Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-1927 | ||
Entity Registrant Name | THE GOODYEAR TIRE & RUBBER COMPANY | ||
Entity Central Index Key | 0000042582 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-0253240 | ||
Entity Address, Address Line One | 200 Innovation Way | ||
Entity Address, City or Town | Akron | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44316-0001 | ||
City Area Code | 330 | ||
Local Phone Number | 796-2121 | ||
Title of 12(b) Security | Common Stock, Without Par Value | ||
Trading Symbol | GT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Auditor Name | Cleveland, Ohio | ||
Auditor Location | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Entity Public Float | $ 3.9 | ||
Entity Common Stock Outstanding | 283,954,995 | ||
Documents Incorporated by Reference | Portions of the Company’s Proxy Statement for the Annual Meeting of Shareholders to be held on April 8, 2024 are incorporated by reference in Part III. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net Sales (Note 3) | $ 20,066 | $ 20,805 | $ 17,478 |
Cost of Goods Sold | 16,557 | 16,953 | 13,692 |
Selling, Administrative and General Expense | 2,814 | 2,798 | 2,699 |
Goodwill Impairment (Notes 12) | 230 | 0 | 0 |
Net Rationalization Charges (Note 4) | 502 | 129 | 93 |
Interest expense (Note 5) | 532 | 451 | 387 |
Other (Income) Expense (Note 6) | 108 | 75 | 94 |
Income (Loss) before Income Taxes | (677) | 399 | 513 |
United States and Foreign Tax Expense (Benefit) (Note 7) | 10 | 190 | (267) |
Net Income (Loss) | (687) | 209 | 780 |
Less: Minority Shareholders’ Net Income | 2 | 7 | 16 |
Goodyear Net Income (Loss) | $ (689) | $ 202 | $ 764 |
Goodyear Net Income (Loss) — Per Share of Common Stock | |||
Basic | $ (2.42) | $ 0.71 | $ 2.92 |
Weighted Average Shares Outstanding (Note 8) | 285 | 284 | 261 |
Diluted | $ (2.42) | $ 0.71 | $ 2.89 |
Weighted Average Shares Outstanding (Note 8) | 285 | 286 | 264 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ (687) | $ 209 | $ 780 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation, net of tax of $2 in 2023 (($9) in 2022, ($4) in 2021) | 54 | (275) | (139) |
Unrealized gains (losses) from securities, net of tax of $0 in 2023 ($0 in 2022 and 2021) | 0 | 1 | 0 |
Defined benefit plans: | |||
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $XX in 2023 ($31 in 2022, $34 in 2021) | 80 | 94 | 105 |
Decrease/(increase) in net actuarial losses, net of tax of $36 in 2023 ($48 in 2022 and 2021) | (125) | 162 | 153 |
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures, net of tax of $11 in 2023 ($30 in 2022, $10 in 2021) | 36 | 94 | 33 |
Prior service credit (cost) from plan amendments, net of tax of $0 in 2023 (($2) in 2022, $0 in 2021) | 0 | (3) | 1 |
Deferred derivative gains (losses), net of tax of $0 in 2023 ($0 in 2022 and 2021) | (5) | 0 | 1 |
Reclassification adjustment for amounts recognized in income, net of tax of $0 in 2023 ($0 in 2022 and 2021) | 4 | (2) | (2) |
Other Comprehensive Income (Loss) | 44 | 71 | 152 |
Comprehensive Income (Loss) | (643) | 280 | 932 |
Less: Comprehensive Income (Loss) Attributable to Minority Shareholders | 6 | (10) | (4) |
Goodyear Comprehensive Income (Loss) | $ (649) | $ 290 | $ 936 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Tax on foreign currency translation | $ 2 | $ (9) | $ (4) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 0 | 0 | 0 |
Defined benefit plans: | |||
Tax on amortization of prior service cost and unrecognized gains and losses included in total benefit cost | 26 | 31 | 34 |
Tax on (increase)/decrease in net actuarial losses | (36) | 48 | 48 |
Tax on immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures | 11 | 30 | 10 |
Tax on prior service (credit) cost from plan amendments | 0 | (2) | 0 |
Tax effect of deferred derivative gains (losses) | 0 | 0 | 0 |
Tax effect of reclassification adjustment for amounts recognized in income | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and Cash Equivalents (Note 1) | $ 902 | $ 1,227 |
Accounts Receivable (Note 10) | 2,731 | 2,610 |
Inventories (Note 11) | 3,698 | 4,571 |
Prepaid Expenses and Other Current Assets | 319 | 257 |
Total Current Assets | 7,650 | 8,665 |
Goodwill (Note 12) | 781 | 1,014 |
Intangible Assets (Note 12) | 969 | 1,004 |
Deferred Income Taxes (Note 7) | 1,630 | 1,443 |
Other Assets (Note 13) | 1,075 | 1,035 |
Operating Lease Right-of-Use Assets (Note 15) | 985 | 976 |
Property, Plant and Equipment (Note 14) | 8,492 | 8,294 |
Total Assets | 21,582 | 22,431 |
Current Liabilities: | ||
Accounts Payable — Trade | 4,326 | 4,803 |
Compensation and Benefits (Notes 18 and 19) | 663 | 643 |
Other Current Liabilities | 1,165 | 872 |
Notes Payable and Overdrafts (Note 16) | 344 | 395 |
Operating Lease Liabilities due Within One Year (Note 15) | 200 | 199 |
Long Term Debt and Finance Leases due Within One Year (Notes 15 and 16) | 449 | 228 |
Total Current Liabilities | 7,147 | 7,140 |
Operating Lease Liabilities (Note 15) | 825 | 821 |
Long Term Debt and Finance Leases (Notes 15 and 16) | 6,831 | 7,267 |
Compensation and Benefits (Notes 18 and 19) | 974 | 998 |
Deferred Income Taxes (Note 7) | 83 | 134 |
Other Long Term Liabilities | 885 | 605 |
Total Liabilities | 16,745 | 16,965 |
Commitments and Contingent Liabilities (Note 20) | ||
Goodyear Shareholders’ Equity: | ||
Common Stock, no par value: Authorized, 450 million shares, Outstanding shares - 284 million (283 million in 2022) | 284 | 283 |
Capital Surplus | 3,133 | 3,117 |
Retained Earnings | 5,086 | 5,775 |
Accumulated Other Comprehensive Loss (Note 22) | (3,835) | (3,875) |
Goodyear Shareholders’ Equity | 4,668 | 5,300 |
Minority Shareholders’ Equity — Nonredeemable | 169 | 166 |
Total Shareholders’ Equity | 4,837 | 5,466 |
Total Liabilities and Shareholders’ Equity | $ 21,582 | $ 22,431 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $ 0 | $ 0 |
Common Stock, shares authorized (in shares) | 450 | 450 |
Common Stock, shares outstanding (in shares) | 284 | 283 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Goodyear Shareholders' Equity | Minority Shareholders' Equity - Non-Redeemable |
Beginning balance at Dec. 31, 2020 | $ 3,259 | $ 233 | $ 2,171 | $ 4,809 | $ (4,135) | $ 3,078 | $ 181 |
Common stock beginning balance (in shares) at Dec. 31, 2020 | 233,220,098 | ||||||
Comprehensive income (loss): | |||||||
Net Income (Loss) | 780 | 764 | 764 | 16 | |||
Other Comprehensive Income (Loss) | 152 | 172 | 172 | (20) | |||
Total comprehensive income (loss) | 932 | 936 | (4) | ||||
Common stock issued (in shares) | 45,824,480 | ||||||
Common stock issued (Value) | $ 938 | $ 46 | 892 | 938 | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201409Member | ||||||
Stock-based compensation plans | $ 26 | 26 | 26 | ||||
Dividends declared | (13) | (13) | |||||
Common stock issued from treasury | 21 | $ 3 | 18 | 21 | |||
Common stock issued from treasury (in shares) | 2,748,645 | ||||||
Acquisition of Cooper Tire's minority interests | 21 | 21 | |||||
Ending balance at Dec. 31, 2021 | 5,184 | $ 282 | 3,107 | 5,573 | (3,963) | 4,999 | 185 |
Common stock ending balance (in shares) at Dec. 31, 2021 | 281,793,223 | ||||||
Comprehensive income (loss): | |||||||
Net Income (Loss) | 209 | 202 | 202 | 7 | |||
Other Comprehensive Income (Loss) | 71 | 88 | 88 | (17) | |||
Total comprehensive income (loss) | 280 | 290 | (10) | ||||
Stock-based compensation plans | 17 | 17 | 17 | ||||
Dividends declared | (9) | (9) | |||||
Common stock issued from treasury | (6) | $ 1 | (7) | (6) | |||
Common stock issued from treasury (in shares) | 1,103,129 | ||||||
Ending balance at Dec. 31, 2022 | $ 5,466 | $ 283 | 3,117 | 5,775 | (3,875) | 5,300 | 166 |
Common stock ending balance (in shares) at Dec. 31, 2022 | 283,000,000 | 282,896,352 | |||||
Comprehensive income (loss): | |||||||
Net Income (Loss) | $ (687) | (689) | (689) | 2 | |||
Other Comprehensive Income (Loss) | 44 | 40 | 40 | 4 | |||
Total comprehensive income (loss) | (643) | (649) | 6 | ||||
Stock-based compensation plans | 17 | 17 | 17 | ||||
Dividends declared | (3) | (3) | |||||
Common stock issued from treasury | $ 1 | (1) | |||||
Common stock issued from treasury (in shares) | 889,911 | ||||||
Ending balance at Dec. 31, 2023 | $ 4,837 | $ 284 | $ 3,133 | $ 5,086 | $ (3,835) | $ 4,668 | $ 169 |
Common stock ending balance (in shares) at Dec. 31, 2023 | 284,000,000 | 283,786,263 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Treasury Shares | 40,501,644 | 41,391,555 | 42,494,684 | 45,243,329 |
Cash dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ (687) | $ 209 | $ 780 |
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities: | |||
Depreciation and Amortization | 1,001 | 964 | 883 |
Amortization and Write-Off of Debt Issuance Costs | 15 | 15 | 14 |
Amortization of Inventory Fair Value Adjustment Related to the Cooper Tire Acquisition (Note 2) | 0 | 0 | 110 |
Transaction and Other Costs Related to the Cooper Tire Acquisition (Note 2) | 0 | 0 | 56 |
Cash Payments for Transaction and Other Costs Related to the Cooper Tire Acquisition | 0 | (2) | (42) |
Goodwill Impairment (Notes 12 ) | 230 | 0 | 0 |
Provision for Deferred Income Taxes (Note 7) | (230) | 28 | (471) |
Net Pension Curtailments and Settlements (Note 18) | 40 | 124 | 43 |
Net Rationalization Charges (Note 4) | 502 | 129 | 93 |
Rationalization Payments | (99) | (95) | (197) |
Net (Gains) Losses on Asset Sales | (104) | (122) | (20) |
Operating Lease Expense (Note 15) | 302 | 300 | 295 |
Operating Lease Payments (Note 15) | (278) | (276) | (278) |
Pension Contributions and Direct Payments | (54) | (60) | (91) |
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions: | |||
Accounts Receivable | (59) | (333) | (300) |
Inventories | 908 | (1,042) | (982) |
Accounts Payable — Trade | (550) | 686 | 923 |
Compensation and Benefits | 48 | (107) | 64 |
Other Current Liabilities | 158 | (1) | (11) |
Other Assets and Liabilities | (111) | 104 | 193 |
Total Cash Flows from Operating Activities | 1,032 | 521 | 1,062 |
Cash Flows from Investing Activities: | |||
Acquisition of Cooper Tire, net of cash and restricted cash acquired (Note 2) | 0 | 0 | (1,856) |
Capital Expenditures | (1,050) | (1,061) | (981) |
Cash Proceeds from Sale and Leaseback Transactions (Note 6) | 99 | 108 | 0 |
Asset Dispositions | 16 | 52 | 14 |
Short Term Securities Acquired | (97) | (75) | (118) |
Short Term Securities Redeemed | 94 | 107 | 125 |
Long Term Securities Acquired | (11) | 0 | 0 |
Long Term Securities Redeemed | 6 | 0 | 0 |
Notes Receivable | (79) | (16) | 16 |
Other Transactions | (13) | (29) | 7 |
Total Cash Flows from Investing Activities | (1,035) | (914) | (2,793) |
Cash Flows from Financing Activities: | |||
Short Term Debt and Overdrafts Incurred | 954 | 1,321 | 1,095 |
Short Term Debt and Overdrafts Paid | (1,009) | (1,295) | (1,047) |
Long Term Debt Incurred | 9,932 | 10,503 | 9,862 |
Long Term Debt Paid | (10,220) | (9,947) | (8,504) |
Common Stock Issued | (2) | (6) | 9 |
Transactions with Minority Interests in Subsidiaries | (3) | (9) | (13) |
Debt Related Costs and Other Transactions | 15 | 8 | (93) |
Total Cash Flows from Financing Activities | (333) | 575 | 1,309 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 10 | (35) | (38) |
Net Change in Cash, Cash Equivalents and Restricted Cash | (326) | 147 | (460) |
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period | 1,311 | 1,164 | 1,624 |
Cash, Cash Equivalents and Restricted Cash at End of the Period | $ 985 | $ 1,311 | $ 1,164 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (689) | $ 202 | $ 764 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1. Accounting Policies A summary of the significant accounting policies used in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation On June 7, 2021 (the “Closing Date”), we completed the acquisition of Cooper Tire & Rubber Company (“Cooper Tire”). As a result of the acquisition, Cooper Tire, along with its subsidiaries, became subsidiaries of Goodyear. For further information about the acquisition, refer to Note to the Consolidated Financial Statements No. 2, Cooper Tire Acquisition. Recently Adopted Accounting Standards Effective January 1, 2023 , we adopted an accounting standards update which requires disclosure of the key terms of our material supplier finance programs, including a description of the payment terms and assets pledged as security or other forms of guarantees, if any, provided for the committed payment to the finance provider or intermediary. In addition, the standards update requires disclosure of the related obligations outstanding at each interim reporting period and where those obligations are presented on the balance sheet. The standards update also includes a prospective annual requirement to disclose a rollforward of the amount of the obligations during the annual reporting period. We will include the rollforward disclosure in our Annual Report on Form 10-K for the year ending December 31, 2024, as required. We have entered into supplier finance programs with several financial institutions. Under these agreements, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. We agree to pay the financial institutions the stated amount of the confirmed invoices from the designated suppliers on the original maturity dates of the invoices. Invoice payment terms can be up to 120 days based on industry norms for the specific item purchased. We do not pay any fees to the financial institutions for these programs. There are no assets pledged as security or other forms of guarantees associated with these agreements. These agreements allow our suppliers to sell their receivables to the financial institutions at the sole discretion of the suppliers and the financial institutions on terms that are negotiated among them. We are not always notified when our suppliers sell receivables under these programs. Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under the programs. The amounts available under these programs were $ 892 million and $ 920 million at December 31, 2023 and December 31, 2022, respectively. The amounts confirmed to the financial institutions were $ 580 million and $ 710 million at December 31, 2023 and December 31, 2022, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets. All activity related to these obligations is presented within operating activities on the Consolidated Statements of Cash Flows. On October 9, 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The standards update was issued in response to the Securities and Exchange Commission's ("SEC") August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These amendments do not affect the information that is already included in the audited financial statements of entities subject to the SEC’s current disclosure or presentation requirements. The standards update is effective on the respective dates on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The adoption of this accounting standards update will not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards On November 27, 2023, the FASB issued a final accounting standards update to improve disclosures required for reportable segments, specifically related to segment expenses. Entities are required to disclose significant segment expense categories and amounts for each reportable segment. The standards update is effective retrospectively for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this standards update on our disclosures in the notes to the consolidated financial statements. On December 14, 2023, the FASB issued a final accounting standards update to improve income tax disclosures. The new standard requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information and improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and requiring income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures. The standards update is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact of this standards update on our disclosures in the notes to the consolidated financial statements. Acquisitions We include the results of operations of the businesses in which we acquire a controlling financial interest in our consolidated financial statements beginning as of the acquisition date. On the acquisition date, we recognize, separate from goodwill, the assets acquired, including separately identifiable intangible assets, and the liabilities assumed at their fair values. The excess of the consideration transferred over the fair values assigned to the net identifiable assets and liabilities of the acquired business is recognized as goodwill. Transaction costs are recognized separately from the acquisition and are expensed as incurred. Principles of Consolidation The consolidated financial statements include the accounts of all legal entities in which we hold a controlling financial interest. A controlling financial interest generally arises from our ownership of a majority of the voting shares of our subsidiaries. We would also hold a controlling financial interest in variable interest entities if we are considered to be the primary beneficiary. Investments in companies in which we do not own a majority interest and we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the consolidated financial statements. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates, including those related to: • goodwill, intangibles and other long-lived assets, • general and product liabilities and other litigation, • workers’ compensation, • deferred tax asset valuation allowances and uncertain income tax positions, • rationalization plans, • pension and other postretirement benefits, and • various other operating allowances and accruals, based on currently available information. Changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. Revenue Recognition and Accounts Receivable Valuation Sales are recognized when obligations under the terms of a contract are satisfied and control is transferred. This generally occurs with shipment or delivery, depending on the terms of the underlying contract, or when services have been rendered. Sales are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The amount of consideration we receive and sales we recognize can vary due to changes in sales incentives, rebates, rights of return or other items we offer our customers, for which we estimate the expected amounts based on an analysis of historical experience, or as the most likely amount in a range of possible outcomes. Payment terms with customers vary by region and customer, but are generally 30 - 90 days or at the point of sale for our consumer retail locations. Net sales exclude sales, value added and other taxes. Costs to obtain contracts are generally expensed as incurred due to the short term nature of individual contracts. Incidental items that are immaterial in the context of the contract are recognized as expense as incurred. We have elected to recognize the costs incurred for transportation of products to customers as a component of Cost of Goods Sold ("CGS"). Appropriate provisions are made for uncollectible accounts based on historical loss experience, portfolio duration, economic conditions and credit risk, considering both expected future losses as well as current incurred losses. The adequacy of the allowances are assessed quarterly. Research and Development Costs Research and development costs include, among other things, materials, equipment, compensation and contract services. These costs are expensed as incurred and included as a component of CGS. Research and development expenditures were $ 461 million , $ 501 million and $ 473 million in 2023, 2022 and 2021, respectively. Warranty Warranties are provided on the sale of certain of our products and services and an accrual for estimated future claims is recorded at the time revenue is recognized. Tire replacement under most of the warranties we offer is on a prorated basis. Warranty reserves are based on past claims experience, sales history and other considerations. Refer to Note to the Consolidated Financial Statements No. 20, Commitments and Contingent Liabilities. Environmental Cleanup Matters We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. We determine our liability on a site by site basis and record a liability at the time when it is probable and can be reasonably estimated. Our estimated liability is reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective share of the relevant costs. Our estimated liability is not discounted or reduced for possible recoveries from insurance carriers. Refer to Note to the Consolidated Financial Statements No. 20, Commitments and Contingent Liabilities. Legal Costs We record a liability for estimated legal and defense costs related to pending general and product liability claims, environmental matters and workers’ compensation claims. Refer to Note to the Consolidated Financial Statements No. 20, Commitments and Contingent Liabilities. Advertising Costs Costs incurred for producing and communicating advertising are generally expensed when incurred as a component of Selling, Administrative and General Expense ("SAG"). Costs incurred under our cooperative advertising programs with dealers and franchisees are generally recorded as reductions of sales as related revenues are recognized. Advertising costs, including costs for our cooperative advertising programs with dealers and franchisees, were $ 364 mill ion, $ 375 million and $ 382 million in 2023, 2022 and 2021, respectively. Rationalizations We record costs for rationalization actions implemented to reduce excess and high-cost manufacturing capacity and operating and administrative costs. Associate-related costs include severance, supplemental unemployment compensation and benefits, medical benefits, pension curtailments, postretirement benefits, and other termination benefits. For ongoing benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. For voluntary benefit arrangements, a liability is not estimable and is not recognized until eligible associates apply for the benefit and we accept the applications. Other costs generally include contract termination and relocation costs. A liability for these costs is recognized in the period in which the liability is incurred. Rationalization actions related to accelerated depreciation or amortization, asset impairments, and non-cancelable leases, are recorded in CGS or SAG. Refer to Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs. Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income, with deferred taxes being provided for temporary differences between carrying values of assets and liabilities for financial reporting purposes and such carrying values as measured under applicable tax laws. The effect on deferred tax assets or liabilities of a change in the tax law or tax rate is recognized in the period the change is enacted. Valuation allowances are recorded to reduce net deferred tax assets to the amount that is more likely than not to be realized. The calculation of our tax liabilities also involves considering uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain income tax positions based on our estimate of whether it is more likely than not that additional taxes will be required and we report related interest and penalties as income taxes. To the extent that we incur expense under global intangible low-taxed income provisions, we will treat it as a component of income tax expense in the period incurred. Our policy is to utilize an item-by-item approach to release stranded income tax effects from Accumulated Other Comprehensive Loss ("AOCL"). Refer to Note to the Consolidated Financial Statements No. 7, Income Taxes. Cash and Cash Equivalents / Consolidated Statements of Cash Flows / Restricted Cash Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Substantially all of our cash and short-term investment securities are held with investment grade rated counterparties. At December 31, 2023, our cash investments with any single counterparty did not exceed approximate ly $ 175 mill ion. Cash flows associated with derivative financial instruments designated as hedges of identifiable transactions or events are classified in the same category as the cash flows from the related hedged items. Cash flows associated with derivative financial instruments not designated as hedges are classified as operating activities. Bank overdrafts, if any, are recorded within Notes Payable and Overdrafts. Cash flows associated with bank overdrafts are classified as financing activities. Customer prepayments for products and government grants received that predominately relate to operations are reported as operating activities. Government grants received that are predominately related to capital expenditures are reported as investing activities. The Consolidated Statements of Cash Flows are presented net of finance leases o f $ 19 m illion, $ 25 million and $ 39 million originating in the year s ended December 31, 2023, 2022 and 2021, respectively, and accrued capital expenditures financed with extended terms of $ 15 million in 2020 which were paid in 2021. Cash flows from investing activities in 2023 exclude $ 348 million of accrued capital expenditures remaining unpaid at December 31, 2023, and include payment for $ 324 million of capital expenditures that were accrued and unpaid at December 31, 2022. Cash flows from investing activities in 2022 exclude $ 324 million of accrued capital expenditures re maining unpaid at December 31, 2022, and include payment for $ 257 million of capital expenditures that were accrued and unpaid at December 31, 2021. Cash flows from investing activities in 2021 exclude $ 257 million o f accrued capital expenditures remaining unpaid at December 31, 2021, and include payment for $ 224 million of capital expenditures that were accrued and unpaid at December 31, 2020. The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows: December 31, (In millions) 2023 2022 2021 Cash and Cash Equivalents $ 902 $ 1,227 $ 1,088 Restricted Cash 83 84 76 Total Cash, Cash Equivalents and Restricted Cash $ 985 $ 1,311 $ 1,164 Restricted Cash primarily represents amounts required to be set aside for accounts receivable factoring programs. The restrictions lapse when cash from factored accounts receivable is remitted to the purchaser of those receivables. At December 31, 2023, $ 83 million was recorded in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets . At December 31, 2022, $ 74 million and $ 10 million were recorded in Prepaid Expenses and Other Current Assets and Other Assets in the Consolidated Balance Sheets, respect ively. Restricted Net Assets In certain countries where we operate, transfers of funds into or out of such countries by way of dividends, loans or advances are generally or periodically subject to various governmental regulations. In addition, certain of our credit agreements and other debt instruments limit the ability of foreign subsidiaries to make cash distributions. At December 31, 2023, approximate ly $ 875 million of net assets were subject to such regulations or limitations. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or the average cost method. Costs include direct material, direct labor and applicable manufacturing and engineering overhead. We allocate fixed manufacturing overheads based on normal production capacity and recognize abnormal manufacturing costs as period costs. We determine a provision for excess and obsolete inventory based on management’s review of inventories on hand compared to estimated future usage and sales. Refer to Note to the Consolidated Financial Statements No. 11, Inventories. Goodwill and Intangible Assets Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill and intangible assets with indefinite useful lives are not amortized but are assessed for impairment annually with the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of the reporting unit or indefinite-lived intangible to its carrying amount. Under the qualitative assessment, an entity is not required to calculate the fair value unless the entity determines that it is more likely than not that the fair value is less than the carrying amount. If under the quantitative assessment the fair value is less than the carrying amount, then an impairment loss will be recorded for the difference between the carrying value and the fair value. In addition to annual testing, impairment testing is conducted when events occur or circumstances change, including the macroeconomic environment, our business performance or our market capitalization, that would more likely than not reduce the fair value of the asset below its carrying amount. Goodwill and intangible assets with indefinite useful lives would be written down to fair value if considered impaired. Intangible assets with finite useful lives are amortized to their estimated residual values over such finite lives, and reviewed for impairment whenever events or circumstances warrant such a review. Refer to Note to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets. Insurance Claims We maintain third-party insurance coverage for property damage, repair expenses and business interruption, which is partially self-insured, subject to a $ 15 million deductible per occurrence. After consultation with our legal counsel and giving consideration to agreements with certain of our insurance carriers, the financial viability and legal obligations of our insurance carriers and other relevant factors, we determine an amount we expect is probable of recovery from such carriers. We record a receivable for property damage and repair expenses as incurred. For business interruption recoveries, we do not record a receivable until the claim is substantially complete. Investments Investments in marketable securities are stated at fair value. Fair value is determined using quoted market prices at the end of the reporting period and, when appropriate, exchange rates at that date. Unrealized gains and losses on marketable equity securities are recorded in earnings. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recorded in AOCL, net of tax. Our investments in TireHub, LLC (“TireHub”), a distribution joint venture in the U.S., and ACTR Company Limited ("ACTR"), a tire manufacturing joint venture in Vietnam, are accounted for under the equity method. We regularly review our investments to determine whether a decline in fair value below their recorded amount is other than temporary. If the decline in fair value is judged to be other than temporary, the investment is written down to fair value and the amount of the write-down is included in the Consolidated Statements of Operations. Refer to Notes to the Consolidated Financial Statements No. 13, Other Assets and Investments, No. 17, Fair Value Measurements, and No. 22, Accumulated Other Comprehensive Loss. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method. Additions and improvements that substantially extend the useful life of property, plant and equipment, and interest costs incurred during the construction period of major projects are capitalized. Government grants to us that are predominately related to capital expenditures are recorded as reductions of the cost of the associated assets. Repair and maintenance costs are expensed as incurred. Property, plant and equipment are depreciated to their estimated residual values over their estimated useful lives, and reviewed for impairment whenever events or circumstances warrant such a review. Depreciation expense for property, plant and equipment was $ 967 mill ion, $ 928 million and $ 862 million in 2023, 2022 and 2021, respectively. Refer to Notes to the Consolidated Financial Statements No. 5, Interest Expense, and No. 14, Property, Plant and Equipment. Leases We determine if an arrangement is or contains a lease at inception. We enter into leases primarily for our distribution facilities, manufacturing equipment, administrative offices, retail stores, vehicles and data processing equipment under varying terms and conditions. Our leases have remaining lease terms of less than 1 year to approximately 50 years. Most of our leases include options to extend the lease, with renewal terms ranging fro m 1 to 50 years or more, an d some include options to terminate the lease within 1 year. If it is reasonably certain that an option to extend or terminate a lease will be exercised, that option is considered in the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize short-term lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include variable lease payments, generally based on consumer price indices. Variable lease payments that are assigned to an index are determined based on the initial index at commencement, and the variability based on changes in the index is accounted for as it changes. The variable portion of payments is not included in the initial measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which are accounted for separately. Operating leases are included in Operating Lease Right-of-Use (“ROU”) Assets, Operating Lease Liabilities due Within One Year and Operating Lease Liabilities on our Consolidated Balance Sheets. Finance leases are included in Property, Plant and Equipment, Long Term Debt and Finance Leases due Within One Year, and Long Term Debt and Finance Leases on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Generally, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments, unless there is a rate stated in the lease agreement. Operating lease expense is recognized on a straight-line basis over the lease term. Refer to Note to the Consolidated Financial Statements No. 15, Leases. Foreign Currency Translation The functional currency for most subsidiaries outside the United States is the local currency. Financial statements of these subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. The U.S. dollar is used as the functional currency in countries with a history of high inflation and in countries that predominantly sell into the U.S. dollar export market. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in Other (Income) Expense. Translation adjustments are recorded in AOCL. Income taxes are generally not provided for foreign currency translation adjustments. Derivative Financial Instruments and Hedging Activities To qualify for hedge accounting, hedging instruments must be designated as hedges and meet defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged. Derivative contracts are reported at fair value on the Consolidated Balance Sheets as Accounts Receivable, Other Assets, Other Current Liabilities or Other Long Term Liabilities. Deferred gains and losses on contracts designated as cash flow hedges are recorded net of tax in AOCL. Interest Rate Contracts — Gains and losses on contracts designated as cash flow hedges are initially deferred and recorded in AOCL. Amounts are transferred from AOCL and recognized in income as Interest Expense in the same period that the hedged item is recognized in income. Gains and losses on contracts designated as fair value hedges are recognized in income in the current period as Interest Expense. Gains and losses on contracts with no hedging designation are recorded in the current period in Other (Income) Expense. Foreign Currency Contracts — Gains and losses on contracts designated as cash flow hedges are initially deferred and recorded in AOCL. Amounts are transferred from AOCL and recognized in income in the same period and on the same line that the hedged item is recognized in income. Gains and losses on contracts designated as fair value hedges, excluding premiums and discounts, are recorded in Other (Income) Expense in the current period. Gains and losses on contracts with no hedging designation are also recorded in Other (Income) Expense in the current period. We do not include premiums or discounts on forward currency contracts in our assessment of hedge effectiveness. Premiums and discounts on contracts designated as hedges are recorded in AOCL. The amounts are recognized in the Statement of Operations on a straight-line basis over the life of the contract on the same line that the hedged item is recognized in the Statement of Operations. Net Investment Hedging — Nonderivative instruments denominated in foreign currencies are used from time to time to hedge net investments in foreign subsidiaries. Gains and losses on these instruments are deferred and recorded in AOCL as Foreign Currency Translation Adjustments. These gains and losses are only recognized in income upon the complete or partial sale of the related investment or the complete liquidation of the investment. Termination of Contracts — Gains and losses (including deferred gains and losses in AOCL) are recognized in Other (Income) Expense when contracts are terminated concurrently with the termination of the hedged position. To the extent that such position remains outstanding, gains and losses are amortized to Interest Expense or to Other (Income) Expense over the remaining life of that position. Gains and losses on contracts that we temporarily continue to hold after the early termination of a hedged position, or that otherwise no longer qualify for hedge accounting, are recognized in Other (Income) Expense. Refer to Note to the Consolidated Financial Statements No. 16, Financing Arrangements and Derivative Financial Instruments. Stock-Based Compensation We measure compensation cost arising from the grant of stock-based awards to employees at fair value and recognize such cost in income over the period during which the service is provided, usually the vesting period. We recognize compensation expense using the straight-line approach. Stock-based awards to employees include grants of performance share units, restricted stock units and stock options. We measure the fair value of grants of performance share units and restricted stock units based primarily on the closing market price of a share of our common stock on the date of the grant, modified as appropriate to take into account the features of such grants. We estimate the fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate compensation expense are determined as follows: • Expected term represents the period of time that options granted are expected to be outstanding based on our historical experience of option exercises; • Expected volatility is measured using the weighted average of historical daily changes in the market price of our common stock over the expected term of the award and implied volatility calculated for our exchange traded options with an expiration date greater than one year; • Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; and • Forfeitures are based substantially on the history of cancellations of similar awards granted in prior years. Refer to Note to the Consolidated Financial Statements No. 19, Stock Compensation Plans. Earnings Per Share of Common Stock Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share primarily reflects the dilutive impact of outstanding stock options and other stock based awards. All earnings per share amounts in these notes to the consolidated financial statements are diluted, unless otherwise noted. Refer to Note to the Consolidated Financial Statements No. 8, Earnings Per Share. Fair Value Measurements Valuation Hierarchy Assets and liabilities measured at |
Cooper Tire Acquisition
Cooper Tire Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Cooper Tire [Member] | |
Business Acquisition [Line Items] | |
Cooper Tire Acquisition | Note 2. Cooper Tire Acquisition On June 7, 2021, we completed our acquisition of Cooper Tire for cash and stock consideration of $ 2,155 million and $ 942 million, respectively, or approximately $ 3.1 billion in total (the "Merger Consideration"). The cash component of the Merger Consideration less cash and restricted cash of Cooper Tire that was acquired amounted to $ 1,856 million. Under the acquisition method of accounting, the Merger Consideration is allocated, as of the Closing Date, to the identifiable assets acquired and liabilities assumed of Cooper Tire, which are recognized and measured at fair value based on management’s estimates, available information and supportable assumptions that management considers reasonable. During the second quarter of 2022, we finalized our valuation of the identified assets acquired and liabilities assumed. No significant measurement period changes were recorded during the six months ended June 30, 2022. Principal changes since our initial measurement in the second quarter of 2021 included (i) decreasing the value attributed to customer relationships primarily to reflect updated assumptions related to customer attrition rates, (ii) updating the value attributed to trade names to reflect our long-term view of how each acquired brand fits into the overall product portfolio of the combined company and the appropriate royalty rate to value each acquired brand based on expected profitability, (iii) decreasing the value attributed to Property, Plant and Equipment primarily to reflect updated assumptions related to the estimated economic value of certain underlying assets, (iv) decreasing the value attributed to pension and other postretirement benefit liabilities primarily to reflect updated plan population data, (v) increasing the value attributed to a liability for environmental matters primarily to reflect updated estimated lifecycle remediation cost data and recording other liabilities identified during the measurement period, and (vi) a reclassification between Accounts Receivable and Accounts Payable to conform to Goodyear's classification of customer rebate and discount program liabilities. These adjustments were recorded net of adjustments to Deferred Tax Liabilities with the corresponding offset recorded to Goodwill, as applicable. The following table sets forth cumulative measurement period changes from the Closing Date to the second quarter of 2022 when our purchase accounting was finalized, as well as the final and initial allocation of the Merger Consideration to the estimated fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of Cooper Tire, with the excess recorded to Goodwill as of the Closing Date: (In millions) Final Cumulative Initial Cash and Cash Equivalents $ 231 $ — $ 231 Accounts Receivable 538 ( 83 ) 621 Inventories 708 15 693 Property, Plant and Equipment 1,346 ( 26 ) 1,372 Goodwill 633 158 475 Intangible Assets 926 ( 160 ) 1,086 Other Assets 360 ( 2 ) 362 4,742 ( 98 ) 4,840 Accounts Payable — Trade 384 ( 80 ) 464 Compensation and Benefits 356 ( 30 ) 386 Debt, Finance Leases and Notes Payable and Overdrafts 151 — 151 Deferred Tax Liabilities, net 292 ( 55 ) 347 Other Liabilities 441 67 374 Minority Equity 21 — 21 1,645 ( 98 ) 1,743 Merger Consideration $ 3,097 $ — $ 3,097 The estimated value of Inventory includes adjustments totaling $ 245 million, comprised of $ 135 million, primarily to adjust inventory valued on a last-in, first-out ("LIFO") basis to a current cost basis, and $ 110 million to step-up inventory to estimated fair value. The fair value step-up was fully amortized to CGS in 2021 as the related inventory was sold, which negatively impacted our 2021 results. We eliminated the LIFO reserve on Cooper Tire’s U.S. inventories as we predominately determine the value of our inventory using the first-in, first-out ("FIFO") method. To estimate the fair value of inventory, we considered the components of Cooper Tire’s inventory, as well as estimates of selling prices and selling and distribution costs that were based on Cooper Tire’s historical experience. The estimated value of Property, Plant and Equipment includes adjustments totaling $ 138 million to increase the net book value of $ 1,208 million to the final fair value estimate of $ 1,346 million. This estimate is based on a combination of cost and market approaches, including appraisals, and expectations as to the duration of time we expect to realize benefits from those assets. The estimated fair values of identifiable intangible assets acquired were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method. The estimated useful lives are based on our historical experience and expectations as to the duration of time we expect to realize benefits from those assets. The estimated fair values of the identifiable intangible assets acquired, their weighted average estimated useful lives and the related valuation methodology are as follows: (In millions, except years) Final Cumulative Initial Weighted Average Valuation Methodology Trade names (indefinite-lived) $ 560 $ 250 $ 310 N/A Relief-from-royalty Trade names (definite-lived) 10 ( 30 ) 40 14 years Relief-from-royalty Customer relationships 350 ( 380 ) 730 12 years Multi-period excess earnings Non-compete and other 6 — 6 2 years Discounted cash flow $ 926 $ ( 160 ) $ 1,086 All of the goodwill was allocated to our Americas segment. The goodwill consists of expected future economic benefits that will arise from expected future product sales, operating efficiencies and other synergies that may result from the acquisition, including income tax synergies, and is not deductible for tax purposes. Since the Closing Date, Cooper Tire’s operating results have been included in our Consolidated Statements of Operations. As such, during the years ended December 31, 2023 and 2022, our results included the results of Cooper Tire for the entire period, while the comparable period in 2021 only included the results of Cooper Tire subsequent to the Closing Date. Our Consolidated Statement of Operations for the year ended December 31, 2022 includes an incremental $ 1,532 million and $ 1,194 million of Net Sales and CGS, respectively, from Cooper Tire during the first six months of 2022. As a result of our ongoing integration efforts, particularly as it relates to administrative functions and financing activities, it is not practical to disclose Income before Income Taxes or Net Income separately for Cooper Tire. During the year ended December 31, 2021, we incurred transaction and other costs in connection with the acquisition of Cooper Tire totaling $ 56 million, including $ 10 million for a commitment fee related to a bridge term loan facility that was not utilized to finance the transaction and $ 6 million related to the post-combination settlement of certain Cooper Tire incentive compensation awards during the second quarter of 2021. For the year ended December 31, 2021, $ 50 million of these costs are included in Other (Income) Expense, with the remainder included in CGS and SAG in our Consolidated Statements of Operations. There were no transaction-related costs incurred during the years ended December 31, 2023 and 2022. Pro forma financial information The following table summarizes, on a pro forma basis, the combined results of operations of Goodyear and Cooper Tire for the year ended December 31, 2021 as though the acquisition and the related financing had occurred as of January 1, 2020. The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Cooper Tire occurred on January 1, 2020, nor are they indicative of future consolidated operating results. Year Ended December 31, (In millions) 2021 Net Sales $ 18,732 Income before Income Taxes 791 Goodyear Net Income 974 These pro forma amounts have been calculated after applying Goodyear’s accounting policies and making certain adjustments, which primarily include: (i) depreciation adjustments relating to fair value step-ups to property, plant and equipment; (ii) amortization adjustments relating to fair value estimates of acquired intangible assets; (iii) incremental interest expense associated with the $ 1.45 billion senior note issuance and additional borrowings under our first lien revolving credit facility used, in part, to fund the acquisition, related debt issuance costs, and fair value adjustments related to Cooper Tire's debt; (iv) CGS adjustments relating to the change from LIFO to FIFO; (v) fair value adjustments for certain Cooper Tire stock-based compensation; and (vi) transaction-related costs of both Goodyear and Cooper Tire. |
