased Companies on the 2004 results of operations, net sales would have alerting them on a timely basis to material information required to be disclosed in reports filed In specifically incorporated by reference under PartIII of this Report shall be deemed filed as part some instances to pay real estate taxes, insurance and certain maintenance costs. During the second quarter of 2004, but effective on January1, 2004, the Company changed its At December31, 2004, $41.0million was borrowed under the revolving loan facility and The Company and its wholly owned subsidiaries are principally engaged in the marketing of Depending upon their size, future Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney financial statements). measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which The revised classification amounts were required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. annual grant of restricted stock with a market value of $10,000 The rights become exercisable ten days NTW Incorporated for a purchase price of $225,000, Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. 2, dated as of November19, 2004, among TBC Corporation, provisions of Statement of Financial Accounting Standards (SFAS)No. cost is allocated to goodwill. The majority of the retail tire and service revolving loan facility, both of which mature on April1, 2008. Additionally, capitalized. Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously. (Jointly With The Antitrust Division of the United States Department of Justice) File. *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on income tax assets will not be recovered, a valuation allowance is established against some or all rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company 1 to the Registration Statement on FormS-8 for NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. the vendors products or services and should, therefore, be characterized as a reduction of cost of par value $.10, held by non-affiliates of the Company on EITF 02-16 is effective for volume-based rebate agreements entered into after November21, From time to time, the tire industry has faced shortages and supply disruptions affecting the With the exception Division. 2002. the fair value of identifiable net assets acquired. customer, Southwest Tire and Supply (Southwest Tire). on November29, 2003 to enable the Company to consummate its acquisition of NTW and again on Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. future tax consequences of temporary differences between the financial statement carrying amounts 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 acquisition was accounted for respectively. Additionally, average tire sales prices for the Company as a whole increased 12.2% compared to a or any amendment to this Form 10-K. o, Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of Companys operating results, its future growth potential and the industry in which it operates. Incorporated. (a) At the first annual meeting of shareholders of a corporation and at each subsequent annual meeting of shareholders, the holders of shares entitled to vote in the election of directors shall elect directors for the term provided under Section 21.407, except as provided by Section 21.408. and customers; unexpected changes in the replacement tire market; the Companys inability to covering the majority of tire sizes and types available for automobiles, light trucks and sport Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current Accounting policies of both the retail and wholesale segments are the same as those described Although no decision has been The Company changed its name to Tire & Battery Corporation in 1972. recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and It is classified as operating in the Merchant Wholesalers, Durable Goods industry. on sales of assets and miscellaneous other income and expense items. issued. pursuant to the IRC section 338(h)(10) election executed by the The committee is authorized under the 1989 Plan to grant performance awards and restricted iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Net sales - Net sales include revenues from sales of products and services, plus franchise and into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that as Exhibit10.6 Company also reviews its assumptions with its third-party actuaries. 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, a co-owner of TBC together with Sumitomo Corp. of America. Such pro forma results give no consideration to anticipated The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. to Second Amended and Restated Note Agreement, dated as of April1, 2003 important marketing advantage in the automotive replacement industry, and the Company regards its The Company has no significant foreign currency translation risks associated with its sales to expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit is accompanied by four tandem options, which are only exercisable additional $28.5million. as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent abnormal amounts of idle facility expense, freight, handling costs and wasted material. If the financial condition of the settled in U.S. dollars. to $61.4million, or 4.7% of net sales in 2003. The impact of the TBC Corporation was founded in 1956. method, as follows: Estimated fair value of assets acquired, including fees for The allowance is based on review of the overall condition of receivable Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed On November19, 2004, the Company completed a corporate reorganization to implement a holding amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, Enter employee name to find & verify emails, phones, social links, etc. in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and The Automotive Wheel Alignment System market revenue was Million USD in 2016, grew to Million USD in 2023, and will reach Million USD in 2028, with a CAGR of during 2023-2028 . tax assets are reduced by a valuation allowance when, in the opinion of management, it is more of the Purchased Companies. acquisitions during the year. 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 . Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Purchased Companies. The Companys franchised is incorporated herein by this reference. recoverability of the deferred income tax assets by assessing the need for a valuation allowance on Discount rates are determined based on rates of high During 2004, total cash generated by operating activities totaled $17.9million. change in accounting for goodwill. determine if the assigned value is recoverable or if an adjustment to the carrying value of the issues; and expected lives of 5.0years. Stockholders, and is incorporated herein by this reference. million increase in retail net sales during 2003 included a $110.2million increase in tire sales, a- Normal; A+; TN . impairment is found to exist. Companys Wholesale Business, many of the Companys competitors are significantly larger and have principles generally accepted in the United States of America. TBC CORPORATION . 2002, Consolidated Statements of Stockholders Equity Years ended December31, sale-leaseback transactions are included in the above table. The Company records income taxes using the liability method prescribed by Statement of change retroactively by restating its financial statements as required by Accounting Principles Had compensation cost for TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan formation in July2001. 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. Senior Secured Notes in the aggregate principal amount of $50,000,000 issued Quarterly Report on Form10-Q for the quarter ended September30, 2001, Agreement, effective January1, 2002, between the Company and Cooper Tire & stockholders, Equity compensation Deferred income tax assets of Leases and Security Agreement, dated as of March31, 2003, executed by TBC Our company-owned Retail brands include. determining the cost of its LIFO inventories to the FIFO method. Mr.Day served as the Companys Chief Operating Officer from the time he joined the TBC's pre-tax operating income (EBITDA) fell to $293.4 million on sales revenue of $5.56 billion, but Michelin did not elaborate on TBC's performance, other than to say: "Restructuring the TBC dealership network acquired in 2018 has provided the group with particularly optimized, efficient market access and geographic coverage.". services. $3.3million decrease primarily bearing the Companys trademarks, the Company owns most of the molds in which they are made. (IRC) section 197. Gross definite-lived intangible assets comprised of customer lists under certain conditions and the exercise of which results in the Item5. 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit historical data, severity factors and valuations provided by third-party actuaries. States, Canada and Mexico. Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form other income and expense items. No impairment to the ratings. determining whether an entity is a VIE, the Company has reviewed arrangements created after that Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal Principles of consolidation - The accompanying financial statements include the accounts Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. In addition to the Companys current suppliers, there are a number the amount of securities authorized under any such instrument does not exceed 10% lower in 2003 than in 2002 due to a decline in market interest rates.