Net Sales
Net Sales | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales | Note 3. Net Sales The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2023: (In millions) Americas Europe, Middle East Asia Pacific Total Tire unit sales $ 10,028 $ 4,924 $ 2,336 $ 17,288 Other tire and related sales 790 532 89 1,411 Retail services and service related sales 685 150 34 869 Chemical sales 467 — — 467 Other 23 — 8 31 Net Sales by reportable segment $ 11,993 $ 5,606 $ 2,467 $ 20,066 The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2022: (In millions) Americas Europe, Middle East Asia Pacific Total Tire unit sales $ 10,694 $ 4,943 $ 2,249 $ 17,886 Other tire and related sales 746 582 93 1,421 Retail services and service related sales 645 120 48 813 Chemical sales 654 — — 654 Other 27 — 4 31 Net Sales by reportable segment $ 12,766 $ 5,645 $ 2,394 $ 20,805 The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2021: (In millions) Americas Europe, Middle East Asia Pacific Total Tire unit sales $ 8,221 $ 4,669 $ 2,027 $ 14,917 Other tire and related sales 653 454 95 1,202 Retail services and service related sales 587 112 59 758 Chemical sales 569 — — 569 Other 21 8 3 32 Net Sales by reportable segment $ 10,051 $ 5,243 $ 2,184 $ 17,478 Tire unit sales consist of consumer, commercial, farm and off-the-road tire sales, including the sale of new Company-branded tires through Company-owned retail channels. Other tire and related sales consist of aviation, race and motorcycle tire sales, retread sales and other tire related sales. Sales of tires in this category are not included in reported tire unit information. Retail services and service related sales consist of automotive services performed for customers through our Company-owned retail channels, and includes service related products. Chemical sales relate to the sale of synthetic rubber and other chemicals to third parties, and exclude intercompany sales. Other sales include items such as franchise fees and ancillary tire parts. When we receive consideration from a customer prior to transferring goods or services under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Deferred revenue included in Other Current Liabilities in the Consolidated Balance Sheets totaled $ 18 million and $ 19 million at December 31, 2023 and 2022, respectively. Deferred revenue included in Other Long Term Liabilities in the Consolidated Balance Sheets totale d $ 10 m illion and $ 15 million at December 31, 2023 and 2022, respectively. We recognize deferred revenue after we have transferred control of the goods or services to the customer and all revenue recognition criteria are met. The following table presents the balances of deferred revenue related to contracts with customers, and changes during the years ended December 31: (In millions) 2023 2022 Balance at January 1 $ 34 $ 44 Revenue deferred during period 220 150 Revenue recognized during period ( 225 ) ( 159 ) Impact of foreign currency translation ( 1 ) ( 1 ) Balance at December 31 $ 28 $ 34 |
Costs Associated with Rationali
Costs Associated with Rationalization Programs | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Costs Associated with Rationalization Programs | Note 4. Costs Associated with Rationalization Programs In order to improve our global competitiveness, we have implemented, and are implementing, rationalization actions to reduce high-cost and excess manufacturing capacity and operating and administrative costs, as well as actions related to the integration of Cooper Tire. The following table presents the roll-forward of the liability balance between periods: (In millions) Associate- Other Costs Total Balance at December 31, 2020 $ 200 $ — $ 200 2021 charges 52 43 95 Incurred, net of foreign currency translation of $( 8 ) million and $ 0 million, respectively ( 162 ) ( 43 ) ( 205 ) Reversed to the Statement of Operations ( 2 ) — ( 2 ) Balance at December 31, 2021 $ 88 $ — $ 88 2022 charges 110 28 138 Incurred, net of foreign currency translation of ($ 5 ) million and $ 0 million, respectively ( 74 ) ( 26 ) ( 100 ) Reversed to the Statement of Operations ( 9 ) — ( 9 ) Balance at December 31, 2022 $ 115 $ 2 $ 117 2023 charges 453 57 510 Incurred, net of foreign currency translation of $ 14 million and $ 0 million, respectively ( 42 ) ( 43 ) ( 85 ) Reversed to the Statement of Operations ( 8 ) — ( 8 ) Balance at December 31, 2023 $ 518 $ 16 $ 534 In January 2024, we approved a rationalization plan that will result in the closure of certain retail and warehouse locations, primarily in Americas, and a rationalization and global workforce reorganization plan to improve our cost structure, both as part of our Goodyear Forward transformation plan. The plans will lead to a reduction of approximately 250 positions globally. We expect to substantially complete the rationalization plans by the second quarter of 2024. The estimated total pre-tax charges associated with the closure of certain retail and warehouse locations is approximately $ 35 million, of which $ 30 million is expected to be cash charges primarily for other exit and lease costs, with the remainder representing non-cash charges primarily for accelerated depreciation and other asset-related charges. The estimated total pre-tax charges associated with the rationalization and global workforce reorganization plan is approximately $ 35 million, of which $ 10 million is expected to be cash charges primarily for associate-related and lease costs, with the remainder representing non-cash charges primarily for accelerated depreciation. We have $ 8 million accrued for these plans at December 31, 2023 and expect to record a majority of the remaining charges in the first and second quarters of 2024. In November 2023, we approved a rationalization plan in Europe, Middle East and Africa ("EMEA") to permanently close our Fulda, Germany tire manufacturing facility (“Fulda”) and our Fürstenwalde, Germany tire manufacturing facility (“Fürstenwalde”) as part of our strategy to improve our competitive position and reduce production cost per tire in EMEA. The proposed plan amends and replaces the plan that was previously approved in May 2023 to permanently reduce production at Fulda by approximately 50 %. The proposed plan would include approximately 1,750 job reductions at Fulda and Fürstenwalde, consisting of 1,500 associates and 250 contracted and temporary positions. We intend to continue operating our mixing center in Fürstenwalde, Germany. The plan remains subject to consultation with relevant employee representative bodies. We expect to substantially complete the closure of Fulda by 2025 and the closure of Fürstenwalde by the end of 2027. We estimate total pre-tax charges associated with these actions to be between $ 575 million and $ 600 million, of which $ 425 million to $ 450 million is expected to be cash charges primarily for associate-related and other exit costs, with the remainder representing non-cash charges of approximately $ 150 million, mostly related to accelerated depreciation and other asset-related charges. We have $ 250 million accrued related to this plan at December 31, 2023. We expect pre-tax charges between $ 90 million and $ 110 million in 2024 and between $ 110 million and $ 130 million in 2025. We expect cash outflows of approximately $ 25 million and $ 300 million in 2024 and 2025, respectively. We expect the remaining pre-tax charges and cash outflows will occur by the end of 2027. During the third quarter of 2023, we approved a rationalization and workforce reorganization plan in EMEA to improve our cost structure. The plan would lead to a reduction of approximately 1,200 positions across multiple countries within EMEA, while also creating approximately 500 new roles principally in our existing shared services organization in Romania, resulting in an overall net reduction of approximately 700 positions. In certain countries, relevant portions of the plan remain subject to consultation with employee representative bodies. The total pre-tax charges associated with the plan are expected to be $ 210 million to $ 230 million, substantially all of which are expected to be cash charges primarily for associate-related and other implementation and exit costs. We have $ 166 million accrued related to this plan at December 31, 2023, which is expected to be substantially paid through 2024. During the third quarter of 2023, we approved a plan in Asia Pacific to improve profitability in our Australia and New Zealand operations. The proposed plan will lead to a reduction of approximately 700 positions, the exit of nine warehouse locations, and the sale or exit of approximately 100 retail and fleet store locations. Estimated total pre-tax charges associated with this action will be between $ 55 million and $ 65 million, of which $ 40 million to $ 50 million are expected to be cash charges primarily for associate-related and lease exit costs, with the remainder primarily representing non-cash charges for accelerated depreciation and other asset-related charges. We have $ 21 million accrued related to this plan at December 31, 2023, which is expected to be substantially paid through 2024. During the second quarter of 2023, we approved a plan to reduce costs associated with our global operations and technology organization, which includes approximately 20 net headcount reductions. Total pre-tax charges are expected to be approximately $ 6 million, primarily consisting of cash charges for associate-related exit costs. We have $ 5 million accrued for this plan at December 31, 2023, which is expected to be substantially paid through the first quarter of 2024. Relevant portions of the rationalization plan remain subject to consultation with employee representative bodies. During the first quarter of 2023, we approved a plan designed to streamline our EMEA distribution network that will result in the eventual closure of our Philippsburg, Germany distribution center. The rationalization plan will lower our operating costs while maintaining or improving the existing service levels to our customers. We expect approximately 10 net headcount reductions related to this plan. Total pre-tax cash charges are expected to be approximately $ 18 million, primarily for severance-related exit costs, including the exit of approximately 285 third party contract associates not included in our headcount. We have $ 18 million accrued for this plan at December 31, 2023, which is expected to be substantially paid during the first half of 2024. During the first quarter of 2023, we approved a plan in EMEA to reduce staffing levels and capacity at several manufacturing facilities commensurate with the decline in demand. We expect approximately 280 net headcount reductions and total pre-tax charges of approximately $ 3 million related to this plan. We have $ 3 million accrued for this plan at December 31, 2023, which is expected to be substantially paid during the first half of 2024. Relevant portions of the rationalization plan remain subject to consultation with employee representative bodies. The remainder of the accrual balance at December 31, 2023 is expected to be substantially utilized in the next 12 months and includes $ 35 million related to the closure of Cooper Tire's Melksham, United Kingdom facility ("Melksham"), $ 17 million related to plans to reduce SAG headcount, $ 5 million related to the closed Amiens, France tire manufacturing facility, and various other plans to reduce headcount and improve operating efficiency. At December 31, 2023 and December 31, 2022, $ 239 million and $ 106 million were recorded in Other Current Liabilities in the Consolidated Balance Sheets, respectively. The following table shows net rationalization charges included in Income (Loss) before Income Taxes: (In millions) 2023 2022 2021 Current Year Plans Associate severance and other related costs $ 449 $ 103 $ 19 Benefit plan curtailment and special termination benefits 1 — — Other exit costs 23 8 — Current Year Plans - Net Charges $ 473 $ 111 $ 19 Prior Year Plans Associate severance and other related costs $ ( 5 ) $ — $ 31 Other exit costs 34 18 43 Prior Year Plans - Net Charges $ 29 $ 18 $ 74 Total Net Charges $ 502 $ 129 $ 93 Asset write-off and accelerated depreciation charges, net $ 36 $ 30 $ 1 Substantially all of the new charges in 2023 related to future cash outflows. Current year plan charges for the year ended December 31, 2023 related to the new plans approved during 2023 are described above. Net prior year plan charges recognized in the year ended December 31, 2023 include $ 16 million related to the closure of Melksham, $ 9 million related to the integration of Cooper Tire, $ 6 million related to the permanent closure of our Gadsden, Alabama tire manufacturing facility ("Gadsden"), $ 2 million related to a plan in South Africa, and $ 2 million related to the discontinued operations in Russia. Net prior year plan charges also include reversals o f $ 8 million for actions no longer needed for their originally intended purposes. Ongoing rationalization plans had approximately $ 1,470 million in rationalization charges through 2023 and approximately $ 260 million is expected to be incurred in future periods. Approximately 3,500 associates will be released under new plans initiated in 2023, of which approximately 450 were released through December 31, 2023. In 2023, approximately 800 associates were released under plans initiated in prior years. Approximately 3,250 associates remain to be released under all ongoing rationalization plans. Rationalization activities initiated in 2022 include current year charges primarily related to a rationalization and workforce reorganization plan as well as the plan to close Melksham. Net prior year plan charges recognized in the year ended December 31, 2022 incl ude $ 15 m illion related to Gadsden, $ 7 million related to the modernization of two of our tire manufacturing facilities in Germany and $ 3 million for various plans to reduce global SAG headcount. Net prior year plan char ges also include reversals o f $ 9 million for actions no longer needed for their originally intended purposes. Rationalization activities initiated in 2021 include current year charges primarily related to a plan to reduce SAG headcount in EMEA. Net prior year plan charges recognized in 2021 include $ 37 million related to Gadsden, $ 26 million related to the modernization of two of our tire manufacturing facilities in Germany, and $ 10 million related to various plans to reduce manufacturing headcount and improve operating efficiency in EMEA. In addition, net prior year plan charges include reversals of $ 2 million for actions no longer needed for their originally intended purposes. Asset write-off and accelerated depreciation charges in 2023 primarily related to $ 18 million for the integration of Cooper Tire, $ 17 million for the closure of Melksham, and $ 10 million for the facility closures in Germany, partially offset by $ 10 million of recoveries of previously written-off accounts receivable and other assets in Russia. Asset write-off and accelerated depreciation charges for 2023 were primarily recorded in CGS. Asset write-off and accelerated depreciation charges in 2022 primarily related to the discontinuation of our operations in Russia and a plan related to the integration of Cooper Tire. Asset write-off and accelerated depreciation charges for 2022 were primarily recorded in SAG. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Interest Expense | Note 5. Interest Expense Interest expense includes interest and the amortization of deferred financing fees and debt discounts, less amounts capitalized, as follows: (In millions) 2023 2022 2021 Interest expense before capitalization $ 559 $ 470 $ 403 Capitalized interest ( 27 ) ( 19 ) ( 16 ) $ 532 $ 451 $ 387 Cash payments for interest, net of amounts capitalized, wer e $ 514 million , $ 437 million and $ 316 million in 2023, 2022 and 2021, respectively. |
Other (Income) Expense
Other (Income) Expense | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense | Note 6. Other (Income) Expense (In millions) 2023 2022 2021 Non-service related pension and other postretirement benefits cost $ 148 $ 178 $ 92 Interest income on a favorable indirect tax ruling in Brazil — — ( 48 ) Financing fees and financial instruments expense 59 40 39 Net foreign currency exchange (gains) losses 87 12 29 Interest income ( 84 ) ( 34 ) ( 24 ) General and product liability expense - discontinued products 6 5 — Royalty income ( 30 ) ( 27 ) ( 24 ) Net (gains) losses on asset sales ( 104 ) ( 122 ) ( 20 ) Transaction costs — — 40 Miscellaneous (income) expense 26 23 10 $ 108 $ 75 $ 94 Non-service related pension and other postretirement benefits cost consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost, as well as curtailments and settlements which are not related to rationalization plans. Non-service related pension and other postretirement benefits cost includes net pension settlement and curtailment charges of $ 40 million, $ 124 million and $ 43 million in 2023, 2022 and 2021, respectively. For further information, refer to Note to the Consolidated Financial Statements No. 18, Pension, Other Postretirement Benefits and Savings Plans. We, along with other companies, had previously filed various claims with the Brazilian tax authorities challenging the legality of the government's calculation of certain indirect taxes. In 2021, the Brazilian Supreme Court rendered a final ruling that was favorable to companies on the remaining open aspects of these claims. As a result of the ruling, we recorded a gain in CGS of $ 69 million and related interest income of $ 48 million in Other (Income) Expense. Financing fees and financial instruments expense consists of commitment fees and charges incurred in connection with financing transactions, primarily due to accounts receivable factoring programs. Financing fees and financial instruments expense in 2021 included a $ 10 million charge for a commitment fee on a bridge term loan facility related to the Cooper Tire acquisition that was not utilized and was terminated upon the closing of the transaction. Net foreign currency exchange (gains) losses include losses of $ 80 million, $ 19 million and $ 13 million related to the Argentine peso in 2023, 2022 and 2021, respectively, and a $ 13 million loss related to the Turkish lira in 2023. Interest income includes interest income in Argentina of $ 44 million, $ 17 million and $ 8 million in 2023, 2022 and 2021, respectively. Net gains on asset sales in 2023 primarily relate to gains on sale and leaseback transactions of $ 88 million, resulting in $ 99 million of cash proceeds. Sale and leaseback transactions included the sale and leaseback of a warehouse in Americas in the second quarter of 2023 and a retail location in Americas in the fourth quarter of 2023. A $ 59 million gai n was recorded in the second quarter of 2023 related to the sale and leaseback transaction for the warehouse in Americas. Cash proceeds related to this transaction totaled $ 66 million. Leaseback terms for this location include a 5-year initial term with one 5-year renewal option. We have determined it is not probable that we will exercise this option. This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $ 24 million. The sale and leaseback transaction in the fourth quarter of 2023 for the retail location in Americas resulted in a gain of $ 23 million. Cash proceeds related to this transaction totaled $ 24 million. Leaseback terms for this location include a 5-year initial term . This transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $ 7 million. The remainder of net gains on asset sales in 2023 primarily relate to the sale and exit of certain retail locations in Americas. Net gains on asset sales in 2022 include a $ 95 million gain related to a sale and leaseback transaction of certain consumer and commercial retail locations in Americas. Cash proceeds related to this transaction totaled $ 108 million. Leaseback terms for all locations include a 15-year initial term with up to six 5-year renewal options . We determined at the inception of the leases that it was not probable that we would exercise any of the renewal options. The transaction resulted in the recognition of Operating Lease Right-of-Use Assets totaling $ 57 million. The remainder of net gains on asset sales in 2022 primarily relate to the sale and exit of certain retail locations in Americas. Net gains on asset sales in 2021 primarily relate to the sale of land in Hanau, Germany. Transaction costs include legal, consulting and other expenses incurred by us in connection with the Cooper Tire acquisition. Miscellaneous (income) expense in 2023 includes non-indemnified costs for product liability claims related to products manufactured by a formerly consolidated joint venture entity totaling $ 31 million and a $ 10 million loss related to the sale of a receivable in Argentina, partially offset by $ 5 million of income for the write-off of accumulated foreign currency translation related to our exited business in Russia. Miscellaneous (income) expense in 2023 also includes $ 11 million of income related to a favorable court decision setting aside a previous unfavorable verdict on intellectual property-related legal claims. The impact of that verdict and other fees of $ 15 million was recorded in miscellaneous (income) expense in 2022. Miscellaneous (income) expense in 2021 includes an insurance settlement gain of $ 10 million. Other (Income) Expense also includes general and product liability expense - discontinued products, which consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries; and royalty income, which is derived primarily from licensing arrangements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The components of Income (Loss) before Income Taxes follow: (In millions) 2023 2022 2021 U.S. $ ( 325 ) $ 41 $ ( 102 ) Foreign ( 352 ) 358 615 $ ( 677 ) $ 399 $ 513 A reconciliation of income taxes at the U.S. statutory rate to United States and Foreign Tax Expense (Benefit) follows: (In millions) 2023 2022 2021 U.S. federal income tax expense (benefit) at the statutory rate of 21 % $ ( 142 ) $ 84 $ 108 Net foreign losses (income) with no tax due to valuation allowances 122 45 3 Goodwill impairment 34 — — State income taxes, net of U.S. federal benefit ( 12 ) 6 1 Adjustment for foreign income taxed at different rates and nontaxable foreign items 5 33 24 U.S. charges (benefits) related to foreign tax credits, R&D and foreign 4 ( 7 ) ( 4 ) Net establishment (release) of uncertain tax positions ( 3 ) ( 4 ) ( 6 ) Deferred tax impact of enacted rate and law changes — ( 6 ) ( 61 ) Net establishment (release) of foreign valuation allowances and write off of deferred taxes — 24 ( 1 ) Net establishment (release) of U.S. valuation allowances — — ( 340 ) Other 2 15 9 United States and Foreign Tax Expense (Benefit) $ 10 $ 190 $ ( 267 ) The components of United States and Foreign Tax Expense (Benefit) by taxing jurisdiction, follow: (In millions) 2023 2022 2021 Current: Federal $ 37 $ — $ 1 Foreign 177 150 166 State 26 12 37 240 162 204 Deferred: Federal ( 123 ) ( 28 ) ( 362 ) Foreign ( 62 ) 46 ( 23 ) State ( 45 ) 10 ( 86 ) ( 230 ) 28 ( 471 ) United States and Foreign Tax Expense (Benefit) $ 10 $ 190 $ ( 267 ) Income tax expense in 2023 was $ 10 million on a loss before income taxes of $ 677 million. In 2023, income tax expense includes net discrete tax benefits totaling $ 9 million, primarily related to additional prior year withholding tax creditable in the U.S. as a result of a tax law change. In 2022, income tax expense was $ 190 million on income before income taxes of $ 399 million and includes net discrete tax expense totaling $ 23 million, including a charge of $ 14 million to write off deferred tax assets related to tax loss carryforwards in the U.K. and a charge of $ 11 million to establish a full valuation allowance on our net deferred tax assets in Russia, partially offset by a net benefit of $ 2 million for various other items. In 2021, income tax benefit of $ 267 million on income before income taxes of $ 513 million includes net discrete tax benefits totaling $ 409 million, including a reduction in our valuation allowances of $ 340 million for certain U.S. deferred tax assets for foreign tax credits and state tax loss carryforwards, a $ 39 million benefit to adjust our deferred tax assets in England for an enacted change in the tax rate, a $ 21 million benefit to reflect an increase in our estimated state tax rate used in calculating our U.S. net deferred tax assets as a result of a change in the overall mix of our earnings by state after including the impact of the acquisition of Cooper Tire, an $ 8 million benefit related to a favorable court ruling in Brazil, and a net benefit of $ 1 million for various other items. We consider both positive and negative evidence when measuring the need for a valuation allowance. The weight given to the evidence is commensurate with the extent to which it may be objectively verified. Current and cumulative financial reporting results are a source of objectively verifiable evidence. We give operating results during the most recent three-year period a significant weight in our analysis. We typically only consider forecasts of future profitability when positive cumulative operating results exist in the most recent three-year period. We perform scheduling exercises to determine if sufficient taxable income of the appropriate character exists in the periods required in order to realize our deferred tax assets with limited lives (such as tax loss carryforwards and tax credits) prior to their expiration. We also consider prudent tax planning strategies (including an assessment of their feasibility) to accelerate taxable income if required to utilize expiring deferred tax assets. A valuation allowance is not required to the extent that, in our judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not that our deferred tax assets will be realized. At December 31, 2023 and December 31, 2022, we had approximately $ 1.2 billion and $ 1.1 billion of U.S. federal, state and local net deferred tax assets, respectively, inclusive of valuation allowances totaling $ 22 million and $ 26 million in each period, respectively, primarily for state tax loss carryforwards with limited lives. As of December 31, 2023, approximately $ 1.0 billion of these U.S. net deferred tax assets have unlimited lives and approximately $ 200 million have limited lives, including $ 22 million of foreign tax credits, and the majority do not start to expire until 2031. As of December 31, 2022, approximately $ 700 million of these U.S. net deferred tax assets had unlimited lives and approximately $ 400 million had limited lives, including $ 230 million of foreign tax credits, and had expiration dates between 2023 and 2042. In the U.S., as of December 31, 2023, we emerged from a three-year cumulative loss which was driven by business disruptions created by the COVID-19 pandemic. Our U.S. cumulative income for the three-years ended December 31, 2023 is primarily a result of gains from other comprehensive income rather than consistently profitable U.S. operating results. Our 2023 U.S. operating results in the first six months of the year were negatively impacted by lower sales volumes due to commercial replacement tire channel destocking, reduced consumer industry demand and the Tupelo storm. However, our second half of 2023 showed improvement and profitability in our U.S. operating results. In assessing our ability to utilize our net deferred tax assets, we primarily considered objectively verifiable information, including the improvement in our U.S. operating results during the second half of 2023 as a result of improved tire volume and lower raw material and transportation costs compared to the first half of 2023. In addition, we consider our current forecasts of future profitability in assessing our ability to realize our deferred tax assets as well as the impact of tax planning strategies. These forecasts include the impact of recent trends and various macroeconomic factors such as the impact of raw material, transportation, labor and energy costs on our profitability. Our tax planning strategies include accelerating income on cross border transactions, including sales of inventory or raw materials to our subsidiaries, reducing U.S. interest expense by, for example, reducing intercompany loans through repatriating current year earnings of foreign subsidiaries, repatriation of certain foreign royalty income, and other financing transactions, all of which would increase our domestic profitability. We believe our improvement in U.S. operating results during the second half of 2023 and forecasts of future profitability provide us sufficient positive evidence to conclude that it is more likely than not that, at December 31, 2023, our U.S. net deferred tax assets will be fully utilized. However, macroeconomic factors such as raw material, transportation, labor and energy costs possess a high degree of volatility and can significantly impact our profitability. In addition, certain tax provisions, such as the annual interest expense limitation under Section 163(j) of the Internal Revenue Code of 1986, if amended, could impact our analysis of the realizability of our U.S. deferred tax assets. If our U.S. operating results significantly decline in the future, we may need to record a valuation allowance which could adversely impact our operating results. As such, we will closely monitor our U.S. operations as well as any tax law changes to assess the realizability of our U.S. deferred tax assets. At December 31, 2023 and December 31, 2022, we also had approximately $ 1.5 billion and $ 1.2 billion of foreign net deferred tax assets, respectively, and related valuation allowances of approximately $ 1.2 billion and $ 1.0 billion, respectively. Our losses in various foreign taxing jurisdictions in recent periods represented sufficient negative evidence to require us to maintain a full valuation allowance against certain of these net foreign deferred tax assets. Most notably, in Luxembourg, we maintain a valuation allowance of approximately $ 1.0 billion on all of our net deferred tax assets. Each reporting period, we assess available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize these existing deferred tax assets. We do not believe that sufficient positive evidence required to release valuation allowances on our foreign deferred tax assets having a significant impact on our financial position or results of operations will exist within the next twelve months. Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31 follow: (In millions) 2023 2022 Tax loss carryforwards and credits $ 1,155 $ 1,160 Capitalized research and development expenditures 490 481 Prepaid royalty income 427 457 Accrued expenses deductible as paid 343 320 Partnership basis differences 317 341 Other prepayments income 153 — Postretirement benefits and pensions 87 63 Lease liabilities 82 70 Rationalizations and other provisions 58 52 Vacation and sick pay 25 26 Other 137 100 3,274 3,070 Valuation allowance ( 1,275 ) ( 1,072 ) Total deferred tax assets 1,999 1,998 Intangible property basis differences related to Cooper Tire acquisition ( 205 ) ( 214 ) Property basis differences ( 166 ) ( 407 ) Right-of-use assets ( 81 ) ( 68 ) Total net deferred tax assets $ 1,547 $ 1,309 At December 31, 2023, we had $ 948 million of tax assets for net operating loss, capital loss and tax credit carryforwards related to certain foreign subsidiaries. These carryforwards are primarily from countries with unlimited carryforward periods, but include $ 72 million of tax credit carryforwards in various European countries that are subject to expiration from 2024 to 2033 . A valuation allowance totaling $ 1,253 million has been recorded against these and other deferred tax assets where recovery of the asset or carryforward is uncertain. In addition, we had $ 157 million of federal and $ 50 million of state tax assets for net operating loss and tax credit carryforwards. The federal carryforwards include $ 23 million of foreign tax credits that are subject to expiration from 2028 to 2030 and $ 129 million of tax assets related to research and development credits and other federal credits that are subject to expiration from 2030 to 2043 . The state carryforwards include $ 38 million that are subject to expiration from 2024 to 2040 . A valuation allowance of $ 22 million has been recorded against federal and state deferred tax assets where recovery is uncertain. At December 31, 2023, we had unrecognized tax benefits of $ 92 million that, if recognized, would have a favorable impact on our tax expense of $ 61 million. We had accrued interest of $ 1 million as of December 31, 2023. If not favorably settled, $ 9 million of the unrecognized tax benefits and all the accrued interest would require the use of our cash. We do not expect changes during 2024 to our unrecognized tax benefits to have a significant impact on our financial position or results of operations. A summary of our unrecognized tax benefits and changes during the year follows: (In millions) 2023 2022 2021 Balance at January 1 $ 87 $ 90 $ 85 Increases related to prior year tax positions 5 10 28 Decreases related to prior year tax positions — — ( 12 ) Settlements ( 1 ) ( 12 ) ( 5 ) Foreign currency impact 4 ( 1 ) ( 7 ) Increases related to current year tax positions — 2 3 Lapse of statute of limitations ( 3 ) ( 2 ) ( 2 ) Balance at December 31 $ 92 $ 87 $ 90 We are open to examination in the U.S. for 2021 and in Germany from 2018 onward. Generally, for our remaining tax jurisdictions, years from 2018 onward are still open to examination. We have undistributed earnings and profits of our foreign subsid iaries totaling approximately $ 2.8 billion at December 31, 2023. We have concluded that no provision for tax in the U.S. is required because substantially all of the remaining undistributed earnings and profits have been or will be reinvested in property, plant and equipment and working capital outside of the U.S. A foreign withholding tax charge would be required if these earnings and profits were distributed to the U.S. We estimate the foreign withholding tax charge to be approximately $ 100 million (net of foreign tax credits) using various assumptions. Future events, including changes in our business operations and tax law changes, could impact our current estimate. Net cash payments for income taxes were $ 200 million, $ 174 million and $ 201 million in 2023, 2022 and 2021, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are calculated to reflect the potential dilution that could occur if securities or other contracts were exercised or converted into common stock. Basic and diluted earnings per common share are calculated as follows: (In millions, except per share amounts) 2023 2022 2021 Earnings (loss) per share — basic: Goodyear net income (loss) $ ( 689 ) $ 202 $ 764 Weighted average shares outstanding 285 284 261 Earnings (loss) per common share — basic $ ( 2.42 ) $ 0.71 $ 2.92 Earnings (loss) per share — diluted: Goodyear net income (loss) $ ( 689 ) $ 202 $ 764 Weighted average shares outstanding 285 284 261 Dilutive effect of stock options and other dilutive securities — 2 3 Weighted average shares outstanding — diluted 285 286 264 Earnings (loss) per common share — diluted $ ( 2.42 ) $ 0.71 $ 2.89 Weighted average shares outstanding — diluted for 2023 excludes approximately 2 million shares, related primarily to options with exercise prices less than the average market price of our common shares (i.e., "in-the-money" options) and unvested restricted stock units, as their inclusion would have been anti-dilutive due to the Goodyear net loss. Additionally, weighted average shares outstanding — diluted for 2023, 2022 and 2021 excludes approximately 2 million equivalent shares related to options with exercise prices greater than the average market price of our common shares (i.e., "underwater" options). |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Note 9. Business Segments Segment information reflects our strategic business units (“SBUs”), which are organized to meet customer requirements and global competition. For the year ended December 31, 2023, we operated our business through three operating segments representing our regional tire businesses: Americas; Europe, Middle East and Africa; and Asia Pacific. Segment information is reported on the basis used for reporting to our Chief Executive Officer. Each of the three regional business segments is involved in the development, manufacture, distribution and sale of tires. Certain of the business segments also provide related products and services, which include retreads and automotive and commercial truck maintenance and repair services. Each segment also exports tires to other segments. Since the Closing Date, Cooper Tire's operating results have been incorporated into each of our SBUs. Americas manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft, and for various other applications throughout North, Central and South America. Americas also provides related products and services, including retreaded tires, tread rubber, and automotive and commercial truck maintenance and repair services, as well as sells chemical and natural rubber products to our other business segments and to unaffiliated customers. EMEA manufactures and sells tires for automobiles, trucks, buses, aircraft, motorcycles, and earthmoving, mining and industrial equipment throughout Europe, the Middle East and Africa. EMEA also sells retreaded aviation tires, retreading and related services for commercial truck and earthmoving, mining and industrial equipment, and automotive maintenance and repair services. Asia Pacific manufactures and sells tires for automobiles, trucks, buses, aircraft, farm, and earthmoving, mining and industrial equipment throughout the Asia Pacific region. Asia Pacific also provides related products and services, including retreaded truck and aviation tires, tread rubber, and automotive maintenance and repair services. The following table presents segm ent sales and operating income, and the reconciliation of segment operating income to Income (Loss) before Income Taxes: (In millions) 2023 2022 2021 Sales Americas $ 11,993 $ 12,766 $ 10,051 Europe, Middle East and Africa 5,606 5,645 5,243 Asia Pacific 2,467 2,394 2,184 Net Sales $ 20,066 $ 20,805 $ 17,478 Segment Operating Income Americas $ 749 $ 1,094 $ 914 Europe, Middle East and Africa 17 61 239 Asia Pacific 202 121 135 Total Segment Operating Income $ 968 $ 1,276 $ 1,288 Less: Goodwill impairment (Note 12) 230 — — Rationalizations (Note 4) 502 129 93 Interest expense (Note 5) 532 451 387 Other (income) expense (Note 6) 108 75 94 Asset write-offs and accelerated depreciation, net (Note 4) 36 37 1 Corporate incentive compensation plans 70 56 87 Retained expenses of divested operations 18 14 12 Other (1) 149 115 101 Income (Loss) before Income Taxes $ ( 677 ) $ 399 $ 513 (1) Primarily represents unallocated corporate costs and the elimination o f $ 27 million , $ 25 million and $ 22 million for the years ended December 31, 2023, 2022 and 2021, respectively, of royalty income attributable to the SBUs. Other in 2023 also includes $ 35 million of costs related to the Goodyear Forward plan, primarily related to third-party consulting fees. The following table presents segment assets at December 31: (In millions) 2023 2022 Assets Americas $ 11,647 $ 12,171 Europe, Middle East and Africa 4,873 5,239 Asia Pacific 2,767 2,913 Total Segment Assets 19,287 20,323 Corporate (1) 2,295 2,108 $ 21,582 $ 22,431 (1) Corporate includes substantially all of our U.S. net deferred tax assets. Results of operations are measured based on net sales to unaffiliated customers and segment operating income. Each segment exports tires to other segments. The financial results of each segment exclude sales of tires exported to other segments, but include operating income derived from such transactions. Segment operating income is computed as follows: Net sales less CGS (excluding asset write-offs and accelerated depreciation charges) and SAG (including certain allocated corporate administrative expenses). Segment operating income also includes certain royalties and equity in earnings of most affiliates. Segment operating income does not include net rationalization charges, asset sales, goodwill and other asset impairment charges, and certain other items. The following table presents geographic information. Net sales by country were determined based on the location of the selling subsidiary. Long-lived assets consist of property, plant and equipment. Management did not consider the net sales of any individual country outside the United States to be significant to the consolidated financial statements. For long-lived assets, only the United States and China were considered to be significant. (In millions) 2023 2022 2021 Net Sales United States $ 9,807 $ 10,734 $ 8,480 Other international 10,259 10,071 8,998 $ 20,066 $ 20,805 $ 17,478 Long-Lived Assets United States $ 3,891 $ 3,804 China 713 743 Other international 3,888 3,747 $ 8,492 $ 8,294 At December 31, 2023, significant concentrations of cash and cash equivalents held by our international subsidiaries included the following amounts: • $ 297 million or 33 % in EMEA, primarily France, England and Poland ($ 361 million or 29 % at December 31, 2022), • $ 244 million or 27 % in Asia Pacific, primarily China, India and Australia ($ 301 million or 25 % at December 31, 2022), and • $ 237 million or 26 % in Americas, primarily Brazil, Mexico and Argentina ( $ 316 million or 26 % at December 31, 2022). Goodwill impairment, as described in Notes to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets; rationalizations, as described in Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs; net (gains) losses on asset sales, as described in Note to the Consolidated Financial Statements No. 6, Other (Income) Expense; and asset write-offs and accelerated depreciation were not charged (credited) to the SBUs for performance evaluation purposes but were attributable to the SBUs as follows: (In millions) 2023 2022 2021 Goodwill Impairment Europe, Middle East and Africa 230 — — Total Segment Goodwill Impairment $ 230 $ — $ — (In millions) 2023 2022 2021 Rationalizations Americas $ 19 $ 32 $ 38 Europe, Middle East and Africa 409 92 49 Asia Pacific 25 — — Total Segment Rationalizations $ 453 $ 124 $ 87 Corporate 49 5 6 $ 502 $ 129 $ 93 (In millions) 2023 2022 2021 Net Gains on Asset Sales Americas $ ( 104 ) $ ( 122 ) $ ( 1 ) Europe, Middle East and Africa — — ( 13 ) Total Segment Gains on Asset Sales $ ( 104 ) $ ( 122 ) $ ( 14 ) Corporate — — ( 6 ) $ ( 104 ) $ ( 122 ) $ ( 20 ) (In millions) 2023 2022 2021 Asset Write-Offs and Accelerated Depreciation, net Americas $ 19 $ — $ — Europe, Middle East and Africa 17 20 1 Total Segment Asset Write-Offs and Accelerated Depreciation, net $ 36 $ 20 $ 1 Corporate — 17 — $ 36 $ 37 $ 1 The following tables present segment capital expenditures and depreciation and amortization: (In millions) 2023 2022 2021 Capital Expenditures Americas $ 638 $ 611 $ 537 Europe, Middle East and Africa 255 258 270 Asia Pacific 126 144 135 Total Segment Capital Expenditures $ 1,019 $ 1,013 $ 942 Corporate 31 48 39 $ 1,050 $ 1,061 $ 981 (In millions) 2023 2022 2021 Depreciation and Amortization Americas $ 580 $ 561 $ 486 Europe, Middle East and Africa 239 208 213 Asia Pacific 141 144 146 Total Segment Depreciation and Amortization $ 960 $ 913 $ 845 Corporate 41 51 38 $ 1,001 $ 964 $ 883 The following table presents segment equity in the net (income) loss of investees accounted for by the equity method: (In millions) 2023 2022 2021 Equity in (Income) Loss Americas $ 15 $ ( 14 ) $ ( 18 ) Europe, Middle East and Africa ( 1 ) 1 — Asia Pacific ( 16 ) ( 12 ) ( 4 ) Total Segment Equity in Income $ ( 2 ) $ ( 25 ) $ ( 22 ) The decrease in total segment equity in income for 2023 compared to 2022 was driven by decreased profitability of our TireHub joint venture in Americas. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | Note 10. Accounts Receivable (In millions) December 31, December 31, Accounts receivable $ 2,833 $ 2,722 Allowance for doubtful accounts ( 102 ) ( 112 ) $ 2,731 $ 2,610 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 11. Inventories (In millions) December 31, December 31, Raw materials $ 785 $ 1,191 Work in process 206 187 Finished goods 2,707 3,193 $ 3,698 $ 4,571 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 12. Goodwill and Intangible Assets The following table presents the net carrying amount of goodwill allocated by segment, and changes during 2023: (In millions) Balance at Acquisitions Divestitures Impairment Translation Balance at Americas $ 724 $ — $ — $ — $ — $ 724 Europe, Middle East and Africa (1) 232 — — ( 230 ) ( 2 ) — Asia Pacific 58 — — — ( 1 ) 57 $ 1,014 $ — $ — $ ( 230 ) $ ( 3 ) $ 781 The following table presents the net carrying amount of goodwill allocated by segment, and changes during 2022: (In millions) Balance at Acquisitions Divestitures Translation Balance at Americas $ 709 $ 15 $ — $ — $ 724 Europe, Middle East and Africa 231 18 ( 3 ) ( 14 ) 232 Asia Pacific 64 — — ( 6 ) 58 $ 1,004 $ 33 $ ( 3 ) $ ( 20 ) $ 1,014 (1) The decrease during 2023 was due to the EMEA goodwill impairment. The accumulated amount of impairment recognized against EMEA's goodwill is $ 412 million . The following table presents information about intangible assets at December 31: 2023 2022 (In millions) Gross (1) Accumulated (1) Net Gross (1) Accumulated (1) Net Intangible assets with indefinite lives $ 687 $ ( 6 ) $ 681 $ 687 $ ( 6 ) $ 681 Customer relationships 350 ( 77 ) 273 350 ( 48 ) 302 Other intangible assets 30 ( 25 ) 5 31 ( 20 ) 11 Trademarks and patents 29 ( 19 ) 10 30 ( 20 ) 10 $ 1,096 $ ( 127 ) $ 969 $ 1,098 $ ( 94 ) $ 1,004 (1) Includes impact of foreign currency translation. Intangible assets are primarily comprised of rights to use the Cooper and Dunlop brand names and related trademarks, Cooper Tire customer relationships, and certain other brand names and trademarks. Amortization expense for intangible assets totaled $ 33 million in 2023, $ 35 million in 2022, and $ 21 million in 2021. We estimate that annual amortization expense related to intangible assets will be $ 32 million in 2024, and an average of $ 30 million in 2025 through 2028. The weighted average remaining amortization period is approximately 9 years . As part of our annual impairment analysis as of October 31, 2023, we completed a quantitative impairment analysis at our North America, Asia Pacific and EMEA reporting units to determine if their fair values were less than their carrying amounts. We determined the estimated fair value for the reporting units based on their discounted cash flow projections and market values for comparable businesses. The most critical assumptions used in the calculation of the fair value of each reporting unit are the projected revenue, projected operating margin, discount rate and the selection of the market multiples. Based on the quantitative test, the fair values of the North America and Asia Pacific reporting units substantially exceeded their carrying values. As previously disclosed, during the third quarter of 2023, we reduced the near-term and long-term outlook of our EMEA segment based on recent business performance and the industry outlook. As a result, we performed a quantitative analysis as of September 30, 2023 of the fair value of the EMEA reporting unit, which resulted in an estimated fair value that exceeded its carrying value, including goodwill. During the fourth quarter of 2023, the industry continued to decline, which resulted in a further reduction in our near-term and long-term outlook to include the updated industry outlook and additional strategic actions and rationalizations. The forecast resulted in lower than previously projected cash flows for the EMEA reporting unit, which negatively affected the valuation compared to the previous valuation. As a result, the fair value of the EMEA reporting unit as of October 31, 2023, was less than its carrying value, resulting in a non-cash impairment charge of $ 230 million during the fourth quarter of 2023. As part of our annual impairment analysis as of October 31, 2023, we completed a quantitative impairment analysis of our indefinite-lived intangible assets to determine if their fair values were less than their carrying amounts. We determined the fair value of the indefinite-lived intangible assets using the relief from royalty method, which calculates the cost savings associated with owning rather than licensing the assets. The most critical assumptions used in the calculation of the fair value are projected revenue, discount rate and royalty rate. Based on the results of the quantitative impairment analyses, the Company determined that no impairment was required as the estimated fair values of our indefinite-lived intangible assets exceeded or approximated their respective carrying values. We identified $ 530 million of indefinite-lived intangible assets related to the recent Cooper Tire acquisition, which have carrying values that approximate the estimated fair value as of the annual impairment testing date and no impairment was required. We assessed the period from October 31, 2023 to December 31, 2023 and determined there were no factors that caused us to change our conclusions as of October 31, 2023. Future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill and indefinite-lived intangible assets, including discount rates, royalty rates and cash flow projections, could result in significantly different estimates of the fair values. A significant reduction in the estimated fair values could result in additional impairment charges that could adversely affect our results of operations. |
Other Assets and Investments
Other Assets and Investments | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets and Investments | Note 13. Other Assets and Investments Dividends received from our consolidated subsidiaries were $ 150 million, $ 115 million and $ 177 m illion in 2023, 2022 and 2021, respectively. Dividends received in 2023 were primarily from Brazil, Mexico and Singapore and paid to the United States. Dividends received in 2022 were primarily from Brazil, Mexico and Singapore and paid to the United States. Dividends received in 2021 were primarily from Brazil, Singapore and Peru and paid to the United States. Dividends received from our affiliates accounted for using the equity method were $ 19 million, $ 7 million and $ 6 million in 2023, 2022 and 2021, respectively. Investment in TireHub The carrying value of our investment in TireHub was $ 22 million and $ 60 million at December 31, 2023 and 2022, respectively, and was included in Other Assets on our Consolidated Balance Sheets. In addition, we had an outstanding loan receivable from TireHub of $ 96 million, which includes $ 2 million of interest, at December 31, 2023, which was also included in Other Assets on our Consolidated Balance Sheets compared to an outstanding loan receivable of $ 17 million at December 31, 2022. Our investment in TireHub is accounted for under the equity method of accounting and, as such, includes our 50 % share of the net income (losses) of TireHub, which was a net loss of $ 25 million in 2023 and net income of $ 1 million and $ 4 million in 2022 and 2021, respectively. Investment in ACTR Company Limited As part of the Cooper Tire acquisition, Goodyear acquired a 35 % equity interest in ACTR Company Limited, a tire manufacturing joint venture in Vietnam, v alued at $ 76 million and $ 70 million at December 31, 2023 and 2022, respectively. Our investment in ACTR is accounted for under the equity method of accounting and, as such, includes our 35 % share of the net income of ACTR, which totaled $ 15 million, $ 12 million and $ 4 million in 2023, 2022 and 2021, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 14. Property, Plant and Equipment December 31, 2023 December 31, 2022 (In millions) Owned Finance Total Owned Finance Total Property, plant and equipment: Land $ 461 $ 1 $ 462 $ 449 $ 1 $ 450 Buildings 2,840 218 3,058 2,640 217 2,857 Machinery and equipment 15,664 69 15,733 14,838 51 14,889 Construction in progress 1,340 — 1,340 1,173 — 1,173 20,305 288 20,593 19,100 269 19,369 Accumulated depreciation ( 12,392 ) ( 80 ) ( 12,472 ) ( 11,308 ) ( 69 ) ( 11,377 ) 7,913 208 8,121 7,792 200 7,992 Spare parts 371 — 371 302 — 302 $ 8,284 $ 208 $ 8,492 $ 8,094 $ 200 $ 8,294 The range of useful lives of property used in arriving at the annual amount of depreciation is as follows: buildings and improvements, 3 to 45 years ; and machinery and equipment, 3 to 40 years . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 15. Leases The components of lease expense included in Income (Loss) before Income Taxes for the years ended December 31, 2023, 2022 and 2021 are as follows: (In millions) 2023 2022 2021 Operating Lease Expense $ 302 $ 300 $ 295 Finance Lease Expense: Amortization of ROU assets 12 10 9 Interest on lease liabilities 20 20 21 Short Term Lease Expense 11 17 11 Variable Lease Expense 3 5 8 Sublease Income ( 10 ) ( 11 ) ( 11 ) Total Lease Expense $ 338 $ 341 $ 333 Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 is as follows: (In millions) 2023 2022 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows for Operating Leases $ 278 $ 276 $ 278 Operating Cash Flows for Finance Leases 20 20 21 Financing Cash Flows for Finance Leases 8 6 6 ROU Assets Obtained in Exchange for Lease Obligations Operating Leases 218 250 378 Finance Leases 17 20 14 Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 is as follows: (In millions, except lease term and discount rate) 2023 2022 Operating Leases Operating Lease ROU Assets $ 985 $ 976 Operating Lease Liabilities due Within One Year $ 200 $ 199 Operating Lease Liabilities 825 821 Total Operating Lease Liabilities $ 1,025 $ 1,020 Finance Leases Property, Plant and Equipment, at cost $ 288 $ 269 Accumulated Depreciation ( 80 ) ( 69 ) Property, Plant and Equipment, net $ 208 $ 200 Long Term Debt and Finance Leases due Within One Year $ 10 $ 8 Long Term Debt and Finance Leases 258 247 Total Finance Lease Liabilities $ 268 $ 255 Weighted Average Remaining Lease Term (years) Operating Leases 7.0 7.4 Finance Leases 27.3 29.2 Weighted Average Discount Rate Operating Leases 7.24 % 6.82 % Finance Leases 8.17 % 8.26 % Future maturities of our lease liabilities, excluding subleases, as of December 31, 2023 are as follows: (In millions) Operating Leases Finance Leases 2024 $ 260 $ 29 2025 221 28 2026 183 28 2027 147 27 2028 110 26 Thereafter 413 617 Total Lease Payments 1,334 755 Less: Imputed Interest 309 487 Total $ 1,025 $ 268 As of December 31, 2023, we have additional operating and finance leases that have not yet commenced for which the present value of lease payments over the respective lease terms totals $ 162 million . Accordingly, these leases are not recorded on the Consolidated Balance Sheets at December 31, 2023. These leases will commence in 2024 and 2025 with lease terms of 1 year to 40 years. |
Financing Arrangements and Deri
Financing Arrangements and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financing Arrangements And Derivative Financial Instruments [Abstract] | |
Financing Arrangements and Derivative Financial Instruments | Note 16. Financing Arrangements and Derivative Financial Instruments At December 31, 2023, we had total credit arrangements of $ 11,743 million, of which $ 4,247 million were unused. At that date, approximately 20 % of our debt was at variable interest rates averaging 8.09 %. Notes Payable and Overdrafts, Long Term Debt and Finance Leases due Within One Year and Short Term Financing Arrangements At December 31, 2023, we had short term committed and uncommitted credit arrangements totaling $ 760 million, of which $ 380 million were unused. These arrangements are available primarily to certain of our foreign subsidiaries through various banks at quoted market interest rates. The following table presents amounts due within one year: December 31, December 31, (In millions) 2023 2022 Chinese credit facilities $ 15 $ 26 Other foreign and domestic debt 329 369 Notes Payable and Overdrafts $ 344 $ 395 Weighted average interest rate 10.52 % 5.75 % Chinese credit facilities $ 54 $ 136 Other foreign and domestic debt (including finance leases) 395 92 Long Term Debt and Finance Leases due Within One Year $ 449 $ 228 Weighted average interest rate 7.27 % 3.88 % Total obligations due within one year $ 793 $ 623 Long Term Debt and Finance Leases and Financing Arrangements At December 31, 2023, we had long term credit arrangements totalin g $ 10,983 million, of which $ 3,867 mi llion were unused. The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates: December 31, 2023 December 31, 2022 (In millions) Amount Interest Rate Amount Interest Rate Notes: 9.5 % due 2025 $ 801 $ 802 5 % due 2026 900 900 4.875 % due 2027 700 700 7.625 % due 2027 128 131 7 % due 2028 150 150 2.75 % Euro Notes due 2028 442 427 5 % due 2029 850 850 5.25 % due April 2031 550 550 5.25 % due July 2031 600 600 5.625 % due 2033 450 450 Credit Facilities: First lien revolving credit facility due 2026 385 6.71 % — — European revolving credit facility due 2028 — — 374 3.39 % Pan-European accounts receivable facility 244 6.11 % 267 3.77 % Mexican credit facility 84 7.57 % 200 6.29 % Chinese credit facilities 174 3.94 % 235 4.23 % Other foreign and domestic debt (1) 591 7.44 % 650 6.58 % 7,049 7,286 Unamortized deferred financing fees ( 37 ) ( 46 ) 7,012 7,240 Finance lease obligations (2) 268 255 7,280 7,495 Less portion due within one year ( 449 ) ( 228 ) $ 6,831 $ 7,267 (1) Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions. (2) Includes non-cash financing additions o f $ 17 m illion and $ 20 million d uring the twelve month period ended December 31, 2023 and 2022, respectively. NOTES $ 800 million 9.5 % Senior Notes due 2025 At December 31, 2023, $ 800 million aggregate principal amount of 9.5 % senior notes due 2025 were outstanding. $ 600 million of these notes were sold at 100 % of the principal amount and $ 200 million of these notes were sold at 101.75 % of the principal amount at an effective yield of 9.056 %. These notes will mature on May 31, 2025 . These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. We have the option to redeem these notes, in whole or in part, at any time at a redemption price of 102.375 % and 100 % during the 12-month periods commencing on May 31, 2023 and 2024 and thereafter, respectively, plus accrued and unpaid interest to the redemption date. The terms of the indenture for these notes, among other things, limit the ability of the Company and certain of its subsidiaries, including Goodyear Europe B.V. ("GEBV"), to (i) incur additional debt or issue redeemable preferred stock, (ii) pay dividends, repurchase shares or make certain other restricted payments or investments, (iii) incur liens, (iv) sell assets, (v) incur restrictions on the ability of our subsidiaries to pay dividends or to make other payments to us, (vi) enter into affiliate transactions, (vii) engage in sale and leaseback transactions, and (viii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. For example, if these notes are assigned an investment grade rating from at least two of Moody's, Standard and Poor's and Fitch and no default has occurred and is continuing, certain covenants will be suspended and we may elect to suspend the subsidiary guarantees. The indenture has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries. $900 million 5% Senior Notes due 2026 At December 31, 2023, $ 900 million aggregate principal amount of 5 % senior notes due 2026 were outstanding. These notes were sold at 100 % of the principal amount and will mature on May 31, 2026 . These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. We have the option to redeem these notes, in whole or in part, at any time at a redemption price of 100.833 % and 100 % during the 12-month periods commencing on May 31, 2023 and 2024 and thereafter, respectively, plus accrued and unpaid interest to the redemption date. The indenture for these notes includes covenants that are substantially similar to those contained in the indenture governing our 9.5 % senior notes due 2025, described above. $700 million 4.875% Senior Notes due 2027 At December 31, 2023, $ 700 million aggregate principal amount of 4.875 % senior notes due 2027 were outstanding. These notes were sold at 100 % of the principal amount and will mature on March 15, 2027 . These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. We have the option to redeem these notes, in whole or in part, at any time prior to their maturity. If we elect to redeem the notes prior to December 15, 2026, we will pay a redemption price equal to the greater of 100 % of the principal amount of the notes redeemed or the sum of the present values of the remaining scheduled payments on the notes redeemed, discounted using a defined treasury rate plus 50 basis points, plus in either case accrued and unpaid interest to the redemption date. If we elect to redeem the notes on or after December 15, 2026, we will pay a redemption price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date. The terms of the indenture for these notes, among other things, limit our ability and the ability of certain of our subsidiaries to (i) incur certain liens, (ii) engage in sale and leaseback transactions, and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. $117 million 7.625% Senior Notes due 2027 Following the Cooper Tire acquisition and at December 31, 2023, $ 117 million aggregate principal amount of 7.625 % senior notes due 2027 were outstanding. These notes also included a $ 19 million fair value step-up, which is being amortized against interest expense over the remaining life of the notes. Amortization since the Closing Date was approximatel y $ 8 million . These notes are unsecured senior obligations and will mature on March 15, 2027 . These notes are not redeemable prior to maturity. On November 25, 2022, Goodyear assumed Cooper Tire's obligations under these notes. The terms of the indenture for these notes, among other things, limit our ability and the ability of certain of our subsidiaries to (i) incur certain liens, (ii) enter into certain sale and leaseback transactions, and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. $150 million 7% Senior Notes due 2028 At December 31, 2023, $ 150 million aggregate principal amount of 7 % notes due 2028 were outstanding. These notes are unsecured senior obligations and will mature on March 15, 2028 . We have the option to redeem these notes, in whole or in part, at any time at a redemption price equal to the greater of 100 % of the principal amount thereof or the sum of the present values of the remaining scheduled payments thereon, discounted using a defined treasury rate plus 15 basis points, plus in either case accrued and unpaid interest to the redemption date. The terms of the indenture for these notes, among other things, limit our ability and the ability of certain of our subsidiaries to (i) incur secured debt, (ii) engage in sale and leaseback transactions, and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. €400 million 2.75% Senior Notes due 2028 of GEBV At December 31, 2023, € 400 million in aggregate principal amount of GEBV 2.75 % senior notes due 2028 were outstanding. These notes were sold at 100 % of the principal amount and will mature on August 15, 2028 . These notes are unsecured senior obligations of GEBV and are guaranteed, on an unsecured senior basis, by the Company and our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. We have the option to redeem these notes, in whole or in part, at any time on or after August 15, 2024 at a redemption price of 101.375 %, 100.688 %, and 100 % during the 12-month periods commencing on August 15, 2024, 2025, and 2026 and thereafter, respectively, plus accrued and unpaid interest to the redemption date. Prior to August 15, 2024, we may redeem these notes, in whole or in part, at a redemption price equal to 100 % of the principal amount plus a make-whole premium and accrued and unpaid interest to the redemption date. In addition, prior to August 15, 2024, we may redeem up to 35 % of the original aggregate principal amount of these notes from the net cash proceeds of certain equity offerings at a redemption price equal to 102.75 % of the principal amount plus accrued and unpaid interest to the redemption date. The indenture for these notes includes covenants that are substantially similar to those contained in the indenture governing our 4.875 % senior notes due 2027, described above. $850 million 5% Senior Notes due 2029 At December 31, 2023, $ 850 million in aggregate principal amount of 5 % senior notes due 2029 were outstanding. These notes were sold at 100 % of the principal amount and will mature on July 15, 2029 . These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. We have the option to redeem these notes, in whole or in part, at any time prior to their maturity. If we elect to redeem these notes prior to three months before their maturity date, we will pay a redemption price equal to the greater of 100 % of the principal amount of the notes redeemed or the sum of the present values of the remaining scheduled payments on the notes redeemed, discounted using a defined treasury rate plus 50 basis points, plus in either case accrued and unpaid interest to the redemption date. If we elect to redeem these notes on or after three months before their maturity date, we will pay a redemption price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date. The indenture for these notes includes covenants that are substantially similar to those contained in the indenture governing our 4.875 % senior notes due 2027, described above. $550 million 5.25% Senior Notes due April 2031 At December 31, 2023, $ 550 million in aggregate principal amount of 5.25 % senior notes due April 2031 were outstanding. These notes were sold at 100 % of the principal amount and will mature on April 30, 2031 . These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. The indenture for these notes includes redemption provisions that are substantially similar to those contained in the indenture governing our 5 % senior notes due 2029, described above. The indenture for these notes includes covenants that are substantially similar to those contained in the indenture governing our 4.875 % senior notes due 2027, described above. $600 million 5.25% Senior Notes due July 2031 At December 31, 2023, $ 600 million in aggregate principal amount of 5.25 % senior notes due July 2031 were outstanding. These notes were sold at 100 % of the principal amount and will mature on July 15, 2031 . These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. The indenture for these notes includes redemption provisions that are substantially similar to those contained in the indenture governing our 5% senior notes due 2029, described above. The indenture for these notes includes covenants that are substantially similar to those contained in the indenture governing our 4.875 % senior notes due 2027, described above. $450 million 5.625% Senior Notes due 2033 At December 31, 2023, $ 450 million in aggregate principal amount of 5.625 % senior notes due 2033 were outstanding. These notes were sold at 100 % of the principal amount and will mature on April 30, 2033. These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below. The indenture for these notes includes redemption provisions that are substantially similar to those contained in the indenture governing our 5% senior notes due 2029, described above. The indenture for these notes includes covenants that are substantially similar to those contained in the indenture governing our 4.875 % senior notes due 2027, described above. CREDIT FACILITIES $ 2.75 billion Amended and Restated First Lien Revolving Credit Facility due 2026 Our first lien revolving credit facility matures on June 8, 2026 and is available in the form of loans or letters of credit. Up to $ 800 million in letters of credit and $ 50 million of swingline loans are available for issuance under the facility. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to $ 250 million. Our obligations under the facility are guaranteed by most of our wholly-owned U.S. and Canadian subsidiaries. Our obligations under the facility and our subsidiaries' obligations under the related guarantees are secured by first priority security interests in collateral that includes, subject to certain exceptions: • U.S. and Canadian accounts receivable and inventory; • certain of our U.S. manufacturing facilities; • equity interests in our U.S. subsidiaries and up to 65 % of the voting equity interests in most of our directly owned foreign subsidiaries; and • substantially all other tangible and intangible assets, including equipment, contract rights and intellectual property. Availability under the facility is subject to a borrowing base, which is based on (i) eligible accounts receivable and inventory of The Goodyear Tire & Rubber Company and certain of its U.S. and Canadian subsidiaries, (ii) the value of our principal trademarks in an amount not to exceed $ 400 million, (iii) the value of eligible machinery and equipment, and (iv) certain cash in an amount not to exceed $ 275 million. To the extent that our eligible accounts receivable, inventory and other components of the borrowing base decline in value, our borrowing base will decrease and the availability under the facility may decrease below $ 2.75 billion. As of December 31, 2023, our borrowing base, and therefore our availability, under this facility was $ 123 million below the facility's stated amount of $ 2.75 billion. The facility contains covenants that, among other things, limit our ability and the ability of certain of our subsidiaries to (i) incur additional debt or issue redeemable preferred stock, (ii) pay dividends, repurchase shares or make certain other restricted payments or investments, (iii) incur liens, (iv) sell assets, (v) incur restrictions on the ability of our subsidiaries to pay dividends or to make other payments to us, (vi) enter into affiliate transactions, (vii) engage in sale and leaseback transactions, and (viii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. In addition, in the event that the availability under the facility plus the aggregate amount of our Available Cash is less than $ 275 million, we will not be permitted to allow our ratio of EBITDA to Consolidated Interest Expense to be less than 2.0 to 1.0 for any period of four consecutive fiscal quarters. “Available Cash,” “EBITDA” and “Consolidated Interest Expense” have the meanings given them in the facility. The facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2020. The facility also has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries. If Available Cash (as defined in the facility) plus the availability under the facility is greater than $ 750 million, amounts drawn under the facility will bear interest, at our option, at (i) 125 basis points over SOFR or (ii) 25 basis points over an alternate base rate (the higher of (a) the prime rate, (b) the federal funds effective rate or the overnight bank funding rate plus 50 basis points or (c) SOFR for a one month interest period plus 100 basis points). If Available Cash plus the availability under the facility is equal to or less than $ 750 million, then amounts drawn under the facility will bear interest, at our option, at (i) 150 basis points over SOFR or (ii) 50 basis points over an alternate base rate. Based on our current liquidity, amounts drawn under this facility bear interest at SOFR plus 125 basis points. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points. At December 31, 2023, we had $ 385 million of borrowings and $ 1 million of letters of credit issued under the revolving credit facility. At December 31, 2022, we had no borrowings and $ 3 million of letters of credit issued under the revolving credit facility. € 800 million Amended and Restated Senior Secured European Revolving Credit Facility due 2028 The European revolving credit facility matures on January 14, 2028 and consists of (i) a € 180 million German tranche that is available only to Goodyear Germany GmbH and (ii) a € 620 million all-borrower tranche that is available to GEBV, Goodyear Germany and Goodyear Operations S.A. Up to € 175 million of swingline loans and € 75 million in letters of credit are available for issuance under the all-borrower tranche. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to € 200 million. Amounts drawn under this facility will bear interest at SOFR plus 150 basis points for loans denominated in U.S. dollars, EURIBOR plus 150 basis points for loans denominated in euros, and SONIA plus 150 basis points for loans denominated in pounds sterling. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points. GEBV and certain of its subsidiaries in the United Kingdom, Luxembourg, France and Germany provide guarantees to support the facility. GEBV’s obligations under the facility and the obligations of its subsidiaries under the related guarantees are secured by security interests in collateral that includes, subject to certain exceptions: • the capital stock of the principal subsidiaries of GEBV; and • a substantial portion of the tangible and intangible assets of GEBV and certain of its subsidiaries in the United Kingdom, Luxembourg, France and Germany, including real property, equipment, inventory, contract rights, intercompany receivables and cash accounts, but excluding accounts receivable and certain cash accounts in subsidiaries that are or may become parties to securitization or factoring transactions. The German guarantors secure the German tranche on a first-lien basis and the all-borrower tranche on a second-lien basis. GEBV and its other subsidiaries that provide guarantees secure the all-borrower tranche on a first-lien basis and generally do not provide collateral support for the German tranche. The Company and its U.S. and Canadian subsidiaries that guarantee our U.S. first lien revolving credit facility described above also provide unsecured guarantees in support of the facility. The facility contains covenants similar to those in our first lien revolving credit facility, with additional limitations applicable to GEBV and its subsidiaries. In addition, under the facility, GEBV’s ratio of Consolidated Net GEBV Indebtedness to Consolidated GEBV EBITDA for a period of four consecutive fiscal quarters is not permitted to be greater than 3.0 to 1.0 at the end of any fiscal quarter. “Consolidated Net GEBV Indebtedness” and “Consolidated GEBV EBITDA” have the meanings given them in the facility. The facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2021. The facility also has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries. At December 31, 2023, we had no borrowings and no letters of credit outstanding under the European revolving credit facility. At December 31, 2022, there were no borrowings outstanding under the German tranche, $ 374 million (€ 350 million) of borrowings outstanding under the all-borrower tranche and no letters of credit outstanding under the European revolving credit facility. Accounts Receivable Securitization Facilities (On-Balance Sheet) GEBV and certain other of our European subsidiaries are parties to a pan-European accounts receivable securitization facility that expires in 2027. The terms of the facility provide the flexibility to designate annually the maximum amount of funding available under the facility in an amount of not less than € 30 million and not more than € 450 million. For the period from October 20, 2022 through October 18, 2023, the designated maximum amount of the facility was € 300 million. For the period from October 19, 2023 through October 16, 2024, the designated maximum amount of the facility will remain € 300 million. The facility involves an ongoing daily sale of substantially all of the trade accounts receivable of certain GEBV subsidiaries. These subsidiaries retain servicing responsibilities. Utilization under this facility is based on eligible receivable balances. The funding commitments under the facility will expire upon the earliest to occur of: (a) October 19, 2027, (b) the non-renewal and expiration (without substitution) of all of the back-up liquidity commitments, (c) the early termination of the facility according to its terms (generally upon an Early Amortisation Event (as defined in the facility), which includes, among other things, events similar to the events of default under our first lien revolving credit facility; certain tax law changes; or certain changes to law, regulation or accounting standards), or (d) our request for early termination of the facility. The facility’s current back-up liquidity commitments will expire on October 16, 2024. At December 31, 2023, the amounts available and utilized under this program totaled $ 244 million (€ 221 million). At December 31, 2022, the amounts available and utilized under this program totaled $ 267 million (€ 250 million). The program does not qualify for sale accounting, and accordingly, these amounts are included in Long Term Debt and Finance Leases. Accounts Receivable Factoring Facilities (Off-Balance Sheet) We have sold certain of our trade receivables under off-balance sheet programs. For these programs, we have concluded that there is generally no risk of loss to us from non-payment of the sold receivables. At December 31, 2023, the gross amount of receivables sold was $ 693 million, compared to $ 744 million at December 31, 2022. Other Foreign Credit Facilities A Mexican subsidiary and a U.S. subsidiary have a revolving credit facility in Mexico. At December 31, 2023, the amounts available and utilized under this facility were $ 200 milli on and $ 84 million, respectively . At December 31, 2022, the amounts available and utilized under this facility were $ 200 million. The facility ultimately matures on November 22, 2024, has covenants relating to the Mexican and U.S. subsidiaries, and has customary representations and warranties and defaults relating to the Mexican and U.S. subsidiaries' ability to perform their respective obligations under the facility. Our Chinese subsidiaries have several financing arrangements in China. These facilities contain covenants relating to these Chinese subsidiaries and have customary representations and warranties and defaults relating to these Chinese subsidiaries' ability to perform their respective obligations under these facilities. These facilities are also available for other off-balance sheet utilization, such as letters of credit and bank acceptances. The following table presents the total amounts available and utilized under the Chinese financing arrangements: December 31, December 31, (In millions) 2023 2022 Total available $ 937 $ 852 Amounts utilized: Notes Payable and Overdrafts $ 15 $ 26 Long Term Debt due Within One Year 54 136 Long Term Debt 120 99 Letters of credit, bank acceptances and other utilization 91 75 Total utilized $ 280 $ 336 Maturities 2/24 - 8/28 1/23 - 8/25 Certain of these facilities can only be used to finance the expansion of two of our manufacturing facilities in China and, at December 31, 2023 and December 31, 2022, the unused amounts available under these facilities were $ 93 m illion and $ 63 million, respectively. Debt Maturities The annual aggregate maturities of our debt (excluding the impact of deferred financing fees, unamortized discounts and the fair value step-up related to the Cooper Tire acquisition), finance leases and notes payable and overdrafts for the five years subsequent to December 31, 2023 are presented below. Maturities of debt credit agreements have been reported on the basis that the commitments to lend under these agreements will be terminated effective at the end of their current terms. (In millions) 2024 2025 2026 2027 2028 U.S. $ 93 $ 805 $ 1,288 $ 820 $ 150 Foreign 699 284 16 258 551 $ 792 $ 1,089 $ 1,304 $ 1,078 $ 701 DERIVATIVE FINANCIAL INSTRUMENTS We utilize derivative financial instrument contracts and nonderivative instruments to manage interest rate, foreign exchange and commodity price risks. We have established a control environment that includes policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. We do not hold or issue derivative financial instruments for trading purposes. Foreign Currency Contracts We enter into foreign currency contracts in order to manage the impact of changes in foreign exchange rates on our consolidated results of operations and future foreign currency-denominated cash flows. These contracts may be used to reduce exposure to currency movements affecting existing foreign currency-denominated assets, liabilities, firm commitments and forecasted transactions resulting primarily from trade purchases and sales, equipment acquisitions, intercompany loans and royalty agreements. Contracts hedging short term trade receivables and payables normally have no hedging designation. The following table presents the fair values for foreign currency hedge contracts that do not meet the criteria to be accounted for as cash flow hedging instruments: December 31, December 31, (In millions) 2023 2022 Fair Values — Current asset (liability): Accounts receivable $ 2 $ 4 Other current liabilities ( 27 ) ( 10 ) At December 31, 2023 and 2022, these outstanding foreign currency derivatives had notional amounts of $ 1,930 million and $ 1,197 million, respectively, and were primarily related to intercompany loans. Other (Income) Expense included net transactio n losses on derivatives of $ 8 million i n 2023 and net transaction gains on derivatives of $ 34 million in 2022. These amounts were substantially offset in Other (Income) Expense by the effect of changing exchange rates on the underlying currency exposures. The following table presents fair values for foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments: December 31, December 31, (In millions) 2023 2022 Fair Values — Current asset (liability): Accounts receivable $ — $ 1 Other current liabilities ( 2 ) ( 3 ) At December 31, 2023 and 2022, these outstanding foreign currency derivatives had notional amounts of $ 27 million an d $ 71 million, respectively, and primarily related to U.S. dollar denominated intercompany transactions. Based on our current forecasts, we believe that it is probable that the underlying hedge transactions will occur within an appropriate time frame in order to continue to qualify for cash flow hedge accounting treatment. We enter into master netting agreements with counterparties. The amounts eligible for offset under the master netting agreements are not material and we have elected a gross presentation of foreign currency contracts in the Consolidated Balance Sheets. The following table presents the classification of changes in fair values of foreign currency contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority): Year Ended December 31, (In millions) 2023 2022 2021 Amount of gains (losses) deferred to AOCL $ ( 5 ) $ — $ 1 Reclassification adjustment for amounts recognized in CGS 4 ( 2 ) ( 2 ) There were $ 2 million of estimated deferred losses at December 31, 2023 that are expected to be reclassified to earnings within the next twelve months. The counterparties to our foreign currency contracts were considered by us to be substantial and creditworthy financial institutions that were recognized market makers at the time we entered into those contracts. We seek to control our credit exposure to these counterparties by diversifying across multiple counterparties, by setting counterparty credit limits based on long term credit ratings and other indicators of counterparty credit risk such as credit default swap spreads and default probabilities, and by monitoring the financial strength of these counterparties on a regular basis. We also enter into master netting agreements with counterparties when possible. By controlling and monitoring exposure to counterparties in this manner, we believe that we effectively manage the risk of loss due to nonperformance by a counterparty. However, the inability of a counterparty to fulfill its contractual obligations to us could have a material adverse effect on our liquidity, financial position or results of operations in the period in which it occurs. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 17. Fair Value Measurements The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheet at December 31: Total Carrying Quoted Prices in Significant Other Significant (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Assets: Investments $ 19 $ 8 $ 19 $ 8 $ — $ — $ — $ — Foreign Exchange Contracts 2 5 — — 2 5 — — Total Assets at Fair Value $ 21 $ 13 $ 19 $ 8 $ 2 $ 5 $ — $ — Liabilities: Foreign Exchange Contracts $ 29 $ 13 $ — $ — $ 29 $ 13 $ — $ — Total Liabilities at Fair Value $ 29 $ 13 $ — $ — $ 29 $ 13 $ — $ — The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at December 31: December 31, December 31, (In millions) 2023 2022 Fixed Rate Debt (1) : Carrying amount — liability $ 5,720 $ 5,766 Fair value — liability 5,488 5,198 Variable Rate Debt (1) : Carrying amount — liability $ 1,292 $ 1,474 Fair value — liability 1,286 1,437 (1) Excludes Notes Payable and Overdrafts of $ 344 million and $ 395 million at December 31, 2023 and 2022, respectively, of which $ 111 million and $ 217 million, respectively, are at fixed rates and $ 233 million and $ 178 million, respectively, are at variable rates. The carrying value of Notes Payable and Overdrafts approximates fair value due to the short term nature of the facilities. Long term debt with fair values of $ 5,301 m illion and $ 4,946 million at December 31, 2023 and 2022, respectively, were estimated using quoted Level 1 market prices. The carrying value of the remaining debt was based upon internal estimates of fair value derived from market prices for similar debt. |
Pension, Other Postretirement B
Pension, Other Postretirement Benefits and Savings Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension, Other Postretirement Benefits and Savings Plans | Note 18. Pension, Other Postretirement Benefits and Savings Plans We provide employees with defined benefit pension or defined contribution savings plans. Our hourly U.S. pension plans are frozen, except for certain grandfathered participants in the Cooper Tire hourly pension plans who continue to accrue benefits, and provide benefits based on length of service. The principal salaried U.S. pension plans are frozen and provide benefits based on compensation and length of service. Salaried employees who made voluntary contributions to these plans receive higher benefits. We also provide certain U.S. employees and employees at certain non-U.S. subsidiaries with health care benefits or life insurance benefits upon retirement. Substantial portions of retiree health care benefits are not insured and are funded from operations. During 2023, we recognized settlement charges of $ 40 million in Other (Income) Expense , primarily related to the settlement of all plan benefits of the Cooper Tire U.S. salaried defined benefit pension plan with lump sum payments to electing participants and the purchase of a group annuity contract. After settlement, excess plan assets of $ 18 million were used to fund obligations associated with our U.S. salaried defined contribution savings plan. During 2023, we recognized termination benefits charges of $ 1 million in Rationalizations related to the closure of the Fulda tire manufacturing facility. During 2022, we recognized settlement charges of $ 124 million in Other (Income) Expense, primarily related to our U.S. pension plans. The settlement charges resulted from total lump sum payments exceeding annual service and interest cost of the applicable plans. During 2021, we recognized settlement charges o f $ 43 million in Other (Income) Expense, p rimarily related to our salaried U.S pension plans. The settlement charges resulted from total lump sum payments exceeding annual service and interest cost of the applicable plans. Our U.K. pension plan obligations include $ 37 million to recognize the estimated impact to our plans from court rulings in 2018 and later, involving a plan with similar features to ours that was sponsored by another company, that required equal guaranteed minimum pension benefits for males and females. These amounts have been recognized in AOCL, including a $ 16 million actuarial loss in 2023 from an agreement with the plan trustees on implementation of changes for certain participants in one of our U.K. pension plans. The actual impact to our U.K. pension plans is still subject to the finalization of plan amendments for all impacted participants in response to the court rulings. Total benefits cost and amounts recognized in other comprehensive (income) loss follows: Pension Plans U.S. Non-U.S. Other Postretirement Benefits (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Benefits cost (credit): Service cost $ 8 $ 13 $ 9 $ 18 $ 24 $ 30 $ 2 $ 3 $ 3 Interest cost 195 133 94 108 60 47 16 12 9 Expected return on plan assets ( 231 ) ( 214 ) ( 196 ) ( 92 ) ( 67 ) ( 48 ) — — — Amortization of prior service cost (credit) — — — 2 2 1 ( 1 ) ( 1 ) ( 6 ) Amortization of net losses (gains) 98 101 107 16 21 33 ( 9 ) 2 3 Net periodic cost $ 70 $ 33 $ 14 $ 52 $ 40 $ 63 $ 8 $ 16 $ 9 Net curtailments/settlements/ 34 124 41 7 — 2 — — — Total benefits cost $ 104 $ 157 $ 55 $ 59 $ 40 $ 65 $ 8 $ 16 $ 9 Recognized in other comprehensive (income) loss before tax and minority: Prior service cost (credit) from plan amendments $ — $ 6 $ — $ — $ ( 1 ) $ 3 $ — $ — $ ( 4 ) Increase (decrease) in net actuarial losses 40 ( 99 ) ( 45 ) 120 ( 10 ) ( 136 ) 1 ( 101 ) ( 20 ) Amortization of prior service (cost) credit in net periodic cost — — — ( 2 ) ( 2 ) ( 2 ) 1 1 6 Amortization of net (losses) gains in net periodic cost ( 98 ) ( 101 ) ( 107 ) ( 16 ) ( 21 ) ( 33 ) 9 ( 2 ) ( 3 ) Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments and settlements ( 34 ) ( 124 ) ( 41 ) ( 13 ) — ( 2 ) — — — Total recognized in other comprehensive (income) loss before tax and minority $ ( 92 ) $ ( 318 ) $ ( 193 ) $ 89 $ ( 34 ) $ ( 170 ) $ 11 $ ( 102 ) $ ( 21 ) Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority $ 12 $ ( 161 ) $ ( 138 ) $ 148 $ 6 $ ( 105 ) $ 19 $ ( 86 ) $ ( 12 ) Service cost is recorded in CGS or SAG. Other components of net periodic cost are recorded in Other (Income) Expense. Net curtailments, settlements and termination benefits are recorded in Other (Income) Expense or Rationalizations if related to a rationalization plan. We use the fair value of pension assets in the calculation of pension expense for all plans. Total benefits cost for our other postretirement benefits was $ 5 million , $ 12 million and $ 5 million for our U.S. plans in 2023, 2022 and 2021, respectively, and $ 3 million, $ 4 million and $ 4 million for our non-U.S. plans in 2023, 2022 and 2021, respectively. The Medicare Prescription Drug Improvement and Modernization Act provides plan sponsors a federal subsidy for certain qualifying prescription drug benefits covered under the sponsor’s postretirement health care plans. Our other postretirement benefits cost is presented net of this subsidy, which is less than $ 1 million annually. The change in benefit obligation and plan assets for 2023 and 2022 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows: Pension Plans U.S. Non-U.S. Other Postretirement Benefits (In millions) 2023 2022 2023 2022 2023 2022 Change in benefit obligation: Beginning balance $ ( 4,084 ) $ ( 5,798 ) $ ( 2,227 ) $ ( 3,464 ) $ ( 292 ) $ ( 406 ) Service cost — benefits earned ( 8 ) ( 13 ) ( 18 ) ( 24 ) ( 2 ) ( 3 ) Interest cost ( 195 ) ( 133 ) ( 108 ) ( 60 ) ( 16 ) ( 12 ) Plan amendments — ( 6 ) — 1 — — Actuarial gain (loss) ( 98 ) 1,282 ( 116 ) 881 ( 1 ) 103 Participant contributions — — ( 3 ) ( 3 ) ( 7 ) ( 8 ) Curtailments/settlements/ 355 233 21 6 — — Foreign currency translation — — ( 83 ) 287 ( 1 ) 5 Benefit payments 371 351 142 149 32 29 Ending balance $ ( 3,659 ) $ ( 4,084 ) $ ( 2,392 ) $ ( 2,227 ) $ ( 287 ) $ ( 292 ) Change in plan assets: Beginning balance $ 4,174 $ 5,720 $ 2,043 $ 3,272 $ — $ — Actual return on plan assets 290 ( 969 ) 102 ( 845 ) — — Company contributions to plan assets ( 18 ) — 42 32 — — Cash funding of direct participant payments 4 7 26 21 25 21 Participant contributions — — 3 3 7 8 Settlements ( 355 ) ( 233 ) ( 16 ) ( 6 ) — — Foreign currency translation — — 88 ( 285 ) — — Benefit payments ( 371 ) ( 351 ) ( 142 ) ( 149 ) ( 32 ) ( 29 ) Ending balance $ 3,724 $ 4,174 $ 2,146 $ 2,043 $ — $ — Funded status at end of year $ 65 $ 90 $ ( 246 ) $ ( 184 ) $ ( 287 ) $ ( 292 ) Significant actuarial gains or losses related to changes in benefit obligations for 2023 and 2022 primarily resulted from changes in discount rates. Other postretirement benefits unfunded st atus was $ 195 million and $ 205 million for our U.S. plans at December 31, 2023 and 2022, respectively, and $ 92 million and $ 87 million for our non-U.S. plans at December 31, 2023 and 2022, respectively. The funded status at December 31 recognized in the Consolidated Balance Sheets consists of: Pension Plans Other Postretirement U.S. Non-U.S. Benefits (In millions) 2023 2022 2023 2022 2023 2022 Noncurrent assets $ 155 $ 164 $ 215 $ 258 $ — $ — Current liabilities ( 14 ) ( 4 ) ( 28 ) ( 21 ) ( 24 ) ( 24 ) Noncurrent liabilities ( 76 ) ( 70 ) ( 433 ) ( 421 ) ( 263 ) ( 268 ) Net amount recognized $ 65 $ 90 $ ( 246 ) $ ( 184 ) $ ( 287 ) $ ( 292 ) The amounts recorded in AOCL at December 31, net of tax and minority interest, consist of: Pension Plans Other Postretirement U.S. Non-U.S. Benefits (In millions) 2023 2022 2023 2022 2023 2022 Prior service (credit) cost $ 3 $ 3 $ 22 $ 22 $ ( 4 ) $ ( 4 ) Net actuarial loss (gain) 1,744 1,836 524 435 ( 85 ) ( 96 ) Gross amount recorded 1,747 1,839 546 457 ( 89 ) ( 100 ) Deferred income taxes 103 81 ( 77 ) ( 59 ) ( 2 ) 1 Minority shareholders’ equity — — ( 4 ) ( 4 ) — — Net amount recorded $ 1,850 $ 1,920 $ 465 $ 394 $ ( 91 ) $ ( 99 ) The following table presents significant weighted average assumptions used to determine benefit obligations at December 31: Pension Plans Other Postretirement Benefits 2023 2022 2023 2022 Discount rate: —U.S. 5.12 % 5.45 % 5.16 % 5.51 % —Non-U.S. 4.29 4.69 6.38 6.75 Rate of compensation increase: —U.S. N/A N/A N/A N/A —Non-U.S. 2.82 2.84 N/A N/A The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31: Pension Plans Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Discount rate for determining interest cost: —U.S. 5.34 % 2.74 % 1.72 % 5.37 % 2.33 % 1.97 % —Non-U.S. 4.72 2.32 1.82 7.64 6.65 6.54 Expected long term return on plan assets: —U.S. 6.27 4.23 3.74 N/A N/A N/A —Non-U.S. 4.79 2.64 2.27 N/A N/A N/A Rate of compensation increase: —U.S. N/A N/A N/A N/A N/A N/A —Non-U.S. 2.84 2.77 2.89 N/A N/A N/A For 2023, a weighted average discount rate of 5.34 % was used to determine interest cost for the U.S. pension plans. This rate was derived from spot rates along a yield curve developed from a portfolio of corporate bonds from issuers rated AA or higher by established rating agencies as of December 31, 2022, applied to our expected benefit payment cash flows. For our non-U.S. locations, a weighted average discount rate of 4.72 % was used. This rate was developed based on the nature of the liabilities and local environments, using available bond indices, yield curves, projected cash flows, and long term inflation. For 2023, an assumed weighted average long term rate of return of 6.27 % was used for the U.S. pension plans. In developing the long term rate of return, we evaluated input from our pension fund consultant on asset class return expectations, including determining the appropriate rate of return for our plans, which are substantially invested in fixed income securities. For our non-U.S. locations, an assumed weighted average long term rate of return of 4.79 % was used. Input from local pension fund consultants concerning asset class return expectations and long term inflation form the basis of this assumption. The U.S. pension plan mortality assumption is based on our actual historical experience or published actuarial tables, and expected future mortality improvements based on published actuarial tables. For our non-U.S. locations, mortality assumptions are based on published actuarial tables which include projections of future mortality improvements. The following table presents estimated future benefit payments from the plans as of December 31, 2023. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts: Pension Plans Other (In millions) U.S. Non-U.S. Benefits 2024 $ 381 $ 165 $ 24 2025 379 146 23 2026 350 148 23 2027 328 150 23 2028 318 154 23 2029-2033 1,408 813 109 The following table presents selected information on our pension plans at December 31: U.S. Non-U.S. (In millions) 2023 2022 2023 2022 All plans: Accumulated benefit obligation $ 3,650 $ 4,077 $ 2,330 $ 2,167 Plans not fully-funded: Projected benefit obligation $ 292 $ 275 $ 905 $ 799 Accumulated benefit obligation 283 267 858 752 Fair value of plan assets 203 202 445 360 Certain non-U.S. subsidiaries maintain unfunded pension plans consistent with local practices and requirements. At December 31, 2023, these plans accounted for $ 182 million of our accumulated pension benefit obligation, $ 222 million of our projected pension benefit obligation, and $ 32 million of our AOCL adjustment. At December 31, 2022, these plans accounted for $ 176 million of our accumulated pension benefit obligation, $ 211 million of our projected pension benefit obligation, and $ 28 million of our AOCL adjustment. We expect to contribute $ 25 million to $ 50 million to our funded pension plans in 2024. Assumed health care cost trend rates at December 31 follow: 2023 2022 Health care cost trend rate assumed for the next year 6.75 % 7.0 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 5.0 Year that the rate reaches the ultimate trend rate 2031 2031 Our pension plan weighted average investment allocation at December 31, by asset category, follows: U.S. Non-U.S. 2023 2022 2023 2022 Cash and short term securities — % — % 2 % 3 % Equity securities 3 6 4 5 Debt securities 97 93 91 88 Alternatives — 1 3 4 Total 100 % 100 % 100 % 100 % Our pension investment policies recognize the long-term nature of pension liabilities, and are primarily designed to offset the future impact of discount rate movements on the funded status for our plans, with target return-seeking allocations based upon given funded ratio levels. All assets are managed externally according to target asset allocation guidelines we have established. Manager guidelines prohibit the use of any type of investment derivative without our prior approval. Portfolio risk is controlled by having managers comply with guidelines, establishing the maximum size of any single holding in their portfolios, and using managers with different investment styles. We periodically undertake asset and liability modeling studies to determine the appropriateness of the investments. The portfolio of our U.S. pension plan assets includes holdings of global high quality and high yield fixed income securities, short term interest bearing deposits, and private equity and credit securities. The target asset allocation of our U.S. pens ion plans is 95 % in duration-matched fixed income securities and 5 % in private equity and credit securities . Actual U.S. pension fund asset allocations are reviewed on a periodic basis and the pension funds are rebalanced to target ranges on an as needed basis. The portfolios of our non-U.S. pension plans include holdings of global high quality and high yield fixed income securities, U.S. and non-U.S. equities, real estate funds, insurance contracts, repurchase agreements, and short term interest bearing deposits. The weighted average target asset allocation of the non-U.S. pension funds is approximately 90 % fixed income, 5 % equities and 5 % in real estate funds. The fair values of our pension plan assets at December 31, 2023 by asset category are as follows: U.S. Non-U.S (In millions) Total Quoted Significant Significant Total Quoted Significant Significant Cash and Short Term Securities $ 11 $ 6 $ 5 $ — $ 50 $ 46 $ 4 $ — Equity Securities Common and Preferred Stock — — — — 1 1 — — Commingled Funds — — — — 5 5 — — Mutual Funds — — — — 43 22 21 — Debt Securities Corporate Bonds 1,832 — 1,831 1 223 — 223 — Government Bonds 729 — 729 — 1,676 67 1,609 — Repurchase Agreements — — — — ( 453 ) — ( 453 ) — Asset Backed Securities 163 — 163 — 18 — 18 — Commingled Funds — — — — 18 18 — — Mutual Funds — — — — 38 38 — — Alternatives Commingled Funds — — — — 2 2 — — Insurance Contracts 1 — — 1 21 — — 21 Derivatives 5 — 5 — 1 — 1 — Mutual Funds — — — — 1 1 — — Total Investments in the Fair Value Hierarchy 2,741 $ 6 $ 2,733 $ 2 1,644 $ 200 $ 1,423 $ 21 Investments Measured at Net Asset Value, as Practical Expedient: Equity Securities Commingled Funds — 29 Mutual Funds — 4 Partnership Interests 95 — Debt Securities Commingled Funds 216 385 Mutual Funds 289 44 Partnership Interests 150 23 Short Term Securities Commingled Funds 227 7 Alternatives Commingled Funds — 27 Partnership Interests — 9 Total Investments 3,718 2,172 Other 6 ( 26 ) Total Plan Assets $ 3,724 $ 2,146 The fair values of our pension plan assets at December 31, 2022 by asset category are as follows: U.S. Non-U.S (In millions) Total Quoted Significant Significant Total Quoted Significant Significant Cash and Short Term Securities $ 7 $ 5 $ 2 $ — $ 47 $ 43 $ 4 $ — Equity Securities Common and Preferred Stock — — — — 22 22 — — Commingled Funds — — — — 14 14 — — Mutual Funds — — — — 15 6 9 — Debt Securities Corporate Bonds 1,873 — 1,873 — 222 4 218 — Government Bonds 646 — 646 — 1,369 51 1,318 — Repurchase Agreements — — — — ( 348 ) — ( 348 ) — Asset Backed Securities 157 — 157 — 21 5 16 — Commingled Funds — — — — 25 19 6 — Mutual Funds — — — — 10 10 — — Alternatives Commingled Funds — — — — 3 3 — — Insurance Contracts 1 — — 1 20 — — 20 Derivatives 1 — 1 — 1 — 1 — Total Investments in the Fair Value Hierarchy 2,685 $ 5 $ 2,679 $ 1 1,421 $ 177 $ 1,224 $ 20 Investments Measured at Net Asset Value, as Practical Expedient: Equity Securities Commingled Funds — 38 Mutual Funds 111 3 Partnership Interests 119 — Debt Securities Commingled Funds 283 453 Mutual Funds 558 43 Partnership Interests 153 29 Short Term Securities Commingled Funds 222 14 Pooled Separate Accounts 10 — Alternatives Commingled Funds 44 43 Partnership Interests — 20 Total Investments 4,185 2,064 Other ( 11 ) ( 21 ) Total Plan Assets $ 4,174 $ 2,043 At December 31, 2023 and 2022, the Plans did not directly hold any of our common stock. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. Investments that are measured at Net Asset Value ("NAV") as a practical expedient to estimate fair value are not classified in the fair value hierarchy. Under the practical expedient approach, the NAV is based on the fair value of the underlying investments held by each fund less its liabilities. This practical expedient would not be used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total plan assets. Valuation methodologies used for assets and liabilities measured at fair value are as follows: • Cash and Short Term Securities: Cash and cash equivalents consist of U.S. and foreign currencies. Foreign currencies are reported in U.S. dollars based on currency exchange rates readily available in active markets. Short term securities held in commingled funds or pooled separate accounts are valued at the NAV of units held at year end, as determined by the investment manager. • Equity Securities: Common and preferred stock, which are held in non-U.S. companies, are valued at the closing price reported on the active market on which the individual securities are traded. Commingled funds are primarily valued at the NAV of units held at year end, as determined by a pricing vendor or the fund family. Mutual funds are valued at the NAV of shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. Partnership interests in private equity securities are priced based on valuations using the partnership’s latest available financial statements and the plan's percent ownership, adjusted for any cash transactions which occurred between the date of those financial statements and our year end. • Debt Securities: Corporate and government bonds, including asset backed securities, are valued at the closing price reported on the active market on which the individual securities are traded, or based on institutional bid evaluations using proprietary models if an active market is not available. Repurchase agreements are valued at the contract price plus accrued interest. These secured borrowings are collateralized by government bonds held by the non-U.S. plans and have maturities less than one year. Commingled funds are primarily valued at the NAV of units held at year end, as determined by a pricing vendor or the fund family. Mutual funds are valued at the NAV of shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. Partnership interests in private credit securities are priced based on valuations using the partnership’s latest available financial statements and the plan's percent ownership, adjusted for any cash transactions which occurred between the date of those financial statements and our year end. • Alternatives: Commingled and mutual funds, which primarily consist of real estate funds, are valued based on the NAV as determined by the fund manager using the most recent financial information available, or the closing price on the active market on which the individual securities are traded, if an active market is available. Partnership interests are invested in real estate and priced based on valuations using the partnership's latest available financial statements and the plan's percent ownership, adjusted for any cash transactions which occurred between the date of those financial statements and our year end. Other investments primarily include derivative financial instruments, which are valued using independent pricing sources which utilize industry standard derivative valuation models. Directed insurance contracts are valued as reported by the issuer, based on discounted cash flows using a weighted average discount rate of 3.0 % at December 31, 2023 and 2022. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3: (In millions) 2023 2022 Balance, beginning of year $ 20 $ 25 Unrealized gains relating to instruments still held at the reporting date 1 ( 3 ) Foreign currency translation — ( 2 ) Balance, end of year $ 21 $ 20 Savings Plans Substantially all employees in the U.S. and employees of certain non-U.S. locations are eligible to participate in defined contribution savings plans. Expenses recognized for contributions to these plans were $ 131 million, $ 127 million and $ 116 million for 2023, 2022 and 2021, respectively. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Note 19. Stock Compensation Plans Our stock compensation plans (collectively, the “Plans”) permit the grant of stock options, stock appreciation rights (“SARs”), performance share units, restricted stock, restricted stock units and other stock-based awards to employees and directors. Our current stock compensation pl an, the 2022 Performance Plan, was adopted on April 11, 2022 and expires on February 28, 2032 . A total of 21 million shares of our com mon stock may be issued in respect of grants made under the 2022 Performance Plan. Any shares of common stock that are subject to awards of stock options or SARs will be counted as one share for each share granted for purposes of the aggregate share limit and any shares of common stock that are subject to any other awards will be counted as 2 shares for each share granted for purposes of the aggregate share limit. In addition, shares of common stock that are subject to awards issued under the 2022 Performance Plan or certain prior Plans that expire according to their terms or are forfeited, terminated, canceled or surrendered or are settled, or can be paid, only in cash, or are surrendered in payment of taxes associated with such awards (other than stock options or SARs) will be available for issuance pursuant to a new award under the 2022 Performance Plan. Shares issued under our Plans are usually issued from shares of our common stock held in treasury. Stock Options Grants of stock options and SARs (collectively referred to as “options”) under the Plans generally have a graded vesting period of four years whereby one-fourth of the awards vest on each of the first four anniversaries of the grant date, an exercise price equal to the fair market value of one share of our common stock on the date of grant (i.e., the closing market price on that date) and a contractual term of ten years . The exercise of tandem SARs cancels an equivalent number of stock options and, conversely, the exercise of stock options cancels an equivalent number of tandem SARs. Option grants are cancelled on, or 90 days following, termination of employment unless termination is due to retirement, death or disability under certain circumstances, in which case, all outstanding options vest fully and remain outstanding for a term set forth in the related grant agreement. The following table summarizes the activity related to options during 2023: Options Weighted Weighted Aggregate Outstanding at January 1 5,927,398 $ 17.20 Options granted — — Options exercised ( 329,824 ) 10.12 $ 1.0 Options expired ( 315,118 ) 15.69 Options cancelled ( 217,641 ) 17.48 Outstanding at December 31 5,064,815 17.74 4.5 13.1 Vested and expected to vest at December 31 5,052,481 17.76 4.5 13.0 Exercisable at December 31 3,861,080 20.12 3.9 8.0 Available for grant at December 31 18,710,713 In addition, the aggregate intrinsic value of options exercised in 2022 and 2021 was $ 0.4 million and $ 11 million, respectively. Significant option groups outstanding at December 31, 2023 and related weighted average exercise price and remaining contractual term information follows: Grant Date Options Options Exercise Remaining 2/25/2020 3,110,848 1,907,360 $ 10.12 6.16 2/27/2017 511,087 511,087 35.26 3.16 2/22/2016 492,706 492,706 29.90 2.15 2/23/2015 444,806 444,806 27.16 1.15 2/24/2014 338,440 338,440 26.44 0.15 All Other (1) 166,928 166,681 5,064,815 3,861,080 (1) Options in the “All O ther” category had exercise prices ranging from $ 22.27 to $ 32.72 . The weighted average exercise price for options outstanding and exercisable in that category was $ 27.61 for both , while the remaining weighted average contractual term was 1.4 years for b oth. Performance Share Units Performance share units granted under the Plans are earned over a three-year period beginning January 1 of the year of grant. Total units earned for grants made in 2023, 2022 and 2021 may vary bet ween 0 % and 200 % of the units granted based on the attainment of performance targets during the related three-year period and continued service. The performance targets are established by the Board of Directors. All of the units earned will be settled through the issuance of an equivalent number of shares of our common stock and are equity classified. The following table summarizes the activity related to performance share units during 2023: Units Weighted Unvested at January 1 663,690 $ 19.43 Units granted 381,169 11.48 Units vested ( 336,402 ) 12.85 Units forfeited — — Unvested at December 31 708,457 14.69 We measure the fair value of grants of performance share units based primarily on the closing market price of a share of our common stock on the date of the grant, modified as appropriate to take into account the features of such grants. Restricted Stock Units Restricted stock units granted under the Plans typically vest over a three-year period beginning on the date of grant. Restricted stock units will be settled through the issuance of an equivalent number of shares of our common stock and are equity classified. The following table summarizes the activity related to restricted stock units during 2023: Units Weighted Unvested at January 1 1,374,608 $ 12.95 Units granted 1,361,432 11.84 Units vested ( 1,270,023 ) 11.03 Units forfeited ( 63,887 ) 13.10 Unvested at December 31 1,402,131 13.60 Units vested but not released 1,884,258 12.24 Outstanding at December 31 3,286,389 14.10 We measure the fair value of grants of restricted stock units based on the closing market price of a share of our common stock on the date of the grant. Other Information Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows: (In millions) 2023 2022 2021 Stock-based compensation expense recognized $ 19 $ 14 $ 36 Tax benefit ( 4 ) ( 3 ) ( 8 ) After-tax stock-based compensation expense $ 15 $ 11 $ 28 Cash payments to settle SARs $ — $ — $ — Cash received from stock option exercises $ 3 $ 1 $ 26 As of December 31, 2023, unearned compensation cost related to the unvested portion of all stock-based awards wa s $ 14 million and is expected to be recognized over the remaining vesting period of the respective grants, through the fourth quarter of 2026 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 20. Commitments and Contingent Liabilities Environmental Matters We have recorded liabilities totaling $ 80 million at both December 31, 2023 and 2022, for anticipated costs related to various environmental matters, primarily the remediation of numerous waste disposal sites and certain properties sold by us. Of these amounts, $ 27 million and $ 20 million were included in Other Current Liabilities at December 31, 2023 and 2022, respectively. The costs include legal and consulting fees, site studies, the design and implementation of remediation plans, post-remediation monitoring and related activities, and will be paid over several years. The amount of our ultimate liability in respect of these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute. We have limited potential insurance coverage for future environmental claims. Since many of the remediation activities related to environmental matters vary substantially in duration and cost from site to site and the associated costs for each vary depending on the mix of unique site characteristics, in some cases we cannot reasonably estimate a range of possible losses. Although it is not possible to estimate with certainty the outcome of all of our environmental matters, management believes that potential losses in excess of current reserves for environmental matters, individually and in the aggregate, will not have a material adverse effect on our financial position, cash flows or results of operations. Workers’ Compensation We have recorded liabilities, on a discounted basis, totaling $ 167 million and $ 187 million for anticipated costs related to workers’ compensation at December 31, 2023 and 2022, respectively. Of these amounts, $ 37 million were included in Current Liabilities as part of Compensation and Benefits at both December 31, 2023 and 2022, respectively. The costs include an estimate of expected settlements on pending claims, defense costs and a provision for claims incurred but not reported. These estimates are based on our assessment of potential liability using an analysis of available information with respect to pending claims, historical experience, and current cost trends. The amount of our ultimate liability in respect of these matters may differ from these estimates. We periodically, and at least annually, update our loss development factors based on actuarial analyses. At December 31, 2023 and 2022, the liability was discounted using a risk-free rate of return. At December 31, 2023, we estimate that it is reasonably possible that the liability could exceed our recorded amounts by approximately $ 20 million. General and Product Liability and Other Litigation We have recorded liabilities for both asserted and unasserted claims totaling $ 438 million and $ 412 million, including related legal fees expected to be incurred, for potential product liability and other tort claims, including asbestos claims, at December 31, 2023 and 2022, respectively. Of these amounts, $ 46 million and $ 39 million were included in Other Current Liabilities at December 31, 2023 and 2022, respectively. The amounts recorded were estimated based on an assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and, where available, recent and current trends. Based upon that assessment, at December 31, 2023, we do not believe that estimated reasonably possible losses associated with general and product liability claims in excess of the amounts recorded will have a material adverse effect on our financial position, cash flows or results of operations. However, the amount of our ultimate liability in respect of these matters may differ from these estimates. We have recorded an indemnification asset within Accounts Receivable of $ 11 million and within Other Assets of $ 4 million from Sumitomo Rubber Industries, Ltd.'s ("SRI") obligation to indemnify us for certain product liability claims related to products manufactured by a formerly consolidated joint venture entity, subject to certain caps and restrictions. Asbestos. We are a defendant in numerous lawsuits alleging various asbestos-related personal injuries purported to result from alleged exposure to asbestos in certain products manufactured by us or present in certain of our facilities. Typically, these lawsuits have been brought against multip le defendants in state and federal courts. To date, we have disposed of approximately 159,900 clai ms by defending, obtaining a dismissal thereof, or entering into a settlement. The sum of our accrued asbestos-related liability and gross payments to date, including legal costs, by us and our insurers totaled $ 580 million and $ 570 million through December 31, 2023 and 2022, respectively. A summary of recent approximate asbestos claims activity follows. Because claims are often filed and disposed of by dismissal or settlement in large numbers, the amount and timing of settlements and the number of open claims during a particular period can fluctuate significantly. (Dollars in millions) 2023 2022 2021 Pending claims, beginning of year 37,200 38,200 38,700 New claims filed during the year 900 900 1,000 Claims settled/dismissed ( 2,300 ) ( 1,900 ) ( 1,500 ) Pending claims, end of year 35,800 37,200 38,200 Payments (1) $ 15 $ 16 $ 15 (1) Represents cash payments made during the period by us and our insurers on asbestos litigation defense and claim resolution. We periodically, and at least annually, review our existing reserves for pending claims, including a reasonable estimate of the liability associated with unasserted asbestos claims, and estimate our receivables from probable insurance recoveries. We recorded gross liabilities for both asserted and unasserted claims, inclusive of defense costs, totaling $ 120 million and $ 125 million at December 31, 2023 and 2022, respectively. In determining the estimate of our asbestos liability, we evaluated claims over the next ten-year period. Due to the difficulties in making these estimates, analysis based on new data and/or a change in circumstances arising in the future may result in an increase in the recorded obligation, and that increase could be significant. We maintain certain primary and excess insurance coverage under coverage-in-place agreements, and also have additional excess liability insurance with respect to asbestos liabilities. After consultation with our outside legal counsel and giving consideration to agreements with certain of our insurance carriers, the financial viability and legal obligations of our insurance carriers and other relevant factors, we determine an amount we expect is probable of recovery from such carriers. We record a receivable with respect to such policies when we determine that recovery is probable and we can reasonably estimate the amount of a particular recovery. We recorded an insurance receivable related to asbestos claims of $ 66 million and $ 70 million at December 31, 2023 and 2022, respectively. We expect that approximat ely 55 % of asbestos claim related losses would be recoverable through insurance during the ten-year period covered by the estimated liability. Of these amounts, $ 10 million and $ 11 million were included in Current Assets as part of Accounts Receivable at December 31, 2023 and December 31, 2022, respectively. The recorded receivable consists of an amount we expect to collect under coverage-in-place agreements with certain primary and excess insurance carriers as well as an amount we believe is probable of recovery from certain of our other excess insurance carriers. We believe that, at December 31, 2023, we had approximately $ 520 million in excess level policy limits applicable to indemnity and defense costs for asbestos products claims under coverage-in-place agreements. We also had additional unsettled excess level policy limits potentially applicable to such costs. In addition, we had coverage under certain primary policies for indemnity and defense costs for asbestos products claims under remaining aggregate limits pursuant to a coverage-in-place agreement, as well as coverage for indemnity and defense costs for asbestos premises claims pursuant to coverage-in-place agreements. We believe that our reserve for asbestos claims, and the receivable for recoveries from insurance carriers recorded in respect of these claims, reflects reasonable and probable estimates of these amounts. The estimate of the liabilities and assets related to pending and expected future asbestos claims and insurance recoveries is subject to numerous uncertainties, including, but not limited to, changes in: • the litigation environment, • federal and state law governing the compensation of asbestos claimants, • recoverability of receivables due to potential insolvency of insurance carriers, • our approach to defending and resolving claims, and • the level of payments made to claimants from other sources, including other defendants and 524(g) trusts. As a result, with respect to both asserted and unasserted claims, it is reasonably possible that we may incur a material amount of cost in excess of the current reserve; however, such amounts cannot be reasonably estimated. Coverage under insurance policies is subject to varying characteristics of asbestos claims including, but not limited to, the type of claim (premise vs. product exposure), alleged date of first exposure to our products or premises and disease alleged. Recoveries may also be limited by insurer insolvencies or financial difficulties. Depending upon the nature of these characteristics or events, as well as the resolution of certain legal issues, some portion of the insurance may not be accessible by us. Other Actions We are currently a party to various claims, indirect tax assessments and legal proceedings in addition to those noted above. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on our financial position or overall trends in results of operations. Our recorded liabilities and estimates of reasonably possible losses for the contingent liabilities described above are based on our assessment of potential liability using the information available to us at the time and, where applicable, any past experience and recent and current trends with respect to similar matters. Our contingent liabilities are subject to inherent uncertainties, and unfavorable judicial or administrative decisions could occur which we did not anticipate. Such an unfavorable decision could include monetary damages, fines or other penalties or an injunction prohibiting us from taking certain actions or selling certain products. If such an unfavorable decision were to occur, it could result in a material adverse impact on our financial position and results of operations in the period in which the decision occurs or in future periods. Income Tax Matters The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize income tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. We derecognize income tax benefits when based on new information we determine that it is no longer more likely than not that our position will be sustained. To the extent we prevail in matters for which liabilities have been established, or determine we need to derecognize tax benefits recorded in prior periods, our results of operations and effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash, and lead to recognition of expense to the extent the settlement amount exceeds recorded liabilities and, in the case of an income tax settlement, result in an increase in our effective tax rate in the period of resolution. A favorable tax settlement would be recognized as a reduction of expense to the extent the settlement amount is lower than recorded liabilities and, in the case of an income tax settlement, would result in a reduction in our effective tax rate in the period of resolution. While we apply consistent transfer pricing policies and practices globally, support transfer prices through economic studies, seek advance pricing agreements and joint audits to the extent possible and believe our transfer prices to be appropriate, such transfer prices, and related interpretations of tax laws, are occasionally challenged by various taxing authorities globally. We have received various tax assessments challenging our interpretations of applicable tax laws in various jurisdictions. Although we believe we have complied with applicable tax laws, have strong positions and defenses and have historically been successful in defending such claims, our results of operations could be materially adversely affected in the case we are unsuccessful in the defense of existing or future claims. Binding Commitments and Guarantees At December 31, 2023, we had binding commitments for raw materials, capital expenditures, utilities and various other types of contracts totaling approximately $ 2.8 billion, of which approximately $ 1.6 billion relate to commitments on contracts that extend beyond 2024. In addition, we have other contractual commitments, the amounts of which cannot be estimated, pursuant to certain long term agreements under which we will purchase varying amounts of certain raw materials and finished goods at agreed upon base prices that may be subject to periodic adjustments for changes in raw material costs and market price adjustments, or in quantities that may be subject to periodic adjustments for changes in our or our suppliers' production levels. We have off-balance sheet financial guarantees and other commitments totaling $ 31 million and $ 32 million at December 31, 2023 and 2022, respectively. We issue guarantees to financial institutions or other entities on behalf of certain of our affiliates, lessors or customers. We generally do not receive a separate premium as consideration for, and do not require collateral in connection with, the issuance of these guarantees. In 2015, as a result of the dissolution of the global alliance with SRI, we issued a guarantee of $ 46 million to an insurance company related to SRI's obligation to pay certain outstanding workers' compensation claims of a formerly consolidated joint venture entity. As of December 31, 2023, this guarantee amount has been reduced to $ 17 million. We have concluded the probability of our performance to be remote and, therefore, have not recorded a liability for this guarantee. While there is no fixed duration of this guarantee, we expect the amount of this guarantee to continue to decrease over time as the formerly consolidated joint venture entity pays its outstanding claims. If our performance under these guarantees is triggered by non-payment or another specified event, we would be obligated to make payment to the financial institution or the other entity, and would typically have recourse to the affiliate, lessor, customer, or SRI. We are unable to estimate the extent to which our affiliates’, lessors’, customers’, or SRI's assets would be adequate to recover any payments made by us under the related guarantees. We have an agreement to provide a revolving loan commitment to TireHub, LLC of up to $ 100 million. At December 31, 2023, $ 96 million was drawn on this commitment, which includes $ 2 million of interest. At December 31, 2022, $ 17 million was drawn on this commitment. Indemnifications At December 31, 2023, we were a party to various agreements under which we had assumed obligations to indemnify the counterparties from certain potential claims and losses. These agreements typically involve standard commercial activities undertaken by us in the normal course of business; the sale of assets by us; the formation or dissolution of joint venture businesses to which we had contributed assets in exchange for ownership interests; and other financial transactions. Indemnifications provided by us pursuant to these agreements relate to various matters including, among other things, environmental, tax and shareholder matters; intellectual property rights; government regulations; employment-related matters; and dealer, supplier and other commercial matters. Certain indemnifications expire from time to time, and certain other indemnifications are not subject to an expiration date. In addition, our potential liability under certain indemnifications is subject to maximum caps, while other indemnifications are not subject to caps. Although we have been subject to indemnification claims in the past, we cannot reasonably estimate the number, type and size of indemnification claims that may arise in the future. Due to these and other uncertainties associated with the indemnifications, our maximum exposure to loss under these agreements cannot be estimated. We have determined that there are no indemnifications or guarantees other than liabilities for which amounts are already recorded or reserved in our consolidated financial statements under which it is probable that we have incurred a liability. Warranty We recorded $ 21 millio n and $ 28 million for potential claims under warranties offered by us at December 31, 2023 and December 31, 2022, respectively, the majority of which are recorded in Other Current Liabilities. The following table presents changes in the warranty reserve during 2023 and 2022: (In millions) 2023 2022 Balance at January 1 $ 28 $ 37 Payments made during the period ( 19 ) ( 43 ) Expense recorded during the period 12 35 Translation adjustment — ( 1 ) Balance at December 31 $ 21 $ 28 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Capital Stock [Abstract] | |
Capital Stock | Note 21. Capital Stock Dividends No cash dividends were paid on our common stock in 2023, 2022 or 2021. Common Stock Repurchases We may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. During 2023, 2022 and 2021, we did no t repurchase any shares from employees. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 22. Accumulated Other Comprehensive Loss The following table presents changes in AOCL by component for the years ended December 31, 2023, 2022 and 2021, after tax and minority interest: (In millions) Income (Loss) Foreign Unrealized Gains (Losses) from Securities Unrecognized Deferred Total Balance at December 31, 2020 $ ( 1,284 ) $ — $ ( 2,856 ) $ 5 $ ( 4,135 ) Other comprehensive income (loss) before reclassifications ( 118 ) — 153 1 36 Amounts reclassified from accumulated other comprehensive loss — — 138 ( 2 ) 136 Balance at December 31, 2021 $ ( 1,402 ) $ — $ ( 2,565 ) $ 4 $ ( 3,963 ) Other comprehensive income (loss) before reclassifications ( 261 ) 1 162 — ( 98 ) Amounts reclassified from accumulated other comprehensive loss — — 188 ( 2 ) 186 Balance at December 31, 2022 $ ( 1,663 ) $ 1 $ ( 2,215 ) $ 2 $ ( 3,875 ) Other comprehensive income (loss) before reclassifications 50 — ( 125 ) ( 5 ) ( 80 ) Amounts reclassified from accumulated other comprehensive loss — — 116 4 120 Balance at December 31, 2023 $ ( 1,613 ) $ 1 $ ( 2,224 ) $ 1 $ ( 3,835 ) The following table presents reclassifications out of AOCL for the years ended December 31, 2023, 2022 and 2021: Year Ended (In millions) (Income) Expense 2023 2022 2021 Component of AOCL Amount Reclassified from Affected Line Item in the Consolidated Amortization of prior service cost and unrecognized gains and losses $ 106 $ 125 $ 139 Other (Income) Expense Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures 47 124 43 Other (Income) Expense / Rationalizations Unrecognized Net Actuarial Losses and Prior Service Costs, before tax $ 153 $ 249 $ 182 Tax effect ( 37 ) ( 61 ) ( 44 ) United States and Foreign Taxes Net of tax $ 116 $ 188 $ 138 Goodyear Net Income (Loss) Deferred Derivative (Gains) Losses $ 4 $ ( 2 ) $ ( 2 ) Cost of Goods Sold Tax effect — — — United States and Foreign Taxes Net of tax $ 4 $ ( 2 ) $ ( 2 ) Goodyear Net Income (Loss) Total reclassifications $ 120 $ 186 $ 136 Goodyear Net Income (Loss) The following table presents the details of comprehensive income (loss) attributable to minority shareholders: Year Ended (In millions) 2023 2022 2021 Net Income Attributable to Minority Shareholders $ 2 $ 7 $ 16 Other Comprehensive Income (Loss): Foreign currency translation 4 ( 14 ) ( 21 ) Decrease/Increase in net actuarial losses — ( 3 ) 1 Other Comprehensive Income (Loss) $ 4 $ ( 17 ) $ ( 20 ) Comprehensive Income (Loss) Attributable to Minority Shareholders $ 6 $ ( 10 ) $ ( 4 ) |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Year Ended December 31, (In millions) Additions Description Balance Charged Charged Deductions Translation Balance 2023 Allowance for doubtful accounts $ 112 $ 7 $ - $ ( 19 ) $ 2 $ 102 Valuation allowance — deferred tax assets 1,072 202 1 - - 1,275 2022 Allowance for doubtful accounts $ 123 $ 16 $ - $ ( 22 ) $ ( 5 ) $ 112 Valuation allowance — deferred tax assets 1,044 35 ( 7 ) - - 1,072 2021 Allowance for doubtful accounts $ 150 $ 5 $ - $ ( 24 ) $ ( 8 ) $ 123 Valuation allowance — deferred tax assets 1,469 ( 418 ) ( 7 ) - - 1,044 (a) Accounts receivable charged off. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation On June 7, 2021 (the “Closing Date”), we completed the acquisition of Cooper Tire & Rubber Company (“Cooper Tire”). As a result of the acquisition, Cooper Tire, along with its subsidiaries, became subsidiaries of Goodyear. For further information about the acquisition, refer to Note to the Consolidated Financial Statements No. 2, Cooper Tire Acquisition. |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards Effective January 1, 2023 , we adopted an accounting standards update which requires disclosure of the key terms of our material supplier finance programs, including a description of the payment terms and assets pledged as security or other forms of guarantees, if any, provided for the committed payment to the finance provider or intermediary. In addition, the standards update requires disclosure of the related obligations outstanding at each interim reporting period and where those obligations are presented on the balance sheet. The standards update also includes a prospective annual requirement to disclose a rollforward of the amount of the obligations during the annual reporting period. We will include the rollforward disclosure in our Annual Report on Form 10-K for the year ending December 31, 2024, as required. We have entered into supplier finance programs with several financial institutions. Under these agreements, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. We agree to pay the financial institutions the stated amount of the confirmed invoices from the designated suppliers on the original maturity dates of the invoices. Invoice payment terms can be up to 120 days based on industry norms for the specific item purchased. We do not pay any fees to the financial institutions for these programs. There are no assets pledged as security or other forms of guarantees associated with these agreements. These agreements allow our suppliers to sell their receivables to the financial institutions at the sole discretion of the suppliers and the financial institutions on terms that are negotiated among them. We are not always notified when our suppliers sell receivables under these programs. Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under the programs. The amounts available under these programs were $ 892 million and $ 920 million at December 31, 2023 and December 31, 2022, respectively. The amounts confirmed to the financial institutions were $ 580 million and $ 710 million at December 31, 2023 and December 31, 2022, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets. All activity related to these obligations is presented within operating activities on the Consolidated Statements of Cash Flows. On October 9, 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The standards update was issued in response to the Securities and Exchange Commission's ("SEC") August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These amendments do not affect the information that is already included in the audited financial statements of entities subject to the SEC’s current disclosure or presentation requirements. The standards update is effective on the respective dates on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The adoption of this accounting standards update will not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards On November 27, 2023, the FASB issued a final accounting standards update to improve disclosures required for reportable segments, specifically related to segment expenses. Entities are required to disclose significant segment expense categories and amounts for each reportable segment. The standards update is effective retrospectively for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this standards update on our disclosures in the notes to the consolidated financial statements. On December 14, 2023, the FASB issued a final accounting standards update to improve income tax disclosures. The new standard requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information and improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and requiring income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures. The standards update is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact of this standards update on our disclosures in the notes to the consolidated financial statements. |
Acquisitions | Acquisitions We include the results of operations of the businesses in which we acquire a controlling financial interest in our consolidated financial statements beginning as of the acquisition date. On the acquisition date, we recognize, separate from goodwill, the assets acquired, including separately identifiable intangible assets, and the liabilities assumed at their fair values. The excess of the consideration transferred over the fair values assigned to the net identifiable assets and liabilities of the acquired business is recognized as goodwill. Transaction costs are recognized separately from the acquisition and are expensed as incurred. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of all legal entities in which we hold a controlling financial interest. A controlling financial interest generally arises from our ownership of a majority of the voting shares of our subsidiaries. We would also hold a controlling financial interest in variable interest entities if we are considered to be the primary beneficiary. Investments in companies in which we do not own a majority interest and we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the consolidated financial statements. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates, including those related to: • goodwill, intangibles and other long-lived assets, • general and product liabilities and other litigation, • workers’ compensation, • deferred tax asset valuation allowances and uncertain income tax positions, • rationalization plans, • pension and other postretirement benefits, and • various other operating allowances and accruals, based on currently available information. Changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. |
Revenue Recognition and Accounts Receivable Valuation | Revenue Recognition and Accounts Receivable Valuation Sales are recognized when obligations under the terms of a contract are satisfied and control is transferred. This generally occurs with shipment or delivery, depending on the terms of the underlying contract, or when services have been rendered. Sales are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The amount of consideration we receive and sales we recognize can vary due to changes in sales incentives, rebates, rights of return or other items we offer our customers, for which we estimate the expected amounts based on an analysis of historical experience, or as the most likely amount in a range of possible outcomes. Payment terms with customers vary by region and customer, but are generally 30 - 90 days or at the point of sale for our consumer retail locations. Net sales exclude sales, value added and other taxes. Costs to obtain contracts are generally expensed as incurred due to the short term nature of individual contracts. Incidental items that are immaterial in the context of the contract are recognized as expense as incurred. We have elected to recognize the costs incurred for transportation of products to customers as a component of Cost of Goods Sold ("CGS"). Appropriate provisions are made for uncollectible accounts based on historical loss experience, portfolio duration, economic conditions and credit risk, considering both expected future losses as well as current incurred losses. The adequacy of the allowances are assessed quarterly. |
Research and Development Costs | Research and Development Costs Research and development costs include, among other things, materials, equipment, compensation and contract services. These costs are expensed as incurred and included as a component of CGS. Research and development expenditures were $ 461 million , $ 501 million and $ 473 million in 2023, 2022 and 2021, respectively. |
Warranty | Warranty Warranties are provided on the sale of certain of our products and services and an accrual for estimated future claims is recorded at the time revenue is recognized. Tire replacement under most of the warranties we offer is on a prorated basis. Warranty reserves are based on past claims experience, sales history and other considerations. Refer to Note to the Consolidated Financial Statements No. 20, Commitments and Contingent Liabilities. |
Environmental Cleanup Matters | Environmental Cleanup Matters We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. We determine our liability on a site by site basis and record a liability at the time when it is probable and can be reasonably estimated. Our estimated liability is reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective share of the relevant costs. Our estimated liability is not discounted or reduced for possible recoveries from insurance carriers. Refer to Note to the Consolidated Financial Statements No. 20, Commitments and Contingent Liabilities. |
Legal Costs | Legal Costs We record a liability for estimated legal and defense costs related to pending general and product liability claims, environmental matters and workers’ compensation claims. Refer to Note to the Consolidated Financial Statements No. 20, Commitments and Contingent Liabilities. |
Advertising Costs | Advertising Costs Costs incurred for producing and communicating advertising are generally expensed when incurred as a component of Selling, Administrative and General Expense ("SAG"). Costs incurred under our cooperative advertising programs with dealers and franchisees are generally recorded as reductions of sales as related revenues are recognized. Advertising costs, including costs for our cooperative advertising programs with dealers and franchisees, were $ 364 mill ion, $ 375 million and $ 382 million in 2023, 2022 and 2021, respectively. |
Rationalizations | Rationalizations We record costs for rationalization actions implemented to reduce excess and high-cost manufacturing capacity and operating and administrative costs. Associate-related costs include severance, supplemental unemployment compensation and benefits, medical benefits, pension curtailments, postretirement benefits, and other termination benefits. For ongoing benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. For voluntary benefit arrangements, a liability is not estimable and is not recognized until eligible associates apply for the benefit and we accept the applications. Other costs generally include contract termination and relocation costs. A liability for these costs is recognized in the period in which the liability is incurred. Rationalization actions related to accelerated depreciation or amortization, asset impairments, and non-cancelable leases, are recorded in CGS or SAG. Refer to Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs. |
Income Taxes | Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income, with deferred taxes being provided for temporary differences between carrying values of assets and liabilities for financial reporting purposes and such carrying values as measured under applicable tax laws. The effect on deferred tax assets or liabilities of a change in the tax law or tax rate is recognized in the period the change is enacted. Valuation allowances are recorded to reduce net deferred tax assets to the amount that is more likely than not to be realized. The calculation of our tax liabilities also involves considering uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain income tax positions based on our estimate of whether it is more likely than not that additional taxes will be required and we report related interest and penalties as income taxes. To the extent that we incur expense under global intangible low-taxed income provisions, we will treat it as a component of income tax expense in the period incurred. Our policy is to utilize an item-by-item approach to release stranded income tax effects from Accumulated Other Comprehensive Loss ("AOCL"). Refer to Note to the Consolidated Financial Statements No. 7, Income Taxes. |
Cash and Cash Equivalents / Consolidated Statements of Cash Flows / Restricted Cash | Cash and Cash Equivalents / Consolidated Statements of Cash Flows / Restricted Cash Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Substantially all of our cash and short-term investment securities are held with investment grade rated counterparties. At December 31, 2023, our cash investments with any single counterparty did not exceed approximate ly $ 175 mill ion. Cash flows associated with derivative financial instruments designated as hedges of identifiable transactions or events are classified in the same category as the cash flows from the related hedged items. Cash flows associated with derivative financial instruments not designated as hedges are classified as operating activities. Bank overdrafts, if any, are recorded within Notes Payable and Overdrafts. Cash flows associated with bank overdrafts are classified as financing activities. Customer prepayments for products and government grants received that predominately relate to operations are reported as operating activities. Government grants received that are predominately related to capital expenditures are reported as investing activities. The Consolidated Statements of Cash Flows are presented net of finance leases o f $ 19 m illion, $ 25 million and $ 39 million originating in the year s ended December 31, 2023, 2022 and 2021, respectively, and accrued capital expenditures financed with extended terms of $ 15 million in 2020 which were paid in 2021. Cash flows from investing activities in 2023 exclude $ 348 million of accrued capital expenditures remaining unpaid at December 31, 2023, and include payment for $ 324 million of capital expenditures that were accrued and unpaid at December 31, 2022. Cash flows from investing activities in 2022 exclude $ 324 million of accrued capital expenditures re maining unpaid at December 31, 2022, and include payment for $ 257 million of capital expenditures that were accrued and unpaid at December 31, 2021. Cash flows from investing activities in 2021 exclude $ 257 million o f accrued capital expenditures remaining unpaid at December 31, 2021, and include payment for $ 224 million of capital expenditures that were accrued and unpaid at December 31, 2020. The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows: December 31, (In millions) 2023 2022 2021 Cash and Cash Equivalents $ 902 $ 1,227 $ 1,088 Restricted Cash 83 84 76 Total Cash, Cash Equivalents and Restricted Cash $ 985 $ 1,311 $ 1,164 Restricted Cash primarily represents amounts required to be set aside for accounts receivable factoring programs. The restrictions lapse when cash from factored accounts receivable is remitted to the purchaser of those receivables. At December 31, 2023, $ 83 million was recorded in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets . At December 31, 2022, $ 74 million and $ 10 million were recorded in Prepaid Expenses and Other Current Assets and Other Assets in the Consolidated Balance Sheets, respect ively. |
Restricted Net Assets | Restricted Net Assets In certain countries where we operate, transfers of funds into or out of such countries by way of dividends, loans or advances are generally or periodically subject to various governmental regulations. In addition, certain of our credit agreements and other debt instruments limit the ability of foreign subsidiaries to make cash distributions. At December 31, 2023, approximate ly $ 875 million of net assets were subject to such regulations or limitations. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or the average cost method. Costs include direct material, direct labor and applicable manufacturing and engineering overhead. We allocate fixed manufacturing overheads based on normal production capacity and recognize abnormal manufacturing costs as period costs. We determine a provision for excess and obsolete inventory based on management’s review of inventories on hand compared to estimated future usage and sales. Refer to Note to the Consolidated Financial Statements No. 11, Inventories. |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Goodwill and intangible assets with indefinite useful lives are not amortized but are assessed for impairment annually with the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of the reporting unit or indefinite-lived intangible to its carrying amount. Under the qualitative assessment, an entity is not required to calculate the fair value unless the entity determines that it is more likely than not that the fair value is less than the carrying amount. If under the quantitative assessment the fair value is less than the carrying amount, then an impairment loss will be recorded for the difference between the carrying value and the fair value. In addition to annual testing, impairment testing is conducted when events occur or circumstances change, including the macroeconomic environment, our business performance or our market capitalization, that would more likely than not reduce the fair value of the asset below its carrying amount. Goodwill and intangible assets with indefinite useful lives would be written down to fair value if considered impaired. Intangible assets with finite useful lives are amortized to their estimated residual values over such finite lives, and reviewed for impairment whenever events or circumstances warrant such a review. Refer to Note to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets. |
Insurance Claims | Insurance Claims We maintain third-party insurance coverage for property damage, repair expenses and business interruption, which is partially self-insured, subject to a $ 15 million deductible per occurrence. After consultation with our legal counsel and giving consideration to agreements with certain of our insurance carriers, the financial viability and legal obligations of our insurance carriers and other relevant factors, we determine an amount we expect is probable of recovery from such carriers. We record a receivable for property damage and repair expenses as incurred. For business interruption recoveries, we do not record a receivable until the claim is substantially complete. |
Investments | Investments Investments in marketable securities are stated at fair value. Fair value is determined using quoted market prices at the end of the reporting period and, when appropriate, exchange rates at that date. Unrealized gains and losses on marketable equity securities are recorded in earnings. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recorded in AOCL, net of tax. Our investments in TireHub, LLC (“TireHub”), a distribution joint venture in the U.S., and ACTR Company Limited ("ACTR"), a tire manufacturing joint venture in Vietnam, are accounted for under the equity method. We regularly review our investments to determine whether a decline in fair value below their recorded amount is other than temporary. If the decline in fair value is judged to be other than temporary, the investment is written down to fair value and the amount of the write-down is included in the Consolidated Statements of Operations. Refer to Notes to the Consolidated Financial Statements No. 13, Other Assets and Investments, No. 17, Fair Value Measurements, and No. 22, Accumulated Other Comprehensive Loss. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method. Additions and improvements that substantially extend the useful life of property, plant and equipment, and interest costs incurred during the construction period of major projects are capitalized. Government grants to us that are predominately related to capital expenditures are recorded as reductions of the cost of the associated assets. Repair and maintenance costs are expensed as incurred. Property, plant and equipment are depreciated to their estimated residual values over their estimated useful lives, and reviewed for impairment whenever events or circumstances warrant such a review. Depreciation expense for property, plant and equipment was $ 967 mill ion, $ 928 million and $ 862 million in 2023, 2022 and 2021, respectively. Refer to Notes to the Consolidated Financial Statements No. 5, Interest Expense, and No. 14, Property, Plant and Equipment. |
Leases | Leases We determine if an arrangement is or contains a lease at inception. We enter into leases primarily for our distribution facilities, manufacturing equipment, administrative offices, retail stores, vehicles and data processing equipment under varying terms and conditions. Our leases have remaining lease terms of less than 1 year to approximately 50 years. Most of our leases include options to extend the lease, with renewal terms ranging fro m 1 to 50 years or more, an d some include options to terminate the lease within 1 year. If it is reasonably certain that an option to extend or terminate a lease will be exercised, that option is considered in the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize short-term lease expense for these leases on a straight-line basis over the lease term. Certain of our lease agreements include variable lease payments, generally based on consumer price indices. Variable lease payments that are assigned to an index are determined based on the initial index at commencement, and the variability based on changes in the index is accounted for as it changes. The variable portion of payments is not included in the initial measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which are accounted for separately. Operating leases are included in Operating Lease Right-of-Use (“ROU”) Assets, Operating Lease Liabilities due Within One Year and Operating Lease Liabilities on our Consolidated Balance Sheets. Finance leases are included in Property, Plant and Equipment, Long Term Debt and Finance Leases due Within One Year, and Long Term Debt and Finance Leases on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Generally, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments, unless there is a rate stated in the lease agreement. Operating lease expense is recognized on a straight-line basis over the lease term. Refer to Note to the Consolidated Financial Statements No. 15, Leases. |
Foreign Currency Translation | Foreign Currency Translation The functional currency for most subsidiaries outside the United States is the local currency. Financial statements of these subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. The U.S. dollar is used as the functional currency in countries with a history of high inflation and in countries that predominantly sell into the U.S. dollar export market. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in Other (Income) Expense. Translation adjustments are recorded in AOCL. Income taxes are generally not provided for foreign currency translation adjustments. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities To qualify for hedge accounting, hedging instruments must be designated as hedges and meet defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged. Derivative contracts are reported at fair value on the Consolidated Balance Sheets as Accounts Receivable, Other Assets, Other Current Liabilities or Other Long Term Liabilities. Deferred gains and losses on contracts designated as cash flow hedges are recorded net of tax in AOCL. Interest Rate Contracts — Gains and losses on contracts designated as cash flow hedges are initially deferred and recorded in AOCL. Amounts are transferred from AOCL and recognized in income as Interest Expense in the same period that the hedged item is recognized in income. Gains and losses on contracts designated as fair value hedges are recognized in income in the current period as Interest Expense. Gains and losses on contracts with no hedging designation are recorded in the current period in Other (Income) Expense. Foreign Currency Contracts — Gains and losses on contracts designated as cash flow hedges are initially deferred and recorded in AOCL. Amounts are transferred from AOCL and recognized in income in the same period and on the same line that the hedged item is recognized in income. Gains and losses on contracts designated as fair value hedges, excluding premiums and discounts, are recorded in Other (Income) Expense in the current period. Gains and losses on contracts with no hedging designation are also recorded in Other (Income) Expense in the current period. We do not include premiums or discounts on forward currency contracts in our assessment of hedge effectiveness. Premiums and discounts on contracts designated as hedges are recorded in AOCL. The amounts are recognized in the Statement of Operations on a straight-line basis over the life of the contract on the same line that the hedged item is recognized in the Statement of Operations. Net Investment Hedging — Nonderivative instruments denominated in foreign currencies are used from time to time to hedge net investments in foreign subsidiaries. Gains and losses on these instruments are deferred and recorded in AOCL as Foreign Currency Translation Adjustments. These gains and losses are only recognized in income upon the complete or partial sale of the related investment or the complete liquidation of the investment. Termination of Contracts — Gains and losses (including deferred gains and losses in AOCL) are recognized in Other (Income) Expense when contracts are terminated concurrently with the termination of the hedged position. To the extent that such position remains outstanding, gains and losses are amortized to Interest Expense or to Other (Income) Expense over the remaining life of that position. Gains and losses on contracts that we temporarily continue to hold after the early termination of a hedged position, or that otherwise no longer qualify for hedge accounting, are recognized in Other (Income) Expense. Refer to Note to the Consolidated Financial Statements No. 16, Financing Arrangements and Derivative Financial Instruments. |
Stock-Based Compensation | Stock-Based Compensation We measure compensation cost arising from the grant of stock-based awards to employees at fair value and recognize such cost in income over the period during which the service is provided, usually the vesting period. We recognize compensation expense using the straight-line approach. Stock-based awards to employees include grants of performance share units, restricted stock units and stock options. We measure the fair value of grants of performance share units and restricted stock units based primarily on the closing market price of a share of our common stock on the date of the grant, modified as appropriate to take into account the features of such grants. We estimate the fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate compensation expense are determined as follows: • Expected term represents the period of time that options granted are expected to be outstanding based on our historical experience of option exercises; • Expected volatility is measured using the weighted average of historical daily changes in the market price of our common stock over the expected term of the award and implied volatility calculated for our exchange traded options with an expiration date greater than one year; • Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; and • Forfeitures are based substantially on the history of cancellations of similar awards granted in prior years. Refer to Note to the Consolidated Financial Statements No. 19, Stock Compensation Plans. |
Earnings Per Share of Common Stock | Earnings Per Share of Common Stock Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share primarily reflects the dilutive impact of outstanding stock options and other stock based awards. All earnings per share amounts in these notes to the consolidated financial statements are diluted, unless otherwise noted. Refer to Note to the Consolidated Financial Statements No. 8, Earnings Per Share. |
Fair Value Measurements | Fair Value Measurements Valuation Hierarchy Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. • Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. Valuation methodologies used for assets and liabilities measured at fair value are as follows: Investments Where quoted prices are available in an active market, investments are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government bonds, certain mortgage products and exchange-traded equities. If quoted market prices are not available, fair values are estimated using quoted prices of securities with similar characteristics or inputs other than quoted prices that are observable for the security, and would be classified within Level 2 of the valuation hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities would be classified within Level 3 of the valuation hierarchy. Derivative Financial Instruments Exchange-traded derivative financial instruments that are valued using quoted prices would be classified within Level 1 of the valuation hierarchy. Derivative financial instruments valued using internally-developed models that use as their basis readily observable market parameters are classified within Level 2 of the valuation hierarchy. Derivative financial instruments that are valued based upon models with significant unobservable market parameters, and that are normally traded less actively, would be classified within Level 3 of the valuation hierarchy. Refer to Notes to the Consolidated Financial Statements No. 16, Financing Arrangements and Derivative Financial Instruments, and No. 17, Fair Value Measurements. |
Reclassifications and Adjustments | Reclassifications and Adjustments Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows: December 31, (In millions) 2023 2022 2021 Cash and Cash Equivalents $ 902 $ 1,227 $ 1,088 Restricted Cash 83 84 76 Total Cash, Cash Equivalents and Restricted Cash $ 985 $ 1,311 $ 1,164 |
Cooper Tire Acquisition (Tables
Cooper Tire Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Acquisition [Line Items] | |
Calculation of Merger Consideration | The following table sets forth cumulative measurement period changes from the Closing Date to the second quarter of 2022 when our purchase accounting was finalized, as well as the final and initial allocation of the Merger Consideration to the estimated fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of Cooper Tire, with the excess recorded to Goodwill as of the Closing Date: (In millions) Final Cumulative Initial Cash and Cash Equivalents $ 231 $ — $ 231 Accounts Receivable 538 ( 83 ) 621 Inventories 708 15 693 Property, Plant and Equipment 1,346 ( 26 ) 1,372 Goodwill 633 158 475 Intangible Assets 926 ( 160 ) 1,086 Other Assets 360 ( 2 ) 362 4,742 ( 98 ) 4,840 Accounts Payable — Trade 384 ( 80 ) 464 Compensation and Benefits 356 ( 30 ) 386 Debt, Finance Leases and Notes Payable and Overdrafts 151 — 151 Deferred Tax Liabilities, net 292 ( 55 ) 347 Other Liabilities 441 67 374 Minority Equity 21 — 21 1,645 ( 98 ) 1,743 Merger Consideration $ 3,097 $ — $ 3,097 |
Cooper Tire [Member] | |
Business Acquisition [Line Items] | |
Schedule of Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed | The estimated fair values of the identifiable intangible assets acquired, their weighted average estimated useful lives and the related valuation methodology are as follows: (In millions, except years) Final Cumulative Initial Weighted Average Valuation Methodology Trade names (indefinite-lived) $ 560 $ 250 $ 310 N/A Relief-from-royalty Trade names (definite-lived) 10 ( 30 ) 40 14 years Relief-from-royalty Customer relationships 350 ( 380 ) 730 12 years Multi-period excess earnings Non-compete and other 6 — 6 2 years Discounted cash flow $ 926 $ ( 160 ) $ 1,086 |
Schedule of Pro Forma Financial Information | The following table summarizes, on a pro forma basis, the combined results of operations of Goodyear and Cooper Tire for the year ended December 31, 2021 as though the acquisition and the related financing had occurred as of January 1, 2020. The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Cooper Tire occurred on January 1, 2020, nor are they indicative of future consolidated operating results. Year Ended December 31, (In millions) 2021 Net Sales $ 18,732 Income before Income Taxes 791 Goodyear Net Income 974 |
Net Sales (Tables)
Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated Net Sales From Contracts with Customers | The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2023: (In millions) Americas Europe, Middle East Asia Pacific Total Tire unit sales $ 10,028 $ 4,924 $ 2,336 $ 17,288 Other tire and related sales 790 532 89 1,411 Retail services and service related sales 685 150 34 869 Chemical sales 467 — — 467 Other 23 — 8 31 Net Sales by reportable segment $ 11,993 $ 5,606 $ 2,467 $ 20,066 The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2022: (In millions) Americas Europe, Middle East Asia Pacific Total Tire unit sales $ 10,694 $ 4,943 $ 2,249 $ 17,886 Other tire and related sales 746 582 93 1,421 Retail services and service related sales 645 120 48 813 Chemical sales 654 — — 654 Other 27 — 4 31 Net Sales by reportable segment $ 12,766 $ 5,645 $ 2,394 $ 20,805 The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2021: (In millions) Americas Europe, Middle East Asia Pacific Total Tire unit sales $ 8,221 $ 4,669 $ 2,027 $ 14,917 Other tire and related sales 653 454 95 1,202 Retail services and service related sales 587 112 59 758 Chemical sales 569 — — 569 Other 21 8 3 32 Net Sales by reportable segment $ 10,051 $ 5,243 $ 2,184 $ 17,478 |
Balance and Changes in Deferred Revenue Related to Contracts with Customers | The following table presents the balances of deferred revenue related to contracts with customers, and changes during the years ended December 31: (In millions) 2023 2022 Balance at January 1 $ 34 $ 44 Revenue deferred during period 220 150 Revenue recognized during period ( 225 ) ( 159 ) Impact of foreign currency translation ( 1 ) ( 1 ) Balance at December 31 $ 28 $ 34 |
Costs Associated with Rationa_2
Costs Associated with Rationalization Programs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Roll-Forward of Liability Balance | The following table presents the roll-forward of the liability balance between periods: (In millions) Associate- Other Costs Total Balance at December 31, 2020 $ 200 $ — $ 200 2021 charges 52 43 95 Incurred, net of foreign currency translation of $( 8 ) million and $ 0 million, respectively ( 162 ) ( 43 ) ( 205 ) Reversed to the Statement of Operations ( 2 ) — ( 2 ) Balance at December 31, 2021 $ 88 $ — $ 88 2022 charges 110 28 138 Incurred, net of foreign currency translation of ($ 5 ) million and $ 0 million, respectively ( 74 ) ( 26 ) ( 100 ) Reversed to the Statement of Operations ( 9 ) — ( 9 ) Balance at December 31, 2022 $ 115 $ 2 $ 117 2023 charges 453 57 510 Incurred, net of foreign currency translation of $ 14 million and $ 0 million, respectively ( 42 ) ( 43 ) ( 85 ) Reversed to the Statement of Operations ( 8 ) — ( 8 ) Balance at December 31, 2023 $ 518 $ 16 $ 534 |
Net Rationalization Charges Included in Income (Loss) Before Income Taxes | The following table shows net rationalization charges included in Income (Loss) before Income Taxes: (In millions) 2023 2022 2021 Current Year Plans Associate severance and other related costs $ 449 $ 103 $ 19 Benefit plan curtailment and special termination benefits 1 — — Other exit costs 23 8 — Current Year Plans - Net Charges $ 473 $ 111 $ 19 Prior Year Plans Associate severance and other related costs $ ( 5 ) $ — $ 31 Other exit costs 34 18 43 Prior Year Plans - Net Charges $ 29 $ 18 $ 74 Total Net Charges $ 502 $ 129 $ 93 Asset write-off and accelerated depreciation charges, net $ 36 $ 30 $ 1 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Interest Expense | Interest expense includes interest and the amortization of deferred financing fees and debt discounts, less amounts capitalized, as follows: (In millions) 2023 2022 2021 Interest expense before capitalization $ 559 $ 470 $ 403 Capitalized interest ( 27 ) ( 19 ) ( 16 ) $ 532 $ 451 $ 387 |
Other (Income) Expense (Tables)
Other (Income) Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income and Expense | (In millions) 2023 2022 2021 Non-service related pension and other postretirement benefits cost $ 148 $ 178 $ 92 Interest income on a favorable indirect tax ruling in Brazil — — ( 48 ) Financing fees and financial instruments expense 59 40 39 Net foreign currency exchange (gains) losses 87 12 29 Interest income ( 84 ) ( 34 ) ( 24 ) General and product liability expense - discontinued products 6 5 — Royalty income ( 30 ) ( 27 ) ( 24 ) Net (gains) losses on asset sales ( 104 ) ( 122 ) ( 20 ) Transaction costs — — 40 Miscellaneous (income) expense 26 23 10 $ 108 $ 75 $ 94 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) before Income Taxes | The components of Income (Loss) before Income Taxes follow: (In millions) 2023 2022 2021 U.S. $ ( 325 ) $ 41 $ ( 102 ) Foreign ( 352 ) 358 615 $ ( 677 ) $ 399 $ 513 |
Reconciliation of Income Taxes at the U.S. Statutory Rate to United States and Foreign Tax Expense (Benefit) | A reconciliation of income taxes at the U.S. statutory rate to United States and Foreign Tax Expense (Benefit) follows: (In millions) 2023 2022 2021 U.S. federal income tax expense (benefit) at the statutory rate of 21 % $ ( 142 ) $ 84 $ 108 Net foreign losses (income) with no tax due to valuation allowances 122 45 3 Goodwill impairment 34 — — State income taxes, net of U.S. federal benefit ( 12 ) 6 1 Adjustment for foreign income taxed at different rates and nontaxable foreign items 5 33 24 U.S. charges (benefits) related to foreign tax credits, R&D and foreign 4 ( 7 ) ( 4 ) Net establishment (release) of uncertain tax positions ( 3 ) ( 4 ) ( 6 ) Deferred tax impact of enacted rate and law changes — ( 6 ) ( 61 ) Net establishment (release) of foreign valuation allowances and write off of deferred taxes — 24 ( 1 ) Net establishment (release) of U.S. valuation allowances — — ( 340 ) Other 2 15 9 United States and Foreign Tax Expense (Benefit) $ 10 $ 190 $ ( 267 ) |
Components of United States and Foreign Tax Expense (Benefit) | The components of United States and Foreign Tax Expense (Benefit) by taxing jurisdiction, follow: (In millions) 2023 2022 2021 Current: Federal $ 37 $ — $ 1 Foreign 177 150 166 State 26 12 37 240 162 204 Deferred: Federal ( 123 ) ( 28 ) ( 362 ) Foreign ( 62 ) 46 ( 23 ) State ( 45 ) 10 ( 86 ) ( 230 ) 28 ( 471 ) United States and Foreign Tax Expense (Benefit) $ 10 $ 190 $ ( 267 ) |
Deferred Tax Assets and Liabilities | Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31 follow: (In millions) 2023 2022 Tax loss carryforwards and credits $ 1,155 $ 1,160 Capitalized research and development expenditures 490 481 Prepaid royalty income 427 457 Accrued expenses deductible as paid 343 320 Partnership basis differences 317 341 Other prepayments income 153 — Postretirement benefits and pensions 87 63 Lease liabilities 82 70 Rationalizations and other provisions 58 52 Vacation and sick pay 25 26 Other 137 100 3,274 3,070 Valuation allowance ( 1,275 ) ( 1,072 ) Total deferred tax assets 1,999 1,998 Intangible property basis differences related to Cooper Tire acquisition ( 205 ) ( 214 ) Property basis differences ( 166 ) ( 407 ) Right-of-use assets ( 81 ) ( 68 ) Total net deferred tax assets $ 1,547 $ 1,309 |
Reconciliation of Unrecognized Tax Benefits | A summary of our unrecognized tax benefits and changes during the year follows: (In millions) 2023 2022 2021 Balance at January 1 $ 87 $ 90 $ 85 Increases related to prior year tax positions 5 10 28 Decreases related to prior year tax positions — — ( 12 ) Settlements ( 1 ) ( 12 ) ( 5 ) Foreign currency impact 4 ( 1 ) ( 7 ) Increases related to current year tax positions — 2 3 Lapse of statute of limitations ( 3 ) ( 2 ) ( 2 ) Balance at December 31 $ 92 $ 87 $ 90 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Common Share | Basic and diluted earnings per common share are calculated as follows: (In millions, except per share amounts) 2023 2022 2021 Earnings (loss) per share — basic: Goodyear net income (loss) $ ( 689 ) $ 202 $ 764 Weighted average shares outstanding 285 284 261 Earnings (loss) per common share — basic $ ( 2.42 ) $ 0.71 $ 2.92 Earnings (loss) per share — diluted: Goodyear net income (loss) $ ( 689 ) $ 202 $ 764 Weighted average shares outstanding 285 284 261 Dilutive effect of stock options and other dilutive securities — 2 3 Weighted average shares outstanding — diluted 285 286 264 Earnings (loss) per common share — diluted $ ( 2.42 ) $ 0.71 $ 2.89 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Reporting Information | The following table presents segm ent sales and operating income, and the reconciliation of segment operating income to Income (Loss) before Income Taxes: (In millions) 2023 2022 2021 Sales Americas $ 11,993 $ 12,766 $ 10,051 Europe, Middle East and Africa 5,606 5,645 5,243 Asia Pacific 2,467 2,394 2,184 Net Sales $ 20,066 $ 20,805 $ 17,478 Segment Operating Income Americas $ 749 $ 1,094 $ 914 Europe, Middle East and Africa 17 61 239 Asia Pacific 202 121 135 Total Segment Operating Income $ 968 $ 1,276 $ 1,288 Less: Goodwill impairment (Note 12) 230 — — Rationalizations (Note 4) 502 129 93 Interest expense (Note 5) 532 451 387 Other (income) expense (Note 6) 108 75 94 Asset write-offs and accelerated depreciation, net (Note 4) 36 37 1 Corporate incentive compensation plans 70 56 87 Retained expenses of divested operations 18 14 12 Other (1) 149 115 101 Income (Loss) before Income Taxes $ ( 677 ) $ 399 $ 513 (1) Primarily represents unallocated corporate costs and the elimination o f $ 27 million , $ 25 million and $ 22 million for the years ended December 31, 2023, 2022 and 2021, respectively, of royalty income attributable to the SBUs. Other in 2023 also includes $ 35 million of costs related to the Goodyear Forward plan, primarily related to third-party consulting fees. |
Segment Assets | The following table presents segment assets at December 31: (In millions) 2023 2022 Assets Americas $ 11,647 $ 12,171 Europe, Middle East and Africa 4,873 5,239 Asia Pacific 2,767 2,913 Total Segment Assets 19,287 20,323 Corporate (1) 2,295 2,108 $ 21,582 $ 22,431 (1) Corporate includes substantially all of our U.S. net deferred tax assets. |
Geographic Information | The following table presents geographic information. Net sales by country were determined based on the location of the selling subsidiary. Long-lived assets consist of property, plant and equipment. Management did not consider the net sales of any individual country outside the United States to be significant to the consolidated financial statements. For long-lived assets, only the United States and China were considered to be significant. (In millions) 2023 2022 2021 Net Sales United States $ 9,807 $ 10,734 $ 8,480 Other international 10,259 10,071 8,998 $ 20,066 $ 20,805 $ 17,478 Long-Lived Assets United States $ 3,891 $ 3,804 China 713 743 Other international 3,888 3,747 $ 8,492 $ 8,294 |
Rationalizations, Asset sales, Other Expense and Asset Write-offs and Accelerated Depreciation Attributable to the SBUs | Goodwill impairment, as described in Notes to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets; rationalizations, as described in Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs; net (gains) losses on asset sales, as described in Note to the Consolidated Financial Statements No. 6, Other (Income) Expense; and asset write-offs and accelerated depreciation were not charged (credited) to the SBUs for performance evaluation purposes but were attributable to the SBUs as follows: (In millions) 2023 2022 2021 Goodwill Impairment Europe, Middle East and Africa 230 — — Total Segment Goodwill Impairment $ 230 $ — $ — (In millions) 2023 2022 2021 Rationalizations Americas $ 19 $ 32 $ 38 Europe, Middle East and Africa 409 92 49 Asia Pacific 25 — — Total Segment Rationalizations $ 453 $ 124 $ 87 Corporate 49 5 6 $ 502 $ 129 $ 93 (In millions) 2023 2022 2021 Net Gains on Asset Sales Americas $ ( 104 ) $ ( 122 ) $ ( 1 ) Europe, Middle East and Africa — — ( 13 ) Total Segment Gains on Asset Sales $ ( 104 ) $ ( 122 ) $ ( 14 ) Corporate — — ( 6 ) $ ( 104 ) $ ( 122 ) $ ( 20 ) (In millions) 2023 2022 2021 Asset Write-Offs and Accelerated Depreciation, net Americas $ 19 $ — $ — Europe, Middle East and Africa 17 20 1 Total Segment Asset Write-Offs and Accelerated Depreciation, net $ 36 $ 20 $ 1 Corporate — 17 — $ 36 $ 37 $ 1 |
Segment Capital Expenditures, Depreciation and Amortization | The following tables present segment capital expenditures and depreciation and amortization: (In millions) 2023 2022 2021 Capital Expenditures Americas $ 638 $ 611 $ 537 Europe, Middle East and Africa 255 258 270 Asia Pacific 126 144 135 Total Segment Capital Expenditures $ 1,019 $ 1,013 $ 942 Corporate 31 48 39 $ 1,050 $ 1,061 $ 981 (In millions) 2023 2022 2021 Depreciation and Amortization Americas $ 580 $ 561 $ 486 Europe, Middle East and Africa 239 208 213 Asia Pacific 141 144 146 Total Segment Depreciation and Amortization $ 960 $ 913 $ 845 Corporate 41 51 38 $ 1,001 $ 964 $ 883 |
Segment Equity In Net Income (Loss) of Investees Accounted For By the Equity Method | The following table presents segment equity in the net (income) loss of investees accounted for by the equity method: (In millions) 2023 2022 2021 Equity in (Income) Loss Americas $ 15 $ ( 14 ) $ ( 18 ) Europe, Middle East and Africa ( 1 ) 1 — Asia Pacific ( 16 ) ( 12 ) ( 4 ) Total Segment Equity in Income $ ( 2 ) $ ( 25 ) $ ( 22 ) |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | (In millions) December 31, December 31, Accounts receivable $ 2,833 $ 2,722 Allowance for doubtful accounts ( 102 ) ( 112 ) $ 2,731 $ 2,610 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | (In millions) December 31, December 31, Raw materials $ 785 $ 1,191 Work in process 206 187 Finished goods 2,707 3,193 $ 3,698 $ 4,571 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Reporting Unit | The following table presents the net carrying amount of goodwill allocated by segment, and changes during 2023: (In millions) Balance at Acquisitions Divestitures Impairment Translation Balance at Americas $ 724 $ — $ — $ — $ — $ 724 Europe, Middle East and Africa (1) 232 — — ( 230 ) ( 2 ) — Asia Pacific 58 — — — ( 1 ) 57 $ 1,014 $ — $ — $ ( 230 ) $ ( 3 ) $ 781 The following table presents the net carrying amount of goodwill allocated by segment, and changes during 2022: (In millions) Balance at Acquisitions Divestitures Translation Balance at Americas $ 709 $ 15 $ — $ — $ 724 Europe, Middle East and Africa 231 18 ( 3 ) ( 14 ) 232 Asia Pacific 64 — — ( 6 ) 58 $ 1,004 $ 33 $ ( 3 ) $ ( 20 ) $ 1,014 (1) The decrease during 2023 was due to the EMEA goodwill impairment. The accumulated amount of impairment recognized against EMEA's goodwill is $ 412 million . |
Indefinite-Lived Intangible Assets | The following table presents information about intangible assets at December 31: 2023 2022 (In millions) Gross (1) Accumulated (1) Net Gross (1) Accumulated (1) Net Intangible assets with indefinite lives $ 687 $ ( 6 ) $ 681 $ 687 $ ( 6 ) $ 681 Customer relationships 350 ( 77 ) 273 350 ( 48 ) 302 Other intangible assets 30 ( 25 ) 5 31 ( 20 ) 11 Trademarks and patents 29 ( 19 ) 10 30 ( 20 ) 10 $ 1,096 $ ( 127 ) $ 969 $ 1,098 $ ( 94 ) $ 1,004 (1) Includes impact of foreign currency translation. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31, 2023 December 31, 2022 (In millions) Owned Finance Total Owned Finance Total Property, plant and equipment: Land $ 461 $ 1 $ 462 $ 449 $ 1 $ 450 Buildings 2,840 218 3,058 2,640 217 2,857 Machinery and equipment 15,664 69 15,733 14,838 51 14,889 Construction in progress 1,340 — 1,340 1,173 — 1,173 20,305 288 20,593 19,100 269 19,369 Accumulated depreciation ( 12,392 ) ( 80 ) ( 12,472 ) ( 11,308 ) ( 69 ) ( 11,377 ) 7,913 208 8,121 7,792 200 7,992 Spare parts 371 — 371 302 — 302 $ 8,284 $ 208 $ 8,492 $ 8,094 $ 200 $ 8,294 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense included in Income (Loss) before Income Taxes for the years ended December 31, 2023, 2022 and 2021 are as follows: (In millions) 2023 2022 2021 Operating Lease Expense $ 302 $ 300 $ 295 Finance Lease Expense: Amortization of ROU assets 12 10 9 Interest on lease liabilities 20 20 21 Short Term Lease Expense 11 17 11 Variable Lease Expense 3 5 8 Sublease Income ( 10 ) ( 11 ) ( 11 ) Total Lease Expense $ 338 $ 341 $ 333 |
Direct Financing Lease, Lease Income | Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 is as follows: (In millions) 2023 2022 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows for Operating Leases $ 278 $ 276 $ 278 Operating Cash Flows for Finance Leases 20 20 21 Financing Cash Flows for Finance Leases 8 6 6 ROU Assets Obtained in Exchange for Lease Obligations Operating Leases 218 250 378 Finance Leases 17 20 14 |
Lessee, Balance Sheet Information | Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 is as follows: (In millions, except lease term and discount rate) 2023 2022 Operating Leases Operating Lease ROU Assets $ 985 $ 976 Operating Lease Liabilities due Within One Year $ 200 $ 199 Operating Lease Liabilities 825 821 Total Operating Lease Liabilities $ 1,025 $ 1,020 Finance Leases Property, Plant and Equipment, at cost $ 288 $ 269 Accumulated Depreciation ( 80 ) ( 69 ) Property, Plant and Equipment, net $ 208 $ 200 Long Term Debt and Finance Leases due Within One Year $ 10 $ 8 Long Term Debt and Finance Leases 258 247 Total Finance Lease Liabilities $ 268 $ 255 Weighted Average Remaining Lease Term (years) Operating Leases 7.0 7.4 Finance Leases 27.3 29.2 Weighted Average Discount Rate Operating Leases 7.24 % 6.82 % Finance Leases 8.17 % 8.26 % |
Lessee, Operating Lease, Liability, Maturity | Future maturities of our lease liabilities, excluding subleases, as of December 31, 2023 are as follows: (In millions) Operating Leases Finance Leases 2024 $ 260 $ 29 2025 221 28 2026 183 28 2027 147 27 2028 110 26 Thereafter 413 617 Total Lease Payments 1,334 755 Less: Imputed Interest 309 487 Total $ 1,025 $ 268 |
Finance Lease, Liability, Maturity | Future maturities of our lease liabilities, excluding subleases, as of December 31, 2023 are as follows: (In millions) Operating Leases Finance Leases 2024 $ 260 $ 29 2025 221 28 2026 183 28 2027 147 27 2028 110 26 Thereafter 413 617 Total Lease Payments 1,334 755 Less: Imputed Interest 309 487 Total $ 1,025 $ 268 |
Financing Arrangements and De_2
Financing Arrangements and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Long Term Debt and Finance Leases Due Within One Year | The following table presents amounts due within one year: December 31, December 31, (In millions) 2023 2022 Chinese credit facilities $ 15 $ 26 Other foreign and domestic debt 329 369 Notes Payable and Overdrafts $ 344 $ 395 Weighted average interest rate 10.52 % 5.75 % Chinese credit facilities $ 54 $ 136 Other foreign and domestic debt (including finance leases) 395 92 Long Term Debt and Finance Leases due Within One Year $ 449 $ 228 Weighted average interest rate 7.27 % 3.88 % Total obligations due within one year $ 793 $ 623 |
Schedule of Debt | The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates: December 31, 2023 December 31, 2022 (In millions) Amount Interest Rate Amount Interest Rate Notes: 9.5 % due 2025 $ 801 $ 802 5 % due 2026 900 900 4.875 % due 2027 700 700 7.625 % due 2027 128 131 7 % due 2028 150 150 2.75 % Euro Notes due 2028 442 427 5 % due 2029 850 850 5.25 % due April 2031 550 550 5.25 % due July 2031 600 600 5.625 % due 2033 450 450 Credit Facilities: First lien revolving credit facility due 2026 385 6.71 % — — European revolving credit facility due 2028 — — 374 3.39 % Pan-European accounts receivable facility 244 6.11 % 267 3.77 % Mexican credit facility 84 7.57 % 200 6.29 % Chinese credit facilities 174 3.94 % 235 4.23 % Other foreign and domestic debt (1) 591 7.44 % 650 6.58 % 7,049 7,286 Unamortized deferred financing fees ( 37 ) ( 46 ) 7,012 7,240 Finance lease obligations (2) 268 255 7,280 7,495 Less portion due within one year ( 449 ) ( 228 ) $ 6,831 $ 7,267 (1) Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions. (2) Includes non-cash financing additions o f $ 17 m illion and $ 20 million d uring the twelve month period ended December 31, 2023 and 2022, respectively. |
Maturities of Long-term Debt and Capital Leases | The annual aggregate maturities of our debt (excluding the impact of deferred financing fees, unamortized discounts and the fair value step-up related to the Cooper Tire acquisition), finance leases and notes payable and overdrafts for the five years subsequent to December 31, 2023 are presented below. Maturities of debt credit agreements have been reported on the basis that the commitments to lend under these agreements will be terminated effective at the end of their current terms. (In millions) 2024 2025 2026 2027 2028 U.S. $ 93 $ 805 $ 1,288 $ 820 $ 150 Foreign 699 284 16 258 551 $ 792 $ 1,089 $ 1,304 $ 1,078 $ 701 |
Schedule of Fair Values for Foreign Currency Contracts not Designated as Hedging Instruments | The following table presents the fair values for foreign currency hedge contracts that do not meet the criteria to be accounted for as cash flow hedging instruments: December 31, December 31, (In millions) 2023 2022 Fair Values — Current asset (liability): Accounts receivable $ 2 $ 4 Other current liabilities ( 27 ) ( 10 ) |
Schedule of Fair Values for Foreign Currency Contracts Designated as Cash Flow Hedges | The following table presents fair values for foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments: December 31, December 31, (In millions) 2023 2022 Fair Values — Current asset (liability): Accounts receivable $ — $ 1 Other current liabilities ( 2 ) ( 3 ) |
Schedule of Classification of Changes in Fair Values of Foreign Currency Contracts Designated as Cash Flow Hedging Instruments | The following table presents the classification of changes in fair values of foreign currency contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority): Year Ended December 31, (In millions) 2023 2022 2021 Amount of gains (losses) deferred to AOCL $ ( 5 ) $ — $ 1 Reclassification adjustment for amounts recognized in CGS 4 ( 2 ) ( 2 ) |
Chinese Credit Facilities [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | The following table presents the total amounts available and utilized under the Chinese financing arrangements: December 31, December 31, (In millions) 2023 2022 Total available $ 937 $ 852 Amounts utilized: Notes Payable and Overdrafts $ 15 $ 26 Long Term Debt due Within One Year 54 136 Long Term Debt 120 99 Letters of credit, bank acceptances and other utilization 91 75 Total utilized $ 280 $ 336 Maturities 2/24 - 8/28 1/23 - 8/25 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value | The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheet at December 31: Total Carrying Quoted Prices in Significant Other Significant (In millions) 2023 2022 2023 2022 2023 2022 2023 2022 Assets: Investments $ 19 $ 8 $ 19 $ 8 $ — $ — $ — $ — Foreign Exchange Contracts 2 5 — — 2 5 — — Total Assets at Fair Value $ 21 $ 13 $ 19 $ 8 $ 2 $ 5 $ — $ — Liabilities: Foreign Exchange Contracts $ 29 $ 13 $ — $ — $ 29 $ 13 $ — $ — Total Liabilities at Fair Value $ 29 $ 13 $ — $ — $ 29 $ 13 $ — $ — |
Supplemental Fair Value Information | The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at December 31: December 31, December 31, (In millions) 2023 2022 Fixed Rate Debt (1) : Carrying amount — liability $ 5,720 $ 5,766 Fair value — liability 5,488 5,198 Variable Rate Debt (1) : Carrying amount — liability $ 1,292 $ 1,474 Fair value — liability 1,286 1,437 (1) Excludes Notes Payable and Overdrafts of $ 344 million and $ 395 million at December 31, 2023 and 2022, respectively, of which $ 111 million and $ 217 million, respectively, are at fixed rates and $ 233 million and $ 178 million, respectively, are at variable rates. The carrying value of Notes Payable and Overdrafts approximates fair value due to the short term nature of the facilities. |
Pension, Other Postretirement_2
Pension, Other Postretirement Benefits and Savings Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss | Total benefits cost and amounts recognized in other comprehensive (income) loss follows: Pension Plans U.S. Non-U.S. Other Postretirement Benefits (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Benefits cost (credit): Service cost $ 8 $ 13 $ 9 $ 18 $ 24 $ 30 $ 2 $ 3 $ 3 Interest cost 195 133 94 108 60 47 16 12 9 Expected return on plan assets ( 231 ) ( 214 ) ( 196 ) ( 92 ) ( 67 ) ( 48 ) — — — Amortization of prior service cost (credit) — — — 2 2 1 ( 1 ) ( 1 ) ( 6 ) Amortization of net losses (gains) 98 101 107 16 21 33 ( 9 ) 2 3 Net periodic cost $ 70 $ 33 $ 14 $ 52 $ 40 $ 63 $ 8 $ 16 $ 9 Net curtailments/settlements/ 34 124 41 7 — 2 — — — Total benefits cost $ 104 $ 157 $ 55 $ 59 $ 40 $ 65 $ 8 $ 16 $ 9 Recognized in other comprehensive (income) loss before tax and minority: Prior service cost (credit) from plan amendments $ — $ 6 $ — $ — $ ( 1 ) $ 3 $ — $ — $ ( 4 ) Increase (decrease) in net actuarial losses 40 ( 99 ) ( 45 ) 120 ( 10 ) ( 136 ) 1 ( 101 ) ( 20 ) Amortization of prior service (cost) credit in net periodic cost — — — ( 2 ) ( 2 ) ( 2 ) 1 1 6 Amortization of net (losses) gains in net periodic cost ( 98 ) ( 101 ) ( 107 ) ( 16 ) ( 21 ) ( 33 ) 9 ( 2 ) ( 3 ) Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments and settlements ( 34 ) ( 124 ) ( 41 ) ( 13 ) — ( 2 ) — — — Total recognized in other comprehensive (income) loss before tax and minority $ ( 92 ) $ ( 318 ) $ ( 193 ) $ 89 $ ( 34 ) $ ( 170 ) $ 11 $ ( 102 ) $ ( 21 ) Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority $ 12 $ ( 161 ) $ ( 138 ) $ 148 $ 6 $ ( 105 ) $ 19 $ ( 86 ) $ ( 12 ) |
Changes in Benefit Obligation and Plan Assets | The change in benefit obligation and plan assets for 2023 and 2022 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows: Pension Plans U.S. Non-U.S. Other Postretirement Benefits (In millions) 2023 2022 2023 2022 2023 2022 Change in benefit obligation: Beginning balance $ ( 4,084 ) $ ( 5,798 ) $ ( 2,227 ) $ ( 3,464 ) $ ( 292 ) $ ( 406 ) Service cost — benefits earned ( 8 ) ( 13 ) ( 18 ) ( 24 ) ( 2 ) ( 3 ) Interest cost ( 195 ) ( 133 ) ( 108 ) ( 60 ) ( 16 ) ( 12 ) Plan amendments — ( 6 ) — 1 — — Actuarial gain (loss) ( 98 ) 1,282 ( 116 ) 881 ( 1 ) 103 Participant contributions — — ( 3 ) ( 3 ) ( 7 ) ( 8 ) Curtailments/settlements/ 355 233 21 6 — — Foreign currency translation — — ( 83 ) 287 ( 1 ) 5 Benefit payments 371 351 142 149 32 29 Ending balance $ ( 3,659 ) $ ( 4,084 ) $ ( 2,392 ) $ ( 2,227 ) $ ( 287 ) $ ( 292 ) Change in plan assets: Beginning balance $ 4,174 $ 5,720 $ 2,043 $ 3,272 $ — $ — Actual return on plan assets 290 ( 969 ) 102 ( 845 ) — — Company contributions to plan assets ( 18 ) — 42 32 — — Cash funding of direct participant payments 4 7 26 21 25 21 Participant contributions — — 3 3 7 8 Settlements ( 355 ) ( 233 ) ( 16 ) ( 6 ) — — Foreign currency translation — — 88 ( 285 ) — — Benefit payments ( 371 ) ( 351 ) ( 142 ) ( 149 ) ( 32 ) ( 29 ) Ending balance $ 3,724 $ 4,174 $ 2,146 $ 2,043 $ — $ — Funded status at end of year $ 65 $ 90 $ ( 246 ) $ ( 184 ) $ ( 287 ) $ ( 292 ) |
Funded Status Recognized in the Consolidated Balance Sheets | The funded status at December 31 recognized in the Consolidated Balance Sheets consists of: Pension Plans Other Postretirement U.S. Non-U.S. Benefits (In millions) 2023 2022 2023 2022 2023 2022 Noncurrent assets $ 155 $ 164 $ 215 $ 258 $ — $ — Current liabilities ( 14 ) ( 4 ) ( 28 ) ( 21 ) ( 24 ) ( 24 ) Noncurrent liabilities ( 76 ) ( 70 ) ( 433 ) ( 421 ) ( 263 ) ( 268 ) Net amount recognized $ 65 $ 90 $ ( 246 ) $ ( 184 ) $ ( 287 ) $ ( 292 ) |
Amounts Recognized in Accumulated Other Comprehensive Loss | The amounts recorded in AOCL at December 31, net of tax and minority interest, consist of: Pension Plans Other Postretirement U.S. Non-U.S. Benefits (In millions) 2023 2022 2023 2022 2023 2022 Prior service (credit) cost $ 3 $ 3 $ 22 $ 22 $ ( 4 ) $ ( 4 ) Net actuarial loss (gain) 1,744 1,836 524 435 ( 85 ) ( 96 ) Gross amount recorded 1,747 1,839 546 457 ( 89 ) ( 100 ) Deferred income taxes 103 81 ( 77 ) ( 59 ) ( 2 ) 1 Minority shareholders’ equity — — ( 4 ) ( 4 ) — — Net amount recorded $ 1,850 $ 1,920 $ 465 $ 394 $ ( 91 ) $ ( 99 ) |
Weighted Average Assumptions Used | The following table presents significant weighted average assumptions used to determine benefit obligations at December 31: Pension Plans Other Postretirement Benefits 2023 2022 2023 2022 Discount rate: —U.S. 5.12 % 5.45 % 5.16 % 5.51 % —Non-U.S. 4.29 4.69 6.38 6.75 Rate of compensation increase: —U.S. N/A N/A N/A N/A —Non-U.S. 2.82 2.84 N/A N/A The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31: Pension Plans Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Discount rate for determining interest cost: —U.S. 5.34 % 2.74 % 1.72 % 5.37 % 2.33 % 1.97 % —Non-U.S. 4.72 2.32 1.82 7.64 6.65 6.54 Expected long term return on plan assets: —U.S. 6.27 4.23 3.74 N/A N/A N/A —Non-U.S. 4.79 2.64 2.27 N/A N/A N/A Rate of compensation increase: —U.S. N/A N/A N/A N/A N/A N/A —Non-U.S. 2.84 2.77 2.89 N/A N/A N/A |
Estimated Future Benefit Payments | The following table presents estimated future benefit payments from the plans as of December 31, 2023. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts: Pension Plans Other (In millions) U.S. Non-U.S. Benefits 2024 $ 381 $ 165 $ 24 2025 379 146 23 2026 350 148 23 2027 328 150 23 2028 318 154 23 2029-2033 1,408 813 109 |
Selected Pension Plan Information | The following table presents selected information on our pension plans at December 31: U.S. Non-U.S. (In millions) 2023 2022 2023 2022 All plans: Accumulated benefit obligation $ 3,650 $ 4,077 $ 2,330 $ 2,167 Plans not fully-funded: Projected benefit obligation $ 292 $ 275 $ 905 $ 799 Accumulated benefit obligation 283 267 858 752 Fair value of plan assets 203 202 445 360 |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 follow: 2023 2022 Health care cost trend rate assumed for the next year 6.75 % 7.0 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 5.0 Year that the rate reaches the ultimate trend rate 2031 2031 |
Pension Plan Weighted Average Investment Allocation | Our pension plan weighted average investment allocation at December 31, by asset category, follows: U.S. Non-U.S. 2023 2022 2023 2022 Cash and short term securities — % — % 2 % 3 % Equity securities 3 6 4 5 Debt securities 97 93 91 88 Alternatives — 1 3 4 Total 100 % 100 % 100 % 100 % |
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at December 31, 2023 by asset category are as follows: U.S. Non-U.S (In millions) Total Quoted Significant Significant Total Quoted Significant Significant Cash and Short Term Securities $ 11 $ 6 $ 5 $ — $ 50 $ 46 $ 4 $ — Equity Securities Common and Preferred Stock — — — — 1 1 — — Commingled Funds — — — — 5 5 — — Mutual Funds — — — — 43 22 21 — Debt Securities Corporate Bonds 1,832 — 1,831 1 223 — 223 — Government Bonds 729 — 729 — 1,676 67 1,609 — Repurchase Agreements — — — — ( 453 ) — ( 453 ) — Asset Backed Securities 163 — 163 — 18 — 18 — Commingled Funds — — — — 18 18 — — Mutual Funds — — — — 38 38 — — Alternatives Commingled Funds — — — — 2 2 — — Insurance Contracts 1 — — 1 21 — — 21 Derivatives 5 — 5 — 1 — 1 — Mutual Funds — — — — 1 1 — — Total Investments in the Fair Value Hierarchy 2,741 $ 6 $ 2,733 $ 2 1,644 $ 200 $ 1,423 $ 21 Investments Measured at Net Asset Value, as Practical Expedient: Equity Securities Commingled Funds — 29 Mutual Funds — 4 Partnership Interests 95 — Debt Securities Commingled Funds 216 385 Mutual Funds 289 44 Partnership Interests 150 23 Short Term Securities Commingled Funds 227 7 Alternatives Commingled Funds — 27 Partnership Interests — 9 Total Investments 3,718 2,172 Other 6 ( 26 ) Total Plan Assets $ 3,724 $ 2,146 The fair values of our pension plan assets at December 31, 2022 by asset category are as follows: U.S. Non-U.S (In millions) Total Quoted Significant Significant Total Quoted Significant Significant Cash and Short Term Securities $ 7 $ 5 $ 2 $ — $ 47 $ 43 $ 4 $ — Equity Securities Common and Preferred Stock — — — — 22 22 — — Commingled Funds — — — — 14 14 — — Mutual Funds — — — — 15 6 9 — Debt Securities Corporate Bonds 1,873 — 1,873 — 222 4 218 — Government Bonds 646 — 646 — 1,369 51 1,318 — Repurchase Agreements — — — — ( 348 ) — ( 348 ) — Asset Backed Securities 157 — 157 — 21 5 16 — Commingled Funds — — — — 25 19 6 — Mutual Funds — — — — 10 10 — — Alternatives Commingled Funds — — — — 3 3 — — Insurance Contracts 1 — — 1 20 — — 20 Derivatives 1 — 1 — 1 — 1 — Total Investments in the Fair Value Hierarchy 2,685 $ 5 $ 2,679 $ 1 1,421 $ 177 $ 1,224 $ 20 Investments Measured at Net Asset Value, as Practical Expedient: Equity Securities Commingled Funds — 38 Mutual Funds 111 3 Partnership Interests 119 — Debt Securities Commingled Funds 283 453 Mutual Funds 558 43 Partnership Interests 153 29 Short Term Securities Commingled Funds 222 14 Pooled Separate Accounts 10 — Alternatives Commingled Funds 44 43 Partnership Interests — 20 Total Investments 4,185 2,064 Other ( 11 ) ( 21 ) Total Plan Assets $ 4,174 $ 2,043 |
Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts Classified as Level 3 | The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3: (In millions) 2023 2022 Balance, beginning of year $ 20 $ 25 Unrealized gains relating to instruments still held at the reporting date 1 ( 3 ) Foreign currency translation — ( 2 ) Balance, end of year $ 21 $ 20 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | The following table summarizes the activity related to options during 2023: Options Weighted Weighted Aggregate Outstanding at January 1 5,927,398 $ 17.20 Options granted — — Options exercised ( 329,824 ) 10.12 $ 1.0 Options expired ( 315,118 ) 15.69 Options cancelled ( 217,641 ) 17.48 Outstanding at December 31 5,064,815 17.74 4.5 13.1 Vested and expected to vest at December 31 5,052,481 17.76 4.5 13.0 Exercisable at December 31 3,861,080 20.12 3.9 8.0 Available for grant at December 31 18,710,713 |
Significant Options Groups Outstanding | Significant option groups outstanding at December 31, 2023 and related weighted average exercise price and remaining contractual term information follows: Grant Date Options Options Exercise Remaining 2/25/2020 3,110,848 1,907,360 $ 10.12 6.16 2/27/2017 511,087 511,087 35.26 3.16 2/22/2016 492,706 492,706 29.90 2.15 2/23/2015 444,806 444,806 27.16 1.15 2/24/2014 338,440 338,440 26.44 0.15 All Other (1) 166,928 166,681 5,064,815 3,861,080 (1) Options in the “All O ther” category had exercise prices ranging from $ 22.27 to $ 32.72 . The weighted average exercise price for options outstanding and exercisable in that category was $ 27.61 for both , while the remaining weighted average contractual term was 1.4 years for b oth. |
Stock-based Compensation Expense and Cash Activity | Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows: (In millions) 2023 2022 2021 Stock-based compensation expense recognized $ 19 $ 14 $ 36 Tax benefit ( 4 ) ( 3 ) ( 8 ) After-tax stock-based compensation expense $ 15 $ 11 $ 28 Cash payments to settle SARs $ — $ — $ — Cash received from stock option exercises $ 3 $ 1 $ 26 |
Performance Share Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Share Activity | The following table summarizes the activity related to performance share units during 2023: Units Weighted Unvested at January 1 663,690 $ 19.43 Units granted 381,169 11.48 Units vested ( 336,402 ) 12.85 Units forfeited — — Unvested at December 31 708,457 14.69 |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Share Activity | The following table summarizes the activity related to restricted stock units during 2023: Units Weighted Unvested at January 1 1,374,608 $ 12.95 Units granted 1,361,432 11.84 Units vested ( 1,270,023 ) 11.03 Units forfeited ( 63,887 ) 13.10 Unvested at December 31 1,402,131 13.60 Units vested but not released 1,884,258 12.24 Outstanding at December 31 3,286,389 14.10 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Recent Approximate Asbestos Claims Activity | A summary of recent approximate asbestos claims activity follows. Because claims are often filed and disposed of by dismissal or settlement in large numbers, the amount and timing of settlements and the number of open claims during a particular period can fluctuate significantly. (Dollars in millions) 2023 2022 2021 Pending claims, beginning of year 37,200 38,200 38,700 New claims filed during the year 900 900 1,000 Claims settled/dismissed ( 2,300 ) ( 1,900 ) ( 1,500 ) Pending claims, end of year 35,800 37,200 38,200 Payments (1) $ 15 $ 16 $ 15 (1) Represents cash payments made during the period by us and our insurers on asbestos litigation defense and claim resolution. |
Changes in the Warranty Reserve | The following table presents changes in the warranty reserve during 2023 and 2022: (In millions) 2023 2022 Balance at January 1 $ 28 $ 37 Payments made during the period ( 19 ) ( 43 ) Expense recorded during the period 12 35 Translation adjustment — ( 1 ) Balance at December 31 $ 21 $ 28 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, After Tax and Minority Interest | The following table presents changes in AOCL by component for the years ended December 31, 2023, 2022 and 2021, after tax and minority interest: (In millions) Income (Loss) Foreign Unrealized Gains (Losses) from Securities Unrecognized Deferred Total Balance at December 31, 2020 $ ( 1,284 ) $ — $ ( 2,856 ) $ 5 $ ( 4,135 ) Other comprehensive income (loss) before reclassifications ( 118 ) — 153 1 36 Amounts reclassified from accumulated other comprehensive loss — — 138 ( 2 ) 136 Balance at December 31, 2021 $ ( 1,402 ) $ — $ ( 2,565 ) $ 4 $ ( 3,963 ) Other comprehensive income (loss) before reclassifications ( 261 ) 1 162 — ( 98 ) Amounts reclassified from accumulated other comprehensive loss — — 188 ( 2 ) 186 Balance at December 31, 2022 $ ( 1,663 ) $ 1 $ ( 2,215 ) $ 2 $ ( 3,875 ) Other comprehensive income (loss) before reclassifications 50 — ( 125 ) ( 5 ) ( 80 ) Amounts reclassified from accumulated other comprehensive loss — — 116 4 120 Balance at December 31, 2023 $ ( 1,613 ) $ 1 $ ( 2,224 ) $ 1 $ ( 3,835 ) |
Reclassifications out of Accumulated Other Comprehensive Loss | The following table presents reclassifications out of AOCL for the years ended December 31, 2023, 2022 and 2021: Year Ended (In millions) (Income) Expense 2023 2022 2021 Component of AOCL Amount Reclassified from Affected Line Item in the Consolidated Amortization of prior service cost and unrecognized gains and losses $ 106 $ 125 $ 139 Other (Income) Expense Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures 47 124 43 Other (Income) Expense / Rationalizations Unrecognized Net Actuarial Losses and Prior Service Costs, before tax $ 153 $ 249 $ 182 Tax effect ( 37 ) ( 61 ) ( 44 ) United States and Foreign Taxes Net of tax $ 116 $ 188 $ 138 Goodyear Net Income (Loss) Deferred Derivative (Gains) Losses $ 4 $ ( 2 ) $ ( 2 ) Cost of Goods Sold Tax effect — — — United States and Foreign Taxes Net of tax $ 4 $ ( 2 ) $ ( 2 ) Goodyear Net Income (Loss) Total reclassifications $ 120 $ 186 $ 136 Goodyear Net Income (Loss) |
Comprehensive Income (Loss) Attributable to Minority Shareholders | The following table presents the details of comprehensive income (loss) attributable to minority shareholders: Year Ended (In millions) 2023 2022 2021 Net Income Attributable to Minority Shareholders $ 2 $ 7 $ 16 Other Comprehensive Income (Loss): Foreign currency translation 4 ( 14 ) ( 21 ) Decrease/Increase in net actuarial losses — ( 3 ) 1 Other Comprehensive Income (Loss) $ 4 $ ( 17 ) $ ( 20 ) Comprehensive Income (Loss) Attributable to Minority Shareholders $ 6 $ ( 10 ) $ ( 4 ) |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary Of Valuation And Qualifying Accounts | (In millions) Additions Description Balance Charged Charged Deductions Translation Balance 2023 Allowance for doubtful accounts $ 112 $ 7 $ - $ ( 19 ) $ 2 $ 102 Valuation allowance — deferred tax assets 1,072 202 1 - - 1,275 2022 Allowance for doubtful accounts $ 123 $ 16 $ - $ ( 22 ) $ ( 5 ) $ 112 Valuation allowance — deferred tax assets 1,044 35 ( 7 ) - - 1,072 2021 Allowance for doubtful accounts $ 150 $ 5 $ - $ ( 24 ) $ ( 8 ) $ 123 Valuation allowance — deferred tax assets 1,469 ( 418 ) ( 7 ) - - 1,044 (a) Accounts receivable charged off. |
Accounting Policies - Narrative
Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | |||
Amounts available under programs | $ 892 | $ 920 | ||
Confirmed amounts to the financial institutions | 580 | 710 | ||
Retained earnings | 5,086 | 5,775 | ||
Accounts receivable | 2,731 | 2,610 | ||
Deferred income taxes | 1,630 | 1,443 | ||
Research and development expenditures | 461 | 501 | $ 473 | |
Advertising costs | 364 | 375 | 382 | |
Maximum cash investments with single counterparty | 175 | |||
Capital lease obligations | 19 | 25 | 39 | |
Accrued capital expenditures financed with extended terms | 15 | |||
Accrued capital expenditures remaining unpaid | 348 | 324 | 257 | |
Payments for capital expenditures accrued and unpaid in prior year | $ 324 | 257 | $ 224 | |
Restricted net assets | $ 875 | |||
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | ||
Insurance expenses | $ 15 | |||
Depreciation expense for property, plant and equipment | 967 | $ 928 | 862 | |
Total assets | 21,582 | 22,431 | ||
Long Term Debt and Finance Leases (Notes 15 and 16) | 6,831 | 7,267 | ||
Total shareholders’ equity | $ 4,837 | 5,466 | $ 5,184 | $ 3,259 |
Lessee, operating lease, option to terminate, term | 1 year | |||
Lessee, operating lease, term of contract | 12 months | |||
Minimum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Invoice Due Dates | 120 days | |||
Payment term | 30 days | |||
Operating lease, weighted average remaining lease term | 1 year | |||
Lessee, operating lease, renewal term | 1 year | |||
Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Payment term | 90 days | |||
Operating lease, weighted average remaining lease term | 50 years | |||
Lessee, operating lease, renewal term | 50 years | |||
Other Assets | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Restricted cash | 10 | |||
Prepaid Expenses and Other Current Assets | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Restricted cash | $ 83 | $ 74 |
Accounting Policies - Restricte
Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents (Note 1) | $ 902 | $ 1,227 | $ 1,088 | |
Restricted Cash | 83 | 84 | 76 | |
Total Cash, Cash Equivalents and Restricted Cash | $ 985 | $ 1,311 | $ 1,164 | $ 1,624 |
Cooper Tire Acquisition - Calcu
Cooper Tire Acquisition - Calculation of Merger Consideration (Details) - USD ($) $ in Millions | Jun. 07, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 781 | $ 1,014 | $ 1,004 | |
Cooper Tire [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash component of the Merger Consideration | $ 2,155 | |||
Cooper Tire [Member] | Updated Preliminary Purchase Price Allocation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and Cash Equivalents | 231 | |||
Accounts Receivable | 538 | |||
Inventories | 708 | |||
Property, Plant and Equipment | 1,346 | |||
Goodwill | 633 | |||
Intangible Assets | 926 | |||
Other Assets | 360 | |||
Assets, Total | 4,742 | |||
Accounts Payable - Trade | 384 | |||
Compensation and Benefits | 356 | |||
Debt, Finance Leases and Notes Payable and Overdrafts | 151 | |||
Deferred Tax Liabilities, net | 292 | |||
Other Liabilities | 441 | |||
Minority Equity | 21 | |||
Liabilities, Total | 1,645 | |||
Merger Consideration | 3,097 | |||
Cooper Tire [Member] | Measurement Period Changes [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and Cash Equivalents | 0 | |||
Accounts Receivable | (83) | |||
Inventories | 15 | |||
Property, Plant and Equipment | (26) | |||
Goodwill | 158 | |||
Intangible Assets | (160) | |||
Other Assets | (2) | |||
Assets, Total | (98) | |||
Accounts Payable - Trade | (80) | |||
Compensation and Benefits | (30) | |||
Debt, Finance Leases and Notes Payable and Overdrafts | 0 | |||
Deferred Tax Liabilities, net | (55) | |||
Other Liabilities | 67 | |||
Minority Equity | 0 | |||
Liabilities, Total | (98) | |||
Merger Consideration | 0 | |||
Cooper Tire [Member] | Initial Preliminary Purchase Price Allocation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and Cash Equivalents | 231 | |||
Accounts Receivable | 621 | |||
Inventories | 693 | |||
Property, Plant and Equipment | 1,372 | |||
Goodwill | 475 | |||
Intangible Assets | 1,086 | |||
Other Assets | 362 | |||
Assets, Total | 4,840 | |||
Accounts Payable - Trade | 464 | |||
Compensation and Benefits | 386 | |||
Debt, Finance Leases and Notes Payable and Overdrafts | 151 | |||
Deferred Tax Liabilities, net | 347 | |||
Other Liabilities | 374 | |||
Minority Equity | 21 | |||
Liabilities, Total | 1,743 | |||
Merger Consideration | $ 3,097 |
Cooper Tire Acquisition - Sched
Cooper Tire Acquisition - Schedule of Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 07, 2021 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 9 years | |
Cooper Tire [Member] | Trade names (definite-lived) [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 14 years | |
Cooper Tire [Member] | Trade names (definite-lived) [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 14 years | |
Cooper Tire [Member] | Customer Lists [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 12 years | |
Cooper Tire [Member] | Customer Lists [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 12 years | |
Cooper Tire [Member] | Non Compete Agreements and Other [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 2 years | |
Cooper Tire [Member] | Non Compete Agreements and Other [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average remaining amortization period | 2 years | |
Cooper Tire [Member] | Updated Preliminary Purchase Price Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill), Total | $ 926 | |
Cooper Tire [Member] | Updated Preliminary Purchase Price Allocation [Member] | Trade names (definite-lived) [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, gross | 10 | |
Cooper Tire [Member] | Updated Preliminary Purchase Price Allocation [Member] | Customer Lists [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, gross | 350 | |
Cooper Tire [Member] | Updated Preliminary Purchase Price Allocation [Member] | Non Compete Agreements and Other [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, gross | 6 | |
Cooper Tire [Member] | Measurement Period Changes [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets Gross Excluding Goodwill Adjustment | (160) | |
Cooper Tire [Member] | Measurement Period Changes [Member] | Trade names (definite-lived) [Member] | ||
Business Acquisition [Line Items] | ||
Finite Lived Intangible Assets Gross Adjustment | (30) | |
Cooper Tire [Member] | Measurement Period Changes [Member] | Customer Lists [Member] | ||
Business Acquisition [Line Items] | ||
Finite Lived Intangible Assets Gross Adjustment | (380) | |
Cooper Tire [Member] | Measurement Period Changes [Member] | Non Compete Agreements and Other [Member] | ||
Business Acquisition [Line Items] | ||
Finite Lived Intangible Assets Gross Adjustment | 0 | |
Cooper Tire [Member] | Initial Preliminary Purchase Price Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill), Total | 1,086 | |
Cooper Tire [Member] | Initial Preliminary Purchase Price Allocation [Member] | Trade names (definite-lived) [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, gross | 40 | |
Cooper Tire [Member] | Initial Preliminary Purchase Price Allocation [Member] | Customer Lists [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, gross | 730 | |
Cooper Tire [Member] | Initial Preliminary Purchase Price Allocation [Member] | Non Compete Agreements and Other [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, gross | 6 | |
Cooper Tire [Member] | Trade names (indefinite-lived) [Member] | Updated Preliminary Purchase Price Allocation [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived Intangible asset | 560 | |
Cooper Tire [Member] | Trade names (indefinite-lived) [Member] | Measurement Period Changes [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite Lived Intangible Asset Excluding Goodwill Adjustment | 250 | |
Cooper Tire [Member] | Trade names (indefinite-lived) [Member] | Initial Preliminary Purchase Price Allocation [Member] | Trade names (definite-lived) [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived Intangible asset | $ 310 |
Cooper Tire Acquisition (Additi
Cooper Tire Acquisition (Additional Information) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 07, 2021 | May 18, 2021 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Transaction and other costs | $ 0 | $ 0 | $ 40 | |||
Cost of Goods and Services Sold | 16,557 | 16,953 | 13,692 | |||
Goodwill | $ 781 | $ 1,014 | 1,004 | |||
Cooper Tire [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net Sales | $ 1,532 | |||||
Merger consideration | $ 3,100 | |||||
Proceeds from the issuance of new senior notes | $ 1,450 | |||||
Cost of Goods and Services Sold | $ 1,194 | |||||
Cash consideration | 2,155 | |||||
Stock consideration | 942 | |||||
Cash and restricted cash | 1,856 | |||||
Adjustments to estimated value of inventory | 245 | |||||
Inventory adjust amount | 135 | |||||
Property, plant and equipment at a net book value | 1,208 | |||||
Cooper Tire [Member] | Updated Preliminary Purchase Price Allocation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Preliminary fair value estimate of property, plant and equipment | 1,346 | |||||
Goodwill | 633 | |||||
Cooper Tire [Member] | Inventory [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Inventory Step Up to Estimated Fair Value | 110 | |||||
Cooper Tire [Member] | Property, Plant and Equipment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment step up estimated fair value | $ 138 | |||||
Other Nonoperating Income (Expense) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Transaction and other costs | 56 | |||||
Costs included in Other (Income) Expense | 50 | |||||
Other Nonoperating Income (Expense) [Member] | Bridge Loan | ||||||
Business Acquisition [Line Items] | ||||||
Commitment fee related to bridge term loan facility | 10 | |||||
Other Nonoperating Income (Expense) [Member] | Cooper Tire [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Post-combination settlement of incentive compensation awards | $ 6 |
Cooper Tire Acquisition - Sch_2
Cooper Tire Acquisition - Schedule of Net Sales and Earnings (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Income (loss) before income taxes | $ (677) | $ 399 | $ 513 | |
Net Income (Loss) | $ (689) | $ 202 | $ 764 | |
Cooper Tire [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Sales | $ 1,532 |
Cooper Tire Acquisition - Sch_3
Cooper Tire Acquisition - Schedule of Pro Forma Financial Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Business Acquisition, Pro Forma Information [Abstract] | |
Net Sales | $ 18,732 |
Income before Income Taxes | 791 |
Goodyear Net Income | $ 974 |
Net Sales - Schedule of Disaggr
Net Sales - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 20,066 | $ 20,805 | $ 17,478 |
Tire unit sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 17,288 | 17,886 | 14,917 |
Other tire and related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,411 | 1,421 | 1,202 |
Retail services and service related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 869 | 813 | 758 |
Chemical sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 467 | 654 | 569 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 31 | 31 | 32 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 11,993 | 12,766 | 10,051 |
Americas | Tire unit sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 10,028 | 10,694 | 8,221 |
Americas | Other tire and related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 790 | 746 | 653 |
Americas | Retail services and service related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 685 | 645 | 587 |
Americas | Chemical sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 467 | 654 | 569 |
Americas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 23 | 27 | 21 |
Europe, Middle East & Africa | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 5,606 | 5,645 | 5,243 |
Europe, Middle East & Africa | Tire unit sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 4,924 | 4,943 | 4,669 |
Europe, Middle East & Africa | Other tire and related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 532 | 582 | 454 |
Europe, Middle East & Africa | Retail services and service related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 150 | 120 | 112 |
Europe, Middle East & Africa | Chemical sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Europe, Middle East & Africa | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 0 | 0 | 8 |
Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 2,467 | 2,394 | 2,184 |
Asia Pacific | Tire unit sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 2,336 | 2,249 | 2,027 |
Asia Pacific | Other tire and related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 89 | 93 | 95 |
Asia Pacific | Retail services and service related sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 34 | 48 | 59 |
Asia Pacific | Chemical sales | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Asia Pacific | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 8 | $ 4 | $ 3 |
Net Sales - Narrative (Details)
Net Sales - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue, current | $ 18 | $ 19 |
Deferred revenue, noncurrent | $ 10 | $ 15 |
Net Sales - Schedule of Balance
Net Sales - Schedule of Balance of Deferred Revenue Related to Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in Contract with Customer, Liability [Roll Forward] | ||
Balance at January 1 | $ 34 | $ 44 |
Revenue deferred during period | 220 | 150 |
Revenue recognized during period | (225) | (159) |
Impact of foreign currency translation | (1) | (1) |
Balance at December 31 | $ 28 | $ 34 |
Costs Associated with Rationa_3
Costs Associated with Rationalization Programs - Roll-Forward of Liability Balance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve | |||
Beginning Balance | $ 117 | $ 88 | $ 200 |
Restructuring Charges Excluding Reversals And Pension Gains | 510 | 138 | 95 |
Incurred, net of foreign currency translation | (85) | (100) | (205) |
Reversed to the Statement of Operations | (8) | (9) | (2) |
Ending Balance | 534 | 117 | 88 |
Associate-Related Costs | |||
Restructuring Reserve | |||
Beginning Balance | 115 | 88 | 200 |
Restructuring Charges Excluding Reversals And Pension Gains | 453 | 110 | 52 |
Incurred, net of foreign currency translation | (42) | (74) | (162) |
Reversed to the Statement of Operations | (8) | (9) | (2) |
Ending Balance | 518 | 115 | 88 |
Foreign currency translation | 14 | (5) | (8) |
Other Costs | |||
Restructuring Reserve | |||
Beginning Balance | 2 | 0 | 0 |
Restructuring Charges Excluding Reversals And Pension Gains | 57 | 28 | 43 |
Incurred, net of foreign currency translation | (43) | (26) | (43) |
Reversed to the Statement of Operations | 0 | 0 | 0 |
Ending Balance | 16 | 2 | 0 |
Foreign currency translation | $ 0 | $ 0 | $ 0 |
Costs Associated with Rationa_4
Costs Associated with Rationalization Programs - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 15, 2023 USD ($) Employee | Jan. 31, 2024 USD ($) Employee | Sep. 30, 2023 USD ($) Employee | Jun. 30, 2023 USD ($) Employee | Mar. 31, 2023 USD ($) Employee | Dec. 31, 2023 USD ($) Employee | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 15, 2023 | Nov. 15, 2023 Associates | Nov. 15, 2023 ContractedAndTemporaryPositions | Dec. 31, 2020 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected number of position to be released (in employees) | Employee | 3,250 | |||||||||||
Restructuring reserve | $ 534 | $ 117 | $ 88 | $ 200 | ||||||||
Rationalizations (Note 4) | 502 | 129 | 93 | |||||||||
Reversed to the Statement of Operations | (8) | (9) | (2) | |||||||||
Rationalization charges to date | 1,470 | |||||||||||
Future rationalization charges expected | $ 260 | |||||||||||
Number of associates released | Employee | 800 | |||||||||||
Segment Operating Income | $ (677) | 399 | 513 | |||||||||
Accrued expenses deductible as paid | 343 | 320 | ||||||||||
Restructuring Charges Excluding Reversals And Pension Gains | 510 | 138 | 95 | |||||||||
Other Current Liabilities | 1,165 | 872 | ||||||||||
Asset write-offs and accelerated depreciation, net (Note 4) | 36 | 37 | 1 | |||||||||
Operating Segments | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 453 | 124 | 87 | |||||||||
Segment Operating Income | 968 | 1,276 | 1,288 | |||||||||
Asset write-offs and accelerated depreciation, net (Note 4) | 36 | 20 | 1 | |||||||||
September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Number Of Job Reduction | Employee | 700 | |||||||||||
Amiens Labor Claims | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring reserve | 5 | |||||||||||
Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | $ 29 | 18 | 74 | |||||||||
Reversed to the Statement of Operations | (2) | |||||||||||
Prior Year Plans | Gadsden [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 37 | |||||||||||
Current Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected number of position to be released (in employees) | Employee | 3,500 | |||||||||||
Rationalizations (Note 4) | $ 473 | 111 | 19 | |||||||||
Number of associates released | Employee | 450 | |||||||||||
Europe, Middle East, and Africa Restructuring Plan - Operating Efficiency | May 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Reduce production capacity | 50% | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | May 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued expenses related to plans | $ 250 | |||||||||||
Number Of Job Reduction | 1,750 | 1,500 | 250 | |||||||||
Estimated Total PreTax Charges | $ 150 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | 2024 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected cash outflows | 25 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | 2025 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected cash outflows | 300 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | Minimum | May 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | 575 | |||||||||||
Restructuring Charges Excluding Reversals And Pension Gains | 425 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | Minimum | 2024 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | 90 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | Minimum | 2025 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | 110 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | Maximum | May 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | 600 | |||||||||||
Restructuring Charges Excluding Reversals And Pension Gains | 450 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | Maximum | 2024 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | 110 | |||||||||||
EMEA, Fulda & Furstenwalde [Member] | Maximum | 2025 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | $ 130 | |||||||||||
Costs Reduction Plan [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Number of associates released | Employee | 20 | |||||||||||
Estimated Total PreTax Charges | $ 6 | |||||||||||
Accrued expenses deductible as paid | 5 | |||||||||||
Global Workforce Reorganization Plan [Member] | January 2024 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued expenses related to plans | 8 | |||||||||||
Number Of Job Reduction | Employee | 250 | |||||||||||
Estimated Total PreTax Charges | $ 35 | 35 | ||||||||||
Restructuring Charges Excluding Reversals And Pension Gains | $ 30 | 10 | ||||||||||
Melksham [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Asset write-offs and accelerated depreciation, net (Note 4) | 17 | |||||||||||
Melksham [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 16 | |||||||||||
Cooper Tier [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring reserve | 35 | |||||||||||
Asset write-offs and accelerated depreciation, net (Note 4) | 18 | |||||||||||
Cooper Tier [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 9 | |||||||||||
Europe Middle Eastand Africa Restructuring Plan Manufacturing Employee Severanceand Operating Efficiency [Member] | September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected number of position to be released (in employees) | Employee | 500 | |||||||||||
Accrued expenses related to plans | 166 | |||||||||||
Number Of Job Reduction | Employee | 1,200 | |||||||||||
Europe Middle Eastand Africa Restructuring Plan Manufacturing Employee Severanceand Operating Efficiency [Member] | Minimum | September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | $ 210 | |||||||||||
Europe Middle Eastand Africa Restructuring Plan Manufacturing Employee Severanceand Operating Efficiency [Member] | Maximum | September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | $ 230 | |||||||||||
Europe Middle Eastand Africa Restructuring Plan Manufacturing Employee Severanceand Operating Efficiency [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 2 | |||||||||||
Europe Middle Eastand Africa Restructuring Plan Manufacturing Employee Severanceand Operating Efficiency [Member] | Streamline EMEA Distribution Network Plan [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued expenses related to plans | 18 | |||||||||||
Number of associates released | Employee | 10 | |||||||||||
Estimated Total PreTax Charges | $ 18 | |||||||||||
Exit of third party contract associates | Employee | 285 | |||||||||||
Europe Middle Eastand Africa Restructuring Plan Manufacturing Employee Severanceand Operating Efficiency [Member] | Reduced Staffing Levels And Capacity plan [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued expenses related to plans | 3 | |||||||||||
Number of associates released | Employee | 280 | |||||||||||
Estimated Total PreTax Charges | $ 3 | |||||||||||
Australia and New Zealand Operations [Member] | September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued expenses related to plans | 21 | |||||||||||
Number Of Job Reduction | Employee | 700 | |||||||||||
Australia and New Zealand Operations [Member] | Minimum | September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | $ 55 | |||||||||||
Restructuring Charges Excluding Reversals And Pension Gains | 40 | |||||||||||
Australia and New Zealand Operations [Member] | Maximum | September 2023 [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Estimated Total PreTax Charges | 65 | |||||||||||
Restructuring Charges Excluding Reversals And Pension Gains | $ 50 | |||||||||||
Gadsden Restructuring Plan To Offer Voluntary Buy Outs To Certain Associates [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 6 | 15 | ||||||||||
Discontinued operation in russia [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 10 | |||||||||||
Discontinued operation in russia [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 2 | |||||||||||
Reversals Charges [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 8 | 9 | ||||||||||
Employee Severance [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring reserve | 17 | |||||||||||
Associate Related Costs [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring reserve | 518 | 115 | 88 | $ 200 | ||||||||
Reversed to the Statement of Operations | (8) | (9) | (2) | |||||||||
Restructuring Charges Excluding Reversals And Pension Gains | 453 | 110 | 52 | |||||||||
Other Current Liabilities | 239 | 106 | ||||||||||
Associate Related Costs [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | (5) | 0 | 31 | |||||||||
Associate Related Costs [Member] | Current Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 449 | 103 | 19 | |||||||||
Modernizing Tire Manufacturing Facilities In Germany [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Asset write-offs and accelerated depreciation, net (Note 4) | $ 10 | |||||||||||
Modernizing Tire Manufacturing Facilities In Germany [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | 7 | 26 | ||||||||||
Global SAG headcount [Member] | Prior Year Plans | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Rationalizations (Note 4) | $ 3 | $ 10 |
Costs Associated with Rationa_5
Costs Associated with Rationalization Programs - Schedule of Net Rationalization Charges Included in Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | $ 502 | $ 129 | $ 93 |
Asset write-off and accelerated depreciation charges | 36 | 30 | 1 |
Current Year Plans | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | 473 | 111 | 19 |
Current Year Plans | Associate severance and other related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | 449 | 103 | 19 |
Current Year Plans | Benefit plan curtailment and special termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | 1 | 0 | 0 |
Current Year Plans | Other exit and non-cancelable lease costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | 23 | 8 | 0 |
Prior Year Plans | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | 29 | 18 | 74 |
Prior Year Plans | Associate severance and other related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | (5) | 0 | 31 |
Prior Year Plans | Other exit and non-cancelable lease costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Rationalizations (Note 4) | $ 34 | $ 18 | $ 43 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Expense [Abstract] | |||
Interest expense before capitalization | $ 559 | $ 470 | $ 403 |
Capitalized interest | (27) | (19) | (16) |
Interest Expense | 532 | 451 | 387 |
Interest paid, net | $ 514 | $ 437 | $ 316 |
Other (Income) Expense (Details
Other (Income) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Non-service related pension and other postretirement benefits costs | $ 148 | $ 178 | $ 92 |
Interest income on indirect tax settlements in Brazil | 0 | 0 | (48) |
Financing fees and financial instruments expense | 59 | 40 | 39 |
Net foreign currency exchange (gains) losses | 87 | 12 | 29 |
Interest income | (84) | (34) | (24) |
General and product liability expense - discontinued products | 6 | 5 | 0 |
Royalty income | (30) | (27) | (24) |
Net (gains) losses on asset sales | (104) | (122) | (20) |
Transaction costs | 0 | 0 | 40 |
Miscellaneous (income) expense | 26 | 23 | 10 |
Other (income) expense | $ 108 | $ 75 | $ 94 |
Other (Income) Expense - Narrat
Other (Income) Expense - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income And Expenses [Line Items] | |||||
Write off of previously capitalized Bridge Facility fees | $ 10 | ||||
Sale leaseback transaction net gain | $ 23 | $ 59 | $ 88 | $ 95 | |
Operating Lease, Right-of-Use Asset | 985 | 985 | 976 | ||
Proceeds from sale and leaseback of consumer and commercial tire and service centers | 24 | 66 | $ 99 | $ 108 | |
Leaseback terms | Leaseback terms for this location include a 5-year initial term | Leaseback terms for all locations include a 15-year initial term with up to six 5-year renewal options | |||
Operating lease right of use assets | $ 7 | $ 24 | $ 7 | $ 57 | |
Gain (loss) related to litigation settlement | 69 | ||||
Pension cost (reversal of cost) | 40 | 124 | 43 | ||
Interest income other | 84 | 34 | 24 | ||
Miscellaneous (income) expense | (108) | (75) | (94) | ||
Insurance settlement gain | 69 | ||||
Impact Of Verdict And Other Fees | 15 | ||||
Miscellaneous income loss expense | 10 | ||||
Argentina [Member] | |||||
Other Income And Expenses [Line Items] | |||||
Net foreign currency exchange (gains) losses include expense related to out of period adjustment | 80 | 19 | 13 | ||
Interest income other | 44 | $ 17 | 8 | ||
Miscellaneous income loss expense | $ 10 | ||||
Turkish lira [Member] | |||||
Other Income And Expenses [Line Items] | |||||
Net foreign currency exchange (gains) losses include expense related to out of period adjustment | 13 | ||||
Miscellaneous Income Expense [Member] | |||||
Other Income And Expenses [Line Items] | |||||
Miscellaneous (income) expense | 31 | ||||
Income from legal matter | 11 | ||||
Income from write off of accumulated foreign currency translation adjustment | $ 5 |
Income Taxes - Income (Loss) be
Income Taxes - Income (Loss) before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (325) | $ 41 | $ (102) |
Foreign | (352) | 358 | 615 |
Income (Loss) before Income Taxes | $ (677) | $ 399 | $ 513 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
U.S. federal income tax expense (benefit) at the statutory rate of 21% | $ (142) | $ 84 | $ 108 |
Net foreign losses (income) with no tax due to valuation allowances | 122 | 45 | 3 |
Goodwill impairment | 34 | 0 | 0 |
State income taxes, net of U.S. federal benefit | (12) | 6 | 1 |
Adjustment for foreign income taxed at different rates and nontaxable foreign items | 5 | 33 | 24 |
U.S. charges (benefits) related to foreign tax credits, R&D and foreign derived intangible deduction | 4 | (7) | (4) |
Deferred tax impact of enacted tax rate and law changes | 0 | (6) | (61) |
Net establishment (release) of uncertain tax positions | (3) | (4) | (6) |
Other | 2 | 15 | 9 |
United States and Foreign Tax Expense (Benefit) | 10 | 190 | (267) |
Foreign Tax Authority | |||
Income Taxes [Line Items] | |||
Net establishment (release) of foreign valuation allowances and write off of deferred taxes | 0 | 24 | (1) |
Domestic Tax Authority | |||
Income Taxes [Line Items] | |||
Deferred tax impact of enacted tax rate and law changes | 21 | ||
Net establishment (release) of foreign valuation allowances and write off of deferred taxes | $ 0 | $ 0 | $ (340) |
Income Taxes - Components of Un
Income Taxes - Components of United States and Foreign Tax (Benefit) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 37 | $ 0 | $ 1 |
Foreign | 177 | 150 | 166 |
State | 26 | 12 | 37 |
Current income tax expense (benefit) | 240 | 162 | 204 |
Deferred: | |||
Federal | (123) | (28) | (362) |
Foreign | (62) | 46 | (23) |
State | (45) | 10 | (86) |
Deferred income tax expense (benefit) | (230) | 28 | (471) |
United States and Foreign Tax Expense (Benefit) | $ 10 | $ 190 | $ (267) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||||
U.S. statutory rate | 21% | 21% | 21% | ||
Income tax (benefit) expense | $ 10 | $ 190 | $ (267) | ||
Income (loss) before income taxes | (677) | 399 | 513 | ||
Net discrete tax adjustments | 9 | 23 | 409 | ||
Valuation allowance | 1,275 | 1,072 | |||
Deferred Tax Assets, Valuation Allowance, Total | 1,999 | 1,998 | |||
Deferred tax impact of enacted tax rate and law changes | 0 | (6) | (61) | ||
Discrete adjustments, other | $ 1 | 2 | |||
Net deferred tax assets | 1,999 | 1,998 | |||
Operating loss carryforwards, domestic | 157 | ||||
Operating loss carryforwards, state and local | 50 | ||||
Deferred tax assets, operating loss, capital loss, and tax credit carryforwards | 948 | ||||
Tax credit carryforwards, research | 129 | ||||
Unrecognized tax benefits | 92 | 87 | 90 | $ 85 | |
Unrecognized tax benefits that would impact effective tax rate | 61 | ||||
Income tax penalties and interest accrued | 1 | ||||
Unsettled unrecognized tax benefits that would require cash | 9 | ||||
Undistributed earnings of foreign subsidiaries | 2,800 | ||||
Amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries | 100 | ||||
Income tax cash payments, net | 200 | 174 | 201 | ||
Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward, valuation allowance | 340 | ||||
Valuation allowance | 1,200 | 1,000 | |||
Deferred Tax Assets, Valuation Allowance, Total | 1,500 | 1,200 | |||
Net establishment (release) of foreign valuation allowances and write off of deferred taxes | 0 | 24 | (1) | ||
Net deferred tax assets | 1,500 | 1,200 | |||
Deferred tax asset, tax credit carryforwards, foreign | $ 23 | ||||
Tax credit carryforward expiration period | 2030 to 2043 | ||||
Domestic Tax Authority | |||||
Income Taxes [Line Items] | |||||
Deferred tax impact of enacted tax rate and law changes | 21 | ||||
Net establishment (release) of foreign valuation allowances and write off of deferred taxes | $ 0 | 0 | (340) | ||
Tax credit carryforward expiration period | 2028 to 2030 | ||||
Domestic and State and Local Authority | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | $ 22 | ||||
Deferred Tax Assets, Valuation Allowance, Total | 1,200 | 1,100 | |||
Net deferred tax assets | $ 1,200 | 1,100 | |||
Net deferred tax assets, expiration period | 2024 to 2033 | ||||
State and Local Authority | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | $ 22 | 26 | |||
Operating loss carryforwards, state and local | $ 38 | ||||
Tax credit carryforward expiration period | 2024 to 2040 | ||||
Maximum [Member] | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward expiration period | and | ||||
Minimum [Member] | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward expiration period | between | ||||
England | |||||
Income Taxes [Line Items] | |||||
Deferred tax impact of enacted tax rate and law changes | $ 39 | ||||
BRAZIL | |||||
Income Taxes [Line Items] | |||||
Tax benefit related to a favorable court ruling | $ 8 | ||||
Luxembourg | Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | $ 1,000 | ||||
UK | |||||
Income Taxes [Line Items] | |||||
Net establishment (release) of foreign valuation allowances and write off of deferred taxes | 14 | ||||
Russia | |||||
Income Taxes [Line Items] | |||||
Net establishment (release) of foreign valuation allowances and write off of deferred taxes | 11 | ||||
US | |||||
Income Taxes [Line Items] | |||||
Net deferred tax assets, limited lives | 200 | 400 | |||
Net deferred tax assets, unlimited lives | 1,000 | 700 | |||
Deferred tax asset, tax credit carryforwards, foreign | 22 | $ 230 | |||
Europe | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 1,253 | ||||
Deferred tax assets, operating loss, capital loss, and tax credit carryforwards, subject to expiration | $ 72 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Tax loss carryforwards and credits | $ 1,155 | $ 1,160 |
Capitalized research and development expenditures | 490 | 481 |
Prepaid royalty income | 427 | 457 |
Accrued expenses deductible as paid | 343 | 320 |
Partnership basis differences | 317 | 341 |
Other prepayments income | 153 | 0 |
Postretirement benefits and pensions | 87 | 63 |
Lease liabilities | 82 | 70 |
Rationalizations and other provisions | 58 | 52 |
Vacation and sick pay | 25 | 26 |
Other | 137 | 100 |
Total gross deferred tax assets | 3,274 | 3,070 |
Valuation allowance | (1,275) | (1,072) |
Deferred Tax Assets, Valuation Allowance, Total | 1,999 | 1,998 |
Intangible property basis differences related to Cooper Tire acquisition | (205) | (214) |
Property basis differences | (166) | (407) |
Right-of-use assets | (81) | (68) |
Total net deferred tax assets | $ 1,547 | $ 1,309 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 87 | $ 90 | $ 85 |
Increases related to prior year tax positions | 5 | 10 | 28 |
Decreases related to prior year tax positions | 0 | 0 | (12) |
Settlements | (1) | (12) | (5) |
Foreign currency impact | (1) | (7) | |
Foreign currency impact | 4 | ||
Increases related to current year tax positions | 0 | 2 | 3 |
Lapse of statute of limitations | (3) | (2) | (2) |
Balance at end of period | $ 92 | $ 87 | $ 90 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings (loss) per share — basic: | |||
Net Income (Loss) | $ (689) | $ 202 | $ 764 |
Weighted Average Shares Outstanding (Note 8) | 285 | 284 | 261 |
Earnings (loss) per common share-basic (in dollars per share) | $ (2.42) | $ 0.71 | $ 2.92 |
Earnings (loss) per share — diluted: | |||
Net Income (Loss) | $ (689) | $ 202 | $ 764 |
Weighted Average Shares Outstanding (Note 8) | 285 | 284 | 261 |
Dilutive effect of stock options and other dilutive securities (in shares) | 0 | 2 | 3 |
Weighted Average Shares Outstanding (Note 8) | 285 | 286 | 264 |
Earnings (loss) per common share-diluted (in dollars per share) | $ (2.42) | $ 0.71 | $ 2.89 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Underwater Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Equivalent shares excluded from weighted average shares outstanding (in shares) | 2 | 2 | 2 |
Unvested Performance Share Units and Restricted Stock Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Equivalent shares excluded from weighted average shares outstanding (in shares) | 2 |
Business Segments - Narrative (
Business Segments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 3 | ||
Cash and cash equivalents | $ 902 | $ 1,227 | $ 1,088 |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | $ 244 | $ 301 | |
Concentrations of cash and cash equivalents | 27% | 25% | |
Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | $ 297 | $ 361 | |
Concentrations of cash and cash equivalents | 33% | 29% | |
Americas | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | $ 237 | $ 316 | |
Concentrations of cash and cash equivalents | 26% | 26% |
Business Segments - Reporting I
Business Segments - Reporting Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Operating Income | ||||
Net Sales | $ 20,066 | $ 20,805 | $ 17,478 | |
Less: | ||||
Income (loss) before income taxes | (677) | 399 | 513 | |
Goodwill Impairment (Notes 12 ) | 230 | 0 | 0 | |
Rationalizations (Note 4) | 502 | 129 | 93 | |
Interest expense (Note 5) | 532 | 451 | 387 | |
Asset write-offs and accelerated depreciation, net (Note 4) | 36 | 37 | 1 | |
Operating Segments | ||||
Less: | ||||
Income (loss) before income taxes | 968 | 1,276 | 1,288 | |
Rationalizations (Note 4) | 453 | 124 | 87 | |
Asset write-offs and accelerated depreciation, net (Note 4) | 36 | 20 | 1 | |
Segment Reconciling Items | ||||
Less: | ||||
Goodwill Impairment (Notes 12 ) | 230 | 0 | 0 | |
Rationalizations (Note 4) | 502 | 129 | 93 | |
Interest expense (Note 5) | 532 | 451 | 387 | |
Other (income) expense (Note 6) | 108 | 75 | 94 | |
Asset write-offs and accelerated depreciation, net (Note 4) | 36 | 37 | 1 | |
Corporate incentive compensation plans | 70 | 56 | 87 | |
Retained expenses of divested operations | 18 | 14 | 12 | |
Other | [1] | 149 | 115 | 101 |
Americas | ||||
Segment Operating Income | ||||
Net Sales | 11,993 | 12,766 | 10,051 | |
Americas | Operating Segments | ||||
Less: | ||||
Income (loss) before income taxes | 749 | 1,094 | 914 | |
Rationalizations (Note 4) | 19 | 32 | 38 | |
Asset write-offs and accelerated depreciation, net (Note 4) | 19 | 0 | 0 | |
Europe, Middle East and Africa | ||||
Segment Operating Income | ||||
Net Sales | 5,606 | 5,645 | 5,243 | |
Europe, Middle East and Africa | Operating Segments | ||||
Less: | ||||
Income (loss) before income taxes | 17 | 61 | 239 | |
Rationalizations (Note 4) | 409 | 92 | 49 | |
Asset write-offs and accelerated depreciation, net (Note 4) | 17 | 20 | 1 | |
Asia Pacific | ||||
Segment Operating Income | ||||
Net Sales | 2,467 | 2,394 | 2,184 | |
Asia Pacific | Operating Segments | ||||
Less: | ||||
Income (loss) before income taxes | 202 | 121 | 135 | |
Rationalizations (Note 4) | $ 25 | $ 0 | $ 0 | |
[1] Primarily represents unallocated corporate costs and the elimination o f $ 27 million , $ 25 million and $ 22 million for the years ended December 31, 2023, 2022 and 2021, respectively, of royalty income attributable to the SBUs. Other in 2023 also includes $ 35 million of costs related to the Goodyear Forward plan, primarily related to third-party consulting fees. |
Business Segments - Reporting_2
Business Segments - Reporting Information (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Royalty income | $ 30 | $ 27 | $ 24 |
Intersegment Eliminations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Royalty income | 27 | $ 25 | $ 22 |
Third-party consulting fees | $ 35 |
Business Segments - Segment Ass
Business Segments - Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 21,582 | $ 22,431 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 19,287 | 20,323 | |
Operating Segments | Americas | |||
Segment Reporting Information [Line Items] | |||
Assets | 11,647 | 12,171 | |
Operating Segments | Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,873 | 5,239 | |
Operating Segments | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,767 | 2,913 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 2,295 | $ 2,108 |
[1] Corporate includes substantially all of our U.S. net deferred tax assets. |
Business Segments - Geographic
Business Segments - Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $ 20,066 | $ 20,805 | $ 17,478 |
Long-Lived Assets | 8,492 | 8,294 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 3,891 | 3,804 | |
Long-Lived Assets | 9,807 | 10,734 | 8,480 |
Other international | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 3,888 | 3,747 | |
Long-Lived Assets | 10,259 | 10,071 | $ 8,998 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 713 | $ 743 |
Business Segments - Rationaliza
Business Segments - Rationalizations, Asset Sales, Other Expense and Asset Write-offs and Accelerated Depreciation Attributable to the SBUs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Goodwill Impairment | $ 230 | $ 0 | $ 0 |
Rationalizations (Note 4) | 502 | 129 | 93 |
Net (Gains) Losses on Asset Sales | (104) | (122) | (20) |
Total Segment Asset Write-Offs and Accelerated Depreciation, net | 36 | 37 | 1 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Rationalizations (Note 4) | 453 | 124 | 87 |
Net (Gains) Losses on Asset Sales | (104) | (122) | (14) |
Total Segment Asset Write-Offs and Accelerated Depreciation, net | 36 | 20 | 1 |
Operating Segments | Americas | |||
Segment Reporting Information [Line Items] | |||
Rationalizations (Note 4) | 19 | 32 | 38 |
Net (Gains) Losses on Asset Sales | (104) | (122) | (1) |
Total Segment Asset Write-Offs and Accelerated Depreciation, net | 19 | 0 | 0 |
Operating Segments | Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Goodwill Impairment | 230 | 0 | 0 |
Rationalizations (Note 4) | 409 | 92 | 49 |
Net (Gains) Losses on Asset Sales | 0 | 0 | (13) |
Total Segment Asset Write-Offs and Accelerated Depreciation, net | 17 | 20 | 1 |
Operating Segments | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Rationalizations (Note 4) | 25 | 0 | 0 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Rationalizations (Note 4) | 49 | 5 | 6 |
Net (Gains) Losses on Asset Sales | 0 | 0 | (6) |
Total Segment Asset Write-Offs and Accelerated Depreciation, net | $ 0 | $ 17 | $ 0 |
Business Segments - Capital Exp
Business Segments - Capital Expenditures Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 1,050 | $ 1,061 | $ 981 |
Depreciation and amortization | 1,001 | 964 | 883 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 1,019 | 1,013 | 942 |
Depreciation and amortization | 960 | 913 | 845 |
Operating Segments | Americas | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 638 | 611 | 537 |
Depreciation and amortization | 580 | 561 | 486 |
Operating Segments | Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 255 | 258 | 270 |
Depreciation and amortization | 239 | 208 | 213 |
Operating Segments | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 126 | 144 | 135 |
Depreciation and amortization | 141 | 144 | 146 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 31 | 48 | 39 |
Depreciation and amortization | $ 41 | $ 51 | $ 38 |
Business Segments - Equity In N
Business Segments - Equity In Net Income (Loss) of Investees Accounted For By Equity Method (Details) - Operating Segments - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Equity in (Income) Loss | $ (2) | $ (25) | $ (22) |
Americas | |||
Segment Reporting Information [Line Items] | |||
Equity in (Income) Loss | 15 | (14) | (18) |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Equity in (Income) Loss | (16) | (12) | (4) |
Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Equity in (Income) Loss | $ (1) | $ 1 | $ 0 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts receivable | $ 2,833 | $ 2,722 |
Allowance for doubtful accounts | (102) | (112) |
Accounts receivable, net | $ 2,731 | $ 2,610 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 785 | $ 1,191 |
Work in process | 206 | 187 |
Finished goods | 2,707 | 3,193 |
Total inventory | $ 3,698 | $ 4,571 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Goodwill [Roll Forward] | ||||||
Beginning balance | $ 1,014 | $ 1,004 | ||||
Acquisitions | 0 | 33 | ||||
Divestitures | 0 | (3) | ||||
Impairment | (230) | 0 | $ 0 | |||
Translation | (3) | (20) | ||||
Ending balance | 781 | 1,014 | 1,004 | |||
Goodwill Accumulated Impairment | 412 | |||||
Americas | ||||||
Goodwill [Roll Forward] | ||||||
Beginning balance | 724 | 709 | ||||
Acquisitions | 0 | 15 | ||||
Divestitures | 0 | 0 | ||||
Impairment | 0 | |||||
Translation | 0 | 0 | ||||
Ending balance | 724 | 724 | 709 | |||
Europe, Middle East & Africa | ||||||
Goodwill [Roll Forward] | ||||||
Beginning balance | 232 | [1] | 231 | |||
Acquisitions | 0 | [1] | 18 | |||
Divestitures | 0 | [1] | (3) | |||
Impairment | [1] | (230) | ||||
Translation | (2) | [1] | (14) | |||
Ending balance | 0 | [1] | 232 | [1] | 231 | |
Asia Pacific | ||||||
Goodwill [Roll Forward] | ||||||
Beginning balance | 58 | 64 | ||||
Acquisitions | 0 | 0 | ||||
Divestitures | 0 | 0 | ||||
Impairment | 0 | |||||
Translation | (1) | (6) | ||||
Ending balance | $ 57 | $ 58 | $ 64 | |||
[1] (1) The decrease during 2023 was due to the EMEA goodwill impairment. The accumulated amount of impairment recognized against EMEA's goodwill is $ 412 million |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, impairment charge | $ 230 | $ 0 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets with indefinite lives, gross | [1] | $ 687 | $ 687 |
Intangible assets with indefinite lives, accumulated amortization | [1] | (6) | (6) |
Intangible assets with indefinite lives, net | 681 | 681 | |
Intangible assets, gross | [1] | 1,096 | 1,098 |
Intangible assets, accumulated amortization | [1] | (127) | (94) |
Intangible assets, net | 969 | 1,004 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | [1] | 350 | 350 |
Finite-lived intangible assets, accumulated amortization | [1] | (77) | (48) |
Finite-lived intangible assets, net | 273 | 302 | |
Trademarks and Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | [1] | 29 | 30 |
Finite-lived intangible assets, accumulated amortization | [1] | (19) | (20) |
Finite-lived intangible assets, net | 10 | 10 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | [1] | 30 | 31 |
Finite-lived intangible assets, accumulated amortization | [1] | (25) | (20) |
Finite-lived intangible assets, net | $ 5 | $ 11 | |
[1] Includes impact of foreign currency translation. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||||
Amortization of intangible assets | $ 33 | $ 35 | $ 21 | |
2024 | $ 32 | 32 | ||
2025 | 30 | 30 | ||
2026 | 30 | 30 | ||
2027 | 30 | 30 | ||
2028 | 30 | $ 30 | ||
Weighted average remaining amortization period | 9 years | |||
Cooper Tire acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Indefinite-lived Intangible asset | 530 | $ 530 | ||
EMEA | ||||
Goodwill [Line Items] | ||||
Non-cash impairement charges | $ 230 |
Other Assets and Investments (D
Other Assets and Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Dividends received from consolidated subsidiaries | $ 150 | $ 115 | $ 177 |
Dividends received from affiliates accounted for using the equity method | 19 | 7 | 6 |
Net Income (Loss) | (687) | 209 | 780 |
Tire Hub Limited [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Net Income (Loss) | (25) | 1 | 4 |
ACTR Company Lltd [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Net Income (Loss) | $ 15 | 12 | $ 4 |
ACTR Company Limited [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Equity ownership percentage | 35% | ||
ACTR Company Limited [Member] | Cooper Tire [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Value of joint venture acquired | $ 76 | 70 | |
Equity stake acquired | 35% | ||
TireHub [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Equity ownership percentage | 50% | ||
TireHub [Member] | Other Assets | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Equity method investments | $ 22 | 60 | |
Loan receivable, outstanding | 96 | $ 17 | |
Interest receivable | $ 2 |
Property, Plant and Equipment P
Property, Plant and Equipment Property, Plant and Equipment - (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 462 | $ 450 |
Buildings | 3,058 | 2,857 |
Machinery and equipment | 15,733 | 14,889 |
Construction in progress | 1,340 | 1,173 |
Property, plant, and equipment and finance lease right-of-use asset, gross | 20,593 | 19,369 |
Accumulated depreciation | (12,472) | (11,377) |
Property plant and equipment, net before spare parts | 8,121 | 7,992 |
Spare parts | 371 | 302 |
Property, plant and equipment, net | 8,492 | 8,294 |
Owned | ||
Property, Plant and Equipment [Line Items] | ||
Land | 461 | 449 |
Buildings | 2,840 | 2,640 |
Machinery and equipment | 15,664 | 14,838 |
Construction in progress | 1,340 | 1,173 |
Property, plant, and equipment and finance lease right-of-use asset, gross | 20,305 | 19,100 |
Accumulated depreciation | (12,392) | (11,308) |
Property plant and equipment, net before spare parts | 7,913 | 7,792 |
Spare parts | 371 | 302 |
Property, plant and equipment, net | 8,284 | 8,094 |
Finance Leases | ||
Property, Plant and Equipment [Line Items] | ||
Land | 1 | 1 |
Buildings | 218 | 217 |
Machinery and equipment | 69 | 51 |
Construction in progress | 0 | 0 |
Property, plant, and equipment and finance lease right-of-use asset, gross | 288 | 269 |
Accumulated depreciation | (80) | (69) |
Property plant and equipment, net before spare parts | 208 | 200 |
Spare parts | 0 | 0 |
Property, plant and equipment, net | $ 208 | $ 200 |
Building and Building Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Building and Building Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 45 years | |
Machinery and Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Machinery and Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 40 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease Expense (Note 15) | $ 302 | $ 300 | $ 295 |
Finance Lease Expense: | |||
Amortization of ROU assets | 12 | 10 | 9 |
Interest on lease liabilities | 20 | 20 | 21 |
Short Term Lease Expense | 11 | 17 | 11 |
Variable Lease Expense | 3 | 5 | 8 |
Sublease Income | (10) | (11) | (11) |
Total Lease Expense | $ 338 | $ 341 | $ 333 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | |||
Operating Cash Flows for Operating Leases | $ 278 | $ 276 | $ 278 |
Operating Cash Flows for Finance Leases | 20 | 20 | 21 |
Financing Cash Flows for Finance Leases | 8 | 6 | 6 |
ROU Assets Obtained in Exchange for Lease Obligations | |||
Operating Leases | 218 | 250 | 378 |
Finance Leases | $ 17 | $ 20 | $ 14 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Leases | |||
Operating Lease ROU Assets | $ 985 | $ 976 | |
Operating Lease Liabilities due Within One Year (Note 15) | 200 | 199 | |
Operating Lease Liabilities (Note 15) | 825 | 821 | |
Total Operating Lease Liabilities | 1,025 | 1,020 | |
Finance Leases | |||
Property, Plant and Equipment, at cost | 288 | 269 | |
Accumulated Depreciation | (80) | (69) | |
Property, Plant and Equipment, net | 208 | 200 | |
Long Term Debt and Finance Leases due Within One Year | 10 | 8 | |
Long Term Debt and Finance Leases | 258 | 247 | |
Total Finance Lease Liabilities | [1] | $ 268 | $ 255 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total Finance Lease Liabilities | Total Finance Lease Liabilities | |
Weighted Average Remaining Lease Term | |||
Operating Leases | 7 years | 7 years 4 months 24 days | |
Finance Leases | 27 years 3 months 18 days | 29 years 2 months 12 days | |
Weighted Average Discount Rate | |||
Operating Leases | 7.24% | 6.82% | |
Finance Leases | 8.17% | 8.26% | |
[1] Includes non-cash financing additions o f $ 17 m illion and $ 20 million d uring the twelve month period ended December 31, 2023 and 2022, respectively. |
Leases - Future Maturities of L
Leases - Future Maturities of Lease Liabilities - ASC 842 (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Leases | |||
2024 | $ 260 | ||
2025 | 221 | ||
2026 | 183 | ||
2027 | 147 | ||
2028 | 110 | ||
Thereafter | 413 | ||
Total Lease Payments | 1,334 | ||
Less: Imputed Interest | 309 | ||
Total Operating Lease Liabilities | 1,025 | $ 1,020 | |
Finance Leases | |||
2024 | 29 | ||
2025 | 28 | ||
2026 | 28 | ||
2027 | 27 | ||
2028 | 26 | ||
Thereafter | 617 | ||
Total Lease Payments | 755 | ||
Less: Imputed Interest | $ 487 | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total Finance Lease Liabilities | Total Finance Lease Liabilities | |
Total Finance Lease Liabilities | [1] | $ 268 | $ 255 |
[1] Includes non-cash financing additions o f $ 17 m illion and $ 20 million d uring the twelve month period ended December 31, 2023 and 2022, respectively. |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Operating Leased Assets [Line Items] | |
Lease not yet commenced, amount | $ 162 |
Operating and finance lease commencement year | 2024 |
Operating and finance lease commencement year | 2025 |
Minimum | |
Operating Leased Assets [Line Items] | |
Operating and finance lease, term of contract | 1 year |
Maximum | |
Operating Leased Assets [Line Items] | |
Operating and finance lease, term of contract | 40 years |
Financing Arrangements and De_3
Financing Arrangements and Derivative Financial Instruments - Other Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Credit arrangements, unused amount | $ 4,247 |
Debt, percentage bearing variable interest | 20% |
Long-term Debt | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 10,983 |
Credit arrangements, unused amount | 3,867 |
Short-term Debt | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | 760 |
Credit arrangements, unused amount | $ 380 |
Variable Rate Credit Arrangements | |
Debt Instrument [Line Items] | |
Interest rate | 8.09% |
Revolving Credit Facility | Line of Credit | |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 11,743 |
Financing Arrangements and De_4
Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases Due Within One Year (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Notes Payable and Overdrafts | $ 344 | $ 395 | |
Long Term Debt | 449 | 228 | |
Total obligations due within one year | 793 | 623 | |
Other Foreign and Domestic Debt | |||
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Notes Payable and Overdrafts | 329 | 369 | |
Long Term Debt | $ 395 | $ 92 | |
Weighted average interest rate | [1] | 7.44% | 6.58% |
Long Term Debt And Capital Leases, Current | |||
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Weighted average interest rate | 7.27% | 3.88% | |
Chinese credit facilities | |||
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Notes Payable and Overdrafts | $ 15 | $ 26 | |
Long Term Debt | 120 | 99 | |
Chinese credit facilities | Long Term Debt And Capital Leases, Current | |||
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Long Term Debt | 54 | 136 | |
Foreign Line of Credit | Chinese credit facilities | |||
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Notes Payable and Overdrafts | $ 15 | $ 26 | |
Notes Payable and Overdrafts | |||
Notes Payable, Overdrafts, Long-term Debt and Capital Leases Due Within One Year | |||
Weighted average interest rate | 10.52% | 5.75% | |
[1] Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions. |
Financing Arrangements and De_5
Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases, Net of Unamortized Discounts, and Interest Rates (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | May 18, 2021 | Apr. 06, 2021 | |
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 7,049 | $ 7,286 | |||
Unamortized deferred financing fees | (37) | (46) | |||
Total long term debt excluding capital leases | 7,012 | 7,240 | |||
Finance lease obligations | [1] | 268 | 255 | ||
Long-term debt and capital leases | 7,280 | 7,495 | |||
Less portion due within one year | (449) | (228) | |||
Long-term debt and capital leases, excluding current maturities | 6,831 | 7,267 | |||
Other Foreign and Domestic Debt | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | [2] | 591 | 650 | ||
Less portion due within one year | $ (395) | $ (92) | |||
Interest rate | [2] | 7.44% | 6.58% | ||
9.5% due 2025 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 801 | $ 802 | |||
Interest rate, stated percentage | 9.50% | 9.50% | |||
5% due 2026 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 900 | $ 900 | |||
Interest rate, stated percentage | 5% | 5% | |||
4.875% due 2027 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 700 | $ 700 | |||
Interest rate, stated percentage | 4.875% | 4.875% | 4.875% | 4.875% | |
7.625% due 2027 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 128 | $ 131 | |||
Interest rate, stated percentage | 7.625% | 7.625% | |||
7% due 2028 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 150 | $ 150 | |||
Interest rate, stated percentage | 7% | 7% | |||
2.75% Euro Notes due 2028 | Euro Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 442 | $ 427 | |||
Interest rate, stated percentage | 2.75% | 2.75% | |||
5% due 2029 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 850 | $ 850 | |||
Interest rate, stated percentage | 5% | 5% | |||
5.25% due April 2031 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 550 | $ 550 | |||
Interest rate, stated percentage | 5.25% | 5.25% | |||
5.25% due July 2031 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 600 | $ 600 | |||
Interest rate, stated percentage | 5.25% | 5.25% | |||
5.625% due 2033 | Senior Notes | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 450 | $ 450 | |||
Interest rate, stated percentage | 5.625% | 5.625% | |||
First lien revolving credit facility due 2026 | Revolving Credit Facility | Line of Credit | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 385 | $ 0 | |||
Interest rate | 6.71% | 0% | |||
European Revolving Credit Facility Due 2028 | Revolving Credit Facility | Line of Credit | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 0 | $ 374 | |||
Interest rate | 0% | 3.39% | |||
Pan-European accounts receivable facility | Line of Credit | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 244 | $ 267 | |||
Interest rate | 6.11% | 3.77% | |||
Mexican credit facilities | Line of Credit | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 84 | $ 200 | |||
Interest rate | 7.57% | 6.29% | |||
Chinese credit facilities | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Less portion due within one year | $ (120) | $ (99) | |||
Chinese credit facilities | Line of Credit | |||||
Long-term Debt and Lease Obligation [Abstract] | |||||
Long-term debt, before deferred financing fees | $ 174 | $ 235 | |||
Interest rate | 3.94% | 4.23% | |||
[1] Includes non-cash financing additions o f $ 17 m illion and $ 20 million d uring the twelve month period ended December 31, 2023 and 2022, respectively. Interest rates are weighted average interest rates related to various foreign credit facilities with customary terms and conditions. |
Financing Arrangements and De_6
Financing Arrangements and Derivative Financial Instruments - Long Term Debt and Finance Leases, Net of Unamortized Discounts, and Interest Rates (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | May 18, 2021 | Apr. 06, 2021 | |
Long-term Debt and Lease Obligation [Abstract] | ||||
Non-cash financing additions | $ 17 | $ 20 | ||
9.5% due 2025 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 9.50% | 9.50% | ||
5% due 2026 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 5% | 5% | ||
4.875% due 2027 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 4.875% | 4.875% | 4.875% | 4.875% |
7.625% due 2027 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 7.625% | 7.625% | ||
7% due 2028 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 7% | 7% | ||
2.75% Euro Notes due 2028 | Euro Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 2.75% | 2.75% | ||
5% due 2029 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 5% | 5% | ||
5.25% due April 2031 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 5.25% | 5.25% | ||
5.25% due July 2031 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 5.25% | 5.25% | ||
5.625% due 2033 | Senior Notes | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||
Interest rate, stated percentage | 5.625% | 5.625% |
Financing Arrangements and De_7
Financing Arrangements and Derivative Financial Instruments - Notes Narrative (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||||
Sep. 28, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | May 18, 2021 | Apr. 06, 2021 | May 22, 2020 USD ($) | May 18, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 7,049 | $ 7,286 | |||||||
Repayments of long-term debt | $ 10,220 | 9,947 | $ 8,504 | ||||||
Senior Notes | Debt Instrument, Redemption, After December 15, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5% | 5% | |||||||
9.5% due 2025 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 801 | $ 802 | |||||||
Interest rate, stated percentage | 9.50% | 9.50% | 9.50% | ||||||
Debt instrument, principal amount | $ 800 | $ 200 | |||||||
Debt Instrument Notes Sold of Principle Amount | $ 600 | ||||||||
Notes sold, percentage of principle amount | 101.75% | 100% | |||||||
Debt instrument, maturity date | May 31, 2025 | ||||||||
Effective yield | 9.056% | 9.056% | |||||||
9.5% due 2025 | Senior Notes | Debt Instrument Redemption Period Commencing May 31, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 102.375% | ||||||||
9.5% due 2025 | Senior Notes | Debt Instrument Redemption Period Commencing May 31, 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
5% due 2026 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 900 | $ 900 | |||||||
Interest rate, stated percentage | 5% | 5% | 5% | ||||||
Debt instrument, principal amount | $ 900 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | May 31, 2026 | ||||||||
5% due 2026 | Senior Notes | Debt Instrument Redemption Period Commencing May 31, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100.833% | ||||||||
5% due 2026 | Senior Notes | Debt Instrument Redemption Period Commencing May 31, 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
5% due 2029 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 850 | $ 850 | |||||||
Interest rate, stated percentage | 5% | 5% | 5% | ||||||
Debt instrument, principal amount | $ 850 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | Jul. 15, 2029 | ||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
Basis spread | 0.50% | ||||||||
5.25% due April 2031 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 550 | $ 550 | |||||||
Interest rate, stated percentage | 5.25% | 5.25% | 5.25% | ||||||
Debt instrument, principal amount | $ 550 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | Apr. 30, 2031 | ||||||||
5.25% due July 2031 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 600 | $ 600 | |||||||
Interest rate, stated percentage | 5.25% | 5.25% | 5.25% | ||||||
5.625% due 2033 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 450 | $ 450 | |||||||
Interest rate, stated percentage | 5.625% | 5.625% | 5.625% | ||||||
4.875% due 2027 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 700 | $ 700 | |||||||
Interest rate, stated percentage | 4.875% | 4.875% | 4.875% | 4.875% | 4.875% | ||||
Debt instrument, principal amount | $ 700 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | Mar. 15, 2027 | ||||||||
Basis spread | 0.50% | ||||||||
4.875% due 2027 | Senior Notes | Debt Instrument, Redemption, Prior to December 15, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
4.875% due 2027 | Senior Notes | Debt Instrument, Redemption, After December 15, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
7.625% Senior Notes due 2027 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 7.625% | 7.625% | |||||||
Debt instrument, principal amount | $ 117 | ||||||||
Debt extinguishment costs related to remaining unamortized debt issuance costs | $ 19 | ||||||||
Debt instrument, maturity date | Mar. 15, 2027 | ||||||||
Amortization | $ 8 | ||||||||
7% due 2028 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, before deferred financing fees | $ 150 | $ 150 | |||||||
Interest rate, stated percentage | 7% | 7% | 7% | ||||||
Debt instrument, principal amount | $ 150 | ||||||||
Debt instrument, maturity date | Mar. 15, 2028 | ||||||||
Basis spread | 0.15% | ||||||||
7% due 2028 | Senior Notes | Debt Instrument, Redemption, After December 15, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
2.75% Senior Notes due 2028 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 2.75% | 2.75% | |||||||
Debt instrument, principal amount | € | € 400 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | Aug. 15, 2028 | ||||||||
Debt instrument, redemption price percentage | 102.75% | 100% | |||||||
Original aggregate principal amount redeem percentage | 35% | 35% | |||||||
2.75% Senior Notes due 2028 | Senior Notes | Debt Instrument Redemption Period Commencing August 15, 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 101.375% | ||||||||
2.75% Senior Notes due 2028 | Senior Notes | Debt Instrument Redemption Period Commencing August 15, 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100.688% | ||||||||
2.75% Senior Notes due 2028 | Senior Notes | Debt Instrument Redemption Period Commencing August 15, 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100% | ||||||||
5.25% Senior Notes due July 2031 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.25% | 5.25% | |||||||
Debt instrument, principal amount | $ 600 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | Jul. 15, 2031 | ||||||||
5.625% Senior Notes due 2033 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.625% | 5.625% | |||||||
Debt instrument, principal amount | $ 450 | ||||||||
Notes sold, percentage of principle amount | 100% | 100% | |||||||
Debt instrument, maturity date | Apr. 30, 2033 |
Financing Arrangements and De_8
Financing Arrangements and Derivative Financial Instruments - Credit Facilities Narrative (Details) € in Millions, $ in Millions | 12 Months Ended | |||||||
Oct. 12, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Oct. 16, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | Oct. 18, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 15, 2022 USD ($) | |
Line Of Credit Facility [Line Items] | ||||||||
Credit arrangements, unused amount | $ 4,247 | |||||||
Debt instrument carrying amount | 7,049 | $ 7,286 | ||||||
Accounts Receivable Factoring Facilities | Secured Debt | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Off-balance sheet accounts receivable securitization | 693 | 744 | ||||||
Chinese credit facilities | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 937 | 852 | ||||||
Line of credit facility, amount outstanding | 280 | 336 | ||||||
Long-term debt, before deferred financing fees | 54 | 136 | ||||||
Credit arrangements, unused amount | 93 | 63 | ||||||
Line of Credit | Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 11,743 | |||||||
Line of Credit | Revolving Credit Facility | Minimum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread on reference rate | 1% | |||||||
Line of Credit | All-Borrower Tranche | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument carrying amount | 374 | € 350 | ||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 2,750 | |||||||
Increase in value of principal trademarks | $ 400 | |||||||
Basis spread | 1.25% | |||||||
Line of credit facility, additional borrowing capacity which may be requested from lenders | $ 250 | |||||||
Maximum percentage of voting equity interest In foreign subsidiaries to guarantee debt obligation | 65% | 65% | ||||||
Line of credit facility, maximum borrowing capacity inputs, increase based on value of cash | $ 275 | |||||||
Line of credit facility, borrowing base amount below stated amount | 2,750 | |||||||
Amount of availability under the facility plus available cash, less than | 275 | |||||||
Available cash plus availability under facility | 750 | |||||||
Letters of credit, amount outstanding | 1 | 3 | ||||||
Line of credit facility, current borrowing capacity | 123 | |||||||
Debt instrument carrying amount | $ 385 | 0 | ||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Minimum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Minimum EBITDA ratio permitted in four consecutive quarters if below available cash threshold | 1 | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Maximum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread | 1.50% | |||||||
Minimum EBITDA ratio permitted in four consecutive quarters if below available cash threshold | 2 | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Base Rate | Minimum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread | 0.25% | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Base Rate | Maximum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread | 0.50% | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Overnight Bank Funding Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread on reference rate | 0.50% | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Commitment Fee Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Annual commitment fee percentage on undrawn amounts | 0.25% | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread | 1.25% | |||||||
Line of Credit | First lien revolving credit facility due 2026 | Letter of Credit | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 800 | |||||||
Line of Credit | Pan-European Accounts Receivable Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument carrying amount | $ 244 | 267 | ||||||
Line of Credit | Pan-European Accounts Receivable Facility | Secured Debt | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 300 | € 300 | ||||||
Line of credit facility, current borrowing capacity | 244 | € 221 | 267 | € 250 | ||||
Line of Credit | Pan-European Accounts Receivable Facility | Secured Debt | Minimum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of Credit Facility Minimum Borrowing Capacity | € | 30 | |||||||
Line of Credit | Pan-European Accounts Receivable Facility | Secured Debt | Maximum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | 450 | |||||||
Line of Credit | Mexican Credit Facilities | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, current borrowing capacity | 200 | 200 | ||||||
Amount utilized under facility | 84 | |||||||
Debt instrument carrying amount | 84 | 200 | ||||||
Line of Credit | Chinese credit facilities | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument carrying amount | 174 | 235 | ||||||
Line of Credit | European Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, additional borrowing capacity which may be requested from lenders | € | 200 | |||||||
Line of Credit | European Revolving Credit Facility | Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 800 | |||||||
Basis spread | 1.50% | |||||||
Letters of credit, amount outstanding | 0 | $ 0 | ||||||
Annual commitment fee percentage on undrawn amounts | 0.25% | |||||||
Debt instrument carrying amount | $ 0 | |||||||
Line of Credit | European Revolving Credit Facility | Revolving Credit Facility | European Interbank Offer Rate (Euribor) | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread | 1.50% | |||||||
Line of Credit | European Revolving Credit Facility | Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread | 1.50% | |||||||
Line of Credit | European Revolving Credit Facility | Bridge Loan | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 175 | |||||||
Line of Credit | European Revolving Credit Facility | German Tranche | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | 180 | |||||||
Line of Credit | European Revolving Credit Facility | All-Borrower Tranche | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | 620 | |||||||
Line of Credit | European Revolving Credit Facility | Letter of Credit | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 75 | |||||||
Swingline Loans | First lien revolving credit facility due 2026 | Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 50 |
Financing Arrangements and De_9
Financing Arrangements and Derivative Financial Instruments - Summary of Available and Utilized Under the Chinese Financing Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Notes Payable and Overdrafts | $ 344 | $ 395 |
Long Term Debt | 449 | 228 |
Chinese credit facilities | ||
Line of Credit Facility [Line Items] | ||
Total available | 937 | 852 |
Notes Payable and Overdrafts | 15 | 26 |
Long Term Debt due Within One Year | 54 | 136 |
Long Term Debt | 120 | 99 |
Letters of credit, bank acceptances and other utilization | 91 | 75 |
Total utilized | $ 280 | $ 336 |
Maturity date, start | Feb. 29, 2024 | Jan. 31, 2023 |
Maturity date, end | Aug. 31, 2028 | Aug. 31, 2025 |
Financing Arrangements and D_10
Financing Arrangements and Derivative Financial Instruments - Maturities of Long-term Debt and Finance Leases (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt and Capital Lease Annual Maturities | |
2024 | $ 792 |
2025 | 1,089 |
2026 | 1,304 |
2027 | 1,078 |
2028 | 701 |
United States | |
Debt and Capital Lease Annual Maturities | |
2024 | 93 |
2025 | 805 |
2026 | 1,288 |
2027 | 820 |
2028 | 150 |
Foreign | |
Debt and Capital Lease Annual Maturities | |
2024 | 699 |
2025 | 284 |
2026 | 16 |
2027 | 258 |
2028 | $ 551 |
Financing Arrangements and D_11
Financing Arrangements and Derivative Financial Instruments - Fair Values for Foreign Currency Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives, net transaction gains (losses) | $ (8) | $ 34 |
Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, notional amount | 1,930 | 1,197 |
Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, notional amount | 27 | 71 |
Accounts receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - asset, not designated as hedging instrument | 2 | 4 |
Fair value - asset, designated as hedging instrument | 0 | 1 |
Other Current Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - liability, not designated as hedging instrument | (27) | (10) |
Fair value - liability, designated as hedging instrument | $ (2) | $ (3) |
Financing Arrangements and D_12
Financing Arrangements and Derivative Financial Instruments - Classification of Changes in Fair Values of Foreign Currency Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Amount of gains (losses) deferred to AOCL | $ (5) | $ 0 | $ 1 |
Reclassification adjustment for amounts recognized in CGS | 4 | $ (2) | $ (2) |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (2) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets: | |||
Investments | $ 19 | $ 8 | |
Foreign Exchange Contracts | 2 | 5 | |
Total Assets at Fair Value | 21 | 13 | |
Liabilities: | |||
Foreign Exchange Contracts | 29 | 13 | |
Total Liabilities at Fair Value | 29 | 13 | |
Supplemental Fair Value Information | |||
Carrying amount — liability | 7,012 | 7,240 | |
Notes Payable and Overdrafts (Note 16) | 344 | 395 | |
Fixed Rate Debt, Excluding Capital Leases | |||
Supplemental Fair Value Information | |||
Carrying amount — liability | [1] | 5,720 | 5,766 |
Fair value — liability | [1] | 5,488 | 5,198 |
Notes Payable and Overdrafts (Note 16) | 111 | 217 | |
Variable Rate Debt, Excluding Capital Leases | |||
Supplemental Fair Value Information | |||
Carrying amount — liability | [1] | 1,292 | 1,474 |
Fair value — liability | [1] | 1,286 | 1,437 |
Notes Payable and Overdrafts (Note 16) | 233 | 178 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | |||
Assets: | |||
Investments | 19 | 8 | |
Foreign Exchange Contracts | 0 | 0 | |
Total Assets at Fair Value | 19 | 8 | |
Liabilities: | |||
Foreign Exchange Contracts | 0 | 0 | |
Total Liabilities at Fair Value | 0 | 0 | |
Supplemental Fair Value Information | |||
Fair value — liability | 5,301 | 4,946 | |
Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Investments | 0 | 0 | |
Foreign Exchange Contracts | 2 | 5 | |
Total Assets at Fair Value | 2 | 5 | |
Liabilities: | |||
Foreign Exchange Contracts | 29 | 13 | |
Total Liabilities at Fair Value | 29 | 13 | |
Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Investments | 0 | 0 | |
Foreign Exchange Contracts | 0 | 0 | |
Total Assets at Fair Value | 0 | 0 | |
Liabilities: | |||
Foreign Exchange Contracts | 0 | 0 | |
Total Liabilities at Fair Value | $ 0 | $ 0 | |
[1] Excludes Notes Payable and Overdrafts of $ 344 million and $ 395 million at December 31, 2023 and 2022, respectively, of which $ 111 million and $ 217 million, respectively, are at fixed rates and $ 233 million and $ 178 million, respectively, are at variable rates. The carrying value of Notes Payable and Overdrafts approximates fair value due to the short term nature of the facilities. |
Pension, Other Postretirement_3
Pension, Other Postretirement Benefits and Savings Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Restructuring Charges | $ 502 | $ 129 | $ 93 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
Prescription drug subsidy (less than) | $ 1 | ||
Weighted average discount rate | 3% | 3% | |
Defined contribution plans, contribution expenses | $ 131 | $ 127 | 116 |
Private Equity and Private Credit Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 5% | ||
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 95% | ||
Fulda Tire Manufacturing Facility [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Restructuring Charges | $ 1 | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution to funded non-U.S. pension plans in next year | 50 | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution to funded non-U.S. pension plans in next year | 25 | ||
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 3,650 | 4,077 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 2,330 | 2,167 | |
Non-U.S. | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 90% | ||
Non-U.S. | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 5% | ||
Non-U.S. | Unfunded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 182 | 176 | |
Pension benefit obligation | 222 | 211 | |
AOCL adjustment | $ 32 | 28 | |
Non-U.S. | Define Real Estate Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 5% | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 16 | ||
Service cost | 37 | ||
Pension Plan [Member] | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (98) | 1,282 | |
Settlement Charges | 40 | 124 | 43 |
Service cost | 8 | 13 | 9 |
Benefits cost | 104 | 157 | $ 55 |
Postretirement benefits funded status | $ 65 | $ 90 | |
Weighted average discount rate | 5.34% | 2.74% | 1.72% |
Assumed weighted average long term rate of return | 6.27% | 4.23% | 3.74% |
Pension benefit obligation | $ 3,659 | $ 4,084 | $ 5,798 |
AOCL adjustment | 1,747 | 1,839 | |
Pension Plan [Member] | United States | Other Assets | Retirement Plan Name Cooper Tire Salary Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fund future obligations | 18 | ||
Pension Plan [Member] | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (116) | 881 | |
Service cost | 18 | 24 | 30 |
Benefits cost | 59 | 40 | $ 65 |
Postretirement benefits funded status | $ (246) | $ (184) | |
Weighted average discount rate | 4.72% | 2.32% | 1.82% |
Assumed weighted average long term rate of return | 4.79% | 2.64% | 2.27% |
Pension benefit obligation | $ 2,392 | $ 2,227 | $ 3,464 |
AOCL adjustment | 546 | 457 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1) | 103 | |
Service cost | 2 | 3 | 3 |
Benefits cost | 8 | 16 | 9 |
Postretirement benefits funded status | (287) | (292) | |
Pension benefit obligation | 287 | 292 | 406 |
AOCL adjustment | (89) | (100) | |
Other Postretirement Benefits Plan [Member] | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits cost | 5 | 12 | $ 5 |
Postretirement benefits funded status | $ 195 | $ 205 | |
Weighted average discount rate | 5.37% | 2.33% | 1.97% |
Other Postretirement Benefits Plan [Member] | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits cost | $ 3 | $ 4 | $ 4 |
Postretirement benefits funded status | $ 92 | $ 87 | |
Weighted average discount rate | 7.64% | 6.65% | 6.54% |
Pension, Other Postretirement_4
Pension, Other Postretirement Benefits and Savings Plans - Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Benefits cost (credit): | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Defined Benefit Plan Curtailments And Settlements | Defined Benefit Plan Curtailments And Settlements | Defined Benefit Plan Curtailments And Settlements |
Pension Plan [Member] | |||
Benefits cost (credit): | |||
Service cost | $ 37 | ||
Other Postretirement Benefits Plan [Member] | |||
Benefits cost (credit): | |||
Service cost | 2 | $ 3 | $ 3 |
Interest cost | 16 | 12 | 9 |
Expected return on plan assets | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Amortization of prior service cost (credit) | $ (1) | $ (1) | $ (6) |
Amortization of net losses | $ (9) | $ 2 | $ 3 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax |
Net periodic cost | $ 8 | $ 16 | $ 9 |
Net curtailments/settlements /termination benefits | 0 | 0 | 0 |
Benefits cost | 8 | 16 | 9 |
Recognized in other comprehensive (income) loss before tax and minority: | |||
Prior service cost (credit) from plan amendments | 0 | 0 | (4) |
(Decrease) increase in net actuarial losses | 1 | (101) | (20) |
Amortization of prior service (cost) credit in net periodic cost | 1 | 1 | 6 |
Amortization of net losses in net periodic cost | 9 | (2) | (3) |
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss before tax and minority | 11 | (102) | (21) |
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority | 19 | (86) | (12) |
UNITED STATES | Pension Plan [Member] | |||
Benefits cost (credit): | |||
Service cost | 8 | 13 | 9 |
Interest cost | 195 | 133 | 94 |
Expected return on plan assets | $ (231) | $ (214) | $ (196) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Amortization of prior service cost (credit) | $ 0 | $ 0 | $ 0 |
Amortization of net losses | 98 | 101 | 107 |
Net periodic cost | 70 | 33 | 14 |
Net curtailments/settlements /termination benefits | 34 | 124 | 41 |
Benefits cost | 104 | 157 | 55 |
Recognized in other comprehensive (income) loss before tax and minority: | |||
Prior service cost (credit) from plan amendments | 0 | 6 | 0 |
(Decrease) increase in net actuarial losses | 40 | (99) | (45) |
Amortization of prior service (cost) credit in net periodic cost | 0 | 0 | 0 |
Amortization of net losses in net periodic cost | (98) | (101) | (107) |
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures | (34) | (124) | (41) |
Total recognized in other comprehensive (income) loss before tax and minority | (92) | (318) | (193) |
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority | 12 | (161) | (138) |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Benefits cost (credit): | |||
Benefits cost | 5 | 12 | 5 |
Foreign Plan [Member] | Pension Plan [Member] | |||
Benefits cost (credit): | |||
Service cost | 18 | 24 | 30 |
Interest cost | 108 | 60 | 47 |
Expected return on plan assets | $ (92) | $ (67) | $ (48) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Amortization of prior service cost (credit) | $ 2 | $ 2 | $ 1 |
Amortization of net losses | 16 | 21 | 33 |
Net periodic cost | 52 | 40 | 63 |
Net curtailments/settlements /termination benefits | 7 | 0 | 2 |
Benefits cost | 59 | 40 | 65 |
Recognized in other comprehensive (income) loss before tax and minority: | |||
Prior service cost (credit) from plan amendments | 0 | (1) | 3 |
(Decrease) increase in net actuarial losses | 120 | (10) | (136) |
Amortization of prior service (cost) credit in net periodic cost | (2) | (2) | (2) |
Amortization of net losses in net periodic cost | (16) | (21) | (33) |
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures | (13) | 0 | (2) |
Total recognized in other comprehensive (income) loss before tax and minority | 89 | (34) | (170) |
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority | 148 | 6 | (105) |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Benefits cost (credit): | |||
Benefits cost | $ 3 | $ 4 | $ 4 |
Pension, Other Postretirement_5
Pension, Other Postretirement Benefits and Savings Plans - Changes in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation: | |||
Curtailments/settlements/termination benefits | $ 40 | $ 124 | $ 43 |
UNITED STATES | |||
Change in plan assets: | |||
Beginning balance | 202 | ||
Ending balance | 203 | 202 | |
Foreign Plan [Member] | |||
Change in plan assets: | |||
Beginning balance | 360 | ||
Ending balance | 445 | 360 | |
Pension Plan [Member] | |||
Change in benefit obligation: | |||
Service cost — benefits earned | (37) | ||
Actuarial loss | 16 | ||
Pension Plan [Member] | UNITED STATES | |||
Change in benefit obligation: | |||
Beginning balance | (4,084) | (5,798) | |
Service cost — benefits earned | (8) | (13) | (9) |
Interest cost | (195) | (133) | (94) |
Plan amendments | 0 | (6) | |
Actuarial loss | (98) | 1,282 | |
Participant contributions | 0 | 0 | |
Curtailments/settlements/termination benefits | 355 | 233 | |
Foreign currency translation | 0 | 0 | |
Benefit payments | 371 | 351 | |
Ending balance | (3,659) | (4,084) | (5,798) |
Change in plan assets: | |||
Beginning balance | 4,174 | 5,720 | |
Actual return on plan assets | 290 | (969) | |
Company contributions to plan assets | 0 | ||
Company contributions to plan assets | (18) | ||
Cash funding of direct participant payments | 4 | 7 | |
Participant contributions | 0 | 0 | |
Settlements | (355) | (233) | |
Foreign currency translation | 0 | 0 | |
Benefit payments | (371) | (351) | |
Ending balance | 3,724 | 4,174 | 5,720 |
Funded status at end of year | 65 | 90 | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Change in benefit obligation: | |||
Beginning balance | (2,227) | (3,464) | |
Service cost — benefits earned | (18) | (24) | (30) |
Interest cost | (108) | (60) | (47) |
Plan amendments | 0 | 1 | |
Actuarial loss | (116) | 881 | |
Participant contributions | (3) | (3) | |
Curtailments/settlements/termination benefits | 21 | 6 | |
Foreign currency translation | (83) | 287 | |
Benefit payments | 142 | 149 | |
Ending balance | (2,392) | (2,227) | (3,464) |
Change in plan assets: | |||
Beginning balance | 2,043 | 3,272 | |
Actual return on plan assets | 102 | (845) | |
Company contributions to plan assets | 42 | 32 | |
Cash funding of direct participant payments | 26 | 21 | |
Participant contributions | 3 | 3 | |
Settlements | (16) | (6) | |
Foreign currency translation | 88 | (285) | |
Benefit payments | (142) | (149) | |
Ending balance | 2,146 | 2,043 | 3,272 |
Funded status at end of year | (246) | (184) | |
Other Postretirement Benefits Plan [Member] | |||
Change in benefit obligation: | |||
Beginning balance | (292) | (406) | |
Service cost — benefits earned | (2) | (3) | (3) |
Interest cost | (16) | (12) | (9) |
Plan amendments | 0 | 0 | |
Actuarial loss | (1) | 103 | |
Participant contributions | (7) | (8) | |
Curtailments/settlements/termination benefits | 0 | 0 | |
Foreign currency translation | (1) | 5 | |
Benefit payments | 32 | 29 | |
Ending balance | (287) | (292) | (406) |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions to plan assets | 0 | 0 | |
Cash funding of direct participant payments | 25 | 21 | |
Participant contributions | 7 | 8 | |
Settlements | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Benefit payments | (32) | (29) | |
Ending balance | 0 | 0 | $ 0 |
Funded status at end of year | (287) | (292) | |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Change in plan assets: | |||
Funded status at end of year | 195 | 205 | |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | |||
Change in plan assets: | |||
Funded status at end of year | $ 92 | $ 87 |
Pension, Other Postretirement_6
Pension, Other Postretirement Benefits and Savings Plans - Funded Status Recognized in the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (974) | $ (998) |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 155 | 164 |
Current liabilities | (14) | (4) |
Noncurrent liabilities | (76) | (70) |
Net amount recognized | 65 | 90 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 215 | 258 |
Current liabilities | (28) | (21) |
Noncurrent liabilities | (433) | (421) |
Net amount recognized | (246) | (184) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (24) | (24) |
Noncurrent liabilities | (263) | (268) |
Net amount recognized | $ (287) | $ (292) |
Pension, Other Postretirement_7
Pension, Other Postretirement Benefits and Savings Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (credit) cost | $ 3 | $ 3 |
Net actuarial loss | 1,744 | 1,836 |
Gross amount recognized | 1,747 | 1,839 |
Deferred income taxes | 103 | 81 |
Minority shareholders’ equity | 0 | 0 |
Net amount recognized | 1,850 | 1,920 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (credit) cost | 22 | 22 |
Net actuarial loss | 524 | 435 |
Gross amount recognized | 546 | 457 |
Deferred income taxes | (77) | (59) |
Minority shareholders’ equity | (4) | (4) |
Net amount recognized | 465 | 394 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (credit) cost | (4) | (4) |
Net actuarial loss | (85) | (96) |
Gross amount recognized | (89) | (100) |
Deferred income taxes | (2) | 1 |
Minority shareholders’ equity | 0 | 0 |
Net amount recognized | $ (91) | $ (99) |
Pension, Other Postretirement_8
Pension, Other Postretirement Benefits and Savings Plans - Weighted Average Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligations | 5.12% | 5.45% | |
Discount rate for determining interest costs, benefit costs | 5.34% | 2.74% | 1.72% |
Expected long term return on plan assets, benefit costs | 6.27% | 4.23% | 3.74% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligations | 4.29% | 4.69% | |
Rate of compensation increase, benefit obligations | 2.82% | 2.84% | |
Discount rate for determining interest costs, benefit costs | 4.72% | 2.32% | 1.82% |
Expected long term return on plan assets, benefit costs | 4.79% | 2.64% | 2.27% |
Rate of compensation increase, benefit cost | 2.84% | 2.77% | 2.89% |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligations | 5.16% | 5.51% | |
Discount rate for determining interest costs, benefit costs | 5.37% | 2.33% | 1.97% |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate, benefit obligations | 6.38% | 6.75% | |
Discount rate for determining interest costs, benefit costs | 7.64% | 6.65% | 6.54% |
Pension, Other Postretirement_9
Pension, Other Postretirement Benefits and Savings Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Plan [Member] | UNITED STATES | |
Without Medicare Part D Subsidy, Fiscal Year Maturity | |
2024 | $ 381 |
2025 | 379 |
2026 | 350 |
2027 | 328 |
2028 | 318 |
2029-2033 | 1,408 |
Pension Plan [Member] | Foreign Plan [Member] | |
Without Medicare Part D Subsidy, Fiscal Year Maturity | |
2024 | 165 |
2025 | 146 |
2026 | 148 |
2027 | 150 |
2028 | 154 |
2029-2033 | 813 |
Other Postretirement Benefits Plan [Member] | |
Without Medicare Part D Subsidy, Fiscal Year Maturity | |
2024 | 24 |
2025 | 23 |
2026 | 23 |
2027 | 23 |
2028 | 23 |
2029-2033 | $ 109 |
Pension, Other Postretiremen_10
Pension, Other Postretirement Benefits and Savings Plans - Selected Pension Plan Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
UNITED STATES | ||
All plans: | ||
Accumulated benefit obligation | $ 3,650 | $ 4,077 |
Plans not fully-funded: | ||
Projected benefit obligation | 292 | 275 |
Accumulated benefit obligation | 283 | 267 |
Fair value of plan assets | 203 | 202 |
Foreign Plan [Member] | ||
All plans: | ||
Accumulated benefit obligation | 2,330 | 2,167 |
Plans not fully-funded: | ||
Projected benefit obligation | 905 | 799 |
Accumulated benefit obligation | 858 | 752 |
Fair value of plan assets | $ 445 | $ 360 |
Pension, Other Postretiremen_11
Pension, Other Postretirement Benefits and Savings Plans - Health Care Cost Trends (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Health care cost trend rate assumed for the next year | 6.75% | 7% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5% | 5% |
Year that the rate reaches the ultimate trend rate | 2031 | 2031 |
Pension, Other Postretiremen_12
Pension, Other Postretirement Benefits and Savings Plans - Pension Plan Weighted Average Investment Allocation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
UNITED STATES | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 100% | 100% |
Foreign Plan [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 100% | 100% |
Cash and short term securities | UNITED STATES | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 0% | 0% |
Cash and short term securities | Foreign Plan [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 2% | 3% |
Equity securities | UNITED STATES | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 3% | 6% |
Equity securities | Foreign Plan [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 4% | 5% |
Debt securities | UNITED STATES | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 97% | 93% |
Debt securities | Foreign Plan [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 91% | 88% |
Alternatives | UNITED STATES | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 0% | 1% |
Alternatives | Foreign Plan [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan weighted average investment allocation | 3% | 4% |
Pension, Other Postretiremen_13
Pension, Other Postretirement Benefits and Savings Plans - Fair Values of Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | $ 203 | $ 202 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 445 | 360 | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 3,724 | 4,174 | $ 5,720 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2,146 | 2,043 | 3,272 |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2,741 | 2,685 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1,644 | 1,421 | |
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 6 | 5 | |
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 200 | 177 | |
Pension Plan [Member] | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2,733 | 2,679 | |
Pension Plan [Member] | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1,423 | 1,224 | |
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2 | 1 | |
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 21 | 20 | |
Pension Plan [Member] | Cash and short term securities | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 11 | 7 | |
Pension Plan [Member] | Cash and short term securities | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 50 | 47 | |
Pension Plan [Member] | Cash and short term securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 6 | 5 | |
Pension Plan [Member] | Cash and short term securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 46 | 43 | |
Pension Plan [Member] | Cash and short term securities | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 5 | 2 | |
Pension Plan [Member] | Cash and short term securities | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 4 | 4 | |
Pension Plan [Member] | Cash and short term securities | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Cash and short term securities | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 22 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 22 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Common and Preferred Stock | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 5 | 14 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 5 | 14 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 29 | 38 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 43 | 15 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 22 | 6 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 21 | 9 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 111 | |
Pension Plan [Member] | Equity Securities, Mutual Funds | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 4 | 3 | |
Pension Plan [Member] | Equity Securities, Partnership Interests | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 95 | 119 | |
Pension Plan [Member] | Equity Securities, Partnership Interests | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1,832 | 1,873 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 223 | 222 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 4 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1,831 | 1,873 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 223 | 218 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 0 | |
Pension Plan [Member] | Debt Securities, Corporate Bonds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 729 | 646 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1,676 | 1,369 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 67 | 51 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 729 | 646 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1,609 | 1,318 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Government Bonds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | (453) | (348) | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | (453) | (348) | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Repurchase Agreements | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 163 | 157 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 18 | 21 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 5 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 163 | 157 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 18 | 16 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Asset-backed Securities | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 18 | 25 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 18 | 19 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 6 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 216 | 283 | |
Pension Plan [Member] | Debt Securities, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 385 | 453 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 38 | 10 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 38 | 10 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 289 | 558 | |
Pension Plan [Member] | Debt Securities, Mutual Funds | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 44 | 43 | |
Pension Plan [Member] | Debt Securities, Partnership Interests | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 150 | 153 | |
Pension Plan [Member] | Debt Securities, Partnership Interests | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 23 | 29 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2 | 3 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2 | 3 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 44 | |
Pension Plan [Member] | Alternatives, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 27 | 43 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 1 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 21 | 20 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 1 | |
Pension Plan [Member] | Alternatives, Insurance Contracts | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 21 | 20 | $ 25 |
Pension Plan [Member] | Alternatives Derivatives | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 5 | 1 | |
Pension Plan [Member] | Alternatives Derivatives | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 1 | |
Pension Plan [Member] | Alternatives Derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives Derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives Derivatives | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 5 | 1 | |
Pension Plan [Member] | Alternatives Derivatives | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | 1 | |
Pension Plan [Member] | Alternatives Derivatives | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives Derivatives | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives, Mutual Funds | Fair Value, Inputs, Level 1, 2 and 3 | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 1 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Significant Other Observable Inputs (Level 2) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Significant Other Observable Inputs (Level 2) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Significant Unobservable Inputs (Level 3) | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Alternatives, Mutual Funds | Significant Unobservable Inputs (Level 3) | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Alternatives Partnership Interests | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | 0 | |
Pension Plan [Member] | Alternatives Partnership Interests | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 9 | 20 | |
Pension Plan [Member] | Short Term Securities, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 227 | 222 | |
Pension Plan [Member] | Short Term Securities, Commingled Funds | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 7 | 14 | |
Pension Plan [Member] | Short Term Securities Pooled Separate Accounts | Fair Value Measured at Net Asset Value Per Share | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 10 | ||
Pension Plan [Member] | Short Term Securities Pooled Separate Accounts | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 0 | ||
Pension Plan [Member] | Investments Before Other Plan Assets | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 3,718 | 4,185 | |
Pension Plan [Member] | Investments Before Other Plan Assets | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 2,172 | 2,064 | |
Pension Plan [Member] | Other Assets | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | 6 | (11) | |
Pension Plan [Member] | Other Assets | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets, fair value | $ (26) | $ (21) |
Pension, Other Postretiremen_14
Pension, Other Postretirement Benefits and Savings Plans - Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts (Details) - Foreign Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance | $ 360 | |
Ending balance | 445 | $ 360 |
Pension Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance | 2,043 | 3,272 |
Foreign currency translation | 88 | (285) |
Ending balance | 2,146 | 2,043 |
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance | 20 | |
Ending balance | 21 | 20 |
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan Alternatives Insurance Contracts [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance | 20 | 25 |
Unrealized gains relating to instruments still held at the reporting date | 1 | (3) |
Foreign currency translation | 0 | (2) |
Ending balance | $ 21 | $ 20 |
Stock Compensation Plans - Narr
Stock Compensation Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Potential shares of common stock issued under current stock compensation plan (in shares) | 21,000,000 | ||
Stock compensation plan, expiration date | Feb. 28, 2032 | ||
Aggregate intrinsic value of options exercised | $ 1 | $ 0.4 | $ 11 |
Unearned compensation cost related to unvested portion | $ 14 | ||
Remaining vesting period | through the fourth quarter of 2026 | ||
Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares that count towards shares authorized limit per share granted (in shares) | 1 | ||
Vesting period | 4 years | ||
Stock options conversion basis (in shares) | 1 | ||
Contractual term | 10 years | ||
Cancellation, days after termination of employment | 90 days | ||
Options | Year 1 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 0.25% | ||
Options | Year 2 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 0.25% | ||
Options | Year 3 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 0.25% | ||
Options | Year 4 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 0.25% | ||
Awards, Excluding Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares that count towards shares authorized limit per share granted (in shares) | 2 | ||
Performance Share Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award performance period | 3 years | ||
Performance Share Units | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of units earned to units granted | 0% | 0% | 0% |
Performance Share Units | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of units earned to units granted | 200% | 200% | 200% |
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award performance period | 3 years |
Stock Compensation Plans - Opti
Stock Compensation Plans - Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options Outstanding Activity | |||
Options outstanding, beginning of period (in shares) | 5,927,398 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (329,824) | ||
Options expired (in shares) | (315,118) | ||
Options cancelled (in shares) | (217,641) | ||
Options outstanding, end of period (in shares) | 5,064,815 | 5,927,398 | |
Weighted Average Exercise Price | |||
Options outstanding, beginning of period (in dollars per share) | $ 17.2 | ||
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 10.12 | ||
Options expired (in dollars per share) | 15.69 | ||
Options cancelled (in dollars per share) | 17.48 | ||
Options outstanding, end of period (in dollars per share) | $ 17.74 | $ 17.2 | |
Other Options Information | |||
Options vested and expected to vest (in shares) | 5,052,481 | ||
Options exercisable (in shares) | 3,861,080 | ||
Options available for grant (in shares) | 18,710,713 | ||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ 17.76 | ||
Outstanding end of period (in dollars per share) | $ 20.12 | ||
Options outstanding, weighted average remaining contractual term | 4 years 6 months | ||
Options vested and expected to vest, weighted average remaining contractual term | 4 years 6 months | ||
Options exercisable, weighted average remaining contractual term | 3 years 10 months 24 days | ||
Options exercised, aggregate intrinsic value | $ 1 | $ 0.4 | $ 11 |
Options outstanding, aggregate intrinsic value | 13.1 | ||
Options vested and expected to vest, aggregate intrinsic value | 13 | ||
Options exercisable, aggregate intrinsic value | $ 8 |
Stock Compensation Plans - Op_2
Stock Compensation Plans - Option Groups Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | 5,064,815 | 5,927,398 | |
Options exercisable (in shares) | 3,861,080 | ||
Options remaining contractual term | 4 years 6 months | ||
Grant Date February 25 2020 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | 3,110,848 | ||
Options exercisable (in shares) | 1,907,360 | ||
Options exercise price (in dollars per share) | $ 10.12 | ||
Options remaining contractual term | 6 years 1 month 28 days | ||
Grant Date February 27 2017 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | 511,087 | ||
Options exercisable (in shares) | 511,087 | ||
Options exercise price (in dollars per share) | $ 35.26 | ||
Options remaining contractual term | 3 years 1 month 28 days | ||
Grant Date February 22 2016 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | 492,706 | ||
Options exercisable (in shares) | 492,706 | ||
Options exercise price (in dollars per share) | $ 29.9 | ||
Options remaining contractual term | 2 years 1 month 24 days | ||
Grant Date February 23 2015 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | 444,806 | ||
Options exercisable (in shares) | 444,806 | ||
Options exercise price (in dollars per share) | $ 27.16 | ||
Options remaining contractual term | 1 year 1 month 24 days | ||
Grant Date February 24 2014 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | 338,440 | ||
Options exercisable (in shares) | 338,440 | ||
Options exercise price (in dollars per share) | $ 26.44 | ||
Options remaining contractual term | 1 month 24 days | ||
All Other Grant Dates | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding (in shares) | [1] | 166,928 | |
Options exercisable (in shares) | [1] | 166,681 | |
Options remaining contractual term | 1 year 4 months 24 days | ||
[1] Options in the “All O ther” category had exercise prices ranging from $ 22.27 to $ 32.72 . The weighted average exercise price for options outstanding and exercisable in that category was $ 27.61 for both , while the remaining weighted average contractual term was 1.4 years for b oth. |
Stock Compensation Plans - Op_3
Stock Compensation Plans - Option Groups Outstanding (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average exercise price for options exercisable (in dollars per share) | $ 20.12 |
Options outstanding, weighted average remaining contractual term | 4 years 6 months |
Options exercisable, weighted average remaining contractual term | 3 years 10 months 24 days |
All Other Grant Dates | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Other options exercise price range, lower range limit (in dollars per share) | $ 22.27 |
Other options exercise price range, upper range limit (in dollars per share) | 32.72 |
Weighted average exercise price for options exercisable (in dollars per share) | $ 27.61 |
Options outstanding, weighted average remaining contractual term | 1 year 4 months 24 days |
Stock Compensation Plans - Nonv
Stock Compensation Plans - Nonvested Share Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Performance Share Units | |
Summary of Activity Related to Share-based Compensation | |
Unvested units, beginning of period (in shares) | shares | 663,690 |
Units granted (in shares) | shares | 381,169 |
Units vested (in shares) | shares | (336,402) |
Units forfeited (in shares) | shares | 0 |
Unvested units, end of period (in shares) | shares | 708,457 |
Weighted Average Grant Date Fair Value Related to Share-based Compensation | |
Unvested units, beginning of period (in dollars per share) | $ / shares | $ 19.43 |
Units granted (in dollars per share) | $ / shares | 11.48 |
Units vested (in dollars per share) | $ / shares | 12.85 |
Units forfeited (in dollars per share) | $ / shares | 0 |
Unvested units, end of period (in dollars per share) | $ / shares | $ 14.69 |
Restricted Stock Units | |
Summary of Activity Related to Share-based Compensation | |
Unvested units, beginning of period (in shares) | shares | 1,374,608 |
Units granted (in shares) | shares | 1,361,432 |
Units vested (in shares) | shares | (1,270,023) |
Units forfeited (in shares) | shares | (63,887) |
Unvested units, end of period (in shares) | shares | 1,402,131 |
Units vested but not released | shares | 1,884,258 |
Unit Outstanding (in shares) | shares | 3,286,389 |
Weighted Average Grant Date Fair Value Related to Share-based Compensation | |
Unvested units, beginning of period (in dollars per share) | $ / shares | $ 12.95 |
Units granted (in dollars per share) | $ / shares | 11.84 |
Units vested (in dollars per share) | $ / shares | 11.03 |
Units forfeited (in dollars per share) | $ / shares | 13.1 |
Unvested units, end of period (in dollars per share) | $ / shares | 13.6 |
Units vested but not released (in dollars per share) | $ / shares | 12.24 |
Outstanding end of period (in dollars per share) | $ / shares | $ 14.1 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock-based Compensation Expense and Cash Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock-based compensation expense recognized | $ 19 | $ 14 | $ 36 |
Tax benefit | (4) | (3) | (8) |
After-tax stock-based compensation expense | 15 | 11 | 28 |
Cash payments to settle SARs | 0 | 0 | 0 |
Cash received from stock option exercises | $ 3 | $ 1 | $ 26 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2015 USD ($) | |
Loss Contingencies [Line Items] | ||||
Liability for anticipated environmental matters | $ 80 | $ 80 | ||
Environmental Loss Contigency, Statement Of Financial Position [Extensible Enumeration] | Other Current Liabilities | Other Current Liabilities | ||
Liability for anticipated environment matters, current | $ 27 | $ 20 | ||
Environmental Loss Contigency, Current Statement Of Financial Position [Extensible Enumeration] | Other Current Liabilities | Other Current Liabilities | ||
Workers' compensation liability | $ 167 | $ 187 | ||
Workers' compensation liability, current | 37 | 37 | ||
Potential workers' compensation liability in excess of recorded amount | 20 | |||
Commitments on contracts | 2,800 | |||
Commitments on contracts that extend beyond one year | 1,600 | |||
Off-balance sheet financial guarantees and other commitments | 31 | 32 | ||
Warranty reserve | 21 | 28 | $ 37 | |
TireHub [Member] | ||||
Loss Contingencies [Line Items] | ||||
Financing receivable, joint venture, face amount | 100 | |||
Interest Receivable | 2 | |||
Loans receivable, related parties | 96 | 17 | ||
Sumitomo Rubber Industries [Member] | Accounts receivable | ||||
Loss Contingencies [Line Items] | ||||
Indemnification asset | 11 | |||
Sumitomo Rubber Industries [Member] | Other Assets | ||||
Loss Contingencies [Line Items] | ||||
Indemnification asset | 4 | |||
General Product Liability | ||||
Loss Contingencies [Line Items] | ||||
Product liability and other tort claims liability | 438 | 412 | ||
General Product Liability | Other Current Liabilities | ||||
Loss Contingencies [Line Items] | ||||
Product liability and other tort claims liability | 46 | 39 | ||
Asbestos Related Product Liability | ||||
Loss Contingencies [Line Items] | ||||
Product liability and other tort claims liability | $ 120 | 125 | ||
Asbestos claims dismissed to date (in claims) | Segment | 159,900 | |||
Accrued asbestos-related liability and gross payments to date | $ 580 | 570 | ||
Product liability contingency, evaluation period | 10 years | |||
Asbestos claims receivable | $ 66 | 70 | ||
Expected percentage of asbestos claim related losses recoverable through insurance | 55% | |||
Asbestos claims receivable, current | $ 10 | $ 11 | ||
Limits of excess insurance policies | 520 | |||
Workers' Compensation Claims | ||||
Loss Contingencies [Line Items] | ||||
Guarantee issued | $ 17 | $ 46 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Asbestos Claims Activity (Details) - Asbestos Related Product Liability $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Claim | Dec. 31, 2022 USD ($) Claim | Dec. 31, 2021 USD ($) Claim | ||
Number of claims filed | ||||
Pending claims, beginning of year | 37,200 | 38,200 | 38,700 | |
New claims filed during the year | 900 | 900 | 1,000 | |
Claims settled/dismissed | (2,300) | (1,900) | (1,500) | |
Pending claims, end of year | 35,800 | 37,200 | 38,200 | |
Payments | $ | [1] | $ 15 | $ 16 | $ 15 |
[1] Represents cash payments made during the period by us and our insurers on asbestos litigation defense and claim resolution. |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Changes in Warranty Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movement in Standard and Extended Product Warranty | ||
Warranty reserve, beginning of period | $ 28 | $ 37 |
Payments made during the period | (19) | (43) |
Expense recorded during the period | 12 | 35 |
Translation adjustment | 0 | (1) |
Warranty reserve, end of period | $ 21 | $ 28 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||
Common stock cash dividends paid | $ 0 | $ 0 | $ 0 |
Common Stock | Payments for Share Repurchases Related to Employee Stock Based Compensation | |||
Class Of Stock [Line Items] | |||
Common stock repurchased (in shares) | 0 | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component, After Tax and Minority Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 5,466 | $ 5,184 | $ 3,259 |
Ending balance | 4,837 | 5,466 | 5,184 |
Foreign Currency Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1,663) | (1,402) | (1,284) |
Other comprehensive income (loss) before reclassifications | 50 | (261) | (118) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Ending balance | (1,613) | (1,663) | (1,402) |
Unrealized Gains (Losses) from Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 1 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 1 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Ending balance | 1 | 1 | 0 |
Unrecognized Net Actuarial Losses and Prior Service Costs | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (2,215) | (2,565) | (2,856) |
Other comprehensive income (loss) before reclassifications | (125) | 162 | 153 |
Amounts reclassified from accumulated other comprehensive loss | 116 | 188 | 138 |
Ending balance | (2,224) | (2,215) | (2,565) |
Deferred Derivative Gains (Losses) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 2 | 4 | 5 |
Other comprehensive income (loss) before reclassifications | (5) | 0 | 1 |
Amounts reclassified from accumulated other comprehensive loss | 4 | (2) | (2) |
Ending balance | 1 | 2 | 4 |
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (3,875) | (3,963) | (4,135) |
Other comprehensive income (loss) before reclassifications | (80) | (98) | 36 |
Amounts reclassified from accumulated other comprehensive loss | 120 | 186 | 136 |
Ending balance | $ (3,835) | $ (3,875) | $ (3,963) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Reclassifications (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other (Income) Expense | $ 108 | $ 75 | $ 94 |
United States and Foreign Taxes | (10) | (190) | 267 |
Goodyear Net Income (Loss) | (689) | 202 | 764 |
Cost of Goods Sold | (16,557) | (16,953) | (13,692) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Goodyear Net Income (Loss) | 120 | 186 | 136 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other (Income) Expense | 106 | 125 | 139 |
Income (Loss) Attributable to Parent | 153 | 249 | 182 |
United States and Foreign Taxes | (37) | (61) | (44) |
Goodyear Net Income (Loss) | 116 | 188 | 138 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Immediate Recognition of Prior Service and Gain (Loss) Attributable to Parent, Due to Divestitures | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other (Income) Expense | 47 | 124 | 43 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
United States and Foreign Taxes | 0 | 0 | 0 |
Goodyear Net Income (Loss) | 4 | (2) | (2) |
Cost of Goods Sold | $ 4 | $ (2) | $ (2) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Schedule of Comprehensive Income (Loss) Attributable to Minority Shareholders (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Net Income (Loss) Attributable to Minority Shareholders | $ 2 | $ 7 | $ 16 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation | 4 | (14) | (21) |
Decrease/Increase in net actuarial losses | 0 | (3) | 1 |
Other Comprehensive Income (Loss) | 4 | (17) | (20) |
Comprehensive Income (Loss) Attributable to Minority Shareholders | $ 6 | $ (10) | $ (4) |
Schedule II Valuation and Qua_3
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Allowance for doubtful accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 112 | $ 123 | $ 150 | |
Additions, charged (credited) to income | 7 | 16 | 5 | |
Additions, charged (credited) to AOCL | 0 | 0 | 0 | |
Deductions from reserves | [1] | (19) | (22) | (24) |
Translation adjustment during period | 2 | (5) | (8) | |
Balance at end of period | 102 | 112 | 123 | |
Valuation allowance — deferred tax assets | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 1,072 | 1,044 | 1,469 | |
Additions, charged (credited) to income | 202 | 35 | (418) | |
Additions, charged (credited) to AOCL | 1 | (7) | (7) | |
Deductions from reserves | [1] | 0 | 0 | 0 |
Translation adjustment during period | 0 | 0 | ||
Balance at end of period | $ 1,275 | $ 1,072 | $ 1,044 | |
[1] Accounts receivable charged off. |
Schedule II Valuation and Qua_4
Schedule II Valuation and Qualifying Accounts (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201409Member | ||
Retained earnings | $ 5,086 | $ 5,775 | |
Accounts receivable | 2,731 | 2,610 | |
Deferred income taxes | $ 1,630 | $ 1,443 |